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Chesapeake reports $15M in 2021 earnings

Chesapeake Financial Shares Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, reported record earnings for the 2021 calendar year of $15,009,514, a 27.7 percent increase over 2020 earnings, according to board chairman/CEO Jeffrey M. Szyperski.

The reported earnings per share were $3.105 fully diluted as compared to $2.395 in 2020. Chesapeake Financial Shares ended the year Dec. 31, 2021 with total assets of $1,385,816,175, a 15 percent increase over year-end 2020.

Nonperforming assets were 0.490 percent as of Dec. 31, 2021 compared to 1.034 percent at Dec. 31, 2020 representing a 52.6 percent decrease.

“Fueling our record earnings year was a variety of sources, primarily Paycheck Protection Program fees, an incredibly strong mortgage market and solid balance sheet growth. In addition to our strong earnings, American Banker named us one of the ‘Top 200 Community Banks’ in the United States for the 14th consecutive year and one of the ‘Best Banks to...

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