Brunswick Bancorp (OTCBB:BRBW):

 
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
     
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 2014 (UNAUDITED)
 
ASSETS
Cash and due from banks $ 67,464,684
Federal funds sold   -  
Total cash and cash equivalents 67,464,684
Securities held to maturity 6,000,000
Securities available for sale 70,214
Loans receivable, net 93,833,373
Premises and equipment, net 971,051
Accrued interest receivable 266,130
Other real estate 8,173,228
Other assets   1,848,779  
TOTAL ASSETS $ 178,627,459  
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 34,858,458
Interest bearing   107,501,133  
Total deposits 142,359,591
Accrued interest payable 139,845
Other liabilities   710,581  
TOTAL LIABILITIES   143,210,017  
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at March 31, 2014.
Common stock - no par value

10,000,000 shares authorized; 3,119,551 shares
issued and outstanding at March 31, 2014.

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

Treasury stock at cost, 199,399 shares
   at March 31, 2014.

(1,354,773 )
Retained earnings 29,004,752
Deferred stock compensation   (416,250 )
TOTAL STOCKHOLDERS' EQUITY   35,417,442  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 178,627,459  
     
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (LOSS)
QUARTER END MARCH 31, 2014 (UNAUDITED)
 
INTEREST INCOME
Interest on loans $ 1,646,440
Interest on investments 4,363
Interest on balances with banks   28,446
TOTAL INTEREST INCOME   1,679,249
 
INTEREST EXPENSE
Interest on deposits 98,988
Interest on borrowed funds   -
Total interest expense   98,988
NET INTEREST INCOME 1,580,261
Provision for loan losses   -
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   1,580,261
 
OTHER INCOME
Service fees 174,421
Other income   60,006
TOTAL OTHER INCOME   234,427
 
Realized loss on securities -
 
OTHER EXPENSES
Salaries and employee benefits 733,409
Occupancy expenses 327,557
Equipment expenses 14,806
Other expenses   587,345
TOTAL OTHER EXPENSES   1,663,117
 
INCOME (LOSS) BEFORE INCOME TAX EXPENSE 151,571
Income tax expense (credit)   7,000
NET INCOME $ 144,571
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share $ 0.05
 
Average shares outstanding-basic   2,920,259