Ledyard Financial Group, Inc (ticker symbol LFGP), the holding company for Ledyard National Bank, today reported its financial results for the first quarter of 2014. Net income for the quarter ended March 31, 2014, was $938,305 or $0.93 per share compared to $759,079 or $0.75 per share for the same period in 2013, an increase of $179,226 or 23.61%.
Total revenue for the quarter ended March 31, 2014, was $5,455,967 compared to $5,067,133 for the same period in 2013, for an increase of $388,835 or 7.7%. Net interest income for the quarter ended March 31, 2014, was $3,148,548 compared to $2,798,985 for the same period in 2013, for an increase of $346,563 or 12.49%. The increase in revenue for the first three months when compared to the prior year is due to an increase in lending activity and an increase in revenue from Ledyard Financial Advisors. The steepening yield curve and increase in lending provides for a more favorable revenue outlook.
No funds were added to the Allowance during the first three months of 2014 or during the same period in 2013. Net charge offs for the three months ending March 31, 2014, were $35,367, compared to net recoveries of $9,483 for the comparable period in 2013. The total Allowance was $5.53 million at March 31, 2014, compared to $5.67 million for the same period in 2013. Total non-performing assets were $2.6 million at March 31, 2014, compared to $1.8 million for the same period in 2013.
Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended March 31, 2014, of $2,001,567 compared to $1,816,409 for the same period in 2013, an increase of $185,158 or 10.19%. Assets under management and custody at Ledyard Financial Advisors totaled approximately $1.08 billion as of quarter end, an increase of $139.9 million over the prior year.
Non-interest expense for the quarter ended March 31, 2014, was $4,285,149 compared to $4,080,340 for the same period in 2013, for an increase of $204,809 or 5.02 %.
At March 31, 2014, the Company’s shareholders’ equity stood at $39.3 million, compared to $38.2 million for the same period in 2013. 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 March 31, 2014, the Company’s book value per share stood at $38.68 compared to $37.91 for the same period in 2013.
Loans, net of the allowance for loan losses at March 31, 2014, were $247 million, compared to $226 million for the same period last year, for an increase of $21 million or 9.3%. Total deposits at March 31, 2014 were $340.5 million, an increase of $5.2 million from the same period last year. Total assets of the Company were $415.5 million at March 31, 2014, an increase of $19 million over the prior year. Advances from the Federal Home Loan Bank increased by $2.3 million from $20.7 million at March 31, 2013, to $23 million at March 31, 2014.
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 24, 2014, the Company announced a dividend of $0.41 per share. The dividend of $0.41 per common share will be paid onJune 2, 2014to shareholders of record as ofMay 9, 2014.
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 atwww.ledyardbank.comor contact the Company’s Chief Financial Officer, Gregory D. Steverson.
Ledyard Financial Group, Inc.
Selected Financial Highlights
(Unaudited)
For the Three Months Ended
03/31/2014
03/31/2013
Total Interest Income
$
3,339,983
$
3,029,305
Total Interest Expense
191,435
230,319
Net Interest Income
3,148,548
2,798,985
Provision for Loan Losses
0
0
Non-interest Income
2,307,419
2,268,147
Non-interest Expense
4,285,149
4,080,340
Net Income
938,305
759,079
Earnings Per Common Share, basic
$
0.93
$
0.75
Earnings Per Common Share, diluted
$
0.90
$
0.74
Dividends Per Common Share
$
0.41
$
0.35
As of
03/31/2014
As of
03/31/2013
Total Assets
$
415,538,577
$
396,388,429
Investments
138,283,705
141,648,188
Loans Receivable, net
246,781,555
225,671,200
Total Deposits
340,456,732
335,271,338
FHLB Advances & Other Borrowings
23,000,000
20,720,557
Stockholder’s Equity
39,259,903
38,223,616
Common Stock Outstanding
1,043,332
1,038,818
Treasury Shares
28,343
30,547
Tangible Book Value per Share
$
38.68
$
37.91
Total Risk Based Capital Ratio
15.57
%
16.68
%
Non-performing Assets
$
2,556,069
$
1,842,772
Non-performing Assets as a % of Total Assets
0.62
%
0.47
%
Allowance for Loan Losses
$
5,528,302
$
5,655,183
Allowance as a % of Total Loans
2.19
%
2.64
%