Finance

Brunswick Bancorp Reviews 2021 First Quarter Monetary Outcomes

Brunswick Bancorp (“Brunswick” or “the Firm”) (OTC: “BRBW”), the holding firm for Brunswick Financial institution and Belief (“the Financial institution”), at present reported its monetary outcomes for the quarter ended March 31, 2021.

Monetary Highlights for the First Quarter of 2021:

  • Complete property elevated 8.96% to $344.3 million from December 31, 2020;

  • Mortgage portfolio elevated 6.57% to $253.5 million from December 31, 2020; and

  • Deposits elevated 8.49% to $251.9 million from December 31, 2020.

  • Internet revenue elevated 139.35% to $552 thousand in comparison with the identical interval a yr in the past.

“Brunswick’s efficiency within the first quarter builds upon robust 2020 outcomes as we proceed to understand the advantages of our tried-and-true advertising and enterprise improvement efforts and participation within the Paycheck Safety Program,” mentioned Nicholas A. Frungillo, Jr., President and Chief Govt Officer of the Firm and the Financial institution. “We stay assured that our technique to drive top- and bottom-line efficiency will proceed to develop Brunswick’s property, loans, deposits and web revenue.”

Mr. Frungillo continued, “Brunswick is dedicated to enhancing shareholder worth. Trying forward, we imagine Brunswick is effectively positioned to succeed and could have extra alternatives because the pandemic subsides.”

Monetary Abstract for the Quarter Ended March 31, 2021

At March 31, 2021, the Firm had whole property of $344.3 million, a rise of $28.3 million or 8.96% over the December 31, 2020 whole of $316.0 million. The expansion was primarily pushed by new mortgage demand on account of administration’s elevated enterprise improvement efforts and participation within the Paycheck Safety Program (“PPP”). Money and due from banks was $34.6 million at March 31, 2021, a rise of $14.4 million or 71.85% over year-end attributable to each the Paycheck Safety Program Liquidity Facility and advertising efforts. The mortgage portfolio grew to $253.5 million at March 31, 2021, a rise of $15.6 million or 6.57% since December 31, 2020. PPP mortgage development was $4.1 million through the quarter and conventional lending actions accounted for the remaining development of $11.5 million. Securities decreased to $38.3 million, down $2.0 million, or 5.00%, from the stability at December 31, 2020 of $40.3 million, as principal paydowns elevated as decrease rates of interest stay.

Deposits grew to $251.9 million at March 31, 2021, a rise of $19.7 million, or 8.49%, from December 31, 2020 on account of administration’s elevated advertising efforts, as administration has centered on originating core deposits to strengthen the deposit portfolio and improve franchise worth. FHLB borrowing remained unchanged at March 31, 2021 from its December 31, 2020 stability of $31.7 million. Stockholders’ fairness decreased by $520 thousand to $41.8 million as a result of $705 thousand particular one-time dividend that was paid in February 2021 and earnings retention web of the change in unrealized losses. The Financial institution meets all standards to be thought of “Nicely Capitalized”.

The Financial institution’s Internet Curiosity Margin was 3.68% for the three months ended March 31, 2021 in comparison with 3.70% for the quarter ended March 31, 2020. The Financial institution’s price of deposits decreased to 0.68% at March 31, 2021 down from 1.68% for the comparative interval in 2020. The Financial institution’s yield on curiosity incomes property decreased to 4.21% for the quarter ended March 31, 2021 from 4.97% for a similar interval final yr.

Internet curiosity revenue was $2.714 million for the three months ended March 31, 2021, a rise of $589 thousand, or 27.75%, from $2.124 million for the comparable interval of 2020. Mortgage revenue grew to $3.026 million for the primary quarter of 2021, a rise of $309 thousand, or 11.39%, from $2.717 million for a similar interval a yr in the past attributable to greater excellent loans. Curiosity expense was $387 thousand for the quarter ended March 31, 2021, a lower of $308 thousand, or 44.36%, when in comparison with $695 thousand for the quarter ended March 31, 2020, because the Financial institution was capable of reprice its deposits at a lot decrease rates of interest. Complete different revenue was $340 thousand for the quarter ended March 31, 2021 a rise of $78 thousand in comparison with the identical interval a yr in the past. Complete non-interest bills have been $2.183 million, a rise of $176 thousand for the quarter ended March 31, 2021, when in comparison with $2.007 for a similar interval final yr. Salaries decreased by $30 thousand for the quarter ended March 31, 2021 in comparison with the identical interval final yr. Occupancy bills declined to $177 thousand, a discount of $58 thousand from the quarter ended March 31, 2020 attributable to beforehand carried out department purchases versus leasing the branches. Different bills grew by $262 thousand to $830 thousand for the quarter ended March 31, 2021 when in comparison with $567 thousand for the quarter ended March 31, 2020, because the Financial institution has skilled a rise in Authorized and Skilled charges, primarily associated to addressing sure shareholder associated exercise.

Provisions for mortgage losses was $109 thousand for the quarter ended March 31, 2021 as in comparison with $80 thousand throughout the identical interval a yr in the past. The Firm believes this enhance is prudent given the influence of the COVID-19 pandemic on the native financial system and clients, in addition to the continued development within the mortgage portfolio. Administration continues to actively monitor the Financial institution’s mortgage portfolio in mild of the continued uncertainty and should enhance provisions for mortgage losses sooner or later.

Internet revenue was $552 thousand for the three months ended March 31, 2021 a rise of $321 thousand or 139.35% in comparison with $231 thousand for the comparable interval of 2020.

Operations Throughout COVID-19 Pandemic

As beforehand disclosed, department lobbies are open on a restricted foundation following tips from the CDC and the State of New Jersey. As well as, to help clients, the Financial institution is collaborating within the new PPP mortgage program, which commenced on January 15, 2021. In accordance with state and federal steerage, and to help debtors impacted by the COVID-19 pandemic, the Financial institution granted fee deferrals to affected debtors. All debtors granted the aid are presently making funds.

Ahead-Trying Statements

Along with historic info, this information launch incorporates sure forward-looking statements inside the that means of the Non-public Securities Litigation Reform Act of 1995 that are based mostly on sure assumptions and describe future plans, methods and expectations of the Firm. These forward-looking statements are typically recognized by use of the phrases “imagine,” “anticipate,” “intend,” “anticipate,” “estimate,” “challenge,” “will,” “ought to,” “could,” “view,” “alternative,” “potential,” or related expressions or expressions of confidence. The Firm’s capacity to foretell outcomes or the precise impact of future plans or methods is inherently unsure. Elements which might have a fabric hostile impact on the operations of the Firm and its subsidiaries embrace, however usually are not restricted to: modifications in rates of interest, common financial circumstances, ranges of unemployment within the Financial institution’s lending space, actual property market values within the Financial institution’s lending space, future pure disasters and will increase to flood insurance coverage premiums, the extent of prepayments on loans and mortgage-backed securities, legislative/regulatory modifications, financial and monetary insurance policies of the U.S. Authorities together with insurance policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the standard or composition of the mortgage or funding portfolios, demand for mortgage merchandise, deposit flows, competitors, demand for monetary companies within the Firm’s market space, accounting ideas and tips, and the influence of the Covid 19 pandemic on the Firm, the Financial institution and its clients. The Firm doesn’t undertake, and particularly disclaims any obligation, to publicly launch the results of any revisions which can be made to any forward-looking statements to replicate occasions or circumstances after the date of such statements or to replicate the incidence of anticipated or unanticipated occasions.

About Brunswick Bancorp

Brunswick Bancorp is the holding firm for Brunswick Financial institution & Belief, a New Jersey chartered industrial financial institution which serves central New Jersey by its New Brunswick primary workplace and 4 extra department places of work.

BRUNSWICK BANCORP REPORTS MARCH 31, 2021 RESULTS

BRUNSWICK BANCORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

MARCH 31, 2021 and 2020 (UNAUDITED)

March 31,

December 31,

2021

2020

ASSETS

Money and due from banks

$

34,568,986

$

20,116,224

Securities held to maturity, at amortized price

3,196,599

3,524,079

Securities out there on the market, at honest market worth

35,147,294

36,839,298

Restricted financial institution inventory, at price

1,627,900

1,402,900

Loans receivable, web

253,520,774

237,886,288

Premises and tools, web

4,305,137

4,350,047

Accrued curiosity receivable

876,244

875,142

Different actual property

4,894,031

4,894,031

Different property

6,130,233

6,078,244

TOTAL ASSETS

$

344,267,196

$

315,966,252

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits

Non-interest bearing

$

63,919,726

$

58,462,505

Curiosity bearing

188,020,921

173,772,135

Complete deposits

251,940,647

232,234,640

Borrowed funds

46,128,521

37,427,067

Accrued curiosity payable

372,490

589,403

Advances from debtors for taxes and insurance coverage

1,220,955

1,063,488

Different liabilities

2,833,902

2,360,991

TOTAL LIABILITIES

302,496,516

273,675,588

STOCKHOLDERS’ EQUITY

Most well-liked stock-no said worth

10,000,000 shares licensed and no shares

issued and excellent at March 31, 2021.

Frequent inventory – no par worth

10,000,000 shares licensed;

3,042,803 and three,036,603 shares issued at March 31, 2021 and 2020

Extra paid-in capital

7,884,767

7,797,214

Different Complete Loss

(360,743

)

94,337

Retained earnings

35,862,117

36,014,573

Treasury inventory at price, 224,557 and 224,557 shares,

at March 31, 2021 and 2020

(1,615,460

)

(1,615,460

)

TOTAL STOCKHOLDERS’ EQUITY

41,770,680

42,290,664

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

344,267,196

$

315,966,252

E-book Worth per share

$

14.82

$

15.04

BRUNSWICK BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

THREE MONTHS ENDED MARCH 31, 2021 and 2020 (UNAUDITED)

March 31,

2021

2020

INTEREST INCOME

Curiosity and charges on loans

$

3,026,198

$

2,716,866

Curiosity on investments

58,145

52,547

Curiosity on balances with banks

16,404

50,368

TOTAL INTEREST INCOME

3,100,747

2,819,781

INTEREST EXPENSE

Curiosity on deposits

299,699

672,270

Curiosity on borrowed funds

87,284

23,185

Complete curiosity expense

386,983

695,455

NET INTEREST INCOME

2,713,764

2,124,326

Provision for mortgage losses

109,000

80,000

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

2,604,764

2,044,326

OTHER INCOME

Service charges

155,086

190,682

Different revenue

184,464

71,811

TOTAL OTHER INCOME

339,549

262,493

OTHER EXPENSES

Salaries and worker advantages

1,128,326

1,158,060

Occupancy bills

177,475

235,362

Tools bills

47,297

46,193

Different bills

830,323

567,387

TOTAL OTHER EXPENSES

2,183,421

2,007,002

INCOME BEFORE INCOME TAX EXPENSE

760,892

299,817

Revenue tax expense

208,837

69,173

NET INCOME

$

552,055

$

230,644

Earnings per share

$

0.20

$

0.08

Earnings per share (Diluted)

$

0.20

$

0.08

View supply model on businesswire.com: https://www.businesswire.com/information/house/20210419005842/en/

Contacts

Buyers
Brunswick Bancorp
Nicholas A. Frungillo, Jr. – President / CEO
David Gazerwitz – VP / Treasurer
732-247-5800

Media
Paul Caminiti / Nicholas Leasure
Reevemark
212-433-4600

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