Chesapeake Financial Shares Inc Announces Record 2021 Earnings

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Chesapeake Financial Shares Inc. (OTCQX:CPKF), the parent company of Chesapeake Bank and Chesapeake Wealth Management, reported record earnings of $15,009,514 for calendar year 2021.

That’s a 27.7% year-over-year increase, the company noted in a statement.

Chesapeake said reported earnings per share were $3,105 fully diluted compared to $2,395 EPS in 2020.

READ: Chesapeake Financial Shares boosts earnings on rising assets, falling non-performing loans

The company ended the year on December 31, 2021, with total assets of $1,385,816,175, an increase of 15% from year-end 2020. Non-performing assets were 0.490% as of December 31, 2021. December 2021, compared to 1.034% on December 31, 2020, which represents a 52.6% drop.

“Various sources fueled our year of record earnings, primarily Paycheck Protection Program fees, an incredibly strong mortgage market and solid balance sheet growth,” CEO Jeffrey Szyperski said.

“In addition to our strong earnings, American Banker named us one of the ‘Top 200 Community Banks’ in the United States for the fourteenth consecutive year and one of the ‘Best Banks to Work For’ for the ninth consecutive year. We have been committed community partners throughout this pandemic and our communities have, in turn, supported us. »

Meanwhile, at a January 21, 2022 board meeting, members declared a quarterly dividend of $0.14 per share effective March 1, 2022, payable no later than March 15, 2022. company has increased its dividend for 29 consecutive years. The stock currently has a dividend yield of 1.90%.

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