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Chesapeake reports third quarter earnings

Jeffrey M. Szyperski, chairman of the board and CEO of Chesapeake Financial Shares Inc. (parent company of both Chesapeake Bank and Chesapeake Wealth Management), reported earnings of $3.38 million for the third quarter of 2020, a 4.8 percent increase over the third quarter of 2019.

The reported earnings per share were $0.692 fully diluted compared to $0.649 fully diluted for the third quarter of 2019. Total assets ended the quarter at $1.17 billion, a 24.2 percent increase over Sept. 30, 2019.

“We have had a good 2020 thus far,” stated Szyperski. “Through September 30, we’ve recognized net income of $8.8 million representing a 7.2 percent decrease from the first nine months of 2019. Coming off of a record year in 2019, we are very pleased to be where we are at this point in 2020, considering the international effects of COVID-19.”

Nonperforming assets were 0.868 percent of total gross loans at Sept. 30, 2020 compared to 0.983 percent at Sept. 30, 2019.

“We have been rigor...

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