Chesapeake Financial Shares, Inc. (parent company of both Chesapeake Bank and Chesapeake Wealth Management), recorded earnings of $3,036,512 for the second quarter of 2024, according to board chairman and CEO Jeffrey M. Szyperski, figures roughly level with the second quarter of 2023.
The reported earnings per share were $0.646 fully diluted as compared to $0.648 for the second quarter of 2023. Total assets ended the quarter at $1,533,102,804, up $62 million from year-end. Nonperforming assets were 0.237 percent as of June 30, 2024 compared to 0.327 percent for the second quarter of 2023.
“The rapid rise in interest rates over the last two years has continued to put pressure on our net interest margin, but this has started to temper,” Szyperski stated. “We are also pleased to be included in American Banker magazine’s ‘Top 100 Community Banks’ in the country for the 17th consecutive year. This has been trimmed from the ‘Top 200’ in prior years and is based on our return on equity. We se...