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A "Top 200 Community Bank" in the U.S. for the fifteenth consecutive year
KILMARNOCK, VA / ACCESSWIRE / July 19, 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 & CEO, reported earnings for the second quarter of 2022 of $4,063,623. This represents a 2.4% increase over the second quarter of last year. The second quarter of last year also included $660,000 of nonrecurring Paycheck Protection Program fees making the year-over-year increase 23% excluding these. The reported earnings per share were $0.861 fully diluted compared to $0.818 fully diluted for the second quarter of 2021. Total assets ended the quarter at $1,342,049,192.
"Asset quality is as strong as it has ever been as we proceed into potentially tumultuous times," said Szyperski. Nonperforming assets were at 0.460% on June 30, 2022 compared to 0.815% on June 30, 2021. "Specialty lines of business have continued their recovery through the second quarter, and it is anticipated they will continue this same trend. Mortgage originations still have a strong, consistent flow though at a lower level than 2021. We anticipate this slowing in the second half of 2022. The net interest margin was 3.74% for the quarter ended June 30, 2022."
At the July 15, 2022 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.150 per share effective September 1, 2022, payable on or before September 15, 2022. This represents a 7.1% increase over the prior quarter and furthers the 29-year history of consecutive dividend increases. Currently the stock has a 2.24% 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.
Contact: Jeffrey M. Szyperski - 804-435-4249; 1-800-434-1181
chesapeake financial shares, inc. operates as the bank holding company for chesapeake bank that provides various banking products and services for corporate and individual clients in virginia. it operates through commercial, commercial â real estate, consumer â non real estate, and residential â real estate segments. the company accepts interest and noninterest checking, savings, and money market accounts, as well as certificates of deposit. it also offers mortgage loans, single-family residential and residential construction loans, lines of credit, and consumer loans; and commercial loans, including owner-occupied commercial development, retail, builders/contractors, medical, service and professional, hospitality, nonprofits, marine industry, and agricultural and seafood loans. in addition, the company provides merchant processing services, accounts receivable financing, wealth management and trust, and cash management services. it operates through 15 branches, including 4 in north
