Chesapeake Financial Shares Inc. (OTCQX:CPKF), the parent company of Chesapeake Bank and Chesapeake Wealth Management, reported record earnings of $15,009,514 for calendar year 2021.
That’s a 27.7% year-over-year increase, the company noted in a statement.
Chesapeake said the reported earnings per share were $3.105 fully diluted as compared to $2.395 EPS in 2020.
READ: Chesapeake Financial Shares grows earnings on the back of rising assets, lower non-performing loans
The company ended the year December 31, 2021, with total assets of $1,385,816,175, a 15% increase over year-end 2020. Nonperforming assets were 0.490% as of December 31, 2021, versus 1.034% as of December 31, 2020, representing a 52.6% decrease.
"Fueling our record earnings year was a variety of sources, primarily Paycheck Protection Program fees, an incredibly strong mortgage market and solid balance sheet growth,” said CEO Jeffrey Szyperski.
“In addition to our strong earnings, American Banker named us one of the ‘Top 200 Community Banks' in the United States for the fourteenth consecutive year and one of the ‘Best Banks to Work For' for the ninth consecutive year. We have been committed community partners through this pandemic and our communities have, in turn, supported us."
Meanwhile, at a January 21, 2022, board of directors meeting, members declared a quarterly dividend of $0.14 per share effective March 1, 2022, payable on or before March 15, 2022. The company has increased its dividend for 29 consecutive years. The stock currently has a 1.90% dividend yield.
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