Chesapeake Financial Shares : 1st Qtr. 2022 Financials

March 31, 2022	December 31, 2021
Assets
Cash and due from banks	$28,364,039	$18,600,125
Interest-bearing deposits in banks and federal funds sold	3,204,836	2,189,615
Securities available for sale, at fair value	529,659,045	600,644,067
Other investments, at cost	3,458,500	5,547,600
Loans held for sale	1,846,000	618,000
Small Business Administration Payroll Protection Program loans receivable, net of fees	859,743	2,642,603
Loans, net of allowance for loan losses of $6,969,002 as of March 31, 2022
and $6,793,400 as of December 31, 2021	673,699,046	656,785,773
Cash management accounts, net of allowance of $1,518,227 as of March 31, 2022
and $1,426,204 as of December 31, 2021	25,631,401	26,377,378
Commercial mortgage loan repurchase facilities	8,791,311	5,084,305
Premises and equipment, net	22,889,810	22,779,715
Accrued interest receivable	6,267,224	6,253,845
Bank-owned life insurance	17,493,604	17,331,209
Bank-owned annuity contract	3,576,554	3,616,990
Foreclosed assets	1,111,812	1,278,062
Other assets	19,282,867	16,066,888
Total assets	$1,346,135,792	$1,385,816,175
Liabilities and Shareholders' Equity
Deposits
Demand accounts	$340,712,682	$313,857,448
Savings and interest-bearing demand deposits	695,114,062	671,804,955
Certificates of deposits	125,219,373	139,309,104
Total deposits	$1,161,046,117	$1,124,971,507
Short-term debt	50,090,000	99,046,000
Trust preferred capital notes	5,155,000	5,155,000
Subordinated notes	20,000,000	20,000,000
Accrued interest payable	241,719	112,818
Other liabilities	8,562,177	10,393,963
Total liabilities	$1,245,095,013	$1,259,679,288
Shareholders' equity
Preferred stock, par value $1 per share; authorized
50,000 shares; none outstanding	$0	$0
23,450,845	23,484,300
0	0
14,386,438	14,806,975
80,427,355	76,815,064
(17,223,859)	11,030,548
$101,040,779	$126,136,887
$1,346,135,792	$1,385,816,175

Common stock, par value $5 per share, voting

• Shares authorized 5,760,000 5,760,000

• Shares outstanding 4,722,784 4,729,475

Common stock, par value $5 per share, non-voting; authorized 635,000 shares; none outstanding Additional paid-in capital

Retained earnings

Accumulated other comprehensive (loss) income Total shareholders' equity

Total liabilities and shareholders' equity

Mar 2022

Dec 2021

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March 31, 2022	March 31, 2021
Assets
Cash and due from banks	$28,364,039	$23,801,298
Interest-bearing deposits in banks and federal funds sold	3,204,836	24,765,213
Securities available for sale, at fair value	529,659,045	481,234,824
Other investments, at cost	3,458,500	3,710,100
Loans held for sale	1,846,000	1,490,040
Small Business Administration Payroll Protection Program loans receivable, net of fees	859,743	56,264,083
Loans, net of allowance for loan losses of $6,969,002 as of March 31, 2022
and $7,475,335 as of March 31, 2021	673,699,046	557,200,610
Cash management accounts, net of allowance of $1,518,227 as of March 31, 2022
and $1,964,995 as of March 31, 2021	25,631,401	15,966,674
Commercial mortgage loan repurchase facilities	8,791,311	8,277,140
Premises and equipment, net	22,889,810	21,959,400
Accrued interest receivable	6,267,224	6,082,067
Bank-owned life insurance	17,493,604	17,844,190
Bank-owned annuity contract	3,576,554	3,577,122
Foreclosed assets	1,111,812	4,041,862
Other assets	19,282,867	12,077,463
Total assets	$1,346,135,792	$1,238,292,086
Liabilities and Shareholders' Equity
Deposits
Demand accounts	$340,712,682	$277,479,439
Savings and interest-bearing demand deposits	695,114,062	606,271,201
Certificates of deposits	125,219,373	168,277,465
Total deposits	$1,161,046,117	$1,052,028,105
Short-term debt	50,090,000	50,000,000
Trust preferred capital notes	5,155,000	5,155,000
Subordinated notes	20,000,000	0
Accrued interest payable	241,719	186,886
Other liabilities	8,562,177	8,948,892
Total liabilities	$1,245,095,013	$1,116,318,883
Shareholders' equity
Preferred stock, par value $1 per share; authorized
50,000 shares; none outstanding	$0	$0
23,450,845	24,027,580
0	0
14,386,438	17,656,842
80,427,355	68,990,327
(17,223,859)	11,298,454
$101,040,779	$121,973,203
$1,346,135,792	$1,238,292,086

Common stock, par value $5 per share, voting Mar 2022

Shares authorized 5,760,000 5,760,000

Shares outstanding 4,722,784 4,836,546 Common stock, par value $5 per share, non-voting; authorized 635,000 shares; none outstanding Additional paid-in capital

Retained earnings

Accumulated other comprehensive (loss) income Total shareholders' equity

Total liabilities and shareholders' equity

Mar 2021

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Consolidated Statements of Income

Three Months Ended

March 31,

2022	2021
Interest and Dividend Income
Interest and fees on loans	$7,652,666	$8,925,554
Interest on interest-bearing deposits and federal funds sold	2,942	12,760
Interest and dividends on securities available for sale	3,239,834	2,711,816
Total interest and dividend income	$10,895,442	$11,650,130
Interest Expense
Savings and interest-bearing demand deposits	$116,866	$184,856
Certificates of deposit	253,676	581,059
Short-term debt	8,016	8,710
Long-term debt and trust preferred capital notes	95,866	107,406
Total interest expense	$474,424	$882,031
Net interest income	$10,421,018	$10,768,099
Provision for loan losses	174,999	174,999
Net interest income after provision for loan losses	$10,246,019	$10,593,100
Noninterest Income
Trust and wealth management income	$1,134,712	$1,076,109
Service charges	227,349	166,646
Net losses on sales of securities available for sale	(3,464,685)	0
Mortgage banking income	616,363	845,794
Merchant services income, net	987,634	1,036,286
Cash management fee income	702,788	448,613
Other income	4,861,379	1,348,270
Total noninterest income	$5,065,540	$4,921,718
Noninterest Expense
Salaries	$4,322,621	$4,051,582
Employee benefits	1,382,076	1,194,160
Occupancy expense	867,053	804,809
Net loss on foreclosed assets	24,994	170,000
Provision for cash management account losses	60,000	30,000
Other expense	3,665,750	2,956,627
Total noninterest expense	$10,322,494	$9,207,178
Income before income taxes	$4,989,065	$6,307,640
Income tax expense	715,607	1,044,761
Net income	$4,273,458	$5,262,879
Earnings per share, basic	$0.904	$1.089
Earnings per share, diluted	$0.902	$1.085
Dividends per share	$0.140	$0.125

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