CPKF Chesapeake Financial Shares Inc (QX)

                                                                                                                                                                                                                                                                                                                                        January 22, 2013

Press release – for immediate release

For additional information please contact

Jeffrey M. Szyperski – 804-435-1181; 1-800-434-1181

Chesapeake Financial Shares Reports Record Earnings

            On behalf of Chesapeake Financial Shares, Inc. (parent company of both Chesapeake Bank and Chesapeake Investment Group), Jeffrey M. Szyperski, Chairman of the Board & CEO, reported earnings for calendar year 2012 of $7,675,951, representing a 10% increase over 2011 earnings.  The reported earnings per share were $2.322 fully diluted as compared to $2.16 in 2011 – a 7.6% increase.  “It was a total team effort in 2012 to have record earnings once again,” stated Szyperski.

            “Chesapeake Financial Shares ended the year December 31, 2012 with total assets of $667,717,762, an increase of 4.7% over 2011,” stated Szyperski.  “With the current low demand for loans and the highly competitive market, we were very pleased to have ended the year with a 5.3% increase in loans outstanding.  We ended the year with $375,051,457 in loans outstanding.  Our current loan loss reserve is 1.70% of total loans at December 31, 2012.  Total delinquencies 30 days and over increased to 3.031% of total loans at December 31, 2012 from 1.25% at December 31, 2011.  The loans are largely residential properties and are well reserved in all cases.”    

            At the January 18, 2013 Board meeting, the Board of Directors voted to hold dividends at $.12 per share effective March 1, 2013.  The Board felt this was prudent given two dividend increases in 2012 and based on the recently completed tender offer with CFS buying back $1,500,000 of its outstanding stock. 

            In addition to Chesapeake Investment Group, Chesapeake Financial Shares has been very deliberate in diversifying into other lines of business.  Szyperski noted that these additional business lines were largely responsible for Chesapeake’s ability to maintain a strong earnings stream in a slow economic environment. 

Both the Chesapeake Payment Systems (CPS) and Cash Flow divisions had strong performances in 2012.  CPS was able to increase income by 16% over 2011 by taking on processing for several smaller independent sales organizations.  Though Cash Flow was roughly level from an income perspective as compared to 2011, balances outstanding and income have been trending up in the last six months of the year.   

            For more information about Chesapeake Financial Shares stock (CPKF), go to Chesapeake’s investor relations site www.chesapeakefinancialshares.com.  The company is now being followed by Zacks Investment Research.  Chesapeake Financial Shares remains a publicly traded company and is traded on the over-the-counter market (OTCQB:  CPKF).  Also, you are invited to become a fan of Chesapeake Bank on Facebook and follow Chesapeake on Twitter at www.twitter.com/chesbank.

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