Chesapeake Financial Shares to Pay Quarterly Dividend of $ 0.13 by September 15

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Community bank based in Kilmarnock, Va. Has been resilient during the pandemic and supported the local community

Chesapeake Financial Shares Inc, the parent company of Chesapeake Bank and Chesapeake Wealth Management, has told shareholders that its third quarter dividend of $ 0.13 is payable on or before September 15, 2021.

At the end of the second quarter ended June 30, 2021, the community bank reported a profit of $ 3,967,880, an increase of 93% from the second quarter of the previous year. Reported earnings per share were $ 1.903 fully diluted, compared to $ 1.097 in 2Q 2020.

The drivers of the strong increase were a 26% increase in net interest income after allowance for loan losses and a 39% increase in total non-interest income, both of which were partially offset by an increase of 7% of total non-interest charges. Total assets ended the quarter at $ 1,292,730,673, an increase of 16% from June 30, 2020.

READ: Chesapeake Bank in good standing because it has well-designed technology to tackle the next round of PPP loans

As of the end of June 2021, Chesapeake Bank had recorded lending growth of 1.1%, or $ 7 million, and deposit growth of 15%, or 143.4 million.

At a July 16 board meeting, the Chesapeake board of directors declared a quarterly dividend of $ 0.130 per share effective September 1, 2021, payable no later than September 15, 2021. Currently, the The share has a dividend yield of 1.89%.

“Despite the trials and tribulations of the past year, the resilience of our employees has been exemplary and has helped us achieve these results,” said Jeffrey M. Szyperski, CEO of Chesapeake Bank, in a statement. “Organizationally, we think we are in an excellent position for 2022! “

Founded in 1900, Chesapeake Bank is a small business lender. Based in Kilmarnock, Virginia, it operates 16 community banks in the Northern Neck, Middle Peninsula, Williamsburg and Richmond areas.

Contact author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive


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