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Chesapeake reports $3.18M in third-quarter earnings

Chesapeake Financial Shares, Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, reported earnings of $3,180,812 for the third quarter of 2018, an 11 percent increase over the second quarter of the year.

The reported earnings per share were $0.766 fully diluted compared to $0.608 fully diluted for the third quarter of 2017. Total assets ended the quarter at $823,172,863, a 4.8 percent increase over year’s end.

“We have had a strong 2018 thus far,” stated Jeffrey M. Szyperski, chairman of the board and CEO. “To use an automotive metaphor, we were firing on all cylinders in the third quarter. The core bank as well as each of our specialty lines of business posted strong performances.”

Nonperforming assets were 1.49 percent at Sept. 30, 2018 as compared to 1.82 percent at Sept. 30, 2017. “The strong third quarter is indicative of our momentum going into the final quarter of 2018,” added Szyperski. 

At the Oct. 1...

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