Chesapeake Financial Shares Reports First Quarter Earnings

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Chesapeake Financial Shares reported first-quarter earnings of $3,694,765 for 2023, reflecting a 13.5% decrease from the previous year.

The earnings per share (EPS) were $0.780, down from $0.902 in Q1 2022. Total assets increased slightly to $1.33 billion. The company reported a nonperforming asset ratio of 0.535% and a net loan growth of 10.4%, totaling $744.8 million. The net interest margin rose to 3.58% compared to last year's 3.53%. The board declared a quarterly dividend of $0.15 per share, resulting in a dividend yield of 2.81%. Chesapeake Financial has maintained 30 consecutive years of dividend increases.

Positive

• Net loan growth of 10.4% to $744.8 million.
• Net interest margin increased to 3.58%.
• Declared a quarterly dividend of $0.15 per share.

Negative

• Earnings decreased by 13.5% from Q1 2022.
• Earnings per share (EPS) dropped from $0.902 to $0.780.

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KILMARNOCK, VA / ACCESSWIRE / April 25, 2023 / On behalf of Chesapeake Financial Shares, Inc. (parent company of both Chesapeake Bank and Chesapeake Wealth Management), Jeffrey M. Szyperski, Chairman of the Board & CEO, reported earnings for the first quarter of 2023 of $3,694,765, a 13.5% decrease from the first quarter of 2022. The reported earnings per share were $0.780 fully diluted compared to $0.902 fully diluted for the first quarter of 2022. Total assets ended the quarter at $1,331,356,695, up slightly from year-end.

"Asset quality remains extremely good," commented Szyperski. "Nonperforming assets were at 0.535% on March 31, 2023 compared to 0.457% on March 31, 2022. Net loan growth was 10.4% over the same time period to $744,786,042 at March 31, 2023. The net interest margin was 3.58% for the quarter ended March 31, 2023, slightly higher than the 3.53% at March 31, 2022. Our deposit base has held firm in the wake of the Silicon Valley Bank failure. The circumstances related to that failure were idiosyncratic to them and not correlated to what we do as an institution. The banking industry is in a strong position. With the rapid increase in rates over the past year, we anticipate continued pressure on our margin and active management of both our loan and deposit rates. Two of our divisions, Flexent and Chesapeake Payment Systems, both had an excellent quarter and have rebounded strongly from the pandemic dip."

At the April 21, 2023 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.15 per share effective June 1, 2023, payable on or before June 15, 2023. Currently the stock has a 2.81% dividend yield. The company has had 30 consecutive years of dividend increases.

For more information about Chesapeake Financial Shares stock (CPKF), or to receive daily e-mail alerts of our stock price, see www.chesapeakefinancialshares.com. To receive investor news updates about us visit our page on Proactive Investors (https://www.proactiveinvestors.com). The company is followed by Zacks Investment Research, and a copy of their report can also be found 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

SOURCE: Chesapeake Financial Shares Inc.

View source version on accesswire.com:
https://www.accesswire.com/751223/Chesapeake-Financial-Shares-Reports-First-Quarter-Earnings

FAQ

What were Chesapeake Financial Shares' earnings for Q1 2023?

Chesapeake Financial Shares reported earnings of $3,694,765 for the first quarter of 2023.

What is the dividend yield for Chesapeake Financial Shares?

The current dividend yield for Chesapeake Financial Shares is 2.81%.

What is the net interest margin for Chesapeake Financial in Q1 2023?

The net interest margin for Q1 2023 was 3.58%.

How much did earnings per share decrease for Chesapeake Financial Shares?

Earnings per share decreased from $0.902 to $0.780 compared to Q1 2022.

What was the net loan growth year-over-year for Chesapeake Financial Shares?

Net loan growth was 10.4% year-over-year.