A “Top 200 Community Bank” in the United States for the fifteenth consecutive year
KILMARNOCK, VA/ACCESSWIRE/July 19, 2022/ On behalf of Chesapeake Financial Shares, Inc. (parent company of Chesapeake Bank and Chesapeake Wealth Management), Jeffrey M. Szyperski, Chairman and Chief Executive Officer, reported earnings for the second quarter of 2022 of $4,063,623. This represents an increase of 2.4% compared to the second quarter of last year. The second quarter of last year also included $660,000 of one-time Paycheck Protection Program charges, making the year-over-year increase of 23% excluding those. 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 it has ever been as we navigate potentially tumultuous times,” Szyperski said. Non-performing assets amounted to 0.460% as of June 30, 2022, compared to 0.815% as of June 30, 2021. a strong and constant flow but at a lower level than in 2021. We anticipate this slowdown in the second half of 2022. Net margin interest was 3.74% for the quarter ended June 30, 2022.”
At the July 15, 2022 Chesapeake Financial Shares board meeting, the board declared a quarterly dividend of $0.150 per share effective September 1, 2022, payable no later than September 15, 2022. This represents an increase up 7.1% from the previous quarter and continues the 29-year history 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 email alerts on our stock price, visit www.chesapeakefinancialshares.com. To receive investor news about us, visit our page on Proactive Investors (https://www.proactiveinvestors.com). The company is tracked by Zacks Investment Research, and a copy of their report is also available 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
THE SOURCE: Chesapeake Financial Shares, Inc.
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