Chesapeake Financial Shares, Inc., the parent company of both Chesapeake Bank and Chesapeake Wealth Management, reported earnings for the calendar year 2024 of $11,427,860, representing a 12.9 percent increase over 2023 earnings, according to Jeffrey M. Szyperski, Chairman of the Board and CEO.
The reported earnings per share were $2.422 fully diluted as compared to $2.151 in 2023. Chesapeake Financial Shares ended the calendar year with total assets of $1,524,646,193, a 3.96 percent increase over year-end 2023. Nonperforming assets were 0.328 percent as of Dec. 31, 2024 compared to 0.255 percent at Dec. 31, 2023.
“2024 was a welcomed year of relative interest rate stability and solid deposit growth,” Szyperski said. “Our lending, both from a volume as well as a rate perspective, showed consistent strength throughout the year despite higher rates. Additionally, Chesapeake Payment Systems, Flexent and Chesapeake Wealth Management all posted solid net income increases.
“Additionally, Ame...