These results represent the Bank’s 33rd successive quarter of profitable operations. Highlights for the third quarter results include: Loans increased by $26 million, or 16% year over year; and deposits increased $42.6 million, or 24%, compared to the quarter-ended September 30, 2016. In addition to increased loan yields, year-over-year profitability has benefitted by a short-term reduction in the Bank’s effective tax rate.         

For the quarter-ended September 30, 2017, total shareholders’ equity increased by $1.4 million to $34 million. Year-over-year, shareholders’ equity increased $4.5 million, or 15%.

In August, 2017 the Bank paid a $0.09 per share quarterly cash dividend to shareholders, which followed four previous consecutive quarterly cash dividends of $0.08 per share. Since January 2015, the Bank has paid $2,560,314 in cash dividends to shareholders.

During the quarter the Bank continued with its expansion plans in Silicon Valley, celebrating the October 2nd opening of its new full-service banking office located at 19240 Stevens Creek Boulevard in Cupertino.

Lane Lawson, Chief Executive Officer of Lighthouse Bank confirms, “We experienced significant traction since launching our Loan Production Office earlier this year. We felt it was time to demonstrate our commitment to the local business community by expanding the Bank’s footprint to include a full-service office, staffed by experienced relationship bankers who truly understand the unique needs of Silicon Valley businesses.”

Lighthouse Bank celebrates its 10th Anniversary on October 29, 2017.  Since opening, the Bank has established itself as a consistent elite performer, earning 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:

  • 2016 & 2017 consecutive-year ranking as “Nation’s 5th Healthiest Bank” of 6,000 total banks.
  • SNL Financial ranking as “Nation’s 29th Highest Performing Bank” in 2016 of 5,100 banks of asset size under $1 billion.
  • Financial Management Consulting’s “12th Highest Performing Bank” out of 171 California banks, based on overall performance.
  • 21-consecutive quarters possessing “Five-Star Superior” the top rating by Bauer Financial.
  • 6 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 Santa Clara Counties. The Bank’s headquarters are 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 and complimentary business courier service expand the Bank’s geographical reach throughout Santa Cruz County and the Silicon Valley. Lighthouse Bank is committed to operating an open, ethical and financially successful company without engaging in the corporate excesses that have characterized the financial services industry.  All decisions are intended to contribute to the long-term success of its clients, employees, owners and the communities it serves. Lighthouse Bank has never been subject to either formal or informal regulatory action.  

Lighthouse Bank’s stock (LGHT) is actively traded via the Bank’s market makers and online and full-service brokerage providers. More information on the Bank and historical financial performance may be obtained through the Bank’s website at www.lighthousebank.net 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

Year-to-Date Ended

Change

9/30/2017

6/30/2017

$

%

9/30/2016

$

%

9/30/2017

9/30/2016

$

%

Balance Sheet

Total assets

$

256,508,791

$

243,782,964

$

12,725,827

5%

$

209,145,253

$

47,363,538

23%

Gross loans

193,370,670

185,442,862

7,927,808

4%

167,337,677

26,032,993

16%

Allowance for loan losses

4,360,530

4,080,530

280,000

7%

3,982,751

377,779

9%

Non interest-bearing deposits

60,030,905

56,938,106

3,092,799

5%

41,241,780

18,789,125

46%

Total deposits

221,640,019

210,462,931

11,177,088

5%

179,062,469

42,577,550

24%

Shareholders’ equity

34,017,779

32,615,093

1,402,686

4%

29,555,301

4,462,478

15%

Income Statement

Interest income

3,155,220

2,899,943

255,277

9%

2,531,219

624,001

25%

$

8,774,257

$

6,984,751

$

1,789,506

26%

Interest expense

146,257

139,515

6,742

5%

120,029

26,228

22%

417,480

315,983

101,497

32%

Net interest income

3,008,963

2,760,428

248,535

9%

2,411,190

597,773

25%

8,356,777

6,668,768

1,688,009

25%

Non-interest income

311,795

73,901

237,894

322%

78,478

233,317

297%

450,949

207,707

243,242

117%

Non-interest expense

1,650,584

1,521,141

129,443

9%

1,288,794

361,790

28%

4,643,978

3,641,891

1,002,087

28%

Income tax expense

412,196

470,839

(58,643)

-12%

340,273

71,923

21%

1,354,296

1,010,328

343,968

34%

Net income before loan loss provisions

1,257,978

842,349

415,629

49%

859,874

398,104

46%

2,809,452

2,224,256

585,196

26%

Provision for loan losses

280,000

56,000

224,000

400%

341,000

(61,000)

-18%

336,000

682,500

(346,500)

-51%

Net income

$

977,978

$

786,349

$

191,629

24%

$

519,601

$

458,377

88%

$

2,473,452

$

1,541,756

$

931,696

60%

Earnings per share (basic)

$

0.39

$

0.32

$

0.07

22%

$

0.22

$

0.17

77%

$

1.00

$

0.66

$

0.34

52%

Book value per share

$

13.32

$

13.16

$

0.16

1%

$

12.57

$

0.75

6%

$

13.32

$

12.57

$

0.75

6%

Ratios

Net interest margin *

4.99%

4.94%

4.84%

4.96%

4.86%

Equity capital-to-total assets

13.3%

13.4%

14.1%

13.3%

14.1%

Return on Average Assets *

1.54%

1.33%

0.98%

1.38%

1.06%

Return on Average Equity *

11.54%

9.76%

7.00%

10.16%

7.12%

Allowance for Loan Losses-to-Total Loans

2.26%

2.20%

2.38%

2.26%

2.38%

Non-Performing Assets-to-Total Assets

0.00%

0.00%

0.03%

0.00%

0.03%

Efficiency Ratio *

49.7%

53.7%

51.8%

53.0%

53.1%

* Average for period

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SOURCE Lighthouse Bank

Related Links

http://www.lighthousebank.net

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