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Chesapeake reports $3.77M in third-quarter earnings

Chesapeake Financial Shares, Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, reported earnings of $3,771,100 in the third quarter of 2021, an 11.5 percent increase over the same time period in 2020, according to Jeffrey M. Szyperski, Chesapeake’s chairman of the board and CEO.

The reported earnings per share were $0.778 fully diluted compared to $0.692 fully diluted for the third quarter of 2020. Total assets ended the quarter at $1,328,771,210, a 10.3 percent increase over Sept. 30, 2020.

“We have had an excellent 2021 thus far,” stated Szyperski. Nonperforming assets were 0.766 percent of total gross loans at September 30, 2021 compared to 0.868 percent at September 30, 2020. “We have been rigorously reviewing our loan portfolio since March 2020 and have been closely monitoring the effect the pandemic has had on our customers. Our loan customers have weathered all challenges well.”

Earlier this year, Chesapeake Bank was recognized for the 14th...

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