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Financial results summarize net income, income statement components, financial condition metrics, and key ratios across 2019–2023, ending with an invitation to the Annual Shareholders Meeting.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/research-report/","Research & Report",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/document/2023-annual-report-in-memory-of-douglas-d-monroe-jr-annual-shareholders-meeting/326226/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/2023-annual-report-in-memory-of-douglas-d-monroe-jr-annual-shareholders-meeting/326226.png","ImageObject",300,407,{"name":42,"@type":43},"Theodora","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-11-05","2026-09-21",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",15,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"Who is referenced in the report’s “In Memory of” section?","Question",{"text":63,"@type":64},"The report includes an “In Memory of Douglas D. Monroe, Jr.” tribute, describing his long-term leadership and community impact.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"What major factor contributed to the decline in net income in 2023?",{"text":68,"@type":64},"The report states that net interest margin decrease was the largest contributor to the net income decrease, tied to the long-term inversion of the yield curve.",{"name":70,"@type":61,"acceptedAnswer":71},"What does the selected financial information section cover?",{"text":72,"@type":64},"It presents results of operations, financial condition metrics, key financial ratios, and per-share data across multiple years, including 2023, 2022, 2021, 2020, and 2019.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},326226,1790194516,{"code":4,"msg":82,"data":83},"success",[84,88,92,96,101,106,111,115,120,123,127],{"id":22,"doc_module":4,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},"Story & Novel",90,"story-novel",{"id":26,"doc_module":4,"doc_module_name":25,"category_name":89,"show_sort_weight":90,"slug":91},"Literature",80,"literature",{"id":33,"doc_module":4,"doc_module_name":25,"category_name":93,"show_sort_weight":94,"slug":95},"Exam",70,"exam",{"id":97,"doc_module":4,"doc_module_name":25,"category_name":98,"show_sort_weight":99,"slug":100},5,"Comic",60,"comic",{"id":102,"doc_module":4,"doc_module_name":25,"category_name":103,"show_sort_weight":104,"slug":105},6,"Technology",50,"technology",{"id":107,"doc_module":4,"doc_module_name":25,"category_name":108,"show_sort_weight":109,"slug":110},7,"Healthcare",40,"healthcare",{"id":112,"doc_module":4,"doc_module_name":25,"category_name":29,"show_sort_weight":113,"slug":114},8,30,"research-report",{"id":116,"doc_module":4,"doc_module_name":25,"category_name":117,"show_sort_weight":118,"slug":119},9,"Religion & Spirituality",20,"religion-spirituality",{"id":118,"doc_module":4,"doc_module_name":25,"category_name":121,"show_sort_weight":118,"slug":122},"World Cup","world-cup",{"id":124,"doc_module":4,"doc_module_name":25,"category_name":125,"show_sort_weight":124,"slug":126},10,"Lifestyle","lifestyle",{"id":128,"doc_module":4,"doc_module_name":25,"category_name":129,"show_sort_weight":97,"slug":130},19,"General","general",{"code":4,"msg":82,"data":132},{"doc_id":79,"user_id":133,"nickname":42,"user_avatar":134,"doc_module":4,"category_id":112,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":55,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":140,"language":141,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":142,"faqs":143,"seo_title":144,"seo_description":12,"update_tm":145,"read_time":146,"preview_page_count":4},687197207919,"https://ap-avatar.wpscdn.com/avatar/a000253d6f5f7c60be?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779446848396160552","I would hope that in 10 years we’re providing a number of community inputs to nonprofits in the community for those truly in need, which we do now. I think that will make a strong bank and a strong community.  \nDouglas D. Monroe, Jr.  \nAugust 18, 1933-August 31, 2023  \n2 0 2 3 A n n u A l R e p o R t  \nI n M e M o r y o f  \nDouglas D. Monroe, Jr.  \n1965  \nHired as EVP of Chesapeake Bank, formerly Lancaster National Bank  \n1969 – 1971  \nFederal Reserve Bank of Richmond Board of Directors  \n1965 – 1977 & 1999 – 2005  \nChesapeake Academy, Founding Board Member & Chairman of the Board  \n1968  \nOpened first Boat ‘N’ Bank in the nation!  \n1968 – 1998  \nChesapeake Bank President & CEO  \n1973  \nFounded  \nChesapeake Trust  \nAugust 18, 1933-August 31, 2023  \nDoug Monroe was a driving force for the betterment of our community and our community bank for the entire 59 years he lived in the Northern Neck. In addition to all he did to make Chesapeake Financial Shares what it is today, asthe surrounding timeline shows, he was instrumental in starting Chesapeake Academy, Rappahannock General Hospital, Rappahannock WestminsterCanterbury and Virginia Quality Life.  \nAll of these organizations live on helping to make our community richer.  \n2015  \nExpanded into Richmond with branch on Patterson Avenue in Westhampton  \n2001 – 2023  \nChesapeake Bank, Chairman Emeritus  \n1991 – 1992  \nPresident of Virginia Bankers Association  \n1983 – 2007  \nChairman of the  \n2020  \nChesapeake Bank Celebrated 120 years!  \n1996 – 2008  \nVirginia Quality Life, Inc., Founding Board Member, Board of Directors and President  \n1988 – 1999  \nABA Corporation for American Banking Board of Directors  \nDepartment (now CWM) alongside Thomas Denegre  \nBoard of Directors & CEO of Chesapeake Financial Shares, Inc.  \n1979 – 1998  \nRappahannock General Hospital, Board of Directors, Finance Chair, Executive Committee, Chair of the Board  \n1980 – 1995  \nRappahannock WestminsterCanterbury, Founding Board Member, Board of Directors, Secretary of Corporation  \ne have traditionally used part ofour “Dear Shareholder” letter to highlight the  \nWpEaasrinhgTofhipseyoplearwhheroehaveweresmevadeerals–ignifSanicadrnatcDoanytrOib’utionsConnodr, urHingenrtyheKiirstimesingero, nTithnias  \nTurner and Jimmy Buffett, to name a few. Most importantly, however, our former CEO and Chairman Douglas D. Monroe, Jr. passed away. Doug had such a profound effect on the trajectory of not only Chesapeake Financial Shares but even more so on our community. The facing page highlights just a few of the ways Doug made our bank thrive and our community become a much better place. These are just the tip of the iceberg!  \nChesapeake Financial Shares weathered a tumultuous 2023 following a turbulent 2022. The Federal Reserve continued to raise rates rapidly to stave off inflation and we responded accordingly. We strongly feel we remain well-positioned as we anticipate interest rates to normalize.  \nOur net income was $10, 119,738 representing a 43% decrease from our 2022 record year. We used the year to continually reposition our balance sheet for greater long-term shareholder value realizing $2,884, 185 in losses as part of that repositioning. Our net interest margin decrease of $2,470,815 was the largest contributor to our decrease – a direct function of the long-term inversion of the yield curve. Total assets increased to $1,471,046,795 representing a 10.6% increase from 2022. Loans had their second straight year of 10+% net growth. All three specialty lines of business, Chesapeake Payment Systems, Flexent and Chesapeake Wealth Management, collectively accounted for over 40% of our net income. A diversified income stream serves us well!  \nThank you for being a shareholder and participating in our profits as well as building the communities in which we serve. Doug Monroe set a very high bar for this dual mandate, and we intend to carry on his legacy.  \nPlease join us Friday, April 5th, for our Annual Shareholders Meeti","cbCaia1ednA8NhyW","https://ap.wps.com/l/cbCaia1ednA8NhyW","pdf",2937405,56,"English","# Letter to Shareholders\n## Selected Financial Information\n## Results of Operations\n## Financial Condition\n## Key Financial Ratios\n## Per Share Data\n# Annual Shareholders Meeting Invitation","[{\"question\":\"Who is referenced in the report’s “In Memory of” section?\",\"answer\":\"The report includes an “In Memory of Douglas D. Monroe, Jr.” tribute, describing his long-term leadership and community impact.\"},{\"question\":\"What major factor contributed to the decline in net income in 2023?\",\"answer\":\"The report states that net interest margin decrease was the largest contributor to the net income decrease, tied to the long-term inversion of the yield curve.\"},{\"question\":\"What does the selected financial information section cover?\",\"answer\":\"It presents results of operations, financial condition metrics, key financial ratios, and per-share data across multiple years, including 2023, 2022, 2021, 2020, and 2019.\"}]","2023 Annual Report - In Memory of Douglas D. Monroe, Jr. - Annual Shareholders Meeting | PDF",1789973633,141]