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 Statements of Income
(Dollars in thousands, except per share data)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Interest and dividend income | ||||
| Interest and fees on loans | $3,445 | $3,417 | $10,115 | $10,124 |
| Interest and dividends on securities, taxable | 3,573 | 2,741 | 9,312 | 8,360 |
| Interest on securities, tax-exempt | 284 | 304 | 863 | 918 |
| Interest on interest-bearing deposits in banks | 7,366 | 1,681 | 15,568 | 3,680 |
| Total interest and dividend income | 14,668 | 8,143 | 35,858 | 23,082 |
| Interest expense | ||||
| Interest on deposits | 813 | 861 | 2,437 | 2,822 |
| Interest on short-term borrowings | 209 | 96 | 409 | 284 |
| Total interest expense | 1,022 | 957 | 2,846 | 3,106 |
| Net interest income | 13,646 | 7,186 | 33,012 | 19,976 |
| (Recapture of) provision for credit losses | ||||
| Provision for (recapture of) loan credit losses | (131) | 1 | (113) | (82) |
| Provision for (recapture of) securities credit losses | 13 | 6 | (297) | 804 |
| Total provision for (recapture of) credit losses | (118) | 7 | (410) | 722 |
| Net interest income after provision for (recapture of) credit losses | 13,764 | 7,179 | 33,422 | 19,254 |
| Noninterest income | ||||
| Deposit placement services | 2,464 | 859 | 5,617 | 1,106 |
| Service charges on accounts | 376 | 227 | 1,008 | 651 |
| Trust and wealth management | 243 | 149 | 669 | 407 |
| Gain on sale of mortgage loans | 13 | — | 25 | — |
| Loss on sale of securities | (65) | (30) | (65) | (312) |
| Other income | 49 | 16 | 104 | 89 |
| Total noninterest income | 3,080 | 1,221 | 7,358 | 1,941 |
| Noninterest expenses | ||||
| Salaries and employee benefits | 4,280 | 3,116 | 11,553 | 9,237 |
| Professional services | 1,206 | 207 | 2,154 | 623 |
| Data processing and communication expenses | 669 | 570 | 1,928 | 1,683 |
| Virginia bank franchise tax | 253 | 188 | 604 | 564 |
| Occupancy and equipment expenses | 236 | 232 | 748 | 695 |
| FDIC and regulatory assessments | 212 | 159 | 560 | 443 |
| Directors fees | 191 | 100 | 523 | 286 |
| Insurance expenses | 61 | 54 | 181 | 166 |
| Marketing and business development costs | 47 | 48 | 169 | 170 |
| Other operating expenses | 277 | 207 | 758 | 574 |
| Total noninterest expenses | 7,432 | 4,881 | 19,178 | 14,441 |
| Net income before taxes | 9,412 | 3,519 | 21,602 | 6,754 |
| Income tax expense | 1,925 | 676 | 4,393 | 1,237 |
| Net income | $7,487 | $2,843 | $17,209 | $5,517 |
| Earnings per common share, basic and diluted3 | $1.64 | $0.62 | $3.77 | $1.21 |
3 Share information for all periods presented gives effect to the Reclassification. All earnings are attributed to Class B shares becauseno Class A shares were outstanding during the periods presented. The number of basic and diluted shares are the same because there are no potentially dilutive instruments. See Note 2—Capital Structure and Note 9—Earnings Per Share 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.