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Chesapeake reports nearly $4M in quarterly earnings

Chesapeake Financial Shares Inc., parent company of Chesapeake Bank and Chesapeake Wealth Management, reported earnings of $3,967,880 for the second quarter of 2021, a 93 percent increase over the second quarter of 2020, according to CEO/chairman of the board Jeffrey M. Szyperski.

The reported earnings per share were $1.903 fully diluted compared to $1.097 through the second quarter of 2020. The drivers of the large increase were a 26 percent increase in net interest income after the provision for loan losses and a 39 percent increase in total non-interest income, both being partially offset by a 7 percent increase in total non-interest expense.

Total assets ended the quarter at $1,292,730,673, a 16 percent increase over June 30, 2020. Non-performing assets were at 0.815 percent on June 30, 2021 compared to 0.749 percent on June 30, 2020.

“Our asset quality remained strong throughout the pandemic and remains so as we climb our way back to normal operations,” Szyperski said. “...

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