Brunswick Bancorp (OTCBB:BRBW):
BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||||
MARCH 31, 2019 and 2018 (UNAUDITED) | ||||||||||||
March 31, 2019 | March 31, 2018 | |||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 19,429,924 | $ | 19,867,818 | ||||||||
Federal funds sold | - | - | ||||||||||
Total cash and cash equivalents | 19,429,924 | 19,867,818 | ||||||||||
Securities held to maturity, at amortized cost | 5,877,746 | 7,211,426 | ||||||||||
Securities available for sale, at fair market value | 6,326,476 | 7,491,314 | ||||||||||
Restricted bank stock, at cost | 204,700 | 201,000 | ||||||||||
Loans receivable, net | 168,733,313 | 141,663,621 | ||||||||||
Premises and equipment, net | 1,026,700 | 1,065,289 | ||||||||||
Accrued interest receivable | 531,678 | 462,016 | ||||||||||
Other real estate | 5,358,031 | 5,416,781 | ||||||||||
Other assets | 4,743,445 | 1,883,488 | ||||||||||
TOTAL ASSETS | $ | 212,232,012 | $ | 185,262,753 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Deposits | ||||||||||||
Non-interest bearing | $ | 42,473,075 | $ | 39,085,157 | ||||||||
Interest bearing | 125,502,143 | 106,556,264 | ||||||||||
Total deposits | 167,975,218 | 145,641,420 | ||||||||||
Accrued interest payable | 490,338 | 269,728 | ||||||||||
Advances from borrowers for taxes and insurance | 1,222,856 | 1,195,030 | ||||||||||
Other liabilities | 4,063,541 | 564,431 | ||||||||||
TOTAL LIABILITIES | 173,751,953 | 147,670,610 | ||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Preferred stock-no stated value | ||||||||||||
10,000,000 shares authorized and no shares | ||||||||||||
issued and outstanding at March 31, 2019. | ||||||||||||
Common stock - no par value | ||||||||||||
10,000,000 shares authorized; | ||||||||||||
3,039,003 and 3,223,951 shares issued | ||||||||||||
at March 31, 2019 and 2018. | 6,239,102 | 6,239,102 | ||||||||||
Additional paid-in capital | 1,764,651 | 2,578,751 | ||||||||||
Treasury stock at cost,193,599 and 202,035 shares, | ||||||||||||
at March 31, 2019 and 2018. | (1,311,909 | ) | (1,375,179 | ) | ||||||||
Other Comprehensive Loss | (111,709 | ) | (252,537 | ) | ||||||||
Retained earnings | 32,257,428 | 31,095,672 | ||||||||||
Deferred stock compensation | (357,504 | ) | (693,666 | ) | ||||||||
TOTAL STOCKHOLDERS' EQUITY | 38,480,059 | 37,592,143 | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 212,232,012 | $ | 185,262,753 | ||||||||
BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED STATEMENT OF INCOME | ||||||||||||
THREE MONTHS ENDED MARCH 31, 2019 and 2018 (UNAUDITED) | ||||||||||||
March 31, 2019 | March 31, 2018 | |||||||||||
INTEREST INCOME | ||||||||||||
Interest and fees on loans | $ | 2,292,797 | $ | 1,873,468 | ||||||||
Interest on investments | 59,151 | 70,013 | ||||||||||
Interest on balances with banks | 74,948 | 36,636 | ||||||||||
TOTAL INTEREST INCOME | 2,426,896 | 1,980,117 | ||||||||||
INTEREST EXPENSE | ||||||||||||
Interest on deposits | 526,288 | 305,540 | ||||||||||
Interest on borrowed funds | - | - | ||||||||||
Total interest expense | 526,288 | 305,540 | ||||||||||
NET INTEREST INCOME | 1,900,608 | 1,674,577 | ||||||||||
Provision for loan losses | - | - | ||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,900,608 | 1,674,577 | ||||||||||
OTHER INCOME | ||||||||||||
Service fees | 251,768 | 262,963 | ||||||||||
Gain on sale of loans | - | 236,006 | ||||||||||
Other income | 71,491 | 107,067 | ||||||||||
TOTAL OTHER INCOME | 323,259 | 606,036 | ||||||||||
OTHER EXPENSES | ||||||||||||
Salaries and employee benefits | 1,046,805 | 985,176 | ||||||||||
Occupancy expenses | 337,397 | 342,052 | ||||||||||
Equipment expenses | 36,472 | 41,290 | ||||||||||
Other expenses | 509,695 | 530,479 | ||||||||||
TOTAL OTHER EXPENSES | 1,930,369 | 1,898,997 | ||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 293,498 | 381,615 | ||||||||||
Income tax expense | 78,923 | 82,728 | ||||||||||
NET INCOME | $ | 214,575 | $ | 298,887 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20190430005813/en/
Brunswick Bancorp
Nicholas A. Frungillo, Jr. - President / COO
David Gazerwitz - VP / Treasurer
732-247-5800
Copyright Business Wire 2019