CFS reports second quarter earnings

On behalf of Chesapeake Financial Shares Inc. (CFS), 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 the second quarter of 2018.

He reported earnings of $2,867,176, a 43.6% increase from the second quarter of 2017. The reported earnings per share were $0.691 fully diluted compared to $0.483 fully diluted for the second quarter of 2017. Total assets ended the quarter at $807,418,547, a 2.8% increase over year-end.

“We have had a strong 2018 thus far,” said Szyperski. “At mid-year we have net income of $5,784,191 representing a 25.8% increase over the first six months of 2017. The earnings increase has been broad based despite being slightly behind our asset growth targets. We are driven more so by earnings than asset growth.”  Nonperforming assets were 1.589% at June 30, 2018 as compared to 1.497% at June 30, 2017.    

Additionally, in the last quarter Chesapeake Bank has been named to American Banker magazine’s “Best Banks to Work For” listing for the fifth year in a row.

At the July 20, meeting of the CFS board of directors, a $0.14 per share dividend was approved by the board, payable on or about September 15, to shareholders of record September 1.

“We feel this is a very strong dividend given the current market price of our stock. This translates into an approximate 1.90% dividend yield on the current stock price,” said Szyperski.