Ledyard Financial Group Reports Financial Results For The Fourth Quarter

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.

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