Chesapeake Financial Shares Reports Record Earnings and Declares Dividend

Rhea-AI Summary

Chesapeake Financial Shares reported record earnings of $15,009,514 for 2021, a 27.7% increase from 2020. Earnings per share rose to $3.105 compared to $2.395 the previous year. Total assets grew by 15.0% to $1,385,816,175, while nonperforming assets decreased by 52.6% to 0.490%. The Board declared a quarterly dividend of $0.14, with a 1.90% yield, marking 29 years of consistent increases. Chesapeake was also recognized as a top community bank for the fourteenth year in a row.

Positive

• Record earnings of $15,009,514 for 2021, a 27.7% increase compared to 2020.
• Earnings per share increased to $3.105 from $2.395.
• Total assets rose by 15.0% to $1,385,816,175.
• Nonperforming assets decreased by 52.6% to 0.490%.
• Quarterly dividend declared at $0.14, marking 29 consecutive years of increases.

Negative

• None.

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

KILMARNOCK, VA / ACCESSWIRE / January 24, 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 and CEO, reported record earnings for calendar year 2021 of $15,009,514 representing a 27.7% increase over 2020 earnings. The reported earnings per share were $3.105 fully diluted as compared to $2.395 in 2020. Chesapeake Financial Shares ended the year December 31, 2021 with total assets of $1,385,816,175, a 15.0% increase over year-end 2020. Nonperforming assets were 0.490% as of December 31, 2021 compared to 1.034% at December 31, 2020 representing a 52.6% decrease.

"Fueling our record earnings year was a variety of sources, primarily Paycheck Protection Program fees, an incredibly strong mortgage market and solid balance sheet growth. In addition to our strong earnings, American Banker named us one of the ‘Top 200 Community Banks' in the United States for the fourteenth consecutive year and one of the ‘Best Banks to Work For' for the ninth consecutive year," commented Szyperski. "We have been committed community partners through this pandemic and our communities have, in turn, supported us."

At the January 21, 2022 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.14 per share effective March 1, 2022, payable on or before March 15, 2022. The company has increased its dividend for 29 consecutive years. The stock currently has a 1.90% dividend yield.

For more information about Chesapeake Financial Shares stock (OTCQX: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/685242/Chesapeake-Financial-Shares-Reports-Record-Earnings-and-Declares-Dividend

FAQ

What were Chesapeake Financial Shares' earnings for 2021?

Chesapeake Financial Shares reported record earnings of $15,009,514 for 2021.

How much did the earnings per share increase for Chesapeake Financial Shares in 2021?

Earnings per share increased to $3.105 in 2021, up from $2.395 in 2020.

What is the dividend yield for Chesapeake Financial Shares?

The dividend yield for Chesapeake Financial Shares is currently 1.90%.

How long has Chesapeake Financial Shares consistently increased its dividends?

Chesapeake Financial Shares has increased its dividends for 29 consecutive years.

What recognition did Chesapeake Financial Shares receive in 2021?

Chesapeake Financial Shares was named one of the 'Top 200 Community Banks' in the U.S. for the fourteenth consecutive year.