Brunswick Bancorp Reports Second Quarter 2007 Earnings.Financial Condition and Results of Operations NEW BRUNSWICK New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. , N.J. -- Brunswick Brunswick, cities, United States Brunswick. 1 City (1990 pop. 16,433), seat of Glynn co., SE Ga., on St. Simon's Sound near the Atlantic coast; laid out 1771–72, inc. 1856. It is a port of entry with numerous container docks. Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BRBW):
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BRUNSWICK BANCORP AND SUBSIDIARIES >
CONSOLIDATED STATEMENTS OF INCOME >
SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED) >
>
>
2007
INTEREST INCOME >
Interest on loans > $
2,895,705
Interest on investments >
682,111
Interest on federal funds sold >
288,628
TOTAL INTEREST INCOME >
3,866,444
>
INTEREST EXPENSE >
Interest on deposits >
616,632
Interest on borrowed funds >
28,105
Total interest expense >
644,737
NET INTEREST INCOME >
3,221,707
Provision for loan losses >
90,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES >
3,131,707
>
OTHER INCOME >
Service fees >
383,075
Other income >
18,382
TOTAL OTHER INCOME >
401,457
>
OTHER EXPENSES >
Salaries and employee benefits >
1,359,746
Occupancy expenses >
474,278
Equipment expenses >
88,424
Other expenses >
707,845
TOTAL OTHER EXPENSES >
2,630,293
>
INCOME BEFORE INCOME TAX EXPENSE >
902,871
Income tax expense >
347,489
NET INCOME > $
555,382
NET INCOME PER SHARE OF COMMON STOCK: >
Basic Earnings per share > $
0.21
>
Average shares outstanding-basic >
2,589,696
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