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Lighthouse Bank Reports Record Earnings for 2018

Total Assets top $303 Million

SANTA CRUZ, Calif., Jan. 18, 2019 /PRNewswire/ -- Locally owned Lighthouse Bank (LGHT) today released unaudited financial results for the quarter-ended December 31, 2018 and year-ended December 31, 2018.

Lighthouse Bank Logo

Net income for 2018 was $4.9 million, a $1.9 Million, or 64%, increase over 2017. Total assets grew to a record $303.9 million, an increase of $42.9 million, or 16%, from the previous year-ended December 31, 2017.

The Bank experienced solid loan and deposit growth during the year. Gross loans increased $31.3 million, or 15%, year-over-year, to $244 million.  Total deposits increased $34.7 million, or 15%, to $260.8 million.

The Bank continues to maintain exceptional credit quality with no past-due loans and no non-performing loans at year-end 2018.

Lane Lawson, Chief Executive Officer of Lighthouse Bank commented "We are extremely pleased with the Bank's performance in 2018. Our exceptional financial results continue to be driven by the efforts of our entire team of dedicated banking professionals, our management group and our board of directors." 

Financial Highlights presented below:


Year Ended December 31,



2018


2017

Change






BALANCE SHEET










Total assets

$  303,939,403


$  261,063,542

16%

Gross loans

244,428,892


213,117,336

15%

Allowance for loan losses

5,401,290


4,688,529

15%

Non-interest-bearing deposits

74,127,974


60,840,430

22%

Total deposits

260,751,705


226,090,556

15%

Shareholders' equity

39,076,764


34,378,372

14%






NET INCOME

$    4,936,930


$  3,006,685

64%






RATIOS

2018


2017


Net interest margin*

5.40%


4.98%


Equity capital-to-total assets

12.9%


13.2%


Return on Average Assets*

1.74%


1.24%


Return on Average Equity*

13.35%


9.16%







Allowance for Loan Losses-to-Total Loans

2.21%


2.20%












Non-Performing Assets-to-Total Assets

0.00%


0.00%


Efficiency Ratio*

49.1%


53.4%


*Average for annual period










SHARE INFORMATION





Earnings per share (basic)

$         1.91


$         1.20


Book value per share

$       15.02


$       13.45







Total common shares outstanding

2,602,222


2,555,080







Fourth Quarter Earnings
Net Income of $1.6 Million for the quarter-ended December 31, 2018 was up $541 thousand from the prior quarter. 

FINANCIAL HIGHLIGHTS:

  • Fourth Quarter earnings of $1,598,822 or $0.61 per share.
  • Book value per share increased by $0.53 to $15.02 at December 31, 2018.
  • Fourth Quarter 2018 Return on Average Assets and Equity of 2.10% and 16.48%, respectively.
  • Quarter-ended December 31, 2018 Net Interest Margin was 5.26%

Lighthouse Bank marked its 11th Anniversary on October 29, 2018.  Since opening, the Bank has earned consecutive top rankings based on a variety of categories including asset quality, capital adequacy, return on average assets, return on average equity and operational efficiency.

Recognition and Awards Received:

  • Three consecutive-years ranking in "Nation's Top Ten Healthiest Banks", by depositaccounts.com.
  • S&P Global Market Intelligence ranking as "Nation's 11th Best-Performing Community Bank" for 2017, of 4,383 banks of asset size under $1 billion.
  • Financial Management Consulting's "Sixth Highest Performing Bank" out of 159 California banks, based on overall performance.
  • 25-consecutive quarters possessing "Five-Star Superior," the top rating by Bauer Financial.
  • Seven consecutive-year achievement of "Super Premier Performing Bank," the highest designation given by Findley Reports, Inc.

ABOUT LIGHTHOUSE BANK:
Lighthouse Bank is a highly rated locally owned and operated full-service commercial bank with offices in Santa Cruz and Silicon Valley. The Bank's Santa Cruz office is located at 2020 North Pacific Avenue in Santa Cruz, CA. The Bank's Silicon Valley office is located at 19240 Stevens Creek Blvd, Cupertino, CA. The Bank offers a full array of banking products and services to businesses, professionals, individuals, developers and commercial property owners. The Bank is dedicated to providing exceptional personalized service and access to decision makers who are close at hand.  Lighthouse Bank's unique worldwide ATM fee waiver program, complimentary business courier service, and remote deposit technology expand the Bank's geographical reach throughout Santa Cruz County and Silicon Valley.

Lighthouse Bank's stock is listed and publicly traded under the ticker symbol LGHT. More information on the Bank and historical financial performance may be obtained through the Bank's website at www.lighthousebank.com or by calling 831-600-4000.

Member FDIC / Equal Housing Lender / SBA Preferred Lender

The attached release may contain forward-looking statements that are subject to risks and uncertainties.  Such risks and uncertainties may include but are not necessarily limited to fluctuation in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control.  Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated.  Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof.  The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. 

 


 Selected Financial Data (unaudited) 


 Quarter-Ended 

 Change 


 Quarter-Ended 



 Year-to-Date Ended 

 Change 


12/31/2018

9/30/2018

%


12/31/2017

%


12/31/2018

12/31/2017

%












 Balance Sheet 






















 Total assets 

$  303,939,403

$  298,033,881

2%


$   261,063,542

16%





 Gross loans 

244,428,892

236,143,033

4%


213,117,336

15%





 Allowance for loan losses 

5,401,290

5,401,290

0%


4,688,529

15%





 Non interest-bearing deposits 

74,127,974

80,038,580

-7%


60,840,430

22%





 Total deposits 

260,751,705

259,432,322

1%


226,090,556

15%





 Shareholders' equity 

39,076,764

37,622,590

4%


34,378,372

14%
















 Income Statement 






















 Interest income 

4,226,754

4,100,032

3%


3,269,765

29%


$ 15,642,356

$ 12,044,022

30%

 Interest expense 

377,366

314,686

20%


150,016

152%


1,037,333

567,496

83%

 Net interest income 

3,849,388

3,785,346

2%


3,119,749

23%


14,605,023

11,476,526

27%

Provision for loan losses

-

447,500

-100%


328,000

-100%


712,760

664,000

7%

Net interest income after provision for loan losses

3,849,388

3,337,846

15%


2,791,749

38%


13,892,263

10,812,526

28%












Non-interest income

79,369

83,484

-5%


79,466

0%


309,896

530,415

-42%

Non-interest expense

1,837,448

1,893,457

-3%


1,752,796

5%


7,308,750

6,396,774

14%

Net income before taxes

2,091,309

1,527,873

37%


1,118,419

87%


6,893,409

4,946,167

39%

Income tax expense

492,487

469,562

5%


585,186

-16%


1,956,479

1,939,482

1%

Net income

$      1,598,822

$      1,058,311

51%


$           533,233

200%


$    4,936,930

$    3,006,685

64%












 Earnings per share (basic) 

$               0.61

$               0.41

49%


$                 0.21

190%


$             1.91

$             1.20

59%

 Book value per share 

$             15.02

$             14.49

4%


$               13.45

12%


$           15.02

$           13.45

12%












 Ratios 











 Net interest margin * 

5.26%

5.38%



5.01%



5.40%

4.98%


 Equity capital-to-total assets 

12.9%

12.6%



13.2%



12.9%

13.2%


 Return on Average Assets * 

2.10%

1.43%



0.82%



1.74%

1.24%


 Return on Average Equity * 

16.48%

11.21%



6.16%



13.35%

9.16%


 Allowance for Loan Losses-to-Total Loans 

2.21%

2.29%



2.20%



2.21%

2.20%


 Non-Performing Assets-to-Total Assets 

0.00%

0.0%



0.00%



0.00%

0.00%


 Efficiency Ratio * 

46.8%

48.9%



54.8%



49.1%

53.4%


 * Average for period 











 

Cision

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