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Chesapeake Financial Shares Reports First-Quarter Earnings

Press release -- for immediate release
For additional information please contact
Jeffrey M. Szyperski -804-435-4249 or 1-800-434-1181

April 19, 2010 - On behalf of Chesapeake Financial Shares, Inc. (CFS), Jeffrey M. Szyperski, Chairman of the Board & CEO, reported earnings for the first quarter of 2010 of $1,161,370 representing a 24% increase over first quarter 2009 earnings.  Chesapeake Financial Shares is the parent company of both Chesapeake Bank and Chesapeake Investment Group.  The reported earnings per share were $.422 fully diluted as compared to $.331 in 2009.  Szyperski commented, “This is one of the strongest quarters in CFS’s history.  We’re budgeting for 2010 to be approximately 6% ahead of 2009’s record earnings.” 

“CFS ended March 31, 2010 with total assets of $608,522,813, an increase of 3.7% from December 31, 2009.  We had an increase in loans of $2,518,967 in the first quarter of 2010 as compared to yearend.  We continue to have money to lend,” Szyperski commented.During 2009 CFS paid $.420 per share as compared to $.405 per share in 2008.  The Board of Directors voted to keep the dividend at $.105 per share payable on or before June 15, 2010 to shareholders of record as of June 1, 2010.  Currently CFS’s dividend yield is 3% and the stock is trading at only a 7.9 times price/earnings multiple despite consistently strong performance.

The wealth management subsidiary of CFS, Chesapeake Investment Group, experienced a strong 5.5% growth rate to end the quarter with $289 million of assets under management.  J. Mark Monroe, President of Chesapeake Investment Group, stated, “We feel the recent market rebound has possibly made some investors underestimate the ongoing risks still inherent with our economy.  We strongly feel professional money management is critical at this juncture.”

For more information about Chesapeake Financial Shares stock (CPKF), please go to Chesapeake Bank’s website at www.chesbank.com.  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.