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

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