Ledyard Financial Q1 net income rises 25% yr/yr on loan growth

Overview

• US community bank and wealth manager's Q1 net income rose 25% yr/yr to $1.5 mln

• Diluted EPS for Q1 was $0.44, up from $0.36 a year ago

• Company repurchased 13,100 shares under its buyback program in Q1

Outlook

• Company says it remains well positioned to benefit from future Fed rate reductions

• Company continues to focus on disciplined expense management and process improvements

• Company cites economic uncertainty, including impacts from Middle East events, as a factor in credit reserve strategy

Result Drivers

• LOAN GROWTH - Co said year-over-year asset and revenue growth was driven primarily by increases in loan balances across commercial and residential segments

• NET INTEREST MARGIN EXPANSION - Net interest margin rose 14 basis points from the prior quarter and 22 basis points from a year ago, reflecting higher asset yields and lower funding costs

• WEALTH MANAGEMENT REVENUE - Wealth management revenue increased 11.1% yr/yr but fell 8.1% from the prior quarter due to the absence of one-time items recorded in Q4

Company press release: ID:nGNX6WDQrG

Key Details

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