Lighthouse Bank Reports First Quarter Profit

SANTA CRUZ, Calif., April 15 /PRNewswire-FirstCall/ -- Lighthouse Bank (OTC Bulletin Board: LGHT) posted a $74,759 profit for the 1st quarter ended 3-31-10, representing the Bank's third consecutive quarter of profitable operations.  Adjusting for non-cash charges related to stock option accounting, earnings for the quarter were $154,045. Shareholders' equity increased by $163,355 during the period.  The Bank continued to experience solid growth during the 1st quarter of 2010. Total assets have continued to increase consistently since opening in October 2007.  

During the quarter the Bank successfully completed the sale of a $2 million real estate asset owned as the result of a foreclosure in 2009.  The Bank experienced no loss in connection with the sale.  As a result, the level of the Bank's non-performing assets decreased by 44% during the 1st quarter.   As of 3-31-10, the Bank held three foreclosed properties totaling $2.6 million. There are no losses anticipated from the future disposition of any of these assets.  At quarter end, the Bank had no non-performing loans and no loans 30 days or more past due.

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.  The loan loss reserve was increased by $80 thousand during the quarter, providing for several new large loan transactions scheduled to close in April.  The provision was made to support this anticipated loan growth and was not the result of deterioration in existing loan quality.

ABOUT LIGHTHOUSE BANK:

Lighthouse Bank is a locally owned and operated commercial bank located in Santa Cruz County.  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)





Change



Change


Quarter-ended 3/31/10

Quarter-ended 12/31/09

%


Quarter-ended 3/31/09

%








Balance Sheet














Total assets

$  98,140,021

$  91,154,618

8%


$  70,786,478

39%

Gross loans

54,836,575

55,137,090

-1%


49,593,226

11%

Allowance for loan losses

1,464,000

1,384,000

6%


1,046,000

40%

Non interest-bearing deposits

12,366,233

12,454,194

-1%


9,357,602

32%

Total deposits

74,189,211

70,473,764

5%


54,527,643

36%

Shareholders' equity

16,547,365

16,384,010

1%


16,087,459

3%








Income Statement














Interest income

1,180,844

1,147,139

3%


897,123

32%

Interest expense

183,866

202,655

-9%


194,266

-5%

Net interest income

996,978

944,484

6%


702,857

42%








Provision for loan losses

80,000

109,000

-27%


75,000

7%

Non-interest income

41,047

40,757

1%


23,147

77%

Non-interest expense

883,266

837,703

5%


865,533

2%








Net income (loss)

$  74,759

$  38,538

94%


$  (214,529)

135%















Ratios







Net interest margin

4.55%

4.56%



4.26%


Equity capital-to-total assets

16.9%

18.0%



22.7%




SOURCE Lighthouse Bank



RELATED LINKS
http://www.lighthousebank.net

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