Chesapeake Financial Shares, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 22, 2023
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Chesapeake Financial Shares, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 10.2 million compared to USD 10.82 million a year ago. Net income was USD 3.04 million compared to USD 4.06 million a year ago. Basic earnings per share from continuing operations was USD 0.648 compared to USD 0.861 a year ago. Diluted earnings per share from continuing operations was USD 0.648 compared to USD 0.861 a year ago.
For the six months, net interest income was USD 20.75 million compared to USD 21.25 million a year ago. Net income was USD 6.74 million compared to USD 8.34 million a year ago. Basic earnings per share from continuing operations was USD 1.432 compared to USD 1.765 a year ago. Diluted earnings per share from continuing operations was USD 1.432 compared to USD 1.762 a year ago.
Chesapeake Financial Shares, Inc. is a bank holding company. The Company's principal business activity consists of ownership in Chesapeake Bank (the Bank) and Chesapeake Wealth Management, Inc. (CWM). The Bank is a full-service lender and provider of deposit services to individuals and businesses. The Bank operates approximately 16 branches in the Northern Neck, Middle Peninsula, Williamsburg and Richmond. The Bank offers mortgage, commercial, and consumer loans to its customers. Its loan portfolio includes commercial loans, such as non-real estate, commercial real estate, consumer non-real estate, and residential real estate. Its securities available for sale include securities of state and political subdivisions, mortgage-backed securities, and other debt securities. CWM is an independent wealth management firm offering brokerage, trust, and estate management services.