Citi Launches the Citi Strata Elite Credit Card
'The new Citi Strata Elite Card is the smart choice for savvy premium cardmembers who want to earn high rewards on travel and dining while still earning generously on every dollar spent,' said Pam Habner, Head of U.S. Branded Cards & Lending at Citi. 'You shouldn't need a math degree and a spreadsheet to track your credit card benefits! We have curated flexible lifestyle benefits that we know our customers will want to use—because we asked them what they value. And, this is the only branded credit card that has American Airlines benefits built right into the card.'
The Citi Strata Elite Card rewards cardmembers with ThankYou ® Points for the things they care about most, with the ability to earn:
12x points on Hotels, Car Rentals, and Attractions booked on cititravel.com.
6x points on Air Travel booked on cititravel.com.
6x points at Restaurants including Restaurant Delivery Services, every Friday and Saturday from 6 p.m. to 6 a.m. ET and 3x points any other time.
1.5x points on All Other Purchases.
With Citi Strata Elite, cardmembers can feel confident knowing they've chosen the card that can maximize their rewards earn. Citi Strata Elite cardmembers will also enjoy access to the following premium benefits and protections:
Valuable Lifestyle Benefits Cardmembers Will Want to Use
Citi research i found 75% of premium cardmembers indicate that customization—like opting for perks—is a very or extremely important part of the equation. Citi Strata Elite offers:
Up to $300 Annual Hotel Benefit: Every calendar year, enjoy up to $300 off a hotel stay of two nights or more booked through Citi Travel.
Up to $200 Annual Splurge Credit ℠: Every calendar year, earn up to $200 in statement credits on your choice of up to two of the following brands: 1stDibs, American Airlines, Best Buy ®, Future Personal Training, and Live Nation.
Up to $200 Annual Blacklane Credit: Every calendar year, enjoy up to $200 in statement credits when booking with Blacklane, a global chauffeur service. Earn up to $100 on Blacklane purchases January through June and up to $100 July through December.
Up to $120 Global Entry ® or TSA PreCheck ® Application Fee Credit: Receive a statement credit, up to $120 every four years, as reimbursement for the application fee for Global Entry or TSA PreCheck ®.
Even More Perks for Those Who Fly with American Airlines
In addition to being a Splurge Credit option, American Airlines has partnered with Citi to offer additional benefits:
Four American Airlines Admirals Club ® Citi Strata Elite Passes (Worth Over $300 Annually): Every calendar year, receive four Admirals Club ® Citi Strata Elite℠ Passes for access to nearly 50 Admirals Club ® lounges worldwide.
Points Transfer: Ability to transfer Citi ThankYou ® Points into American Airlines AAdvantage ® miles, which can be used on flights and more to create a personalized travel experience.
'American is deepening its partnership with Citi to deliver even more benefits that combine the best of American and Citi's rewards offerings,' said Scott Long, American Airlines Senior Vice President of AAdvantage. 'We're always looking for innovative ways to enhance our products and reward our customers for their loyalty. The new Citi Strata Elite Card provides Citi cardmembers an exciting opportunity to experience some of the fantastic benefits the AAdvantage program offers.'
Additional Premium Perks for Savvy Consumers
Complimentary Priority Pass Select ™ membership (Worth $469 Annually): Complimentary access for primary cardmembers and authorized users, and up to two guests to 1,500+ airport lounges worldwide (not all lounges admit guests).
Access to The Reserve by Citi Travel: A collection of 4.5-5 star participating hotels on the Citi Travel platform offering on-property benefits including daily complimentary breakfast for two, free wi-fi, a $100 experience credit (varies by property) and early check-in, late check-out, and room upgrades (subject to availability).
No foreign transaction fees ii: No foreign transaction fees when traveling internationally.
Access to Citi Entertainment ®: Get special access to purchase tickets to thousands of events, including presale tickets and exclusive experiences for the year's most anticipated concerts, sporting events, arts and dining experiences.
Access to The Mastercard Collection benefits: Citi Strata Elite is the first World Legend credit card issued featuring Mastercard's new premium tier benefits, offering priority reservations at thousands of the most sought-after restaurants abroad; ticketing access across music, theater, and sporting events globally; and more.
'We're thrilled to introduce World Legend with Citi, a payment experience to meet people's growing expectations of a payments card,' said John Levitsky, U.S. co-president at Mastercard. 'Our new World Legend card tier will help deepen cardmember loyalty by offering elevated benefits, experiences and exclusive Priceless access in categories that people love—dining, entertainment, and travel.'
Protections for Peace of Mind
Additionally, Citi Strata Elite cardmembers will receive travel and shopping protections including trip delay protection, enhanced trip cancellation and trip interruption protection, lost or damaged luggage protection, MasterRental coverage, extended warranty and purchase assurance plus.
With access to nearly $1,500 in value and a suite of new benefits, the new Citi Strata Elite comes with a $595 annual fee and $75 annual fee for each authorized user ii.
Rewards for Citi Wealth Clients
Citigold ® Private Client Relationship Tier credit: Qualifying Citigold Private Clients receive a $595 first year banking relationship credit and $145 Annual Credit each year thereafter if the primary cardmember has an open and current Citi Strata Elite Card account.
Citigold ® Relationship Tier credit: Qualifying Citigold clients receive $145 Banking Relationship Annual Credit if the primary cardmember has an open and current Citi Strata Elite Card.
Rounding out the Citi Strata Family of Rewards Credit Cards
The Citi Strata Elite Card and new Citi Strata℠ Card join the Citi Strata credit card portfolio, a range of products uniquely tailored to what cardmembers value most. Each of the cards—Citi Strata Elite, Citi Strata Premier ®, and Citi Strata—is designed to give cardmembers the flexibility to curate the life they envision for themselves.
Today, the Citi Strata Card—a rich enhancement of the former Citi Rewards+ ® Card—offers cardmembers increased opportunities to earn more points on hotel, car rentals and attractions booked on Citi Travel, and at restaurants, supermarkets, gas stations and on select transit purchases. Additionally, the new Self-Select category offers 3x points on an eligible category like fitness clubs, select streaming services, live entertainment, among others that speak to their personal desires, all at no annual fee iii.
The Citi Strata Card offers benefits that cater to cardmembers' everyday routines and passions while helping them enjoy experiences now and in the future. With the Citi Strata Card, cardmembers can earn:
5x points on Hotels, Car Rentals, and Attractions booked on cititravel.com.
3x points at Supermarkets.
3x points on Select Transit and at Gas & EV Charging Stations.
3x points on an eligible Self-Select Category of their choice. (Eligible categories include Fitness Clubs, Select Streaming Services, Live Entertainment, Cosmetic Stores/Barber Shops/Hair Salons, or Pet Supply Stores.)
2x points at Restaurants including Restaurant Delivery Services.
1x points on All Other Purchases.
For more information on the Citi Strata credit card portfolio, visit www.citicards.com.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
i Citi partnered with Material in June-July 2025 to conduct a poll of 1,000 adults ages 18+ who own at least one premium credit card (annual fee of $395 or more) and contribute to financial decision-making for their household. In addition, this survey included another 854 adults age 18+ who own at least one credit card, that is not a premium credit card and contribute to financial decision-making for their household.
ii Pricing for Citi Strata Elite Card: The variable APR for purchases and balance transfers is 21.24%-29.24% based on your creditworthiness. For Citi Flex Plans subject to an APR, the variable APR is 21.24%-29.24%, based on creditworthiness. For Citi Flex Pay Plans subject to a Plan Fee, a monthly fee of up to 1.72% will apply, based on the Citi Flex Plan duration, the APR that would otherwise apply to the Transaction, and other factors. The variable APR for cash advances is 29.49%. The variable penalty APR is up to 29.99% and may be applied if you make a late payment or make a payment that is returned. Minimum interest charge - $0.50. Annual fee - $595. Annual fee for Authorized Users - $75. Fee for foreign purchases - None. Cash advance fee - 5% of each cash advance (min. $10). Balance transfer fee - 5% of each transfer (min. $5). Rates as of 07/27/2025.
iii Pricing for the Citi Strata Card: 0% Intro APR for 15 months on purchases and balance transfers from date of account opening; after that, the variable APR for unpaid promotional balances, new purchases, and new balance transfers is 19.24% - 29.24%, based on your creditworthiness. For Citi Flex Plans subject to an APR, the variable APR is 19.24% - 29.24%, based on creditworthiness. For Citi Flex Pay Plans subject to a Plan Fee, a monthly fee of up to 1.72% will apply, based on the Citi Flex Plan duration, the APR that would otherwise apply to the Transaction, and other factors. The variable APR for cash advances is 29.49%. The variable penalty APR is up to 29.99%. Minimum interest charge - $0.50. Annual fee - $0. Fee for foreign purchases - 3% of the U.S. dollar amount of each purchase. Cash advance fee - 5% of each cash advance (min. $10). Balance transfer fee - intro fee of 3% of each transfer ($5 minimum) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 minimum). Rates as of 07/27/2025.
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AUA are not captured on the consolidated balance sheets. Trust and wealth management income, which has increased commensurately with changes in AUA, was $305 thousand in the second quarter of 2025, compared to $270 thousand in the first quarter of 2025 and $239 thousand in the second quarter of 2024. Political Deposit Trends As of June 30, 2025, total consolidated deposits were $1.3 billion, compared to $1.6 billion as of March 31, 2025. 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. 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Chain Bridge Bank, National Association is a national banking association, chartered under the National Bank Act, and is subject to primary regulation, supervision, and examination by the Office of the Comptroller of the Currency. Chain Bridge Bank, National Association is a member of the Federal Deposit Insurance Corporation and provides banking, trust, and wealth management services. For more information, please visit our investor relations website at Cautionary Note Regarding Forward-Looking Statements This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements 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. 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. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by law. 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 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 the Sarbanes-Oxley Act; and (xxiv) the effect of our dual-class structure and the concentrated ownership of our Class B common stock, including beneficial ownership of our shares by members of the Fitzgerald Family. 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 ( (unaudited) As of or For the Three Months Ended As of or For the Six Months Ended Key Performance Indicators Net income $ 4,584 $ 5,607 $ 5,805 $ 10,191 $ 9,722 Return on average assets 1 1.30 % 1.43 % 1.87 % 1.37 % 1.64 % Return on average risk-weighted assets 1,2 4.79 % 5.74 % 5.77 % 5.28 % 4.81 % Return on average equity 1 11.93 % 15.39 % 25.82 % 13.61 % 22.20 % Yield on average interest-earning assets 1,3 3.67 % 3.79 % 3.73 % 3.73 % 3.61 % Cost of funds 1,4 0.31 % 0.25 % 0.32 % 0.28 % 0.33 % Net interest margin 1,5 3.39 % 3.56 % 3.43 % 3.48 % 3.30 % Efficiency ratio 6 56.71 % 52.06 % 45.48 % 54.22 % 49.68 % Balance Sheet and Other Highlights Total assets $ 1,445,127 $ 1,726,860 $ 1,412,017 $ 1,445,127 $ 1,412,017 Interest-bearing reserves held at the Federal Reserve 7 364,841 620,270 471,170 364,841 471,170 Total debt securities 8 758,497 774,605 600,739 758,497 600,739 U.S. Treasury securities 8 426,193 437,950 244,246 426,193 244,246 Total gross loans 9 287,813 302,002 305,305 287,813 305,305 Total deposits 1,281,915 1,568,392 1,303,340 1,281,915 1,303,340 ICS ® One-Way Sell ® Deposits Total ICS ® One-Way Sell ® Deposits 10 $ 121,171 $ 93,189 $ 499,247 $ 121,171 $ 499,247 Fiduciary Assets Trust & Wealth Department: Total assets under administration (AUA) $ 445,364 $ 409,389 $ 364,020 $ 445,364 $ 364,020 Assets under management (AUM) 158,082 137,823 98,035 158,082 98,035 Assets under custody (AUC) 287,282 271,566 265,985 287,282 265,985 Liquidity & Asset Quality Metrics Liquidity ratio 11 88.21 % 89.14 % 82.64 % 88.21 % 82.64 % Loan-to-deposit ratio 22.45 % 19.26 % 23.42 % 22.45 % 23.42 % Non-performing assets to total assets — % — % — % — % — % Net charge offs (recoveries) / average loans outstanding — % — % — % — % — % Allowance for credit losses on loans to gross loans outstanding 1.46 % 1.48 % 1.42 % 1.46 % 1.42 % Allowance for credit losses on held to maturity securities /gross held to maturity securities 0.05 % 0.06 % 0.08 % 0.05 % 0.08 % 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, and the last three quarter ends with respect to the six-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. Chain Bridge Bancorp, Inc. and Subsidiary Consolidated Financial Highlights (Dollars in thousands, except per share data) (unaudited) As of or For the Three Months Ended As of or For the Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Capital Information 12 Tangible common equity to tangible total assets ratio 13 10.86 % 8.77 % 6.66 % 10.86 % 6.66 % Tier 1 capital $ 162,682 $ 158,098 $ 104,736 $ 162,683 $ 104,736 Tier 1 leverage ratio 11.45 % 9.88 % 8.30 % 11.45 % 8.30 % Tier 1 risk-based capital ratio 43.48 % 40.24 % 26.27 % 43.48 % 26.27 % Total regulatory capital $ 167,019 $ 162,748 $ 109,321 $ 167,019 $ 109,321 Total risk-based regulatory capital ratio 44.64 % 41.43 % 27.42 % 44.64 % 27.42 % Double leverage ratio 14 91.50 % 91.41 % 110.56 % 91.50 % 110.56 % Chain Bridge Bancorp, Inc. Share Information (as adjusted for Reclassification) 15 Number of shares outstanding 6,561,817 6,561,817 4,568,920 6,561,817 4,568,920 Class A number of shares outstanding 3,143,846 3,119,317 — 3,143,846 — Class B number of shares outstanding 3,417,971 3,442,500 4,568,920 3,417,971 4,568,920 Book value per share $ 23.92 $ 23.09 $ 20.57 $ 23.92 $ 20.57 Earnings per share, basic and diluted $ 0.70 $ 0.85 $ 1.27 $ 1.55 $ 2.13 Expand 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. Expand Chain Bridge Bancorp, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share data) (unaudited) June 30, 2025 December 31, 2024 16 June 30, 2024 Assets Cash and due from banks $ 11,586 $ 3,056 $ 13,503 Interest-bearing deposits in other banks 365,678 407,683 474,522 Total cash and cash equivalents 377,264 410,739 488,025 Securities available for sale, at fair value 469,292 358,329 292,770 Securities held to maturity, at carrying value, net of allowance for credit losses of $144, $202, and $248 respectively (fair value of $274,066, $278,951 and $282,208, respectively) 289,205 300,451 307,969 Equity securities, at fair value 532 515 505 Restricted securities, at cost 3,383 2,886 2,736 Loans held for sale — 316 590 Loans, net of allowance for credit losses of $4,193, $4,514 and $4,337, respectively 283,620 308,773 300,378 Premises and equipment, net of accumulated depreciation of $7,523, $7,285, and $7,042, respectively 11,858 9,587 9,706 Accrued interest receivable 5,357 4,231 4,438 Other assets 4,616 5,297 4,900 Total assets $ 1,445,127 $ 1,401,124 $ 1,412,017 Liabilities and stockholders' equity Liabilities Deposits: Noninterest-bearing $ 894,968 $ 913,379 $ 1,078,145 Savings, interest-bearing checking and money market accounts 376,961 324,845 213,124 Time, $250 and over 5,032 6,510 6,559 Other time 4,954 5,201 5,512 Total deposits 1,281,915 1,249,935 1,303,340 Short-term borrowings — — 10,000 Accrued interest payable 82 46 91 Accrued expenses and other liabilities 6,182 6,897 4,593 Total liabilities 1,288,179 1,256,878 1,318,024 Commitments and contingencies Stockholders' equity Preferred Stock: 17 No par value, 10,000,000 shares authorized, no shares issued and outstanding — — — Class A Common Stock: 17 $0.01 par value, 20,000,000 shares authorized, 3,143,846, 3,049,447, and no shares issued and outstanding, respectively 31 30 — Class B Common Stock: 17 $0.01 par value, 10,000,000 shares authorized, 3,417,971, 3,512,370, and 4,568,920 shares issued and outstanding, respectively 34 35 46 Additional paid-in capital 74,785 74,785 38,276 Retained earnings 87,832 77,641 66,414 Accumulated other comprehensive loss (5,734 ) (8,245 ) (10,743 ) Total stockholders' equity 156,948 144,246 93,993 Total liabilities and stockholders' equity $ 1,445,127 $ 1,401,124 $ 1,412,017 Expand 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. Expand Chain Bridge Bancorp, Inc. and Subsidiary Consolidated Statements of Income (Dollars in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024 Interest and dividend income Interest and fees on loans $ 3,356 $ 3,589 $ 3,391 $ 6,945 $ 6,671 Interest and dividends on securities, taxable 5,274 4,607 2,872 9,881 5,738 Interest on securities, tax-exempt 279 282 285 561 579 Interest on interest-bearing deposits in banks 3,856 6,263 4,943 10,119 8,202 Total interest and dividend income 12,765 14,741 11,491 27,506 21,190 Interest expense Interest on deposits 971 893 815 1,864 1,623 Interest on short-term borrowings — — 102 — 201 Total interest expense 971 893 917 1,864 1,824 Net interest income 11,794 13,848 10,574 25,642 19,366 Provision for (recapture of) credit losses Provision for (recapture of) loan credit losses (283 ) (38 ) 13 (321 ) 18 Provision for (recapture of) securities credit losses (31 ) (27 ) (111 ) (58 ) (310 ) Total provision for (recapture of) credit losses (314 ) (65 ) (98 ) (379 ) (292 ) Net interest income after provision for (recapture of) credit losses 12,108 13,913 10,672 26,021 19,658 Noninterest income Trust and wealth management 305 270 239 575 426 Service charges on accounts 261 240 321 501 632 Deposit placement services 159 133 2,031 292 3,153 Gain on sale of mortgage loans 14 13 12 27 12 Other income 89 39 27 128 55 Total noninterest income 828 695 2,630 1,523 4,278 Noninterest expenses Salaries and employee benefits 4,130 4,408 3,788 8,538 7,273 Professional services 801 893 483 1,694 948 Data processing and communication expenses 733 666 664 1,399 1,259 State franchise taxes 349 351 148 700 351 Occupancy and equipment expenses 258 251 237 509 512 FDIC and regulatory assessments 202 228 155 430 348 Insurance expenses 153 149 60 302 120 Directors fees 144 146 171 290 332 Other operating expenses 389 479 299 868 603 Total noninterest expenses 7,159 7,571 6,005 14,730 11,746 Net income before taxes 5,777 7,037 7,297 12,814 12,190 Income tax expense 1,193 1,430 1,492 2,623 2,468 Net income $ 4,584 $ 5,607 $ 5,805 $ 10,191 $ 9,722 Earnings per common share, basic and diluted - Class A and Class B 18 $ 0.70 $ 0.85 $ 1.27 $ 1.55 $ 2.13 Weighted average common shares outstanding, basic and diluted - Class A 18 3,125,918 3,088,810 — 3,107,466 — Weighted average common shares outstanding, basic and diluted - Class B 18 3,435,899 3,473,007 4,568,920 3,454,351 4,568,791 Expand 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. Expand The following tables show the average outstanding balance of each principal category of our assets, liabilities and stockholders' equity, together with the average yields on our interest-earning assets and the average costs of our interest-bearing liabilities for the periods indicated. Such yields and costs are calculated by dividing the annualized income or expense by the average daily balances of the corresponding assets or liabilities for the same period. Chain Bridge Bancorp, Inc. and Subsidiary Average Balance Sheets, Interest, and Yields/Costs (continued) (unaudited) Six months ended June 30, 2025 2024 ($ in thousands) Average balance Interest Average yield/cost Average balance Interest Average yield/cost Assets: Interest-earning assets: Interest-bearing deposits in other banks $ 455,516 $ 10,119 4.48 % $ 300,347 $ 8,202 5.49 % Investment securities, taxable 19 665,902 9,881 2.99 % 512,174 5,738 2.25 % Investment securities, tax-exempt 1 63,487 561 1.78 % 64,106 579 1.82 % Loans 301,666 6,945 4.64 % 303,022 6,671 4.43 % Total interest-earning assets 1,486,571 27,506 3.73 % 1,179,649 21,190 3.61 % Less allowance for credit losses (4,680 ) (4,676 ) Noninterest-earning assets 20,493 15,445 Total assets $ 1,502,384 $ 1,190,418 Liabilities and Stockholders' Equity Interest-bearing liabilities: Savings, interest-bearing checking and money market $ 338,454 $ 1,719 1.02 % $ 228,616 $ 1,406 1.24 % Time deposits 10,927 145 2.67 % 14,934 217 2.92 % Short term borrowings 2 4 — 5.35 % 5,110 201 7.91 % Total interest-bearing liabilities 349,385 1,864 1.08 % 248,660 1,824 1.48 % Non-interest-bearing liabilities: Demand deposits 995,388 848,719 Other liabilities 6,621 4,976 Total liabilities 1,351,394 1,102,355 Stockholders' equity 150,990 88,063 Total liabilities and stockholders' equity $ 1,502,384 $ 1,190,418 Net interest income $ 25,642 $ 19,366 Net interest margin 3.48 % 3.30 % Expand 19 Average balances for securities transferred from AFS to HTM at fair value are shown at carrying value. Average balances for AFS are shown at fair value, and all other HTM bonds are shown at amortized cost. 20 The yield for short term borrowings reflects interest expense incurred during the period. The amount of interest expense was less than our rounding threshold and is therefore displayed as $0. Expand
Business Wire
19 minutes ago
- Business Wire
Skechers Responds to Kizik's Patent Lawsuit
LOS ANGELES--(BUSINESS WIRE)--Skechers USA, Inc. ('Skechers'), the Comfort Technology Company and leader in hands-free footwear technology, announced today that it will vigorously defend the patent suit filed in Texas federal court against Skechers by Kizik Design, LLC ('Kizik') alleging, in essence, that the entire line of Skechers Hands Free Slip-ins® ('Slip-ins') infringe Kizik's patents. The Company believes that Kizik's allegations are baseless. As owners of a vast portfolio of intellectual property, Skechers respects the rights of others. Kizik's complaint is based on the assertion that Kizik created the hands-free footwear category and is the only company that can legally use that century-old idea. Contrary to Kizik's false assertion that Skechers patents have been rejected, Skechers has developed its own unique Slip-ins technology and has obtained more than 140 utility and design patents worldwide, including in the United States, and has vigilantly enforced its patent rights, resulting in numerous judgements, injunctions and settlements around the world. Michael Greenberg, President of Skechers, stated, 'The timing of this lawsuit is curious, coming on the heels of Skechers announcing a $9.42 billion merger with 3G Capital. Kizik asserts that, 'at the heart of Skechers' hands-free shoes' are Kizik's patented technologies, yet Skechers has been advertising and selling its Slip-ins since December 2021 without so much as a letter from Kizik. Then, after the merger is announced, Kizik hires a law firm also used by Nike and attacks our whole Slip-ins product line. We believe that, after all these years of silence, the true motivation for this lawsuit might be found right on the face of Kizik's complaint, where they state that they are looking for a share of the $9.42 billion being paid for Skechers, money Kizik did not earn and does not deserve.' Mr. Greenberg continued: 'Hands-free footwear has been around for at least a century. It was not created in the 21 st Century in Utah. We have become the market leader in the hands-free footwear space by innovating – not imitating – this idea into a true hands-free fit with our own technology. Skechers invests tremendous resources into research and development to introduce its own fresh, unique and exciting footwear to customers year in and year out and will continue to do so, undeterred by transparent litigation efforts to thwart competition. We will aggressively challenge both the validity of the patents and the infringement claims.' About SKECHERS U.S.A., Inc. Skechers (NYSE:SKX), The Comfort Technology Company ® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company's collections are available in 180 countries and territories through department and specialty stores, and direct to consumers through and more than 5,300 Skechers retail stores. A Fortune 500 ® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit and follow us on Facebook, Instagram and TikTok. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers' future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as 'believe,' 'anticipate,' 'expect,' 'estimate,' 'intend,' 'plan,' 'project,' 'will,' 'could,' 'may,' 'might,' or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation, tariffs and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States, and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers' annual report on Form 10-K for the year ended December 31, 2024 and its quarterly reports on Form 10-Q in 2025. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
