2014

Lighthouse Bank Posts 9th Consecutive Quarter of Record Earnings, up 35% Year Over Year

SANTA CRUZ, Calif., April 20, 2012 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) today released unaudited financial results for the 1st quarter-ended March 31, 2012.  The Bank posted a $436 thousand profit for the period, representing the 11th successive quarter of profitable operations and record quarterly earnings for the four-year-old Bank.  For the period, earnings surpassed the $398 thousand record set at the quarter-ended December 31, 2011, and represented a  35% increase in earnings compared to the same period-ended  March 31, 2011.  Shareholder equity increased by $249 thousand to $18.98 million during the 1st quarter of 2012. The Bank experienced strong growth in deposits and modest growth in loans during the quarter.  Strong loan production was partially offset by the repayment of several large commercial real estate and construction loans totaling in excess of $5 million.  Compared to the period ended 3-31-11, deposits increased by 36% and loans increased by 26%.

A milestone during the quarter, total assets grew to over $150 million. The Bank's loan loss reserve of 3.26 % of gross loans remained significantly above industry averages. The Bank had no past due loans in excess of 30 days at March 31, 2012.  Total nonperforming assets of $396 thousand represented less than .3% of total assets and consisted of a single piece of real estate owned by the Bank.  During the quarter, Lighthouse Bank was rated by Bauer Financial as 4-Star "excellent" and by FMC Consulting Group 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 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.OB. 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

Quarter-ended

Change


Quarter-ended

Change



3/31/2012

12/31/2011

$

%


3/31/2011

$

%












Balance Sheet




















  Total assets

$151,581,893

$143,144,313

8,437,580

6%


$115,072,209

$36,509,684

32%


  Gross loans

87,153,420

86,426,484

726,936

1%


69,391,786

17,761,634

26%


  Allowance for loan losses

2,840,000

2,855,000

(15,000)

-1%


2,120,000

720,000

34%


  Non interest-bearing deposits

34,054,084

31,366,553

2,687,531

9%


17,572,660

16,481,424

94%


  Total deposits

131,735,847

123,882,208

7,853,639

6%


97,056,654

34,679,193

36%


  Shareholders' equity

18,980,315

18,731,764

248,551

1%


17,602,418

1,377,897

8%












Income Statement




















  Interest income

1,721,719

1,617,294

104,425

6%


1,548,674

173,045

11%


  Interest expense

149,176

154,570

(5,394)

-3%


167,580

(18,404)

-11%


 Net interest income

1,572,543

1,462,724

109,819

8%


1,381,094

191,449

14%












  Provision for loan losses

20,000

236,000

(216,000)

-92%


195,000

(175,000)

-90%


  Non-interest income

94,126

50,256

43,870

87%


53,369

40,757

76%


  Non-interest expense

1,210,445

879,177

331,268

38%


915,551

294,894

32%












  Net income

$       436,224

$       397,803

$   38,421

10%


$        323,912

$     112,312

35%












Earnings per share (basic) *

$             0.21

$             0.20

$       0.02

10%


$              0.16

0.06

35%


Book value per share *

$             9.31

$             9.19

$       0.12

1%


$              8.64

$           0.68

8%












Ratios










  Net interest margin

4.49%

4.25%




4.97%




  Equity capital-to-total assets

12.5%

13.1%




15.3%














* 3/31/11 values reflect 10% stock dividend










    of December 5, 2011









 

SOURCE Lighthouse Bank



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http://www.lighthousebank.net

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