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KILMARNOCK, VA / ACCESSWIRE / July 23, 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 second quarter of 2021 of $3,967,880, a 93% increase over the second quarter of 2020. The reported earnings per share were $1.903 fully diluted compared to $1.097 through the second quarter of 2020. The drivers of the large increase were a 26% increase in net interest income after the provision for loan losses and a 39% increase in total noninterest income, both being partially offset by a 7% increase in total noninterest expense. Total assets ended the quarter at $1,292,730,673, a 16% increase over June 30, 2020.
Nonperforming assets were at 0.815% on June 30, 2021 compared to 0.749% on June 30, 2020. Szyperski stated, "Our asset quality remained strong throughout the pandemic and remains so as we climb our way back to normal operations. Mortgage operations continue to provide strong fee income. The fee income recognized from the Paycheck Protection Program was $660,112 in the second quarter, further bolstering earnings. Additionally, $730,035 in gains on security sales were realized in the second quarter adding to the strong results."
At the July 16, 2021 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.130 per share effective September 1, 2021, payable on or before September 15, 2021. Currently the stock has a 1.89% dividend yield.
"Despite the trials and tribulations of the past year, the resiliency of our employees has been exemplary and helped us achieve these results," Szyperski noted. "Organizationally, we feel we are in a great position looking toward 2022!"
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/656806/Chesapeake-Financial-Shares-Reports-Second-Quarter-Earnings
