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Brunswick Bancorp : Reports Quarter Ending December 31, 2012 Earnings
January 25, 2013 at 08:05 pm IST
By
Brunswick Bancorp (OTCBB:BRBW):
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2012 (UNAUDITED)
ASSETS
Cash and due from banks
$
53,155,636
Federal funds sold
-
Total cash and cash equivalents
53,155,636
Securities held to maturity
3,000,000
Securities available for sale
70,214
Loans receivable, net
95,173,733
Premises and equipment, net
1,135,670
Accrued interest receivable
328,958
Other real estate
7,855,525
Other assets
1,620,232
TOTAL ASSETS
$
162,339,968
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing
$
29,512,773
Interest bearing
97,326,634
Total deposits
126,839,407
Accrued interest payable
133,832
Other liabilities
378,219
TOTAL LIABILITIES
127,351,458
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at December 31, 2012.
Common stock - no par value
10,000,000 shares authorized;
3,119,551 shares issued and outstanding at December 31, 2012.
6,239,102
Additional paid-in capital
1,944,611
Treasury stock at cost, 187,793 shares
at December 31, 2012.
(1,315,258)
Retained earnings
28,620,680
Deferred stock compensation
(500,625)
TOTAL STOCKHOLDERS' EQUITY
34,988,510
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
162,339,968
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (LOSS)
QUARTER END DECEMBER 31, 2012 (UNAUDITED)
INTEREST INCOME
Interest on loans
$
5,685,510
Interest on investments
24,301
Interest on balances with banks
106,587
TOTAL INTEREST INCOME
5,816,398
INTEREST EXPENSE
Interest on deposits
534,528
Interest on borrowed funds
-
Total interest expense
534,528
NET INTEREST INCOME
5,281,870
Provision for loan losses
17,283
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
5,264,587
OTHER INCOME
Service fees
574,660
Other income
358,317
TOTAL OTHER INCOME
932,977
Realized loss on securities
-
OTHER EXPENSES
Salaries and employee benefits
2,549,774
Occupancy expenses
1,194,109
Equipment expenses
165,183
Other expenses
1,963,123
TOTAL OTHER EXPENSES
5,872,189
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
325,375
Income tax expense (credit)
100,038
NET INCOME
$
225,337
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share
$
0.08
Average shares outstanding-basic
2,928,006
Brunswick Bancorp Roman T. Gumina Chairman CEO 732-247-5800
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Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.
Period Day Week
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Brunswick Bancorp is a bank holding company. Its principal activity is the ownership and management of its subsidiary, Brunswick Bank and Trust (the Bank). The Bank also has a subsidiary, BTB Investment Corp, Inc., which manages the Bank's investment portfolio. The Bank generates commercial, mortgage, and consumer loans, and receives deposits from customers located primarily in central New Jersey, with a primary emphasis on the Middlesex and Monmouth Counties. Its services are provided at six locations. It provides a range of commercial services, such as business checking, money markets, business savings, commercial mortgages, small business loans, commercial construction loans, merchant services and other business services. It offers a range of consumer services, such as direct deposit of payroll, electronic banking services, checking accounts, savings accounts, safe deposit box, combined statements, domestic wires, notary services and home equity lines of credit.
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