Chesapeake Financial Shares reports first 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, reported earnings for the first quarter of 2021 of $5,262,879, a 56.3% increase over the first quarter of 2020.

The reported earnings per share were $1.085 fully diluted compared to $0.679 fully diluted for the first quarter of 2020. Total assets ended the quarter at $1,238,292,086, a 30.2% increase over March 31, 2020.

The large increases in both net income and total assets over the prior year have been largely driven by governmental programs—both the Paycheck Protection Program (PPP) and other….

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