Brunswick Bancorp (OTCBB:BRBW):
BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEET | ||||||||
SEPTEMBER 30, 2019 and 2018 (UNAUDITED) | September 30, | |||||||
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| 2019 |
| 2018 |
ASSETS | ||||||||
Cash and due from banks | 15,615,595 | 16,980,504 | ||||||
Securities held to maturity, at amortized cost | 5,274,084 | 6,454,390 | ||||||
Securities available for sale, at fair market value | 6,181,905 | 6,376,754 | ||||||
Restricted bank stock, at cost | 799,800 | 204,700 | ||||||
Loans receivable, net | 189,872,807 | 153,565,310 | ||||||
Premises and equipment, net | 3,766,456 | 1,039,601 | ||||||
Accrued interest receivable | 699,836 | 465,727 | ||||||
Other real estate | 5,373,664 | 5,358,031 | ||||||
Other assets | 4,645,674 | 1,747,463 | ||||||
TOTAL ASSETS | 232,229,820 | 192,192,480 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Deposits | ||||||||
Non-interest bearing | 48,012,279 | 38,740,461 | ||||||
Interest bearing | 125,757,171 | 112,980,376 | ||||||
Total deposits | 173,769,450 | 151,720,837 | ||||||
Borrowed funds | 14,000,000 | - | ||||||
Accrued interest payable | 367,664 | 432,648 | ||||||
Advances from borrowers for taxes and insurance | 1,361,250 | 1,092,326 | ||||||
Other liabilities | 3,798,985 | 965,140 | ||||||
TOTAL LIABILITIES | 193,297,349 | 154,210,950 | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock-no stated value | ||||||||
10,000,000 shares authorized and no shares | ||||||||
issued and outstanding at September 30, 2019. | ||||||||
Common stock - no par value | ||||||||
10,000,000 shares authorized; | ||||||||
3,036,603 and 3,223,951 shares issued at | ||||||||
at September 30, 2019 and 2018. | ||||||||
Additional paid-in capital | 7,680,857 | 8,166,258 | ||||||
Other Comprehensive Loss | (26,742) | (254,989) | ||||||
Retained earnings | 32,898,566 | 31,412,140 | ||||||
Treasury stock at cost, 225,057 and 197,595 shares, | ||||||||
at September 30, 2019 and 2018. | (1,620,210) | (1,341,879) | ||||||
TOTAL STOCKHOLDERS' EQUITY | 38,932,471 | 37,981,530 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 232,229,820 | 192,192,480 | ||||||
BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENT OF INCOME | ||||||||
NINE MONTHS ENDED SEPTEMBER 30, 2019 and 2018 (UNAUDITED) | September 30, | |||||||
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| 2019 |
| 2018 |
INTEREST INCOME | ||||||||
Interest and fees on loans | 7,444,158 | 6,023,430 | ||||||
Interest on investments | 167,065 | 188,510 | ||||||
Interest on balances with banks | 135,118 | 138,332 | ||||||
TOTAL INTEREST INCOME | 7,746,341 | 6,350,272 | ||||||
INTEREST EXPENSE | ||||||||
Interest on deposits | 1,664,056 | 1,042,618 | ||||||
Interest on borrowed funds | 93,973 | 3,122 | ||||||
Total interest expense | 1,758,029 | 1,045,740 | ||||||
NET INTEREST INCOME | 5,988,312 | 5,304,532 | ||||||
Provision for loan losses | - | - | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 5,988,312 | 5,304,532 | ||||||
OTHER INCOME | ||||||||
Service fees | 631,482 | 701,465 | ||||||
Gain on sale of loans | - | 236,006 | ||||||
Gain on sale of OREO | - | (15,841) | ||||||
Gain on sale of assets | 111,823 | 11,000 | ||||||
Other income | 243,387 | 162,353 | ||||||
TOTAL OTHER INCOME | 986,692 | 1,094,983 | ||||||
OTHER EXPENSES | ||||||||
Salaries and employee benefits | 3,134,697 | 3,001,866 | ||||||
Occupancy expenses | 980,891 | 1,077,900 | ||||||
Equipment expenses | 128,125 | 125,304 | ||||||
Other expenses | 1,549,064 | 1,377,806 | ||||||
TOTAL OTHER EXPENSES | 5,792,776 | 5,582,876 | ||||||
INCOME BEFORE INCOME TAX EXPENSE | 1,182,228 | 816,639 | ||||||
Income tax expense | 326,515 | 201,284 | ||||||
NET INCOME | 855,713 | 615,355 |
BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENT OF INCOME | ||||||||
QUARTER ENDED SEPTEMBER 30, 2019 and 2018 (UNAUDITED) | September 30, | |||||||
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| 2019 |
| 2018 |
INTEREST INCOME | ||||||||
Interest and fees on loans | 2,756,048 | 2,199,465 | ||||||
Interest on investments | 51,810 | 57,565 | ||||||
Interest on balances with banks | 23,153 | 48,984 | ||||||
TOTAL INTEREST INCOME | 2,831,012 | 2,306,014 | ||||||
INTEREST EXPENSE | ||||||||
Interest on deposits | 584,904 | 383,722 | ||||||
Interest on borrowed funds | 67,686 | 3,122 | ||||||
Total interest expense | 652,591 | 386,844 | ||||||
NET INTEREST INCOME | 2,178,421 | 1,919,171 | ||||||
Provision for loan losses | - | - | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 2,178,421 | 1,919,171 | ||||||
OTHER INCOME | ||||||||
Service fees | 199,948 | 235,833 | ||||||
Gain on sale of loans | - | - | ||||||
Gain on sale of OREO | - | (58,750) | ||||||
Gain on sale of assets | 111,823 | 11,000 | ||||||
Other income | 108,215 | 44,291 | ||||||
TOTAL OTHER INCOME | 419,987 | 232,374 | ||||||
OTHER EXPENSES | ||||||||
Salaries and employee benefits | 1,096,696 | 997,719 | ||||||
Occupancy expenses | 302,568 | 372,943 | ||||||
Equipment expenses | 44,708 | 40,395 | ||||||
Other expenses | 544,953 | 517,078 | ||||||
TOTAL OTHER EXPENSES | 1,988,925 | 1,928,134 | ||||||
INCOME BEFORE INCOME TAX EXPENSE | 609,483 | 223,411 | ||||||
Income tax expense | 165,016 | 63,810 | ||||||
NET INCOME | 444,467 | 159,601 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20191030005652/en/
Nicholas A. Frungillo, Jr. - President / COO
David Gazerwitz - VP / Treasurer
732-247-5800