SOURCE: Chain Bridge Bancorp, Inc.

Chain Bridge Bancorp, Inc.

January 27, 2017 16:22 ET

Chain Bridge Bancorp, Inc. and Chain Bridge Bank, N.A. 2016 Earnings Release

MCLEAN, VA--(Marketwired - January 27, 2017) - Chain Bridge Bancorp, Inc. (the "Company"), the parent of Chain Bridge Bank, N.A. (the "Bank") (collectively, "Chain Bridge"), today reported that it earned $2.995 million, or $147.36 per share, in 2016, versus $2.428 million, or $119.60 per share, in 2015. The Company's return on equity was 8.32% in 2016 versus 7.38% in 2015.

Book value per share was $1,695.27 at year-end 2016, versus $1,629.45 at year-end 2015. Excluding the unrealized loss on securities, book value per share was $1,778.45 at year-end 2016 versus $1,641.57 at year-end 2015. Chain Bridge reported zero non-performing assets at December 31, 2016, the fifth consecutive year-end with zero non-performing assets.

Declaration of Dividend

On January 17, 2017 the Board of Directors declared a cash dividend of $14.75 per share, up from $11.00 per share in 2016. The dividend is payable on February 15, 2017, to shareholders of record as of January 31, 2017. 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 registered bank holding company. 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.

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
 
    Year Ended December 31,  
    2016   2015 Change
    (Unaudited)   (Audited)  
Performance Measures and Yields          
 Consolidated net income $ 2,994,686 $ 2,428,424 23.3%
 Return on average assets (ROAA)   0.59%   0.57% 0.02%
 Return on average equity (ROAE)   8.32%   7.38% 0.94%
 Net interest margin (Fully Tax Equivalent)   2.69%   2.74% -0.05%
      
Asset Quality (%)          
 Non-performing assets / assets   0.00%   0.00% 0.00%
 Texas ratio 1   0.00%   0.00% 0.00%
 Loan loss reserves / gross loans   1.40%   1.40% 0.00%
 Net recoveries / average loans   0.01%   0.00% 0.01%
      
Balance Sheet Highlights          
 Total assets $483,586,384 $420,704,630 14.9%
 Total loans, net of loans held for sale $222,194,628 $182,702,800 21.6%
 Total deposits $443,322,229 $381,577,002 16.2%
Capitalization          
 Total equity capital $ 34,451,333 $ 33,113,774 4.0%
 Tangible equity $ 34,451,333 $ 33,113,774 4.0%
 Tier 1 capital $ 36,141,679 $ 32,987,004 9.6%
 Total risk-based capital ratio   15.12%   13.58% 1.54%
 Tier 1 risk-based ratio   13.92%   12.60% 1.32%
Chain Bridge Bancorp, Inc. Share Information          
 Number of shares outstanding   20,322   20,322 0.0%
 Book value per share $ 1,695.27 $ 1,629.45 4.0%
 Book value per share,          
  Excluding unrealized gain/loss on securities $ 1,778.45 $ 1,641.57 8.3%
 Net income per share $ 147.36 $ 119.60 23.2%

1 Texas ratio is defined as nonperforming assets plus delinquent loans as a percent of tangible equity and reserves.

 
 
 
Chain Bridge Bancorp, Inc. and
Chain Bridge Bank, National Association
Consolidated Balance Sheets
 
    December 31,
    2016   2015
    (Unaudited)   (Audited)
Assets        
 Cash and due from banks and federal funds sold $ 67,173,120 $ 11,485,117
 Securities available for sale, at fair market value   182,387,964   216,058,961
 Restricted securities, at cost   1,695,900   1,765,800
 Loans held for sale   1,914,731   1,037,264
 Loans, net of allowance for loan losses of $3,110,000 in 2016 and $2,558,000 in 2015   219,084,628   180,144,800
 Premises and equipment, net of accumulated depreciation of $3,389,556 in 2016 and $2,997,928 in 2015   7,438,255   7,691,441
 Accrued interest receivable   1,657,750   1,322,017
 Other assets   2,234,036   1,199,230
  Total assets $ 483,586,384 $ 420,704,630
Liabilities and Stockholders' Equity        
 Liabilities        
  Deposits:        
   Noninterest bearing $ 304,861,053 $ 254,218,149
   Savings, interest-bearing checking and money market accounts   109,704,827   96,770,939
   Time, greater than $250,000   15,323,080   16,829,581
   Other time   13,433,269   13,758,333
    Total deposits $ 443,322,229 $ 381,577,002
  Securities sold under agreements to repurchase   1,521,953   527,210
  Short term borrowings   2,000,000   4,000,000
  Accrued interest payable   94,931   93,923
  Accrued expenses and other liabilities   2,195,938   1,392,721
   Total liabilities $ 449,135,051 $ 387,590,856
Stockholders' Equity        
 Common stock        
  $1 par value, authorized 50,000 shares,        
   20,322 and 20,292 shares issued and outstanding $ 20,322 $ 20,322
 Additional paid-in capital   21,097,095   21,086,592
 Retained earnings   15,024,262   12,253,118
 Accumulated other comprehensive income (loss)   (1,690,346)   (246,258)
  Total stockholders' equity $ 34,451,333 $ 33,113,774
   Total liabilities and stockholders' equity $ 483,586,384 $ 420,704,630

 
 
 
Chain Bridge Bancorp, Inc. and
Chain Bridge Bank, National Association
Consolidated Statements of Income
For the Years Ended December 31, 2016 and 2015
 
    2016   2015
    (Unaudited)   (Audited)
Interest and Dividend Income        
 Interest and fees on loans $ 8,398,548 $ 7,358,478
 Interest and dividends on securities   4,361,936   3,915,949
 Interest on deposits in banks and federal funds sold   486,296   140,530
  Total interest and dividend income $ 13,246,780 $ 11,414,957
Interest Expense        
 Interest on deposits $ 609,670 $ 611,464
 Interest on short term borrowings   70,762   58,042
  Total interest expense $ 680,432 $ 669,506
  Net Interest Income $ 12,566,348 $ 10,745,451
Provision for Loan Losses   530,042   212,000
Net interest income after provision for loan losses $ 12,036,306 $ 10,533,451
Noninterest Income        
 Service charges on deposit accounts $ 356,286 $ 188,532
 Gain on sale of mortgage loans   191,077   335,048
 Rent income   194,075   197,717
 Other income   287,675   224,156
 Gain on sale of securities   352,259   29,929
 Mutual funds distributions   -   39,352
  Total noninterest income $ 1,381,372 $ 1,014,734
Noninterest Expenses        
 Salaries and employee benefits $ 5,756,034 $ 4,985,671
 Data processing and communication expenses   921,670   792,505
 Occupancy and equipment expenses   627,927   619,863
 Professional services   396,530   380,124
 Virginia bank franchise tax   307,600   281,597
 FDIC and regulatory assessments   399,600   379,654
 Other operating expenses   1,078,762   975,426
  Total noninterest expenses $ 9,488,123 $ 8,414,840
  Net income before taxes $ 3,929,555 $ 3,133,345
Income tax expense   934,869   704,921
  Net income $ 2,994,686 $ 2,428,424
 Earnings per share $ 147.36 $ 119.60

Contact Information