Lighthouse Bank Posts Fourth Successive Quarter of Record Earnings

SANTA CRUZ, Calif., Oct. 13, 2011 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) posted a $366 thousand profit for the 3rd quarter ended September 30, 2011, representing the Bank's 9th successive quarter of profitable operations and record quarterly earnings for the four year old Bank. For the period, earnings surpassed the $340 thousand record set at the quarter ended June 30, 2011, and represented a 70% increase in earnings compared to the same period ended September 30, 2010. Year-to-date earnings for the first nine months of 2011 were $1.03 million. Shareholders' equity increased by $373 thousand to $18.3 million during the 3rd quarter of 2011. The Bank experienced strong growth in both loans and deposits during the quarter.

A milestone during the quarter, deposits increased to over $100 million. Total loans surpassed $77 million reflecting the Bank's deployment of deposits back into the community as loans. Lighthouse Bank has continued to maintain capital that is substantially in excess of the "well capitalized" designation established by financial regulators. The Bank's loan loss reserve of 3.37% of gross loans is also significantly above industry averages. The loan loss reserve was increased by $290 thousand during the quarter as the result of loan growth. The Bank had no past due loans in excess of 30 days at September 30, 2011. Total nonperforming assets of $405 thousand represented 0.3% of total assets and consisted of a single piece of residential real estate owned by the Bank. Total nonperforming assets decreased by $2.1 million during the quarter.

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 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

Change


Quarter-ended



Year-to-Date Ended

Change


9/30/2011

6/30/2011

%


9/30/2010

%


9/30/11

9/30/10

%












Balance Sheet






















Total assets

$ 136,576,720

$ 117,068,771

17%


$ 106,370,537

28%





Gross loans

77,639,125

70,663,950

10%


67,796,965

15%





Allowance for loan losses

2,619,000

2,329,000

12%


1,764,000

48%





Non interest-bearing deposits

30,498,263

17,320,567

76%


15,657,196

95%





Total deposits

118,087,432

98,970,468

19%


85,982,978

37%





Shareholders' equity

18,336,624

17,963,617

2%


17,023,894

8%
















Income Statement






















Interest income

1,550,552

1,497,313

4%


1,322,679

17%


$ 4,596,539

$ 3,792,692

21%

Interest expense

156,027

163,775

-5%


171,626

-9%


487,382

527,808

-8%

Net interest income

1,394,525

1,333,538

5%


1,151,053

21%


4,109,157

3,264,884

26%












Provision for loan losses

290,000

209,000

39%


105,000

176%


694,000

380,000

83%

Non-interest income

129,657

33,472

287%


144,234

-10%


216,498

307,694

-30%

Non-interest expense

868,228

817,843

6%


974,913

-11%


2,601,622

2,775,209

-6%












Net income

$        365,954

$        340,167

8%


$        215,374

70%


$ 1,030,033

$    417,369

147%












Net income excluding loan loss provisions

$        655,954

$        549,167

19%


$        320,374

105%


$ 1,724,033

$    797,369

116%












Earnings per share (basic)

$              0.20

$              0.18

8%


0.17

14%





Book value per share

$              9.90

$              9.69

2%


9.19

8%
















Ratios











Net interest margin

4.51%

4.66%



4.55%






Equity capital-to-total assets

13.4%

15.3%



16.0%








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.