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KILMARNOCK, VA / ACCESSWIRE / April 20, 2021 / 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 2021 of $5,262,879, a 56.3% increase over the first quarter of 2020. The reported earnings per share were $1.085 fully diluted compared to $0.679 fully diluted for the first quarter of 2020. Total assets ended the quarter at $1,238,292,086, a 30.2% increase over March 31, 2020. The large increases in both net income and total assets over the prior year have been largely driven by governmental programs - both the Paycheck Protection Program (PPP) and other Federal stimulus payments. PPP fees of $1.87 million were recognized in the first quarter of 2021.
"Asset quality remains extremely good especially as we slowly come out of the pandemic and related shutdowns," said Szyperski. Nonperforming assets were at 1.026% on March 31, 2021 compared to 1.034% on December 31, 2020. "Specialty lines of business have continued their recovery through the first quarter, and it is anticipated they will continue this same trend. Mortgage operations continue at close to full capacity and have provided strong fee income."
At the April 16, 2021 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.130 per share effective June 1, 2021, payable on or before June 15, 2021. Currently the stock has a 2.14% dividend yield. With a $0.005 increase last quarter, the company has continued a 29-year tradition of increasing dividends annually.
For more information about Chesapeake Financial Shares stock (CPKF), or to receive daily e-mail alerts of our stock price, see www.chesapeakefinancialshares.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.
View source version on accesswire.com:
https://www.accesswire.com/641380/Chesapeake-Financial-Shares-Reports-First-Quarter-Earnings
