Brunswick Bancorp (OTCBB:BRBW):

 

FINANCIAL CONDITION AND RESULTS OF OPERATIONS
   
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2014 (UNAUDITED)
 
ASSETS
Cash and due from banks $ 60,295,757
Federal funds sold   -  
Total cash and cash equivalents 60,295,757
Securities held to maturity 6,000,000
Securities available for sale 70,214
Loans receivable, net 96,912,298
Premises and equipment, net 988,043
Accrued interest receivable 238,073
Other real estate 8,302,206
Other assets   1,870,867  
TOTAL ASSETS $ 174,677,458  
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 34,065,953
Interest bearing   103,959,975  
Total deposits 138,025,928
Accrued interest payable 108,235
Other liabilities   801,078  
TOTAL LIABILITIES   138,935,241  
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at December 31, 2014.
Common stock - no par value
10,000,000 shares authorized;
3,119,551 shares issued and outstanding at
December 31, 2014. 6,239,102
Additional paid-in capital 1,944,611
Treasury stock at cost, 193,279 shares
at December 31, 2014. (1,313,575 )
Retained earnings 29,237,704
Deferred stock compensation   (365,625 )
TOTAL STOCKHOLDERS' EQUITY   35,742,217  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 174,677,458  
 
BRUNSWICK BANCORP AND SUBSIDIARIES  
CONSOLIDATED STATEMENT OF INCOME (LOSS)
QUARTER END DECEMBER 31, 2014 (UNAUDITED)
 
INTEREST INCOME
Interest on loans $ 5,764,478
Interest on investments 20,586
Interest on balances with banks   135,946
TOTAL INTEREST INCOME   5,921,010
 
INTEREST EXPENSE
Interest on deposits 395,849
Interest on borrowed funds   -
Total interest expense   395,849
NET INTEREST INCOME 5,525,161
Provision for loan losses   -
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   5,525,161
 
OTHER INCOME
Service fees 770,767
Other income   550,902
TOTAL OTHER INCOME   1,321,669
 
Realized loss on securities -
 
OTHER EXPENSES
Salaries and employee benefits 2,806,429
Occupancy expenses 1,262,124
Equipment expenses 57,323
Other expenses   2,309,430
TOTAL OTHER EXPENSES   6,435,306
 
INCOME (LOSS) BEFORE INCOME TAX EXPENSE 411,524
Income tax expense (credit)   34,000
NET INCOME $ 377,524
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share $ 0.13
 
Average shares outstanding-basic   2,921,751