2014 ANNUAL REPORT
Ledyard is committed to being the financial services
institution of choice by combining innovation with
unparalleled personalized client service. We offer
our employees a challenging and rewarding work
experience. As a result of our efforts, Ledyard
clients receive exceptional financial services and
our shareholders experience consistent returns.
PHOTOGRAPHY CREDITS
Cover: A footbridge on the Northern Rail Trail in Lebanon – Keith Garland, West Lebanon, NH
Interior: Ledyard employees and clients - Cara Dyke and Jon Gilbert Fox
Interior: Landscapes – Shutterstock
TO OUR MANY CONSTITUENTS
including shareholders, valued clients and other community members
We are pleased to report that 2014 was another year
full of significant accomplishments, marked by record
net income, strong overall performance and sustained
engagement with our clients, prospects and community.
Our continued growth in revenue and profitability
bolstered our belief that the Ledyard business model is
suited perfectly to fulfill our market’s needs and that it
delivers results that meet the high expectations of our
shareholders and the needs of our clients. Our full-year
results clearly demonstrate the strength of our strategy
and we are, as ever, focused on executing an ambitious,
yet achievable, strategic plan that has positioned us to
realize consistent long-term profitable growth.
At the core of Ledyard’s strategic plan is the notion
that we truly understand and embrace the critical role
we play in the lives of our clients. We seek to make
a difference in our clients’ lives; their needs and
expectations helping us to determine how we can
improve. This idea inspires us to take exceptional care
of our clients and to keep them at the heart of every
decision. It motivates us to make wise choices that
will help deliver maximum returns to our shareholders.
Lastly, it encourages us to be the community bank
that “does it right,” to powerfully engage the community
and develop our employees so they can provide the
highest level of client care.
Kathryn G. Underwood,
President & CEO,
Ledyard Financial Group/
Ledyard National Bank
Dennis E. Logue, Chair,
Ledyard Financial Group/
Ledyard National Bank
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LETTER FROM THE CEO & BOARD CHAIR PERFORMANCE HIGHLIGHTS
LEDYARD FINANCIAL GROUP
Ledyard’s steady performance and strong financial position enabled us to focus more completely on
strengthening relationships with the families, individuals, businesses and communities we serve. We hired
talented employees and provided them with opportunities to shine. We improved our ability to collect
and leverage information most relevant to providing tailored solutions for our clients and further
establishing a loyal client franchise. We enhanced our aptitude to better manage risk and improved our
balance sheet in the process. Finally, we achieved record levels of revenue generation and profitability.
Ledyard Financial Group shareholder-relevant 2014 highlights:
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Increased net income to $3.9 million, an increase of 31.9% and a record high
Increased dividend by 19.4% to $1.72 per share; because of our strong financial position, Ledyard
has been able to maintain or increase the quarterly dividend since first declaring one in 1995
Increased earnings per share by $0.92 to $3.90 per share
Grew revenue by $2.1 million to $22.6 million; an increase of 10.4%, a new high and the largest
revenue increase in Ledyard’s history
Our regulatory capital ratios remained well in excess of the amount required to be considered
well-capitalized, the highest designation possible
Ledyard Financial Group’s full-year results reflect the strength in what we do: wealth management,
personal & business banking and private banking. They are discussed on the following pages.
WEALTH MANAGEMENT
Ledyard Financial Advisors 2014 highlights include:
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Grew assets under management and custody to $1.1 billion
Generated $8.2 million in revenue, a record high
Added approximately $100 million in new assets, resulting in gross new business revenue of $735K
Ledyard Financial Advisors, the premier wealth management firm in the Upper Valley and Lake
Sunapee Region, provides integrated investment, tax and wealth management services to families
who live locally as well as to those who reside throughout the United States and abroad. We offer
a unique combination of global investment opportunities, asset management strategies, expert
financial advice and personal service and support.
We believe that superior investment returns are most effectively realized through proper asset
allocation and risk control. Therefore, identifying opportunities and assessing attendant risks is the
primary thrust of our work. We also believe that active asset allocation best positions portfolios to
capture these returns while minimizing the risk of capital loss. Our goal is to match the appropriate
assets with each client’s needs.
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LEDYARD FINANCIAL GROUP 2014 ANNUAL REPORT Our asset matching process focuses on research that helps our team identify attractive assets that
will form the basis of custom portfolio solutions tailored to the unique needs of each client.
We maintain four broad, actively managed strategies:
1. Total Return: Returns come from a mix of capital appreciation and dividends
2. Dividend Growth: The emphasis is on growing income and lowering volatility
3. Socially Responsible Investing: Stocks are chosen for investment gain and are socially responsible
4. Dynamic Allocation: Active asset allocation decision-making using low-cost index vehicles to
gain exposure to asset classes for relative returns
While asset management is a core component of our service, we understand that wealth management
is about balancing a wide array of financial concerns. We achieve this balance by developing – with
our clients – a fully integrated plan that represents the highest standard of client advocacy, responsiveness
and expert financial advice. It focuses on 13 critical wealth issues designed to help clients achieve
their ambitions and is best explained using the following framework:
1. Investment Management: Create and manage an appropriate plan using our proprietary
global strategy
2. Retirement Planning: Focus on the election, distribution and beneficiary decisions to ensure
that clients maximize their benefits
3. Tax Planning and Preparation: Review tax strategies to minimize tax liabilities and prepare
federal as well as state tax returns
4. Banking: Provide access to credit, deposit and other banking resources to simplify cash
management, leverage assets and preserve established wealth
5. Financial Planning: Determine cash flow and plan for meeting future needs
6. Business Succession: Create the right transition plans for a client’s business
7. Durable Power of Attorney: Identify the appropriate designee to make financial decisions
on the client’s behalf
8. Insurance: Review coverage to ensure that the client and his or her family are properly
protected
9. Family Gifting: Develop lifetime gifting strategies to a client’s children and/or family
10. Charitable Gifting: Explore appropriate tax-advantaged charitable gifting
11. Titling of Assets: Ensure assets are titled to reflect the client’s intentions
12. Executor/Trustee: Select family and/or corporate representative to carry out a client’s
estate plans
13. Distribution of Wealth: Maximize the distribution of a client’s wealth at death
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LETTER FROM THE CEO & BOARD CHAIR Our mission is to preserve and enhance our clients’ wealth. By considering these 13 critical
issues with our clients, we help them create a comprehensive wealth management strategy that goes
far beyond just choosing the right investments. The plans are unique to each client, fully integrated
with all other aspects of their financial lives and place them on the right course to achieve their
goals. With roughly 10,000 people retiring every day across the U.S. – and with many living longer
than their parents and grandparents – that objective has never been more important.
PERSONAL AND BUSINESS BANKING
Personal and Business Banking 2014 highlights:
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Grew total revenue by $1.5 million, an increase of 11.9% – the largest dollar increase in
Ledyard’s history
Grew net interest income by $1.2 million, an increase of 10.7%
Grew non-interest income by $311K, an increase of 21.0%
Grew net loans by $29.0 million, an increase of 12.1%
Grew commercial loans outstanding by $14.9 million, an increase of 15.0%
Grew deposits by $23.4 million, an increase of 6.8%
Closed 156 mortgages, totaling $34.4 million in loan volume
Ledyard thrives on helping its Personal and Business Banking clients succeed. We’re known
for promoting the financial well-being of individuals and families as well as helping local
businesses open and grow strong. We’ve done this by lending responsibly, offering relevant
core deposit products and investing in our community. Most of all, we help our clients plan
for their financial futures.
We’re gratified to know that our efforts have helped our neighbors buy new homes or refinance
the ones they’re in. Similarly, we take great care providing needed capital to small- and mid-size
businesses seeking to invest or expand. These are happenings that matter in our clients’ lives and,
therefore, they matter to us. Yet, while these transactions form the cornerstone of what we do as
bankers, we also recognize that a large part of our value proposition is being able to act as a
general resource, in effect, serving as a sounding board for our clients who rely on us for thought
leadership, practical advice and counsel.
Based on our belief that mortgage lending would play an ever-increasing role in our business
model, we created a new position that focused on residential mortgage lending and consumer
lending. Kevin Kober, previously head of our Retail Banking group, accepted the challenge and
is now the Senior Vice President leading the charge in those areas.
We regularly hear from clients, praising us for making their banking experience a personal one.
They remind us that our mission is sound when they describe how it feels to work with a banking
partner that they know and trust – an advocate that will act quickly and responsibly on their behalf.
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LEDYARD FINANCIAL GROUP 2014 ANNUAL REPORT (l-r) Jeremy Bonin, Principal Partner & Lead
Architect and Kim Bonin, Principal Partner, Bonin
Architects; Deb Johnson, VP, Branch Manager &
Business Banking Specialist, Ledyard National Bank
We pride ourselves on being that type of institution,
but we also make every effort to conduct business with
our clients in the manner that best suits their needs.
We strive to deliver a consistent, efficient and valuable
experience each time we interact with a client, whether
it’s face-to-face, through email, over the telephone, or
even through our mobile applications, ATMs or website.
As technology evolves and new banking channels are
introduced, we will continue to adopt the best options,
emphasizing investment in our electronic delivery
capabilities. For example, we recently completed ATM
software upgrades across the branch network, installed
several new machines and migrated them to the Ledyard
network. These actions resulted in general technology
improvements, enhanced security to protect client data,
and all at a significant cost savings. We also introduced
mobile apps and mobile bill pay capabilities for tablets
and smartphones, making the Ledyard banking experience
even easier and more accessible to our clients.
“ Six years ago when we moved our
architectural firm to New London, we
asked people locally for bank referrals.
Ledyard was mentioned to us several
times. When we were introduced to
some of the staff and learned that
their services fit our financial needs
perfectly, we decided to move our
accounts. Ledyard was instrumental
in assisting us with both our personal
and professional banking needs
ranging from our house mortgage to
the expansion of our firm. We value
the relationship we’ve established
with Ledyard and we are looking
forward to continuing our affiliation
with them in the years to come.”
Kim Bonin, Principal Partner, and
Jeremy Bonin, Principal Partner and Lead
Architect, Bonin Architects and Associates, Inc.
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LETTER FROM THE CEO & BOARD CHAIR (l-r) Bob Christensen, VP & Commercial
Relationship Manager, Ledyard National Bank;
Fernando Sucre, Manager, Gros Ventre River
Investment, LLC/Hanover Homes
“ As a real estate developer, having a
good banking relationship is key to
the success of our projects, like The
Commons at Silent Brook. Ledyard’s
approach has been a breath of
fresh air: clear lending terms and
fast decision-making. I especially
appreciate the hassle-free way of
managing our credit line on a monthly
basis. Our bookkeeper was blown
away by the online banking system.
In an increasingly complex world,
it is important to have simple
banking solutions at your disposal.
All around good service!”
Fernando Sucre, Manager, Gros Ventre
River Investment, LLC/Hanover Homes
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While we are devoting a great deal of time and attention
to our electronic delivery channels, we are mindful of the
daunting security issues related to the digital environment.
There was a significant increase in the frequency and severity
of cyber-attacks, vulnerabilities and breaches in 2014 that
affected some large and sophisticated entities. Ledyard takes
these threats very seriously, and expends considerable time,
effort and expense to take all reasonable steps to protect our
clients’ information. While in today’s environment nothing is
absolute, Ledyard employs robust and sophisticated hardware,
software, and services in multiple layers to detect and defend
against malicious cyber-attacks, internal and external, 24
hours a day, seven days a week. Frequent training and tests are
conducted internally to maintain awareness and the ability to
search for gaps in our preparedness. We even employ various
external resources to verify our efforts and readiness levels.
We are fully dedicated to countering these threats and as
noted above, continue to hone our cybersecurity knowledge
and protocols. For example, we accepted an invitation to
join a select pilot program at the Boston Federal Reserve on
cyber threats and information sharing to enhance protection
through collaboration. This type of effort helped us respond
LEDYARD FINANCIAL GROUP 2014 ANNUAL REPORT quickly and capably to digital threats as they were discovered
and publicized.
In addition to how we protect our own systems, we
believe that strengthening all the links in the chain can
pay dividends. In that regard, we endeavor to educate our
clients, employees and Board members on cybersecurity
issues as well as provide them with suggested best practices
for data protection. These guidelines, found in the
Education & Information section of the Ledyard website,
include suggestions for safer online banking and offer tips
designed to help our clients avoid fraud and identity theft.
Tom Evans (l) and Shawn Hickey (r), Owners,
Lebanon Paint & Decorating; Jason Achmoody
(center), VP & Commercial Relationship
Manager, Ledyard National Bank
On a separate note, we’d like to take a moment to address
the regulatory environment. We are in favor of regulations
that assist financial institutions to behave with transparency
and integrity. Of course, we are committed to meeting all
of the expectations set forth by the regulatory agencies.
We work closely with our regulators to ensure that we
have the proper controls in place while we continue to
improve the systems and processes required for full
compliance and reporting.
“ Eight years ago when we decided to
purchase our own business, we turned
to Ledyard and their commercial
banking team. Nearly a decade later, we
still rely on Ledyard to help us navigate
through the complex financial aspects
of owning and operating our own
business. We consider Ledyard Bank to
be a partner in our success and look
forward to continued prosperity in
our future business ventures.”
Tom Evans and Shawn Hickey, Owners,
Lebanon Paint & Decorating
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LETTER FROM THE CEO & BOARD CHAIR PRIVATE BANKING
In last year’s annual report, we discussed the ways in which we invest thoughtfully in projects,
products and services that are designed to enhance the effectiveness, convenience and overall banking
experience we deliver on a daily basis. One of those investments, a new Private Banking division,
was officially launched on June 16, 2014.
The Private Banking group is designed to better service our largest and most complex professional clients,
many of whom have atypical banking requirements specific to their profession. These doctors, dentists,
professors, attorneys and other professionals are provided a seamless banking experience with a single
point of contact that is designed to holistically match their needs with the right products and services.
For instance, we recently introduced our Private Banking clients to mobile Remote Deposit Capture, a
technology that allows them to use their cellphones to scan checks and deposit them directly into their
bank account. This type of service is invaluable to the busy professional whose time is spent primarily
with clients or patients and, therefore, may not have the time to visit our branches on a regular basis.
Daniel P. Emanuele (r), Senior VP & Private Banking
Manager, Ledyard National Bank, meets with clients
Richard G. Mills, Executive VP, Dartmouth College
and Gretchen E. May, Project Development Director,
Longwood Medical Energy Collaborative.
“Ledyard Private Banking provides us with a
single point of contact that addresses all of
our financial needs with solutions that are
tailored and delivered where and when we
need them — it is truly concierge banking.”
Richard G. Mills, Executive VP, Dartmouth College
and Gretchen E. May, Project Development Director,
Longwood Medical Energy Collaborative
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LEDYARD FINANCIAL GROUP 2014 ANNUAL REPORT Private Banking 2014 highlights:
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Originated $7 million in new residential mortgages and $600,000 in new home equity
lines of credit
Opened 42 checking accounts for its new clients, collecting $3 million in new retail
deposit balances
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Established relationships with 16 new professional clients, their practices and their families
The division’s success in its first six months of existence is a testament to the team’s hard work
and reputation in the community. It also reaffirmed Ledyard’s forward-thinking commitment to
the community’s professional clientele. Through the next phases of its development, the Private
Banking team will continue to spread the message throughout the communities Ledyard serves,
attract new relationships and deepen those it has already fostered.
COMMUNITY SERVICE
We understand that being a community bank has little to do with size and everything to do with
how an organization embraces its neighbors. To that end, Ledyard relishes its role in helping to
develop a better community through charitable giving, investments and the volunteerism of our
employees and Board of Directors. At the same time, we also want to be known as a great company
in which to build a career and make a difference in the world.
Debra Curtis, Tax & Financial Planning
Associate, Ledyard Financial Advisors,
serves lunch to community members at
the Upper Valley Senior Center.
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LETTER FROM THE CEO & BOARD CHAIR (l-r) Kathy Underwood, President & CEO,
Ledyard National Bank; Roberta Berner,
Executive Director, Grafton County Senior
Citizens Council
“ Ledyard National Bank has been an
important supporter and wonderful
community partner to Grafton County
Senior Citizens Council for years!
They ‘adopted’ our cause as their
own in 2014, providing hundreds of
hours of volunteer assistance, plus
charitable donations. We feel very
fortunate to work so closely with
Ledyard – an organization that, like
us, is locally operated and fully
committed to its community.”
Roberta Berner, Executive Director,
Grafton County Senior Citizens Council
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We look for opportunities that allow our employees to
be difference-makers by directly giving back to our
community. For example, we developed a community
outreach project with the Grafton County Senior
Citizens Council (GCSCC) that built upon our successful
2013 program in which we “adopt” a local nonprofit
organization for a calendar year, supporting it more
holistically and deeply. With the Senior Citizens Council,
Ledyard employees accomplished the following:
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Restocked the area food pantry for our poorest
communities by employing our branch network
for food drives
Served lunch at the Senior Center twice per week,
reducing the burden on GCSCC employees
Delivered a seminar to GCSCC Board Members
about philanthropic giving and ways to utilize
investments in the giving process
LEDYARD FINANCIAL GROUP 2014 ANNUAL REPORT n
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Conducted a series of seminars to educate GCSCC clients on topics such as estate planning
and fraud protection
Supported Senior Center yard sale efforts to raise additional funds
Volunteered marketing expertise to help develop GCSCC awareness and outreach messaging
Finally, we’d like to highlight our largest philanthropic activity of 2014. As you may know, Ledyard
focuses many of its efforts on developing educational opportunities within its community and
furthering the efforts of local (and sometimes broader) nonprofit organizations. The educational
topics are generally related to financial issues and we typically deliver the experience through
seminars. However, we also believe in providing education on subjects that fall outside our core
expertise. One such example is heart health. Joining forces with the American Heart Association
(AHA), we began our affiliation by promoting a campaign called “Go Red for Women.”
Go Red is a movement to help dispel the myths and raise awareness of heart disease as the number
one killer of women. Our campaign objectives were to foster that awareness, encourage action to
save more lives and in general, share crucial information about heart health.
Ledyard adopted this cause for a multitude of reasons, including that the Go Red mission matched
perfectly to Ledyard’s guiding principle, as defined by its tagline, “Plan well. Live well.” By educating
the public about heart disease, we hoped that the increased awareness would help members of our
community live healthier, longer lives.
(l-r) Cheryll Andrews, Social Events Director,
American Heart Association; Cheryl Herrmann,
Go Red for Women Auction Chair; Kathy
Underwood, President & CEO, Ledyard National
Bank, Go Red for Women Chair; Terri Catherwood,
Go Red for Women Vice Chair; Alan Kono, MD,
Dartmouth-Hitchcock Heart & Vascular Center, at
the Upper Valley Go Red for Women Luncheon.
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LETTER FROM THE CEO & BOARD CHAIR Our campaign included the following:
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Displayed educational materials in all branches available to visitors and employees, offering
information about nutrition, exercise, cholesterol and blood pressure as well as signs of
heart attack and stroke
Displayed and raffled heart-healthy recipe cookbooks in the branches
Displayed and provided heart-healthy food items in our branches
Conducted in-branch seminars, open to the public, on topics ranging from food
and nutrition to tobacco cessation
Offered free blood pressure and glucose screenings, in conjunction with our partners
at the Lake Sunapee Region VNA & Hospice
We were thrilled to be recognized regionally for our effort, being honored with the New
England Financial Marketing Award for our community impact. We expect to lead and grow
this event for many years to come, helping the men and women of the Upper Valley and
Lake Sunapee Region lead healthier lives.
Lastly, we are engaging the Ledyard Wellness Committee to assess the feasibility of becoming
a Fit-Friendly worksite, as recognized by the American Heart Association. In addition to the
obvious health benefits that would be derived from such a work environment, additional
benefits of promoting a culture of activity include increased productivity, reduced absenteeism
and even reduced healthcare costs.
LOOKING AHEAD TO 2015
We’re incredibly optimistic about Ledyard’s future. This is an exciting time for us as we work
diligently to continue our leadership role in the financial services industry. With our clear sense
of mission, strong culture and unique value proposition, the Company continues to offer the best
in relationship banking and wealth management services. Our success is reflected in high levels
of client satisfaction, retention and referrals. Further, Ledyard is well positioned to grow and
prosper, offering a compelling investment opportunity to shareholders.
As we prepare for 2015, we are confident that we are on the right path for continued success.
Aligned with our broader strategic plan, the following is a sampling of a few of Ledyard’s key
goals and initiatives:
Continue to improve key financial metrics and increase profitability
Remain focused on growing core revenue and improving efficiency
Grow our dividend steadily and share Ledyard’s success with our shareholders
Serve the core financial needs of our clients
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LEDYARD FINANCIAL GROUP 2014 ANNUAL REPORT n
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Manage risk with appropriate controls, continue to improve credit quality and ensure that
risk management capabilities are in line with regulatory expectations
Maintain strong capital and liquidity
Operate efficiently and introduce cost savings where appropriate
Exceed current levels of customer care by continuing to build a culture that rewards a single
team approach, connecting all business lines more deeply with each other to better integrate
a comprehensive financial plan to the client
Invest in the products, services and technology that are necessary to provide an unparalleled
banking experience
Further develop cybersecurity protocols
Invest in our people so they can reach their full potential, while attracting prospective
employees who want to excel and grow
Ledyard has come a long way since it was founded in 1991. Still, our original vision remains intact.
It challenges us to go even further as we welcome change and search for new opportunities to
thrive. We’re grateful to our employees who work together toward a common vision of what
Ledyard represents, consistently exceed our clients’ expectations, give back to our community, build
shareholder value and exude energy and optimism about the future. Additionally, we’re extremely
fortunate to have such a talented and experienced Senior Management Team leading our organization
as well as an incredible Board of Directors providing advice, oversight and support.
On a final note, we’re excited to report that Bob Wetzel has joined our Board of Directors and
began his tenure in January 2015. Bob spent the majority of his career at Accenture, formerly
Andersen Consulting, specializing in financial services and insurance. He has degrees from
Dartmouth College and J.L. Kellogg School of Management, Northwestern University. Bob’s
knowledge and experience will be tremendous assets to us in the years to come and we
welcome him to the organization.
We thank our shareholders, clients, employees and board members for their trust and support,
and we look forward to strengthening those partnerships in 2015.
KATHRYN G. UNDERWOOD
PRESIDENT & CEO
LEDYARD FINANCIAL GROUP/
LEDYARD NATIONAL BANK
DENNIS E. LOGUE
CHAIR
LEDYARD FINANCIAL GROUP/
LEDYARD NATIONAL BANK
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LETTER FROM THE CEO & BOARD CHAIR F I N A N C I A L H I G H L I G H T S
(dollars in thousands, except “Other data”)
YEARS-ENDED DECEMBER 31,
2014
2013
2012
2011
2010
FINANCIAL CONDITION DATA
Assets
Investments
Gross loans, including loans held-for-sale
Allowance for loan loss
Net loans, including loans held-for-sale
Deposits
Federal Home Loan Bank advances
Other borrowings and liabilities
Shareholders’ equity
$ 434,289
108,948
274,324
(5,744)
268,580
365,682
14,000
12,595
42,012
$ 409,516
137,826
245,097
(5,564)
239,534
342,245
15,029
14,072
38,170
$ 401,800
143,966
231,705
(5,656)
226,049
337,294
9,551
16,928
38,028
$ 390,442
140,755
216,496
(5,707)
210,789
312,526
19,859
21,088
36,970
$ 394,785
144,577
209,603
(6,306)
203,297
308,059
26,915
26,279
33,533
OPERATING DATA
Net interest income
Ledyard Financial Advisors income
Other non-interest income
Total revenue
Provision for loan loss
Non-interest expense
Pre-tax income
Income taxes
Net income
OTHER DATA
Earnings per share, basic
Dividends per share
Dividend payout ratio
Tangible book value per share
Shares outstanding, net of treasury
Return on average assets
Return on average equity
Efficiency ratio
Stock price - high
- low
- average
Assets under management
and custody (millions)
Equity-to-asset ratio
Allowance for loan losses to total loans
Net charge-offs (Recoveries)
Non-performing assets
Allowance for loan losses to
non-performing assets
Texas Ratio
$
$
$
$
12,725
8,170
1,789
22,684
0
17,619
5,065
1,096
3,969
11,490
7,579
1,479
20,548
0
16,626
3,922
913
3,009
$
3.90
1.72
44%
41.19
$
1,019,888
0.94%
9.90%
77.58%
50.50
39.59
44.16
$
$
$
$
2.98
1.44
49%
37.65
$
1,013,684
0.74%
7.90%
80.79%
42.00
34.35
38.30
$
$
$
$
$
11,155
6,990
2,292
20,437
0
16,794
3,643
803
2,840
11,442
6,856
1,991
20,289
675
16,260
3,354
745
2,609
12,066
6,052
1,941
20,059
450
16,143
3,466
937
2,529
$
2.80
1.30
46%
37.72 $
$
2.56
1.24
49%
36.20 $
$
1,008,271
0.72%
7.57%
82.05%
34.95
27.25
31.82
$
$
$
1,021,227
0.66%
7.40%
80.14%
36.00
29.00
31.78
$
$
$
2.49
1.24
50%
32.96
1,017,415
0.64%
7.59%
80.48%
35.00
30.00
32.02
$
$
$
$
1,093
9.17%
2.09%
($ 179,903)
$ 2,254,786
$
1,064
8.99%
2.27%
$
92,030
$ 2,510,089
$
902
8.74%
2.44%
$
50,900
$ 2,298,030
$
$
884
895
8.56%
9.48%
3.01%
2.64%
$ 1,275,000
$ 490,000
$ 5,267,024 $ 4,804,756
255%
4.90%
222%
5.84%
246%
5.56%
108%
13.08%
131%
12.20%
Complete Ledyard Financial Group 2014 audited financial statements can be found under “Investor Relations” at ledyardbank.com.
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L E D Y A R D F I N A N C I A L G R O U P 2 0 1 4 A N N U A L R E P O R T
S E N I O R M A N A G E M E N T T E A M
As of Februar y 1, 2015
Back Row (l-r):
Reginald E. Greene Jr.
Senior Vice President & Senior Lending Officer
Darcy D. Rogers
Senior Vice President & Chief Operations Officer
Kevin D. Kober
Senior Vice President & Senior Consumer/Mortgage Lending Officer
Barbara S. Graf
Senior Vice President & Human Resources Director
Jeffrey H. Marks
Senior Vice President & Chief Marketing Officer
Front Row (l-r):
Gregory D. Steverson
Executive Vice President & Chief Financial Officer
Kathryn G. Underwood
President & Chief Executive Officer
Dennis B. Mitchell, CFP®
President & Managing Director, Ledyard Financial Advisors
1 5
B O A R D O F D I R E C T O R S
As of December 31, 2014
Back Row (l-r):
Douglas G. Britton
Retired President, Britton Lumber Company, Inc.
Secretary, Ledyard Financial Group
Margaret M. Rightmire
Consultant and Community Volunteer
Cotton M. Cleveland
President, Mather Associates
Bruce P. King
President & Chief Executive Officer, New London Hospital
James W. Varnum
Retired President, Dartmouth-Hitchcock Alliance, Mary Hitchcock Memorial Hospital
Co-Vice Chair, Ledyard Financial Group
Richard W. Couch, Jr. Chairman of the Board, Hypertherm, Inc.
Front Row (l-r):
Dennis E. Logue
Steven Roth Professor of Management Emeritus, Tuck School of Business, Dartmouth College
Chair, Ledyard Financial Group
Kathryn G. Underwood
President and Chief Executive Officer, Ledyard Financial Group
Adam M. Keller
Director of Education, The Dartmouth Institute for Health Policy and Clinical Practice
Co-Vice Chair, Ledyard Financial Group
Not Pictured:
Andrew A. Samwick
Professor of Economics and Director,
Nelson A. Rockefeller Center at Dartmouth College
Bayne Stevenson
President, Bayson Company
1 6
LEDYARD FINANCIAL GROUP 2014 ANNUAL REPORT
LEDYARD NATIO NA L BA NK
HANOVER
38 S. MA IN STR E ET 603.643.2244 LOBBY, WALK - U P & ATM
LE B A NO N STREE T AT PARK S TREE T 603.643.7457 LOB BY, DRIV E- UP & ATM
LEBANON
R OU T E 120 AT O LD ET NA RO AD 603. 44 8. 22 20 LOBBY, DR IV E-U P & ATM
LYME
O N T HE G RE EN 603.795.2288 LOBBY & ATM
NEW LONDON
1 7 8 C OU N TY RO A D 6 0 3 .5 2 6 .772 5 LOBBY, D RI VE - UP & ATM
NORWICH, VERMONT
320 M A IN STREE T 8 02.649.2050 LOBBY, DRI VE - UP & ATM
WEST LEBANON
6 7 M A I N S TREET 603.298.9444 L OB BY, DRI V E- U P & ATM
INTE RNET BANK ING
ledyardbank.com
KWIKTEL PHONE BANKING
1.888.KWI KT EL (1 .8 88 .5 94 .5835)
EQUAL HOUSING LENDER
MEMBER FDIC
LEDYARD FINAN CIA L A DVI SOR S
HANOVER
2 M A PL E STREE T 6 03 .6 43 .0 04 4
NEW LONDON
178 COU NTY ROA D 603.526.9251
Personal and business banking relationships within the retail bank are subject to FDIC insurance coverage limits.
Investment, tax and wealth management services offered by Ledyard Financial Advisors are not insured by the FDIC,
are not deposits or other obligations of, or guaranteed by the Bank or any affiliate, and are subject to investment risk
including the possible loss of principal amount invested.