Ledyard Financial Group Reports Quarterly Earnings

Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, today reported quarterly earnings for the third quarter of 2016. Net income for the quarter ended September 30, 2016, was $1,073,721 or $1.06 per share compared to $1,032,884 or $1.01 per share for the same period in 2015, an increase of $40,837 or 4%. Net income for the nine months ended September 30, 2016 was $3,141,198 or $3.07 per share compared to $3,174,165 or $3.11 per share for the same period in 2015, a decrease of $32,967 or 1%.

Total revenue for the quarter ended September 30, 2016, was $5,905,538 compared to $5,735,735 for the same period in 2015, for an increase of $169,083 or 3%. Total revenue for the nine months ended September 30, 2016 was $17,569,161 compared to $17,293,006 for the same period in 2015, for an increase of $276,155 or 2%. Net interest income for the quarter ended September 30, 2016, was $3,357,397 compared to $3,164,918 for the same period in 2015, for an increase of $192,479 or 6%. Net interest income for the nine months ended September 30, 2016 was $9,834,405 compared to $9,640,814 for the same period in 2015, for an increase of $193,592 or 2%.

No funds were added to the Allowance for the first nine months of 2016 or 2015. The total Allowance was $5.7 million at September 30, 2016, compared to $5.73 million for the same period in 2015. Total non-performing assets were $2.3 million at September 30, 2016, compared to $2.4 million for the same period in 2015.

Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended September 30, 2016, of $2,104,015 compared to $2,110,613 for the same period in 2015, a decrease of $6,597 or less than 1%. Revenue for the nine months ended September 30, 2016 was $6,211,472 compared to $6,382,567 for the same period in 2015, a decrease of $171,095 or 3%. Assets under management and custody at Ledyard Financial Advisors totaled approximately $1.14 billion as of quarter end September 30, 2016 and $1.05 billion for the same period in 2015.