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Chesapeake reports record earnings for 2020

Chesapeake Financial Shares, Inc., the parent company of both Chesapeake Bank and Chesapeake Wealth Management, reported record earnings for the 2020 calendar year of $11,749,391, representing a 3.1 percent increase over 2019 earnings, according to Chesapeake Chairman of the Board and CEO Jeffrey M. Szyperski.

The reported earnings per share were $2.395 fully diluted as compared to $2.292 in 2019. “Due to COVID, 2020 was challenging and thanks to the resiliency of both our employees as well as our customers we had a very successful year,” said Szyperski.

“We have worked diligently over the last 25+ years to diversify our revenue stream and this is reflected in our earnings,” he said. “A strong mortgage market as well as record-breaking asset growth were the primary contributors to the record-breaking year. Of the roughly $3 million in Paycheck Protection Program fees earned, only $770,000 were recognized into income in 2020. In addition to our strong earnings, American Banker na...

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