Lighthouse Bank Posts Record Earnings

SANTA CRUZ, Calif., April 18, 2013 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) today released unaudited financial results for the 1st quarter ended March 31, 2013. The Bank posted a $521 thousand profit for the period, representing the 15th successive quarter of profitable operations and record quarterly earnings for the five-year old bank. For the period, earnings surpassed the record set for the quarter ended December 31, 2012, and represented a 19% increase in earnings compared to the same period ended March 31, 2012. Shareholders' equity increased by $320 thousand to $21.1 million during the 1st quarter of 2013. During the period, the Bank experienced solid growth in loans, up 19% year over year.  Deposits increased 7% year over year, but decreased for the quarter due to the departure of a single multimillion dollar short-term account. Overall positive performance continued to be driven by the Bank's control of overhead expenses and growth in the loan portfolio. 

A milestone during the quarter was the Bank's issuance of a 5% stock dividend. This represented the 2nd stock dividend granted by the Bank in just 15 months. The Bank's loan loss reserve of 2.78% of gross loans remained significantly above industry averages. The Bank had no past due loans in excess of 30 days at March 31, 2013 and experienced no loan losses during the quarter.  As a result of an upgrade back to accrual status of the Bank's sole nonperforming loan, no material additions were made to the loan loss reserve during the quarter. Since opening in 2007, the Bank's cumulative net loan losses have totaled only $187 thousand. Total nonperforming assets of $370 thousand consist of a single residential property owned by the Bank and represent only .2% of total assets. This property is currently listed for sale. 

Lighthouse Bank's consistently strong financial performance continues to place it among industry leaders. The Bank is currently rated by Bauer Financial as 5-Star "Superior", the top rating given by the independent bank rating firm.  The Findley Reports, a well known banking publication named Lighthouse Bank as a "Super Premier "performing bank, their highest ranking and FMC Consulting named Lighthouse Bank the top rated state chartered Bank on the Central Coast. Lighthouse 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. The 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


Quarter-Ended

Change


3/31/2013

12/31/2012

$

%


3/31/2012

$

%










Balance Sheet

















  Total assets

$ 163,196,415

$ 168,777,638

$ (5,581,223)

-3%


$ 151,581,893

$ 11,614,522

8%

  Gross loans

103,364,129

98,242,730

5,121,399

5%


87,153,420

16,210,709

19%

  Allowance for loan losses

2,872,319

2,863,302

9,017

0%


2,840,000

32,319

1%

  Non interest-bearing deposits

32,016,105

37,314,564

(5,298,459)

-14%


34,054,084

(2,037,979)

-6%

  Total deposits

141,139,791

147,123,984

(5,984,193)

-4%


131,735,847

9,403,944

7%

  Shareholders' equity

21,137,438

20,817,779

319,659

2%


18,980,315

2,157,123

11%










Income Statement


















  Interest income

1,799,268

1,841,818

(42,550)

-2%


1,721,719

77,549

5%

  Interest expense

113,611

133,886

(20,275)

-15%


149,176

(35,565)

-24%

 Net interest income

1,685,657

1,707,932

(22,275)

-1%


1,572,543

113,114

7%










  Provision for loan losses

-

40,000

(40,000)

100%


20,000

(20,000)

100%

  Non-interest income

82,750

83,054

(304)

0%


94,126

(11,376)

-12%

  Non-interest expense

949,771

860,419

89,352

10%


940,667

9,104

1%

 Net income before taxes

818,636

890,567

(71,931)

-8%


706,002

112,634

16%

  Income tax expense (benefit)

297,995

381,745

(83,750)

-22%


269,778

28,217

10%










Net income

$         520,641

$         508,822

$        11,819

2%


$         436,224

$         84,417

19%










Earnings per share (basic)*

$               0.24

$               0.24

$                 -

0%


$               0.21

$             0.03

14%

Book value per share*

$               9.88

$               9.73

$            0.15

2%


$               9.31

$             0.57

6%










Ratios









  Net interest margin

4.43%

4.16%




4.49%



  Equity capital-to-total assets

13.0%

12.3%




12.5%



  Return on Average Assets

1.40%

1.19%




1.30%



  Return on Average Equity

10.00%

9.75%




9.80%



  Allowance for Loan Losses-to-Total Loans

2.78%

2.91%




3.26%



  Non-Performing Assets-to-Total Assets

0.23%

0.51%




0.26%



  Efficiency Ratio

53.8%

48.1%




57.2%












* - 3/31/13 and 12/31/12 values reflect 5% stock dividend of 3/8/13

 

SOURCE Lighthouse Bank



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http://www.lighthousebank.net

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