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 third quarter of 2017. Net income for the quarter ended September
30, 2017, was $1,124,246 or $0.36 per share compared to $1,073,721 or
$0.35 per share for the same period in 2016, an increase of $50,525 or
4.7%. Net income for the nine months ended September 30, 2017, was
$3,252,706 or $1.06 per share compared to $3,141,198 or $1.02 per share
for the same period in 2016, an increase of $111,508 or 3.6%.
Total revenue for the quarter ended September 30, 2017, was $6,385,594
compared to $5,905,538 for the same period in 2016, for an increase of
$480,056 or 8%. Total revenue for the nine months ended September 30,
2017, was $18,754,501 compared to $17,569,161 for the same period in
2016, for an increase of $1,185,339 or 6.8%. Net interest income for the
quarter ended September 30, 2017, was $3,661,160 compared to $3,357,397
for the same period in 2016, for an increase of $303,763 or 9%. Net
interest income for the nine months ended September 30, 2017, was
$10,783,911 compared to $9,834,405 for the same period in 2016, for an
increase of $949,506 or 9.7%.
No funds were added to the Allowance for the first nine months of 2017
or 2016. The total Allowance was $5.5 million at September 30, 2017,
compared to $5.7 million for the same period in 2016. Total
non-performing assets were $1.7 million at September 30, 2017, compared
to $2.3 million for the same period in 2016.
Ledyard Financial Advisors, a division of Ledyard National Bank,
reported revenue for the quarter ended September 30, 2017, of $2,387,770
compared to $2,104,015 for the same period in 2016, an increase of
$283,754 or 11.9%. Revenue for the nine months ended September 30, 2017,
was $6,936,220 compared to $6,211,472 for the same period in 2016, an
increase of $724,748 or 10.4%. Assets under management and custody at
Ledyard Financial Advisors totaled approximately $1.46 billion as of
quarter end September 30, 2017, and $1.14 billion for the same period in
2016.
Non-interest expense for the quarter ended September 30, 2017, was
$5,025,872 compared to $4,538,846 for the same period in 2016, an
increase of $487,026 or 10.7%. Non-interest expense for the nine months
ended September 30, 2017, was $14,825,449 compared to $13,643,703 for
the same period in 2016, an increase of $1,181,747 or 8.7%.
At September 30, 2017, the Company’s shareholders’ equity stood at $46.9
million compared to $45.2 million for the same period in 2016. 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, 2017, the Company’s book value per share
stood at $15.20 compared to $14.81 for the same period in 2016.
Loans, net of the allowance for loan losses at September 30, 2017, were
$286.7 million compared to $281.5 million for the same period last year,
an increase of 1.9%. Total deposits at September 30, 2017, were $405.1
million compared to $392.8 million, an increase of $12.3 million or 3%
from the same period last year. Total assets of the Company were $481.6
at September 30, 2017, an increase of $11.8 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. Effective September 20, 2017, the Company recorded a
three-for-one stock split to be effected in the form of a stock dividend
on the Company’s common stock. On October 27, 2017, the Company
announced an increase of $0.01 to its quarterly dividend. The dividend
of $0.17 per share will be paid on December 1, 2017, to shareholders of
record as of November 10, 2017. Ledyard’s second consecutive quarter of
record Net Income continues to support the Company’s ability to share
the benefits of the strength in its core businesses with shareholders.
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. Stock
activity information can be found in the “Investor Relations” section of
the bank’s 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.
| Ledyard Financial Group, Inc. |
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Selected Financial Highlights
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(Unaudited)
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For the Three Months Ended
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For the Nine Months Ended
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| 9/30/2017 |
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| 9/30/2016 |
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| 9/30/2017 |
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| 9/30/2016 |
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Total Interest Income
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| $3,977,160 |
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| $ 3,645,537 |
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| $11,753,072 |
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| $10,673,087 |
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Total Interest Expense
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|
316,001
|
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288,140
|
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969,161
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838,681
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Net Interest Income
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3,661,160
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3,357,397
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10,783,911
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9,834,405
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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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2,724,435
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2,548,141
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7,970,590
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7,734,756
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Non-interest Expense
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5,025,872
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4,538,846
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14,825,449
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13,643,703
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Net Income
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1,124,246
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1,073,721
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3,252,706
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3,141,198
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Earnings Per Common Share, basic
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| $ 0.36 |
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| $ 0.35 |
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| $ 1.06 |
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| $ 1.02 |
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Earnings Per Common Share, diluted
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| $ 0.35 |
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| $ 0.35 |
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| $ 1.03 |
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| $ 1.00 |
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Dividends Per Common Share
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| $ 0.16 |
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| $ 0.16 |
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| $ 0.64 |
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| $ 0.64 |
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Total Assets
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| $481,648,227 |
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| $469,853,395 |
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Investments
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157,772,254
|
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156,106,672
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Loans Receivable, net
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286,723,198
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281,469,181
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Total Deposits
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405,148,685
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392,814,913
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Borrowings & Other Liabilities
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29,574,601
|
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31,842,616
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Stockholder’s Equity
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46,924,942
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45,195,866
|
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Common Stock Outstanding
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3,222,810
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3,195,288
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Treasury Shares
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136,509
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143,556
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Tangible Book Value per Share
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| $ 15.20 |
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| $ 14.81 |
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Total Risk Based Capital Ratio
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16.62%
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15.61%
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Non-performing Assets
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| $ 1,730,041 |
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| $ 2,276,117 |
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Non-performing Assets as a % of Total Assets
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0.36%
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0.48%
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Allowance for Loan Losses
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| $ 5,518,758 |
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| $ 5,697,221 |
|
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Allowance as a % of Total Loans
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1.89%
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1.98%
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Forward-Looking Statements: Statements concerning future
performance, developments or events, expectations for growth and income
forecasts, and any other guidance on future periods constitute
forward-looking statements that are subject to a number of risks and
uncertainties.Actual results may differ materially from stated
expectations.Specific factors include, but are not limited to,
loan production, competitive pressure in the banking industry, balance
sheet management, net interest margin variations, the effect of changes
in equity prices on assets under management, the ability to control
costs and expenses, changes in the interest rate environment, financial
policies of the United States government, and general economic
conditions.The Company disclaims any obligation to update any
such factors.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171031006348/en/
Ledyard Financial Group, Inc.
Gregory D. Steverson, 603-640-2666
EVP,
COO & CFO
greg.steverson@ledyardbank.com
Source: Ledyard Financial Group, Inc.