Chesapeake Financial Shares reports second quarter earnings

On behalf of Chesapeake Financial Shares Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, chairman of the board and chief executive officer Jeffrey M. Szyperski reported earnings for the second quarter of 2021 of $3,967,880, a 93% increase over the second quarter of 2020. 

The reported earnings per share were $1.903 fully diluted compared to $1.097 through the second quarter of 2020.

The drivers of the large increase were a 26% increase in net interest income after the provision for loan losses and a 39% increase in total non-interest income, both being partially offset by a 7% increase in total non-interest expense. Total assets ended the quarter at $1,292,730,673, a 16% increase over June 30, 2020.

Nonperforming assets were at….[to-view-more]