Brunswick Bancorp (OTCBB:BRBW):
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BRUNSWICK BANCORP AND SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEET | ||||
DECEMBER 31, 2017 (UNAUDITED) | ||||
ASSETS | ||||
Cash and due from banks | $ | 20,621,278 | ||
Federal funds sold | - | |||
Total cash and cash equivalents | 20,621,278 | |||
Securities held to maturity, at amortized cost | 7,591,322 | |||
Securities available for sale, at fair market value | 7,756,887 | |||
Loans receivable, net | 140,181,844 | |||
Premises and equipment, net | 1,049,878 | |||
Accrued interest receivable | 433,687 | |||
Other real estate | 5,704,306 | |||
Other assets | 1,660,782 | |||
TOTAL ASSETS | $ | 184,999,984 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Deposits | ||||
Non-interest bearing | $ | 39,278,964 | ||
Interest bearing | 107,671,525 | |||
Total deposits | 146,950,489 | |||
Accrued interest payable | 222,558 | |||
Other liabilities | 411,303 | |||
TOTAL LIABILITIES | 147,584,350 | |||
STOCKHOLDERS' EQUITY | ||||
Preferred stock-no stated value | ||||
10,000,000 shares authorized and no shares | ||||
issued and outstanding at December 31, 2017. | ||||
Common stock - no par value | ||||
10,000,000 shares authorized; | ||||
3,223,951 shares issued at December 31, 2017 | 6,239,102 | |||
Additional paid-in capital | 2,578,751 | |||
Treasury stock at cost,199,255 shares, at December 31, 2017. | (1,353,927 | ) | ||
Other Comprehensive Loss | (139,903 | ) | ||
Retained earnings | 30,819,083 | |||
Deferred stock compensation | (727,473 | ) | ||
TOTAL STOCKHOLDERS' EQUITY | 37,415,634 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 184,999,984 | ||
BRUNSWICK BANCORP AND SUBSIDIARIES | |||
CONSOLIDATED STATEMENT OF INCOME | |||
YEAR ENDED DECEMBER 31, 2017 (UNAUDITED) | |||
INTEREST INCOME | |||
Interest and fees on loans | $ | 7,635,782 | |
Interest on investments | 280,191 | ||
Interest on balances with banks | 237,022 | ||
TOTAL INTEREST INCOME | 8,152,995 | ||
INTEREST EXPENSE | |||
Interest on deposits | 1,112,798 | ||
Interest on borrowed funds | 35 | ||
Total interest expense | 1,112,833 | ||
NET INTEREST INCOME | 7,040,162 | ||
Provision for loan losses | 84,000 | ||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,956,162 | ||
OTHER INCOME | |||
Service fees | 1,148,073 | ||
Other income | 381,258 | ||
TOTAL OTHER INCOME | 1,529,331 | ||
OTHER EXPENSES | |||
Salaries and employee benefits | 3,782,864 | ||
Occupancy expenses | 1,262,569 | ||
Equipment expenses | 123,862 | ||
Other expenses | 2,091,744 | ||
TOTAL OTHER EXPENSES | 7,261,040 | ||
INCOME BEFORE INCOME TAX EXPENSE | 1,224,454 | ||
Income tax expense | 676,845 | ||
NET INCOME | $ | 547,608 | |
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