Ledyard Financial Group Reports Record Quarterly Earnings

HANOVER, N.H.--(BUSINESS WIRE)--Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, today reported record quarterly earnings for the first quarter of 2015. Net income for the quarter ended March 31, 2015, was $1,119,680 or $1.10 per share compared to $938,305 or $0.93 per share for the same period in 2014, an increase of $181,375 or 19%. The strength of our core businesses continues to drive improvement in our operating results and returns to our shareholders.

The Company reported record total revenue for the quarter ended March 31, 2015, of $5,780,095 compared to $5,455,967 for the same period in 2014, for an increase of $324,128 or 5.9%. Net interest income for the quarter ended March 31, 2015, was $3,320,128 compared to $3,148,548 for the same period in 2014, for an increase of $171,580 or 5.5%.

No funds were added to the Allowance during the first three months of 2015 or 2014. The total Allowance was $5.74 million at March 31, 2015, compared to $5.53 million for the same period in 2014. Total non-performing assets were $2.2 million at March 31, 2015, compared to $2.6 million for the same period in 2014.

Ledyard Financial Advisors, a division of Ledyard National Bank, reported record revenue for the quarter ended March 31, 2015, of $2,092,824 compared to $2,001,567 for the same period in 2014, an increase of $91,257 or 4.6%. Assets under management and custody at Ledyard Financial Advisors totaled approximately $1.1 billion as of quarter end, an increase of approximately $22.9 million over the prior year.

Non-interest expense for the quarter ended March 31, 2015, was $4,300,799 compared to $4,285,149 for the same period in 2014, an increase of $15,650 or less than 1%.

At March 31, 2015, the Company’s shareholders’ equity stood at $43.1 million, compared to $39.3 million for the same period in 2014. 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, 2015, the Company’s book value per share stood at $42.24 compared to $38.72 for the same period in 2014.

Loans, net of the allowance for loan losses at March 31, 2015, were $265.6 million, compared to $246.8 million for the same period last year, for an increase of $18 million or 7.6%. Total deposits at March 31, 2015 were $361.2 million, an increase of $20.7 million from the same period last year. Total assets of the Company were $428.2 million at March 31, 2015, an increase of $12.7 million over the prior year.

Due to its strong financial position, the Company has been able to maintain or increase its quarterly dividend since first declaring a dividend in 1995. On April 23, 2015 the Company announced a dividend of $0.48 per share. This dividend will be paid on May 29, 2015 to shareholders of record as of May 8, 2015.

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. Stock activity information can be found in the “Investor Relations” section of our website, which includes a wealth of other information that Ledyard shareholders and prospective shareholders may find of interest.

Ledyard Financial Group, Inc. shares can be bought and sold through the NASD sanctioned “OTC Markets” 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)
	For the Three Months Ended
	3/31/2015			3/31/2014
Total Interest Income	$	3,535,589			3,339,983
Total Interest Expense		215,460			195,435
Net Interest Income		3,320,128			3,148,548
Provision for Loan Losses		0			0
Non-interest Income		2,459,967			2,307,419
Non-interest Expense		4,300,799			4,285,149
Net Income		1,119,680			938,305
Earnings Per Common Share, basic	$	1.10		$	0.93
Earnings Per Common Share, diluted	$	1.07		$	0.90
	As of 3/31/2015			As of 3/31/2014
Total Assets	$	428,221,566		$	415,538,577
Investments		128,897,302			138,283,705
Loans Receivable, net		265,589,204			246,781,555
Total Deposits		361,196,212			340,456,732
FHLB Advances & Other Borrowings		21,548,319			32,888,824
Stockholder’s Equity		43,088,874			39,259,903
Common Stock Outstanding		1,048,940			1,043,332
Treasury Shares		28,932			29,370
Tangible Book Value per Share	$	42.24		$	38.72
Total Risk Based Capital Ratio		15.97	%		15.57	%
Non-performing Assets	$	2,150,933		$	2,556,069
Non-performing Assets as a % of Total Assets		0.50	%		0.62	%
Allowance for Loan Losses	$	5,744,243		$	5,528,302
Allowance as a % of Total Loans		2.12	%		2.19	%