Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, today reported its financial results for the first quarter of 2013. Net income for the quarter ended March 31, 2013, was $759,080, or $0.75 per share compared to $791,807 or $0.78 per share for the same period in 2012, a decrease of $32,727 or 4.13%. The difference is due mostly to gains on the sale of securities and OREO that were reflected in the prior years results.
Our total revenue for the quarter ended March 31, 2013, was $5,067,133, compared to $5,035,236 for the same period in 2012, for an increase of $31,897 or .63%. Net interest income for the quarter ended March 31, 2013, was $2,798,985, compared to $2,723,252 for the same period in 2012, for an increase of $75,734 or 2.78%. The increase in revenue for the first quarter when compared to the prior year is due to the increase in lending activity and the increase in revenue from Ledyard Financial Advisors. The Company continues to make progress in its efforts to improve earnings during a difficult operating environment.
No funds were added to the Allowance during the first quarter of 2013 or during the same period in 2012. Net recoveries for the three months ending March 31, 2013, were $9,483, compared to net charge-offs of $13,456 for the comparable period in 2012. The total Allowance was $5.66 million at March 31, 2013, compared to $5.69 million for the same period in 2012. Total non-performing assets were $1.7 million at March 31, 2013, compared to $4.1 million for the same period in 2012.
Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended March 31, 2013, of $1,816,409, compared to $1,721,789 for the same period in 2012, an increase of $94,620 or 5.50%. Assets under management and custody at Ledyard Financial Advisors totaled $940 million as of quarter end, an increase of $8 million over the prior year.
Non-interest expense for the quarter ended March 31, 2013, was $4,080,340, compared to $3,982,278 for the same period in 2012, for an increase of $98,062 or 2.46%.
At March 31, 2013, the Companys shareholders equity stood at $38 million, compared to $37 million for the same period in 2012. All of the Companys 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 March 31, 2013, the Companys book value per share stood at $37.91 compared to $36.50 for the same period in 2012.
Loans, net of the allowance for loan losses at March 31, 2013, were $226 million, compared to $210 million for the same period last year, for an increase of $16 million or 7.53%. Total deposits at March 31, 2013 were $335 million, an increase of $15.3 million from the same period last year. Total assets of the Company were $396.4 million at March 31, 2013, an increase of $3.1 million over the prior year. Advances from the Federal Home Loan Bank decreased by $12.3 million from $19.8 million at March 31, 2012, to $7.5 million at March 31, 2013.
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 April 26, 2013, the Company announced a quarterly dividend of $0.35 per common share dividend payable June 3, 2013 to shareholders of record as of May 10, 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 individuals broker. For more information, please refer to the Investor Relations section of the banks website at www.ledyardbank.com or contact the Companys Chief Financial Officer, Gregory D. Steverson.
Ledyard Financial Group, Inc.
Selected Financial Highlights
(Unaudited)
For the Three Months Ended
03/31/2013
03/31/2012
Total Interest Income
$
3,029,305
$
3,155,418
Total Interest Expense
230,319
432,166
Net Interest Income
2,798,985
2,723,252
Provision for Loan Losses
0
0
Non-interest Income
2,268,147
2,311,984
Non-interest Expense
4,080,340
3,982,279
Net Income
759,079
791,807
Earnings Per Common Share, basic
$
0.75
$
0.78
Earnings Per Common Share, diluted
$
0.74
$
0.77
Dividends Per Common Share
$
0.35
$
0.33
As of 03/31/2013
As of 03/31/2012
Total Assets
$
396,388,429
$
393,260,299
Investments
141,648,188
153,186,743
Loans Receivable, net
225,671,200
209,861,186
Total Deposits
335,271,338
319,994,447
FHLB Advances & Other Borrowings
20,720,557
33,933,345
Stockholders Equity
38,223,616
36,970,098
Common Stock Outstanding
1,038,818
1,031,100
Treasury Shares
30,547
18,350
Tangible Book Value per Share
$
37.91
$
36.50
Total Risk Based Capital Ratio
16.68
%
16.77
%
Non-performing Assets
$
1,842,772
$
4,418,736
Non-performing Assets as a % of Total Assets
0.47
%
1.12
%
Allowance for Loan Losses
$
5,665,183
$
5,693,142
Allowance as a % of Total Loans
2.45
%
2.64
%
HANOVER, N.H.--(BUSINESS WIRE)-- 4.30.2013