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Brunswick Bancorp Reports Third Quarter 2010 Earnings
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 | |||
Contributing Sources
