"Top 200 Community Bank" in the U.S. for the fourteenth consecutive year
KILMARNOCK, VA / ACCESSWIRE / October 19, 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 third quarter of 2021 of $3,771,100, an 11.5% increase over the third quarter of 2020. The reported earnings per share were $0.778 fully diluted compared to $0.692 fully diluted for the third quarter of 2020. Total assets ended the quarter at $1,328,771,210, a 10.3% increase over September 30, 2020.
"We have had an excellent 2021 thus far," stated Szyperski. "Nonperforming assets were 0.766% of total gross loans at September 30, 2021 compared to 0.868% at September 30, 2020. "We have been rigorously reviewing our loan portfolio since March 2020 and have been closely monitoring the effect the pandemic has had on our customers. Our loan customers have weathered all challenges well."
Earlier this year Chesapeake Bank was recognized for the fourteenth consecutive year by American Banker magazine as a "Top 200 Community Bank" in the nation based on a three-year average return on equity. "We are rooted in the communities we serve - this is one of the keys to our success. The interconnectedness our organization feels with the community drives our mission," commented Szyperski.
At their October 14, 2021 meeting, the Chesapeake Financial Shares Board of Directors declared a $0.14 per share dividend, payable on or about December 15, 2021, to shareholders of record at December 1, 2021. "We feel this is a very strong dividend given the current market price of our stock. This translates into an approximate 1.89% dividend yield on the current stock price.
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Jeffrey M. Szyperski
SOURCE: Chesapeake Financial Shares, Inc.