Ledyard reports record 3Q 2018 earnings

No funds were added to the Allowance for the first nine months of 2018 or 2017. The total Allowance was $5.2 million at September 30, 2018, compared to $5.5 million for the same period in 2017. Total non-performing assets were $3.6 million at September 30, 2018, compared to $1.7 million for the same period in 2017. The increase in non-performing assets is due to a single loan relationship. The loans are secured by all business assets and real estate of the customer.

Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended September 30, 2018, of $2,634,689 compared to $2,387,770 for the same period in 2017, an increase of $246,919 or 11%. Revenue for the nine months ended September 30, 2018, was $7,888,231 compared to $6,936,220 for the same period in 2017, an increase of $952,011 or 14%. Assets under management and custody at Ledyard Financial Advisors totaled approximately $1.58 billion as of quarter end September 30, 2018, and $1.46 billion for the same period in 2017.

Non-interest expense for the quarter ended September 30, 2018, was $5,318,511 compared to $5,025,872 for the same period in 2017, an increase of $292,639 or 5.8%. Non-interest expense for the nine months ended September 30, 2018, was $15,984,273 compared to $14,825,449 for the same period in 2017, an increase of $1,158,824 or 7.8%.

At September 30, 2018, the Company’s shareholders’ equity stood at $47.1 million compared to $46.9 million for the same period in 2017. 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, 2018, the Company’s book value per share stood at $14.62 compared to $14.75 for the same period in 2017.

Loans, net of the allowance for loan losses at September 30, 2018, were $306.9 million compared to $286.7 million for the same period last year, an increase of 7.1%. Total deposits at September 30, 2018, were $412.9 million compared to $405.1 million, an increase of $7.8 million or 1.9% from the same period last year. Total assets of the Company were $493.8 million at September 30, 2018, an increase of $12.1 million over the prior year.

On September 4, 2018 the Company paid a dividend of $0.18 per share, which represented a $0.01 increase in the regular quarterly dividend.

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. Stock activity information can be found in the “Investor Relations” section of Ledyard’s 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 atwww.ledyardbank.comor contact the Company’s EVP, COO and CFO, Gregory D. Steverson.