Chesapeake Financial Shares Inc.
Under the Symbol:
Chesapeake Financial Shares Reports First Quarter Earnings
Wednesday, April 8, 2020 9:20 AM
The Buck Stays Here - invest in your community bank
KILMARNOCK , VA / ACCESSWIRE / April 8, 2020 / On behalf of Chesapeake Financial Shares, Inc. (OTC PINK:CPKF) (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 2020 of $3,367,909, a 13.2% increase from the first quarter of 2019. The reported earnings per share were $0.679 fully diluted compared to $0.597 fully diluted for the first quarter of 2019. Total assets ended the quarter at $951,390,935, roughly level with December 31, 2019 total assets of $958,306,037.
"The coronavirus pandemic has affected many of our processes at Chesapeake but we are offering our full range of services, just in a different manner. With the vast majority of our employees working remotely our retail drive-throughs are still fully operational and lobby visits are limited to appointment only. With mortgage refinances running at records levels, we have staffed up our lending operation to handle this as well as processing Small Business Administration Paycheck Protection Program loans for our existing business customers as part of the CARES Act. I am personally very proud of the level of effort and acumen our employees have shown in this transitory time," commented Szyperski.
"With the rapid economic slowdown we continue to focus on our existing customers to insure we can assist them through this difficult trough. Nonperforming assets were at 0.89% on March 31, 2020 compared to 0.88% on December 31, 2019 and significantly down from 1.84% on March 31, 2019. We fully anticipate monitoring and assisting our customer base will keep us extremely busy for the foreseeable future," Szyperski added.
"Our corporate tagline is ‘It's All About Community' - a sentiment that has never been more important than today. We take this seriously and fiercely ascribe to the principle that a strong community bank requires a strong community. With this being our driver, we felt it important to release our earnings as soon as possible after quarter end. Our dividend declaration will be made after our April 17 Board of Directors meeting," Szyperski concluded.
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.