Chesapeake Financial Shares Inc. (OTCQX:CPKF), the parent company of Chesapeake Bank and Chesapeake Wealth Management, has reported strong earnings growth for 2024.
For 2024, the company posted earnings of $11.43 million, up 12.9% over 2023.
Earnings per share were $2.422, up from $2.141 in the previous year.
The company exited 2024 with total assets valued at $1.52 billion, up 4% year-over-year.
"2024 was a welcomed year of relative interest rate stability and solid deposit growth,” CEO Jeffrey Szyperski said in a statement.
“Our lending, both from a volume as well as a rate perspective, showed consistent strength throughout the year despite higher rates. Additionally, Chesapeake Payment Systems, Flexent and Chesapeake Wealth Management all posted solid net income increases.”
The CEO also highlighted that American Banker had named the firm one of the ‘Top Performing Community Banks’ in the US for the 17th year in a row and one of the ‘Best Banks to Work For’ for the 12th consecutive year.
“These awards are evidence of our consistently strong earnings and commitment to our employees," Szyperski said.
Additionally, at a recent meeting, Chesapeake Financial Shares' Board of Directors declared a quarterly dividend of $0.16 per share, effective March 1, 2025, with payment scheduled on or before March 15, 2025.
This marks the company's 32nd consecutive year of dividend increases. The stock currently offers a 3.47% dividend yield.