Chesapeake Financial Shares Reports Record Earnings and Declares Dividend

Rhea-AI Summary

Chesapeake Financial Shares reported record earnings of $17,628,587 for 2022, a 17.4% increase from 2021, with earnings per share of $3.73 compared to $3.11 in the previous year. The company has maintained a strong net interest margin of 3.93% and realized a one-time gain of $1.7 million from a brokerage sale. Total assets decreased by 4.1% to approximately $1.33 billion, while nonperforming assets rose slightly to 0.541%. The Board declared a quarterly dividend of $0.15 per share, reflecting 30 consecutive years of dividend increases. Chesapeake was recognized as one of the 'Top 200 Community Banks' for the fifteenth consecutive year.

Positive

• Record earnings of $17,628,587, a 17.4% increase from 2021
• Earnings per share rose to $3.73 from $3.11 in 2021
• Strong net interest margin of 3.93%
• Declared a quarterly dividend of $0.15 per share
• 30 consecutive years of dividend increases
• One-time gain of $1.7 million from brokerage sale
• Recognized as a 'Top 200 Community Bank' for 15 years

Negative

• Total assets decreased by 4.1% to approximately $1.33 billion
• Nonperforming assets increased to 0.541% from 0.490%

A "Top 200 Community Bank" in the U.S. for the fifteenth consecutive year

KILMARNCOK, VA / ACCESSWIRE / January 24, 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 and CEO, reported record earnings for calendar year 2022 of $17,628,587 representing a 17.4% increase over 2021 earnings. The reported earnings per share were $3.73 fully diluted as compared to $3.11 in 2021. Chesapeake Financial Shares ended the year December 31, 2022 with total assets of $1,328,997,182, a 4.1% decrease from year-end 2021. Nonperforming assets were 0.541% as of December 31, 2022 compared to 0.490% at December 31, 2021. Additionally, recoveries exceeded charge-offs for the year by $86,722 further reflecting strong asset quality.

"Our strong earnings were largely boosted by our strong net interest margin," said Szyperski. "We were able to not increase our deposit rates on par with the Federal Reserve rate increases due to the high liquidity we maintained coming through the pandemic. Additionally, we recorded a one-time gain of $1.7 million (net of tax) from the sale of our partial interest in an investment brokerage firm in the third quarter. The net interest margin was 3.93% for the quarter ended December 31, 2022. In addition to our strong earnings, American Banker named us one of the ‘Top 200 Community Banks' in the United States for the fifteenth consecutive year and one of the ‘Best Banks to Work For' for the tenth consecutive year. We have been committed community partners and our communities have, in turn, supported us."

At the January 20, 2023 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.15 per share effective March 1, 2023, payable on or before March 15, 2023. The company has increased its dividend for 30 consecutive years. The stock currently has a 2.78% dividend yield.

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 1-800-434-1181

SOURCE: Chesapeake Financial Shares Inc.

View source version on accesswire.com:
https://www.accesswire.com/736521/Chesapeake-Financial-Shares-Reports-Record-Earnings-and-Declares-Dividend

FAQ

What were Chesapeake Financial Shares' earnings for 2022?

Chesapeake Financial Shares reported record earnings of $17,628,587 for 2022.

What is the EPS for Chesapeake Financial Shares in 2022?

The earnings per share for 2022 were $3.73, up from $3.11 in 2021.

What is the current dividend yield for CPKF?

The current dividend yield for Chesapeake Financial Shares (CPKF) is 2.78%.

How long has Chesapeake Financial Shares been increasing its dividends?

Chesapeake Financial Shares has increased its dividend for 30 consecutive years.

What is the status of Chesapeake Financial Shares' assets?

As of December 31, 2022, total assets decreased by 4.1% to approximately $1.33 billion.

What recognition did Chesapeake Financial Shares receive in 2023?

Chesapeake Financial Shares was named one of the 'Top 200 Community Banks' for the fifteenth consecutive year.