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The company said the large increases in net income and total assets from the previous year were largely due to government programs – both the Paycheck Protection Program (PPP) and other stimulus payments. federal.
Chesapeake Financial Shares, Inc. (), the parent company of Chesapeake Bank and Chesapeake Wealth Management, reported first quarter 2021 profit of $ 5,262,879, an increase of 56.3% from the first quarter of 2020 .
Reported earnings per share were $ 1.085 fully diluted compared to $ 0.679 fully diluted for the first quarter of 2020. Total assets ended the quarter at $ 1,238,292,086, an increase of 30.2% over the previous quarter. March 31, 2020.
READ: Chesapeake Financial Shares Posts Record Profits in 2020 Thanks to Asset Growth and Strong Mortgage Market
The company said the large increases in net income and total assets from the previous year were largely due to government programs – both the Paycheck Protection Program (PPP) and other stimulus payments. federal. PPP fees of $ 1.87 million were recorded in the first quarter of 2021.
Non-performing assets also decreased to 1.026% as of March 31, 2021, compared to 1.034% as of December 31, 2020.
“The quality of assets remains extremely good, especially as we are slowly emerging from the pandemic and associated closures,” said Jeffrey M. Szyperski, Chairman of the Board and CEO of Chesapeake Financial.
“The specialist industries continued to recover during the first quarter and are expected to continue the same trend. Mortgage operations are continuing near full capacity and have generated solid fee income, â€he added.
At a meeting on April 16, 2021, the board of directors of Chesapeake Financial declared a quarterly dividend of $ 0.130 per share effective June 1, 2021, payable no later than June 15, 2021.
Currently, the stock has a dividend yield of 2.14%. With an increase of $ 0.005 last quarter, the company continued a 29-year tradition of increasing dividends each year.
Contact the author at jon.hopkins@proactiveinvestors.com
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