Brunswick Bancorp (OTCBB:BRBW):
BRUNSWICK BANCORP AND SUBSIDIARIES | |||||||||||||
CONSOLIDATED BALANCE SHEET | |||||||||||||
JUNE 30, 2019 and 2018 (UNAUDITED) | |||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 11,113,283 |
| $ | 18,005,740 |
| |||||||
Securities held to maturity, at amortized cost |
| 5,598,679 |
|
| 6,890,450 |
| |||||||
Securities available for sale, at fair market value |
| 6,301,650 |
|
| 6,544,412 |
| |||||||
Restricted bank stock, at cost |
| 589,800 |
|
| 204,700 |
| |||||||
Loans receivable, net |
| 177,683,250 |
|
| 146,873,040 |
| |||||||
Premises and equipment, net |
| 1,013,359 |
|
| 1,077,357 |
| |||||||
Accrued interest receivable |
| 557,896 |
|
| 453,563 |
| |||||||
Other real estate |
| 5,358,031 |
|
| 5,416,781 |
| |||||||
Other assets |
| 7,707,420 |
|
| 1,746,610 |
| |||||||
TOTAL ASSETS | $ | 215,923,369 |
| $ | 187,212,653 |
| |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Deposits | |||||||||||||
Non-interest bearing | $ | 34,758,272 |
| $ | 38,639,193 |
| |||||||
Interest bearing |
| 129,071,639 |
|
| 108,464,936 |
| |||||||
Total deposits |
| 163,829,912 |
|
| 147,104,129 |
| |||||||
Borrowed funds |
| 8,000,000 |
|
| - |
| |||||||
Accrued interest payable |
| 322,647 |
|
| 323,802 |
| |||||||
Advances from borrowers for taxes and insurance |
| 1,293,179 |
|
| 1,216,000 |
| |||||||
Other liabilities |
| 3,915,150 |
|
| 754,406 |
| |||||||
TOTAL LIABILITIES |
| 177,360,887 |
|
| 149,398,337 |
| |||||||
STOCKHOLDERS' EQUITY | |||||||||||||
Preferred stock-no stated value | |||||||||||||
10,000,000 shares authorized and no shares | |||||||||||||
issued and outstanding at June 30, 2019. | |||||||||||||
Common stock - no par value | |||||||||||||
10,000,000 shares authorized; | |||||||||||||
3,036,603 and 3,223,951 shares issued at | |||||||||||||
at June 30, 2019 and 2018. | |||||||||||||
Additional paid-in capital |
| 7,663,049 |
|
| 8,157,994 |
| |||||||
Other Comprehensive Loss |
| (33,807 | ) |
| (237,593 | ) | |||||||
Retained earnings |
| 32,454,099 |
|
| 31,252,444 |
| |||||||
Treasury stock at cost, 214,599 and 199,815 shares, | |||||||||||||
at June 30, 2019 and 2018. |
| (1,520,859 | ) |
| (1,358,529 | ) | |||||||
TOTAL STOCKHOLDERS' EQUITY |
| 38,562,482 |
|
| 37,814,316 |
| |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 215,923,369 |
| $ | 187,212,653 |
| |||||||
BRUNSWICK BANCORP AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENT OF INCOME | |||||||||||
SIX MONTHS ENDED JUNE 30, 2019 and 2018 (UNAUDITED) | |||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||
INTEREST INCOME | |||||||||||
Interest and fees on loans | $ | 4,688,109 | $ | 3,823,965 | |||||||
Interest on investments |
| 115,255 |
| 130,944 | |||||||
Interest on balances with banks |
| 111,965 |
| 89,348 | |||||||
TOTAL INTEREST INCOME |
| 4,915,330 |
| 4,044,258 | |||||||
INTEREST EXPENSE | |||||||||||
Interest on deposits |
| 1,079,152 |
| 658,897 | |||||||
Interest on borrowed funds |
| 26,286 |
| - | |||||||
Total interest expense |
| 1,105,439 |
| 658,897 | |||||||
NET INTEREST INCOME |
| 3,809,891 |
| 3,385,361 | |||||||
Provision for loan losses |
| - |
| - | |||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
| 3,809,891 |
| 3,385,361 | |||||||
OTHER INCOME | |||||||||||
Service fees |
| 552,195 |
| 574,949 | |||||||
Gain on sale of loans |
| - |
| 236,006 | |||||||
Gain on sale of OREO |
| - |
| 42,909 | |||||||
Other income |
| 134,510 |
| 128,744 | |||||||
TOTAL OTHER INCOME |
| 686,705 |
| 982,608 | |||||||
OTHER EXPENSES | |||||||||||
Salaries and employee benefits |
| 2,038,001 |
| 2,004,148 | |||||||
Occupancy expenses |
| 678,322 |
| 704,957 | |||||||
Equipment expenses |
| 83,417 |
| 84,910 | |||||||
Other expenses |
| 1,124,111 |
| 980,728 | |||||||
TOTAL OTHER EXPENSES |
| 3,923,852 |
| 3,774,742 | |||||||
INCOME BEFORE INCOME TAX EXPENSE |
| 572,745 |
| 593,228 | |||||||
Income tax expense |
| 161,499 |
| 137,474 | |||||||
NET INCOME | $ | 411,246 | $ | 455,754 | |||||||
BRUNSWICK BANCORP AND SUBSIDIARIES | |||||||||
CONSOLIDATED STATEMENT OF INCOME | |||||||||
THREE MONTHS ENDED JUNE 30, 2019 and 2018 (UNAUDITED) | |||||||||
June 30, 2019 | June 30, 2018 | ||||||||
INTEREST INCOME | |||||||||
Interest and fees on loans | $ | 2,395,313 | $ | 1,950,497 | |||||
Interest on investments |
| 56,104 |
| 60,932 | |||||
Interest on balances with banks |
| 37,017 |
| 52,712 | |||||
TOTAL INTEREST INCOME |
| 2,488,433 |
| 2,064,141 | |||||
INTEREST EXPENSE | |||||||||
Interest on deposits |
| 552,864 |
| 353,357 | |||||
Interest on borrowed funds |
| 26,286 |
| - | |||||
Total interest expense |
| 579,151 |
| 353,357 | |||||
NET INTEREST INCOME |
| 1,909,283 |
| 1,710,784 | |||||
Provision for loan losses |
| - |
| - | |||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
| 1,909,283 |
| 1,710,784 | |||||
OTHER INCOME | |||||||||
Service fees |
| 300,427 |
| 311,987 | |||||
Gain on sale of loans |
| - |
| - | |||||
Gain on sale of OREO |
| - |
| - | |||||
Other income |
| 63,019 |
| 64,586 | |||||
TOTAL OTHER INCOME |
| 363,446 |
| 376,573 | |||||
OTHER EXPENSES | |||||||||
Salaries and employee benefits |
| 991,196 |
| 1,018,972 | |||||
Occupancy expenses |
| 340,925 |
| 362,904 | |||||
Equipment expenses |
| 46,945 |
| 43,620 | |||||
Other expenses |
| 614,416 |
| 450,249 | |||||
TOTAL OTHER EXPENSES |
| 1,993,483 |
| 1,875,745 | |||||
INCOME BEFORE INCOME TAX EXPENSE |
| 279,246 |
| 211,612 | |||||
Income tax expense |
| 82,576 |
| 54,746 | |||||
NET INCOME | $ | 196,670 | $ | 156,866 | |||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190808005589/en/
Nicholas A. Frungillo, Jr. - President / COO
David Gazerwitz - VP / Treasurer
732-247-5800