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,” Szyperski added. “Mortgage originations still have a strong, consistent flow though at a lower level than 2021. The net interest margin was 3.53 percent for the quarter ended March 31, 2022.”

At the April 15, 2022 Chesapeake Financial Shares Board of Directors meeting, the board declared a quarterly dividend of $0.140 per share effective June 1, payable on or before June 15. Currently the stock has a 1.92 percent dividend yield. The company has had 29 consecutive years of dividend increases.

For more information about Chesapeake Financial Shares stock (CPKF), or to receive daily email alerts of the price, see www.chesapeakefinancialshares.com. To receive investor news updates, visit the Chesapeake page on Proactive Investors (www.proactiveinvestors.com). The company is followed by Zacks Investment Research, and a copy of their report can also be found on this site or at www.zacks.com. Chesapeake Financial Shares is an over-the-counter, publicly traded stock.