Chesapeake Financial Shares Reports Record Earnings and Declares Dividend

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

KILMARNOCK, VA / ACCESSWIRE / January 24, 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 and CEO, reported record earnings for calendar year 2021 of $15,009,514 representing a 27.7% increase over 2020 earnings. The reported earnings per share were $3.105 fully diluted as compared to $2.395 in 2020. Chesapeake Financial Shares ended the year December 31, 2021 with total assets of $1,385,816,175, a 15.0% increase over year-end 2020. Nonperforming assets were 0.490% as of December 31, 2021 compared to 1.034% at December 31, 2020 representing a 52.6% decrease.

"Fueling our record earnings year was a variety of sources, primarily Paycheck Protection Program fees, an incredibly strong mortgage market and solid balance sheet growth. In addition to our strong earnings, American Banker named us one of the ‘Top 200 Community Banks' in the United States for the fourteenth consecutive year and one of the ‘Best Banks to Work For' for the ninth consecutive year," commented Szyperski. "We have been committed community partners through this pandemic and our communities have, in turn, supported us."

At the January 21, 2022 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.14 per share effective March 1, 2022, payable on or before March 15, 2022. The company has increased its dividend for 29 consecutive years. The stock currently has a 1.90% dividend yield.

For more information about Chesapeake Financial Shares stock (OTCQX: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.

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