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.
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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.
/EINPresswire.com/ --
| 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:
John J. Brough
Chief Executive Officer
Phone: 703-748-2005
Address: 1445-A Laughlin Avenue McLean, VA 22101
jbrough@chainbridgebank.com
chainbridgebank.com
