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 | |||