Chesapeake Financial Shares, Inc. (parent company of both Chesapeake Bank and Chesapeake Wealth Management) chairman and CEO Jeffrey M. Szyperski reported earnings for the third quarter of 2024 of $2,600,159, 5 percent higher than the third quarter of 2023.
The reported earnings per share were $0.550 fully diluted as compared to $0.526 for the third quarter of 2023. Total assets ended the quarter at $1,589,344,001, up $118,297,206 or 8 percent from year-end. Nonperforming assets were 0.421 percent as of Sept. 30, 2024, compared to 0.376 percent for the third quarter of 2023.
“The leveling off and slight decrease in interest rates has helped stabilize our net interest margin,” Szyperski said. “Our lending remains above peer with an 8.1 percent annualized increase year-to-date in 2024. Both Chesapeake Payment Systems and Flexent continue to have strong years.”At its Oct. 18 Chesapeake Financial Shares Board of Directors meeting, the board increased the quarterly dividend $0.05 to $0.16 p...