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Brunswick Bancorp : Reports Quarter Ending December 31, 2016 Earnings
January 30, 2017 at 10:22 pm
Brunswick Bancorp (OTCBB:BRBW):
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2016 (UNAUDITED)
ASSETS
Cash and due from banks
$
22,330,708
Federal funds sold
-
Total cash and cash equivalents
22,330,708
Securities held to maturity, at amortized cost
10,833,953
Securities available for sale, at fair market value
6,289,913
Loans receivable, net
130,700,021
Premises and equipment, net
973,384
Accrued interest receivable
335,558
Other real estate
6,955,315
Other assets
2,053,293
TOTAL ASSETS
$
180,472,145
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing
$
36,389,982
Interest bearing
106,376,075
Total deposits
142,766,057
Accrued interest payable
153,870
Other liabilities
737,835
TOTAL LIABILITIES
143,657,762
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at December 31, 2016.
Common stock - no par value
10,000,000 shares authorized;
3,219,551 shares issued at December 31, 2016
6,239,102
Additional paid-in capital
1,944,611
Treasury stock at cost, 185,986 shares
at December 31, 2016.
(1,249,668)
Other Comprehensive Income
(100,084)
Retained earnings
30,211,048
Deferred stock compensation
(230,625)
TOTAL STOCKHOLDERS' EQUITY
36,814,383
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
180,472,145
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2016 (UNAUDITED)
INTEREST INCOME
Interest and fees on loans
$
6,931,935
Interest on investments
196,107
Interest on balances with banks
124,746
TOTAL INTEREST INCOME
7,252,789
INTEREST EXPENSE
Interest on deposits
815,756
Interest on borrowed funds
4
Total interest expense
815,760
NET INTEREST INCOME
6,437,028
Provision for loan losses
62,500
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
6,374,528
OTHER INCOME
Service fees
932,810
Other income
768,817
TOTAL OTHER INCOME
1,701,627
OTHER EXPENSES
Salaries and employee benefits
3,280,084
Occupancy expenses
1,238,144
Equipment expenses
70,514
Other expenses
2,453,852
TOTAL OTHER EXPENSES
7,042,594
INCOME BEFORE INCOME TAX EXPENSE
1,033,561
Income tax expense
356,417
NET INCOME
$
677,144
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share
$
0.23
Average shares outstanding-basic
2,988,664
View source version on businesswire.com: http://www.businesswire.com/news/home/20170130006168/en/
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Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.
Period Day Week
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Brunswick Bancorp is a bank holding company. Its principal activity is the ownership and management of its subsidiary, Brunswick Bank and Trust (the Bank). The Bank also has a subsidiary, BTB Investment Corp, Inc., which manages the Bank's investment portfolio. The Bank generates commercial, mortgage, and consumer loans, and receives deposits from customers located primarily in central New Jersey, with a primary emphasis on the Middlesex and Monmouth Counties. Its services are provided at six locations. It provides a range of commercial services, such as business checking, money markets, business savings, commercial mortgages, small business loans, commercial construction loans, merchant services and other business services. It offers a range of consumer services, such as direct deposit of payroll, electronic banking services, checking accounts, savings accounts, safe deposit box, combined statements, domestic wires, notary services and home equity lines of credit.
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