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Ledyard Financial Group Reports Financial Results for the Third 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 third quarter of 2012. Net income for the quarter ended September 30, 2012, was $717,709, or $0.70 per share compared to $576,598 or $0.55 per share for the same period in 2011, an increase of $141,112 or 24.47%. Net income for the nine months ended September 30, 2012, was $2,179,723, or $2.11 per share compared to $1,918,738, or $1.85 per share for the same period in 2011, an increase of $260,985 or 13.60%.

Our total revenue for the quarter ended September 30, 2012, was $4,986,368, compared to $4,864,858 for the same period in 2011, for an increase of $121,511 or 2.50%. Total revenue for the nine months ended September 30, 2012, was $15,100,130 compared to $15,344,526, a decrease of $244,396 or 1.59%. Net interest income for the quarter ended September 30, 2012, was $2,777,062, compared to $2,801,685 for the same period in 2011, for a decrease of $24,622 or 0.88%. Net interest income for the nine months ended September 30, 2012, was $8,208,867 compared to $8,640,086 for the same period in 2011, for a decrease of $431,219 or 4.99%. The increase in revenue for the third quarter when compared to the prior year is due to the increase in lending.

No funds have been added to the Allowance during 2012 compared to $575,000 for the same period in 2011. Net charge-offs for the nine months ending September 30, 2012, were $51,486, compared to net charge-offs of $1,286,670 for the comparable period in 2011. The total Allowance was $5.7 million at September 30, 2012, compared to $5.6 million for the same period in 2011. Total non-performing assets were $2.6 million at September 30, 2012, compared to $5 million for the same period in 2011.

Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended September 30, 2012, of $1,725,165, compared to $1,706,978 for the same period in 2011, an increase of $18,187 or 1.07%. Revenue for the nine months ended September 30, 2012, was $5,219,469, compared to $5,134,355 for the same period in 2011, for an increase of $85,114 or 1.66%. Assets under management and custody at Ledyard Financial Advisors totaled $957 million as of quarter end, an increase of $118 million over the prior year.

Non-interest expense for the quarter ended September 30, 2012, was $4,003,259, compared to $3,935,360 for the same period in 2011, for an increase of $67,899 or 1.73%. Non-interest expense for the nine months ended September 30, 2012, was $12,159,557 compared to $12,169,588 for the same period in 2011, for a decrease of $10,031 or 0.08%.

At September 30, 2012, the Company’s shareholders’ equity stood at $38.1 million, compared to $36.6 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 September 30, 2012, the Company’s book value per share stood at $36.65 compared to $35.49 for the same period in 2011.

Loans, net of the allowance for loan losses at September 30, 2012, were $222 million, compared to $203.8 million for the same period last year, for an increase of $18.1 million or 8.89%. Total deposits at September 30, 2012 were $327 million, an increase of $24.6 million from the same period last year. Total assets of the Company were $401.9 million at September 30, 2012, an increase of $22.7 million over the prior year. Advances from the Federal Home Loan Bank decreased by $2.8 million from $19.9 million at September 30, 2011, to $17.1 million at September 30, 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 October 26, 2012, the Company announced a quarterly dividend of $0.33 per common share dividend payable December 7, 2012 to shareholders of record as of November 9, 2012. 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 Nine Months Ended
09/30/2012 09/30/2011 9/30/2012 9/30/2011
Total Interest Income $ 3,126,567 $ 3,285,347 $ 9,378,716 $ 10,211,711
Total Interest Expense 349,504 483,662 1,169,849 1,571,625
Net Interest Income 2,777,062 2,801,685 8,208,867 8,640,086
Provision for Loan Losses 0 150,000 0 575,000
Non-interest Income 2,209,306 2,063,173 6,891,263 6,704,440
Non-interest Expense 4,003,259 3,935,360 12,159,557 12,169,588
Net Income 717,709 576,598 2,179,723 1,918,738
Earnings Per Common Share, diluted $ 0.70 $ 0.55 $ 2.11 $ 1.85
Dividends Per Common Share $ 0.33 $ 0.31 $ 0.97 $ 0.93

As of
09/30/2012

As of
09/30/2011

Total Assets $ 401,946,982 $ 379,199,577
Investments 147,785,353 146,438,420
Loans Receivable, net 221,955,493 203,832,466
Total Deposits 326,990,314 302,373,239
FHLB Advances & Other Borrowings 33,869,863 38,024,589
Stockholder’s Equity 38,070,031 36,589,231
Book Value per Common Share Outstanding $ 36.65 $ 35.49
Total Risk Based Capital Ratio 16.45 % 16.93 %
Non-performing Assets $ 2,593,262 $ 4,980,884
Non-performing Assets as a % of Total Assets 0.65 % 1.31 %
Allowance for Loan Losses $ 5,655,112 $ 5,594.452
Allowance as a % of Total Loans 2.48 % 2.67 %

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

Source: Ledyard Financial Group, Inc.