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 first quarter of 2019. Net income for the quarter ended March 31, 2019, was $1,307,760 or $0.42 per share compared to $1,207,304 or $0.39 per share for the same period in 2018, an increase of $100,456 or 8.3%. Revenue growth continues to contribute positively to our results and returns to shareholders.

Total revenue for the quarter ended March 31, 2019, was $6,948,652 compared to of $6,679,840 for the same period in 2018, for an increase of $268,812 or 4%. Net interest income for the quarter ended March 31, 2019, was $4,055,813 compared to $3,732,225 for the same period in 2018, for an increase of $323,588 or 8.7%.

Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended March 31, 2019, of $2,575,276 compared to $2,617,706 for the same period in 2018, a decrease of $42,430 or 1.6%. The volatility in the equity markets caused this decrease. Assets under management ended the first quarter at $1.58 billion, an increase of approximately $82 million over the prior year and $123 million over December 31, 2018.

Non-interest expense for the quarter ended March 31, 2019, was $5,460,868 compared to $5,324,190 for the same period in 2018, an increase of $136,677 or 2.6%. Excluding costs associated with the Company's ongoing core system conversion, non-interest expense was down approximately 1% from the same period last year.

No funds were added to the Allowance during the first quarter of 2019 or 2018. The total Allowance was $5.2 million at March 31, 2019, compared to $5.5 million at March 31, 2018. Total non-performing assets were $2.5 million at March 31, 2019, compared to $1.9 million at March 31, 2018. 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.

At March 31, 2019, the Company's shareholders' equity stood at $50.7 million compared to $46 million for the same period in 2018. 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 March 31, 2019, the Company's book value per share stood at $15.70 compared to $14.43 for the same period in 2018.

Loans, net of the allowance for loan losses at March 31, 2019, were $310.9 million compared to $295.2 million for the same period last year, for an increase of $15.7 million or 5.3%. Total deposits at March 31, 2019, were $400.5 million compared to $400.8 million, a decrease of $338,000 or less than 1% from the same period last year. Total assets of the Company were $499.5 million at March 31, 2019, an increase of $28.2 million over the prior year.

The Company's annual meeting is scheduled for 9:00 a.m. on May 23, 2019, at the Hanover Inn, in Hanover New Hampshire.

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.

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 President, Kathryn G. Underwood.

Forward-Looking Statements: Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, competitive pressure in the banking industry, balance sheet management, net interest margin variations, the effect of changes in equity prices on assets under management, the ability to control costs and expenses, changes in the interest rate environment, financial policies of the United States government, and general economic conditions. The Company disclaims any obligation to update any such factors.

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