Chesapeake Financial Shares Reports Third Quarter Earnings

Rhea-AI Summary

Chesapeake Financial Shares announced third-quarter earnings of $3,771,100, marking an 11.5% increase year-over-year. The earnings per share rose to $0.778 from $0.692 in Q3 2020. Total assets increased by 10.3% to $1.33 billion. Nonperforming assets improved, dropping to 0.766% of gross loans. The company declared a dividend of $0.14 per share, resulting in an approximate 1.89% dividend yield based on current prices. Chesapeake Bank was recognized as a “Top 200 Community Bank” for the fourteenth consecutive year.

Positive

• Earnings increased by 11.5% to $3,771,100.
• Earnings per share rose to $0.778.
• Total assets grew by 10.3% to $1.33 billion.
• Nonperforming assets improved to 0.766% of gross loans.
• Dividend declared at $0.14 per share, yielding approximately 1.89%.

Negative

• None.

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

KILMARNOCK, VA / ACCESSWIRE / October 19, 2021 / 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 2021 of $3,771,100, an 11.5% increase over the third quarter of 2020. The reported earnings per share were $0.778 fully diluted compared to $0.692 fully diluted for the third quarter of 2020. Total assets ended the quarter at $1,328,771,210, a 10.3% increase over September 30, 2020.

"We have had an excellent 2021 thus far," stated Szyperski. "Nonperforming assets were 0.766% of total gross loans at September 30, 2021 compared to 0.868% at September 30, 2020. "We have been rigorously reviewing our loan portfolio since March 2020 and have been closely monitoring the effect the pandemic has had on our customers. Our loan customers have weathered all challenges well."

Earlier this year Chesapeake Bank was recognized for the fourteenth consecutive year by American Banker magazine as a "Top 200 Community Bank" in the nation based on a three-year average return on equity. "We are rooted in the communities we serve - this is one of the keys to our success. The interconnectedness our organization feels with the community drives our mission," commented Szyperski.

At their October 14, 2021 meeting, the Chesapeake Financial Shares Board of Directors declared a $0.14 per share dividend, payable on or about December 15, 2021, to shareholders of record at December 1, 2021. "We feel this is a very strong dividend given the current market price of our stock. This translates into an approximate 1.89% dividend yield on the current stock price.

For more information about Chesapeake Financial Shares stock (CPKF), or to receive daily e-mail alerts of our stock price, see www.chesapeakefinancialshares.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/668547/Chesapeake-Financial-Shares-Reports-Third-Quarter-Earnings

FAQ

What are the Q3 2021 earnings for CPKF?

Chesapeake Financial Shares reported Q3 2021 earnings of $3,771,100, an 11.5% increase from the previous year.

What is the earnings per share for CPKF in Q3 2021?

The earnings per share for CPKF in Q3 2021 was $0.778, up from $0.692 in Q3 2020.

How much did total assets increase for CPKF?

Total assets for Chesapeake Financial Shares increased by 10.3% to $1,328,771,210.

What is the dividend yield for CPKF?

The declared dividend of $0.14 per share translates into an approximate 1.89% dividend yield.

What recognition has CPKF received recently?

Chesapeake Bank was recognized for the fourteenth consecutive year as a 'Top 200 Community Bank' by American Banker magazine.