Chesapeake Financial Shares Reports Third Quarter Results

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A “Top 200 Community Bank” in the United States for the fifteenth consecutive year

KILMARNCOK, VA/ACCESSWIRE/October 28, 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 third quarter of 2022 of $5,947,059. This represents an increase of 57.7% compared to the third quarter of last year. Third quarter earnings include a one-time $2.2 million gain on the sale of a partial stake in an investment brokerage firm. Reported earnings per share were $1.261 fully diluted, compared to $0.778 fully diluted for the third quarter of 2021. Total assets ended the quarter at $1,333,946,527.

“Asset quality is stronger than it has ever been as we navigate potentially tumultuous times,” Szyperski said. Non-performing assets were at 0.432% as of September 30, 2022 compared to 0.766% as of September 30, 2021. Loans outstanding increased by $19,160,019 from June 30, 2022, ending the quarter at $724,052,173. Net interest margin was 3.786% for the quarter ended September 30, 2022.”

At the October 21, 2022 meeting of the Chesapeake Financial Shares board of directors, the board declared a quarterly dividend of $0.150 per share effective December 1, 2022, payable no later than December 15, 2022. This extends the 29 years of consecutive dividend increases. . Currently, the stock has a dividend yield of 2.63%.

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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https://www.accesswire.com/722873/Chesapeake-Financial-Shares-Reports-Third-Quarter-Earnings

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