KILMARNOCK — Chesapeake Financial Shares, Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, 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, which 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 Jeffrey M. Szyperski, Chairman of the Board and CEO.
Nonperforming assets were at 0.460% on June 30 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,” Syperski said. “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 Chesapeake Financial Shares Board of Directors meeting on July 15, the board declared a quarterly dividend of $0.150 per share effective Sept. 1, payable on or before Sept. 15.
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 on its stock price, visit chesapeakefinancialshares.com.
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The company is followed by Zacks Investment Research, and a copy of its report can also be found on this site or at www.zacks.com. Chesapeake Financial Shares is an over-the-counter, publicly traded stock.