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Chesapeake reports $4.27M in first-quarter earnings

Chesapeake Financial Shares, Inc., parent company of Chesapeake Bank and Chesapeake Wealth Management, reported earnings of $4,273,458 for the first quarter of 2022, an 18.8 percent decrease for the first quarter of 2021, according to Chairman of the Board/CEO Jeffrey M. Szyperski.

Adjusted for Paycheck Protection Program fees taken in the first quarter of 2021, this represents a 13.6 percent increase over the first quarter of last year. The reported earnings per share were $0.902 fully diluted compared to $1.085 fully diluted for the first quarter of 2021. Total assets ended the quarter at $1,346,135,792.

“Asset quality remains extremely good especially as we slowly come out of the pandemic and related shutdowns,” said Szyperski. Nonperforming assets were at 0.457 percent on March 31, 2022 compared to 1.026 percent on March 31, 2021. “Specialty lines of business have continued their recovery through the first quarter, and it is anticipated they will continue this same trend,” S...

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