Q3 2025 Update for Chain Bridge Bancorp (NYSE: CBNA) and Crocs (NASDAQ: CROX)

This writeup serves as my Q3 2025 update for both Chain Bridge Bancorp (NYSE: CBNA) and Crocs (NASDAQ: CROX).

All data was taken from each company’s Q3 2025 Press Release which you can find here and here.

Chain Bridge Bancorp

Chain Bridge Bancorp is a bank that caters to political organizations and campaigns, specifically those affiliated with the Republican Party.

Part 1 of my original writeup can be found here: https://open.substack.com/pub/possiblevalue/p/chain-bridge-bancorp-inc-nyse-cbna?utm_campaign=post&utm_medium=web

Part 2 of my original writeup can be found here: https://open.substack.com/pub/possiblevalue/p/chain-bridge-bancorp-inc-nyse-cbna-e62?utm_campaign=post&utm_medium=web

Business Update

Net income – Net income for the quarter ended on 9/30/25 was $4.6 million compared to $7.5 million for the quarter ended on 9/30/24. Net income through the first three quarters was $14.9 million compared to $17.2 million during the same period in 2024. Per the Press Release, “The decrease was attributable to a $5 million reduction in noninterest income, driven be changes in One-Way Sell deposit activity and greater use of reciprocal ICS deposits, and a $2.9 million increase in noninterest expenses principally related to costs associated with operational growth and functioning as a public company.” Per the Press Release again, “Earnings per share for the first nine months of 2025 was $2.27, compared to $3.77 for the same period in 2024.”

ROE and ROAA – Return on average equity through Q3 2025 was 12.93% while the return on average assets was 1.33%.

Net interest income – Through Q3 2025 net interest income was $37.9 million and net interest margin was 3.44%. Through Q3 2024 net interest income was $33.0 million and net interest margin was 3.47%.

Per the Press Release, “The increase in interest income was primarily driven by higher average balances in, and yields on, taxable investment securities. Although the average balance of interest-bearing deposits at the Federal Reserve was higher during the nine months ended September 30, 2025 than in the same period in 2024, lower yields on those balances drove a $1.2 million net reduction in this segment’s interest income. Overall, growth in interest-earning assets outpaced the increase in net interest income, resulting in a decline in the net interest margin from 3.47% to 3.44%.”

Provision for loan losses – Chain Bridge actually recovered $69,000 in credit losses through Q3 2025 compared to $297,000 during the same period in 2024.