Lighthouse Bank Posts Fourth Consecutive Quarterly Profit - Total Assets Reach $100 Million

SANTA CRUZ, Calif., July 15 /PRNewswire-FirstCall/ -- Lighthouse Bank (OTC Bulletin Board: LGHT) announced its financial results for the quarter ended 6-30-10.  Net profit for the quarter was $127 thousand, representing the fourth consecutive quarter of profitable operations for the two and a half year old bank.  Profit for the 6 months ended 6-30-10 was $202 thousand with total assets increasing to over $100 million.  Shareholders' equity increased by $204 thousand to $16.8 million during the quarter.  The Bank continued to experience solid growth in loans and deposits, both of which have increased consistently since opening in October 2007.  

Lighthouse Bank has maintained capital that is well in excess of the regulatory definition of "well capitalized."  The Bank's loan loss reserve is also conservatively maintained at 2.69% of gross loans which is well above the industry standard.  The loan loss reserve was increased by $195 thousand during the quarter as a result of loan growth.  The increased provision was not due to any deterioration in asset quality.  The Bank had no past due loans in excess of 30 days and no nonperforming loans at quarter end.  Total nonperforming assets of $2.7 million consisted of three pieces of residential bank owned property, all of which are currently listed for sale.  No 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


6/30/2010

3/31/2010

%


6/30/2009

%


6/30/10

6/30/09

$

%













Balance Sheet
























Total assets

$                   100,236,780

$                   98,140,021

2%


$                     74,860,863

34%






Gross loans

61,737,266

54,836,575

13%


48,213,758

28%






Allowance for loan losses

1,659,000

1,464,000

13%


1,076,000

54%






Non interest-bearing deposits

14,228,835

12,366,233

15%


9,592,058

48%






Total deposits

80,140,704

74,189,211

8.0%


54,379,687

47%






Shareholders' equity

16,751,572

16,547,365

1.2%


16,110,319

4.0%


















Income Statement
























Interest income

1,289,169

1,180,844

9%


988,103

30%


2,470,013

1,885,226

584,787

31%

Interest expense

172,316

183,866

-6%


173,867

-1%


356,182

368,133

(11,951)

-3%

Net interest income

1,116,853

996,978

12%


814,236

37%


2,113,831

1,517,093

596,738

39%













Provision for loan losses

195,000

80,000

144%


30,000

550%


275,000

105,000

170,000

162%

Non-interest income

122,413

41,047

198%


28,836

325%


163,460

51,983

111,477

214%

Non-interest expense

917,030

883,266

4%


887,090

3%


1,800,296

1,752,623

47,673

3%













Net income (loss)

$                           127,236

$                          74,759

70%


$                          (74,018)

272%


$                201,995

$               (288,547)

$               490,542

170%













Net income (loss) excluding loan loss provisions

$                           322,236

$                        154,759

108%


$                          (44,018)



$                476,995

$               (183,547)

$               660,542

360%













Ratios












Net interest margin

4.65%

4.55%



4.70%







Equity capital-to-total assets

16.7%

16.9%



21.5%









SOURCE Lighthouse Bank



RELATED LINKS
http://www.lighthousebank.net

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