MCLEAN, Va., Jan. 30, 2020 (GLOBE NEWSWIRE) -- Chain Bridge Bancorp, Inc. (the “Company”), the parent of Chain Bridge Bank, N.A. (the “Bank”) (collectively, “Chain Bridge”), today reported that it earned $4.886 million, or $209.07 per share, in 2019, versus $5.065 million, or $216.72 per share, in 2018.  The Company’s return on equity was 9.37% in 2019 versus 11.70% in 2018.

Book value per share was $2,433.27 at year-end 2019, an increase of 22.1% over $1,993.06 at year-end 2018.  Excluding the unrealized gain or loss on securities, book value per share was $2,336.13 at year-end 2019 versus $2,144.07 at year-end 2018. 

Chain Bridge reported zero non-performing assets at December 31, 2019, the eighth consecutive year-end with zero non-performing assets.

The Company also announced that its Board of Directors voted to move its annual shareholder dividend declaration to the fourth quarter of 2020.

Chain Bridge Bank, N.A. is a national banking association organized under the laws of the United States and is the sole subsidiary of Chain Bridge Bancorp, Inc., a bank holding company registered with the Federal Reserve.  The Bank is a member of the FDIC and its deposits are insured up to the legal maximums.  The Company’s shares are privately held.

Contact:John J. Brough
 Chief Executive Officer
Phone:703-748-2005
Address:1445-A Laughlin Avenue
 McLean, VA 22101
 jbrough@chainbridgebank.com
 chainbridgebank.com
  

CAUTION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of the Bank’s operations and policies and regarding general economic conditions.  Because of the uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results may differ materially from those indicated herein.  Readers are cautioned against placing undue reliance on any such forward-looking statements.  The Company’s and Bank’s past results are not necessarily indicative of future performance.

 
 
Chain Bridge Bancorp, Inc. and
Chain Bridge Bank, National Association
Consolidated Financial Highlights
    
 Years Ended December 31,
  2019   2018 
        
Performance Measures and Yields       
Consolidated net income$4,886,306  $5,065,145 
Return on average assets (ROAA) 0.73%  0.72%
Return on average risk weighted assets 1 1.69%  1.85%
Return on average equity (ROAE) 9.37%  11.70%
Net interest margin (Fully Tax Equivalent) 2.70%  2.57%
        
Asset Quality (%)       
Non-performing assets / assets 0.00%  0.00%
Texas ratio 2 0.00%  0.00%
Loan loss reserves / gross loans 1.40%  1.40%
Net charge offs (recoveries) / average loans 0.00%  0.00%
Risk-weighted asset density 3 34.49%  53.27%
        
Balance Sheet Highlights       
Total assets$829,789,808  $547,087,424 
Total loans, net of loans held for sale$265,540,386  $260,220,001 
Total deposits$762,375,956  $452,663,986 
        
Capitalization       
Total equity capital$56,870,450  $46,581,712 
Tangible equity$56,870,450  $46,581,712 
Tier 1 capital$54,600,102  $50,111,120 
Total risk-based capital ratio 20.38%  18.44%
Tier 1 risk-based capital ratio 19.08%  17.19%
        
Chain Bridge Bancorp, Inc. Share Information       
Number of shares outstanding 23,372   23,372 
Book value per share$2,433.27  $1,993.06 
Book value per share,       
Excluding unrealized gain/loss on securities$2,336.13  $2,144.07 
Net income per share$209.07  $216.72 
        
1 Average is calculated using the last five quarter ends.       
2 Texas ratio is defined as nonperforming assets plus delinquent loans as a percent of tangible equity and reserves.       
3 Risk-weighted asset density measures the riskiness of the Bank's assets. It is calculated as total assets divided by       
risk-weighted assets.       
        
Chain Bridge Bancorp, Inc. and
Chain Bridge Bank, National Association
Consolidated Balance Sheets
 
 
 December 31,
  2019   2018 
 (Unaudited) (Audited)
Assets   
Cash and cash equivalents$99,059,029  $31,997,903 
Securities available for sale, at fair value 450,877,606   238,538,827 
Equity securities, at fair value 528,162   500,844 
Restricted securities, at cost 1,985,100   3,844,300 
Loans held for sale -   - 
Loans, net of allowance for loan losses of $3,717,000 in 2019   
and $3,643,000 in 2018 261,823,386   256,577,001 
Premises and equipment, net of accumulated depreciation   
of $4,722,362 in 2019 and $4,179,482 in 2018 11,257,881   11,354,821 
Accrued interest receivable 3,204,323   2,152,606 
Other assets 1,054,321   2,121,122 
Total assets$829,789,808  $547,087,424 
    
Liabilities and Stockholders' Equity   
    
Liabilities   
Deposits:   
Noninterest bearing$515,220,461  $246,465,108 
Savings, interest-bearing checking and money market accounts 204,730,992   154,316,299 
Time, $250,000 and over 20,876,783   20,268,240 
Other time 21,547,720   18,217,899 
CDARS brokered deposits - -   13,396,440 
 Total deposits$762,375,956  $452,663,986 
Securities sold under agreements to repurchase 433,436   473,713 
FHLB advances -   39,300,000 
Short term borrowings 7,300,000   6,000,000 
Accrued interest payable 164,527   153,620 
Accrued expenses and other liabilities 2,645,439   1,914,393 
     Total liabilities$772,919,358  $500,505,712 
    
Stockholders' Equity   
Common stock   
$1 par value, authorized 50,000 shares,   
23,372 shares issued and outstanding$23,372  $23,372 
Additional paid-in capital 27,786,595   27,786,595 
Retained earnings 26,790,135   22,301,153 
Accumulated other comprehensive loss 2,270,348   (3,529,408)
Total stockholders' equity$56,870,450  $46,581,712 
 Total liabilities and stockholders' equity$829,789,808  $547,087,424 
    
Chain Bridge Bancorp, Inc. and
Chain Bridge Bank, National Association
Consolidated Statements of Income
For the Years Ended December 31, 2019 and 2018
 
  2019   2018 
 (Unaudited) (Audited)
Interest and Dividend Income   
Interest and fees on loans$11,582,183  $10,428,663 
Interest and dividends on securities 7,673,741   6,748,600 
Interest on deposits in banks and federal funds sold 1,284,013   2,827,470 
Total interest and dividend income$20,539,937  $20,004,733 
Interest Expense   
Interest on deposits$3,248,643  $2,524,291 
Interest on short-term borrowings 100,215   259,055 
Total interest expense$3,348,858  $2,783,346 
Net Interest Income$17,191,079  $17,221,387 
Provision for Loan Losses 74,000   349,000 
Net interest income after provision for loan losses$17,117,079  $16,872,387 
Noninterest Income   
Service charges on deposit accounts$299,581  $197,964 
Rent income 115,900   112,127 
Gain on sale of mortgage loans 101,298   41,003 
Other income 745,583   528,246 
Gain on sale of securities, net 7,430   50,486 
Total noninterest income$1,269,792  $929,826 
Noninterest Expenses   
Salaries and employee benefits$7,742,930  $7,089,188 
Data processing and communication expenses 1,352,504   1,188,634 
Occupancy and equipment expenses 993,896   769,227 
Professional services 697,477   696,292 
Virginia bank franchise tax 366,329   370,375 
FDIC and regulatory assessments 171,368   474,965 
Directors fees 205,425   241,450 
Other operating expenses 889,822   804,240 
Total noninterest expenses$12,419,751  $11,634,371 
Net income before taxes$5,967,120  $6,167,842 
Income Tax Expense   
Current tax expense$1,126,571  $1,241,477 
Deferred tax benefit (45,757)  (138,780)
Total income tax expense$1,080,814  $1,102,697 
    
Net income$4,886,306  $5,065,145 
Earnings per share, basic and diluted$209.07  $216.72 
    

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