UPDATE: Brunswick Bancorp, Brunswick, NJ (BRBW)

Four hundred and fifty five days after my April 2017 Review of Brunswick Bancorp, head scoundrel Roman Gumina met his Maker.

In death there is hope! If Roman's successor Uncle Frank Junior can right side the bank's expenses, it's entirely plausible we could see a resurrection of BRBW share price to $14. Were Uncle Frankie to sell the bank, Brunswick stock could conceivably garner the same.

Question is, how much of Roman Gumina's greed is embodied in the bank's operational design and family management DNA? In his wake, is BRBW a bargain buy or a pile of dead money?

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Disclosure: As of this posting, I own shares of BRBW and may subsequently either dispose of them or purchase more.

Prospective Buyers	Still true today: The $95M of deposits in Brunswick's Livingston Ave branch headquarters might be appealing to area institutions, but I doubt any buyer would be interested in the 4 out of 7 other branches struggling to manage less than $9M each. Amboy Bancorp, Old Bridge, NJ (private) Magyar Bancorp, New Brunswick, NJ (MGYR) Provident Financial Services, Iselin, NJ (PFS)
Financial Snapshot †as of 06/30/2018	Total assets: $187M† Tangible book value per share:      $12.50† NPAs to assets: 4.6%† Price to book: 70% Market cap: $26.5M Dividend yield: 0% Trailing 12-month ROA: 0.3%† Trailing 12-month ROE: 1.7%†
Scoundrels	Frank Gumina, Jr, Interim Chairman Nicholas A. Frungillo, Jr, President and CEO Frank J. Gumina III, Esq, Vice President, Bank Counsel
Red Flag	My concerns about Brunswick Bank & Trust are essentially unchanged since my April 2017 review. The bank's expenses are way out of line with industry norms or anything justifiable (see table below). Roman Gumina owned at least 10 unrelated entities, and money is still flowing from the bank to some of them. More than half the bank's branches are too small to be profitable, and should be closed. NPA's are 4x current industry average. Here's what I'd love to see Management do (and, what fiscal responsibility requires): Cut Occupancy and Other Expenses in half! That alone should add $450K to pre-tax earnings and produce triple last quarter’s earnings. Cut the asking price of REO low enough to sell it, then put the proceeds into earning assets. That could add another $160K to the pre-tax income. Don't spend the late Gumina’s $310,000/year salary on anyone or anything new. That's cash straight to the bottom line. Do these three things, and watch earnings rise six-fold! How Brunswick Bank's expenses compare to peers'. 1 not including rent charged for Bank use of Gumina properties 2 a Timyan Bank Alert favorite in NJ 3 in the two quarters prior to close of merger with SB One Bancorp (SBBX)
Sources	Brunswick Bank & Trust website Roman Gumina Obituary June 2018 Call Report SNL Financial Confidential interviews with shareholders and analysts

Community Bank of Bergen County, Maywood, NJ (CMTB)

A Case of Another Late Bloomer

There are times when average looks pretty darn good. As with Ameriserv Financial (ASRV), which I wrote about in January, the Community Bank of Bergen County may be just average, but it is priced way too cheaply and positioned too beautifully to be overlooked as a stock pick.

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Disclosure: As of this posting, I own shares of CMTB and may subsequently either dispose of them or purchase more.

Prospective Buyers	The three healthy branches that make up the Community Bank of Bergen County would make an attractive addition to any buyer's bouquet, particularly for institutions like these, which have overlapping branches: Boiling Springs MHC, Rutherford, NJ (private) Clifton Bancorp, Clifton, NJ (CSBK) Oritani Financial, Township of Washington, NJ (ORIT)
Financial Snapshot (as of 06/30/2014)	Total assets: $289M Tangible book value per share: $14.58 NPAs to assets: 2.51% Price to book: 50.9% Market cap: $12.9M Dividend yield: 0% Trailing 12-month return on assets: 0.12% Trailing 12-month return on equity: 1.53% TARP: $0
The Crew	Marianne Byrne, Chairman (Chairwoman) Peter Michelotti, President and CEO Raymond Zachmann, Executive VP and CFO
The Skinny	This is a pretty good bank that's getting better. The Community Bank of Bergen County successfully reduced NPAs from 7% in 2011 to today's 2.5%, while holding equity stable at $25M. CMTB is the rose of Rochelle Park and daisy of Maywood. In its single Rochelle Park branch, CMTB holds $96M in deposits —the largest share of any bank in town. Its branch in Maywood, NJ is the second largest in town, boasting $126M in deposits. An acquiring bank could make money here. Assuming the requisite efficiencies for a merger, an acquirer could pick up this beauty for 125% of book and dress up its own book value and earnings.   Any investor can make money here! You won't find many banks like this left in the field today, trading at less than book value despite their freshly tidied loan portfolios. Trading now at 54% of book, CMTB offers plenty of upside for the enterprising investor.
Sources	Community Bank of Bergen County website 2013 Annual Report March 2014 Proxy Statement SNL Financial Confidential interviews with shareholders