Financial shares

Chesapeake Financial Shares Inc. Boosts Profits Thanks to Rising Assets and Falling NPLs

At the end of the third quarter ended September 30, 2021, the community bank reported profit of $ 3,771,100, an increase of 11.5% from the third quarter of the previous year.

Chesapeake Financial Shares Inc, the parent company of Chesapeake Bank and Chesapeake Wealth Management, told shareholders it increased third-quarter earnings by increasing assets and improving non-performing loans after reviewing its loan portfolio .

At the end of the third quarter ended September 30, 2021, the community bank reported a profit of $ 3,771,100, an increase of 11.5% from the third quarter of the previous year. Reported earnings per share (EPS) was $ 0.778 fully diluted, compared to $ 0.692 in Q3 2020.

Total assets at the end of the quarter were $ 1.33 billion, an increase of 10.3% from September 30, 2020. Non-performing loans represented 0.776% of total gross loans as at September 30. , against 0.868% a year earlier.

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“We have been rigorously reviewing our loan portfolio since March 2020 and closely monitoring the effects of the pandemic on our clients,” Chairman and CEO Jeffrey Szyperski said in a statement. “Our ready customers overcame all challenges well.”

Earlier this year, Chesapeake Bank was recognized for the 14th consecutive year by American Banker magazine as one of the “Top 200 Community Banks” in the country 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,” Szyperski said. “The interconnection that our organization feels with the community is the engine of our mission,” he added.

The company said that at an October 14 meeting, its board of directors approved a dividend of $ 0.14 per share to shareholders of record on December 1, 2021, payable no later than December 15, 2021.

“We believe this is a very important dividend given the current market price of our share,” Szyperski concluded. “This translates into a dividend yield of approximately 1.89% over the current share price.”

Founded in 1900, Chesapeake Bank is a small business lender. Based in Kilmarnock, Virginia, it operates 16 community banks in the Northern Neck, Middle Peninsula, Williamsburg and Richmond areas.

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