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Brunswick Bancorp Reports Third Quarter 2010 Earnings


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NEW BRUNSWICK, N.J.--([ BUSINESS WIRE ])--Brunswick Bancorp (OTCBB:BRBW):

BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2010 (UNAUDITED)
ASSETS
Cash and due from banks $ 52,929,968
Federal funds sold -
Total cash and cash equivalents 52,929,968
Securities held to maturity 2,500,000
Securities available for sale 90,310
Loans receivable, net 99,341,061
Premises and equipment, net 1,447,470
Accrued interest receivable 413,632
Other real estate 1,987,887
Other assets 1,562,987
TOTAL ASSETS $ 160,273,315
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 30,237,052
Interest bearing 90,593,698
Total deposits 120,830,750
Accrued interest payable 585,345
Other liabilities 117,117
TOTAL LIABILITIES 121,533,212
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at September 30, 2010.
Common stock - no par value
10,000,000 shares authorized;
3,119,551 shares issued and outstanding at
September 30, 2010. 6,239,102
Additional paid-in capital 1,866,154
Treasury stock at cost, 198,416 shares

at September 30, 2010.

(1,379,123 )
Retained earnings 32,739,679
Equity Investment-Unrealized loss (51,609 )
Deferred stock compensation (674,100 )
TOTAL STOCKHOLDERS' EQUITY 38,740,103
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 160,273,315
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2010 (UNAUDITED)
INTEREST INCOME
Interest on loans $ 4,626,135
Interest on investments 53,720
Interest on balances with banks 112,329
TOTAL INTEREST INCOME 4,792,184
INTEREST EXPENSE
Interest on deposits 989,201
Interest on borrowed funds -
Total interest expense 989,201
NET INTEREST INCOME 3,802,983
Provision for loan losses 960,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 2,842,983
OTHER INCOME
Service fees 477,336
Other income 44,099
TOTAL OTHER INCOME 521,435
OTHER EXPENSES
Salaries and employee benefits 1,894,128
Occupancy expenses 820,934
Equipment expenses 146,379
Other expenses 1,040,053
TOTAL OTHER EXPENSES 3,901,494
INCOME BEFORE INCOME TAX EXPENSE (537,076 )
Income tax expense (Recovery) (117,185 )
NET INCOME $ (419,891 )
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share $ (0.15 )
Average shares outstanding-basic 2,872,761


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