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Brunswick Bancorp : Reports Year Ending December 31, 2011 Earnings
January 26, 2012 at 06:40 pm
By
Financial Condition and Results of Operations
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
Mid Penn Bancorp, Inc. completed the acquisition of Brunswick Bancorp from Stilwell Value LLC and others.
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Brunswick Bancorp Reports Earnings Results for the Third Quarter Ended September 30, 2019
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Brunswick Bancorp Reports Earnings Results for the Full Year Ended December 31, 2018
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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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