Brunswick Bancorp Reports 2022 Full Year and Fourth Quarter Financial Results

Brunswick Bancorp ("Brunswick" or "the Company") (OTC: "BRBW"), the holding company for Brunswick Bank and Trust ("the Bank"), today reported its financial results for the quarterly and full year periods ended December 31, 2022.

Financial Highlights:

• Total assets increased 4.97% to $390.7 million from December 31, 2021;
• Loan portfolio increased 13.49% to $313.8 million from December 31, 2021;
• Deposits increased 1.68% to $282.3 million from December 31, 2021;
• Net income per share increased to $1.32 per diluted share for the twelve months ended December 31, 2022, up 12.82% compared to $1.17 per diluted share in the prior year period;
• Net income increased 14.42% to $3.853 million for the year ended December 31, 2022 compared to the same period a year ago;

"In 2022, we continued to implement our strategic initiatives, which resulted in increases in assets, loans and deposits, and most importantly, earnings and earnings per share. As we entered the fourth quarter, we began to see some headwinds from elevated inflation and increases in market rates of interest engineered by the Federal Reserve to slow the rate of inflation. Despite that, we had a strong fourth quarter, with net interest income comparable to the year ago period. The main drivers of our fourth quarter performance were an increase in our provision and a reduction on our gain on sale of loans, partially offset by our reduction in our non-interest expense as management has continued its focus on managing expenses," said Nicholas A. Frungillo, Jr., President and Chief Executive Officer of the Company and the Bank. "The value of our franchise was recognized by the market, which led to our recently announced transaction with Mid Penn Bancorp."