第99.1展示文本
Chain Bridge Bancorp, Inc.報告2024年第三季度和截至目前的財務業績
弗吉尼亞州麥克林 — 2024年10月29日
Chain Bridge Bancorp, Inc. (紐交所: CBNA)（以下簡稱「公司」），Chain Bridge 銀行股份公司（以下簡稱「銀行」），今日宣佈2024年第三季度及截至2024年9月30日的財務業績。
2024年10月3日，公司定價其首次公開招股（「IPO」），1,850,000股A類普通股，每股面值0.01美元（「A類普通股」），定價爲每股22.00美元。與IPO相關，公司將之前發行的每股面值1.00美元的公司現有普通股（「舊普通股」）重新分類和轉換爲每股面值0.01美元的B類普通股（「B類普通股」）（「重新分類」）。 A類普通股於2024年10月4日開始在紐約證券交易所交易，股票代碼爲「CBNA」。B類普通股的股份可按一比一的比例轉換爲A類普通股。
2024年10月7日，公司完成了首次公開募股，並收到約3360萬美元的淨收益。2024年10月10日，公司利用部分淨收益全額償還了與一家對應銀行的無擔保信用額度的未償餘額1000萬美元。
我們的基本報表，包括每股收益和每股賬面價值，反映了回溯重新分類。因此，截至2024年9月30日的財務報表顯示舊普通股或A類普通股均不存在，B類普通股已發行並流通456,8920股。由於IPO發生在2024年9月30日之後，財務影響未包含在本報告中呈現的財務報表中。
2024年第三季度財務亮點（截至2024年9月30日止三個月）：
•合併淨利潤: $750萬
•每股收益： $1.64每普通股基礎和攤薄的股份
•平均淨資產回報率： 29.90%（年化基礎）
•平均資產回報率： 2.03%（年化）
•每股賬面價值： 22.95美元，相較於2024年6月30日的20.57美元，和2023年9月30日的16.45美元
2024年截止至今財務亮點（截至2024年9月30日九個月）:
•合併淨利潤： $1720萬
•每股收益: 每普通和稀釋普通股的每股$3.77
•平均股東權益回報率: 25.00% (年化基礎)
•平均資產回報率： 1.79%（年化）
財務表現
公司報告2024年第三季度淨利潤爲750萬美元，相比於2024年第二季度的580萬美元和2023年第三季度的280萬美元。2024年第三季度每股收益爲1.64美元，相比於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歸因於淨利息收益率較2024年第二季度增加310萬美元，較2023年第三季度增加650萬美元。淨利息收益率的上升是由於兩個時期資產的平均利息收入增加以及淨利息收益率的改善。儘管非利息收入較2024年第二季度增加45萬美元，較2023年第三季度增加190萬美元，但這些增加被非利息支出分別增加140萬美元和260萬美元所抵消。
截至2024年9月30日的九個月，該公司報告的淨利潤爲1720萬美元，而2023年同期爲550萬美元。2024年9月30日結束的九個月的每股收益爲3.77美元，相比之下，2023年同期爲1.21美元。
2024年前九個月的收益增長反映了淨利息收入增長了1,300萬美元，這得益於平均利息收入資產與2023年同期相比增長了2.588億美元。此外，非利息收入與2023年同期相比增長了540萬美元，這主要是由於IntraFi Cash Service的費用收入增加® （ICS®) 單向賣出® 存款。但是，非利息支出增加了470萬美元，這反映了與公司準備成爲上市公司相關的就業和專業服務支出的增加。
每股淨資產（BVPS）
截至2024年9月30日，每股賬面價值（BVPS）爲22.95美元，反映了重新分類以便比較的追溯實施，相較於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的同比增長主要是由2024年第三季度保留收益中的750萬美元驅動的。此外，可供出售債券投資組合公允價值的改善導致其他綜合損益減少340萬美元，進一步促進了BVPS的增長。
BVPS的年同比增長反映了在12個月內保留收益增加2060萬美元和其他綜合損失累計減少910萬美元。
利息收入和淨利息收益率
2024年第三季度淨利息收入爲1360萬美元，而2024年第二季度爲1060萬美元，2023年第三季度爲720萬美元。來自於其他銀行的利息收入，主要由在聯儲局的準備金組成，推動了
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淨利息收益在2024年第三季度從第二季度的490萬美元增加至740萬美元，2013年第三季度的淨利息爲170萬美元。證券利息和分紅派息在2024年第三季度也有所增加，從第二季度的320萬美元和2013年第三季度的300萬美元增加至390萬美元。淨利息收益率是指按年度計算的淨利息收入佔平均利息資產的百分比，2024年第三季度爲3.73%，而第二季度爲3.43%，2013年第三季度爲2.78%。
截至2024年9月30日的九個月，淨利息收益總額爲3300萬美元，2023年同期爲2000萬美元，淨利息收益率爲3.47%，2023年截至9月30日的九個月爲2.64%。利息存款收入在這九個月期間增加至1560萬美元，2023年同期爲370萬美元。2024年9月30日截至九個月，證券利息和分紅派息收入增至1020萬美元，而2023年前九個月爲930萬美元。
2024年第三季度和截至2024年9月30日的9個月期間，淨利息收益和淨利息收益率的增長，主要受聯邦儲備金儲備和證券投資的增長驅動，以及存款成本的下降。這些賺取資產部分的增長主要是由於2024年11月總統大選前政治組織的存款增加所致。聯邦儲備金儲備餘額上聯邦儲備支付的利率於2023年7月27日從5.15%上升到5.40%，並於2024年9月19日從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.