CHAIN BRIDGE BANCORP INC
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 13, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
| Chain Bridge Bancorp, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share data)(unaudited) | ||
|---|---|---|
| September 30,2024 | December 31,20231 | |
| Assets | ||
| Cash and due from banks | $11,732 | $6,035 |
| Interest-bearing deposits in other banks | 628,035 | 310,732 |
| Total cash and cash equivalents | 639,767 | 316,767 |
| Securities available for sale, at fair value | 294,754 | 258,114 |
| Securities held to maturity, at carrying value, net of allowance for credit losses of $261 and $348, respectively (fair value of $285,780 and $283,916, respectively) | 302,348 | 308,058 |
| Equity securities, at fair value | 527 | 505 |
| Restricted securities, at cost | 2,886 | 2,613 |
| Loans, net of allowance for credit losses of $4,206 and $4,319, respectively | 295,826 | 299,825 |
| Premises and equipment, net of accumulated depreciation of $7,163 and $6,791, respectively | 9,613 | 9,858 |
| Accrued interest receivable | 5,360 | 4,354 |
| Other assets | 4,201 | 5,108 |
| Total assets | $1,555,282 | $1,205,202 |
| Liabilities and stockholders’ equity | ||
| Liabilities | ||
| Deposits: | ||
| Noninterest-bearing | $1,249,724 | $766,933 |
| Savings, interest-bearing checking and money market accounts | 172,275 | 328,350 |
| Time, $250 and over | 6,589 | 9,385 |
| Other time | 5,280 | 7,357 |
| Total deposits | 1,433,868 | 1,112,025 |
| Short-term borrowings | 10,000 | 5,000 |
| Accrued interest payable | 25 | 61 |
| Accrued expenses and other liabilities | 6,546 | 4,679 |
| Total liabilities | 1,450,439 | 1,121,765 |
| Commitments and contingencies | ||
| Stockholders’ equity | ||
| No par value, 10,000,000 shares authorized, no shares issued and outstanding | — | — |
| $0.01 par value, 20,000,000 shares authorized, 0 shares issued and outstanding | — | — |
| $0.01 par value, 10,000,000 shares authorized, 4,568,920 and 4,568,240 shares issued and outstanding, respectively | 46 | 46 |
| Additional paid-in capital | 38,276 | 38,264 |
| Retained earnings | 73,901 | 56,692 |
| Accumulated other comprehensive loss | (7,380) | (11,565) |
| Total stockholders’ equity | 104,843 | 83,437 |
| Total liabilities and stockholders’ equity | $1,555,282 | $1,205,202 |
| See Notes to Consolidated Financial Statements. | ||
1 Derived from audited financial statements.
2 On October 3, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which reclassified and converted each outstanding share of the Company’s existing common stock, par value $1.00 per share (“Old Common Stock”), into 170 shares of Class B Common Stock, par value $0.01 per share (the “Reclassification”). The Reclassification also authorized 20,000,000 shares of Class A Common Stock, and 10,000,000 shares of Preferred Stock. Share information is presented on an as adjusted basis giving effect to the Reclassification. Accordingly, all shares and balances relating to Old Common Stock are reflected in Class B Common Stock. See Note 2—Capital Structure in the Notes to Unaudited Consolidated Financial Statements contained within this Form 10-Q.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.