CHAIN BRIDGE BANCORP INC
For the period ended Dec 31, 2024. Filed Mar 21, 2025.
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FY2024 · Filed Mar 21, 2025
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Consolidated Statements of Income
(Dollars in thousands, except per share data)
| 2024 | 2023 | |
|---|---|---|
| Interest and dividend income | ||
| Interest and fees on loans | $13,787 | $13,402 |
| Interest and dividends on securities, taxable | 12,320 | 11,112 |
| Interest on securities, tax-exempt | 1,145 | 1,219 |
| Interest on interest-bearing deposits in banks | 20,823 | 6,056 |
| Total interest and dividend income | 48,075 | 31,789 |
| Interest expense | ||
| Interest on deposits | 3,273 | 3,664 |
| Interest on short-term borrowings | 430 | 382 |
| Total interest expense | 3,703 | 4,046 |
| Net interest income | 44,372 | 27,743 |
| Provision for (recapture of) credit losses | ||
| Provision for (recapture of) loan credit losses | 195 | (163) |
| Provision for (recapture of) securities credit losses | (356) | 804 |
| Total provision for (recapture of) credit losses | (161) | 641 |
| Net interest income after provision for (recapture of) credit losses | 44,533 | 27,102 |
| Noninterest income | ||
| Deposit placement services | 6,199 | 1,974 |
| Service charges on accounts | 1,405 | 918 |
| Trust and wealth management | 907 | 565 |
| Gain on sale of mortgage loans | 27 | 12 |
| Loss on sale of securities | (81) | (389) |
| Other income | 123 | 201 |
| Total noninterest income | 8,580 | 3,281 |
| Noninterest expenses | ||
| Salaries and employee benefits | 15,906 | 12,359 |
| Professional services | 3,163 | 909 |
| Data processing and communication expenses | 2,614 | 2,276 |
| Occupancy and equipment expenses | 982 | 936 |
| Virginia bank franchise tax | 884 | 739 |
| FDIC and regulatory assessments | 753 | 585 |
| Directors fees | 650 | 367 |
| Insurance expenses | 340 | 225 |
| Marketing and business development costs | 313 | 239 |
| Other operating expenses | 1,240 | 842 |
| Total noninterest expenses | 26,845 | 19,477 |
| Net income before taxes | 26,268 | 10,906 |
| Income tax expense | 5,319 | 2,075 |
| Net income | $20,949 | $8,831 |
| Earnings per common share, basic and diluted 2 | $4.17 | $1.93 |
2 Share information for historical periods gives effect to the Reclassification. All earnings are attributed to Class B shares for the historical periods becauseno Class A shares were outstanding during the historical periods. The number of basic and diluted shares are the same because there are no potentially dilutive instruments. Except in regard to voting and conversion rights, the rights of Class A Common Stock and Class B Common Stock are identical, and the classes rank equally and share ratably with regard to all other matters. Each share of Class B Common Stock is convertible at any time intoone share of Class A Common Stock.
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