Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, today reported its financial results for the fourth quarter of 2012. Net income for the quarter ended December 31, 2012, was $660,133, or $0.64 per share compared to $690,276 or $0.66 per share for the same period in 2011, a decrease of $30,143 or 4.37%. Net income for the twelve months ended December 31, 2012, was $2,839,856, or $2.75 per share compared to $2,609,014, or $2.52 per share for the same period in 2011, an increase of $230,842 or 8.85%. Our results for the fourth quarter were impacted by the decision to re-pay $7.5 million in FHLB advances. As a result, the Company incurred a prepayment expense of approximately $420,000.
Our total revenue for the quarter ended December 31, 2012, was $5,191,000, compared to $4,811,880 for the same period in 2011, for an increase of $379,120 or 7.89%. Total revenue for the twelve months ended December 31, 2012, was $20,291,130 compared to $20,156,405, an increase of $134,724 or 0.67%. Net interest income for the quarter ended December 31, 2012, was $2,946,129, compared to $2,802,369 for the same period in 2011, for an increase of $143,760 or 5.13%. Net interest income for the twelve months ended December 31, 2012, was $11,154,996 compared to $11,442,455 for the same period in 2011, for a decrease of $287,459 or 2.51%. The increase in revenue for the fourth quarter when compared to the prior year is due to the increase in lending activity and the increase in revenue from Ledyard Financial Advisors.
No funds were added to the Allowance during 2012 compared to $675,000 for the same period in 2011. Net charge-offs for the twelve months ending December 31, 2012, were $50,898, compared to net charge-offs of $1,274,524 for the comparable period in 2011. The total Allowance was $5.65 million at December 31, 2012, compared to $5.71 million for the same period in 2011. Total non-performing assets were $2.3 million at December 31, 2012, compared to $5.3 million for the same period in 2011.
Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended December 31, 2012, of $1,770,792, compared to $1,643,526 for the same period in 2011, an increase of $127,266 or 7.74%. Revenue for the twelve months ended December 31, 2012, was $6,990,261, compared to $6,777,881 for the same period in 2011, for an increase of $212,380 or 3.13%. Assets under management and custody at Ledyard Financial Advisors totaled $902 million as of quarter end, an increase of $7 million over the prior year.
Non-interest expense for the quarter ended December 31, 2012, was $4,488,339, compared to $3,957,613 for the same period in 2011, for an increase of $530,725 or 13.41%. Non-interest expense for the twelve months ended December 31, 2012, was $16,647,896 compared to $16,127,201 for the same period in 2011, for an increase of $520,694 or 3.27%.
At December 31, 2012, the Company’ s shareholders’ equity stood at $38 million, compared to $37 million for the same period in 2011. All of the Company’ s capital ratios are well in excess of the amount required by the Federal Reserve for a bank holding company to be considered ‘ well capitalized.’ At December 31, 2012, the Company’ s book value per share stood at $35.36 compared to $33.88 for the same period in 2011.
Loans, net of the allowance for loan losses at December 31, 2012, were $226 million, compared to $211 million for the same period last year, for an increase of $15 million or 7.24%. Total deposits at December 31, 2012 were $337 million, an increase of $24.7 million from the same period last year. Total assets of the Company were $401.7 million at December 31, 2012, an increase of $11.9 million over the prior year. Advances from the Federal Home Loan Bank decreased by $10.3 million from $19.9 million at December 31, 2011, to $9.6 million at December 31, 2012.
Due to its strong financial position, the Company has been able to maintain or increase its quarterly dividend since first declaring a dividend in 1995. On January 25, 2013, the Company announced an increase of $0.02 per common share to its quarterly dividend resulting in a $0.35 per common share dividend payable March 4, 2013 to shareholders of record as of February 8, 2013. Stock activity information can be found in the ‘ Investor Relations’ section of our website, which includes a wealth of other information that Ledyard shareholders and prospective shareholders may find of interest.
Ledyard Financial Group, Inc., headquartered in Hanover, New Hampshire, is the holding company for Ledyard National Bank. Ledyard National Bank, founded in 1991, is a full service community bank offering a broad range of banking, investment, tax and wealth management services in the Dartmouth-Lake Sunapee Region. Ledyard National Bank has eight offices with locations in Hanover, Lebanon, Lyme, New London, and West Lebanon, New Hampshire and in Norwich, Vermont.
Ledyard Financial Group, Inc. shares can be bought and sold through the NASD sanctioned ‘ OTC Markets’ under the trading symbol LFGP. Shares may be traded through an individual’ s broker. For more information, please refer to the ‘ Investor Relations’ section of the bank’ s website at www.ledyardbank.com or contact the Company’ s Chief Financial Officer, Gregory D. Steverson.
Ledyard Financial Group, Inc.
Selected Financial Highlights
(Unaudited)
For the Three Months Ended
For the Twelve Months Ended
12/31/2012
12/31/2011
12/31/2012
12/31/2011
Total Interest Income
$
3,248,848
$
3,244,051
$
12,627,564
$
13,455,762
Total Interest Expense
302,719
441,682
1,472,567
2,013,307
Net Interest Income
2,946,129
2,802,369
11,154,996
11,442,455
Provision for Loan Losses
0
100,000
0
675,000
Non-interest Income
2,244,841
2,009,511
9,136,133
8,713,951
Non-interest Expense
4,488,339
3,957,613
16,647,896
16,127,201
Net Income
660,133
690,276
2,839,856
2,609,014
Earnings Per Common Share, diluted
$
0.64
$
0.66
$
2.75
$
2.52
Dividends Per Common Share
$
0.33
$
0.31
$
1.30
$
1.24
As of
12/31/2012
As of
12/31/2011
Total Assets
$
401,740,153
$
389,845,592
Investments
143,858,605
146,189,970
Loans Receivable, net
226,049,308
210,789,482
Total Deposits
337,274,316
312,622,814
FHLB Advances & Other Borrowings
23,638,600
38,016,335
Stockholder’ s Equity
38,027,605
36,970,149
Common Stock Outstanding
1,038,818
1,031,100
Treasury Shares
30,547
9,873
Book Value per Common Share Outstanding, net of Unrealized gain AFS securities and treasury shares
$
35.36
$
33.88
Total Risk Based Capital Ratio
16.33%
16.53%
Non-performing Assets
$
2,298,030
$
5,272,933
Non-performing Assets as a % of Total Assets
0.57%
1.35%
Allowance for Loan Losses
$
5,655,700
$
5,706.598
Allowance as a % of Total Loans
2.44%
2.64%