October 23, 2012

 

 

Press release -- for immediate release

For additional information please contact

Jeffrey M. Szyperski -- 804-435-4249; 1-800-434-1181

 

Chesapeake Financial Shares Reports Record Earnings and Dividend Increase

 

On behalf of Chesapeake Financial Shares, Inc. (parent company of Chesapeake Bank and Chesapeake Investment Group), Jeffrey M. Szyperski, Chairman of the Board and CEO, reported earnings for the third quarter of 2012 of $2,457,409, a 36% increase over the third quarter of 2011.  For the three quarters of 2012, net income was $6,352,519 representing an 18% increase over the first three quarters of 2011.  For the year, fully diluted earnings per share were $1.932 as compared to $1.671 for the first three quarters of 2011.  Total assets as of September 30, 2012 were $633,645,887.

 

“Our record profits continue to be driven by strong mortgage closings, solid merchant card operations through Chesapeake Payment Systems, and strong net interest margins,” commented Szyperski.  “As always, quality of our loan and investment portfolios remains of paramount importance.”

 

Nonperforming assets were 1.74% of total assets as of September 30.  This level is significantly less than the national average, as well as any of the local peer group financial institutions.  “We continue to work diligently with our borrowers having difficult times,” Szyperski noted.  “We are conscious of the long-term benefit many of these borrowers have to our community.”

 

Chesapeake Financial Shares increased the quarterly dividend to $.12 per share payable on or about December 15, 2012 to shareholders of record December 1, 2012, representing a 9% increase.  “This increase is reflective of our increased earnings and is representative of our confidence in our future earnings,” Szyperski stated.  “We are continuing to try to get our good message out and feel this increase helps.”  In addition to many of the public outlets such as Zacks, SNL Securities and Bloomberg, Chesapeake Financial Shares has recently initiated a contract with OTCMarkets.com to follow its stock.  It is anticipated that this will further distribute investor relations information to those interested.

 

For more information about Chesapeake Financial Shares stock (CPKF), go to Chesapeake’s investor relations site at www.chesapeakefinancialshares.com.  At this site, shareholders and potential investors can find a wealth of analytical data as well as press releases about Chesapeake Financial Shares.  Additionally, users can sign up to receive e-mail alerts of daily stock price quotes as well as any press releases or financial information released by the company.  Chesapeake Financial Shares remains a publicly traded company and is traded on the over-the-counter market.  Also, you are invited to become a fan of Chesapeake Bank on Facebook and follow Chesapeake on Twitter at www.twitter.com/chesbank.


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