Chesapeake Financial Shares Inc. (OTCQX:CPKF) CEO Jeffrey Szyperski says the company has enjoyed a strong second quarter, helped by good asset growth and a big improvement in non-performing loans.
Earnings for the three months to June 30, 2022, increased by 2.4% to $4,063,623, or $0.861 per share on a fully diluted basis. Excluding the impact of $660,000 of once-off revenue in 2Q 2021, Szyperski said earnings were about 23% higher.
Despite increasing headwinds posed by rising inflation and interest rates, he said Chesapeake's Specialty lines of business will provide a cushion as they are largely countercyclical.