HANOVER, N.H.--(BUSINESS WIRE)--
Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company
for Ledyard National Bank, today reported quarterly earnings for the
third quarter of 2015. Net income for the quarter ended September 30,
2015, was $1,032,884 or $1.01 per share compared to $1,069,538 or $1.05
per share for the same period in 2014, a decrease of $36,654 or 3%. Net
income for the nine months ended September 30, 2015 was $3,174,165 or
$3.11 per share compared to $2,995,493 or $2.95 per share for the same
period in 2014, an increase of $178,671 or 6%. The strength of our core
businesses continues to drive improvement in our operating results and
returns to our shareholders.
Total revenue for the quarter ended September 30, 2015, was $5,735,735
compared to $5,756,227 for the same period in 2014, for a decrease of
$20,492 or less than 1%. Total revenue for the nine months ended
September 30, 2015 was $17,293,006 compared to $16,948,236 for the same
period in 2014, for an increase of $344,770 or 2%. Net interest income
for the quarter ended September 30, 2015, was $3,164,918 compared to
$3,199,911 for the same period in 2014, for a decrease of $34,993. Net
interest income for the nine months ended September 30, 2015 was
$9,640,814 compared to $9,495,206 for the same period in 2014, for an
increase of $145,608 or 1%. Challenging economic conditions affecting
our core businesses are contributing to our slower rate of revenue
growth.
No funds were added to the Allowance for the first nine months of 2015
or 2014. The total Allowance was $5.73 million at September 30, 2015,
compared to $5.49 million for the same period in 2014. Total
non-performing assets were $2.4 million at September 30, 2015, compared
to $2.2 million for the same period in 2014.
Ledyard Financial Advisors, a division of Ledyard National Bank,
reported revenue for the quarter ended September 30, 2015, of $2,110,613
compared to $2,077,096 for the same period in 2014, an increase of
$33,517 or 2%. Revenue for the nine months ended September 30, 2015 was
$6,382,567 compared to $6,131,693 for the same period in 2014, an
increase of $250,874 or 4%. Assets under management and custody at
Ledyard Financial Advisors totaled approximately $1.05 billion as of
quarter end September 30, 2015 and $1.09 billion for the same period in
2014.
Non-interest expense for the quarter ended September 30, 2015, was
$4,408,016 compared to $4,308,390 for the same period in 2014, an
increase of $99,626 or approximately 2%. Non-interest expense for the
nine months ended September 30, 2015 was $13,205,842 compared to
$13,041,343 for the same period in 2014, an increase of $164,499, or
approximately 1%.
At September 30, 2015, the Company’s shareholders’ equity stood at $43.5
million, compared to $41.1 million for the same period in 2014. 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, 2015, the Company’s book value per share
stood at $42.41 compared to $40.42 for the same period in 2014.
Loans, net of the allowance for loan losses at September 30, 2015, were
$266.8 million, compared to $269.3 million for the same period last
year, for a decrease of $2.5 million or less than 1%. Total deposits at
September 30, 2015 were $361.8 million, an increase of $10.3 million
from the same period last year. Total assets of the Company were $435.7
million at September 30, 2015, an increase of $10 million over the prior
year.
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 30, 2015 the Company announced a dividend
of $0.48 per share. This dividend will be paid on December 4, 2015 to
shareholders of record as of November 13, 2015.
Ledyard Financial Group, Inc., headquartered in Hanover, New Hampshire,
is the holding company for Ledyard National Bank. Ledyard National Bank,
founded in 1991, is a full service community bank offering a broad range
of banking, investment, tax and wealth management services in the
Dartmouth-Lake Sunapee Region. Ledyard National Bank has eight offices
with locations in Hanover, Lebanon, Lyme, New London, and West Lebanon,
New Hampshire and in Norwich, Vermont. Stock activity information can be
found in the “Investor Relations” section of our website, which includes
a wealth of other information that Ledyard shareholders and prospective
shareholders may find of interest.
Ledyard Financial Group, Inc. shares can be bought and sold through the
NASD sanctioned “OTC Markets” under the trading symbol LFGP. Shares may
be traded through an individual’s broker. For more information, please
refer to the “Investor Relations” section of the bank’s website at www.ledyardbank.com
or contact the Company’s EVP, COO and CFO, Gregory D. Steverson.
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Ledyard Financial Group, Inc.
Selected Financial Highlights
(Unaudited)
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For the Three Months Ended
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For the Nine Months Ended
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| 9/30/2015 |
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| 9/30/2014 |
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| 9/30/2015 |
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| 9/30/2014 |
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Total Interest Income
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$
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3,378,037
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$
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3,430,717
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$
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10,278,127
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$
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10,140,934
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Total Interest Expense
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213,119
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230,806
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637,313
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645,728
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Net Interest Income
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3,164,918
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3,199,911
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9,640,814
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9,495,206
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Provision for Loan Losses
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0
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0
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0
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0
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Non-interest Income
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2,570,817
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2,556,316
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7,652,192
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7,453,030
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Non-interest Expense
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4,408,016
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4,308,390
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13,205,842
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13,041,343
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Net Income
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1,032,884
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1,069,538
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3,174,165
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2,995,493
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Earnings Per Common Share, basic
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$
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1.01
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$
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1.05
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$
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3.11
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$
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2.95
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Earnings Per Common Share, diluted
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$
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0.98
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$
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1.03
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$
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3.02
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$
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2.88
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Dividends Per Common Share
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$
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0.48
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$
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0.45
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$
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1.44
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$
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1.27
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Total Assets
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$
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435,693,607
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$
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425,694,895
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Investments
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135,325,018
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126,343,549
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Loans Receivable, net
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266,771,896
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269,282,404
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Total Deposits
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361,763,650
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351,467,438
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Borrowings & Other Liabilities
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30,478,315
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33,117,620
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Stockholder’s Equity
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43,451,642
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41,109,837
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Common Stock Outstanding
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1,055,020
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1,048,253
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Treasury Shares
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30,432
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31,170
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Tangible Book Value per Share
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$
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42.41
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$
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40.42
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Total Risk Based Capital Ratio
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15.92
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%
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15.32
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%
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Non-performing Assets
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$
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2,382,946
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$
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2,147,938
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Non-performing Assets as a % of Total Assets
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0.55
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%
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0.50
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%
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Allowance for Loan Losses
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$
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5,733,142
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$
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5,494,608
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Allowance as a % of Total Loans
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2.10
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%
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2.00
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%
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View source version on businesswire.com: http://www.businesswire.com/news/home/20151103006548/en/
Ledyard Financial Group, Inc.
Gregory D. Steverson, 603-640-2666
EVP,
COO & CFO
greg.steverson@ledyardbank.com
Source: Ledyard Financial Group, Inc.