Ledyard Financial Group reports Q3 results

first_imgTotal Risk Based Capital Ratio $0.31 $1.88Dividends Per Common Share $0.31 38,024,589 9/30/2010 203,832,466 126,107,548 $3,285,346 $3,681,651 $35.49 $395,587,820 $0.56 16.93% $0.62 2,277,068Net Interest Income 3.02% Non-performing Assets as a % of Total Assets 8,640,085 9,053,941Provision for Loan Losses 575,000 632,276 For the Three Months Ended 9/30/2011 2,063,173 $379,199,577 FHLB Advances & Other Borrowings 3,900,322 9/30/2010Total Interest Income 450,000Non-interest Income HANOVER, N.H.–(BUSINESS WIRE)– 11.1.11 11,824,960Net Income As of 09/30/2011 202,068,471 Ledyard National Bank,Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, today reported its financial results for the third quarter of 2011. Net income for the quarter ended September 30, 2011, was $576,597, or $0.56 per share compared to $632,276 or $0.62 per share for the same period in 2010, a decrease of $55,679 or 8.81%. Net income for the nine months ended September 30, 2011, was $1,918,738, or $1.86 per share compared to $1,927,036, or $1.88 per share for the same period in 2010, a decrease of $8,297. The Company continues to be impacted by a slowdown in lending activity due to general economic conditions. In addition, the third quarter results in 2011 were impacted by an addition to the allowance for loan losses (’Allowance’), increased expenses associated with non-performing loans, and the charge off noted below relating to a single loan taken this quarter.Our total revenue for the quarter ended September 30, 2011, was $4,864,857, compared to $4,940,398 for the same period in 2010. Total revenue for the nine months ended September 30, 2011, was $15,344,526 compared to $14,879,645, an increase of $464,881 or 3.12%. Net interest income for the quarter ended September 30, 2011, was $2,801,685, compared to $2,953,522 for the same period in 2010, for a decrease of $151,837 or 5.14%. Net interest income for the nine months ended September 30, 2011, was $8,640,085 compared to $9,053,941 for the same period in 2010, for a decrease of $413,856 or 4.57%. The primary factors contributing to the decrease in net interest income have been the slowdown in loan demand and the low level of interest rates.For the quarter ended September 30, 2011, $150,000 was added to the Allowance compared to $150,000 for the same period in 2010. For the nine months ended September 30, 2011, $575,000 was added to the Allowance compared to $450,000 for the same period in 2010. Net charge-offs for the nine months ending September 30, 2001 were $1,286,670, compared to $495,830 for the comparable period in 2010. The total Allowance was $5.6 million at September 30, 2011, compared to $6.3 million for the same period in 2010. Total non-performing assets were $5 million at September 30, 2011, compared to $5.9 million for the same period in 2010. During the third quarter of 2011 $400,000 from an individual loan was charged-off (bringing the total charge offs for this loan to $1.2 million for the year] and is included in the net charge-off totals for 2011.Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended September 30, 2011, of $1,706,978, compared to $1,512,365 for the same period in 2010, an increase of $194,613 or 12.87%. Revenue for the nine months ended September 30, 2011 was $5,134,355, compared to $4,500,138 for the same period in 2010, for an increase of $634,217 or 14.09%. Assets under management and custody at Ledyard Financial Advisors totaled $838 million as of quarter end, an increase of $25 million over the prior year.Non-interest expense for the quarter ended September 30, 2011, was $3,935,360, compared to $3,900,322 for the same period in 2010, for an increase of $35,038 or .90%. Non-interest expense for the nine months ended September 30, 2011, was $12,169,588 compared to $11,824,960 for the same period in 2010, for an increase of $344,628 or 2.91%. The majority of the increase was due to increases in salary and employee benefits in addition to increased expenses associated with the problem loan noted above. Increased staffing expense is due to additions to staff at Ledyard Financial Advisors, as we continue to invest in our core businesses. Increased health care costs contributed to the increase in employee benefits.At September 30, 2011, the Company’s shareholders’ equity stood at $36.6 million, compared to $34.8 million for the same period in 2010. 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, 2011, the Company’s book value per share stood at $35.49 compared to $33.92 for the same period in 2010.Loans, net of the allowance for loan losses at September 30, 2011, were $203.8 million, compared to $202.1 for the same period last year. Total deposits at September 30, 2011 were $302.4 million, a decrease of $7.5 million from the same period last year. Total assets of the Company were $379.2 million at September 30, 2011, a decrease of $16.4 million over the prior year. Advances from the Federal Home Loan Bank decreased by $7.0 million from $26.9 million at September 30, 2010 to $19.9 million at September 30, 2011.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. Most recently, a quarterly cash dividend of $.31 per share was declared on October 28, 2011, to shareholders of record as of November 14, 2011, payable December 2, 2011.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.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(link is external) or contact the Company’s Chief Financial Officer, Gregory D. Steverson. 150,000 483,662 302,373,239 Loans Receivable, net 1,927,036Earnings Per Common Share, basic 309,854,800 Allowance for Loan Losses 576,597 36,589,231 49,542,920 As of 09/30/2010 6,704,441 3,935,360 1.50% Non-performing Assets $0.93 136,722,119 $1.86 2.67% 5,825,704Non-interest Expense 12,169,588 34,773,626 Total Deposits 16.35% $0.93 2,953,522 $6,299,760 1,918,738 150,000 1,986,876 For the Nine Months Ended $5,594,452 $5,926,876 Book Value per Common Share Outstanding 1,571,625 $11,331,009Total Interest Expense $4,980,884 $33.92 Investment Securities 1.31% Ledyard Financial Group, Inc.Selected Financial Highlights(Unaudited) 9/30/2011 2,801,685 Stockholder’s Equity Allowance as a % of Total Loans $10,211,710 Total Assets 728,129last_img