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 chief executive officer, recently 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 and helped greatly dampen the effect of our compressed margin. This diversification of income has always been one of our hallmarks,” said Szyperski.
“Additionally, American Banker named us one of the ‘Top 200 Community Banks’ in the U.S. for the 16th consecutive year and one of the ‘Best Banks to Work For’ for the 11th consecutive year. These awards are evidence of our consistently strong earnings and commitment to our employees,” he said.
At the January 19 Chesapeake Financial Shares board of directors meeting, the board declared a quarterly dividend of $0.155 per share effective March 1, payable on or before March 15. The company has increased its dividend for 31 consecutive years. The stock currently has a 3.06% dividend yield.
