Chesapeake Financial Shares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 14, 2023
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Chesapeake Financial Shares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 10.04 million compared to USD 11.29 million a year ago. Net income was USD 2.48 million compared to USD 5.95 million a year ago. Basic earnings per share from continuing operations was USD 0.526 compared to USD 1.261 a year ago. Diluted earnings per share from continuing operations was USD 0.526 compared to USD 1.261 a year ago.
For the nine months, net interest income was USD 30.78 million compared to USD 32.53 million a year ago. Net income was USD 9.21 million compared to USD 14.28 million a year ago. Basic earnings per share from continuing operations was USD 1.959 compared to USD 3.026 a year ago. Diluted earnings per share from continuing operations was USD 1.959 compared to USD 3.021 a year ago.
Chesapeake Financial Shares, Inc. is a bank holding company. The Company's principal business activity consists of ownership in Chesapeake Bank (the Bank) and Chesapeake Wealth Management, Inc. (CWM). The Bank is a full-service lender and provider of deposit services to individuals and businesses. The Bank operates approximately 16 branches in the Northern Neck, Middle Peninsula, Williamsburg and Richmond. The Bank offers mortgage, commercial, and consumer loans to its customers. Its loan portfolio includes commercial loans, such as non-real estate, commercial real estate, consumer non-real estate, and residential real estate. Its securities available for sale include securities of state and political subdivisions, mortgage-backed securities, and other debt securities. CWM is an independent wealth management firm offering brokerage, trust, and estate management services.