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Chesapeake reports $3.36M in first-quarter earnings

Chesapeake Financial Shares, Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, announced earnings of $3,367,909 for the first quarter of 2020, an increase of 13.2 percent from the first quarter of 2019, according to Chesapeake chairman of the board and CEO Jeffrey M. Szyperski.

The reported earnings per share were $0.679 fully diluted compared to $0.597 fully diluted for the first quarter of 2019. Total assets ended the quarter at $951,390,935, roughly level with Dec. 31, 2019 total assets of $958,306,037.

“The coronavirus pandemic has affected many of our processes at Chesapeake but we are offering our full range of services, just in a different manner,” Szyperski said. “With the vast majority of our employees working remotely our retail drive-thrus are still fully operational and lobby visits are limited to appointment only. With mortgage refinances running at records levels, we have staffed up our lending operation to handle this as well as proces...

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