A "Top Performing" community bank" in the U.S. for the seventeenth consecutive year

KILMARNOCK, VA / ACCESSWIRE / July 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 second quarter of 2024 of $3,036,512, roughly level with the second quarter of 2023. The reported earnings per share were $0.646 fully diluted as compared to $0.648 for the second quarter of 2023. Total assets ended the quarter at $1,533,102,804, up $62 million from year-end. 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," Szyperski stated. "We are also pleased to be included in American Banker magazine's ‘Top 100 Community Banks' in the country for the 17^th 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."

At the July 19, 2024 Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.155 per share effective September 1, 2024, payable on or before September 15, 2024. The company has increased its dividend for 31 consecutive years. The stock currently has a 3.54% 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.