Dear Shareholders, Customers & Friends,
The # 1 Rated bank in Illinois for 2016 … is Lakeside Bank.
This honor came from S&P Global Market Intelligence and includes all banks in the state between $1 and $10 billion in assets.
We’re delighted with the recognition. And equally delighted to tell you where the award really goes: To our people and our clients. Because our growth “formula” is as simple as the direction we give all Lakesiders: See to your client’s success.
In an age of increasing automation, and one where most people rarely talk to the same banker twice, Lakeside is a client-pleasing anomaly. Old School where it counts. High Tech throughout.
Sure, we can do virtually anything the big banks can do electronically. But at Lakeside, technology is a tool, not a way to treat clients. Meaning we remains hands-on. True Personal Bankers. Our clients have one banker. One point of contact. For years. Decades. We innovate for our clients. We customize programs for our clients. We make decisions quickly for our clients. And the result is, well, RESULTS. And recognition. We’re sort of a 51 year-old “overnight success” thanks to our people and the success of our clients.
We’ve included a few “Lakeside Stories” to bring to life how we work and make a difference. We’ll keep refreshing them as there are a lot of great stories to tell. I hope you enjoy them.
Now, a few numbers. Lakeside growth and prosperity accelerated in 2016:
Net earnings of $33.225 million represents a 2.36% return on average assets and a 18.82% return on equity, a 23.4% increase in net earnings, a strong financial year by any industry standard. We ended 2016 with approximately $1.407 billion in total assets, including $1.155 billion in total loans. Our stockholders’ equity grew from $166.3 million to $176.55 and our capital ratios continue to be substantially above the regulatory “well capitalized” levels. Lakeside’s solid foundation continues to strengthen, providing a unique platform for growth.
I have two other “firsts” to report:
- In October of 2016, we opened our first suburban branch. Our Elmhurst location is off to an incredible start, with over $32 million in assets as of April 2017 and well ahead of forecast for this calendar. We have a great team in Elmhurst.
- 2016 was the beginning of our becoming a marketing driven organization. We invested in our first ever advertising campaign with our “It’s about time” theme. As Chicago is an expensive media city, we worked hard to make sure our dollars went a long way. Extensive research done before and after the campaign ran proved we’re off to a good start, moving the needle on bank awareness and key attributes.
We’re increasing our marketing efforts in 2017. Media continues and we’ve added “Quarterly Promotions” supported across our geographies to consistently add fresh news and attract clients. We’re also doing more to deepen our involvement in our communities; there’s additional information in the marketing section. Our marketing efforts will help accelerate all aspects of our business.
Speaking for the Board of Directors, our Executive Committee and all of us at Lakeside … Thank You … for making us the top-rated bank in the state. We look forward to growing with you in 2017 and beyond.
Philip D. Cacciatore
Chairman of the Board and Chief Executive Officer