HANOVER, N.H.--(BUSINESS WIRE)--
Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company
for Ledyard National Bank, today reported record quarterly earnings for
the first quarter of 2015. Net income for the quarter ended March 31,
2015, was $1,119,680 or $1.10 per share compared to $938,305 or $0.93
per share for the same period in 2014, an increase of $181,375 or 19%.
The strength of our core businesses continues to drive improvement in
our operating results and returns to our shareholders.
The Company reported record total revenue for the quarter ended March
31, 2015, of $5,780,095 compared to $5,455,967 for the same period in
2014, for an increase of $324,128 or 5.9%. Net interest income for the
quarter ended March 31, 2015, was $3,320,128 compared to $3,148,548 for
the same period in 2014, for an increase of $171,580 or 5.5%.
No funds were added to the Allowance during the first three months of
2015 or 2014. The total Allowance was $5.74 million at March 31, 2015,
compared to $5.53 million for the same period in 2014. Total
non-performing assets were $2.2 million at March 31, 2015, compared to
$2.6 million for the same period in 2014.
Ledyard Financial Advisors, a division of Ledyard National Bank,
reported record revenue for the quarter ended March 31, 2015, of
$2,092,824 compared to $2,001,567 for the same period in 2014, an
increase of $91,257 or 4.6%. Assets under management and custody at
Ledyard Financial Advisors totaled approximately $1.1 billion as of
quarter end, an increase of approximately $22.9 million over the prior
year.
Non-interest expense for the quarter ended March 31, 2015, was
$4,300,799 compared to $4,285,149 for the same period in 2014, an
increase of $15,650 or less than 1%.
At March 31, 2015, the Company’s shareholders’ equity stood at $43.1
million, compared to $39.3 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 March 31, 2015, the Company’s book value per share
stood at $42.24 compared to $38.72 for the same period in 2014.
Loans, net of the allowance for loan losses at March 31, 2015, were
$265.6 million, compared to $246.8 million for the same period last
year, for an increase of $18 million or 7.6%. Total deposits at March
31, 2015 were $361.2 million, an increase of $20.7 million from the same
period last year. Total assets of the Company were $428.2 million at
March 31, 2015, an increase of $12.7 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 April 23, 2015 the Company announced a dividend of
$0.48 per share. This dividend will be paid on May 29, 2015 to
shareholders of record as of May 8, 2015.
Ledyard Financial Group, Inc., headquartered in Hanover, New Hampshire,
is the holding company for Ledyard National Bank. Ledyard National Bank,
founded in 1991, is a full service community bank offering a broad range
of banking, investment, tax and wealth management services in the
Dartmouth-Lake Sunapee Region. Ledyard National Bank has eight offices
with locations in Hanover, Lebanon, Lyme, New London, and West Lebanon,
New Hampshire and in Norwich, Vermont. Stock activity information can be
found in the “Investor Relations” section of our website, which includes
a wealth of other information that Ledyard shareholders and prospective
shareholders may find of interest.
Ledyard Financial Group, Inc. shares can be bought and sold through the
NASD sanctioned “OTC Markets” under the trading symbol LFGP. Shares may
be traded through an individual’s broker. For more information, please
refer to the “Investor Relations” section of the bank’s website at www.ledyardbank.com
or contact the Company’s Chief Financial Officer, Gregory D. Steverson.
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Ledyard Financial Group, Inc.
Selected Financial Highlights
(Unaudited)
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For the Three Months Ended
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| 3/31/2015 |
| 3/31/2014 |
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Total Interest Income
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$
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3,535,589
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3,339,983
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Total Interest Expense
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215,460
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195,435
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Net Interest Income
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3,320,128
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3,148,548
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Provision for Loan Losses
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0
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0
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Non-interest Income
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2,459,967
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2,307,419
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Non-interest Expense
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4,300,799
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4,285,149
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Net Income
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1,119,680
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938,305
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Earnings Per Common Share, basic
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$
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1.10
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$
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0.93
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Earnings Per Common Share, diluted
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$
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1.07
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$
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0.90
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As of
3/31/2015 |
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As of
3/31/2014 |
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Total Assets
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$
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428,221,566
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$
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415,538,577
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Investments
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128,897,302
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138,283,705
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Loans Receivable, net
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265,589,204
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246,781,555
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Total Deposits
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361,196,212
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340,456,732
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FHLB Advances & Other Borrowings
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21,548,319
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32,888,824
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Stockholder’s Equity
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43,088,874
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39,259,903
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Common Stock Outstanding
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1,048,940
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1,043,332
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Treasury Shares
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28,932
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29,370
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Tangible Book Value per Share
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$
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42.24
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$
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38.72
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Total Risk Based Capital Ratio
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15.97
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%
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15.57
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%
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Non-performing Assets
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$
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2,150,933
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$
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2,556,069
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Non-performing Assets as a % of Total Assets
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0.50
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%
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0.62
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%
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Allowance for Loan Losses
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$
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5,744,243
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$
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5,528,302
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Allowance as a % of Total Loans
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2.12
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%
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2.19
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%
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Ledyard Financial Group
Gregory D. Steverson, 603-640-2666
Executive
Vice President & Chief Financial Officer
greg.steverson@ledyardbank.com
Source: Ledyard Financial Group, Inc.