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KILMARNOCK, VA / ACCESSWIRE / October 24, 2023 / 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 2023 of $2,477,896, a 58% decrease from the third quarter of 2022. The third quarter of 2022 did include a non-recurring pre-tax gain of $2.2 million resulting from the sale of a partial interest in an investment brokerage firm. The reported earnings per share were $0.526 fully diluted compared to $1.261 fully diluted for the third quarter of 2022. Total assets ended the quarter at $1,382,205,095, up slightly from year-end.
"Asset quality remains extremely good," commented Szyperski. "Nonperforming assets were at 0.376% on September 30, 2023 compared to 0.431% on September 30, 2022. The net interest margin was 3.366% for the quarter ended September 30, 2023. The continued strengths of our Flexent and Chesapeake Payment Systems divisions are keeping our non-interest income strong in this inverted yield curve environment. The acquisition of the assets of a smaller factoring firm effective May 1st has bolstered Flexent net income 73% over the third quarter of last year. We anticipate a continued strong contribution from this division going forward."
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.
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Contact: Jeffrey M. Szyperski - 804-435-4249; 1-800-434-1181
SOURCE: Chesapeake Financial Shares Inc.