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Chesapeake Financial Shares Reports First Quarter Earnings

April 19, 2022 at 14:15 PM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

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KILMARNOCK, VA / ACCESSWIRE / April 19, 2022 / On behalf of Chesapeake Financial Shares, Inc. (parent company of both Chesapeake Bank and Chesapeake Wealth Management), Jeffrey M. Szyperski, Chairman of the Board & CEO, reported earnings for the first quarter of 2022 of $4,273,458, an 18.8% decrease from the first quarter of 2021. Adjusted for Paycheck Protection Program fees taken in the first quarter of 2021, this represents a 13.6% increase over the first quarter of last year. The reported earnings per share were $0.902 fully diluted compared to $1.085 fully diluted for the first quarter of 2021. Total assets ended the quarter at $1,346,135,792.

"Asset quality remains extremely good especially as we slowly come out of the pandemic and related shutdowns," said Szyperski. Nonperforming assets were at 0.457% on March 31, 2022 compared to 1.026% on March 31, 2021. "Specialty lines of business have continued their recovery through the first quarter, and it is anticipated they will continue this same trend. Mortgage originations still have a strong, consistent flow though at a lower level than 2021. The net interest margin was 3.53% for the quarter ended March 31, 2022."

At the April 15, 2022 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.140 per share effective June 1, 2022, payable on or before June 15, 2022. Currently the stock has a 1.92% dividend yield. The company has had 29 consecutive years of dividend increases.

For more information about Chesapeake Financial Shares stock (CPKF), or to receive daily e-mail alerts of our stock price, see www.chesapeakefinancialshares.com. To receive investor news updates about us visit our page on Proactive Investors (https://www.proactiveinvestors.com). The company is followed by Zacks Investment Research, and a copy of their report can also be found on this site or at www.zacks.com. Chesapeake Financial Shares is an over-the-counter, publicly traded stock. "Like" Chesapeake Bank on Facebook and follow us on LinkedIn, Twitter, and Instagram.

CONTACT:

Jeffrey M. Szyperski
804-435-4249
1-800-434-1181

SOURCE: Chesapeake Financial Shares, Inc.

View source version on accesswire.com:
https://www.accesswire.com/698014/Chesapeake-Financial-Shares-Reports-First-Quarter-Earnings