A "Top 200 Community Bank" in the U.S. for the sixteenth consecutive year

KILMARNOCK, VA / ACCESSWIRE / April 23, 2024 / On behalf of Chesapeake Financial Shares, Inc. (OTCQX:CPKF) (parent company of both Chesapeake Bank and Chesapeake Wealth Management), Jeffrey M. Szyperski, Chairman of the Board and CEO, reported earnings for the first quarter of 2024 of $2,749,988, a 303.9% increase from the fourth quarter of 2023. The reported earnings per share were $0.583 fully diluted as compared to $0.192 for the fourth quarter of 2023. Total assets ended the quarter at $1,511,866,477, up $40.8 million from year-end. Nonperforming assets were 0.187% as of March 31, 2024 compared to 0.255% for the fourth quarter of 2023.

"Our specialty lines of business, Chesapeake Payment Systems and Flexent, continue to provide solid noninterest income strength to our earnings," Szyperski noted. "Coupled with 15.2% annualized net loan growth in the first quarter, we feel we have started 2024 on strong footing. The efforts we made in 2023 to strengthen our balance sheet and provide greater stability to our earnings are also now yielding benefits."

At the April 19, 2024 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.155 per share effective June 1, 2024, payable on or before June 15, 2024. The company has increased its dividend for 31 consecutive years. The stock currently has a 3.76% dividend yield.

For more information about Chesapeake Financial Shares stock (CPKF), or to receive daily e-mail alerts of our stock price, see www.chesapeakefinancialshares.com. To receive investor news updates about us visit our page on Proactive Investors (https://www.proactiveinvestors.com). The company is followed by Zacks Investment Research, and a copy of their report can also be found on this site or at www.zacks.com. Chesapeake Financial Shares is an over-the-counter, publicly traded stock. "Like" Chesapeake Bank on Facebook and follow us on LinkedIn, Twitter, and Instagram.

Contact:
Jeffrey M. Szyperski
1-800-434-1181

SOURCE: Chesapeake Financial Shares Inc.