Brunswick Bancorp Reports Third 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):
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2007 (UNAUDITED)
2007
INTEREST INCOME
Interest on loans $ 4,482,896
Interest on investments 999,210
Interest on federal funds sold 382,675
TOTAL INTEREST INCOME 5,864,781
INTEREST EXPENSE
Interest on deposits 854,304
Interest on borrowed funds 57,505
Total interest expense 911,809
NET INTEREST INCOME 4,952,972
Provision for loan losses 135,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 4,817,972
OTHER INCOME
Service fees 596,098
Other income 27,679
TOTAL OTHER INCOME 623,777
OTHER EXPENSES
Salaries and employee benefits 2,023,497
Occupancy expenses 732,796
Equipment expenses 167,795
Other expenses 1,146,312
TOTAL OTHER EXPENSES 4,070,400
INCOME BEFORE INCOME TAX EXPENSE 1,371,349
Income tax expense 551,264
NET INCOME $ 820,085
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share $ 0.32
Average shares outstanding-basic 2,589,696
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