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Lighthouse Bank Posts Third Successive Quarter of Record Earnings

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SANTA CRUZ, Calif., July 15, 2011 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) posted a $340 thousand profit for the 2nd quarter ended June 30, 2011, representing  the Bank's 8th consecutive quarter of profitable operations and record quarterly earnings for the three year old Bank. For the period, earnings surpassed the $324 thousand record set at the quarter ended March 31, 2011, and represented a 155% increase compared to the same period ended June 30, 2010. Year-to-date earnings for the first six months of 2011 were $664 thousand.  Shareholders' equity increased by $361 thousand to over $17.9 million during the 2nd quarter of 2011.  The Bank experienced modest growth in both loans and deposits during the period.

Lighthouse Bank continues to maintain capital that is substantially in excess of the "well capitalized" designation established by financial regulators.  The Bank's loan loss reserve is conservatively maintained, which at 3.30% of gross loans is well above industry averages. The loan loss reserve was increased by $209 thousand during the quarter in anticipation of future loan growth and as added protection against unanticipated credit losses.  Since opening in October 2007, Lighthouse Bank has not experienced a loan loss. There were no past due loans in excess of 30 days at June 30, 2011. Total nonperforming assets of $2.5 million consisted of three pieces of residential real estate owned by the Bank.  The largest of these properties, at $1.3 million, has sold and escrow closed on July 6, 2011.  The Bank experienced no loss as a result of the sale of that real estate asset.

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.  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

Change


Year-to-Date Ended

Change


6/30/2011

3/31/2011

$

%


6/30/2010

$

%


6/30/11

6/30/10

$

%















Balance Sheet




























Total assets

$ 117,068,771

$ 115,072,209

$ 1,996,562

2%


$ 100,236,780

$ 14,835,429

15%






Gross loans

70,663,950

69,391,786

1,272,164

2%


61,737,266

7,654,520

12%






Allowance for loan losses

2,329,000

2,120,000

209,000

10%


1,659,000

461,000

28%






Non interest-bearing deposits

17,320,567

17,572,660

(252,093)

-1%


14,228,835

3,343,825

24%






Total deposits

98,970,468

97,056,654

1,913,814

2%


80,140,704

16,915,950

21%






Shareholders' equity

17,963,617

17,602,418

361,199

2%


16,751,572

850,846

5%




















Income Statement




























Interest income

1,497,313

1,548,674

(51,361)

-3%


1,289,169

259,505

20%


$ 3,045,987

$ 2,470,013

$ 575,974

23%

Interest expense

163,775

167,580

(3,805)

-2%


172,316

(4,736)

-3%


331,355

356,182

(24,827)

-7%

Net interest income

1,333,538

1,381,094

(47,556)

-3%


1,116,853

264,241

24%


2,714,632

2,113,831

600,801

28%















Provision for loan losses

209,000

195,000

14,000

7%


195,000

-

0%


404,000

275,000

129,000

47%

Non-interest income

33,472

53,369

(19,897)

-37%


122,413

(69,044)

-56%


86,841

163,460

(76,619)

-47%

Non-interest expense

817,843

915,551

(97,708)

-11%


917,030

(1,479)

0%


1,733,394

1,800,296

(66,902)

-4%















Net income

$        340,167

$        323,912

$      16,255

5%


$        127,236

$      196,676

155%


$    664,079

$    201,995

$ 462,084

229%















Net income excluding loan loss provisions

$        549,167

$        518,912

$      30,255

6%


$        322,236

$      196,676

61%


$ 1,068,079

$    476,995

$ 591,084

124%















Earnings per share (basic)

$              0.18

$              0.17

$          0.01

5%


$              0.07

0.11

155%






Book value per share

$              9.69

$              9.50

$          0.19

2%


$              9.04

$            0.46

5%




















Ratios














Net interest margin

4.66%

4.97%




4.65%








Equity capital-to-total assets

15.3%

15.3%




16.7%










SOURCE Lighthouse Bank



RELATED LINKS
http://www.lighthousebank.net

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