KILMARNOCK — Chesapeake Financial Shares, Inc., parent company of Chesapeake Bank and Chesapeake Wealth Management, reported second-quarter 2022 earnings of $4,063,623.
This represents a 2.4% increase over the second quarter of last year, which also included $660,000 of one-time Paycheck Protection Program charges, making the year-over-year increase on the other 23% excluding these.
Reported earnings per share were $0.861 fully diluted, compared to $0.818 fully diluted for the second quarter of 2021. Total assets ended the quarter at $1,342,049,192.
“Asset quality is stronger than ever as we navigate potentially tumultuous times,” said Jeffrey M. Szyperski, Chairman and Chief Executive Officer.
Non-performing assets were at 0.460% as of June 30 versus 0.815% as of June 30, 2021.
“Specialty businesses continued their recovery during the second quarter, and they are expected to continue this same trend,” Syperski said. “Mortgage issuance continues to have a solid and consistent flow, albeit at a lower level than in 2021. We expect this slowdown in the second half of 2022. Net interest margin was 3.74% for the quarter closed on June 30, 2022.”
At the Chesapeake Financial Shares board meeting on July 15, the board declared a quarterly dividend of $0.150 per share beginning September 1, payable no later than September 15.
This represents a 7.1% increase over the prior quarter and extends 29 years of consecutive dividend increases. Currently, the stock has a dividend yield of 2.24%.
For more information on Chesapeake Financial Shares (CPKF) stock or to receive daily stock price alerts by email, visit chesapeakefinancialshares.com.
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The company is tracked by Zacks Investment Research, and a copy of its report is also available on that site or at www.zacks.com. Chesapeake Financial Shares is an over-the-counter publicly traded stock.