Chesapeake Financial Shares Reports First Quarter Earnings

Rhea-AI Summary

Chesapeake Financial Shares, Inc. reported first-quarter 2022 earnings of $4,273,458, an 18.8% decrease from Q1 2021. Adjusting for Paycheck Protection Program fees, this is a 13.6% increase year-over-year. Earnings per share were $0.902, down from $1.085 in Q1 2021. Total assets at quarter-end stood at $1.346 billion. Despite the decrease, asset quality improved with nonperforming assets dropping to 0.457%. The Board declared a quarterly dividend of $0.140, effective June 1, 2022, maintaining a 1.92% yield.

Positive

• Earnings increased by 13.6% when adjusted for PPP fees.
• Nonperforming assets improved to 0.457%, down from 1.026%.
• Continued dividend increases for 29 consecutive years.

Negative

• Reported earnings decreased by 18.8% compared to Q1 2021.
• Earnings per share fell to $0.902 from $1.085.

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KILMARNOCK, VA / ACCESSWIRE / April 19, 2022 / 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 2022 of $4,273,458, an 18.8% decrease from the first quarter of 2021. Adjusted for Paycheck Protection Program fees taken in the first quarter of 2021, this represents a 13.6% increase over the first quarter of last year. The reported earnings per share were $0.902 fully diluted compared to $1.085 fully diluted for the first quarter of 2021. Total assets ended the quarter at $1,346,135,792.

"Asset quality remains extremely good especially as we slowly come out of the pandemic and related shutdowns," said Szyperski. Nonperforming assets were at 0.457% on March 31, 2022 compared to 1.026% on March 31, 2021. "Specialty lines of business have continued their recovery through the first quarter, and it is anticipated they will continue this same trend. Mortgage originations still have a strong, consistent flow though at a lower level than 2021. The net interest margin was 3.53% for the quarter ended March 31, 2022."

At the April 15, 2022 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.140 per share effective June 1, 2022, payable on or before June 15, 2022. Currently the stock has a 1.92% dividend yield. The company has had 29 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/698014/Chesapeake-Financial-Shares-Reports-First-Quarter-Earnings

FAQ

What were Chesapeake Financial Shares' earnings for Q1 2022?

Chesapeake Financial Shares reported earnings of $4,273,458 for the first quarter of 2022.

How did Chesapeake Financial Shares perform compared to Q1 2021?

Earnings decreased by 18.8% compared to Q1 2021 but increased by 13.6% when adjusted for PPP fees.

What is the dividend yield for Chesapeake Financial Shares?

The current dividend yield for Chesapeake Financial Shares is 1.92%.

What is the earnings per share for Chesapeake Financial Shares for Q1 2022?

The earnings per share for Q1 2022 were $0.902, down from $1.085 in Q1 2021.

How did asset quality change for Chesapeake Financial Shares?

Nonperforming assets improved to 0.457% as of March 31, 2022, compared to 1.026% one year ago.