Chesapeake Financial Shares, Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, reported earnings of $3,694,765 for the first quarter of 2023, a 13.5 percent decrease from the first quarter of 2022, according to CEO and chairman of the board Jeffrey M. Szyperski.

The reported earnings per share were $0.780 fully diluted compared to $0.902 fully diluted for the first quarter of 2022. Total assets ended the quarter at $1,331,356,695, up slightly from year-end.

“Asset quality remains extremely good,” said Szyperski. “Nonperforming assets were at 0.535 percent on March 31, 2023 compared to 0.457 percent on March 31, 2022. Net loan growth was 10.4 percent over the same time period to $744,786,042 at March 31, 2023. The net interest margin was 3.58 percent for the quarter ended March 31, 2023, slightly higher than the 3.53 percent at March 31, 2022.

“Our deposit base has held firm in the wake of the Silicon Valley Bank failure,” he said. “The circumstanc...