Brunswick Bancorp Reports Quarter Ending June 30, 2016 Earnings
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E-mailNEW BRUNSWICK, N.J.--(BUSINESS WIRE)-- Brunswick Bancorp (OTCBB: BRBW):
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| BRUNSWICK BANCORP AND SUBSIDIARIES | ||
| CONSOLIDATED BALANCE SHEET | ||
| JUNE 30, 2016 (UNAUDITED) | ||
| ASSETS | ||
| Cash and due from banks | $ 28,598,713 | |
| Federal funds sold | - | |
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Total cash and cash equivalents |
28,598,713 | |
| Securities held to maturity | 16,570,742 | |
| Securities available for sale | 70,214 | |
| Loans receivable, net | 121,898,651 | |
| Premises and equipment, net | 1,007,065 | |
| Accrued interest receivable | 320,832 | |
| Other real estate | 6,792,171 | |
| Other assets | 1,819,995 | |
| TOTAL ASSETS | $ 177,078,383 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Deposits | ||
| Non-interest bearing | $ 40,161,705 | |
| Interest bearing | 99,074,425 | |
| Total deposits | 139,236,130 | |
| Accrued interest payable | 144,840 | |
| Other liabilities | 1,176,439 | |
| TOTAL LIABILITIES | 140,557,409 | |
| STOCKHOLDERS' EQUITY | ||
| Preferred stock-no stated value | ||
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10,000,000 shares authorized and no shares issued and outstanding at June 30, 2016. |
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| Common stock - no par value | ||
| 10,000,000 shares authorized; | ||
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3,219,551 shares issued and outstanding at June 30, 2016. |
6,239,102 | |
| Additional paid-in capital | 1,944,611 | |
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Treasury stock at cost, 185,986 shares at June 30, 2016. |
(1,249,668) | |
| Retained earnings | 29,851,304 | |
| Deferred stock compensation | (264,375) | |
| TOTAL STOCKHOLDERS' EQUITY | 36,520,974 | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 177,078,383 | |
| BRUNSWICK BANCORP AND SUBSIDIARIES | |||
| CONSOLIDATED STATEMENT OF INCOME | |||
| SIX MONTHS ENDED JUNE 30, 2016 (UNAUDITED) | |||
| INTEREST INCOME | |||
| Interest on loans | $ 3,520,232 | ||
| Interest on investments | 84,015 | ||
| Interest on balances with banks | 75,057 | ||
| TOTAL INTEREST INCOME | 3,679,304 | ||
| INTEREST EXPENSE | |||
| Interest on deposits | 362,390 | ||
| Interest on borrowed funds | - | ||
| Total interest expense | 362,390 | ||
| NET INTEREST INCOME | 3,316,914 | ||
| Provision for loan losses | 32,500 | ||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 3,284,414 | ||
| OTHER INCOME | |||
| Service fees | 455,883 | ||
| Other income | 493,166 | ||
| TOTAL OTHER INCOME | 949,049 | ||
| Realized loss on securities | - | ||
| OTHER EXPENSES | |||
| Salaries and employee benefits | 1,600,120 | ||
| Occupancy expenses | 620,525 | ||
| Equipment expenses | 35,874 | ||
| Other expenses | 1,540,215 | ||
| TOTAL OTHER EXPENSES | 3,796,734 | ||
| INCOME BEFORE INCOME TAX EXPENSE | 436,729 | ||
| Income tax expense | 161,000 | ||
| NET INCOME | $ 275,729 | ||
| NET INCOME PER SHARE OF COMMON STOCK: | |||
| Basic Earnings per share | $ 0.09 | ||
| Average shares outstanding-basic | 2,942,586 | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160729005862/en/
Brunswick Bancorp
Roman T. Gumina, 732-247-5800
Chairman CEO
Source: Brunswick Bancorp
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