[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-326225-105":3,"detail-sidebar-cat-0-en-105":81,"doc-detail-326225-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","chesapeake-financial-shares-inc-2022-annual-report","Chesapeake Financial Shares, Inc. - 2022 Annual Report","","Annual report for Chesapeake Financial Shares, Inc. covering 2022 performance and financial position. Highlights include a sixth consecutive record-breaking year, $17,628,587 net income for 2022 (up 17.4% versus 2021), total assets of $1,328,997,182 as of December 31, 2022, and 11% net loan growth amid rising interest rates. Includes selected financial information, key ratios, per-share data with a stated stock dividend restatement, and the independent auditor’s report on the consolidated financial statements and internal control over financial reporting.",{"@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 & 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it change from 2021?","Question",{"text":63,"@type":64},"Net income for 2022 was $17,628,587, representing a 17.4% increase over 2021.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"What were total assets as of December 31, 2022 and what trend is noted versus prior years?",{"text":68,"@type":64},"Total assets were $1,328,997,182 on December 31, 2022, with a slight total asset contraction of 4.1% versus the increases in the prior two years.",{"name":70,"@type":61,"acceptedAnswer":71},"What does the independent auditor’s report state about the financial statements and internal control?",{"text":72,"@type":64},"The report states the consolidated financial statements present fairly, in all material respects, and that the auditor also evaluated internal control over financial reporting with an unmodified opinion on effectiveness.","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},326225,1790149182,{"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 & 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tieongracuiofserbfdioinvnflerteatareiosercaadteDeseso4pf2itr5eela%thtiievn“elythactloe livwae”sn1atte0erest  \nmarket, Chesapeake Financial Shares was able to have a sixth straight record-breaking year. Attraction and retention of good employees has been a decades-long effort and pays off for us on a daily basis in the form of good customer service and being nimble. 2022 is a great example of this.  \nOur net income for 2022 was $17,628,587 representing a 17.4% increase over 2021. We welcomed a slight total asset contraction of 4. 1% coming off of total asset increases in the prior two years of 26% and 13%, respectively, resulting in total assets of $1,328,997, 182 on December 31. We maintained an 11% net loan growth during 2022 even with interest rates rising precipitously. All three of our specialty lines of business, Chesapeake Payment Systems, Flexent, and Chesapeake Wealth Management, added significantly to our consolidated net earnings.  \n2022 also marked the passing of significant contributors to our collective tapestry. Queen Elizabeth, Mikhail Gorbachev, Hershel “Woody” Williams (last remaining WWII Medal of Honor recipient), Bill Russell, Angela Lansbury, Barbara Walters, and Pelé all added to our world, and their contributions will be missed.  \nOur Annual Report cover highlights people, both employees and customers, emphasizing financial services goes far beyond banking. Financial services is meeting human and community needs with human solutions in an increasingly digital world. Thank you for being a shareholder and participating in this common mission. Please join us Friday, April 7th, for our Annual Shareholders Meeting.  \nI look forward to seeing you there.  \nSincerely,  \nJeffrey M. Szyperski  \nChairman, CEO & President  \nChesapeake Financial Shares, Inc.  \n1  \n2 0 2 2 A N N U A L R E P O R T  \nSELECTED FINANCIAL INFORMATION  \n2022 2021 2020 2019 2018  \n(Dollars in thousands except ratios and per share amounts)  \nResults of Operations  \nInterest income $ 47,276 $ 44,901 $ 38,563 $ 37,673 $ 32,546  \nInterest expense 3, 191 3,346 5,051 8, 140 4,975  \nNet interest income 44,085 41,555 33,512 29,533 27,571  \nProvision for  \n(reversal of ) loan losses 700 (400) 1,950 525 525  \nNet interest income after  \nprovision for loan losses 43,385 41,955 31,562 29,008 27,046  \nNoninterest income 22, 192 19,312 19,624 20,584 18,508  \nNoninterest expense 45, 124 43,954 37,391 36,288 33,356  \nIncome before income taxes 20,453 17,313 13,795 13,304 12, 198  \nIncome tax expense 2,824 2,303 2,046 1,905 1,378  \nNet income $ 17,629 $ 15,010 $ 11,749 $ 11,399 $ 10,820  \nFinancial Condition  \nTotal assets $ 1,328,997 $ 1,385,816 $ 1,204,733 $ 958,306 $ 854,766  \nTotal deposits 1, 166,240 1, 124,972 1,019,501 839, 116 749, 181  \nNet loans 733,300 656,786 544,439 531, 113 506,204  \nSubordinated notes 20,000 20,000 – – –  \nShort-term debt 45,979 99,046 50,000 – –  \nTrust preferred capital notes 5, 155 5, 155 5, 155 5, 155 5, 155  \nShareholders’ equity 79,067 126, 137 122,666 105,443 92,726  \nAverage assets 1,337,782 1,311,403 1, 112,051 932,397 820,677  \nAverage shareholders’ equity 84,377 126,454 114,443 102,821 89,659  \nKey Financial Ratios  \nReturn on average assets 1.32% 1. 14% 1.06% 1.22% 1.32%  \nReturn on average equity 20. 89% 11. 87% 10.27% 11.09% 12.07%  \nCash dividends paid as a  \npercent of net income 15. 52% 16.99% 20.77% 21.09% 20.79%  \nPer Share Data**  \nNet income, diluted $ 3.73 $ 3.11 $ 2.40 $ 2.29 $ 2.18  \nCash dividends declared $ 0.58 $ 0.53 $ 0.50 $ 0.49 $ 0.46  \nBook value $ 16.78 $ 26.66 $ 25.40 $ 21.36 $ 18.86  \n**On July 19, 2019, the Board of Directors approved a 6-for-5 stock dividend of CFS’s common stock paid on October 15, 2019. All per share information for all periods presented has been retroactively restated to reflect the stock dividend.  \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 ","cbCait8LYdTaOdri","https://ap.wps.com/l/cbCait8LYdTaOdri","pdf",982025,56,"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","[{\"question\":\"What were Chesapeake Financial Shares’ 2022 net income and how did it change from 2021?\",\"answer\":\"Net income for 2022 was $17,628,587, representing a 17.4% increase over 2021.\"},{\"question\":\"What were total assets as of December 31, 2022 and what trend is noted versus prior years?\",\"answer\":\"Total assets were $1,328,997,182 on December 31, 2022, with a slight total asset contraction of 4.1% versus the increases in the prior two years.\"},{\"question\":\"What does the independent auditor’s report state about the financial statements and internal control?\",\"answer\":\"The report states the consolidated financial statements present fairly, in all material respects, and that the auditor also evaluated internal control over financial reporting with an unmodified opinion on effectiveness.\"}]","Chesapeake Financial Shares, Inc. - 2022 Annual Report | PDF",1789973630,141]