Brunswick Bancorp (OTCBB:BRBW):

FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2013 (UNAUDITED)
 
ASSETS  
Cash and due from banks $ 64,424,395
Federal funds sold   -  
Total cash and cash equivalents 64,424,395
Securities held to maturity 6,000,000
Securities available for sale 70,214
Loans receivable, net 96,495,546
Premises and equipment, net 1,008,596
Accrued interest receivable 271,448
Other real estate 8,557,238
Other assets   1,159,886  
TOTAL ASSETS $ 177,987,323  
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 33,393,121
Interest bearing   108,710,869  
Total deposits 142,103,990
Accrued interest payable 134,878
Other liabilities   494,451  
TOTAL LIABILITIES   142,733,319  
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at December 31, 2013.
Common stock - no par value
10,000,000 shares authorized;
3,119,551 shares issued and outstanding at
December 31, 2013. 6,239,102
Additional paid-in capital 1,944,611
Treasury stock at cost, 185,429 shares
at December 31, 2013. (1,312,506 )
Retained earnings 28,815,922
Deferred stock compensation   (433,125 )
TOTAL STOCKHOLDERS' EQUITY   35,254,004  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 177,987,323  
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (LOSS)
QUARTER END DECEMBER 31, 2013 (UNAUDITED)
 
INTEREST INCOME
Interest on loans $ 5,646,601
Interest on investments 14,249
Interest on balances with banks   118,898
TOTAL INTEREST INCOME   5,779,748
 
INTEREST EXPENSE
Interest on deposits 458,273
Interest on borrowed funds   -
Total interest expense   458,273
NET INTEREST INCOME 5,321,475
Provision for loan losses   -
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   5,321,475
 
OTHER INCOME
Service fees 817,500
Other income   1,360,960
TOTAL OTHER INCOME   2,178,460
 
Realized loss on securities -
 
OTHER EXPENSES
Salaries and employee benefits 2,838,944
Occupancy expenses 1,292,692
Equipment expenses 148,512
Other expenses   2,421,896
TOTAL OTHER EXPENSES   6,702,044
 
INCOME (LOSS) BEFORE INCOME TAX EXPENSE 797,891
Income tax expense (credit)   124,500
NET INCOME $ 673,391
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share $ 0.23
 
Average shares outstanding-basic   2,931,629

Brunswick Bancorp
Roman T. Gumina, 732-247-5800
Chairman CEO