Chesapeake Financial Shares Reports Third Quarter Earnings

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

SOURCE: Chesapeake Financial Shares, Inc.