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Chain Bridge Bancorp Inc. Class A (CBNA-4.45%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income of $20.9 million for the year, a significant increase from $8.8 million in 2023. This increase was driven by a rise in net interest income to $44.4 million, up from $27.7 million the previous year.
Total assets as of December 31, 2024, were $1.4 billion, compared to $1.2 billion at the end of 2023. The company's deposits also increased to $1.2 billion from $1.1 billion.
The company held $406.7 million in cash reserves at the Federal Reserve, and its securities portfolio was valued at $658.8 million, with a significant portion in U.S. Treasury securities.
Chain Bridge Bancorp's return on average equity was reported at 20.05%, and its return on average assets was 1.62%.
The company highlighted its strategy of maintaining high liquidity and low loan-to-deposit ratios, with a focus on political organization deposits, which are subject to seasonal fluctuations.
Chain Bridge Bancorp's balance sheet strategy emphasizes liquidity, asset quality, and financial strength, with a significant portion of assets in interest-bearing reserves at the Federal Reserve.
The company's lending approach is designed to manage credit risk, with a focus on borrowers with strong repayment capacity.
Chain Bridge Bancorp's Trust & Wealth Department reported revenues of $907,000 for the year, with assets under administration increasing to $330.3 million.
The filing notes the company's participation in the IntraFi Cash Service® network, which helps manage deposit levels and provides additional FDIC insurance coverage for clients.
Chain Bridge Bancorp's regulatory capital ratios exceed the minimum requirements to be considered well-capitalized, with a total risk-based capital ratio of 39.30% as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chain Bridge Bancorp Inc. Class A annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.