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KILMARNOCK, VA / ACCESSWIRE / April 25, 2023 / 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 first quarter of 2023 of $3,694,765, a 13.5% decrease from the first quarter of 2022. The reported earnings per share were $0.780 fully diluted compared to $0.902 fully diluted for the first quarter of 2022. Total assets ended the quarter at $1,331,356,695, up slightly from year-end.
"Asset quality remains extremely good," commented Szyperski. "Nonperforming assets were at 0.535% on March 31, 2023 compared to 0.457% on March 31, 2022. Net loan growth was 10.4% over the same time period to $744,786,042 at March 31, 2023. The net interest margin was 3.58% for the quarter ended March 31, 2023, slightly higher than the 3.53% at March 31, 2022. Our deposit base has held firm in the wake of the Silicon Valley Bank failure. The circumstances related to that failure were idiosyncratic to them and not correlated to what we do as an institution. The banking industry is in a strong position. With the rapid increase in rates over the past year, we anticipate continued pressure on our margin and active management of both our loan and deposit rates. Two of our divisions, Flexent and Chesapeake Payment Systems, both had an excellent quarter and have rebounded strongly from the pandemic dip."
At the April 21, 2023 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.15 per share effective June 1, 2023, payable on or before June 15, 2023. Currently the stock has a 2.81% dividend yield. The company has had 30 consecutive years of dividend increases.
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
SOURCE: Chesapeake Financial Shares Inc.