Ledyard Financial Group Reports Financial Results for the Second Quarter

Ledyard Financial Group Reports Financial Results for the Second Quarter

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 second quarter of 2013. Net income for the quarter ended June 30, 2013, was $794,418 or $0.79 per share compared to $670,206 or $0.66 per share for the same period in 2012, an increase of $124,212 or 18.53%. Net income for the six months ended June 30, 2013 was $1,553,498, or $1.54 per share compared to $1,462,013 or $1.43 per share for the same period in 2012, an increase of $91,485 or 6.26%. The Company continues to improve earnings during a challenging operating environment.


Total revenue for the quarter ended June 30, 2013, was $5,195,751 compared to $5,078,526 for the same period in 2012, for an increase of $117,225 or 2.31%. Total revenue for the six months ended June 30, 2013, was $10,262,884 compared to $10,113,761 for the same period in 2012, an increase of $149,123 or 1.47%. Net interest income for the quarter ended June 30, 2013, was $2,822,297 compared to $2,708,553 for the same period in 2012, for an increase of $113,744 or 4.2%. Net interest income for the six months ended June 30, 2013, was $5,621,283 compared to $5,431,804 for the same period in 2012, for an increase of $189,478 or 3.49%.The increase in revenue for the first six months 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 the first six months of 2013 or during the same period in 2012. Net recoveries for the twelve months ending June 30, 2013, were $25,455, compared to net recoveries of $53,761 for the comparable period in 2012. The total Allowance was $5.68 million at June 30, 2013, compared to $5.76 million for the same period in 2012. Total non-performing assets were $2.4 million at June 30, 2013, compared to $3.6 million for the same period in 2012.

Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended June 30, 2013, of $1,926,687 compared to $1,772,515 for the same period in 2012, an increase of $154,172 or 8.70%. Revenue for the six months ended June 30, 2013, was $3,743,096, compared to $3,494,304 for the same period in 2012, for an increase of $248,792 or 7.12%. Assets under management and custody at Ledyard Financial Advisors totaled $949.5 million as of quarter end, an increase of $34.8 million over the prior year.

Non-interest expense for the quarter ended June 30, 2013, was $4,181,492 compared to $4,174,020 for the same period in 2012, for an increase of $7,472 or 0.18%. Non-interest expense for the six months ended June 30, 2013, was $8,261,832 compared to $8,156,298 for the same period in 2012, for an increase of $105,534 or 1.29%.

At June 30, 2013, the Company's shareholders' equity stood at $37.9 million, compared to $37.6 million for the same period in 2012. 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 June 30, 2013, the Company's book value per share stood at $37.43 compared to $36.99 for the same period in 2012.

Loans, net of the allowance for loan losses at June 30, 2013, were $225 million, compared to $213 million for the same period last year, for an increase of $12 million or 5.6%. Total deposits at June 30, 2013 were $333 million, an increase of $4.7 million from the same period last year. Total assets of the Company were $392.2 million at June 30, 2013, a decrease of $11 million over the prior year. Advances from the Federal Home Loan Bank decreased by $14.8 million from $19.8 million at June 30, 2012, to $5 million at June 30, 2013.

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 July 26, 2013, the Company announced an increase of $0.02 to its quarterly dividend. The dividend of $0.37 per common share is payable September 3, 2013 to shareholders of record as of August 9, 2013. The dividend was last increased by $0.02 for the dividend paid during March of 2013.

During the first half of 2013, Ledyard National Bank was named Business NH Magazine's 2013 Business of the Year in the Financial Services/Insurance category. Kathy Underwood, President and CEO stated "It is an incredible honor to be recognized by Business NH Magazine for this prestigious award." Business NH Magazine and the NH Association of Chamber of Commerce Executives have been celebrating the NH Businesses of the Year for 22 years. The award is given to organizations who demonstrate the largest impact on their community and industry.

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   For the Six Months Ended
    06/30/2013     06/30/2012     06/30/2013    06/30/2012
Total Interest Income  $3,039,445    $3,096,731    $6,068,749   $6,252,149
Total Interest Expense   217,147     388,178     447,467    820,344
Net Interest Income   2,822,297     2,708,553     5,621,283    5,431,804
Provision for Loan Losses   0     0     0    0
Non-interest Income   2,373,454     2,369,973     4,641,601    4,681,957
Non-interest Expense   4,181,492     4,174,020     8,261,832    8,156,298
Net Income   794,418     670,206     1,553,498    1,462,013
Earnings Per Common Share, basic  $0.79    $0.66    $1.54   $1.43
Earnings Per Common Share, diluted  $0.77    $0.65    $1.51   $1.41
Dividends Per Common Share  $0.35    $0.33    $0.70   $0.64
                
   

As of
06/30/2013

   

As of
06/30/2012

        
Total Assets  $392,249,026    $403,093,804         
Investments   132,524,670     158,014,650         
Loans Receivable, net   225,023,319     213,097,720         
Total Deposits   333,025,462     328,356,711         
FHLB Advances & Other Borrowings   18,675,153     34,364,783         
Stockholder's Equity   37,871,620     37,638,726         
Common Stock Outstanding   1,042,691     1,038,818         
Treasury Shares   30,937     21,350         
Tangible Book Value per Share  $37.43    $36.99         
Total Risk Based Capital Ratio   16.84%    16.75%        
Non-performing Assets  $2,418,262    $3,551,760         
Non-performing Assets as a % of Total Assets   0.62%    0.88%        
Allowance for Loan Losses  $5,681,155    $5,760,359         
Allowance as a % of Total Loans   2.46%    2.63%        



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

KEYWORDS:   United States  North America  New Hampshire

INDUSTRY KEYWORDS:

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