2014

Lighthouse Bank Posts Fifth Consecutive Quarterly Profit

SANTA CRUZ, Calif., Oct. 15 /PRNewswire-FirstCall/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) posted a $215 thousand profit for the 3rd quarter ended September 30, 2010, representing the fifth consecutive quarterly profit as well as record quarterly earnings for the three year old Bank.  Profit for the 9 months ended September 30, 2010, was $417 thousand with total assets increasing to $106.4 million.  Shareholders' equity increased by $272 thousand to $17 million during the quarter.  The Bank continued to experience solid growth in loans and deposits which increased by $6.1 million and $5.8 million, respectively, during the period.  

In September, the U.S. Small Business Administration awarded Lighthouse Bank Preferred Lender (PLP) status.  As a Preferred Lender, the Bank is permitted to make decisions on behalf of the SBA which significantly shortens the loan approval process.  The timing of the Bank's Preferred Lender designation is beneficial for both the Bank and the Community in light of recently passed legislation which expands SBA programs.  

Lighthouse Bank has maintained capital that is substantially in excess of the "well capitalized" designation established by financial regulators.  The Bank's loan loss reserve is also conservatively maintained at 2.60% of gross loans which is well above the industry standard.  The loan loss reserve increased $105 thousand during the quarter as a result of loan growth.  The increase in the reserve was not the result of deterioration in loan quality.  Total nonperforming assets of $2.6 million consisted of three pieces of residential real estate owned by the Bank, all of which are currently listed for sale.  No future losses are anticipated from the final disposition of these assets.

ABOUT LIGHTHOUSE BANK:

Lighthouse Bank is a locally owned and operated 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. Lighthouse Bank is committed to operating an open, ethical and financially successful company. All decisions are intended to contribute to the long-term success of its owners, clients, employees and the community it serves. The Bank moved into profitable operations without accepting government assistance of any kind, while shouldering the burden of increased FDIC Insurance premiums brought about by the failures within the industry.

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.

This 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.

Selected Financial Data (unaudited)



Quarter-Ended

Change


Quarter-ended

Change


Year-to-Date Ended

Change



9/30/2010

6/30/2010

%


9/30/2009

%


9/30/2010

9/30/2009

%














Balance Sheet
























Total assets

$ 106,370,537

$ 100,236,780

6%


$  84,598,070

26%






Gross loans

67,796,965

61,737,266

10%


54,256,479

25%






Allowance for loan losses

1,764,000

1,659,000

6%


1,275,000

38%






Non interest-bearing deposits

15,657,196

14,228,835

10%


10,908,792

44%






Total deposits

85,982,978

80,140,704

7.3%


63,986,902

34%






Shareholders' equity

17,023,894

16,751,572

1.6%


16,275,694

4.6%


















Income Statement
























Interest income

1,322,679

1,289,169

3%


1,292,158

2%


3,792,692

3,177,384

19%


Interest expense

171,626

172,316

0%


197,247

-13%


527,808

565,380

-7%


Net interest income

1,151,053

1,116,853

3%


1,094,911

5%


3,264,884

2,612,004

25%














Provision for loan losses

105,000

195,000

-46%


199,000

-47%


380,000

304,000

25%


Non-interest income

144,234

122,413

18%


42,564

239%


307,694

94,547

225%


Non-interest expense

974,913

917,030

6%


885,049

10%


2,775,209

2,637,672

5%














Net income (loss)

$        215,374

$        127,236

69%


$         53,426

303%


$  417,369

$ (235,121)

278%














Net income (loss) excluding loan loss provisions

$        320,374

$        322,236

-1%


$       252,426



$  797,369

$    68,879

1058%














Ratios












Net interest margin

4.55%

4.65%



5.63%







Equity capital-to-total assets

16.0%

16.7%



19.2%








SOURCE Lighthouse Bank



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http://www.lighthousebank.net

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