Ledyard Financial Group Reports Q2 2024 Earnings and Declares Quarterly Dividend
Ledyard Financial Group (OTCQX: LFGP) reported Q2 2024 net income of $726,000 ($0.22 per share), up $263,000 from Q1 2024 and $7,000 from Q2 2023. Key highlights include:
- Total assets grew 1.5% to $908.0 million, up 21.2% year-over-year
- Gross loans increased 8.5% to $496.2 million, up 33.5% year-over-year
- Client deposits rose by $23.9 million quarter-over-quarter and $182.2 million year-over-year
- Assets under management reached $2.04 billion, up 0.8% from Q1 and 12.0% year-over-year
- Net interest margin widened to 2.14% from 2.01% in Q1 2024
The company declared a quarterly dividend of $0.21 per share, payable on September 6, 2024.
Ledyard Financial Group (OTCQX: LFGP) ha riportato un reddito netto del Q2 2024 di $726,000 ($0.22 per azione), in aumento di $263,000 rispetto al Q1 2024 e di $7,000 rispetto al Q2 2023. I punti salienti includono:
- Le attività totali sono aumentate dell'1.5% a $908.0 milioni, in crescita del 21.2% su base annua
- I prestiti lordi sono aumentati dell'8.5% a $496.2 milioni, con un incremento del 33.5% su base annua
- I depositi dei clienti sono aumentati di $23.9 milioni rispetto al trimestre precedente e di $182.2 milioni su base annua
- Le attività in gestione hanno raggiunto $2.04 miliardi, in aumento dello 0.8% rispetto al Q1 e del 12.0% su base annua
- Il margine di interesse netto è aumentato al 2.14% dal 2.01% del Q1 2024
La società ha dichiarato un dividendo trimestrale di $0.21 per azione, pagabile il 6 settembre 2024.
Ledyard Financial Group (OTCQX: LFGP) reportó un ingreso neto del Q2 2024 de $726,000 ($0.22 por acción), un aumento de $263,000 respecto al Q1 2024 y de $7,000 comparado con el Q2 2023. Los puntos destacados incluyen:
- Los activos totales crecieron un 1.5% a $908.0 millones, un aumento del 21.2% interanual
- Los préstamos brutos aumentaron un 8.5% a $496.2 millones, un incremento del 33.5% interanual
- Los depósitos de clientes subieron en $23.9 millones en comparación con el trimestre anterior y $182.2 millones interanualmente
- Los activos bajo gestión alcanzaron $2.04 mil millones, un incremento del 0.8% respecto al Q1 y del 12.0% interanualmente
- El margen de interés neto se amplió al 2.14% del 2.01% en el Q1 2024
La compañía declaró un dividendo trimestral de $0.21 por acción, pagadero el 6 de septiembre de 2024.
Ledyard Financial Group (OTCQX: LFGP)는 2024년 2분기 순이익이 $726,000 ($0.22 주당)이라고 보고했으며, 이는 2024년 1분기 대비 $263,000, 2023년 2분기 대비 $7,000 증가한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 총 자산이 1.5% 증가하여 $908.0 백만에 달하고, 전년 대비 21.2% 증가했습니다.
- 총 대출이 8.5% 증가하여 $496.2 백만, 전년 대비 33.5% 증가했습니다.
- 고객 예치금은 전분기 대비 $23.9 백만, 전년 대비 $182.2 백만 증가했습니다.
- 관리 자산은 $2.04 십억에 도달하여, 1분기 대비 0.8%, 전년 대비 12.0% 증가했습니다.
- 순이자 마진이 2024년 1분기의 2.01%에서 2.14%로 확대되었습니다.
회사는 주당 $0.21의 분기 배당금을 선언했으며, 2024년 9월 6일에 지급될 예정입니다.
Ledyard Financial Group (OTCQX: LFGP) a annoncé un revenu net pour le T2 2024 de $726,000 ($0.22 par action), en hausse de $263,000 par rapport au T1 2024 et de $7,000 par rapport au T2 2023. Les faits saillants incluent :
- Les actifs totaux ont augmenté de 1,5% pour atteindre $908,0 millions, en hausse de 21,2% d'une année sur l'autre
- Les prêts bruts ont augmenté de 8,5% pour atteindre $496,2 millions, en hausse de 33,5% d'une année sur l'autre
- Les dépôts des clients ont augmenté de $23,9 millions par rapport au trimestre précédent et de $182,2 millions d'une année sur l'autre
- Les actifs sous gestion ont atteint $2,04 milliards, en hausse de 0,8% par rapport au T1 et de 12,0% d'une année sur l'autre
- La marge d'intérêt nette s'est élargie à 2,14% contre 2,01% au T1 2024
L'entreprise a déclaré un dividende trimestriel de $0,21 par action, payable le 6 septembre 2024.
Ledyard Financial Group (OTCQX: LFGP) berichtete von einem Nettogewinn im Q2 2024 von $726.000 ($0.22 pro Aktie), was einem Anstieg von $263.000 im Vergleich zum Q1 2024 und $7.000 im Vergleich zum Q2 2023 entspricht. Wichtige Highlights sind:
- Die GesamAssets stiegen um 1,5% auf $908,0 Millionen, ein Plus von 21,2% im Jahresvergleich
- Die Bruttokredite erhöhten sich um 8,5% auf $496,2 Millionen, was einem Anstieg von 33,5% im Jahresvergleich entspricht
- Die Kundeneinlagen wuchsen um $23,9 Millionen im Quartalsvergleich und um $182,2 Millionen im Jahresvergleich
- Das verwaltete Vermögen erreichte $2,04 Milliarden, ein Anstieg von 0,8% im Vergleich zum Q1 und 12,0% im Jahresvergleich
- Die Nettozinsspanne weitete sich von 2,01% im Q1 2024 auf 2,14% aus
Das Unternehmen hat eine vierteljährliche Dividende von $0,21 pro Aktie erklärt, die am 6. September 2024 zahlbar ist.
- Net income increased by $263,000 quarter-over-quarter to $726,000
- Total assets grew 21.2% year-over-year to $908.0 million
- Gross loans increased 33.5% year-over-year to $496.2 million
- Client deposits rose by $182.2 million year-over-year
- Assets under management reached $2.04 billion, up 12.0% year-over-year
- Net interest margin widened to 2.14% from 2.01% in Q1 2024
- Wealth management revenue increased 11.4% year-over-year to $3.5 million
- Non-interest expense increased 6.3% year-over-year to $7.5 million
- Book value per share (excluding AOCI) decreased to $20.70 from $21.04 a year ago
- Net interest margin decreased 34 basis points year-over-year from 2.48% in Q2 2023
Q2 2024 Highlights
-
Q2 2024 net income was
($726 thousand per share), up$0.22 over Q1 2024, and up$263 thousand from Q2 2023.$7 thousand -
Total assets ended the quarter at
, having grown$908.0 million or$13.6 million 1.5% from the prior quarter, and ending or$158.6 million 21.2% higher than a year ago. Loan growth in Q2 2024 remained strong, with gross loan balances increasing or$38.8 million 8.5% from the prior quarter, and ending or$124.4 million 33.5% higher than a year ago. -
Client deposits were up
and$23.9 million over Q1 2024 and Q2 2023, respectively. Contributing to this increase was the transfer onto the Bank’s balance sheet of$182.2 million in Ledyard Financial Advisors (LFA) client wealth management funds in January; excluding those new balances, client deposits grew$123.2 million ($6.4 million 1.1% ) in Q2 2024 and ($39.4 million 7.4% ) since a year ago.
-
Total assets ended the quarter at
- Capital ratios remain well in excess of regulatory well-capitalized minimums.
-
Assets under management (AUM) ended the quarter at
, up$2.04 billion 0.8% and12.0% from Q1 2024 and Q2 2023, respectively. Revenue from the wealth management business was up ($111 thousand 3.3% ) and ($358 thousand 11.4% ) over the corresponding quarters. -
The Company declared a regular quarterly dividend of
per share.$0.21
“In Q2 we remained focused on developing and maintaining a balance sheet with a product mix, liquidity profile, and capital base that supports the company’s strategic direction. With our strong liquidity position, we were able to grow loans and deposits, add to credit reserves, shrink the investment portfolio, and widen net interest margin by 13 basis points. The second quarter earnings improvement represents another step forward on our path to more normalized performance levels, and we are maintaining our quarterly dividend,” said Peter Sprudzs, CFO.
“Our continued ability to grow both loans and deposits confirms that the growth pillar of our strategic plan is on track, and the widening of our net interest margin and the revenue growth in our wealth management business reveal the strength of our uniquely integrated business model. Customer satisfaction surveys confirm that we are succeeding in the pursuit of the second pillar of our strategic plan – high client engagement, and with our recent recognition as the “Best Place to Work” by the Concord Monitor’s Cappies Awards, it is clear that our efforts to reward, support, and develop our workforce are also returning value. We look forward to continued growth and evolution as our upcoming strategic initiatives unfold,” added Josephine Moran, CEO.
Q2 2024 Results
Net income for Q2 2024 was
Q2 2024 net interest income was
Provision for credit losses was
Non-interest revenue for Q2 2024 amounted to
-
Revenue from LFA amounted to
in Q2 2024, up$3.5 million or$111 thousand 3.3% from in Q1 2024, and up$3.4 million or$358 thousand 11.4% from in Q2 2023.$3.1 million -
AUM ended the quarter at
, up$2.04 billion 0.8% from at the end of Q1 2024, and up$2.02 billion 12.0% from at the end of Q2 2023.$1.82 billion
-
AUM ended the quarter at
Non-interest expense in Q2 2024 was
The Company continues to benefit from its investments in Low Income Housing Tax Credits and tax-exempt municipal bonds. In Q2 2024, the net tax expense was
Total assets of the Company at June 30, 2024 were
Gross loans at June 30, 2024 were
During Q2 the Company executed a minor balance sheet repositioning in support of its growth strategy. Through the sale of
Credit reserves amounted to
Client deposits were up
The Company continues to focus on maintaining a robust liquidity profile, with a diverse deposit base (roughly 75/25 retail/commercial), a small proportion of uninsured deposits (estimated at
Quarter-over-quarter, the Company reduced wholesale borrowings and deposits acquired through brokers or listing channels by
The Company has significant liquidity resources available to support operations, as it maintains good standing and extensive portfolios pledged at FHLB Boston and the Federal Reserve. The Company had over
At June 30, 2024, shareholders’ equity was
The Company’s capital ratios remain well in excess of the levels required under
Dividend Declaration
The Company is pleased to announce that a regular quarterly dividend of
About the Company
Ledyard Financial Group, Inc., headquartered in
Ledyard Financial Group, Inc. shares can be bought and sold through the NASD sanctioned OTCQX® Best Markets under the trading symbol LFGP. For additional information about the company, stock activity, or financial results please visit the Investor Relations section of bank’s website (www.ledyard.bank), or contact the Company’s Chief Financial Officer, Peteris J. Sprudzs.
|
|
For the Three Months Ended |
||||||||||
Income Statement (unaudited, |
|
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
||||||
Net interest income before provision |
|
$ |
4,482 |
|
|
$ |
4,181 |
|
|
$ |
4,234 |
|
Provision for credit losses |
|
|
139 |
|
|
|
486 |
|
|
|
233 |
|
Net interest income after provision |
|
|
4,343 |
|
|
|
3,695 |
|
|
|
4,002 |
|
|
|
|
|
|
|
|
||||||
Ledyard Financial Advisors revenue |
|
|
3,495 |
|
|
|
3,384 |
|
|
|
3,137 |
|
Securities gains |
|
|
6 |
|
|
|
- |
|
|
|
- |
|
Other non-interest income |
|
|
421 |
|
|
|
373 |
|
|
|
415 |
|
Total non-interest income |
|
|
3,922 |
|
|
|
3,757 |
|
|
|
3,552 |
|
|
|
|
|
|
|
|
||||||
Total revenue |
|
8,265 |
|
|
7,452 |
|
|
7,554 |
|
|||
Non-interest expense |
|
|
7,506 |
|
|
|
7,076 |
|
|
|
7,063 |
|
Pre-tax income |
|
|
759 |
|
|
|
376 |
|
|
|
491 |
|
Tax expense (benefit) |
|
|
33 |
|
|
|
(87 |
) |
|
|
(228 |
) |
Net income |
|
$ |
726 |
|
|
$ |
463 |
|
|
$ |
719 |
|
|
|
|
|
|
|
|
||||||
|
|
For the Three Months Ended |
||||||||||
Other Operating Metrics |
|
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
||||||
Earnings per common share, basic |
$ |
0.22 |
|
|
$ |
0.14 |
|
$ |
0.22 |
|
||
Earnings per common share, diluted |
$ |
0.22 |
|
|
$ |
0.14 |
|
$ |
0.22 |
|
||
Dividends per common share |
$ |
0.21 |
|
$ |
0.21 |
|
$ |
0.21 |
|
|||
|
|
|||||||||||
Return on assets |
|
0.28 |
% |
|
0.18 |
% |
|
0.37 |
% |
|||
Return on equity |
|
4.61 |
% |
|
2.82 |
% |
|
4.97 |
% |
|||
Net interest margin |
|
|
2.14 |
% |
|
|
2.01 |
% |
|
|
2.48 |
% |
Efficiency ratio |
|
89.31 |
% |
|
89.14 |
% |
90.71 |
% |
||||
|
|
|
|
|
||||||||
Balance Sheet (unaudited, |
|
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
||||||
Investments & interest-bearing deposits |
|
$ |
349,109 |
|
|
$ |
374,580 |
|
|
$ |
314,569 |
|
|
|
|
|
|
|
|
||||||
Gross loans |
|
|
496,232 |
|
|
|
457,444 |
|
|
|
371,804 |
|
Allowance for credit losses |
|
|
(3,409 |
) |
|
|
(3,322 |
) |
|
|
(3,111 |
) |
Net loans |
|
|
492,823 |
|
|
|
454,122 |
|
|
|
368,693 |
|
|
|
|
|
|
|
|
||||||
Premises, equipment & other assets |
|
|
66,053 |
|
|
|
65,661 |
|
|
|
66,088 |
|
Total assets |
|
$ |
907,985 |
|
|
$ |
894,363 |
|
|
$ |
749,350 |
|
|
|
|
|
|
|
|
||||||
Client deposits |
|
|
711,442 |
|
|
|
687,591 |
|
|
|
529,222 |
|
Brokered & institutional deposits |
|
|
82,366 |
|
|
|
92,382 |
|
|
|
32,368 |
|
Borrowings |
|
|
32,280 |
|
|
|
32,452 |
|
|
|
108,815 |
|
Subordinated debt |
|
|
18,000 |
|
|
|
18,000 |
|
|
|
18,000 |
|
Other liabilities |
|
|
8,375 |
|
|
|
8,393 |
|
|
|
5,043 |
|
Total liabilities |
|
|
852,463 |
|
|
|
838,818 |
|
|
|
693,448 |
|
|
|
|
|
|
|
|
||||||
Capital |
|
|
72,224 |
|
|
|
72,122 |
|
|
|
72,656 |
|
Accumulated other comprehensive loss |
|
|
(15,058 |
) |
|
|
(14,933 |
) |
|
|
(15,110 |
) |
Treasury stock |
|
|
(1,644 |
) |
|
|
(1,644 |
) |
|
|
(1,644 |
) |
Total shareholders' equity |
|
|
55,522 |
|
|
|
55,545 |
|
|
|
55,902 |
|
|
|
|
|
|
|
|
||||||
Total liabilities and equity |
|
$ |
907,985 |
|
|
$ |
894,363 |
|
|
$ |
749,350 |
|
|
|
|
|
|
|
|||||||
Other Metrics (as of stated date) |
|
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
||||||
Book value per share (excluding AOCI) |
|
$ |
20.70 |
|
$ |
20.93 |
|
$ |
21.04 |
|
||
Book value per share (including AOCI) |
|
$ |
16.29 |
|
$ |
16.49 |
|
$ |
16.56 |
|
||
|
|
|
|
|
|
|
||||||
Leverage ratio |
|
7.78 |
% |
|
7.81 |
% |
|
9.58 |
% |
|||
Risk based capital ratio |
|
15.54 |
% |
|
16.25 |
% |
|
19.79 |
% |
|||
Allowance to total loans |
|
|
0.69 |
% |
|
|
0.73 |
% |
|
|
0.84 |
% |
|
|
1.09 |
% |
|
1.94 |
% |
|
1.28 |
% |
|||
Allowance to non-performing assets |
|
|
360 |
% |
|
|
198 |
% |
|
|
280 |
% |
|
|
|
|
|
|
|
||||||
Assets under management (billions) |
|
$ |
2.038 |
|
$ |
2.021 |
|
$ |
1.820 |
|
||
|
|
|
|
|
|
|
||||||
Shares of common stock issued |
|
|
3,525,357 |
|
|
|
3,483,504 |
|
|
|
3,491,100 |
|
Treasury shares |
|
|
115,998 |
|
|
|
115,998 |
|
|
|
115,998 |
|
|
|
|
|
|
|
|
||||||
Stock price - high |
|
$ |
15.20 |
|
$ |
16.74 |
|
$ |
17.00 |
|
||
Stock price - low |
|
$ |
13.44 |
|
$ |
14.80 |
|
$ |
13.75 |
|
||
Stock price - average |
|
$ |
14.49 |
|
$ |
15.59 |
|
$ |
14.98 |
|
||
Forward-Looking Statements: Certain statements herein constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of Ledyard Financial Group, Inc.’s (the “Company’s”) management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, changes in interest rates; changes in general business and economic conditions (including inflation and concerns about liquidity) on a national basis and in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in customer behavior; turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in employment levels; increases in loan default and charge-off rates; decreases in the value of securities in the Company’s investment portfolio; fluctuations in real estate values; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; changes in loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; competitive pressures from other financial institutions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest, and future pandemics; changes in regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; and the risk that the Company may not be successful in the implementation of its business strategy. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.
Note: Certain reclassifications have been made to the prior period information to conform to the current period presentation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240726083557/en/
Peteris J. Sprudzs, CFO
(603) 640-2743
Peter.sprudzs@ledyard.bank
Source: Ledyard Financial Group, Inc.
FAQ
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