Chesapeake Financial Shares Inc., parent company of both Chesapeake Bank and Chesapeake Wealth Management, reported earnings of $2,477,896 for the third quarter of 2023, a 58 percent decrease from the same period in 2022, according to CEO and Chairman of the Board Jeffrey M. Szyperski. The third quarter of 2022 did include a non-recurring pre-tax gain of $2.2 million resulting from the sale of a partial interest in an investment brokerage firm. The reported earnings per share were $0.526 fully diluted compared to $1.261 fully diluted for the third quarter of 2022. Total assets ended the quarter at $1,382,205,095, up slightly from year-end.
“Asset quality remains extremely good,” said Szyperski. Nonperforming assets were at 0.376 percent on Sept. 30, 2023, compared to 0.431 percent on Sept. 30, 2022. The net interest margin was 3.366 percent for the quarter that ended Sept. 30, 2023. “The continued strengths of our Flexent and Chesapeake Payment Systems divisions are keeping our non-int...