Chesapeake Financial Shares : Reports First Quarter Earnings
April 19, 2022 at 02:34 pm EDT
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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.
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Chesapeake Financial Shares Inc. published this content on 19 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2022 18:33:02 UTC.
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.