Chesapeake Financial Shares Inc, the parent company of both Chesapeake Bank and Chesapeake Wealth Management, told shareholders that its third quarter dividend of $0.13 is payable on, or before September 15, 2021.
At the end of the second quarter ended June 30, 2021, the community bank reported earnings of $3,967,880, an 93% increase from the second quarter a year earlier. The reported earnings per share were $1.903 fully diluted, compared to $1.097 in 2Q 2020.
The drivers of the large increase were a 26% increase in net interest income after the provision for loan losses and a 39% increase in total noninterest income, both being partially offset by a 7% increase in total noninterest expense. Total assets ended the quarter at $1,292,730,673, a 16% increase over June 30, 2020.
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At glance at the end of June 2021, Chesapeake Bank had loan growth of 1.1%, or $7 million, and deposit growth of 15%, or 143.4 million.
At a July 16 board meeting, the Chesapeake Board declared a quarterly dividend of $0.130 per share effective September 1, 2021, payable on or before September 15, 2021. Currently the stock has a 1.89% dividend yield.
"Despite the trials and tribulations of the past year, the resiliency of our employees has been exemplary and helped us achieve these results," Chesapeake Bank CEO Jeffrey M. Szyperski said in a statement. "Organizationally, we feel we are in a great position looking toward 2022!"
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.
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