Chesapeake Financial Shares Inc. (OTCQX:CPKF) has reported solid financial results for the second quarter, with total assets at $1.53 billion at the end of the period, up $62 million from year-end.
The Kilmarnock, Virginia-based parent company of Chesapeake Bank and Chesapeake Wealth Management reported earnings of about $3 million, in line with the year-ago quarter.
Earnings per share were $0.646 fully diluted, compared to $0.648 in Q2 2023.
Nonperforming assets were 0.237% as of June 30, 2024, compared to 0.327% 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," Chesapeake CEO Jeffrey Szyperski said in a statement.
"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 see it as an external testament to our continued strong performance."
Additionally, Chesapeake announced that its board has declared a quarterly dividend of $0.155 per share.
The company highlighted that it has increased its dividend for 31 consecutive years and the stock currently has a 3.54% dividend yield.