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 2017. Net income for the quarter ended March 31, 2017, was $1,006,669 or $0.99 per share compared to $1,005,045 or $0.98 per share for the same period in 2016, an increase of $1,624.

The Company reported total revenue for the quarter ended March 31, 2017, of $5,986,556 compared to $5,775,651 for the same period in 2016, for an increase of $210,905 or 3.65%. Net interest income for the quarter ended March 31, 2017, was $3,513,849 compared to $3,199,311 for the same period in 2016, for an increase of $314,538 or 9.83%.

No funds were added to the Allowance during the first quarter of 2017 or 2016. The total Allowance was $5.6 million at March 31, 2017 compared to $5.7 million at March 31, 2016. Total non-performing assets were $2.3 million at March 31, 2017 and 2016.

Ledyard Financial Advisors, which includes our recently opened Concord, New Hampshire office, reported revenue for the quarter ended March 31, 2017, of $2,172,474 compared to $2,010,049 for the same period in 2016, an increase of $162,425 or 8%. Assets under management and custody at Ledyard Financial Advisors totaled approximately $1.3 billion as of quarter end, an increase of approximately $227 million over the prior year.

Non-interest expense for the quarter ended March 31, 2017, was $4,757,904 compared to $4,553,572 for the same period in 2016, an increase of $204,332 or 4.5%.

At March 31, 2017, the Company's shareholders' equity stood at $44 million compared to $43.9 million for the same period in 2016. 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, 2017, the Company's book value per share stood at $43.19 compared to $43.32 for the same period in 2016.

Loans, net of the allowance for loan losses at March 31, 2017, were $290.1 million compared to $269.3 million for the same period last year, for an increase of $20.8 million or 5.4%. Total deposits at March 31, 2017 were $391.3 million compared to $384.6 million, an increase of $6.7 million or 1.7% from the same period last year. Total assets of the Company were $481.8 million at March 31, 2017, an increase of $24.8 million over the prior year.

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 April 28, 2017 the Company announced a dividend of $0.48 per share. This dividend will be paid on June 2, 2017 to shareholders of record as of May 12, 2017.

The Company's annual meeting is scheduled for 9:00 a.m. on May 18, 2017 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 Chief Financial Officer, Gregory D. Steverson.

Ledyard Financial Group, Inc.
Selected Financial Highlights
(Unaudited)
		For the Three Months Ended
			3/31/2017				3/31/2016
Total Interest Income		$	3,835,567			$	3,474,145
Total Interest Expense			321,719				274,834
Net Interest Income			3,513,849				3,199,311
Provision for Loan Losses			0				0
Non-interest Income			2,472,707				2,576,339
Non-interest Expense			4,757,904				4,553,572
Net Income			1,006,669				1,005,045
Earnings Per Common Share, basic		$	0.99			$	0.98
Earnings Per Common Share, diluted		$	0.96			$	0.96
		As of 3/31/2017				As of 3/31/2016
Total Assets		$	481,861,717			$	457,051,607
Investments			157,378,324				156,628,333
Loans Receivable, net			290,104,731				269,271,260
Total Deposits			391,264,519				384,599,887
FHLB Advances & Other Borrowings			43,438,764				25,581,583
Stockholder's Equity			44,071,811				43,861,898
Common Stock Outstanding			1,065,707				1,057,614
Treasury Shares			45,643				45,102
Tangible Book Value per Share		$	43.19			$	43.32
Total Risk Based Capital Ratio			15.66	%			15.52	%
Non-performing Assets		$	2,314,607			$	2,318,199
Non-performing Assets as a % of Total Assets			0.49	%			0.51	%
Allowance for Loan Losses		$	5,574,988			$	5,693,748
Allowance as a % of Total Loans			1.89	%			2.07	%

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