Chain Bridge Bancorp, Inc. Reports First Quarter 2025 Financial Results

Chain Bridge Bancorp, Inc. (NYSE: CBNA) (the “Company”), the holding company for Chain Bridge Bank, N.A. (the “Bank”), today announced financial results for the first quarter of 2025.

•Consolidated Net Income: $5.6 million

•Earnings Per Share: $0.85 per basic and diluted common share outstanding

•Return on Average Equity: 15.39% (on an annualized basis)

•Return on Average Assets: 1.43% (on an annualized basis)

•Book Value Per Share: $23.09

The increase in earnings for the quarter was primarily attributable to a $2.5 million increase in net interest income. The Company’s consolidated total deposits were $1.6 billion at March 31, 2025, compared to $1.2 billion at December 31, 2024. IntraFi Cash Service® (ICS®) One-Way Sell® deposits were $93.2 million at March 31, 2025, compared to $63.3 million at December 31, 2024. A substantial portion of this increase was driven by a post-election surge in deposits associated with three political organization accounts, which grew to approximately $472.0 million by quarter’s end, as described below in “Political Deposit Trends.” The Company’s management invested these deposits in cash at the Federal Reserve and short-term U.S. Treasury securities that matured during the quarter, earning

Net income was $5.6 million for the quarter ended March 31, 2025, compared to $3.7 million for the quarter ended December 31, 2024. The change was primarily due to a $2.5 million increase in net interest income, partially offset by a $527 thousand decrease in noninterest income. The growth in net interest income reflected higher interest and dividend income from growth within the available-for-sale securities portfolio and higher average cash balances held at the Federal Reserve. The decrease in noninterest income was due to lower deposit placement services revenue caused by a reduction, on average, of One-Way Sell® deposit balances and a decline in service charges on deposit accounts.

Noninterest income for the first quarter of 2025 was $695 thousand, compared to $1.2 million in the fourth quarter of 2024 and $1.6 million for the first quarter of 2024. First quarter 2025 deposit placement services income from One-Way Sell® deposits through the ICS® network was $133 thousand, compared to $582 thousand in the fourth quarter of 2024 and $1.1 million in the first quarter of 2024. The changes in deposit placement services income reflects the shifts in the composition and activity of the Bank’s political organization deposit base, including a decline in balances allocated as One-Way Sell® in the ICS® network, consistent with typical seasonal patterns associated with the conclusion of the federal election cycle. Service charges on accounts, which are impacted by political deposit transaction activities, were $240 thousand in the first quarter of 2025, compared to $397 thousand in the fourth quarter of 2024, and $311 thousand in the first quarter of 2024.

•Total assets were $1.7 billion, compared to $1.4 billion as of December 31, 2024, and $1.2 billion as of March 31, 2024.

•Total deposits were $1.6 billion, compared to $1.2 billion as of December 31, 2024, and $1.1 billion as of March 31, 2024.

•Total ICS® One-Way Sell® deposits were $93.2 million, compared to $63.3 million as of December 31, 2024, and $289.2 million as of March 31, 2024.

•Interest-bearing reserves held at the Federal Reserve were $620.3 million, compared to $406.7 million as of December 31, 2024 and $338.0 million as of March 31, 2024.

•The loan-to-deposit ratio was 19.26% compared to 25.09% as of December 31, 2024, and 26.94% as of March 31, 2024.

•The ratio of non-performing assets to total assets remained at 0.00%, unchanged from December 31, 2024 and March 31, 2024.

As of March 31, 2025, total deposits were $1.6 billion compared to $1.2 billion as of December 31, 2024, and ICS® One-Way Sell® deposits were $93.2 million as of March 31, 2025 compared to $63.3 million as of December 31, 2024. During the first quarter of 2025, the Company experienced a material increase in deposits from certain political organization clients, primarily attributable to a post-election surge in deposits following the November 2024 federal elections. A significant portion of the increase was concentrated in three accounts that each, individually, held more than 5% of total deposits at quarter-end. In the aggregate, these accounts totaled $472.0 million and represented 30.1% of consolidated total deposits as of March 31, 2025. While historically political organization deposits have began rebuilding in the quarters following an election, the pace and scale of the increase in the political organization deposits during the first quarter of 2025, and the resulting deposit concentration, differed from typical patterns we have observed in prior post-election periods and reflected elevated, event-driven fundraising activity.

On April 15, 2025 a significant outflow of approximately $506.5 million occurred across six political organization client accounts, including the three accounts that exceeded the 5% threshold at quarter-end. As of the close of business on April 15, 2025, the six accounts maintained approximately $56.8 million in aggregate balances. As of the close of business on April 15, 2025, following the outflows, the Company’s consolidated total deposits were $1.1 billion, with one deposit relationship exceeding 5% of consolidated total deposits at 5.15%. IntraFi Cash Service® (ICS®) One-Way Sell® deposits totaled $107.9 million. As of the close of business on April 25, 2025, the Company’s consolidated total deposits were $1.1 billion, with IntraFi Cash Service® (ICS®) One-Way Sell® deposits totaling $74.1 million.

Forward-looking statements include, among other things, statements relating to: (i) changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks or similar organizations, including the effects of United States federal government spending and tariffs; (ii) the level of, or changes in the level of, interest rates and inflation, including the effects on our net interest income, noninterest income, and the market value of our investment and loan portfolios; (iii) the level and composition of our deposits, including our ability to attract and retain, and the seasonality of, client deposits, including those in the ICS® network, as well as the amount and timing of deposit inflows and outflows and the concentration of our deposits; (iv) our future net interest margin, net interest income, net income, and return on equity; (v) our political organization clients’ fundraising and disbursement activities; (vi) the level and composition of our loan portfolio, including our ability to maintain the credit quality of our loan portfolio; (vii) current and future business, economic and market conditions in the United States generally or in the Washington, D.C. metropolitan area in particular; (viii) the effects of disruptions or instability in the financial system, including as a result of the failure of a financial institution or other participants in it, or geopolitical instability, including war, terrorist attacks, pandemics and man-made and natural disasters; (ix) the impact of, and changes, in applicable laws, regulations, regulatory expectations and accounting standards and policies; (x) our likelihood of success in, and the impact of, legal, regulatory or other actions, investigations or proceedings related to our business; (xi) adverse publicity or reputational harm to us, our senior officers, directors, employees or clients; (xii) our ability to effectively execute our growth plans or other initiatives; (xiii) changes in demand for our products and services; (xiv) our levels of, and access to, sources of liquidity and capital; (xv) the ability to attract and retain essential personnel or changes in our essential personnel; (xvi) our ability to effectively compete with banks, nonbank financial institutions, and financial technology firms and the effects of competition in the financial services industry on our business; (xvii) the effectiveness of our risk management and internal disclosure controls and procedures; (xviii) any failure or interruption of our information and technology systems, including any components provided by a third party; (xix) our ability to identify and address cybersecurity threats and breaches; (xx) our ability to keep pace with technological changes; (xxi) our ability to receive dividends from the Bank and satisfy our obligations as they become due; (xxii) the one-time and incremental costs of operating as a public company; (xxiii) our ability to meet our obligations as a public company, including our obligation under Section 404 of Sarbanes-Oxley; and (xxiv) the effect of our dual-class structure and the concentrated ownership of

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including the risks described in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, available at the Securities and Exchange Commission’s website (www.sec.gov).

1 Ratios for interim periods are presented on an annualized basis.

2 Return on average risk-weighted assets is calculated as net income divided by average risk-weighted assets. Average risk-weighted assets are calculated using the last two quarter ends with respect to the three-month periods presented.

3 Yield on average interest-earning assets is calculated as total interest and dividend income divided by average interest-earning assets.

4 Cost of funds is calculated as total interest expense divided by the sum of average total interest-bearing liabilities and average demand deposits.

5 Net interest margin is net interest income expressed as a percentage of average interest-earning assets.

6 Efficiency ratio is calculated as non-interest expense divided by the sum of net interest income and non-interest income.

7 Included in “interest-bearing deposits in other banks” on the consolidated balance sheets.

8 Total debt securities and U.S. Treasury securities are calculated as the sum of securities available for sale (AFS) and securities held to maturity (HTM). AFS securities are reported at fair value, and held to maturity securities are reported at carrying value, net of allowance for credit losses.

9 Includes loans held for sale.

10 IntraFi Cash Service® (ICS®) One-Way Sell® are deposits placed at other banks through the ICS® network. One-Way Sell® deposits are not included in the total deposits on the Company’s consolidated balance sheets. The Bank has the flexibility, subject to the terms and conditions of the IntraFi Participating Institution Agreement, to convert these One-Way Sell® deposits into reciprocal deposits which would then appear on the Company’s consolidated balance sheets.

11 Liquidity ratio is calculated as the sum of cash and cash equivalents and unpledged investment grade securities, expressed as a percentage of total liabilities.

12 Company-level capital information is calculated in accordance with banking regulatory accounting principles specified by regulatory agencies for supervisory reporting purposes.

13 The ratio of tangible common equity to tangible total assets is calculated in accordance with GAAP and represents common equity divided by total assets. The Company did not have any goodwill or other intangible assets for the periods presented.

14 Double leverage ratio represents Chain Bridge Bancorp, Inc.’s investment in Chain Bridge Bank, N.A. divided by Chain Bridge Bancorp, Inc.’s consolidated equity.

15 On October 3, 2024, the Company filed an Amended and Restated Certification of Incorporation with the Secretary of State of the State of Delaware, which reclassified and converted each outstanding share of the Company's existing common stock, par value $1.00 per share into 170 shares of Class B Common Stock (the "Reclassification"). Historical share information is presented on an as adjusted basis giving effect to the Reclassification. The number of basic and diluted weighted average shares used in computing earnings per share are the same because there are no potentially dilutive instruments.

16 Derived from audited financial statements.

17 On October 3, 2024, the Company filed an Amended and Restated Certification of Incorporation with the Secretary of State of the State of Delaware, which reclassified and converted each outstanding share of the Company's existing common stock, into 170 shares of Class B Common Stock (the “Reclassification”). The Reclassification also authorized 20,000,000 shares of Class A Common Stock, and 10,000,000 shares of Preferred Stock. Historical share information is presented on an as adjusted basis giving effect to the Reclassification. All shares and balances from previously held common stock are reflected in Class B Common Stock.

18 Share information presented prior to the Reclassification date of October 3, 2024 gives effect to the Reclassification and attributes all earnings to Class B shares because no Class A shares were outstanding prior to the Reclassification. 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 into one share of Class A Common Stock.

19 Average balances for securities transferred from AFS to HTM at fair value are shown at carrying value. Average balances for AFS and all other HTM bonds are shown at amortized cost.