Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, reported net income for the year ended December 31, 2009 of $1,780,380, or $1.74 per share compared to $2,027,744 or $1.99 per share for the same period in 2008. Net Income for the quarter ended December 31, 2009 was $562,305, or $0.55 per share compared to a loss of ($594,795) or ($.58) per share for the same period in 2008. Our full year results reflect the strength of our two basic businesses, community banking and wealth advisory services. We have continued to invest in both during the year, which positions us well for 2010. Some of the highlights from the year were:
Capital remains strong as shareholders equity was $33.1 million at the end of 2009.
Deposits at Ledyard National Bank ended the year at an all-time high.
Total revenue [net interest income plus non-interest income] was a record high for the quarter and year.
Ledyard Financial Advisors reported record revenue for the fourth quarter and the year.
Assets under management and custody from new business totaled $122.4 million during the year at Ledyard Financial Advisors.
Assets under management and custody at Ledyard Financial Advisors totaled $801 million as of the end of 2009.
For the quarter ended December 31, 2009, $200,000 was added to the allowance for loan losses ( Allowance ) compared to $2,323,000 for the same period in 2008. For the twelve months ended December 31, 2009, $2,250,000 was added to the Allowance compared to $3,123,000 for the same period in 2008. The total Allowance was $6.3 million at December 31, 2009, compared to $4.9 million for the same period in 2008. Total non-performing loans were $5.54 million at December 31, 2009, compared to $3.5 million for the same period in 2008.
Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended December 31, 2009 of $1,414,168, compared to $1,122,915 for the same period in 2008. Revenue for the twelve months ended December 31, 2009 was $5,124,844, compared to $4,895,381 for the same period in 2008. New business at Ledyard Financial Advisors was strong during 2009. Revenue from new business for the fourth quarter was $234,218, compared to $156,036 for the prior year. Revenue from new business for the twelve months ended December 31, 2009 was $985,359, compared to $644,307 for the same period in 2008.
At December 31, 2009, the Company s shareholders equity stood at $33.1 million, compared to $31.3 million for the same period in 2008. The Company s Risk Based Capital Ratio was 15.80% at December 31, 2009, compared to 14.49% for the same period in 2008. 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, 2009, the Company s book value per share stood at $32.38 compared to $30.62 for the same period in 2008.
Loans, net of the allowance for loan losses at December 31, 2009, were $197.6 million, compared to $226.4 for the same period last year. Total Deposits at December 31, 2009 were $320.1 million, an increase of $24.5 million from the same period last year. Total Assets of the Company were $393.6 million at December 31, 2009, an increase of $28.4 million over the prior year. Advances from the Federal Home Loan Bank increased by $2.8 million from $21.9 million at December 31, 2008 to $24.7 million at December 31, 2009.
A quarterly cash dividend of $.31 per share was declared on January 22, 2010 to shareholders of record as of February 5, 2010, payable March 5, 2010.
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 Pink Sheets 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.
Source: HANOVER, N.H.--(BUSINESS WIRE)--2.12.2010