Chesapeake Financial Shares, Inc. (parent company of both Chesapeake Bank and Chesapeake Wealth Management), reported earnings of $3.04 million for the second quarter of 2023, a decrease of 25.2 percent from earnings during the same period in 2022, according to Jeffrey M. Szyperski, Chesapeake’s chairman of the board and CEO.
The reported earnings per share were $0.648 fully diluted compared to $0.861 fully diluted for the second quarter of 2022. Total assets ended the quarter at $1,354,817,119, up slightly from year-end.
“Asset quality remains extremely good,” said Szyperski. Nonperforming assets were at 0.327 percent on June 30, 2023 compared to 0.460 percent on June 30, 2022. The net interest margin was 3.45 percent for the quarter ended June 30, 2023, lower than the 3.74 percent at June 30, 2022.
“With the rapid increase in rates over the past year, we anticipate continued pressure on our margin and active management of both our loan and deposit rates,” he said. “Two of our divisio...