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Chesapeake Financial reports $4M+ in second quarter earnings

Chesapeake Financial Shares, Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, reported earnings of $4,063,623 for the second quarter of 2022, representing a 2.4 percent increase over the same period in 2021, according to Jeffrey M. Szyperski, Chesapeake’s CEO and chairman of the board.

The second quarter of last year also included $660,000 of nonrecurring Paycheck Protection Program fees, making the year-over-year increase 23 percent excluding those funds. The reported earnings per share were $0.861 fully diluted compared to $0.818 fully diluted for the second quarter of 2021. Total assets ended the quarter at $1,342,049,192.

“Asset quality is as strong as it has ever been as we proceed into potentially tumultuous times,” said Szyperski. Nonperforming assets were at 0.460 percent on June 30, 2022, compared to 0.815 percent on June 30, 2021.

“Specialty lines of business have continued their recovery through the second quarter, and it is anticipate...

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