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 2014. Net income for the quarter ended June 30, 2014, was $987,650 or $0.97 per share compared to $794,418 or $0.79 per share for the same period in 2013, an increase of $193,232 or 24.32%. Net income for the six months ended June 30, 2014 was $1,925,956, or $1.90 per share compared to $1,553,498 or $1.54 per share for the same period in 2013, an increase of $372,458 or 23.98%. The increase in net income for the quarter and first six months when compared to the prior year is due to an increase in lending activity and an increase in revenue from Ledyard Financial Advisors.

Total revenue for the quarter ended June 30, 2014, was $5,736,041 compared to $5,255,751 for the same period in 2013, for an increase of $480,290 or 9.14%. Total revenue for the six months ended June 30, 2014, was $11,192,008 compared to $10,262,884 for the same period in 2013, an increase of $929,124 or 9.05%. Net interest income for the quarter ended June 30, 2014, was $3,146,746 compared to $2,822,297 for the same period in 2013, for an increase of $324,449 or 11.5%. Net interest income for the six months ended June 30, 2014, was $6,295,295 compared to $5,621,283 for the same period in 2013, for an increase of $674,012 or 11.99%.

No funds were added to the Allowance during the first six months of 2014 or during the same period in 2013. Net charge offs for the six months ending June 30, 2014, were $32,378, compared to net recoveries of $25,455 for the comparable period in 2013. The total Allowance was $5.53 million at June 30, 2014, compared to $5.68 million for the same period in 2013. Total non-performing assets were $2.35 million at June 30, 2014, compared to $2.42 million for the same period in 2013.

Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended June 30, 2014, of $2,053,030 compared to $1,926,687 for the same period in 2013, an increase of $126,343 or 6.56%. Revenue for the six months ended June 30, 2014, was $4,054,597, compared to $3,743,096 for the same period in 2013, for an increase of $311,501 or 8.32%. Assets under management and custody at Ledyard Financial Advisors totaled $1.1 billion as of quarter end, an increase of $155 million over the prior year.

Non-interest expense for the quarter ended June 30, 2014, was $4,447,803 compared to $4,170,821 for the same period in 2013, for an increase of $276,982 or 6.64%. Non-interest expense for the six months ended June 30, 2014, was $8,732,953 compared to $8,261,832 for the same period in 2013, for an increase of $481,792 or 5.84%.

At June 30, 2014, the Company’s shareholders’ equity stood at $40.4 million, compared to $37.9 million for the same period in 2013. 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, 2014, the Company’s book value per share stood at $39.72 compared to $37.43 for the same period in 2013.

Loans, net of the allowance for loan losses at June 30, 2014, were $257.6 million, compared to $225 million for the same period last year, for an increase of $32.6 million or 14.48%. Total deposits at June 30, 2014 were $354.2 million, an increase of $21.1 million from the same period last year. Total assets of the Company were $433.5 million at June 30, 2014, an increase of $41.3 million over the prior year. Advances from the Federal Home Loan Bank increased by $13.5 million from $5 million at June 30, 2013, to $18.5 million at June 30, 2014.

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 25, 2014, the Company announced an increase of $0.04 to its quarterly dividend. The dividend of $0.45 per common share is payable September 5, 2014 to shareholders of record as of August 8, 2014. The dividend was last increased by $0.04 for the dividend paid during March of 2014.

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.

Contacts:

For further information contact:
Ledyard Financial Group, Inc.
Gregory D. Steverson, (603) 640-2666
Executive Vice President & Chief Financial Officer
greg.steverson@ledyardbank.com
Ticker Symbol: LFGP

Source: Ledyard Financial Group, Inc.