Ledyard Financial Group Reports Financial Results for the Fourth Quarter

Thu Feb 14, 2013 12:38pm EST

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HANOVER, N.H.--(Business Wire)--
Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for
Ledyard National Bank, today reported its financial results for the fourth
quarter of 2012. Net income for the quarter ended December 31, 2012, was
$660,133, or $0.64 per share compared to $690,276 or $0.66 per share for the
same period in 2011, a decrease of $30,143 or 4.37%. Net income for the twelve
months ended December 31, 2012, was $2,839,856, or $2.75 per share compared to
$2,609,014, or $2.52 per share for the same period in 2011, an increase of
$230,842 or 8.85%. Our results for the fourth quarter were impacted by the
decision to re-pay $7.5 million in FHLB advances. As a result, the Company
incurred a prepayment expense of approximately $420,000. 

Our total revenue for the quarter ended December 31, 2012, was $5,191,000,
compared to $4,811,880 for the same period in 2011, for an increase of $379,120
or 7.89%. Total revenue for the twelve months ended December 31, 2012, was
$20,291,130 compared to $20,156,405, an increase of $134,724 or 0.67%. Net
interest income for the quarter ended December 31, 2012, was $2,946,129,
compared to $2,802,369 for the same period in 2011, for an increase of $143,760
or 5.13%. Net interest income for the twelve months ended December 31, 2012, was
$11,154,996 compared to $11,442,455 for the same period in 2011, for a decrease
of $287,459 or 2.51%. The increase in revenue for the fourth quarter when
compared to the prior year is due to the increase in lending activity and the
increase in revenue from Ledyard Financial Advisors. 

No funds were added to the Allowance during 2012 compared to $675,000 for the
same period in 2011. Net charge-offs for the twelve months ending December 31,
2012, were $50,898, compared to net charge-offs of $1,274,524 for the comparable
period in 2011. The total Allowance was $5.65 million at December 31, 2012,
compared to $5.71 million for the same period in 2011. Total non-performing
assets were $2.3 million at December 31, 2012, compared to $5.3 million for the
same period in 2011. 

Ledyard Financial Advisors, a division of Ledyard National Bank, reported
revenue for the quarter ended December 31, 2012, of $1,770,792, compared to
$1,643,526 for the same period in 2011, an increase of $127,266 or 7.74%.
Revenue for the twelve months ended December 31, 2012, was $6,990,261, compared
to $6,777,881 for the same period in 2011, for an increase of $212,380 or 3.13%.
Assets under management and custody at Ledyard Financial Advisors totaled $902
million as of quarter end, an increase of $7 million over the prior year. 

Non-interest expense for the quarter ended December 31, 2012, was $4,488,339,
compared to $3,957,613 for the same period in 2011, for an increase of $530,725
or 13.41%. Non-interest expense for the twelve months ended December 31, 2012,
was $16,647,896 compared to $16,127,201 for the same period in 2011, for an
increase of $520,694 or 3.27%. 

At December 31, 2012, the Company`s shareholders` equity stood at $38 million,
compared to $37 million for the same period in 2011. 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 December 31,
2012, the Company`s book value per share stood at $35.36 compared to $33.88 for
the same period in 2011. 

Loans, net of the allowance for loan losses at December 31, 2012, were $226
million, compared to $211 million for the same period last year, for an increase
of $15 million or 7.24%. Total deposits at December 31, 2012 were $337 million,
an increase of $24.7 million from the same period last year. Total assets of the
Company were $401.7 million at December 31, 2012, an increase of $11.9 million
over the prior year. Advances from the Federal Home Loan Bank decreased by $10.3
million from $19.9 million at December 31, 2011, to $9.6 million at December 31,
2012. 

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
January 25, 2013, the Company announced an increase of $0.02 per common share to
its quarterly dividend resulting in a $0.35 per common share dividend payable
March 4, 2013 to shareholders of record as of February 8, 2013. 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., 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. 

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                                  For the Twelve Months Ended                         
                                                                                                                   12/31/2012                         12/31/2011              12/31/2012                       12/31/2011  
 Total Interest Income                                                                                     $       3,248,848                  $       3,244,051        $      12,627,564                $      13,455,762  
 Total Interest Expense                                                                                            302,719                            441,682                 1,472,567                        2,013,307   
 Net Interest Income                                                                                               2,946,129                          2,802,369               11,154,996                       11,442,455  
 Provision for Loan Losses                                                                                         0                                  100,000                 0                                675,000     
 Non-interest Income                                                                                               2,244,841                          2,009,511               9,136,133                        8,713,951   
 Non-interest Expense                                                                                              4,488,339                          3,957,613               16,647,896                       16,127,201  
 Net Income                                                                                                        660,133                            690,276                 2,839,856                        2,609,014   
 Earnings Per Common Share, diluted                                                                        $       0.64                       $       0.66             $      2.75                      $      2.52        
 Dividends Per Common Share                                                                                $       0.33                       $       0.31             $      1.30                      $      1.24        
                                                                                                                                                                                                                           
                                                                                                           As of                              As of                                                                        
                                                                                                           12/31/2012                         12/31/2011                                                                   
 Total Assets                                                                                              $       401,740,153                $       389,845,592                                                          
 Investments                                                                                                       143,858,605                        146,189,970                                                          
 Loans Receivable, net                                                                                             226,049,308                        210,789,482                                                          
 Total Deposits                                                                                                    337,274,316                        312,622,814                                                          
 FHLB Advances & Other Borrowings                                                                                  23,638,600                         38,016,335                                                           
 Stockholder`s Equity                                                                                              38,027,605                         36,970,149                                                           
 Common Stock Outstanding                                                                                          1,038,818                          1,031,100                                                            
 Treasury Shares                                                                                                   30,547                             9,873                                                                
 Book Value per Common Share Outstanding, net of Unrealized gain AFS securities and treasury shares        $       35.36                      $       33.88                                                                
 Total Risk Based Capital Ratio                                                                                    16.33%                             16.53%                                                               
 Non-performing Assets                                                                                     $       2,298,030                  $       5,272,933                                                            
 Non-performing Assets as a % of Total Assets                                                                      0.57%                              1.35%                                                                
 Allowance for Loan Losses                                                                                 $       5,655,700                  $       5,706.598                                                            
 Allowance as a % of Total Loans                                                                                   2.44%                              2.64%                                                                


Ledyard Financial Group, Inc.
Gregory D. Steverson, 603-640-2666
Executive Vice President & Chief Financial Officer
greg.steverson@ledyardbank.com



Copyright Business Wire 2013

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