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Chesapeake

Chesapeake Financial Shares to pay quarterly dividend of $0.13 by September 15

The community bank, based in Kilmarnock, Virginia, was resilient during the pandemic and supported the local community

Chesapeake Financial Shares Inc, the parent company of Chesapeake Bank and Chesapeake Wealth Management, announced to shareholders that the dividend for the third quarter of $ 0.13 is payable on or before September 15, 2021.

At the end of the second quarter, which ended June 30, 2021, the community bank reported profits of $ 3,967,880, up 93% over the second quarter last year. Reported earnings per share were $ 1.903 fully diluted compared to $ 1.097 for the second quarter of 2020.

The drivers of the sharp increase were a 26% increase in net interest income after loan loss provisions and a 39% increase in total non-interest income, both of which were partially offset by a 7% increase in total non-interest expenses. Total assets ended the quarter at $ 1,292,730,673, up 16% from June 30, 2020.

READ: Chesapeake Bank in good standing for having mature technology to tackle the next round of PPP loans

At a Glance in late June 2021, Chesapeake Bank had loan growth of 1.1%, or $ 7 million, and deposit growth of 15%, or $ 143.4 million.

At a board meeting on July 16, the Chesapeake board of directors declared a quarterly dividend of $ 0.130 per share effective September 1, 2021, payable on or before September 15, 2021. The stock currently has a dividend yield of 1.89% .

“Despite the trials and tribulations of the past year, the resilience of our people has been exemplary and has helped us achieve these results,” said Jeffrey M. Szyperski, CEO of Chesapeake Bank, in a statement. “Organizationally, we see ourselves in the best possible position with a view to 2022!”

Established in 1900, Chesapeake Bank is a small business lender. It is headquartered in Kilmarnock, Virginia, and operates 16 community banks in the Northern Neck, Middle Peninsula, Williamsburg and Richmond regions.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive