Business & Finance
Thu, January 26, 2012 
NEW BRUNSWICK, N.J.--([ BUSINESS WIRE ])--Brunswick Bancorp (OTCBB:BRBW):
| BRUNSWICK BANCORP AND SUBSIDIARIES | ||
| CONSOLIDATED BALANCE SHEET | ||
| DECEMBER 31, 2011 (UNAUDITED) | ||
| ASSETS | ||
| Cash and due from banks | $ 36,807,741 | |
| Federal funds sold | - | |
| Total cash and cash equivalents | 36,807,741 | |
| Securities held to maturity | 2,000,000 | |
| Securities available for sale | 70,214 | |
| Loans receivable, net | 104,544,807 | |
| Premises and equipment, net | 1,300,117 | |
| Accrued interest receivable | 421,227 | |
| Other real estate | 2,355,537 | |
| Other assets | 2,770,081 | |
| TOTAL ASSETS | $ 150,269,724 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Deposits | ||
| Non-interest bearing | $ 28,991,505 | |
| Interest bearing | 84,300,706 | |
| Total deposits | 113,292,211 | |
| Accrued interest payable | 148,189 | |
| Other liabilities | 219,058 | |
| TOTAL LIABILITIES | 113,659,458 | |
| STOCKHOLDERS' EQUITY | ||
| Preferred stock-no stated value | ||
| 10,000,000 shares authorized and no shares | ||
| issued and outstanding at December 31, 2011. | ||
| Common stock - no par value | ||
| 10,000,000 shares authorized; 3,119,551 shares issued and outstanding at | ||
| December 31, 2011. | 6,239,102 | |
| Additional paid-in capital | 1,944,611 | |
| Treasury stock at cost, 194,930 shares at December 31, 2011. | (1,365,665) | |
| Retained earnings | 30,360,343 | |
| Deferred stock compensation | (568,125) | |
| TOTAL STOCKHOLDERS' EQUITY | 36,610,266 | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 150,269,724 |
| BRUNSWICK BANCORP AND SUBSIDIARIES | ||
| CONSOLIDATED STATEMENT OF INCOME (LOSS) | ||
| YEAR ENDED DECEMBER 31, 2011 (UNAUDITED) | ||
| INTEREST INCOME | ||
| Interest on loans | $ 6,871,113 | |
| Interest on investments | 24,566 | |
| Interest on balances with banks | 84,560 | |
| TOTAL INTEREST INCOME | 6,980,239 | |
| INTEREST EXPENSE | ||
| Interest on deposits | 533,337 | |
| Interest on borrowed funds | - | |
| Total interest expense | 533,337 | |
| NET INTEREST INCOME | 6,446,902 | |
| Provision for loan losses | 2,929,000 | |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 3,517,902 | |
| OTHER INCOME | ||
| Service fees | 586,340 | |
| Other income | 202,516 | |
| TOTAL OTHER INCOME | 788,856 | |
| Realized loss on securities | (106,111) | |
| OTHER EXPENSES | ||
| Salaries and employee benefits | 2,816,806 | |
| Occupancy expenses | 1,199,248 | |
| Equipment expenses | 187,721 | |
| Other expenses | 2,384,998 | |
| TOTAL OTHER EXPENSES | 6,588,773 | |
| INCOME (LOSS) BEFORE INCOME TAX EXPENSE | (2,388,126) | |
| Income tax expense (credit) | (872,213) | |
| NET INCOME | $ (1,515,913) | |
| NET INCOME PER SHARE OF COMMON STOCK: | ||
| Basic Earnings per share | $ (0.52) | |
| Average shares outstanding-basic | 2,911,341 |
