Brunswick Bancorp Reports Quarter Ending June 30, 2013 Earnings

Brunswick Bancorp (OTCBB: BRBW):

    
      
        
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS
        
        
           
        
        
        
      
      
        
           
        
        
           
        
        
           
        
        
        
        
        
        
        
      
      
        
          BRUNSWICK BANCORP AND SUBSIDIARIES
        
        
        
        
        
      
      
        
          CONSOLIDATED BALANCE SHEET
        
        
        
        
        
      
      
        
          JUNE 30, 2013 (UNAUDITED)
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          ASSETS
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          Cash and due from banks
        
        
        
        
          $
        
        
          51,322,509
        
        
        
      
      
        
        
        
        
        
        
        
          Federal funds sold
        
        
        
        
           
        
        
          -
        
        
           
        
      
      
        
        
        
        
        
        
        
          Total cash and cash equivalents
        
        
        
        
        
        
          51,322,509
        
        
        
      
      
        
        
        
        
        
        
        
          Securities held to maturity
        
        
        
        
        
        
          6,003,750
        
        
        
      
      
        
        
        
        
        
        
        
          Securities available for sale
        
        
        
        
        
        
          70,214
        
        
        
      
      
        
        
        
        
        
        
        
          Loans receivable, net
        
        
        
        
        
        
          94,223,184
        
        
        
      
      
        
        
        
        
        
        
        
          Premises and equipment, net
        
        
        
        
        
        
          1,029,735
        
        
        
      
      
        
        
        
        
        
        
        
          Accrued interest receivable
        
        
        
        
        
        
          299,130
        
        
        
      
      
        
        
        
        
        
        
        
          Other real estate
        
        
        
        
        
        
          8,733,327
        
        
        
      
      
        
        
        
        
        
        
        
          Other assets
        
        
        
        
           
        
        
          1,134,331
        
        
           
        
      
      
        
        
        
        
        
        
        
          TOTAL ASSETS
        
        
        
        
          $
        
        
          162,816,180
        
        
           
        
      
      
        
        
        
        
        
        
        
          LIABILITIES AND STOCKHOLDERS' EQUITY
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          Deposits
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          Non-interest bearing
        
        
        
        
          $
        
        
          31,651,436
        
        
        
      
      
        
        
        
        
        
        
        
          Interest bearing
        
        
        
        
           
        
        
          95,200,598
        
        
           
        
      
      
        
        
        
        
        
        
        
          Total deposits
        
        
        
        
        
        
          126,852,034
        
        
        
      
      
        
        
        
        
        
        
        
          Accrued interest payable
        
        
        
        
        
        
          221,641
        
        
        
      
      
        
        
        
        
        
        
        
          Other liabilities
        
        
        
        
           
        
        
          835,015
        
        
           
        
      
      
        
        
        
        
        
        
        
          TOTAL LIABILITIES
        
        
        
        
           
        
        
          127,908,690
        
        
           
        
      
      
        
        
        
        
        
        
        
          STOCKHOLDERS' EQUITY
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          

Preferred stock-no stated value 10,000,000 shares authorized and no shares issued and outstanding at June 30, 2013.

Common stock - no par value 10,000,000 shares authorized; 3,119,551 shares issued and outstanding at June 30, 2013.

        
        
        
        
        
        
          6,239,102
        
        
        
      
      
        
        
        
        
        
        
        
          Additional paid-in capital
        
        
        
        
        
        
          1,944,611
        
        
        
      
      
        
        
        
        
        
        
        
          

Treasury stock at cost, 185,429 shares at June 30, 2013.

        
        
        
        
        
        
          (1,298,887
        
        
          )
        
      
      
        
        
        
        
        
        
        
          Retained earnings
        
        
        
        
        
        
          28,489,539
        
        
        
      
      
        
        
        
        
        
        
        
          Deferred stock compensation
        
        
        
        
           
        
        
          (466,875
        
        
          )
        
      
      
        
        
        
        
        
        
        
          TOTAL STOCKHOLDERS' EQUITY
        
        
        
        
           
        
        
          34,907,490
        
        
           
        
      
      
        
        
        
        
        
        
        
          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
        
        
        
        
          $
        
        
          162,816,180
        
        
           
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
          BRUNSWICK BANCORP AND SUBSIDIARIES
        
        
        
        
        
      
      
        
          CONSOLIDATED STATEMENT OF INCOME (LOSS)
        
        
        
        
        
      
      
        
          QUARTER END JUNE 30, 2013 (UNAUDITED)
        
        
        
        
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          INTEREST INCOME
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          Interest on loans
        
        
        
        
          $
        
        
          2,807,281
        
        
        
      
      
        
        
        
        
        
        
        
          Interest on investments
        
        
        
        
        
        
          5,911
        
        
        
      
      
        
        
        
        
        
        
        
          Interest on balances with banks
        
        
        
        
           
        
        
          55,737
        
        
           
        
      
      
        
        
        
        
        
        
        
          TOTAL INTEREST INCOME
        
        
        
        
           
        
        
          2,868,929
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          INTEREST EXPENSE
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          Interest on deposits
        
        
        
        
        
        
          234,132
        
        
        
      
      
        
        
        
        
        
        
        
          Interest on borrowed funds
        
        
        
        
           
        
        
          -
        
        
           
        
      
      
        
        
        
        
        
        
        
          Total interest expense
        
        
        
        
           
        
        
          234,132
        
        
           
        
      
      
        
        
        
        
        
        
        
          NET INTEREST INCOME
        
        
        
        
        
        
          2,634,797
        
        
        
      
      
        
        
        
        
        
        
        
          Provision for loan losses
        
        
        
        
           
        
        
          -
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
        
        
        
        
           
        
        
          2,634,797
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          OTHER INCOME
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          Service fees
        
        
        
        
        
        
          400,145
        
        
        
      
      
        
        
        
        
        
        
        
          Other income
        
        
        
        
           
        
        
          1,179,774
        
        
           
        
      
      
        
        
        
        
        
        
        
          TOTAL OTHER INCOME
        
        
        
        
           
        
        
          1,579,919
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Realized loss on securities
        
        
        
        
        
        
          -
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          OTHER EXPENSES
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          Salaries and employee benefits
        
        
        
        
        
        
          1,607,173
        
        
        
      
      
        
        
        
        
        
        
        
          Occupancy expenses
        
        
        
        
        
        
          692,777
        
        
        
      
      
        
        
        
        
        
        
        
          Equipment expenses
        
        
        
        
        
        
          152,906
        
        
        
      
      
        
        
        
        
        
        
        
          Other expenses
        
        
        
        
           
        
        
          1,403,851
        
        
           
        
      
      
        
        
        
        
        
        
        
          TOTAL OTHER EXPENSES
        
        
        
        
           
        
        
          3,856,707
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          INCOME (LOSS) BEFORE INCOME TAX EXPENSE
        
        
        
        
        
        
          358,009
        
        
        
      
      
        
        
        
        
        
        
        
          Income tax expense (credit)
        
        
        
        
           
        
        
          11,000
        
        
           
        
      
      
        
        
        
        
        
        
        
          NET INCOME
        
        
        
        
          $
        
        
          347,009
        
        
           
        
      
      
        
        
        
        
        
        
        
          NET INCOME PER SHARE OF COMMON STOCK:
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          Basic Earnings per share
        
        
        
        
          $
        
        
          0.04
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Average shares outstanding-basic
        
        
        
        
           
        
        
          2,933,036