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Brunswick Bancorp Reports Fourth Quarter 2008 Earnings


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Published in Business and Finance on Friday, January 30th 2009 at 9:13 GMT, Last Modified on 2009-01-30 09:13:50 by Market Wire   Print publication without navigation


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
10,000,000 shares authorized and no shares
issued and outstanding at December 31, 2008.

Common stock - no par value
10,000,000 shares authorized;
3,119,551 shares issued and outstanding
at December 31, 2008.

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


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