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Chesapeake reports $3.23M in third-quarter earnings

Chesapeake Financial Shares Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, reported earnings of $3,228,360 for the third quarter of 2019, a 1.5 percent increase over the same fiscal quarter in 2018.

The reported earnings per share were $0.649 fully diluted compared to $0.639 fully diluted for the third quarter of 2018. Total assets ended the quarter at $943,694,660, a 10.4 percent increase over yearend. 

“We have had a strong 2019 thus far,” said Jeffrey M. Szyperski, Chesapeake’s chairman of the board and CEO. “At September 30 we have net income of $9,482,655 representing a 5.8 percent increase over the first nine months of 2018. Coming off of a record year in 2018, we are very pleased to be where we are at this point in 2019.” Nonperforming assets were 0.98 percent on Sept. 30, 2019, as compared to 1.49 percent at the same point in 2018.

Earlier this year, Chesapeake Bank was recognized for the 12th consecutive yea...

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