Chesapeake Financial Shares Reports Second Quarter Earnings

Rhea-AI Summary

Chesapeake Financial Shares reports a solid second quarter for 2022 with earnings of $4,063,623, a 2.4% year-over-year increase. Excluding nonrecurring PPP fees, the growth is 23%. Earnings per share increased to $0.861 from $0.818. Total assets as of June 30, 2022, stood at $1.34 billion, with nonperforming assets down to 0.460%. A quarterly dividend of $0.150 was declared, marking a 7.1% increase and continuing a 29-year trend of dividend growth, with a current yield of 2.24%.

Positive

• Earnings for Q2 2022 increased by 2.4% YoY to $4,063,623.
• EPS rose to $0.861 from $0.818 in Q2 2021.
• Nonperforming assets decreased to 0.460% from 0.815% YoY.
• Quarterly dividend increased by 7.1% to $0.150.

Negative

• Mortgage originations are expected to slow in the second half of 2022.

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

KILMARNOCK, VA / ACCESSWIRE / July 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 second quarter of 2022 of $4,063,623. This represents a 2.4% increase over the second quarter of last year. The second quarter of last year also included $660,000 of nonrecurring Paycheck Protection Program fees making the year-over-year increase 23% excluding these. The reported earnings per share were $0.861 fully diluted compared to $0.818 fully diluted for the second quarter of 2021. Total assets ended the quarter at $1,342,049,192.

"Asset quality is as strong as it has ever been as we proceed into potentially tumultuous times," said Szyperski. Nonperforming assets were at 0.460% on June 30, 2022 compared to 0.815% on June 30, 2021. "Specialty lines of business have continued their recovery through the second 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. We anticipate this slowing in the second half of 2022. The net interest margin was 3.74% for the quarter ended June 30, 2022."

At the July 15, 2022 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.150 per share effective September 1, 2022, payable on or before September 15, 2022. This represents a 7.1% increase over the prior quarter and furthers the 29-year history of consecutive dividend increases. Currently the stock has a 2.24% 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 - 804-435-4249; 1-800-434-1181

SOURCE: Chesapeake Financial Shares, Inc.

View source version on accesswire.com:
https://www.accesswire.com/709039/Chesapeake-Financial-Shares-Reports-Second-Quarter-Earnings

FAQ

What are the earnings for Chesapeake Financial Shares (CPKF) in Q2 2022?

Chesapeake Financial Shares reported earnings of $4,063,623 for Q2 2022.

What was the EPS for Chesapeake Financial Shares in the second quarter of 2022?

The earnings per share (EPS) for Q2 2022 was $0.861.

What is the dividend declared by Chesapeake Financial Shares in July 2022?

The quarterly dividend declared is $0.150 per share, effective September 1, 2022.

What is the current dividend yield for Chesapeake Financial Shares (CPKF)?

The current dividend yield is 2.24%.

How did Chesapeake Financial Shares' asset quality change in Q2 2022?

Nonperforming assets decreased to 0.460% from 0.815% YoY.