Ledyard Financial Group, Inc (ticker symbol LFGP), the holding company for Ledyard National Bank, reported net income for the quarter ended March 31, 2010 of $666,593, or $0.65 per share compared to $433,578 or $0.42 per share for the same period in 2009, an increase of $233,015 or 53.74%. Our total revenue for the three months ended March 31, 2010 was $4.9 million, compared to $4.8 million for the same period in 2009. Net Interest Income for the three months ended March 31, 2010 was $3,095,172, compared to $3,201,076 for the same period in 2009. A decrease in loan balances was the primary factor contributing to the decrease in Net Interest Income.
For the quarter ended March 31, 2010, $150,000 was added to the allowance for loan losses ( Allowance ) compared to $950,000 for the same period in 2009. The total Allowance was $6.5 million at March 31, 2010, compared to $5.9 million for the same period in 2009. Total non-performing loans were $5.57 million at March 31, 2010, compared to $3.7 million for the same period in 2009.
Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended March 31, 2010 of $1,451,915, compared to $1,163,929 for the same period in 2009. Revenue from new business for the first quarter was $121,140, compared to $163,123 for the prior year. Assets under management and custody at Ledyard Financial Advisors totaled $825 million as of quarter end, an increase of $230 million over the prior year.
At March 31, 2010, the Company s shareholders equity stood at $33.6 million, compared to $31.7 million for the same period in 2009. 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, 2010, the Company s book value per share stood at $32.83 compared to $31.06 for the same period in 2009.
Loans, net of the allowance for loan losses at March 31, 2010, were $200.1 million, compared to $226.7 for the same period last year. Total Deposits at March 31, 2010 were $316.3 million, an increase of $15.4 million from the same period last year. Total Assets of the Company were $388.2 million at March 31, 2010, an increase of $12.4 million over the prior year. Advances from the Federal Home Loan Bank increased by $4.9 million from $19.8 million at March 31, 2009 to $24.7 million at March 31, 2010.
A quarterly cash dividend of $.31 per share was declared on April 22, 2010 to shareholders of record as of May 7, 2010, payable June 4, 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.
Ledyard Financial Group, Inc.
Selected Financial Highlights
(Unaudited)
For the Three Months Ended
03/31/2010
03/31/2009
Total Interest Income
$
3,892,186
$
4,414,048
Total Interest Expense
797,014
1,212,973
Net Interest Income
3,095,172
3,201,076
Provision for Loan Losses
150,000
950,000
Non-interest Income
1,850,586
1,569,271
Non-interest Expense
3,913,415
3,200,868
Net Income
666,593
433,578
Earnings Per Common Share, basic
$
0.65
$
0.42
Dividends Per Common Share
$
0.31
$
0.31
As of
03/31/2010
As of
03/31/2009
Total Assets
$
388,175,219
$
375,760,980
Investment Securities
158,378,063
100,551,282
Loans Receivable, net
200,111,088
226,678,994
Total Deposits
316,271,435
300,885,068
FHLB Advances & Other Borrowings
36,589,092
41,961,495
Stockholders Equity
33,567,069
31,734,924
Book Value per Common Share Outstanding
$
32.83
$
31.06
Total Risk Based Capital Ratio
15.97
%
14.52
%
Non-performing Assets
$
5,574,810
$
3,650,842
Non-performing Assets as a % of Total Assets
1.44
%
0.97
%
Allowance for Loan Losses
$
6,501,534
$
5,887,298
Allowance as a % of Total Loans
3.15
%
2.53
%
Source: HANOVER, N.H.--(BUSINESS WIRE)-- Ledyard Financial Group, Inc. 4.26.2010