Chesapeake Financial Shares Reports Earnings and Declares Dividend

Rhea-AI Summary

Chesapeake Financial Shares, Inc. reported a 42.6% decrease in earnings for calendar year 2023, with reported earnings per share of $2.151. The company ended the year with total assets of $1,471,046,795, a 10.7% increase over year-end 2022. Nonperforming assets decreased to 0.255% as of December 31, 2023, compared to 0.539% at December 31, 2022. Despite the challenging year, the company was named one of the 'Top 200 Community Banks' in the United States for the sixteenth consecutive year and one of the 'Best Banks to Work For' for the eleventh consecutive year. The Board declared a quarterly dividend of $0.155 per share, effective March 1, 2024, and the stock currently has a 3.06% dividend yield.

Positive

• None.

Negative

• 42.6% decrease in earnings for calendar year 2023
• Decrease in reported earnings per share from $3.730 in 2022 to $2.151 in 2023

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

KILMARNOCK, VA / ACCESSWIRE / January 23, 2024 / 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 earnings for calendar year 2023 of $10,119,738 representing a 42.6% decrease from 2022 earnings. The reported earnings per share were $2.151 fully diluted as compared to $3.730 in 2022. Chesapeake Financial Shares ended the year December 31, 2023 with total assets of $1,471,046,795, a 10.7% increase over year-end 2022. Nonperforming assets were 0.255% as of December 31, 2023 compared to 0.539% at December 31, 2022.

"2023 was a challenging year for Chesapeake Financial Shares as well as our industry. By far the primary cause of our lower performance as compared to 2022 was the tightening of our net interest margin. We anticipate this to greatly improve once interest rates normalize. Our specialty lines of business accounted for over 40% of our net income and helped greatly dampen the effect of our compressed margin. This diversification of income has always been one of our hallmarks," said Szyperski.

"Additionally, American Banker named us one of the ‘Top 200 Community Banks' in the United States for the sixteenth consecutive year and one of the ‘Best Banks to Work For' for the eleventh consecutive year. These awards are evidence of our consistently strong earnings and commitment to our employees," commented Szyperski.

At the January 19, 2024 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.155 per share effective March 1, 2024, payable on or before March 15, 2024. The company has increased its dividend for 31 consecutive years. The stock currently has a 3.06% 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.

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Contact:

Jeffrey M. Szyperski
1-800-434-1181

SOURCE: Chesapeake Financial Shares Inc.

View the original press release on accesswire.com

FAQ

What was the decrease in earnings for Chesapeake Financial Shares in 2023?

The earnings for calendar year 2023 decreased by 42.6% for Chesapeake Financial Shares.

What is the current dividend yield for CPKF stock?

The current dividend yield for CPKF stock is 3.06%.

What were the total assets of Chesapeake Financial Shares at the end of 2023?

Chesapeake Financial Shares had total assets of $1,471,046,795 at the end of 2023.

How many consecutive years has the company increased its dividend?

The company has increased its dividend for 31 consecutive years.

What percentage of nonperforming assets did the company have at the end of 2023?

The nonperforming assets were 0.255% as of December 31, 2023, compared to 0.539% at December 31, 2022.