Chesapeake Financial Shares Reports Earnings and Declares Dividend

Rhea-AI Summary

Chesapeake Financial Shares reported strong financial results for 2024, with earnings of $11,427,860, marking a 12.9% increase from 2023. The company achieved earnings per share of $2.422 fully diluted, up from $2.151 in 2023. Total assets reached $1,524,646,193, representing a 3.96% year-over-year growth.

The company demonstrated stable performance with nonperforming assets at 0.328% as of December 31, 2024. The Board declared a quarterly dividend of $0.16 per share, payable March 15, 2025, maintaining their 32-year streak of dividend increases. The stock currently yields 3.47%.

Notable achievements include being named one of the 'Top Performing Community Banks' by American Banker for the seventeenth consecutive year and one of the 'Best Banks to Work For' for the twelfth consecutive year.

Positive

• 12.9% increase in annual earnings to $11,427,860
• 12.6% growth in EPS from $2.151 to $2.422
• 3.96% increase in total assets to $1.52B
• 32 consecutive years of dividend increases
• Strong performance across lending, deposits, and wealth management divisions

Negative

• Increase in nonperforming assets from 0.255% to 0.328% year-over-year

A "Top Performing Community Bank" in the U.S. for the seventeenth consecutive year

KILMARNOCK, VA / ACCESS Newswire / January 21, 2025 / 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 2024 of $11,427,860 representing a 12.9% increase over 2023 earnings. The reported earnings per share were $2.422 fully diluted as compared to $2.151 in 2023. Chesapeake Financial Shares ended the year December 31, 2024 with total assets of $1,524,646,193, a 3.96% increase over year-end 2023. Nonperforming assets were 0.328% as of December 31, 2024 compared to 0.255% at December 31, 2023.

"2024 was a welcomed year of relative interest rate stability and solid deposit growth. Our lending, both from a volume as well as a rate perspective, showed consistent strength throughout the year despite higher rates. Additionally, Chesapeake Payment Systems, Flexent and Chesapeake Wealth Management all posted solid net income increases," said Szyperski.

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

At the January 17, 2025 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.16 per share effective March 1, 2025, payable on or before March 15, 2025. The company has increased its dividend for 32 consecutive years. The stock currently has a 3.47% 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. For a copy of the company's financial statements, please click here. 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. Follow Chesapeake Bank on Facebook, Instagram, Threads, X, LinkedIn, and YouTube.

Contact: Jeffrey M. Szyperski 1-800-434-1181

SOURCE: Chesapeake Financial Shares Inc.

View the original press release on ACCESS Newswire

FAQ

What was Chesapeake Financial Shares (CPKF) earnings growth in 2024?

Chesapeake Financial Shares reported earnings of $11,427,860 for 2024, representing a 12.9% increase compared to 2023.

What is CPKF's latest quarterly dividend amount and payment date?

CPKF declared a quarterly dividend of $0.16 per share, payable on or before March 15, 2025, with an effective date of March 1, 2025.

What was Chesapeake Financial Shares' (CPKF) EPS for 2024?

CPKF reported earnings per share of $2.422 fully diluted for 2024, compared to $2.151 in 2023.

What is CPKF's current dividend yield?

The stock currently has a 3.47% dividend yield.

How much did CPKF's total assets grow in 2024?

Total assets grew by 3.96% to $1,524,646,193 by the end of December 31, 2024.

What was CPKF's nonperforming assets ratio in 2024?

Nonperforming assets were 0.328% as of December 31, 2024, compared to 0.255% at December 31, 2023.