Consolidated Balance Sheet
Unaudited | ||||
June 30, 2022 | June 30, 2021 | |||
Assets | ||||
Cash and due from banks | $31,233,814 | $34,021,036 | ||
Interest-bearing deposits in banks and federal funds sold | 3,344,365 | 19,616,888 | ||
Securities available for sale, at fair value | 501,860,558 | 542,890,782 | ||
Other investments, at cost | 3,384,600 | 3,710,100 | ||
Loans held for sale | 195,000 | 1,067,297 | ||
Small Business Administration Payroll Protection Program loans receivable, net of fees | 9,545 | 32,314,532 | ||
Loans, net of allowance for loan losses of $7,226,323 as of June 30, 2022 | ||||
and $7,700,738 as of June 30, 2021 | 689,836,686 | 575,845,497 | ||
Cash management accounts, net of allowance of $1,721,467 as of June 30, 2022 | ||||
and $1,994,995 as of June 30, 2021 | 27,401,928 | 15,959,573 | ||
Commercial mortgage loan repurchase facilities | 7,624,600 | 2,896,333 | ||
Premises and equipment, net | 23,716,411 | 22,630,844 | ||
Accrued interest receivable | 6,082,115 | 6,084,490 | ||
Bank-owned life insurance | 17,579,856 | 17,158,938 | ||
Bank-owned annuity contract | 3,587,528 | 3,585,893 | ||
Foreclosed assets | 1,111,812 | 2,711,862 | ||
Other assets | 25,080,374 | 12,236,608 | ||
Total assets | $1,342,049,192 | $1,292,730,673 | ||
Liabilities and Shareholders' Equity | ||||
Deposits | ||||
Demand accounts | $332,949,958 | $289,875,912 | ||
Savings and interest-bearing demand deposits | 745,718,575 | 624,994,544 | ||
Certificates of deposits | 112,666,334 | 164,849,862 | ||
Total deposits | $1,191,334,867 | $1,079,720,318 | ||
Short-term debt | 30,269,000 | 50,000,000 | ||
Trust preferred capital notes | 5,155,000 | 5,155,000 | ||
Subordinated notes | 20,000,000 | 20,000,000 | ||
Accrued interest payable | 83,666 | 181,302 | ||
Other liabilities | 9,975,057 | 7,998,601 | ||
Total liabilities | $1,256,817,590 | $1,163,055,221 | ||
Shareholders' equity | ||||
Preferred stock, par value $1 per share; authorized | ||||
50,000 shares; none outstanding | $0 | $0 | ||
Common stock, par value $5 per share, voting | June 2022 | June 2021 | ||
Shares authorized | 5,760,000 | 5,760,000 | ||
Shares outstanding | 4,717,086 | 4,841,820 | 23,423,090 | 24,046,025 |
Common stock, par value $5 per share, non-voting; | ||||
authorized 635,000 shares; none outstanding | 0 | 0 | ||
Additional paid-in capital | 13,887,757 | 17,426,654 | ||
Retained earnings | 83,829,898 | 72,328,725 | ||
Accumulated other comprehensive (loss) income | (35,909,143) | 15,874,048 | ||
Total shareholders' equity | $85,231,602 | $129,675,452 | ||
Total liabilities and shareholders' equity | $1,342,049,192 | $1,292,730,673 | ||
Page 1
Consolidated Balance Sheet
Unaudited | ||||||
June 30, 2022 | December 31, 2021 | |||||
Assets | ||||||
Cash and due from banks | $31,233,814 | $18,600,125 | ||||
Interest-bearing deposits in banks and federal funds sold | 3,344,365 | 2,189,615 | ||||
Securities available for sale, at fair value | 501,860,558 | 600,644,067 | ||||
Other investments, at cost | 3,384,600 | 5,547,600 | ||||
Loans held for sale | 195,000 | 618,000 | ||||
Small Business Administration Payroll Protection Program loans receivable, net of fees | 9,545 | 2,642,603 | ||||
Loans, net of allowance for loan losses of $7,226,323 as of June 30, 2022 | ||||||
and $6,793,400 as of December 31, 2021 | 689,836,686 | 656,785,773 | ||||
Cash management accounts, net of allowance of $1,721,467 as of June 30, 2022 | ||||||
and $1,426,204 as of December 31, 2021 | 27,401,928 | 26,377,378 | ||||
Commercial mortgage loan repurchase facilities | 7,624,600 | 5,084,305 | ||||
Premises and equipment, net | 23,716,411 | 22,779,715 | ||||
Accrued interest receivable | 6,082,115 | 6,253,845 | ||||
Bank-owned life insurance | 17,579,856 | 17,331,209 | ||||
Bank-owned annuity contract | 3,587,528 | 3,616,990 | ||||
Foreclosed assets | 1,111,812 | 1,278,062 | ||||
Other assets | 25,080,374 | 16,066,888 | ||||
Total assets | $1,342,049,192 | $1,385,816,175 | ||||
Liabilities and Shareholders' Equity | ||||||
Deposits | ||||||
Demand accounts | $332,949,958 | $313,857,448 | ||||
Savings and interest-bearing demand deposits | 745,718,575 | 671,804,955 | ||||
Certificates of deposits | 112,666,334 | 139,309,104 | ||||
Total deposits | $1,191,334,867 | $1,124,971,507 | ||||
Short-term debt | 30,269,000 | 99,046,000 | ||||
Trust preferred capital notes | 5,155,000 | 5,155,000 | ||||
Subordinated notes | 20,000,000 | 20,000,000 | ||||
Accrued interest payable | 83,666 | 112,818 | ||||
Other liabilities | 9,975,057 | 10,393,963 | ||||
Total liabilities | $1,256,817,590 | $1,259,679,288 | ||||
Shareholders' equity | ||||||
Preferred stock, par value $1 per share; authorized | ||||||
50,000 shares; none outstanding | $0 | $0 | ||||
Common stock, par value $5 per share, voting | June 2022 | December 2021 | ||||
Shares authorized | 5,760,000 | 5,760,000 | ||||
Shares outstanding | 4,717,086 | 4,729,475 | 23,423,090 | 23,484,300 | ||
Common stock, par value $5 per share, non-voting; | ||||||
authorized 635,000 shares; none outstanding | 0 | 0 | ||||
Additional paid-in capital | 13,887,757 | 14,806,975 | ||||
Retained earnings | 83,829,898 | 76,815,064 | ||||
Accumulated other comprehensive (loss) income | (35,909,143) | 11,030,548 | ||||
Total shareholders' equity | $85,231,602 | $126,136,887 | ||||
Total liabilities and shareholders' equity | $1,342,049,192 | $1,385,816,175 | ||||
Page 2
Consolidated Statements of Income | ||
Unaudited | ||
Three Months Ended | ||
June 30, | ||
2022 | 2021 | |
Interest and Dividend Income | ||
Interest and fees on loans | $7,841,108 | $7,570,386 |
Interest on interest-bearing deposits and federal funds sold | 9,313 | 8,527 |
Interest and dividends on securities available for sale | 3,359,851 | 2,915,165 |
Total interest and dividend income | $11,210,272 | $10,494,078 |
Interest Expense | ||
Savings and interest-bearing demand deposits | $150,281 | $142,466 |
Certificates of deposit | 113,436 | 546,039 |
Short-term debt | 8,016 | 8,692 |
Long-term debt and trust preferred capital notes | 114,532 | 99,600 |
Total interest expense | $386,265 | $796,797 |
Net interest income | $10,824,007 | $9,697,281 |
Provision for loan losses | 174,999 | 174,999 |
Net interest income after provision for loan losses | $10,649,008 | $9,522,282 |
Noninterest Income | ||
Trust and wealth management income | $1,067,018 | $1,170,803 |
Service charges | 229,693 | 176,411 |
Net gain on sales of securities available for sale | 43,899 | 730,035 |
Mortgage banking income | 476,896 | 574,590 |
Merchant services income, net | 1,346,057 | 1,123,603 |
Cash management fee income | 780,006 | 486,671 |
Other income | 1,225,806 | 1,322,456 |
Total noninterest income | $5,169,375 | $5,584,569 |
Noninterest Expense | ||
Salaries | $5,215,639 | $4,535,797 |
Employee benefits | 1,316,064 | 1,225,778 |
Occupancy expense | 819,305 | 822,294 |
Net loss on foreclosed assets | 0 | 9,266 |
Provision for cash management account losses | 60,000 | 30,000 |
Other expense | 3,556,649 | 3,316,850 |
Total noninterest expense | $10,967,657 | $9,939,985 |
Income before income taxes | $4,850,726 | $5,166,866 |
Income tax expense | 787,103 | 1,198,986 |
Net income | $4,063,623 | $3,967,880 |
Earnings per share, basic | $0.861 | $0.820 |
Earnings per share, diluted | $0.861 | $0.818 |
Dividends per share | $0.140 | $0.125 |
Page 3
Consolidated Statements of Income | ||
Unaudited | ||
Six Months Ended | ||
June 30, | ||
2022 | 2021 | |
Interest and Dividend Income | ||
Interest and fees on loans | $15,818,774 | $16,495,941 |
Interest on interest-bearing deposits and federal funds sold | 12,254 | 21,287 |
Interest and dividends on securities available for sale | 6,599,685 | 5,626,981 |
Total interest and dividend income | $22,430,713 | $22,144,209 |
Interest Expense | ||
Savings and interest-bearing demand deposits | $267,147 | $327,323 |
Certificates of deposit | 367,112 | 1,127,098 |
Short-term debt | 156,613 | 71,868 |
Long-term debt and trust preferred capital notes | 394,817 | 152,541 |
Total interest expense | $1,185,689 | $1,678,830 |
Net interest income | $21,245,024 | $20,465,379 |
Provision for loan losses | 349,998 | 349,998 |
Net interest income after provision for loan losses | $20,895,026 | $20,115,381 |
Noninterest Income | ||
Trust and wealth management income | $2,201,729 | $2,246,912 |
Service charges | 457,042 | 343,057 |
Net (loss) gain on sales of securities available for sale | (3,420,785) | 730,035 |
Mortgage banking income | 1,093,259 | 1,420,384 |
Merchant services income, net | 2,333,691 | 2,159,889 |
Cash management fee income | 1,482,794 | 935,284 |
Other income | 6,087,185 | 2,670,729 |
Total noninterest income | $10,234,915 | $10,506,288 |
Noninterest Expense | ||
Salaries | $9,538,260 | $8,587,379 |
Employee benefits | 2,698,140 | 2,419,937 |
Occupancy expense | 1,686,360 | 1,627,103 |
Net loss on foreclosed assets | 24,994 | 179,266 |
Provision for cash management account losses | 120,000 | 60,000 |
Other expense | 7,222,396 | 6,273,478 |
Total noninterest expense | $21,290,150 | $19,147,163 |
Income before income taxes | $9,839,791 | $11,474,506 |
Income tax expense | 1,502,710 | 2,243,747 |
Net income | $8,337,081 | $9,230,759 |
Earnings per share, basic | $1.765 | $1.909 |
Earnings per share, diluted | $1.762 | $1.903 |
Dividends per share | $0.280 | $0.260 |
Page 4
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Chesapeake Financial Shares Inc. published this content on 18 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 July 2022 17:03:01 UTC.