CHAIN BRIDGE BANCORP INC (CBNA)

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

The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the year ended December 31, 2025 included in our Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this Quarterly Report on Form 10-Q, particularly in the section entitled “Cautionary Note Regarding Forward-Looking Statements” as well as the section entitled “Risk Factors” in our Form 10-K. We assume no obligation to update any of these forward-looking statements except to the extent required by law.

The following discussion relates to our historical results, on a consolidated basis. Because we conduct all our material business operations through our wholly-owned subsidiary, Chain Bridge Bank, N.A., the discussion and analysis primarily focus on activities conducted at the subsidiary level.

Introduction

Chain Bridge Bancorp, Inc. (the “Company”) is a Delaware-chartered bank holding company and a publicly traded bank holding company whose Class A common stock is listed on the New York Stock Exchange under the symbol “CBNA.” The Company was incorporated on May 26, 2006, and is subject to supervision and regulation by the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, as amended. The Company serves as the registered bank holding company for Chain Bridge Bank, National Association (the “Bank”), its wholly-owned subsidiary. The Company does not own or control any other subsidiaries and conducts substantially all of its business through the Bank.

We offer a broad range of commercial and personal banking services, including deposit accounts, multiple types of loan products, trust administration, wealth management, and asset custody.

Our mission is to deliver exceptional banking and trust services nationwide, blending financial strength, personalized service, and advanced technology to offer tailored solutions to businesses, non-profit organizations, political organizations, individuals, and families. We aspire to grow responsibly by adapting our personalized service and advanced technology solutions to our clients’ evolving needs while emphasizing liquidity, asset quality, and financial strength. We aim to be recognized for our “Strength, Service, Solutions: Your Bridge to Better Banking Nationwide.”

Six Months Ended June 30, 2026 Highlights

Highlights of our results of operations and financial condition as of and for the six months ended June 30, 2026 are provided below.

Financial Performance

•Consolidated net income was $16.6 million for the six months ended June 30, 2026, compared to $10.2 million for the six months ended June 30, 2025. Earnings per share for the six months ended June 30, 2026 was $2.53, compared to $1.55 for the six months ended June 30, 2025.

•Net interest income, before recapture of credit losses, was $32.0 million for the six months ended June 30, 2026, compared to $25.6 million for the six months ended June 30, 2025. Net interest income, after recapture of credit losses, was $32.4 million for the six months ended June 30, 2026, compared to $26.0 million for the six months ended June 30, 2025.

•Return on average equity was 18.94% for the six months ended June 30, 2026, compared to 13.61% for the six months ended June 30, 2025.

•Return on average assets for the six months ended June 30, 2026 was 1.75%, compared to 1.37% for the six months ended June 30, 2025.

•Return on average RWA was 8.87% for the six months ended June 30, 2026, compared to 5.28% for the six months ended June 30, 2025.4

4 Return on average RWA is calculated as net income divided by average RWA. Average RWA are calculated using the last three quarter ends.

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Balance Sheet

•Total assets were $2.2 billion as of June 30, 2026, compared to $1.8 billion as of December 31, 2025.

•Total deposits were $2.0 billion as of June 30, 2026, compared to $1.6 billion as of December 31, 2025. Excluded from these totals are One-Way Sell® deposits, which are sold to the ICS® network. These One-Way Sell® deposits amounted to $668.0 million as of June 30, 2026, compared to $359.9 million as of December 31, 2025.

•No non-performing assets or OREO were reported as of June 30, 2026 or December 31, 2025.

•Cash balances held at the Federal Reserve were $812.7 million as of June 30, 2026, compared to $580.9 million as of December 31, 2025.

•As of June 30, 2026, the total debt securities portfolio balance was $1.1 billion, compared to $865.3 million as of December 31, 2025.

•Book value per share was $27.99 as of June 30, 2026, compared to $25.79 as of December 31, 2025.

•As of June 30, 2026, the Company had a total risk-based capital ratio of 50.45% and a tier 1 risk-based capital ratio of 49.46%. The Bank exceeded the minimum requirements to be well-capitalized for bank regulatory purposes, with a total risk-based capital ratio of 49.09% and a tier 1 risk-based capital ratio of 48.10%.

•As of June 30, 2026, our liquidity ratio was 94.03%, compared to 91.86% as of December 31, 2025.

Significant Factors Impacting Our Business, Financial Condition and Results of Operations

Several key factors impact our financial performance:

Short-term interest rates: The cyclical nature of our balance sheet and our focus on liquidity cause our primary revenue source, net interest income, to be highly correlated to short-term interest rates. We strive to maintain high levels of liquidity and low loan-to-deposit ratios. Higher rates generally increase our net interest income because of our high levels of liquid interest-earning assets and low levels of interest-bearing deposits and borrowings. Conversely, if short-term interest rates fall, our net interest income would likely decrease due to our high levels of cash. In 2025, the Federal Reserve lowered the target federal funds rate on three occasions, on September 18th, October 30th, and December 11th. There have been no changes to the target federal funds rate in 2026. This relationship between our revenue and the yield curve may differ from that of banks that have lower levels of cash and liquidity and higher loan-to-deposit ratios.

Political organizations and federal election cycles: We provide deposit services to a wide range of political organizations, including political committees registered with the Federal Election Commission (“FEC”), such as 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 with such committees that are maintained or controlled by a candidate or federal officeholder (collectively, “Leadership PACs”)); and other tax-exempt organizations under Section 527 of the Internal Revenue Code. These accounts are often associated with firms that provide treasury, legal or regulatory compliance services to political organizations.

Federal election cycles significantly affect our deposit levels. These cycles also impact revenue-generating activities, such as wire transfers, payments, check processing, debit card usage, and treasury management services. Historically, deposits from political organizations increase in the periods leading up to federal elections followed by a decline around the elections. Election outcomes may also impact the timing and scale of deposit inflows or outflows from political organizations, and the most recent cycle was no exception.

In addition, certain clients organized under Section 501(c)(4) of the Internal Revenue Code as social welfare organizations may experience fluctuations in deposit balances and transaction activity in connection with issue advocacy or public policy initiatives, which may occur during election cycles. These organizations are not considered “political organizations” under the Company’s definition.

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. Subsequent outflows during the second quarter of 2025 related to this post-election surge. At June 30, 2025, two political organization accounts each held more than 5% of total consolidated deposits. In aggregate, those two accounts totaled $136.2 million and represented 10.6% of consolidated total deposits.

Driven by political organization deposit balances as well as growth in 501(c)(4) social welfare organizations, total consolidated deposits grew to $1.6 billion at December 31, 2025 and $2.0 billion at June 30, 2026. As of June 30, 2026,

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there were three clients with an individual deposit balance exceeding 5.0% of total deposits. The total deposit balance related to these clients was $401.2 million or 20.0% of total deposits. As of December 31, 2025, no accounts individually exceeded 5% of total consolidated deposits.

Lending approach: Our lending policies are designed to manage credit risk. We seek borrowers with a strong capacity to repay, who have good financial habits, are generally debt averse, and prefer to repay loans quickly. We aim to mitigate credit risk on commercial loans with appropriate structuring, reasonably margined collateral, personal guarantees, a primary deposit relationship, and sometimes compensating balances. Our lending policies typically attract borrowers who may qualify for lower borrowing rates, which may result in lower yields for us.

Economic conditions: General economic conditions, particularly in the Washington, D.C. metropolitan area, and levels of government spending influence our deposit levels and earnings. At various points throughout 2025 and first quarter of 2026, we estimate that at least a majority of our deposit balances were sourced from political organizations, which we believe reduces our direct exposure to broader economic trends. However, economic downturns may lead to declines in political donations, which could adversely affect our deposit levels and income. Additionally, national or regional recessions could increase the risk of loan defaults and negatively impact the credit quality of our municipal and corporate bonds, potentially leading to defaults.

Following the inauguration of President Trump on January 20, 2025, the administration introduced a series of federal fiscal reforms, culminating in the enactment of H.R.1, or the One Big Beautiful Bill Act (“BBB”), signed into law on July 4, 2025. The BBB is a budget-reconciliation statute that principally extends and modifies federal tax policy (including making permanent or expanding many provisions of the Tax Cuts and Jobs Act) and includes limited spending and revenue-adjustment measures. The BBB, together with initiatives of the Department of Government Efficiency (“DOGE”), has continued to reshape federal tax policy and prompted agencies to evaluate discretionary spending levels. During 2025, some federal agencies began signaling or implementing hiring delays or c

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section entitled “Cautionary Note Regarding Forward-Looking Statements” as well as the section entitled “Risk Factors.” We assume no obligation to update any of these forward-looking statements except to the extent required by law.

The following discussion relates to our historical results, on a consolidated basis. Because we conduct all our material business operations through our wholly owned subsidiary, Chain Bridge Bank, N.A., the discussion and analysis primarily focus on activities conducted at the subsidiary level.

Introduction

Chain Bridge Bancorp, Inc. (the “Company”) is a Delaware-chartered bank holding company and a publicly traded bank holding company whose Class A common stock is listed on the New York Stock Exchange under the symbol “CBNA”. The Company was incorporated on May 26, 2006, and is subject to supervision and regulation by the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, as amended. The Company serves as the registered bank holding company for Chain Bridge Bank, National Association (the “Bank”), its wholly-owned subsidiary. The Company does not own or control any other subsidiaries and conducts substantially all of its business through the Bank.

We offer a broad range of commercial and personal banking services, including deposit accounts, multiple types of loan products, trust administration, wealth management, and asset custody.

Our mission is to deliver exceptional banking and trust services nationwide, blending financial strength, personalized service, and advanced technology to offer tailored solutions to businesses, non-profit organizations, political organizations, individuals, and families. We aspire to grow responsibly by adapting our personalized service and advanced technology solutions to our clients’ evolving needs while emphasizing liquidity, asset quality, and financial strength. We aim to be recognized for our “Strength, Service, Solutions: Your Bridge to Better Banking Nationwide.”

Reclassification

In connection with the IPO, on October 3, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which established two new classes of common stock, Class A common stock, par value $0.01 per share (“Class A Common Stock”) and Class B common stock, par value $0.01 per share (“Class B Common Stock”), and reclassified and converted each outstanding share of the Company’s existing common stock, par value $1.00 per share (“Old Common Stock”), into 170 shares of Class B Common Stock (the “Reclassification”). 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.

Results of Operation and Financial Highlights

Highlights of our results of operations and financial condition as of and for the twelve months ended December 31, 2025 are provided below.

Financial Performance

•Consolidated net income was $20.2 million for the year ended December 31, 2025, compared to $20.9 million for 2024. Earnings per share for the year ended December 31, 2025 was $3.08, compared to $4.17 for 2024.

•Net interest income, before recapture of credit losses, was $51.5 million for the year ended December 31, 2025, compared to $44.4 million for 2024. Net interest income, after recapture of credit losses was $52.0 million for the year ended December 31, 2025, compared to $44.5 million for 2024.

•Return on average equity was 12.88% for the year ended December 31, 2025, compared to 20.05% for 2024. Return on average assets was 1.32% for the year ended December 31, 2025, compared to 1.62% for 2024.

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•Return on average RWA was 5.28% for the year ended December 31, 2025, compared to 5.19% for 2024.2

Balance Sheet

•Total assets were $1.8 billion as of December 31, 2025, compared to $1.4 billion as of December 31, 2024.

•Total deposits were $1.6 billion as of December 31, 2025, compared to $1.2 billion as of December 31, 2024. Excluded from these totals are One-Way Sell® deposits, which were placed at other banks through the IntraFi Cash Service® (“ICS®”) network. These One-Way Sell® deposits amounted to $359.9 million as of December 31, 2025, compared to $63.3 million as of December 31, 2024.

•No non-performing assets or other real estate owned (“OREO”) were reported as of December 31, 2025 or 2024.

•Cash balances held at the Federal Reserve were $580.9 million as of December 31, 2025, compared to $406.7 million as of December 31, 2024.

•As of December 31, 2025, the total debt securities portfolio balance was $865.3 million, compared to $658.8 million as of December 31, 2024.

•Book value per share was $25.79 as of December 31, 2025, compared to $21.98 as of December 31, 2024.

•As of December 31, 2025, the Company had a total risk-based capital ratio of 47.66% and a tier 1 risk-based capital ratio of 46.52%. The Bank exceeded the minimum requirements to be well-capitalized for bank regulatory purposes, with a total risk-based capital ratio of 44.63% and a tier 1 risk-based capital ratio of 43.49%.

•As of December 31, 2025, our liquidity ratio was 91.86%, compared to 85.13% as of December 31, 2024.

Significant Factors Impacting Our Business, Financial Condition and Results of Operations

Several key factors impact our financial performance:

Short-term interest rates: The cyclical nature of our balance sheet and our focus on liquidity cause our primary revenue source, net interest income, to be highly correlated to short-term interest rates. We strive to maintain high levels of liquidity and low loan-to-deposit ratios. Higher rates generally increase our net interest income because of our high levels of liquid interest-earning assets and low levels of interest-bearing deposits and borrowings. Conversely, if short-term interest rates fall, our net interest income would likely decrease due to our high levels of cash. In 2024, the Federal Reserve lowered the target federal funds rate on three occasions, followed by additional reductions on September 18th, October 30th, and December 11th in 2025. As short-term rates decline, our net interest income will be adversely affected. This relationship between our revenue and the yield curve may differ from that of banks that have lower levels of cash and liquidity and higher loan-to-deposit ratios.

Political organizations and federal election cycles: We provide deposit services to a wide range of political organizations, including political committees registered with the Federal Election Commission (“FEC”), such as 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 with such committees that are maintained or controlled by a candidate or federal officeholder (collectively, “Leadership PACs”)); and other tax-exempt organizations under Section 527 of the Internal Revenue Code. These accounts are often associated with firms that provide treasury, legal or regulatory compliance services to political organizations.

Federal election cycles significantly affect our deposit levels. These cycles also impact revenue-generating activities, such as wire transfers, payments, check processing, debit card usage, and treasury management services. Historically, deposits from political organizations increase in the periods leading up to federal elections followed by a decline around the elections. Election outcomes may also impact the timing and scale of deposit inflows or outflows from political organizations, and this most recent cycle was no exception.

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. At March 31, 2025, three political organization accounts each held more than 5% of total consolidated deposits. In aggregate, those three accounts totaled $472.0 million and represented 30.1% of consolidated total deposits.

2 Return on average RWA is calculated as net income divided by average RWA. Average RWA are calculated using the last five quarter ends.

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Although political organization balances have historically tended to rebuild gradually in the quarters following a federal election, the timing and concentration of deposit inflows during the first quarter of 2025 differed from prior cycles and reflected elevated, event-driven fundraising activity. The Company treated these inflows as potentially temporary and maintained the balances in cash reserves held at the Federal Reserve and short-term U.S. Treasury securities that matured during the quarter.

On April 15, 2025, the Company experienced outflows of approximately $506.5 million across six political organization accounts, including the three that exceeded the 5% threshold at March 31, 2025. Following these outflows, total consolidated deposits were $1.1 billion at the close of that day. The resulting reduction in average balances contributed to the quarter-over-quarter decrease in net interest income.

Despite the outflows, deposit levels have increased during the remainder of the year-to-date period. Total consolidated deposits rose by $471.2 million between April 15, 2025 and December 31, 2025, ending the year at $1.6 billion. As of December 31, 2025, no accounts individually exceeded 5% of total consolidated deposits.

Lending approach: Our lending policies are designed to manage credit risk. We seek borrowers with a strong capacity to repay, who have good financial habits, are generally debt averse, and prefer to repay loans quickly. We aim to mitigate credit risk on commercial loans with appropriate structuring, reasonably margined collateral, personal guarantees, a primary deposit relationship, and sometimes compensating balances. Our lending policies typically attract borrowers who may qualify for lower borrowing rates, which may result in lower yields for us.

Economic conditions: General economic conditions, particularly in the Washington, D.C. metropolitan area, and levels of government spending influence our deposit levels and earnings. At various points throughout 2024 and 2025, we estimate that at least a majority of our deposit balances were sourced from political organizations, which we believe reduces our direct exposure to broader economic trends. However, economic downturns may lead to declines in political donations, which could adversely affect our deposit levels and income. Additionally, national or regional recessions could increase the risk of loan defaults and negatively impact the credit quality of our municipal and corporate bonds, potentially leading to defaults.

Following the inauguration of President Trump on January 20, 2025, the administration introduced a series of fed

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