Chesapeake Financial Shares Reports Earnings and Declares Dividend [Yahoo! Finance]
CHESAPEAKE FINCL SHS INC (CPKF)
NASDAQ:AMEX Investor Relations:
chesapeakefinancialshares.com
Company Research
Source: Yahoo! Finance
KILMARNOCK, VA / ACCESSWIRE / January 23, 2024 / On behalf of Chesapeake Financial Shares, Inc. (parent company of both Chesapeake Bank and Chesapeake Wealth Management), Jeffrey M. Szyperski, Chairman of the Board and CEO, reported earnings for calendar year 2023 of $10,119,738 representing a 42.6% decrease from 2022 earnings. The reported earnings per share were $2.151 fully diluted as compared to $3.730 in 2022. Chesapeake Financial Shares ended the year December 31, 2023 with total assets of $1,471,046,795, a 10.7% increase over year-end 2022. Nonperforming assets were 0.255% as of December 31, 2023 compared to 0.539% at December 31, 2022. "2023 was a challenging year for Chesapeake Financial Shares as well as our industry. By far the primary cause of our lower performance as compared to 2022 was the tightening of our net interest margin. We anticipate this to greatly improve once interest rates normalize. Our specialty lines of business accounted for over 40% of our net income
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