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A "Top 200 Community Bank" in the U.S. for the fifteenth consecutive year
KILMARNCOK, VA / ACCESSWIRE / October 28, 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 third quarter of 2022 of $5,947,059. This represents a 57.7% increase over the third quarter of last year. Included in the third quarter earnings is a $2.2 million one-time gain on the sale of a partial interest in an investment brokerage firm. The reported earnings per share were $1.261 fully diluted compared to $0.778 fully diluted for the third quarter of 2021. Total assets ended the quarter at $1,333,946,527.
"Asset quality is as strong as it has ever been as we proceed into potentially tumultuous times," said Szyperski. Nonperforming assets were at 0.432% on September 30, 2022 compared to 0.766% on September 30, 2021. Loans outstanding increased by $19,160,019 from June 30, 2022, ending the quarter at $724,052,173. The net interest margin was 3.786% for the quarter ended September 30, 2022."
At the October 21, 2022 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.150 per share effective December 1, 2022, payable on or before December 15, 2022. This furthers the 29-year history of consecutive dividend increases. Currently the stock has a 2.63% 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
