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
    
    
   


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