Ledyard Financial Group, Inc (ticker symbol LFGP), the holding company for Ledyard National Bank, has reported its financial results for the third quarter of 2013. Net income for the quarter ended September 30, 2013, was $770,834 or $0.76 per share compared to $717,709 or $0.71 per share for the same period in 2012, an increase of $53,124 or 7.40%. Net income for the nine months ended September 30, 2013 was $2,324,331, or $2.30 per share compared to $2,179,723 or $2.14 per share for the same period in 2012, an increase of $144,608 or 6.63%.
Total revenue for the quarter ended September 30, 2013, was $5,106,739 compared to $4,986,368 for the same period in 2012, for an increase of $120,371 or 2.41%. Total revenue for the nine months ended September 30, 2013, was $15,369,624 compared to $15,100,130 for the same period in 2012, an increase of $269,494 or 1.78%. Net interest income for the quarter ended September 30, 2013, was $2,848,190 compared to $2,777,062 for the same period in 2012, for an increase of $71,128 or 2.56%. Net interest income for the nine months ended September 30, 2013, was $8,469,473 compared to $8,208,867 for the same period in 2012, for an increase of $260,606 or 3.17%.The increase in revenue for the first nine months when compared to the prior year is due to the increase in lending activity and the increase in revenue from Ledyard Financial Advisors. The steepening yield curve and increase in lending provides for a more favorable outlook for revenue.
No funds were added to the Allowance during the first nine months of 2013 or during the same period in 2012. Net recoveries for the nine months ending September 30, 2013, were $59,424, compared to net charge offs of $51,486 for the comparable period in 2012. The total Allowance was $5.72 million at September 30, 2013, compared to $5.66 million for the same period in 2012. Total non-performing assets were $2.3 million at September 30, 2013, compared to $2.6 million for the same period in 2012.
Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended September 30, 2013, of $1,891,221 compared to $1,725,165 for the same period in 2012, an increase of $166,056 or 9.63%. Revenue for the nine months ended September 30, 2013, was $5,634,317, compared to $5,219,469 for the same period in 2012, for an increase of $414,848 or 7.95%. Assets under management and custody at Ledyard Financial Advisors totaled approximately $1 billion as of quarter end, an increase of $48.3 million over the prior year.
Non-interest expense for the quarter ended September 30, 2013, was $4,034,593 compared to $4,003,259 for the same period in 2012, for an increase of $31,334 or 0.78%. Non-interest expense for the nine months ended September 30, 2013, was $12,285,754 compared to $12,159,557 for the same period in 2012, for an increase of $126,197 or 1.04%.
At September 30, 2013, the Company’s shareholders’ equity stood at $37.9 million, compared to $38.1 million for the same period in 2012. 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 September 30, 2013, the Company’s book value per share stood at $37.44 compared to $37.53 for the same period in 2012.
Loans, net of the allowance for loan losses at September 30, 2013, were $221.3 million, compared to $222 million for the same period last year, for a decrease of $0.6 million or 0.28%. Total deposits at September 30, 2013 were $331.6 million, an increase of $4.59 million from the same period last year. Total assets of the Company were $398.5 million at September 30, 2013, a decrease of $3.4 million over the prior year. Advances from the Federal Home Loan Bank decreased by $4.5 million from $17.1 million at September 30, 2012, to $12.5 million at September 30, 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 October 25, 2013, the Company announced a dividend of $0.37. The dividend of $0.37 per common share is payable December 3, 2013 to shareholders of record as of’ November 8, 2013.
During the first half of 2013, Ledyard National Bank was named Business NH Magazine’s 2013 Business of the Year in the Financial Services/Insurance category. Kathy Underwood, President and CEO stated ‘It is an incredible honor to be recognized by Business NH Magazine for this prestigious award.’ Business NH Magazine and the NH Association of Chamber of Commerce Executives have been celebrating the NH Businesses of the Year for 22 years. The award is given to organizations who demonstrate the largest impact on their community and industry.
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. 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. 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)
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For the Three Months Ended
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For the Nine Months Ended
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09/30/2013
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09/30/2012
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09/30/2013
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09/30/2012
Total Interest Income
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$
3,052,999
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$
3,126,567
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$
9,121,748
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$
9,378,716
Total Interest Expense
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204,809
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349,504
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652,275
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1,169,849
Net Interest Income
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2,848,190
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2,777,062
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8,469,473
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8,208,867
Provision for Loan Losses
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0
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0
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0
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0
Non-interest Income
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2,258,549
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2,209,306
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6,900,151
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6,891,263
Non-interest Expense
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4,034,593
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4,003,259
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12,285,754
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12,159,557
Net Income
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770,834
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717,709
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2,324,331
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2,179,723
Earnings Per Common Share, basic
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$
0.76
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$
0.71
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$
2.30
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$
2.14
Earnings Per Common Share, diluted
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$
0.75
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$
0.70
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$
2.25
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$
2.11
Dividends Per Common Share
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$
0.37
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$
0.33
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$
1.07
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$
0.97
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As of
09/30/2013
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As of
09/30/2012
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Total Assets
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$
398,535,660
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$
401,946,982
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Investments
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147,312,884
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147,785,353
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Loans Receivable, net
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221,333,973
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221,955,493
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Total Deposits
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331,578,182
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326,990,314
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FHLB Advances & Other Borrowings
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12,505,139
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17,065,375
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Stockholder’s Equity
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37,878,755
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37,638,726
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Common Stock Outstanding
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1,042,691
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1,038,818
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Treasury Shares
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30,937
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21,350
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Tangible Book Value per Share
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$
37.44
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$
37.53
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Total Risk Based Capital Ratio
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16.74%
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16.45%
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Non-performing Assets
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$
2,270,936
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$
2,593,262
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Non-performing Assets as a % of Total Assets
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0.57%
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0.64%
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Allowance for Loan Losses
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$
5,715,124
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$
5,655,112
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Allowance as a % of Total Loans
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2.52%
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2.48%
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HANOVER, N.H.--(BUSINESS WIRE)-- Ledyard Financial Group, Inc
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