Chain Bridge Bancorp Files Q3 2024 10-Q

TL;DR

Chain Bridge Bancorp dropped its Q3 10-Q. Check financials.

AI Summary

Chain Bridge Bancorp Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides investors with the latest financial performance data for Chain Bridge Bancorp, crucial for understanding the company's health and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Players & Entities

• CHAIN BRIDGE BANCORP INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241113 (date) — Filing Date
• MCLEAN, VA (location) — Business Address

FAQ

Key Financial Figures

• $0.01 — stered Class A common stock, par value $0.01 per share CBNA NYSE Indicate by che
• $250 — market accounts 172,275 328,350 Time, $250 and over 6,589 9,385 Other time 5,280

Filing Documents

• chnbrdg-20240930.htm (10-Q) — 2891KB
• cbna-20240930xex31.htm (EX-3.1) — 115KB
• cbna-20240930xex32.htm (EX-3.2) — 203KB
• cbna-20240930xex101.htm (EX-10.1) — 41KB
• cbna-20240930xex311.htm (EX-31.1) — 10KB
• cbna-20240930xex312.htm (EX-31.2) — 10KB
• cbna-20240930xex321.htm (EX-32.1) — 8KB
• 0001392272-24-000020.txt ( ) — 12992KB
• chnbrdg-20240930.xsd (EX-101.SCH) — 39KB
• chnbrdg-20240930_cal.xml (EX-101.CAL) — 114KB
• chnbrdg-20240930_def.xml (EX-101.DEF) — 353KB
• chnbrdg-20240930_lab.xml (EX-101.LAB) — 640KB
• chnbrdg-20240930_pre.xml (EX-101.PRE) — 517KB
• chnbrdg-20240930_htm.xml (XML) — 2726KB

- Financial Information

Part I - Financial Information 5

Financial Statements

Item 1. Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 66

Controls and Procedures

Item 4. Controls and Procedures 67

- Other Information

Part II - Other Information 68

Legal Proceedings

Item 1. Legal Proceedings 68

Risk Factors

Item 1A. Risk Factors 68

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 68

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 68

Other Information

Item 5. Other Information 68

Exhibits

Item 6. Exhibits 69

Signatures

Signatures 70 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Unless we state otherwise or the context otherwise requires, "we," "us," "our," "Chain Bridge," "our Company," and "the Company," refer to Chain Bridge Bancorp, Inc., a Delaware corporation, and its consolidated subsidiary, Chain Bridge Bank, National Association. The "Bank" and "Chain Bridge Bank, N.A" refer to Chain Bridge Bank, National Association, a nationally chartered bank. This Quarterly Report on Form 10-Q contains forward-looking statements, which involve risks and uncertainties. You should not place undue reliance on forward-looking statements because they are subject to numerous uncertainties and factors relating to our operations and business, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other variations or comparable terminology and expressions. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategies, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. The forward-looking statements are contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements relating to: Changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations,

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements Page

- Financial S tatements

Item 1 - Financial S tatements 5 Consolidated Balance Sheets 6 Consolidated Statements of Income 7 Consolidated Statements of Comprehensive Income 9 Consolidated Statements of Cash Flows 10 Consolidated Statements of Changes in Stockholders' Equity 11 Notes to Unaudited Consolidated Financial Statements 12 5 Table of Contents Chain Bridge Bancorp, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share data) (unaudited) September 30, 2024 December 31, 2023 1 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 Preferred Stock: 2 No par value, 10,000,000 shares authorized, no shares issued and outstanding — — Class A Common Stock: 2 $ 0.01 par value, 20,000,000 shares authorized, 0

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) Note1. Organization and Summary of Significant Accounting Policies Organization and Nature of Operations Chain Bridge Bancorp, Inc. (the "Company") is a Delaware corporation and is the registered bank holding company for Chain Bridge Bank, National Association (the "Bank"). Both the Company and Bank have their headquarters and sole executive office in McLean, Virginia. The Bank operates a model that combines electronic banking channels with its physical banking headquarters in McLean, Virginia, allowing it to serve clients nationally. The Bank provides a wide range of commercial and personal banking services, including deposit accounts, mortgage financing, various loan products, trust administration, wealth management, and asset custody. The core deposit products offered by the Bank include noninterest-bearing and interest-bearing checking accounts, along with savings accounts. The Bank's lending portfolio is comprised primarily of mortgage-related loans, with the majority being consumer residential mortgages in the Washington, D.C. area. The Bank offers tailored solutions to individuals, families, businesses, non-profit organizations, and political organizations. The term "political organizations" refers to campaign committees, party committees, separate segregated funds (including trade association political action committees ("PACs") and corporate PACs), non-connected committees (including independent expenditure-only committees ("Super PACs"), committees maintaining separate accounts for direct contributions and independent expenditures ("Hybrid PACs"), and committees other than authorized campaign committees, or those affiliated therewith, maintained or controlled by a candidate or federal officeholder ("Leadership PACs")), and other tax-exempt 527 organizations. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally

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View this 10-Q filing on SEC EDGAR