Lighthouse Bank Continues to Out-Perform Peers

SANTA CRUZ, Calif., Oct. 19, 2012 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) today released unaudited financial results for the 3rd quarter-ended September 30, 2012.  The Bank posted a $457 thousand profit for the period, representing the 13th successive quarter of profitable operations and record quarterly earnings for the five-year-old Bank.  Year-to-date earnings for the first nine months of 2012 were $1.34 million and represented a 30% increase in earnings compared to the same period-ended September 30, 2011.  Shareholders' equity increased by $741 thousand to $20.4 million during the 3rd quarter of 2012. The Bank experienced significant growth in deposits and solid growth in loans during the quarter.  Compared to the same period ended September 30, 2011, deposits increased by 27% and loans increased by 21%.  Continued growth in deposits enabled Lighthouse Bank to commit additional resources to local lending. Lighthouse Bank's lending efforts continue to focus on its core market of Santa Cruz County.     

The Bank's loan loss reserve of 2.99% of gross loans remained significantly above industry averages. The Bank had no past due loans in excess of 30 days at September 30, 2012.  Total nonperforming assets of $870 thousand represented only 0.5% of total assets.  Lighthouse Bank's stellar financial performance continues to garner industry accolades. The Bank is rated by Bauer Financial as 5-Star "Superior", the top ranking given by the independent bank rating firm.  FMC Consulting Group named the Bank as among the top 15 (of 230) state chartered Banks in California.  The Findley Reports named Lighthouse Bank a "Super Premier" performing bank, the highest ranking given by the well-known banking publication.  The Bank has no financial relationship with any of these rating agencies.                                                   

ABOUT LIGHTHOUSE BANK:
Lighthouse Bank is a locally owned and operated full-service commercial bank located in Santa Cruz, 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 always close at hand.  The Bank offers a unique worldwide ATM fee rebate program and complimentary business courier service which expands the geographical reach of its banking office location throughout Santa Cruz County. Lighthouse Bank is committed to operating an open, ethical and financially successful company without engaging in the corporate excesses that have come to characterize the financial services industry.  All decisions are intended to contribute to the long-term success of its clients, employees, owners and the community it serves. Lighthouse Bank received no TARP funds and has neither accepted nor requested government assistance of any kind.  Lighthouse Bank has never been subject to either formal or informal regulatory action.  

Lighthouse Bank is located at 111 Mission Street in Downtown Santa Cruz, CA. Lighthouse Bank's common stock is listed on the Over-the-Counter (OTC) Bulletin Board under the stock symbol LGHT. More Information on the Bank may be obtained through its website www.lighthousebank.net or by calling 831-600-4000.











Selected Financial Data (unaudited)


Quarter-Ended

Change



Year-to-Date Ended

Change


9/30/2012

6/30/2012

%



9/30/2012

9/30/2011*

%










Balance Sheet


















Total assets

$  171,533,262

$  161,110,854

6%



$  171,533,262

$  136,576,720

26%

Gross loans

93,756,667

91,527,404

2%



93,756,667

77,639,125

21%

Allowance for loan losses

2,807,916

2,671,314

5%



2,807,916

2,619,000

7%

Non interest-bearing deposits

38,921,706

33,082,812

18%



38,921,706

30,498,263

28%

Total deposits

150,387,191

140,827,597

7%



150,387,191

118,087,432

27%

Shareholders' equity

20,421,740

19,680,615

4%



20,421,740

18,336,624

11%










Income Statement


















Interest income

1,768,810

1,770,664

0%



$      5,261,193

$      4,596,539

14%

Interest expense

148,291

148,640

0%



446,107

487,382

-8%

Net interest income

1,620,519

1,622,024

0%



4,815,086

4,109,157

17%










Provision for loan losses

90,000

88,000

2%



198,000

694,000

-71%

Non-interest income

88,596

86,870

2%



269,592

216,498

25%

Non-interest expense

895,887

930,515

-4%



2,767,069

2,748,692

1%

Net income before taxes

723,228

690,379

5%



2,119,609

882,963

140%

Income tax expense (benefit)

266,171

244,117

9%



780,066

(147,070)

-630%










Net income

$          457,057

$          446,262

2%



$      1,339,543

$      1,030,033

30%










Earnings per share (basic) *

$                0.22

$                0.22

0%



$                0.66

$                0.51

29%

Book value per share *

$              10.02

$                9.66

4%



$              10.02

$                9.00

11%










Ratios









Net interest margin

4.07%

4.51%







Equity capital-to-total assets

11.9%

12.2%
















* adjusted for 10% stock dividend of December 5, 2011
















# Shares Outstanding

2,038,324

2,038,324




2,038,324

2,038,324











SOURCE Lighthouse Bank



RELATED LINKS
http://www.lighthousebank.net

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.