Brunswick Bancorp (OTCBB:BRBW):

 
  FINANCIAL CONDITION AND RESULTS OF OPERATIONS  
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2012 (UNAUDITED)
 
ASSETS
Cash and due from banks $ 53,155,636
Federal funds sold   -
Total cash and cash equivalents 53,155,636
Securities held to maturity 3,000,000
Securities available for sale 70,214
Loans receivable, net 95,173,733
Premises and equipment, net 1,135,670
Accrued interest receivable 328,958
Other real estate 7,855,525
Other assets   1,620,232
TOTAL ASSETS $ 162,339,968
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 29,512,773
Interest bearing   97,326,634
Total deposits 126,839,407
Accrued interest payable 133,832
Other liabilities   378,219
TOTAL LIABILITIES   127,351,458
STOCKHOLDERS' EQUITY
Preferred stock-no stated value

10,000,000 shares authorized and no shares

issued and outstanding at December 31, 2012.

Common stock - no par value

10,000,000 shares authorized;

3,119,551 shares issued and outstanding at December 31, 2012.

6,239,102
Additional paid-in capital 1,944,611
Treasury stock at cost, 187,793 shares
at December 31, 2012. (1,315,258)
Retained earnings 28,620,680
Deferred stock compensation   (500,625)
TOTAL STOCKHOLDERS' EQUITY   34,988,510
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 162,339,968
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (LOSS)
QUARTER END DECEMBER 31, 2012 (UNAUDITED)
 
INTEREST INCOME
Interest on loans $ 5,685,510
Interest on investments 24,301
Interest on balances with banks   106,587
TOTAL INTEREST INCOME   5,816,398
 
INTEREST EXPENSE
Interest on deposits 534,528
Interest on borrowed funds   -
Total interest expense   534,528
NET INTEREST INCOME 5,281,870
Provision for loan losses   17,283
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   5,264,587
 
OTHER INCOME
Service fees 574,660
Other income   358,317
TOTAL OTHER INCOME   932,977
 
Realized loss on securities -
 
OTHER EXPENSES
Salaries and employee benefits 2,549,774
Occupancy expenses 1,194,109
Equipment expenses 165,183
Other expenses   1,963,123
TOTAL OTHER EXPENSES   5,872,189
 
INCOME (LOSS) BEFORE INCOME TAX EXPENSE 325,375
Income tax expense (credit)   100,038
NET INCOME $ 225,337
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share $ 0.08
 
Average shares outstanding-basic   2,928,006

Brunswick Bancorp
Roman T. Gumina
Chairman CEO
732-247-5800