Lighthouse Bank Reports Record Earnings for 2018
Total Assets top $303 Million
SANTA CRUZ, Calif., Jan. 18, 2019 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC-QB: LGHT) today released unaudited financial results for the quarter-ended December 31, 2018 and year-ended December 31, 2018.
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 |
||||||||||
SOURCE Lighthouse Bank
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