Press Releases

Chesapeake Financial Shares Reports Record Earnings

For additional information please contact
Jeffrey M. Szyperski, President & CEO
Chesapeake Financial Shares, Inc.
804-435-1181 or 1-800-434-1181

Chesapeake Financial Shares’ net income increased 2.3% over the first quarter of 2007 to a level of $989,480. This compares to $967,041 in the first quarter of 2007. The first quarter fully diluted earnings were $.34 per share as compared to $.33 per share. “This earnings growth was hard-fought given the current slowdown in the economy,” commented Jeffrey M. Szyperski, President & CEO. “Primarily driving our increase is a 27% growth in non-interest income to $3,581,000 for the first quarter of 2008 as compared to $2,825,000 in the year-ago quarter, excluding gains and losses on the sale of securities.” Chesapeake is currently at the stage where 50% of its total revenues come from non-interest income sources. The typical U. S. bank derives about 20% of its total revenues from non-interest income.

Chesapeake Financial hit a milestone at March 31, 2008 in closing with total assets of $500,704,402, inching above the half billion dollar mark. Total deposits ended the same period at $386,005,311.

The three primary non-interest income segments of Chesapeake Financial Shares, Chesapeake Investment Group, Chesapeake Payment Systems, and Cash Flow, continue to show strong, steady growth in the first quarter of 2008. It is anticipated that growth in each of those segments will continue for the remainder of 2008. Specifically, regarding Chesapeake Investment Group, Mr. Szyperski stated, “We see the current volatility in the stock market as being favorable to our growth within our wealth management division, Chesapeake Investment Group. Being able to provide face-to-face investment expertise to our customers is particularly valued in this period of high volatility.”

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