Ledyard Financial Group, Inc. (ticker symbol LFGP), reported its financial results for the first quarter of 2009 today. Total revenue for the quarter ended March 31, 2009 was $4,770,347, compared to $4,768,287 for the same period in 2008. Net Interest Income for the quarter ended March 31, 2009 was $3,201,076, compared to $3,170,341 for the same period in 2008. Net Income for the quarter ended March 31, 2009 was $433,577, or $0.42 per share compared to $975,253 or $.96 per share for the same period in 2008.
The national recession is impacting the communities we serve. This has influenced our decision to increase our allowance for loan losses. For the quarter ended March 31, 2009, $950,000 was added to the allowance for loan losses (“Allowance”) compared to $120,000 for the same period in 2008. The total Allowance was $5.9 million at March 31, 2009, compared to $3.2 million for the same period in 2008. Total non-performing loans were $3.65 million at March 31, 2009, compared to $2.91 million for the same period in 2008.
Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended March 31, 2009 of $1,163,929, compared to $1,261,614 for the same period in 2008. Despite the significant new client activity for the first quarter market conditions so far in 2009 have contributed to a decline in revenue at Ledyard Financial Advisors.
At March 31, 2009, the Company’s shareholders’ equity stood at $31.7 million, compared to $31.4 million for the same period in 2008. The Company’s capital to asset ratio was 8.58% at March 31, 2009, compared to 9.47% for the same period in 2008. 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, 2009, the Company’s book value per share stood at $31.06 compared to $30.72 for the same period in 2008.
Loans, net of the allowance for loan losses at March 31, 2009, were $226.7 million, compared to $228.0 for the same period last year. Total Deposits at March 31, 2009 were $300.9 million, an increase of $30.2 million from the same period last year. Total Assets of the Company were $375.8 million at March 31, 2009, an increase of $51.4 million over the prior year. Advances from the Federal Home Loan Bank increased by $10.4 million from $9.4 million at March 31, 2008 to $19.8 million at March 31, 2009.
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 “Pink Sheets” 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.
Ledyard Financial Group, Inc. Selected Financial Highlights (Unaudited) | ||||
| Three Months Ended | ||||
| 3/31/2009 | 3/31/2008 | |||
| Total Interest Income | $4,414,048 | $4,763,892 | ||
| Total Interest Expense | 1,212,973 | 1,593,551 | ||
| Net Interest Income | 3,201,076 | 3,170,341 | ||
| Provision for Loan Losses | 950,000 | 120,000 | ||
| Non-interest Income | 1,569,270 | 1,597,946 | ||
| Non-interest Expense | 3,200,868 | 3,125,933 | ||
| Net Income | 433,577 | 975,253 | ||
| Earnings Per Common Share, basic | $0.42 | $0.96 | ||
| Dividends Per Common Share | $0.31 | $0.31 | ||
| As of 3/31/2009 | As of 3/31/2008 | |||
| Total Assets | $375,760,980 | $324,391,743 | ||
| Securities and Fed Funds Sold | 100,619,909 | 72,680,200 | ||
| Loans Receivable, net | 226,678,994 | 227,984,542 | ||
| Total Deposits | 300,885,068 | 270,690,353 | ||
| FHLB Advances & Other Borrowings | 41,961,495 | 21,091,803 | ||
| Stockholders Equity | 31,734,924 | 31,355,146 | ||
| Book Value per Common Share Outstanding | $31.06 | $30.72 | ||
| Tier I Core Capital to Assets | 8.58% | 9.47% | ||
| Non-performing Assets | $3,650,842 | $2,905,509 | ||
| Non-performing Assets as a % of Total Assets | 0.97% | 0.90% | ||
Contacts:
Ledyard Financial Group, Inc.
Gregory D. Steverson, 603-640-2666
Executive
Vice President & Chief Financial Officer
greg.steverson@ledyardbank.com
Ticker
Symbol: LFGP
