Fellow Members,
Thank you for being a valued member of Lighthouse Credit Union. Your trust inspires us as we shine a light on financial well-being. Guided by our mission and the dedication of our leadership, volunteers, and team, we are committed to serving you with excellence while continuing to make a positive impact in our communities.
The past year has been a defining moment for us. Our rebrand and charter change honor our rich history while paving the way for a future driven by innovation, progress, and community impact. For more than 87 years, we have proudly served our members and strengthened communities across New England. Today, as Lighthouse Credit Union, our commitment is stronger than ever.
As we look to the future, the Board of Directors remains committed to doing well by doing good. We believe that true success is measured not only by financial growth but also by the positive impact we create in the lives of our members and the communities we serve. We are excited for each of you to continue on this journey with us. Together, we’re building a brighter future for all.
Within this annual report, you’ll find our achievements from 2024.
On behalf of the Board of Directors and our dedicated volunteers, thank you for your trust in Lighthouse Credit Union.
President’s Report
As we reflect on 2024, we extend our heartfelt gratitude to you, our valued members. We recognize you have many choices for your financial needs, and we are honored that you continue to trust Lighthouse Credit Union as your financial partner.
A Year of Transformation and Growth
This past year has been transformative. Our rebrand and charter change not only celebrate our rich history but also mark a bold step toward a future of innovation, progress, and community impact. For over 87 years, we have been dedicated to serving our members and strengthening communities across New England. Today, as Lighthouse Credit Union, our commitment is even stronger. Every decision we make is guided by our mission to enrich and nourish the lives of our members, our communities, and our employees.
Our Distinctive Impact
While competitive rates, lower fees, convenience, and exceptional service are important, what truly sets us apart is the positive impact we create in your lives and in our local communities. When you bank with us, you’re not just accessing financial services—you’re investing in a brighter, more vibrant future for everyone.
Celebrating Our 2024 Milestones
Your trust is the foundation of our success. Together—with the dedication of our Board of Directors, our team, and our business partners—we achieved remarkable milestones in 2024, including:
Robust Financial Growth:
- Revenue increased by 17% from the previous year, surpassing $104 million in 2023.
- Our loan portfolio grew 1.5% to reach $1.648 billion, while deposits rose 1.9% to $1.642 billion.
Community-Centered Lending:
- We originated $518 million in loans, addressing essential needs like debt consolidation, small business investments, transportation, and housing. Each loan is an investment in the growth and vitality of our local communities.
Record Earnings:
- A net income of nearly $11 million marks our fifth highest earnings since 1936.
Growing Membership and Enhanced Offerings:
- Membership increased by 1.3%, ending the year with 165,691 members.
- We introduced new innovative deposit products such as Lighthouse Rewards Checking and Premium Savings.
Expansion and Future Opportunities:
- With our new federal charter, we are uniquely positioned for sustainable future growth, which benefits all members.
- Our wealth management services have been expanded to better support your financial planning goals, and help you navigate through life’s unpredictable moments.
Investing in Our People and Our Communities
Our greatest asset is our people—both our members and our dedicated team. We remain committed to fostering professional growth and career advancement. In 2024, we celebrated numerous team member promotions and saw strong engagement in our leadership training and personalized development programs.
Our mission to enrich and nourish the lives of others was reflected in our community efforts:
Volunteerism and Service:
- Over 1,841 hours of volunteer service across New Hampshire and Maine.
Supporting Local Needs:
- 2,089 pounds of food donated to local food banks in partnership with our members.
Community Investments:
- More than $241,000 contributed to nonprofits focused on affordable housing, food security, and education.
Educational Support:
- $42,000 in scholarships awarded to 23 student-members.
- Our financial education programs reached 84 schools, 325 teachers, and 30,000 students.
Innovative Banking Solutions:
- The launch of Lighthouse Rewards Checking, which allows you to earn up to $600 cashback annually—with the option to donate that reward to the Lighthouse Credit Union Foundation, matched by us.
Strengthening Our Communities Through the Lighthouse Credit Union Foundation
Since 2023, the Lighthouse Credit Union Foundation has provided over $500,000 in support to 200 nonprofit organizations, thanks to the generosity of our members and community partners. Our efforts have driven impact in key areas such as housing stability, food security, and educational access.
Key 2024 initiatives included:
- Hosting our inaugural Golf Tournament, raising over $130,000.
- Presenting two Nourish Awards to the Monarch School of New England and Greater Portland Family Promise, recognizing their dedication to community service.
These accomplishments reflect our shared commitment to building stronger, more resilient communities for future generations.
Looking Ahead
The future is full of exciting opportunities. We remain dedicated to expanding our products and services to meet your evolving needs and remain your trusted financial partner. Our ongoing investment in cutting-edge technology will continue to enhance your banking experience and drive operational efficiency for the credit union.
At Lighthouse Credit Union, we exist to make an impact, in your lives and the lives of those around you. Your loyalty and support inspire us every day, and we are excited to continue growing, innovating, and serving you in the years ahead.
Supervisory Committee Report
The Supervisory Committee is entrusted by the Board of Directors to safeguard the interests of Lighthouse Credit Union’s member-owners and to protect the financial stability and sound governance of the credit union. We provide independent oversight to ensure that operations remain secure, regulatory standards are met, and robust internal controls are maintained. To fulfill this mission, we engage external auditors and direct internal audit activities to monitor day-to-day operations.
Our external financial auditor, Wolf & Company, conducted a consolidated financial statement audit covering the period ending December 31, 2023. Their unmodified opinion, presented on April 30, 2024, affirmed that Lighthouse’s financial statements fairly represent our financial position. A follow-up audit for the period ending December 31, 2024, is in progress and is expected to conclude by the end of April 2025. In June 2024, the National Credit Union Administration (NCUA) completed its annual regulatory examination.
Beyond these regular examinations, the Committee has engaged Doeren Mayhew, CPAs, and TraceSecurity for additional audits in operations, compliance, and information technology throughout 2024. Meanwhile, Lighthouse’s Internal Audit Department continued its vital role in monitoring day-to-day functions, helping us maintain a secure and well-controlled environment.
Based on all these efforts, we are confident that Lighthouse Credit Union remains well-managed and financially sound. As we enter 2025, we reaffirm our commitment to uphold the highest standards for the benefit of our members, employees, and communities. We thank you for the opportunity to serve and look forward to another year of supporting your financial well-being.