Brunswick Bancorp Reports Year Ending December 31, 2011 Earnings

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