Market Overview

Brunswick Bancorp Reports Quarter Ending June 30, 2018 Earnings

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Brunswick Bancorp (OTC:BRBW):

 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
JUNE 30, 2018 (UNAUDITED)
         
ASSETS
Cash and due from banks $ 18,005,740
Federal funds sold   -  
Total cash and cash equivalents 18,005,740
Securities held to maturity, at amortized cost 6,890,450
Securities available for sale, at fair market value 6,544,412
Loans receivable, net 146,873,040
Premises and equipment, net 1,077,357
Accrued interest receivable 453,563
Other real estate 5,416,781
Other assets   1,951,310  
TOTAL ASSETS $ 187,212,653  
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 39,855,192
Interest bearing   108,464,936  
Total deposits 148,320,128
Accrued interest payable 323,802
Other liabilities   754,406  
TOTAL LIABILITIES   149,398,337  
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at June 30, 2018.
Common stock - no par value
10,000,000 shares authorized;
3,223,951 shares issued at June 30, 2018 6,239,102
Additional paid-in capital 2,578,751
Treasury stock at cost,199,815 shares,
at June 30, 2018. (1,358,529 )
Other Comprehensive Loss (237,593 )
Retained earnings 31,252,444
Deferred stock compensation   (659,859 )
TOTAL STOCKHOLDERS' EQUITY   37,814,316  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 187,212,653  
 
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
SIX MONTHS ENDED JUNE 30, 2018 (UNAUDITED)
             
INTEREST INCOME
Interest and fees on loans $ 3,823,965
Interest on investments 130,944
Interest on balances with banks   89,348
TOTAL INTEREST INCOME   4,044,258
 
INTEREST EXPENSE
Interest on deposits 658,897
Interest on borrowed funds   -
Total interest expense   658,897
 
NET INTEREST INCOME 3,385,361
Provision for loan losses   -
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   3,385,361
 
OTHER INCOME
Service fees 574,949
Other income   407,659
TOTAL OTHER INCOME   982,608
 
OTHER EXPENSES
Salaries and employee benefits 2,004,148
Occupancy expenses 704,957
Equipment expenses 84,910
Other expenses   980,728
TOTAL OTHER EXPENSES   3,774,742
 
INCOME BEFORE INCOME TAX EXPENSE 593,228
Income tax expense   137,474
NET INCOME $ 455,754

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