Chesapeake Financial Shares Inc reported third-quarter 2022 financial results, and the company’s “asset quality is as high as it has ever been,” according to CEO Jeffrey Szyperski.
The Chesapeake Bank and Chesapeake Wealth Management parent company posted earnings of more than $5.9 million ($1.26 per diluted share), a 58% increase year-over-year.
Included in the earnings is a one-time $2.2 million gain from the sale of a partial interest in an investment brokerage firm, the company said.
READ: Chesapeake Financial sees 2Q earnings rise to $4.06M thanks to strong asset quality
The company ended the quarter with more than $1.3 billion in assets, which Szyperski lauded.
"Asset quality is as strong as it has ever been as we proceed into potentially tumultuous times," Szyperski said in a statement. “Nonperforming assets were at 0.432% on September 30, 2022, compared to 0.766% on September 30, 2021. Loans outstanding increased by $19,160,019 from June 30, 2022, ending the quarter at $724,052,173.”
Additionally, the company’s board of directors has declared a quarterly dividend of $0.150 per share effective December 1, 2022, payable on or before December 15. This furthers the 29-year history of consecutive dividend increases, the company said.
Founded in 1900, Chesapeake Bank is a lender to small businesses. Headquartered in Kilmarnock, Virginia, it operates 16 community banks in the Northern Neck, Middle Peninsula, Williamsburg and Richmond region.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel