Lighthouse Bank Reports Best Quarterly Earnings in Bank's Ten-Year History
Lighthouse Bank Reports Best Quarterly Earnings in Bank's Ten-Year History Net Income up 95% over Quarter-Ended December 31, 2017 |
[23-April-2018] |
SANTA CRUZ, Calif., April 23, 2018 /PRNewswire/ -- Lighthouse Bank (OTC-QB: LGHT), a top-rated locally owned and operated community bank, today released unaudited financial results for the quarter-ended March 31, 2018. Net income was $1.0 million, an increase of 95% over the prior quarter-ended December 31, 2017, and 46% over the same quarter in 2017. Total assets grew to a record $269 million, an increase of $34 million, or 14%, from the quarter-ended March 31, 2017.
These results represent the Bank's 35th successive quarter of profitable operations. Highlights for the first quarter results include: Loans increased by $52 million, or 30% year-over-year, and deposits increased $30.2 million, or 15%, compared to the quarter-ended March 31, 2017. In addition to increased loan yields, year-over-year profitability has benefitted by a reduction in the Bank's effective tax rate. For the quarter-ended March 31, 2018, total shareholders' equity increased by $1.2 million to $36 million. Year-over-year, shareholders' equity increased $4 million, or 12%. In January, 2018 the Bank paid a $0.09 per share quarterly cash dividend to shareholders. Since January 2015, the Bank has paid $3,021,473 in cash dividends to shareholders. Chief Executive Officer Lane Lawson commented, "We are extremely pleased with the Bank's first quarter performance, which represents the Banks best quarterly earnings report in our ten year history. Our exceptional results continue to be driven by the dedication and efforts of our Board, Management and entire team of banking professionals." In late 2017, Lighthouse Bank celebrated its 10th Anniversary and the opening of a second full-service branch location in Silicon Valley. 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:
Annual Meeting Notice:
ABOUT LIGHTHOUSE BANK: 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.
View original content with multimedia:http://www.prnewswire.com/news-releases/lighthouse-bank-reports-best-quarterly-earnings-in-banks-ten-year-history-300634956.html SOURCE Lighthouse Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: OTC-BB:LGHT.OB, OTC-PINK:LGHT, OTC-QB:LGHT |
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