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Ledyard Financial Group Q3 net income jumps on loan growth

By Reuters News


Overview

  • U.S. community bank's Q3 net income rose 60% yr/yr, with diluted EPS up to $0.73

  • Company saw higher net interest income and wealth management revenue in Q3

  • Company declared a regular quarterly dividend of $0.21 per share


Outlook

  • Company expects momentum from strategic investments to continue into the final quarter

  • Company says wealth management remains a growth area and is exploring strategic partnerships

  • Ledyard says it remains committed to expanding retail funding base alongside loan growth


Result Drivers

  • NET INTEREST INCOME - Co said net interest income increased in Q3, supported by disciplined loan pricing and lower funding costs

  • WEALTH MANAGEMENT REVENUE - Co said wealth management revenue grew in Q3, attributed to market performance and business development

  • LOAN GROWTH - Co said strong loan growth across commercial, residential, and consumer segments contributed to Q3 results


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.73

Q3 Net Income

$2.47 mln

Q3 Basic EPS

$0.74

Q3 Dividend

$0.21

Q3 Pretax Profit

$3.07 mln


Reuters Recommended Reads

  • Oct 28 - Alerus Financial Q3 profit beats estimates on commercial lending growth

  • Oct 28 - John Marshall Bancorp Q3 profit up on core deposit growth

  • Oct 29 - First Business Financial Q3 revenue rises on core deposit growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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