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Chesapeake reports $2.8M in second-quarter earnings

Chesapeake Financial Shares, Inc., parent company of Chesapeake Bank and Chesapeake Wealth Management, reported $2,867,176 in earnings for the second quarter of 2018, a 43.6 percent increase from the second quarter of 2017, according to Jeffrey M. Szyperski, chairman of the board and CEO.

The reported earnings per share were $0.691 fully diluted compared to $0.483 fully diluted for the second quarter of 2017.  Total assets ended the quarter at $807,418,547, a 2.8 percent increase over year end.

“We have had a strong 2018 thus far,” said Szyperski. “At mid-year we have net income of $5,784,191 representing a 25.8 percent increase over the first six months of 2017. The earnings increase has been broad based despite being slightly behind our asset growth targets. We are driven more so by earnings than asset growth.” Nonperforming assets were 1.589 percent at June 30, 2018 as compared to 1.497 percent at June 30, 2017.  

Additionally, in the last q...

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