Chesapeake Financial Shares Reports Third Quarter Earnings

Rhea-AI Summary

Chesapeake Financial Shares reports a 58% decrease in earnings for the third quarter of 2023. Total assets slightly increased. Nonperforming assets decreased from last year. Net interest margin was 3.366%. The acquisition of a smaller factoring firm increased Flexent net income by 73%.

Positive

• Chesapeake Financial Shares reported earnings of $2,477,896 for Q3 2023, a 58% decrease from last year. Total assets increased slightly. Nonperforming assets decreased to 0.376% from 0.431%. Net interest margin was 3.366%. The acquisition of a smaller factoring firm increased Flexent net income by 73%.

Negative

• None.

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KILMARNOCK, VA / ACCESSWIRE / October 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 & CEO, reported earnings for the third quarter of 2023 of $2,477,896, a 58% decrease from the third quarter of 2022. The third quarter of 2022 did include a non-recurring pre-tax gain of $2.2 million resulting from the sale of a partial interest in an investment brokerage firm. The reported earnings per share were $0.526 fully diluted compared to $1.261 fully diluted for the third quarter of 2022. Total assets ended the quarter at $1,382,205,095, up slightly from year-end.

"Asset quality remains extremely good," commented Szyperski. "Nonperforming assets were at 0.376% on September 30, 2023 compared to 0.431% on September 30, 2022. The net interest margin was 3.366% for the quarter ended September 30, 2023. The continued strengths of our Flexent and Chesapeake Payment Systems divisions are keeping our non-interest income strong in this inverted yield curve environment. The acquisition of the assets of a smaller factoring firm effective May 1^st has bolstered Flexent net income 73% over the third quarter of last year. We anticipate a continued strong contribution from this division going forward."

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.

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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/795979/chesapeake-financial-shares-reports-third-quarter-earnings

FAQ

What were the earnings for Chesapeake Financial Shares in Q3 2023?

Chesapeake Financial Shares reported earnings of $2,477,896 for the third quarter of 2023.

What was the decrease in earnings compared to last year?

Earnings for Q3 2023 decreased by 58% compared to the third quarter of 2022.

What was the net interest margin for Q3 2023?

The net interest margin for the quarter ended September 30, 2023, was 3.366%.

How did the acquisition of a smaller factoring firm impact Flexent net income?

The acquisition of a smaller factoring firm increased Flexent net income by 73% over the third quarter of last year.