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Lighthouse Bank Reports Record Total Assets of $314 Million, Total Deposits Reach Record of $272 Million

SANTA CRUZ, Calif., April 22, 2019 /PRNewswire/ -- Lighthouse Bank (LGHT), a top-rated locally owned and operated community bank, today released unaudited financial results for the quarter-ended March 31, 2019. Total assets grew to a record $314.4 million, an increase of $45 million, or 17%, from the quarter-ended March 31, 2018. Net income was $1.33 million, an increase of $295 thousand, or 28%, over the same quarter in 2018. Loans increased by $9 million, or 4%, and deposits increased $39.5 million, or 17%, year-over-year.        

Lighthouse Bank Logo

For the quarter-ended March 31, 2019, total shareholders' equity increased by $1.2 million to $40.3 million. Year-over-year, shareholders' equity increased $4.7 million, or 13%. In February, 2019 the Bank paid a $0.10 per share quarterly cash dividend to shareholders. Since January 2015, the Bank has paid $4,033,739 in cash dividends to shareholders.

Chief Executive Officer Lane Lawson commented, "We are very pleased to report record levels of assets and continued growth in deposits and loans. We believe our commitment to our community, to conservative management practices and to maintaining excellent asset quality continues to produce excellent results for the Bank." Lawson continued, "We are honored to have accumulated a long track record of top-rankings in our industry based on a variety of categories: asset quality, capital adequacy, return on average assets, return on average equity and operational results."

Among the Bank's notable rankings is placement among the "S&P Global Top 100 Best-Performing Community Banks" list. Lighthouse Bank ranked 19th Best Performing of all U.S. banks of asset size under $3 billion in 2018. The Bank ranked 4th out of the 13 California banks to make the top 100 list in 2018.

Commenting on the Bank's engagement in the community, Lawson stated, "I am proud of our entire team for their ongoing commitment to providing excellent client service and participation in the communities in which we serve. We were very excited to have been named the "Best Bank" by the readers of the Santa Cruz Sentinel; a notable recognition of the outstanding efforts of our entire team."

Recognition and Awards Received:

  • Voted "Best Bank" in the Santa Cruz Sentinel Readers Choice Awards.
  • Ranked in "Top Ten Healthiest Banks" for three consecutive-years, by depositaccounts.com
  • S&P Global Market Intelligence ranking as "Nation's 19th Best-Performing Community Bank" for 2018, of all U.S. banks of asset size under $3 billion.
  • Financial Management Consulting's "Seventh Highest Performing Bank" out of 148 California banks, based on overall performance.
  • 26-consecutive quarters possessing "Five-Star Superior," the top rating by Bauer Financial.
  • Eight consecutive-year achievement of "Super Premier Performing Bank," the highest designation given by Findley Reports, Inc.

Annual Meeting Notice:
Lighthouse Bank's Annual Meeting of Shareholders will be held on Thursday, May 16th at 5:00 pm at the Bank's Santa Cruz Office at 2020 North Pacific Avenue, Santa Cruz, CA 95060.

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.  Lighthouse Bank's "Modern Banking, Traditional Service" mantra extends into every aspect of their customer experience. The Bank's dedication to providing personalized relationship-based service and easy access to decision makers give its customers a refreshing alternative to "big banking". The Bank further supports this commitment by offering unique services such as worldwide surcharge free ATM/Debit Cards, remote deposit capture, and complimentary business courier service throughout Santa Cruz County.

Lighthouse is also focused on supporting the community and actively participates and donates to over 120 local non-profits, which includes matching employees' personal donation to non-profits of their choice. The focus on community and creating a customer experience that blends modern banking standards and traditional service has been the foundation of a number of local businesses choosing Lighthouse Bank.

Lighthouse offers a variety of competitive deposit and lending solutions for businesses and individuals; including loans, lines of credit, construction and commercial real estate financing, SBA government guaranteed loans, credit cards, merchant services, mobile banking, remote deposit capture, and online banking bill payment and cash management.

Lighthouse Bank stock is actively traded under the symbol LGHT. More information on the Bank's stock and historical financial performance may be located on the Bank's website 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 

 Change 


3/31/2019

12/31/2018

$

%


3/31/2018

$

%










 Balance Sheet 


















 Total assets 

$ 314,400,116

$ 303,939,403

$ 10,460,713

3%


$   268,978,242

$ 45,421,874

17%

 Gross loans 

236,203,413

244,428,892

(8,225,479)

-3%


227,215,328

8,988,085

4%

 Allowance for loan losses 

5,401,290

5,401,290

-

0%


4,907,530

493,760

10%

 Non interest-bearing deposits 

74,311,294

74,127,974

183,320

0%


66,529,651

7,781,643

12%

 Total deposits 

272,173,382

260,751,705

11,421,677

4%


232,707,740

39,465,642

17%

 Shareholders' equity 

40,286,234

39,076,764

1,209,470

3%


35,579,552

4,706,682

13%










 Income Statement 


















 Interest income 

4,227,458

4,226,754

704

0%


3,576,233

651,225

18%

 Interest expense 

438,031

377,366

60,665

16%


150,487

287,544

191%

 Net interest income 

3,789,427

3,849,388

(59,961)

-2%


3,425,746

363,681

11%

Provision for loan losses

-

-

-

N/A


219,000

(219,000)

-100%

Net interest income after provision for loan losses

3,789,427

3,849,388

(59,961)

-2%


3,206,746

582,681

18%










Non-interest income

77,568

79,369

(1,801)

-2%


68,002

9,566

14%

Non-interest expense

1,989,375

1,837,448

151,927

8%


1,802,325

187,050

10%

Net income before taxes

1,877,620

2,091,309

(213,689)

-10%


1,472,423

405,197

28%

Income tax expense

544,554

492,487

52,067

11%


434,040

110,514

25%

Net income

$     1,333,066

$     1,598,822

(265,756)

-17%


$       1,038,383

294,683

28%










 Earnings per share (basic) 

$              0.51

$              0.61

$          (0.10)

-16%


$                0.40

$            0.11

28%

 Book value per share 

$            15.48

$            15.02

$            0.46

3%


$              13.76

$            1.72

12%










 Ratios 









 Net interest margin * 

5.17%

5.26%




5.49%



 Equity capital-to-total assets 

12.8%

12.9%




13.2%



 Return on Average Assets * 

1.74%

2.10%




1.59%



 Return on Average Equity * 

13.56%

16.48%




11.97%



 Allowance for Loan Losses-to-Total Loans 

2.29%

2.21%




2.16%



 Non-Performing Assets-to-Total Assets 

0.00%

0.0%




0.00%



 Efficiency Ratio * 

51.4%

46.8%




51.6%



 * Average for period 









 

Cision

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