Press Releases

Chesapeake Financial Shares Reports Record Earnings

For additional information please contact
Jeffrey M. Szyperski
804-435-1181; 1-800-434-1181

A 23% increase in year over year earnings was reported for the first quarter on behalf of Chesapeake Financial Shares by Jeffrey M. Szyperski, President. Reported earnings for the first quarter of 2007 were $967,041 as compared to $786,432 in the first quarter of 2006. The reported earnings per share for the first quarter were $.398, fully diluted, as compared to $.318 for the same period in 2006. “The earnings increase was in the face of a highly competitive deposit market and was largely due to our overall growth as well as key fee income lines of business contributing significantly to our bottom line. The overall diversification of Chesapeake Financial Shares' core income has greatly enhanced our ability to compete in this very difficult market,” Szyperski stated.

Total assets had grown to $430,273,823 as compared to $418,090,509 at year-end, representing a 2.9% growth in the first quarter alone. Total deposits ended March 31, 2007 at $368,688,312 as compared to $358,777,428 at year-end 2006. Total non-interest income increased 23% over the first quarter of 2006 to $2,812,356. Non-interest income is made up of fiduciary activities, service charges, merchant card income, ATM income and income from the Cash Flow program (accounts receiving financing program).

In addition Mr. Szyperski reported to the Board of Directors that Chesapeake Investment Group assets under management had grown to $207,848,598 as of March 31, 2007. This represented a 3.6% growth in the first quarter of 2007. Mr. Szyperski added, “Our in-house investment expertise coupled with our highly responsive approach to our customers has enabled this growth. We truly feel that there is a huge upside within Chesapeake Investment Group in each of the three peninsulas we serve.”

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