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Chain Bridge Bancorp, Inc. and Chain Bridge Bank, N.A. 2018 Earnings Release and Dividend Announcement

MCLEAN, Va., Jan. 23, 2019 (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 $5.065 million, or $216.72 per share, in 2018, versus $2.593 million, or $127.41 per share, in 2017.  The Company’s return on equity was 11.70% in 2018 versus 7.04% in 2017.

Book value per share was $1,993.06 at year-end 2018, an increase of 6.4% over $1,872.34 at year-end 2017.  Excluding the unrealized loss on securities, book value per share was $2,144.07 at year-end 2018 versus $1,942.35 at year-end 2017. 

Chain Bridge reported zero non-performing assets at December 31, 2018, the seventh consecutive year-end with zero non-performing assets.

Declaration of Dividend

On January 15, 2019 the Board of Directors declared a cash dividend of $17.00 per share, up from $15.00 per share in 2018 and $14.75 per share in 2017.  The dividend is payable on February 15, 2019 to shareholders of record as of January 31, 2019.  Future dividends will be contingent on the Company retaining sufficient capital to support anticipated business growth, fund strategic initiatives, and provide continued support for depositors.

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,
    2018   2017
         
Performance Measures and Yields        
Consolidated net income   $ 5,065,144     $ 2,592,826  
Return on average assets (ROAA)     0.72 %     0.49 %
Return on average risk weighted assets 1     1.85 %     0.99 %
Return on average equity (ROAE)     11.70 %     7.04 %
Net interest margin (Fully Tax Equivalent)     2.57 %     2.86 %
         
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 %     0.01 %
Risk-weighted asset density 3     53.27 %     43.88 %
         
Balance Sheet Highlights        
Total assets   $ 547,087,424     $ 603,615,786  
Total loans, net of loans held for sale   $ 260,220,001     $ 235,276,443  
Total deposits   $ 452,663,986     $ 550,482,129  
         
Capitalization        
Total equity capital   $ 46,581,712     $ 43,760,342  
Tangible equity   $ 46,581,712     $ 43,760,342  
Tier 1 capital   $ 50,111,120     $ 45,396,555  
Total risk-based capital ratio     18.44 %     18.38 %
Tier 1 risk-based ratio     17.19 %     17.14 %
Tier 1 leverage ratio     8.42 %     7.73 %
         
Chain Bridge Bancorp, Inc. Share Information        
Number of shares outstanding     23,372       23,372  
Book value per share   $ 1,993.06     $ 1,872.34  
Book value per share,        
Excluding unrealized gain/loss on securities   $ 2,144.07     $ 1,942.35  
Net income per share   $ 216.72     $ 127.41  
         
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,
  2018   2017
  (Unaudited)   (Audited)
Assets      
Cash and cash equivalents $ 31,997,903     $ 133,072,179  
Securities available for sale, at fair market value   239,039,671       223,898,622  
Restricted securities, at cost   3,844,300       1,953,600  
Loans held for sale   -       197,972  
Loans, net of allowance for loan losses of $3,643,000 in 2018      
and $3,294,000 in 2017   256,577,001       231,982,443  
Premises and equipment, net of accumulated depreciation      
of $4,179,482 in 2018 and $3,773,551 in 2017   11,354,821       8,332,864  
Accrued interest receivable   2,152,606       2,246,377  
Other assets   2,121,122       1,931,729  
Total assets $ 547,087,424     $ 603,615,786  
       
Liabilities and Stockholders' Equity      
       
Liabilities      
Deposits:      
Noninterest bearing $ 246,465,108     $ 368,215,649  
Savings, interest-bearing checking and money market accounts   154,316,299       149,073,921  
Time, $250,000 and over   20,268,240       18,490,658  
Other time   18,217,899       14,701,901  
CDARS brokered deposits   13,396,440       - -  
Total deposits $ 452,663,986     $ 550,482,129  
Securities sold under agreements to repurchase   473,713       5,407,769  
Short term borrowings   45,300,000       2,250,000  
Accrued interest payable   132,194       98,232  
Accrued expenses and other liabilities   1,935,819       1,617,314  
Total liabilities $ 500,505,712     $ 559,855,444  
       
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   22,301,153       17,586,588  
Accumulated other comprehensive loss   (3,529,408 )     (1,636,213 )
Total stockholders' equity $ 46,581,712     $ 43,760,342  
Total liabilities and stockholders' equity $ 547,087,424     $ 603,615,786  
       


 
Chain Bridge Bancorp, Inc. and
 Chain Bridge Bank, National Association
 Consolidated Statements of Income
For the Years Ended December 31, 2018 and 2017
       
  2018   2017
  (Unaudited)   (Audited)
Interest and Dividend Income      
Interest and fees on loans $ 10,428,663     $ 9,721,579  
Interest and dividends on securities   6,748,600       4,663,140  
Interest on deposits in banks and federal funds sold   2,827,470       1,027,015  
Total interest and dividend income $ 20,004,733     $ 15,411,734  
Interest Expense      
Interest on deposits $ 2,524,291     $ 1,173,760  
Interest on short-term borrowings   259,055       91,735  
Total interest expense $ 2,783,346     $ 1,265,495  
Net Interest Income $ 17,221,387     $ 14,146,239  
Provision for Loan Losses   349,000       198,718  
Net interest income after provision for loan losses $ 16,872,387     $ 13,947,521  
Noninterest Income      
Service charges on deposit accounts $ 197,964     $ 228,597  
Gain on sale of mortgage loans   41,003       183,602  
Rent income   112,127       138,298  
Other income   528,246       292,904  
Gain (loss) on sale of securities, net   50,486       (2,349 )
Total noninterest income $ 929,826     $ 841,052  
Noninterest Expenses      
Salaries and employee benefits $ 7,089,188     $ 6,627,950  
Data processing and communication expenses   1,188,634       990,082  
Occupancy and equipment expenses   769,227       630,238  
Professional services   696,292       495,326  
Virginia bank franchise tax   370,375       384,598  
FDIC and regulatory assessments   474,965       313,400  
Other operating expenses   1,045,691       889,666  
Total noninterest expenses $ 11,634,372     $ 10,331,260  
Net income before taxes $ 6,167,841     $ 4,457,313  
Income Tax Expense      
Current tax expense $ 1,240,550     $ 1,228,935  
Deferred tax benefit   (137,853 )     (58,405 )
Income tax expense from deferred tax asset re-measurement   -       693,957  
Total income tax expense $ 1,102,697     $ 1,864,487  
       
Net income $ 5,065,144     $ 2,592,826  
Earnings per share, basic and diluted $ 216.72     $ 127.41  
       

 

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