第99.1展示文本
Chain Bridge Bancorp, Inc.报告2024年第三季度和截至目前的财务业绩
弗吉尼亚州麦克林 — 2024年10月29日
Chain Bridge Bancorp, Inc. (纽交所: CBNA)（以下简称“公司”），Chain Bridge 银行股份公司（以下简称“银行”），今日宣布2024年第三季度及截至2024年9月30日的财务业绩。
2024年10月3日，公司定价其首次公开招股（“IPO”），1,850,000股A类普通股，每股面值0.01美元（“A类普通股”），定价为每股22.00美元。与IPO相关，公司将之前发行的每股面值1.00美元的公司现有普通股（“旧普通股”）重新分类和转换为每股面值0.01美元的B类普通股（“B类普通股”）（“重新分类”）。 A类普通股于2024年10月4日开始在纽约证券交易所交易，股票代码为“CBNA”。B类普通股的股份可按一比一的比例转换为A类普通股。
2024年10月7日，公司完成了首次公开募股，并收到约3360万美元的净收益。2024年10月10日，公司利用部分净收益全额偿还了与一家对应银行的无担保信用额度的未偿余额1000万美元。
我们的基本报表，包括每股收益和每股账面价值，反映了回溯重新分类。因此，截至2024年9月30日的财务报表显示旧普通股或A类普通股均不存在，B类普通股已发行并流通456,8920股。由于IPO发生在2024年9月30日之后，财务影响未包含在本报告中呈现的财务报表中。
2024年第三季度财务亮点（截至2024年9月30日止三个月）：
•合并净利润: $750万
•每股收益： $1.64每普通股基础和摊薄的股份
•平均净资产回报率： 29.90%（年化基础）
•平均资产回报率： 2.03%（年化）
•每股账面价值： 22.95美元，相较于2024年6月30日的20.57美元，和2023年9月30日的16.45美元
2024年截止至今财务亮点（截至2024年9月30日九个月）:
•合并净利润： $1720万
•每股收益: 每普通和稀释普通股的每股$3.77
•平均股东权益回报率: 25.00% (年化基础)
•平均资产回报率： 1.79%（年化）
财务表现
公司报告2024年第三季度净利润为750万美元，相比于2024年第二季度的580万美元和2023年第三季度的280万美元。2024年第三季度每股收益为1.64美元，相比于2024年第二季度的1.27美元和2023年第三季度的0.62美元。
2024年第三季度收入增加主要归因于净利息收益率较2024年第二季度增加310万美元，较2023年第三季度增加650万美元。净利息收益率的上升是由于两个时期资产的平均利息收入增加以及净利息收益率的改善。尽管非利息收入较2024年第二季度增加45万美元，较2023年第三季度增加190万美元，但这些增加被非利息支出分别增加140万美元和260万美元所抵消。
截至2024年9月30日的九个月，该公司报告的净利润为1720万美元，而2023年同期为550万美元。2024年9月30日结束的九个月的每股收益为3.77美元，相比之下，2023年同期为1.21美元。
2024年前九个月的收益增长反映了净利息收入增长了1,300万美元，这得益于平均利息收入资产与2023年同期相比增长了2.588亿美元。此外，非利息收入与2023年同期相比增长了540万美元，这主要是由于IntraFi Cash Service的费用收入增加® （ICS®) 单向卖出® 存款。但是，非利息支出增加了470万美元，这反映了与公司准备成为上市公司相关的就业和专业服务支出的增加。
每股净资产（BVPS）
截至2024年9月30日，每股账面价值（BVPS）为22.95美元，反映了重新分类以便比较的追溯实施，相较于2024年6月30日的20.57美元和2023年9月30日的16.45美元。
每季度BVPS的同比增长主要是由2024年第三季度保留收益中的750万美元驱动的。此外，可供出售债券投资组合公允价值的改善导致其他综合损益减少340万美元，进一步促进了BVPS的增长。
BVPS的年同比增长反映了在12个月内保留收益增加2060万美元和其他综合损失累计减少910万美元。
利息收入和净利息收益率
2024年第三季度净利息收入为1360万美元，而2024年第二季度为1060万美元，2023年第三季度为720万美元。来自于其他银行的利息收入，主要由在美联储的准备金组成，推动了
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净利息收益在2024年第三季度从第二季度的490万美元增加至740万美元，2013年第三季度的净利息为170万美元。证券利息和分红派息在2024年第三季度也有所增加，从第二季度的320万美元和2013年第三季度的300万美元增加至390万美元。净利息收益率是指按年度计算的净利息收入占平均利息资产的百分比，2024年第三季度为3.73%，而第二季度为3.43%，2013年第三季度为2.78%。
截至2024年9月30日的九个月，净利息收益总额为3300万美元，2023年同期为2000万美元，净利息收益率为3.47%，2023年截至9月30日的九个月为2.64%。利息存款收入在这九个月期间增加至1560万美元，2023年同期为370万美元。2024年9月30日截至九个月，证券利息和分红派息收入增至1020万美元，而2023年前九个月为930万美元。
2024年第三季度和截至2024年9月30日的9个月期间，净利息收益和净利息收益率的增长，主要受联邦储备金储备和证券投资的增长驱动，以及存款成本的下降。这些赚取资产部分的增长主要是由于2024年11月总统大选前政治组织的存款增加所致。联邦储备金储备余额上联邦储备支付的利率于2023年7月27日从5.15%上升到5.40%，并于2024年9月19日从5.40%下降到4.90%。
Non-Interest Income
Non-interest income for the third quarter of 2024 was $3.1 million, driven by $2.5 million in deposit placement services income which is fee income we earn on One-Way Sell® deposits sold through the ICS® network. Many of these deposits were sourced from political organizations. Other contributors to non-interest income included $376 thousand in service charges on deposit accounts and $243 thousand in trust and wealth management income. By comparison, non-interest income was $2.6 million for the second quarter of 2024, driven by $2.0 million in deposit placement services income, $321 thousand in service charges on accounts, and $239 thousand in trust and wealth management services income. Non-interest income was $1.2 million for the third quarter of 2023, driven by $859 thousand in deposit placement services income, $227 thousand in service charges on accounts, and $149 thousand in trust and wealth management income.
For the nine months ended September 30, 2024, non-interest income totaled $7.4 million, driven by $5.6 million in deposit placement services income, $1.0 million in service charges on accounts, and $669 thousand in trust and wealth management income. This compares to $1.9 million in non-interest income for the same period in 2023, driven by $1.1 million in deposit placement services income, $651 thousand in service charges on account, and $407 thousand in trust and wealth management income.
Non-Interest Expenses
Total non-interest expense for the third quarter of 2024 was $7.4 million, compared to $6.0 million in the second quarter of 2024 and $4.9 million in the third quarter of 2023. The increase was primarily driven by higher salaries and employee benefit costs, and an increase in professional service fees associated with the Company’s preparation for becoming a public company.
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For the nine months ended September 30, 2024, total non-interest expenses were $19.2 million, compared to $14.4 million in the same period in 2023. The change was primarily driven by increased salaries and employee benefits, which totaled $11.6 million during the period, and increased professional services expenses, which increased to $2.2 million primarily on account of the increased professional service fees.
Balance Sheet & Related Highlights
As of September 30, 2024:
•Total assets were $1.6 billion, compared to $1.4 billion as of June 30, 2024, and $1.2 billion as of September 30, 2023.
•Total deposits were $1.4 billion, compared to $1.3 billion as of June 30, 2024, and $1.1 billion as of September 30, 2023.
•Total ICS® One-Way Sell® deposits were $432.3 million, compared to $499.2 million as of June 30, 2024, and $106.3 million as of September 30, 2023.
•Interest-bearing reserves held at the Federal Reserve were $627.0 million, compared to $471.2 million as of June 30, 2024 and $246.4 million as of September 30, 2023.
•The loan-to-deposit ratio was 20.92%, compared to 23.42% as of June 30, 2024, and 29.15% as of September 30, 2023.
•The ratio of non-performing assets to total assets remained at 0.00%, unchanged from June 30, 2024 and September 30, 2023.
Capital and Liquidity
As of September 30, 2024, the Company’s liquidity ratio was 85.31%, compared to 82.64% at June 30, 2024 and 76.28% at September 30, 2023. The liquidity ratio is calculated as the sum of cash and cash equivalents plus unpledged securities classified as investment grade, divided by total liabilities.
As of September 30, 2024, the Company’s tangible common equity to tangible total assets ratio was 6.74%, compared to 6.66% at June 30, 2024 and 6.53% at September 30, 2023. The ratio of tangible common equity to tangible total assets is calculated in accordance with GAAP and represents the ratio of common equity to total assets. The Company did not have any intangible assets or goodwill for the periods presented.
As of September 30, 2024, the Company’s Tier 1 leverage ratio was 7.59%, and the Company’s Tier 1 risk-based capital ratio stood at 28.17%. The Company’s total risk-based capital ratio was 29.29%. This compares to June 30, 2024 when the Tier 1 leverage ratio was 8.30%, the Tier 1 risk-based capital ratio 26.27% and the total risk-based capital ratio 27.42%. At September 30, 2023 the Tier 1 leverage ratio stood at 8.75%, the Tier 1 risk-based capital ratio 21.81% and the total risk-based capital ratio 22.95%.
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Trust & Wealth Department
As of September 30, 2024, the Bank’s Trust & Wealth Department oversaw total assets under administration (AUA) of $384.0 million, consisting of $111.2 million in assets under management (AUM) and $272.8 million in assets under custody (AUC). This compares to AUA of $364.0 million as of June 30, 2024, which consisted of $98.0 million in AUM and $266.0 million in AUC. As of September 30, 2023, AUA totaled $185.8 million, with $70.9 million in AUM and $114.9 million in AUC. Trust and wealth management income was $243 thousand in the third quarter of 2024, compared to $239 thousand in the second quarter of 2024 and $149 thousand in the third quarter of 2023.
Seasonal Deposit Trends and Outlook
As of September 30, 2024, the Bank maintained elevated deposit levels ahead of the November 2024 federal elections. We estimate that at least a majority of our deposit balances as of September 30, 2024 were sourced from political organizations. Deposits from political organizations are currently experiencing outflows, which we expect to continue through the end of the fourth quarter of 2024 and into early 2025, as the 2024 election cycle concludes. The outflows to date have been consistent with the seasonal patterns we have historically observed during federal election cycles. Historically, deposits from political organizations have typically increased in the periods leading up to federal elections and declined in the quarters during and after federal elections. The amount and timing of these deposit inflows and outflows are difficult to predict and may differ from historical patterns.
About Chain Bridge Bancorp, Inc.:
Chain Bridge Bancorp, Inc., a Delaware corporation, is the registered bank holding company for Chain Bridge Bank, National Association. Chain Bridge Bancorp, Inc. is regulated and supervised by the Federal Reserve under the Bank Holding Company Act of 1956, as amended. Chain Bridge Bank, National Association is a national banking association, chartered under the National Bank Act, and is subject to primary regulation, supervision, and examination by the Office of the Comptroller of the Currency. Chain Bridge Bank, National Association is a member of the Federal Deposit Insurance Corporation and provides banking, trust, and wealth management services. For more information, please visit our investor relations website at https://ir.chainbridgebank.com.
Media Contact:
Richard G. Danker
Senior Vice President - Communications
Chain Bridge Bancorp, Inc.
communications@chainbridgebank.com
703-748-3423
Investor Relations Contact:
Rachel G. Miller
Senior Vice President, Counsel and Corporate Secretary
Chain Bridge Bancorp, Inc.
IR@chainbridgebank.com
703-748-3427
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Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements involve risks and uncertainties. You should not place undue reliance on forward-looking statements because they are subject to numerous uncertainties and factors relating to our operations and business, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy, and statements related to the level and composition of our deposits, including our ability to attract and retain, and the seasonality of, client deposits and, the amount and timing of deposit outflows through the end of the fourth quarter of 2024 and into early 2025. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other variations or comparable terminology and expressions. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by law.
Forward-looking statements include, among other things, statements relating to: (i) changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, including the effects of United States federal government spending; (ii) the level of, or changes in the level of, interest rates and inflation, including the effects on our net interest income, non-interest income, and the market value of our investment and loan portfolios; (iii) the level and composition of our deposits, including our ability to attract and retain, and the seasonality of, client deposits, including those in the ICS® network, as well as the amount and timing of deposit outflows through the end of the fourth quarter of 2024 and into early 2025; (iv) the level and composition of our loan portfolio, including our ability to maintain the credit quality of our loan portfolio; (v) current and future business, economic and market conditions in the United States generally or in the Washington, D.C. metropolitan area in particular; (vi) the effects of disruptions or instability in the financial system, including as a result of the failure of a financial institution or other participants in it, or geopolitical instability, including war, terrorist attacks, pandemics and man-made and natural disasters; (vii) the impact of, and changes, in applicable laws, regulations, regulatory expectations and accounting standards and policies; (viii) our likelihood of success in, and the impact of, legal, regulatory or other actions, investigations or proceedings related to our business; (ix) adverse publicity or reputational harm to us, our senior officers, directors, employees or clients; (x) our ability to effectively execute our growth plans or other initiatives; (xi) changes in demand for our products and services; (xii) our levels of, and access to, sources of liquidity and capital; (xiii) the ability to attract and retain essential personnel or changes in our essential personnel; (xiv) our ability to effectively compete with banks, nonbank financial institutions, and financial technology firms and the effects of competition in the financial services industry on our business; (xv) the effectiveness of our risk management and internal disclosure controls and procedures; (xvi) any failure or interruption of our information and technology systems, including any components provided by a third party; (xvii) our ability to identify and address cybersecurity threats and breaches; (xviii) our ability to keep pace with technological changes; (xix) our ability to receive dividends from the Bank and satisfy our obligations as they become due; (xx) the one-time and incremental costs of operating as a public company; (xxi) our ability to meet our obligations as a public company, including our obligation under Section 404 of Sarbanes-Oxley; and (xxii) the effect of our dual-class structure and the concentrated
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ownership of our Class B common stock, including beneficial ownership of our shares by members of the Fitzgerald Family.
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including the risks described in the “Risk Factors” section of the Company’s most recent Registration Statement on Form S-1, available at the Securities and Exchange Commission’s website (www.sec.gov).
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Chain Bridge Bancorp, Inc. and Subsidiary Consolidated Financial Highlights (Dollars in thousands, except per share data) (unaudited) | ||||||||||||||||||||||||||||||||
As of or For the Three Months Ended | As of or For the Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||||||||||
| Key Performance Indicators | ||||||||||||||||||||||||||||||||
Net income | $ | 7,487 | $ | 5,805 | $ | 2,843 | $ | 17,209 | $ | 5,517 | ||||||||||||||||||||||
Return on average assets1 | 2.03 | % | 1.87 | % | 1.09 | % | 1.79 | % | 0.72 | % | ||||||||||||||||||||||
Return on average risk-weighted assets 1,2 | 7.47 | % | 5.77 | % | 2.66 | % | 5.68 | % | 1.70 | % | ||||||||||||||||||||||
Return on average equity 1 | 29.90 | % | 25.82 | % | 15.05 | % | 25.00 | % | 10.10 | % | ||||||||||||||||||||||
Yield on average interest-earning assets 1,3 | 4.01 | % | 3.73 | % | 3.15 | % | 3.77 | % | 3.05 | % | ||||||||||||||||||||||
Cost of funds 1,4 | 0.30 | % | 0.32 | % | 0.40 | % | 0.32 | % | 0.44 | % | ||||||||||||||||||||||
Net interest margin 1,5 | 3.73 | % | 3.43 | % | 2.78 | % | 3.47 | % | 2.64 | % | ||||||||||||||||||||||
| Balance Sheet and Other Highlights | ||||||||||||||||||||||||||||||||
Total assets | $ | 1,555,282 | $ | 1,412,017 | $ | 1,151,113 | $ | 1,555,282 | $ | 1,151,113 | ||||||||||||||||||||||
Interest-bearing reserves held at the Federal Reserve Bank 6 | 627,045 | 471,170 | 246,444 | 627,045 | 246,444 | |||||||||||||||||||||||||||
Total debt securities 7 | 597,102 | 600,739 | 565,811 | 597,102 | 565,811 | |||||||||||||||||||||||||||
U.S. Treasury securities 7 | 242,302 | 244,246 | 191,923 | 242,302 | 191,923 | |||||||||||||||||||||||||||
Total gross loans 8 | 300,032 | 305,305 | 310,929 | 300,032 | 310,929 | |||||||||||||||||||||||||||
Total deposits | 1,433,868 | 1,303,340 | 1,066,769 | 1,433,868 | 1,066,769 | |||||||||||||||||||||||||||
| ICS® One-Way Sell® Deposits | ||||||||||||||||||||||||||||||||
Total ICS ® One-Way Sell® Deposits 9 | $ | 432,324 | $ | 499,247 | $ | 106,269 | $ | 432,324 | $ | 106,269 | ||||||||||||||||||||||
| Fiduciary Assets | ||||||||||||||||||||||||||||||||
Trust & Wealth Department: Total assets under administration (AUA) | $ | 383,993 | $ | 364,020 | $ | 185,827 | $ | 383,993 | $ | 185,827 | ||||||||||||||||||||||
Assets under management (AUM) | 111,229 | 98,035 | 70,898 | 111,229 | 70,898 | |||||||||||||||||||||||||||
Assets under custody (AUC) | 272,764 | 265,984 | 114,929 | 272,764 | 114,929 | |||||||||||||||||||||||||||
| Liquidity & Asset Quality Metrics | ||||||||||||||||||||||||||||||||
Liquidity ratio 10 | 85.31 | % | 82.64 | % | 76.28 | % | 85.31 | % | 76.28 | % | ||||||||||||||||||||||
Loan-to-deposit ratio | 20.92 | % | 23.42 | % | 29.15 | % | 20.92 | % | 29.15 | % | ||||||||||||||||||||||
Non-performing assets to total assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||
Net charge offs (recoveries) / average loans outstanding | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||
Allowance for credit losses on loans to gross loans outstanding | 1.40 | % | 1.42 | % | 1.42 | % | 1.40 | % | 1.42 | % | ||||||||||||||||||||||
Allowance for credit losses on held to maturity securities /gross held to maturity securities | 0.09 | % | 0.08 | % | 0.11 | % | 0.09 | % | 0.11 | % | ||||||||||||||||||||||
1 Ratios for interim periods are presented on an annualized basis.
2 Return on average risk-weighted assets is calculated as net income divided by average risk-weighted assets. Average risk-weighted assets is calculated using the last two quarter ends with respect to the three-month periods presented and using the last four quarter ends with respect to the nine-month periods presented.
3 Yield on average interest-earning assets is calculated as total interest and dividend income divided by average interest-earning assets.
4 Cost of funds is calculated as total interest expense divided by the sum of average total interest-bearing liabilities and average demand deposits.
5 Net interest margin is net interest income expressed as a percentage of average interest-earning assets.
6 Included in “interest-bearing deposits in other banks” on the consolidated balance sheet
7 Total debt securities is calculated as the sum of securities available for sale (AFS) and securities held to maturity (HTM). AFS securities are reported at fair value, and held to maturity securities are reported at carrying value, net of allowance for credit losses.
8 Includes loans held for sale.
9 IntraFi Cash Service® (ICS®) One-Way Sell® are deposits placed at other banks through the ICS® network. One-Way Sell® deposits are not included in the total deposits on the Company’s balance sheet. The Bank has the flexibility, subject to the terms and conditions of the IntraFi Participating Institution Agreement, to convert these One-Way Sell® deposits into reciprocal deposits which would then appear on the Company’s balance sheet.
10 Liquidity ratio is calculated as the sum of cash and cash equivalents and unpledged investment grade securities, expressed as a percentage of total liabilities.
Chain Bridge Bancorp, Inc. and Subsidiary Consolidated Financial Highlights (continued) (Dollars in thousands, except per share data) (unaudited) | ||||||||||||||||||||||||||||||||
As of or For the Three Months Ended | As of or For the Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||||||||||
Capital Information 11 | ||||||||||||||||||||||||||||||||
Tangible common equity to tangible total assets ratio 12 | 6.74 | % | 6.66 | % | 6.53 | % | 6.74 | % | 6.53 | % | ||||||||||||||||||||||
Tier 1 capital | $ | 112,223 | $ | 104,736 | $ | 91,619 | $ | 112,223 | $ | 91,619 | ||||||||||||||||||||||
Tier 1 leverage ratio | 7.59 | % | 8.30 | % | 8.75 | % | 7.59 | % | 8.75 | % | ||||||||||||||||||||||
Tier 1 risk-based capital ratio | 28.17 | % | 26.27 | % | 21.81 | % | 28.17 | % | 21.81 | % | ||||||||||||||||||||||
Total regulatory capital | $ | 116,690 | $ | 109,321 | $ | 96,367 | $ | 116,690 | $ | 96,367 | ||||||||||||||||||||||
Total risk-based regulatory capital ratio | 29.29 | % | 27.42 | % | 22.95 | % | 29.29 | % | 22.95 | % | ||||||||||||||||||||||
| Chain Bridge Bancorp, Inc. Share Information (as adjusted for Reclassification) 13 | ||||||||||||||||||||||||||||||||
Number of shares outstanding | 4,568,920 | 4,568,920 | 4,568,240 | 4,568,920 | 4,568,240 | |||||||||||||||||||||||||||
Book value per share | $ | 22.95 | $ | 20.57 | $ | 16.45 | $ | 22.95 | $ | 16.45 | ||||||||||||||||||||||
Earnings per share, basic and diluted | $ | 1.64 | $ | 1.27 | $ | 0.62 | $ | 3.77 | $ | 1.21 | ||||||||||||||||||||||
11 Company-level capital information is calculated in accordance with banking regulatory accounting principles specified by regulatory agencies for supervisory reporting purposes.
12 The ratio of tangible common equity to tangible total assets is calculated in accordance with GAAP and represents common equity divided by total assets. The Company did not have any intangible assets or goodwill for the periods presented.
13 On October 3, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which reclassified and converted each outstanding share of the Company’s existing common stock, par value $1.00 per share, into 170 shares of Class B Common Stock, par value $0.01 per share (the “Reclassification”). Share information is presented on an as adjusted basis giving effect to the Reclassification. The number of basic and diluted shares are the same because there are no potentially dilutive instruments.
Chain Bridge Bancorp, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share data) (unaudited) | |||||||||||||||||
| September 30, 2024 | December 31, 202314 | September 30, 2023 | |||||||||||||||
| Assets | |||||||||||||||||
Cash and due from banks | $ | 11,732 | $ | 6,035 | $ | 6,940 | |||||||||||
Interest-bearing deposits in other banks | 628,035 | 310,732 | 247,504 | ||||||||||||||
Total cash and cash equivalents | 639,767 | 316,767 | 254,444 | ||||||||||||||
Securities available for sale, at fair value | 294,754 | 258,114 | 254,908 | ||||||||||||||
Securities held to maturity, at carrying value, net of allowance for credit losses of $261, $348 and $348, respectively (fair value of $285,780, $283,916 and $275,926, respectively) | 302,348 | 308,058 | 310,903 | ||||||||||||||
Equity securities, at fair value | 527 | 505 | 479 | ||||||||||||||
Restricted securities, at cost | 2,886 | 2,613 | 2,613 | ||||||||||||||
Loans held for sale | - | - | 415 | ||||||||||||||
Loans, net of allowance for credit losses of $4,206, $4,319 and $4,400, respectively | 295,826 | 299,825 | 306,114 | ||||||||||||||
Premises and equipment, net of accumulated depreciation of $7,163, $6,791 and $6,664, respectively | 9,613 | 9,858 | 9,885 | ||||||||||||||
Accrued interest receivable | 5,360 | 4,354 | 4,636 | ||||||||||||||
Other assets | 4,201 | 5,108 | 6,716 | ||||||||||||||
Total assets | $ | 1,555,282 | $ | 1,205,202 | $ | 1,151,113 | |||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 1,249,724 | $ | 766,933 | $ | 703,036 | |||||||||||
Savings, interest-bearing checking and money market | 172,275 | 328,350 | 346,487 | ||||||||||||||
Time, $250 and over | 6,589 | 9,385 | 9,573 | ||||||||||||||
Other time | 5,280 | 7,357 | 7,673 | ||||||||||||||
Total deposits | 1,433,868 | 1,112,025 | 1,066,769 | ||||||||||||||
Short-term borrowings | 10,000 | 5,000 | 5,000 | ||||||||||||||
Accrued interest payable | 25 | 61 | 39 | ||||||||||||||
Accrued expenses and other liabilities | 6,546 | 4,679 | 4,152 | ||||||||||||||
Total liabilities | 1,450,439 | 1,121,765 | 1,075,960 | ||||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders’ equity | |||||||||||||||||
Preferred Stock: 15 | |||||||||||||||||
No par value, 10,000,000 shares authorized, no shares issued and outstanding | - | - | - | ||||||||||||||
| Class A Common Stock: 15 | |||||||||||||||||
$0.01 par value, 20,000,000 shares authorized, no shares issued and outstanding | - | - | - | ||||||||||||||
Class B Common Stock: 15 | |||||||||||||||||
$0.01 par value, 10,000,000 shares authorized, 4,568,920, 4,568,240, and 4,568,240 shares issued and outstanding | 46 | 46 | 46 | ||||||||||||||
Additional paid-in capital | 38,276 | 38,264 | 38,264 | ||||||||||||||
Retained earnings | 73,901 | 56,692 | 53,309 | ||||||||||||||
Accumulated other comprehensive loss | (7,380) | (11,565) | (16,466) | ||||||||||||||
Total stockholders’ equity | 104,843 | 83,437 | 75,153 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,555,282 | $ | 1,205,202 | $ | 1,151,113 | |||||||||||
14 Derived from audited financial statements.
15 On October 3, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which reclassified and converted each outstanding share of the Company’s existing common stock, par value $1.00 per share, into 170 shares of Class B Common Stock, par value $0.01 per share (the “Reclassification”). The Reclassification also authorized 20,000,000 shares of Class A Common Stock, and 10,000,000 shares of Preferred Stock. Share information is presented on an as adjusted basis giving effect to the Reclassification. Accordingly, all shares and balances relating to Old Common Stock are reflected in Class B Common Stock.
Chain Bridge Bancorp, Inc. and Subsidiary
Consolidated Statements of Income
(Dollars in thousands, except per share data)
(unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||||||||||||
| Interest and dividend income | |||||||||||||||||||||||||||||
Interest and fees on loans | $ | 3,445 | $ | 3,391 | $ | 3,417 | $ | 10,115 | $ | 10,124 | |||||||||||||||||||
Interest and dividends on securities, taxable | 3,573 | 2,872 | 2,741 | 9,312 | 8,360 | ||||||||||||||||||||||||
Interest on securities, tax-exempt | 284 | 285 | 304 | 863 | 918 | ||||||||||||||||||||||||
Interest on interest-bearing deposits in banks | 7,366 | 4,943 | 1,681 | 15,568 | 3,680 | ||||||||||||||||||||||||
Total interest and dividend income | 14,668 | 11,491 | 8,143 | 35,858 | 23,082 | ||||||||||||||||||||||||
| Interest expense | |||||||||||||||||||||||||||||
Interest on deposits | 813 | 815 | 861 | 2,437 | 2,822 | ||||||||||||||||||||||||
Interest on short-term borrowings | 209 | 102 | 96 | 409 | 284 | ||||||||||||||||||||||||
Total interest expense | 1,022 | 917 | 957 | 2,846 | 3,106 | ||||||||||||||||||||||||
Net interest income | 13,646 | 10,574 | 7,186 | 33,012 | 19,976 | ||||||||||||||||||||||||
| (Recapture of) provision for credit losses | |||||||||||||||||||||||||||||
Provision for (recapture of) loan credit losses | (131) | 13 | 1 | (113) | (82) | ||||||||||||||||||||||||
Provision for (recapture of) securities credit losses | 13 | (111) | 6 | (297) | 804 | ||||||||||||||||||||||||
Total provision for (recapture of) credit losses | (118) | (98) | 7 | (410) | 722 | ||||||||||||||||||||||||
| Net interest income after provision for (recapture of) credit losses | 13,764 | 10,672 | 7,179 | 33,422 | 19,254 | ||||||||||||||||||||||||
| Noninterest income | |||||||||||||||||||||||||||||
Deposit placement services | 2,464 | 2,031 | 859 | 5,617 | 1,106 | ||||||||||||||||||||||||
Service charges on accounts | 376 | 321 | 227 | 1,008 | 651 | ||||||||||||||||||||||||
Trust and wealth management | 243 | 239 | 149 | 669 | 407 | ||||||||||||||||||||||||
Gain on sale of mortgage loans | 13 | 12 | - | 25 | - | ||||||||||||||||||||||||
Loss on sale of securities | (65) | - | (30) | (65) | (312) | ||||||||||||||||||||||||
Other income | 49 | 27 | 16 | 104 | 89 | ||||||||||||||||||||||||
Total noninterest income | 3,080 | 2,630 | 1,221 | 7,358 | 1,941 | ||||||||||||||||||||||||
| Noninterest expenses | |||||||||||||||||||||||||||||
Salaries and employee benefits | 4,280 | 3,788 | 3,116 | 11,553 | 9,237 | ||||||||||||||||||||||||
Professional services | 1,206 | 483 | 207 | 2,154 | 623 | ||||||||||||||||||||||||
Data processing and communication expenses | 669 | 664 | 570 | 1,928 | 1,683 | ||||||||||||||||||||||||
Virginia bank franchise tax | 253 | 148 | 188 | 604 | 564 | ||||||||||||||||||||||||
Occupancy and equipment expenses | 236 | 237 | 232 | 748 | 695 | ||||||||||||||||||||||||
FDIC and regulatory assessments | 212 | 155 | 159 | 560 | 443 | ||||||||||||||||||||||||
Directors fees | 191 | 171 | 100 | 523 | 286 | ||||||||||||||||||||||||
Insurance expenses | 61 | 60 | 54 | 181 | 166 | ||||||||||||||||||||||||
Marketing and business development costs | 47 | 50 | 48 | 169 | 170 | ||||||||||||||||||||||||
Other operating expenses | 277 | 249 | 207 | 758 | 574 | ||||||||||||||||||||||||
Total noninterest expenses | 7,432 | 6,005 | 4,881 | 19,178 | 14,441 | ||||||||||||||||||||||||
Net income before taxes | 9,412 | 7,297 | 3,519 | 21,602 | 6,754 | ||||||||||||||||||||||||
| Income tax expense | 1,925 | 1,492 | 676 | 4,393 | 1,237 | ||||||||||||||||||||||||
Net income | $ | 7,487 | $ | 5,805 | $ | 2,843 | $ | 17,209 | $ | 5,517 | |||||||||||||||||||
Earnings per common share, basic and diluted 16 | $ | 1.64 | $ | 1.27 | $ | 0.62 | $ | 3.77 | $ | 1.21 | |||||||||||||||||||
Weighted average common shares outstanding, basic and diluted 16 | 4,568,920 | 4,568,920 | 4,568,240 | 4,568,920 | 4,568,240 | ||||||||||||||||||||||||
16 Share information for all periods presented gives effect to the Reclassification. All earnings are attributed to Class B shares because no Class A shares were outstanding during the periods presented. The number of basic and diluted shares are the same because there are no potentially dilutive instruments.
The following tables show the average outstanding balance of each principal category of our assets, liabilities and stockholders’ equity, together with the average yields on our assets and the average costs of our liabilities for the periods indicated. Such yields and costs are calculated by dividing the annualized income or expense by the average daily balances of the corresponding assets or liabilities for the same period.
Chain Bridge Bancorp, Inc. and Subsidiary Average Balance Sheets, Interest and Yield (unaudited) | |||||||||||||||||||||||||||||||||||
| Three months ended September 30, | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||||||||||||||
| ($ in thousands) | Average balance | Interest | Average yield/cost | Average balance | Interest | Average yield/cost | |||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits in other banks | $ | 540,419 | $ | 7,366 | 5.42 | % | $ | 122,958 | $ | 1,681 | 5.42 | % | |||||||||||||||||||||||
Investment securities, taxable 17 | 550,044 | 3,573 | 2.58 | % | 522,947 | 2,741 | 2.08 | % | |||||||||||||||||||||||||||
Investment securities, tax-exempt 17 | 62,876 | 284 | 1.80 | % | 66,701 | 304 | 1.81 | % | |||||||||||||||||||||||||||
Loans | 301,836 | 3,445 | 4.54 | % | 313,248 | 3,417 | 4.33 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 1,455,175 | 14,668 | 4.01 | % | 1,025,854 | 8,143 | 3.15 | % | |||||||||||||||||||||||||||
Less allowance for credit losses | (4,584) | (4,758) | |||||||||||||||||||||||||||||||||
Non-interest-earning assets | 18,588 | 10,498 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,469,179 | $ | 1,031,594 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings, interest-bearing checking and money market | 207,387 | 727 | 1.39 | % | 266,380 | 736 | 1.10 | % | |||||||||||||||||||||||||||
Time deposits | 11,887 | 86 | 2.88 | % | 17,567 | 125 | 2.82 | % | |||||||||||||||||||||||||||
Short term borrowings | 10,000 | 209 | 8.31 | % | 5,000 | 96 | 7.62 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 229,274 | 1,022 | 1.77 | % | 288,947 | 957 | 1.31 | % | |||||||||||||||||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 1,134,556 | 663,920 | |||||||||||||||||||||||||||||||||
Other liabilities | 5,743 | 3,774 | |||||||||||||||||||||||||||||||||
Total liabilities | 1,369,573 | 956,641 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 99,606 | 74,953 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholder’s equity | $ | 1,469,179 | $ | 1,031,594 | |||||||||||||||||||||||||||||||
| Net interest income | 13,646 | 7,186 | |||||||||||||||||||||||||||||||||
Net interest margin | 3.73 | % | 2.78 | % | |||||||||||||||||||||||||||||||
Chain Bridge Bancorp, Inc. and Subsidiary Average Balance Sheets, Interest and Yield (continued) (unaudited) | |||||||||||||||||||||||||||||||||||
| Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||||||||||||||
| ($ in thousands) | Average balance | Interest | Average yield/cost | Average balance | Interest | Average yield/cost | |||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits in other banks | $ | 380,955 | $ | 15,568 | 5.46 | % | $ | 95,959 | $ | 3,680 | 5.13 | % | |||||||||||||||||||||||
Investment securities, taxable 17 | 524,889 | 9,312 | 2.37 | % | 532,866 | 8,360 | 2.10 | % | |||||||||||||||||||||||||||
Investment securities, tax-exempt 17 | 63,693 | 863 | 1.81 | % | 67,376 | 918 | 1.82 | % | |||||||||||||||||||||||||||
Loans | 302,624 | 10,115 | 4.46 | % | 317,120 | 10,124 | 4.27 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 1,272,161 | 35,858 | 3.77 | % | 1,013,321 | 23,082 | 3.05 | % | |||||||||||||||||||||||||||
Less allowance for credit losses | (4,644) | (4,807) | |||||||||||||||||||||||||||||||||
Noninterest-earning assets | 16,499 | 10,643 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,284,016 | $ | 1,019,157 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings, interest-bearing checking and money market | 221,488 | 2,133 | 1.29 | % | 291,959 | 2,435 | 1.12 | % | |||||||||||||||||||||||||||
Time deposits | 13,911 | 304 | 2.92 | % | 18,402 | 387 | 2.81 | % | |||||||||||||||||||||||||||
Short term borrowings | 6,752 | 409 | 8.09 | % | 5,220 | 284 | 7.27 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 242,151 | 2,846 | 1.57 | % | 315,581 | 3,106 | 1.32 | % | |||||||||||||||||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 944,693 | 626,949 | |||||||||||||||||||||||||||||||||
Other liabilities | 5,233 | 3,568 | |||||||||||||||||||||||||||||||||
Total liabilities | 1,192,077 | 946,098 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 91,939 | 73,059 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholder’s equity | $ | 1,284,016 | $ | 1,019,157 | |||||||||||||||||||||||||||||||
| Net interest income | $ | 33,012 | $ | 19,976 | |||||||||||||||||||||||||||||||
Net interest margin | 3.47 | % | 2.64 | % | |||||||||||||||||||||||||||||||
17 Average balances for securities transferred from AFS to HTM at fair value are shown at carrying value. Average balances for AFS and all other HTM bonds are shown at amortized cost.