Ledyard income drops slightly

Ledyard National Bank reported net income of $840,224, or 83 cents a share, for the quarter ended March 31, a slight decrease from the same period a year ago.

In 2005, the Norwich, Vt.-based bank that serves the Dartmouth-Lake Sunapee region of New Hampshire, reported income of $840,424, or 84 cents a share in the first quarter.

The bank said 2006 results were affected by an increase in the provision for loan losses due to growth in the loan portfolio and to known or anticipated activity on certain loans.

Net interest income rose by $320,530, or 11.97 percent, compared to a year ago. Non-interest income was up $51,187, or 3.58 percent, over last year’s first quarter, due primarily to improved revenue from the bank’s Investment and Trust Services Division.

Assets totaled $270.4 million, compared to $267.3 million a year ago. – NHBR STAFF