[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-326229-105":3,"detail-sidebar-cat-0-en-105":81,"doc-detail-326229-en":131},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","2024-annual-report-financial-information-and-independent-auditors-report-chesapeake-financial-shares-inc","2024 Annual Report - Financial Information and Independent Auditor’s Report - Chesapeake Financial Shares, Inc.","","2024 Annual Report for Chesapeake Financial Shares, Inc. presents selected financial information and year-over-year performance metrics. Net income reached $11,427,860, reflecting a 12.9% increase versus 2023, with total assets rising to $1,524,646,193. The report also details results of operations, financial condition figures such as total deposits and net loans, and key ratios covering profitability and capital returns. It includes an independent auditor’s report expressing fair presentation of the consolidated financial statements and an unmodified opinion on internal control effectiveness as of December 31, 2024.",{"@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/2024-annual-report-financial-information-and-independent-auditors-report-chesapeake-financial-shares-inc/326229/",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/2024-annual-report-financial-information-and-independent-auditors-report-chesapeake-financial-shares-inc/326229.png","ImageObject",300,407,{"name":42,"@type":43},"Theodora","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-29","2026-09-21",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",12,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"What were Chesapeake Financial Shares, Inc.'s net income and asset changes in 2024 compared with 2023?","Question",{"text":63,"@type":64},"Net income was $11,427,860 in 2024, up 12.9% from 2023. Total assets grew to $1,524,646,193, a 3.96% increase from year-end 2023.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"Which income statement figures are summarized in the selected financial information section?",{"text":68,"@type":64},"The report presents interest income, interest expense, net interest income, provision (or reversal) of credit losses, noninterest income and expense, and income tax expense leading to net income.",{"name":70,"@type":61,"acceptedAnswer":71},"What is the independent auditor’s conclusion about the consolidated financial statements and internal control?",{"text":72,"@type":64},"The auditor states the consolidated financial statements present fairly, in all material respects, in accordance with U.S. GAAP. The auditor also provides an unmodified opinion on the effectiveness of internal control over financial reporting as of December 31, 2024.","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},326229,1790445664,{"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","2 0 2 4 A N N U A L R E P O R T  \nA  \ns hoped for, 2024 was a year for interest rates to level off and even comedown slightly! Along with this came a gradual rebound of our net interest margin and a less frantic retail deposit market. In short, a more stable  \nbanking environment! As always, we continue to focus on our employees who deliver the service levels bolstering our growth.  \nOur net income was $11,427,860 representing a 12.9% increase over 2023 net income. Total assets grew to $1,524,646, 193 representing a 3.96% increase from year-end 2023. Net loans increased 6.4% – a pace well above the national average with non-performing loans being only 0.328% of total loans. Chesapeake  \nPayment Systems, Flexent and Chesapeake Wealth Management all added  \nsignificantly to our consolidated net earnings.  \n2024 also marked the passing of individuals who made a difference to our world.  \nJimmy Carter, Willie Mays, Jerry West, Alexei Navalny, Bob Newhart and Kris Kristofferson all positively contributed to our collective experience.  \nOur Annual Report cover foreshadows our 125th anniversary in 2025. Please join us Friday, April 4th, for our Annual Shareholders Meeting where we will kick-offour year-long celebration of this important milestone.  \nThank you for being a shareholder and being a part of our dual mandate to be a highly profitable company that also supports the communities we serve. It is a commitment we take seriously. We like to call it,“The Chesapeake Way.”  \nSincerely,  \nJeffrey M. Szyperski  \nChairman, CEO & President  \nChesapeake Financial Shares, Inc.  \n1  \n2 0 2 4 A N N U A L R E P O R T  \nSELECTED FINANCIAL INFORMATION  \n2024 2023 2022 2021 2020  \n(Dollars in thousands except ratios and per share amounts)  \nResults of Operations  \nInterest income $ 76,526 $ 59,947 $ 47,276 $ 44,901 $ 38,563  \nInterest expense 30,475 18,334 3, 191 3,346 5,051  \nNet interest income 46,051 41,613 44,085 41,555 33,512  \nProvision for  \n(reversal of ) credit losses 879 790 700 (400) 1,950  \nNet interest income after  \nprovision for credit losses 45, 172 40,823 43,385 41,955 31,562  \nNoninterest income 22,864 22,773 22, 192 19,312 19,624  \nNoninterest expense 54,659 51,253 45, 124 43,954 37,391  \nIncome before income taxes 13,377 12,343 20,453 17,313 13,795  \nIncome tax expense 1,949 2,224 2,824 2,303 2,046  \nNet income $ 11,428 $ 10, 119 $ 17,629 $ 15,010 $ 11,749  \nFinancial Condition  \nTotal assets $ 1,524,646 $ 1,466,510 $ 1,328,997 $ 1,385,816 $ 1,204,733  \nTotal deposits 1,371,424 1,265,977 1, 166,240 1, 124,972 1,019,501  \nNet loans 869,361 813, 147 733,300 656,786 544,439  \nSubordinated notes 20,000 20,000 20,000 20,000 –  \nShort-term debt 6, 107 62,429 45,979 99,046 50,000  \nTrust preferred capital notes 5, 155 5, 155 5, 155 5, 155 5, 155  \nShareholders’ equity 111,744 98,543 79,067 126, 137 122,666  \nAverage assets 1,539,740 1,383,722 1,337,782 1,311,403 1, 112,051  \nAverage shareholders’ equity 108, 132 91,083 84,377 126,454 114,443  \nKey Financial Ratios  \nReturn on average assets 0.74% 0.73% 1.32% 1. 14% 1.06%  \nReturn on average equity 10. 57% 11. 11% 20. 89% 11. 87% 10.27%  \nCash dividends paid as a  \npercent of net income 25. 80% 28. 13% 15. 52% 16.99% 20.77%  \nPer Share Data  \nNet income, diluted $ 2.42 $ 2.15 $ 3.73 $ 3.11 $ 2.40  \nCash dividends declared $ 0.63 $ 0.61 $ 0.58 $ 0.53 $ 0.50 Book value $ 23.53 $ 20.88 $ 16.78 $ 26.66 $ 25.40  \n2  \nC H E S A P E A K E F I N A N C I A L S H A R E S , I N C .  \nINDEPENDENT AUDITOR’S  \nREPORT  \nTo the Board of Directors and Shareholders  \nChesapeake Financial Shares, Inc.  \nOpinion  \nWe have audited the consolidated financial statements of Chesapeake Financial Shares, Inc. and Subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the years then ended, and the related notes to the consolidated fina","cbCaie8TqdDQT9uT","https://ap.wps.com/l/cbCaie8TqdDQT9uT","pdf",5260580,55,"English","# Selected Financial Information\n## Results of Operations\n## Financial Condition\n## Key Financial Ratios\n## Per Share Data\n# Independent Auditor’s Report\n## Opinion\n## Basis for Opinion\n## Responsibilities of Management for the Financial Statements","[{\"question\":\"What were Chesapeake Financial Shares, Inc.'s net income and asset changes in 2024 compared with 2023?\",\"answer\":\"Net income was $11,427,860 in 2024, up 12.9% from 2023. Total assets grew to $1,524,646,193, a 3.96% increase from year-end 2023.\"},{\"question\":\"Which income statement figures are summarized in the selected financial information section?\",\"answer\":\"The report presents interest income, interest expense, net interest income, provision (or reversal) of credit losses, noninterest income and expense, and income tax expense leading to net income.\"},{\"question\":\"What is the independent auditor’s conclusion about the consolidated financial statements and internal control?\",\"answer\":\"The auditor states the consolidated financial statements present fairly, in all material respects, in accordance with U.S. GAAP. The auditor also provides an unmodified opinion on the effectiveness of internal control over financial reporting as of December 31, 2024.\"}]","2024 Annual Report - Financial Information and Independent Auditor’s Report - Chesapeake Financial Shares, Inc. | PDF",1789973641,139]