Chesapeake Financial Shares, Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, reported record earnings of $17,628,587 for 2022, representing a 17.4 percent increase over the 2021 calendar year earnings, Chairman of the Board/CEO Jeffrey M. Szyperski announced Tuesday.
The reported earnings per share were $3.73 fully diluted as compared to $3.11 in 2021. Chesapeake Financial Shares ended the year on Dec. 31, 2022 with total assets of $1,328,997,182, a 4.1 percent decrease from year-end 2021.
Nonperforming assets were 0.541 percent as of Dec. 31, 2022, compared to 0.490 percent at Dec. 31, 2021. Additionally, recoveries exceeded charge-offs for the year by $86,722 further reflecting strong asset quality.
“Our strong earnings were largely boosted by our strong net interest margin,” said Szyperski. “We were able to not increase our deposit rates on par with the Federal Reserve rate increases due to the high liquidity we maintained coming through the pandemic. ...