Brunswick Bancorp Reports Third Quarter 2011 Earnings

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Financial Condition and Results of Operations

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)-- Brunswick Bancorp (OTCBB:BRBW):


BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2011 (UNAUDITED)

ASSETS
Cash and due from banks	$	23,233,614
Federal funds sold		-
Total cash and cash equivalents		23,233,614
Securities held to maturity		2,000,000
Securities available for sale		69,238
Loans receivable, net		100,413,736

Premises and equipment, net		1,358,313
Accrued interest receivable		396,087
Other real estate		2,808,865
Other assets		1,528,984
TOTAL ASSETS	$	131,808,837
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing	$	28,018,547
Interest bearing		64,823,344
Total deposits		92,841,891
Accrued interest payable		131,120
Other liabilities		132,633
TOTAL LIABILITIES		93,105,644
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at September 30, 2011.
Common stock - no par value
10,000,000 shares authorized;
3,119,551 shares issued and outstanding at
September 30, 2011.		6,239,102
Additional paid-in capital		1,928,914
Treasury stock at cost, 197,550 shares
at September 30, 2011.		(1,384,266	)
Retained earnings		32,568,695
Equity Investment-Unrealized loss		(64,252	)
Deferred stock compensation		(585,000	)
TOTAL STOCKHOLDERS' EQUITY		38,703,193
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	131,808,837


BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2011 (UNAUDITED)


INTEREST INCOME
Interest on loans	$	5,325,450
Interest on investments		17,690
Interest on balances with banks		60,495
TOTAL INTEREST INCOME		5,403,635

INTEREST EXPENSE
Interest on deposits		392,660
Interest on borrowed funds		-
Total interest expense		392,660
NET INTEREST INCOME		5,010,975
Provision for loan losses		5,000

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		5,005,975

OTHER INCOME
Service fees		428,158
Other income		127,668
TOTAL OTHER INCOME		555,826

OTHER EXPENSES
Salaries and employee benefits		1,927,533
Occupancy expenses		899,115
Equipment expenses		142,724
Other expenses		1,472,639
TOTAL OTHER EXPENSES		4,442,011

INCOME BEFORE INCOME TAX EXPENSE		1,119,790
Income tax expense		427,352
NET INCOME	$	692,438
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share	$	0.24

Average shares outstanding-basic		2,918,282