Chesapeake Financial Shares Inc (OTCQX:CPKF), the parent company of Chesapeake Bank and Chesapeake Wealth Management, posted a profit of $4.27 million in the first quarter, showing that asset quality remains strong.
After adjusting for the Paycheck Protection Program fee taken in Q1 2021, this represents a 13.6% increase from Q1 2021, the company noted.
For the period ended March 31, 2022, the Kilmarnock, Va.-based community bank reported fully diluted earnings per share of $0.902, compared to fully diluted earnings per share of $1.085 for the first quarter of 2021.
READ: Chesapeake Financial announces record revenue for 2021
The bank’s total assets at the end of the quarter were $1,346,135,792.
“Asset quality remains extremely good, especially as we slowly emerge from the pandemic and associated shutdowns,” Chesapeake Bank CEO Jeffrey Szyperski said in a statement.
The bank’s non-performing assets were at 0.457% as of March 31, 2022, from 1.026% as of March 31, 2021.
“Specialty businesses continued their recovery during the first quarter, and they are expected to continue this same trend,” Szyperski added. margin was 3.53% for the quarter ended March 31, 2022.”
At Chesapeake’s April 15, 2022 financial meeting, the board declared a quarterly dividend of $0.140 per share effective June 1, 2022, payable no later than June 15, 2022.
Currently, Chesapeake stock has a dividend yield of 1.92%. Significantly, the company has had 29 consecutive years of dividend increases.
Founded in 1900, Chesapeake Bank is a small business lender. Based in Kilmarnock, Va., it operates 16 community banks in the Northern Neck, Middle Peninsula, Williamsburg and Richmond area.
Contact author Uttara Choudhury at uttara@proactiveinvestors.com
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