Chesapeake Financial Shares, Inc. (parent company of both Chesapeake Bank and Chesapeake Wealth Management), reported $5.26 million in earnings for the first quarter of 2021, according to Jeffrey M. Szyperski, chairman of the board and CEO.
The $5,262,879 in earnings represents a 56.3 percent increase over the first quarter of 2020. The reported earnings per share were $1.085 fully diluted compared to $0.679 fully diluted for the first quarter of 2020.
Total assets ended the quarter at $1,238,292,086, a 30.2 percent increase over March 31, 2020. The large increases in both net income and total assets over the prior year have been largely driven by governmental programs—both the Paycheck Protection Program and other federal stimulus payments. PPP fees of $1.87 million were recognized in the first quarter of 2021.
“Asset quality remains extremely good especially as we slowly come out of the pandemic and related shutdowns,” said Szyperski. Nonperforming assets were at 1.026 perc...
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