Ledyard Financial Group Reports Quarterly Earnings

HANOVER, N.H.--()--Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, today reported quarterly earnings for the second quarter of 2015. Net income for the quarter ended June 30, 2015, was $1,021,601 or $1.00 per share compared to $987,650 or $0.97 per share for the same period in 2014, an increase of $33,951 or 3%. Net income for the six months ended June 30, 2015 was $2,141,281 or $2.09 per share compared to $1,925,956 or $1.90 per share for the same period in 2014, an increase of $212,325 or 11%. 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 June 30, 2015, was $5,777,175 compared to $5,736,041 for the same period in 2014, for an increase of $41,135 or less than 1%. Total revenue for the six months ended June 30, 2015 was $11,557,271 compared to $11,192,008 for the same period in 2014, for an increase of $365,263 or 3%. Net interest income for the quarter ended June 30, 2015, was $3,155,767 compared to $3,146,746 for the same period in 2014, for an increase of $9,021. Net interest income for the six months ended June 30, 2015 was $6,475,896 compared to $6,295,295 for the same period in 2014, for an increase of $180,601 or 3%.

No funds were added to the Allowance for the first six months of 2015 or 2014. The total Allowance was $5.63 million at June 30, 2015, compared to $5.53 million for the same period in 2014. Total non-performing assets were $2.4 million at June 30, 2015, compared to $2.3 million for the same period in 2014.

Ledyard Financial Advisors, a division of Ledyard National Bank, reported record revenue for the quarter ended June 30, 2015, of $2,179,130 compared to $2,053,030 for the same period in 2014, an increase of $126,100 or 6%. Revenue for the six months ended June 30, 2015 was $4,271,954 compared to $4,054,597 for the same period in 2014, an increase of $217,357 or 5%. Assets under management and custody at Ledyard Financial Advisors totaled approximately $1.1 billion as of quarter end June 30, 2015 and 2014.

Non-interest expense for the quarter ended June 30, 2015, was $4,497,027 compared to $4,447,803 for the same period in 2014, an increase of $49,224 or approximately 1%. Non-interest expense for the six months ended June 30, 2015 was $8,797,626 compared to $8,732,953 for the same period in 2014, an increase of $64,874, or less than 1%.

At June 30, 2015, the Company’s shareholders’ equity stood at $42.8 million, compared to $40.3 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 June 30, 2015, the Company’s book value per share stood at $41.65 compared to $39.72 for the same period in 2014.

Loans, net of the allowance for loan losses at June 30, 2015, were $270.1 million, compared to $257.6 million for the same period last year, for an increase of $12.5 million or 4.8%. Total deposits at June 30, 2015 were $352.1 million, a decrease of $2.1 million from the same period last year. Total assets of the Company were $423.1 million at June 30, 2015, a decrease of $10.4 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 July 31, 2015 the Company announced a dividend of $0.48 per share. This dividend will be paid on September 4, 2015 to shareholders of record as of August 14, 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.

 

Ledyard Financial Group, Inc.

Selected Financial Highlights

(Unaudited)

      For the Three Months Ended     For the Six Months Ended
        6/30/2015       6/30/2014       6/30/2015       6/30/2014
Total Interest Income     $ 3,364,501     $ 3,370,235     $ 6,900,090     $ 6,710,218
Total Interest Expense       208,734       223,488       424,194       414,923
Net Interest Income       3,155,767       3,146,746       6,475,896       6,295,295
Provision for Loan Losses       0       0       0       0
Non-interest Income       2,621,408       2,589,295       5,081,375       4,896,714
Non-interest Expense       4,497,027       4,447,803       8,797,826       8,732,953
Net Income       1,021,601       987,650       2,141,281       1,925,956
Earnings Per Common Share, basic     $ 1.00     $ 0.97     $ 2.09     $ 1.90
Earnings Per Common Share, diluted     $ 0.97     $ 0.95     $ 2.03     $ 1.85
Dividends Per Common Share     $ 0.48     $ 0.41     $ 0.96     $ 0.82
                         
                         
Total Assets     $ 423,126,572     $ 433,513,894            
Investments       119,205,622       143,213,467            
Loans Receivable, net       270,076,640       257,599,377            
Total Deposits       352,056,706       354,175,014            
FHLB Advances & Other Borrowings       25,977,218       32,267,048            
Stockholder’s Equity       42,800,852       40,395,438            
Common Stock Outstanding       1,056,453       1,048,281            
Treasury Shares       28,892       31,170            
Tangible Book Value per Share     $ 41.65     $ 39.72            
Total Risk Based Capital Ratio       15.97%       15.30%            
Non-performing Assets     $ 2,456,442     $ 2,349,148            
Non-performing Assets as a % of Total Assets       0.58%       0.54%            
Allowance for Loan Losses     $ 5,632,918     $ 5,531,292            
Allowance as a % of Total Loans       2.05%       2.10%            

Contacts

Ledyard Financial Group, Inc.
Gregory D. Steverson, 603-640-2666
EVP, COO & CFO
greg.steverson@ledyardbank.com

Contacts

Ledyard Financial Group, Inc.
Gregory D. Steverson, 603-640-2666
EVP, COO & CFO
greg.steverson@ledyardbank.com