Chesapeake Financial Shares Reports Second Quarter Earnings and Declares Dividend
Rhea-AI Summary
Chesapeake Financial Shares (OTCQX:CPKF) reported second quarter 2024 earnings of $3,036,512, consistent with Q2 2023. Earnings per share were $0.646 fully diluted, compared to $0.648 in Q2 2023. Total assets increased by $62 million to $1,533,102,804. Nonperforming assets improved to 0.237% from 0.327% year-over-year.
The company declared a quarterly dividend of $0.155 per share, payable September 15, 2024, marking its 31st consecutive year of dividend increases. The stock currently yields 3.54%. Chesapeake Financial Shares was included in American Banker magazine's 'Top 100 Community Banks' for the 17th consecutive year, based on return on equity.
Positive
- Consistent earnings of $3,036,512 in Q2 2024 compared to Q2 2023
- Total assets increased by $62 million to $1,533,102,804
- Nonperforming assets improved to 0.237% from 0.327% year-over-year
- Declared quarterly dividend of $0.155 per share, marking 31st consecutive year of dividend increases
- Included in American Banker magazine's 'Top 100 Community Banks' for 17th consecutive year
Negative
- Slight decrease in earnings per share from $0.648 in Q2 2023 to $0.646 in Q2 2024
- Continued pressure on net interest margin due to rapid rise in interest rates
News Market Reaction – CPKF
On the day this news was published, CPKF gained 0.29%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
A "Top Performing" community bank" in the U.S. for the seventeenth consecutive year
KILMARNOCK, VA / ACCESSWIRE / July 23, 2024 / On behalf of Chesapeake Financial Shares, Inc. (OTCQX:CPKF)(parent company of both Chesapeake Bank and Chesapeake Wealth Management), Jeffrey M. Szyperski, Chairman of the Board and CEO, reported earnings for the second quarter of 2024 of
"The rapid rise in interest rates over the last two years has continued to put pressure on our net interest margin, but this has started to temper," Szyperski stated. "We are also pleased to be included in American Banker magazine's ‘Top 100 Community Banks' in the country for the 17th consecutive year. This has been trimmed from the ‘Top 200' in prior years and is based on our return on equity. We see it as an external testament to our continued strong performance."
At the July 19, 2024 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of
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.
Contact: Jeffrey M. Szyperski 1-800-434-1181
SOURCE: Chesapeake Financial Shares Inc.
View the original press release on accesswire.com
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