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Business and Finance
Fri, January 30, 2009
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Brunswick Bancorp Reports Fourth Quarter 2008 Earnings
NEW BRUNSWICK, N.J.--([ BUSINESS WIRE ])--Brunswick Bancorp (OTCBB:BRBW):
| BRUNSWICK BANCORP AND SUBSIDIARIES | ||||
| CONSOLIDATED BALANCE SHEET | ||||
| DECEMBER 31, 2008 (UNAUDITED) | ||||
| 2008 | ||||
| ASSETS | ||||
| Cash and due from banks | $ | 11,565,062 | ||
| Federal funds sold | - | |||
| Total cash and cash equivalents | 11,565,062 | |||
| Securities held to maturity | 6,250,000 | |||
| Securities available for sale | 51,071 | |||
| Loans receivable, net | 100,567,894 | |||
| Premises and equipment, net | 1,401,895 | |||
| Accrued interest receivable | 509,395 | |||
| Other assets | 861,439 | |||
| TOTAL ASSETS | $ | 121,206,756 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Deposits | ||||
| Non-interest bearing | $ | 29,871,837 | ||
| Interest bearing | 52,722,481 | |||
| Total deposits | 82,594,318 | |||
| Borrowed funds | 197,196 | |||
| Accrued interest payable | 93,060 | |||
| Other liabilities | 99,298 | |||
| TOTAL LIABILITIES | 82,983,872 | |||
| STOCKHOLDERS' EQUITY | ||||
Preferred stock-no stated value | ||||
Common stock - no par value | 6,239,102 | |||
| Additional paid-in capital | 2,113,008 | |||
Treasury stock at cost, 131,703 shares at December 31, 2008. | (1,191,723 | ) | ||
| Retained earnings | 32,157,174 | |||
| Equity Investment-Unrealized loss | (39,152 | ) | ||
| Deferred stock compensation | (1,055,525 | ) | ||
| TOTAL STOCKHOLDERS' EQUITY | 38,222,884 | |||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 121,206,756 | ||
| BRUNSWICK BANCORP AND SUBSIDIARIES | |||
| CONSOLIDATED STATEMENTS OF INCOME | |||
| YEAR ENDED DECEMBER 31, 2008 (UNAUDITED) | |||
| 2008 | |||
| INTEREST INCOME | |||
| Interest on loans | $ | 6,895,211 | |
| Interest on investments | 443,479 | ||
| Interest on federal funds sold | 235,766 | ||
| Interest on balances with banks | 27,770 | ||
| TOTAL INTEREST INCOME | 7,602,226 | ||
| INTEREST EXPENSE | |||
| Interest on deposits | 663,717 | ||
| Interest on borrowed funds | 33,969 | ||
| Total interest expense | 697,686 | ||
| NET INTEREST INCOME | 6,904,540 | ||
| Provision for loan losses | 91,756 | ||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,812,784 | ||
| OTHER INCOME | |||
| Service fees | 628,703 | ||
| Other income | 39,231 | ||
| TOTAL OTHER INCOME | 667,934 | ||
| OTHER EXPENSES | |||
| Salaries and employee benefits | 2,907,246 | ||
| Occupancy expenses | 1,070,437 | ||
| Equipment expenses | 233,262 | ||
| Other expenses | 1,271,713 | ||
| TOTAL OTHER EXPENSES | 5,482,658 | ||
| INCOME BEFORE INCOME TAX EXPENSE | 1,998,060 | ||
| Income tax expense | 806,699 | ||
| NET INCOME | $ | 1,191,361 | |
| NET INCOME PER SHARE OF COMMON STOCK: | |||
| Basic Earnings per share | $ | 0.40 | |
| Average shares outstanding-basic | 3,014,359 | ||
Contributing Sources
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