NEW BRUNSWICK, N.J.–(BUSINESS WIRE)–Brunswick Bancorp (OTCBB:BRBW):
| BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEET | ||||||||
| SEPTEMBER 30, 2019 and 2018 (UNAUDITED) | September 30, | |||||||
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2019 |
|
2018 |
| ASSETS | ||||||||
| Cash and due from banks |
$ 15,615,595 |
$ 16,980,504 |
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| Securities held to maturity, at amortized cost |
5,274,084 |
6,454,390 |
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| Securities available for sale, at fair market value |
6,181,905 |
6,376,754 |
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| Restricted bank stock, at cost |
799,800 |
204,700 |
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| Loans receivable, net |
189,872,807 |
153,565,310 |
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| Premises and equipment, net |
3,766,456 |
1,039,601 |
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| Accrued interest receivable |
699,836 |
465,727 |
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| Other real estate |
5,373,664 |
5,358,031 |
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| Other assets |
4,645,674 |
1,747,463 |
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| TOTAL ASSETS |
$ 232,229,820 |
$ 192,192,480 |
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Deposits | ||||||||
| Non-interest bearing |
$ 48,012,279 |
$ 38,740,461 |
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| Interest bearing |
125,757,171 |
112,980,376 |
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| Total deposits |
173,769,450 |
151,720,837 |
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| Borrowed funds |
14,000,000 |
– |
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| Accrued interest payable |
367,664 |
432,648 |
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| Advances from borrowers for taxes and insurance |
1,361,250 |
1,092,326 |
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| Other liabilities |
3,798,985 |
965,140 |
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| TOTAL LIABILITIES |
193,297,349 |
154,210,950 |
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| STOCKHOLDERS’ EQUITY | ||||||||
| Preferred stock-no stated value | ||||||||
| 10,000,000 shares authorized and no shares | ||||||||
| issued and outstanding at September 30, 2019. | ||||||||
| Common stock – no par value | ||||||||
| 10,000,000 shares authorized; | ||||||||
| 3,036,603 and 3,223,951 shares issued at | ||||||||
| at September 30, 2019 and 2018. | ||||||||
| Additional paid-in capital |
7,680,857 |
8,166,258 |
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| Other Comprehensive Loss |
(26,742) |
(254,989) |
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| Retained earnings |
32,898,566 |
31,412,140 |
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| Treasury stock at cost, 225,057 and 197,595 shares, | ||||||||
| at September 30, 2019 and 2018. |
(1,620,210) |
(1,341,879) |
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| TOTAL STOCKHOLDERS’ EQUITY |
38,932,471 |
37,981,530 |
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| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ 232,229,820 |
$ 192,192,480 |
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| BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENT OF INCOME | ||||||||
| NINE MONTHS ENDED SEPTEMBER 30, 2019 and 2018 (UNAUDITED) | September 30, | |||||||
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2019 |
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2018 |
| INTEREST INCOME | ||||||||
| Interest and fees on loans |
$ 7,444,158 |
$ 6,023,430 |
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| Interest on investments |
167,065 |
188,510 |
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| Interest on balances with banks |
135,118 |
138,332 |
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| TOTAL INTEREST INCOME |
7,746,341 |
6,350,272 |
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| INTEREST EXPENSE | ||||||||
| Interest on deposits |
1,664,056 |
1,042,618 |
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| Interest on borrowed funds |
93,973 |
3,122 |
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| Total interest expense |
1,758,029 |
1,045,740 |
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| NET INTEREST INCOME |
5,988,312 |
5,304,532 |
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| Provision for loan losses |
– |
– |
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| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
5,988,312 |
5,304,532 |
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| OTHER INCOME | ||||||||
| Service fees |
631,482 |
701,465 |
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| Gain on sale of loans |
– |
236,006 |
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| Gain on sale of OREO |
– |
(15,841) |
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| Gain on sale of assets |
111,823 |
11,000 |
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| Other income |
243,387 |
162,353 |
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| TOTAL OTHER INCOME |
986,692 |
1,094,983 |
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| OTHER EXPENSES | ||||||||
| Salaries and employee benefits |
3,134,697 |
3,001,866 |
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| Occupancy expenses |
980,891 |
1,077,900 |
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| Equipment expenses |
128,125 |
125,304 |
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| Other expenses |
1,549,064 |
1,377,806 |
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| TOTAL OTHER EXPENSES |
5,792,776 |
5,582,876 |
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| INCOME BEFORE INCOME TAX EXPENSE |
1,182,228 |
816,639 |
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| Income tax expense |
326,515 |
201,284 |
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| NET INCOME |
$ 855,713 |
$ 615,355 |
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| BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENT OF INCOME | ||||||||
| QUARTER ENDED SEPTEMBER 30, 2019 and 2018 (UNAUDITED) | September 30, | |||||||
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2019 |
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2018 |
| INTEREST INCOME | ||||||||
| Interest and fees on loans |
$ 2,756,048 |
$ 2,199,465 |
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| Interest on investments |
51,810 |
57,565 |
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| Interest on balances with banks |
23,153 |
48,984 |
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| TOTAL INTEREST INCOME |
2,831,012 |
2,306,014 |
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| INTEREST EXPENSE | ||||||||
| Interest on deposits |
584,904 |
383,722 |
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| Interest on borrowed funds |
67,686 |
3,122 |
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| Total interest expense |
652,591 |
386,844 |
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| NET INTEREST INCOME |
2,178,421 |
1,919,171 |
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| Provision for loan losses |
– |
– |
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| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
2,178,421 |
1,919,171 |
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| OTHER INCOME | ||||||||
| Service fees |
199,948 |
235,833 |
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| Gain on sale of loans |
– |
– |
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| Gain on sale of OREO |
– |
(58,750) |
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| Gain on sale of assets |
111,823 |
11,000 |
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| Other income |
108,215 |
44,291 |
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| TOTAL OTHER INCOME |
419,987 |
232,374 |
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| OTHER EXPENSES | ||||||||
| Salaries and employee benefits |
1,096,696 |
997,719 |
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| Occupancy expenses |
302,568 |
372,943 |
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| Equipment expenses |
44,708 |
40,395 |
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| Other expenses |
544,953 |
517,078 |
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| TOTAL OTHER EXPENSES |
1,988,925 |
1,928,134 |
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| INCOME BEFORE INCOME TAX EXPENSE |
609,483 |
223,411 |
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| Income tax expense |
165,016 |
63,810 |
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| NET INCOME |
$ 444,467 |
$ 159,601 |
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Contacts
Nicholas A. Frungillo, Jr. – President / COO
David Gazerwitz – VP / Treasurer
732-247-5800
