Ledyard Reports Record Earnings For 2019

Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, is pleased to report record earnings for 2019 of $5,816,163, a 12.9% improvement over 2018. Key contributors to reaching this milestone were:

• Total revenue grew by over $1.1 million for the year
• Net Interest Income was over $16 million for the first time
• Ledyard Financial Advisors assets under management exceeded $1.7 billion
• The Company completed a successful migration to a new core processing system during the second quarter of 2019

Net income for the quarter ended December 31, 2019, was $1,366,107 or $0.43 per share compared to $1,220,141 or $0.39 per share for the same period in 2018, an increase of $145,966 or 12%. Net income for the twelve months ended December 31, 2019, was $5,816,163 or $1.85 per share compared to $5,152,324 or $1.66 per share for the same period in 2018.

Total revenue for the quarter ended December 31, 2019, was $7,234,744 compared to $7,088,696 for the same period in 2018, for an increase of $146,048 or 2%. Total revenue for the twelve months ended December 31, 2019, was $28,741,115 compared to $27,657,021 for the same period in 2018, an increase of $1,084,094 or 3.9%. Net interest income for the quarter ended December 31, 2019, was $3,930,541 compared to $4,018,631 for the same period in 2018, for a decrease of $88,090 or 2.2%. Net interest income for the twelve months ended December 31, 2019, was $16,051,146 compared to $15,484,130 for the same period in 2018, for an increase of $567,016 or 3.7%.

Ledyard Financial Advisors, a division of Ledyard National Bank, reported revenue for the quarter ended December 31, 2019, of $2,802,804 compared to $2,623,399 for the same period in 2018, an increase of $179,405 or 6.8%. Revenue for the twelve months ended December 31, 2019, was $10,887,002 compared to $10,511,630 for the same period in 2018, for an increase of $375,372 or 3.6%. Assets under management and custody at Ledyard Financial Advisors totaled approximately $1.7 billion at December 31, 2019, an increase of approximately $264 million over the prior year.

Non-interest expense for the quarter ended December 31, 2019, was $5,685,613 compared to $5,693,834 for the same period in 2018, a slight decrease over the prior year. Non-interest expense for the twelve months ended December 31, 2019, was $22,077,353 compared to $21,730,086 for the same period in 2018, for an increase of $347,267 or 1.6%.

At December 31, 2019, the Company's shareholders' equity stood at $56.1 million, compared to $48.5 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 December 31, 2019, the Company's book value per share stood at $17.19 compared to $15.02 for the same period in 2018.

Loans, net of the allowance for loan losses at December 31, 2019, were $320 million, compared to $306 million for the same period last year, for an increase of $14 million. Total deposits at December 31, 2019, were $393 million, as compared to $409.1 million from the same period last year. Total assets of the Company were $499.7 million at December 31, 2019, an increase of $12.5 million over the prior year. No funds were added to the Allowance during 2019 or during 2018. Net charge-offs for the twelve months ended December 31, 2019, were $2,832 compared to $294,019 for the comparable period in 2018. The total Allowance was $5.2 million at December 31, 2019, and 2018. Total non-performing assets were $1.2 million at December 31, 2019, compared to $3.4 million for the same period in 2018.

During 2019, the Company paid $0.74 per share in dividends, compared to $0.70 per share for 2018. On January 31, 2020, the Company announced a regular quarterly dividend of $0.19 per share to be paid on March 6, 2020, to shareholders of record as of February 14, 2020.

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 the bank'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 at www.ledyardbank.com or contact the Company's Chief Financial Officer, Gregory D. Steverson.

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.

Note: Certain reclassifications have been made to the prior period information to conform to the current period presentation.

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