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 2016. Net income for the quarter ended September 30, 2016, was $1,073,721 or $1.06 per share compared to $1,032,884 or $1.01 per share for the same period in 2015, an increase of $40,837 or 4%. Net income for the nine months ended September 30, 2016 was $3,141,198 or $3.07 per share compared to $3,174,165 or $3.11 per share for the same period in 2015, a decrease of $32,967 or 1%.
Total revenue for the quarter ended September 30, 2016, was $5,905,538 compared to $5,735,735 for the same period in 2015, for an increase of $169,083 or 3%. Total revenue for the nine months ended September 30, 2016 was $17,569,161 compared to $17,293,006 for the same period in 2015, for an increase of $276,155 or 2%. Net interest income for the quarter ended September 30, 2016, was $3,357,397 compared to $3,164,918 for the same period in 2015, for an increase of $192,479 or 6%. Net interest income for the nine months ended September 30, 2016 was $9,834,405 compared to $9,640,814 for the same period in 2015, for an increase of $193,592 or 2%.
No funds were added to the Allowance for the first nine months of 2016 or 2015. The total Allowance was $5.7 million at September 30, 2016, compared to $5.73 million for the same period in 2015. Total non-performing assets were $2.3 million at September 30, 2016, compared to $2.4 million for the same period in 2015.
Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended September 30, 2016, of $2,104,015 compared to $2,110,613 for the same period in 2015, a decrease of $6,597 or less than 1%. Revenue for the nine months ended September 30, 2016 was $6,211,472 compared to $6,382,567 for the same period in 2015, a decrease of $171,095 or 3%. Assets under management and custody at Ledyard Financial Advisors totaled approximately $1.14 billion as of quarter end September 30, 2016 and $1.05 billion for the same period in 2015.
Non-interest expense for the quarter ended September 30, 2016, was $4,538,846 compared to $4,408,016 for the same period in 2015, an increase of $130,830 or 3%. Non-interest expense for the nine months ended September 30, 2016 was $13,643,703 compared to $13,205,842 for the same period in 2015, an increase of $437,861, or 3%.
At September 30, 2016, the Company’s shareholders’ equity stood at $45.2 million compared to $43.5 million for the same period in 2015. 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, 2016, the Company’s book value per share stood at $44.43 compared to $42.41 for the same period in 2015.
Loans, net of the allowance for loan losses at September 30, 2016, were $281.5 million compared to $266.8 million for the same period last year, an increase of 5.5%. Total deposits at September 30, 2016 were $392.8 million compared to $361.8 million, an increase of $31 million or 9% from the same period last year. Total assets of the Company were $469.8 at September 30, 2016, an increase of $34.2 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 28, 2016 the Company announced a dividend of $0.48 per share. This dividend will be paid on December 2, 2016 to shareholders of record as of November 14, 2016.
Ledyard Financial Group, Inc., headquartered in Hanover, New Hampshire, is the holding company for Ledyard National Bank and is ranked among the Top 200 publicly traded banks and thrifts in the United States by American Banker Magazine for the second year in a row. The rankings were based on return on average equity across three years. Ledyard Financial Group was ranked 159th with a three-year average ROAE of 9.33%. 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 Nine Months Ended | ||||||||||||||||||||||
| 9/30/2016 | 9/30/2015 | 9/30/2016 | 9/30/2015 | ||||||||||||||||||||
| Total Interest Income | $ | 3,645,537 | $ | 3,378,037 | $ | 10,673,087 | $ | 10,278,127 | |||||||||||||||
| Total Interest Expense | 288,140 | 213,119 | 838,681 | 637,313 | |||||||||||||||||||
| Net Interest Income | 3,357,397 | 3,164,918 | 9,834,405 | 9,640,814 | |||||||||||||||||||
| Provision for Loan Losses | 0 | 0 | 0 | 0 | |||||||||||||||||||
| Non-interest Income | 2,548,141 | 2,570,817 | 7,734,756 | 7,652,192 | |||||||||||||||||||
| Non-interest Expense | 4,538,846 | 4,408,016 | 13,643,703 | 13,205,842 | |||||||||||||||||||
| Net Income | 1,073,721 | 1,032,884 | 3,141,198 | 3,174,165 | |||||||||||||||||||
| Earnings Per Common Share, basic | $ | 1.06 | $ | 1.01 | $ | 3.07 | $ | 3.11 | |||||||||||||||
| Earnings Per Common Share, diluted | $ | 1.03 | $ | 0.98 | $ | 2.99 | $ | 3.02 | |||||||||||||||
| Dividends Per Common Share | $ | 0.48 | $ | 0.48 | $ | 1.44 | $ | 1.44 | |||||||||||||||
| Total Assets | $ | 469,853,395 | $ | 435,693,607 | |||||||||||||||||||
| Investments | 156,106,672 | 135,325,018 | |||||||||||||||||||||
| Loans Receivable, net | 281,469,181 | 266,771,896 | |||||||||||||||||||||
| Total Deposits | 392,814,913 | 361,763,650 | |||||||||||||||||||||
| Borrowings & Other Liabilities | 31,842,616 | 30,478,315 | |||||||||||||||||||||
| Stockholder’s Equity | 45,195,866 | 43,451,642 | |||||||||||||||||||||
| Common Stock Outstanding | 1,065,096 | 1,055,020 | |||||||||||||||||||||
| Treasury Shares | 47,852 | 30,432 | |||||||||||||||||||||
| Tangible Book Value per Share | $ | 44.43 | $ | 42.41 | |||||||||||||||||||
| Total Risk Based Capital Ratio | 15.48 | % | 15.92 | % | |||||||||||||||||||
| Non-performing Assets | $ | 2,276,117 | $ | 2,411,699 | |||||||||||||||||||
| Non-performing Assets as a % of Total Assets | 0.48 | % | 0.55 | % | |||||||||||||||||||
| Allowance for Loan Losses | $ | 5,697,221 | $ | 5,733,142 | |||||||||||||||||||
| Allowance as a % of Total Loans | 1.98 | % | 2.10 | % | |||||||||||||||||||