Lighthouse Bank's Performance Continues to Shine
Jan 18, 2013, 01:10 ET
SANTA CRUZ, Calif., Jan. 18, 2013 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) today released unaudited financial results for the 4th quarter-ended December 31, 2012. The Bank posted a $509 thousand profit for the period, representing the 14th successive quarter of profitable operations and record quarterly earnings for the five-year-old Bank. Profit for the fiscal year ended December 31, 2012 was a record $1.8 million and represented a 29% increase in earnings compared to the same period-ended December 31, 2011. For the 12-month period, shareholders' equity increased by 11% to $20.8 million, while total assets increased by 18% to $168.8 million. At 12-31-12, the Bank's equity capital was in excess of the Regulatory Definitions for "well capitalized" distinction. The Bank continued to experience significant growth in both loans and deposits which year over year increased by $11.8 million and $23.2 million, respectively. Contributing positive performance factors included the Bank's ability to control overhead expense and success in generating and maintaining a portfolio of quality assets.
The Bank's loan loss reserve of 2.91% of gross loans remained significantly above industry averages. The Bank had no past due loans in excess of 30 days at December 31, 2012. Total nonperforming assets of $870 thousand represented only 0.5% of total assets. Since opening in 2007, cumulative net loan losses for the Bank have been less than $200 thousand. Lighthouse Bank's stellar financial performance continues to garner industry accolades. The Bank is rated by Bauer Financial as 5-Star "Superior", the top ranking given by the independent bank rating firm. FMC Consulting Group named the Bank as among the top 15 (of 230) state chartered Banks in California. The Findley Reports named Lighthouse Bank a "Super Premier" performing bank, the highest ranking given by the well-known banking publication. The 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. Lighthouse 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 |
Year-to-Date Ended |
Change |
|||||
| 12/31/2012 |
9/30/2012 |
% |
12/31/2011 |
% |
12/31/2012 |
12/31/2011 |
% |
|||
| Balance Sheet |
||||||||||
| Total assets |
$ 168,777,638 |
$ 171,533,262 |
-2% |
$ 143,144,313 |
18% |
$ 143,144,313 |
18% |
|||
| Gross loans |
98,242,730 |
93,756,667 |
5% |
86,426,484 |
14% |
86,426,484 |
14% |
|||
| Allowance for loan losses |
2,863,302 |
2,807,916 |
2% |
2,855,000 |
0% |
2,855,000 |
0% |
|||
| Non interest-bearing deposits |
37,314,564 |
38,921,706 |
-4% |
31,366,553 |
19% |
31,366,553 |
19% |
|||
| Total deposits |
147,123,984 |
150,387,191 |
-2% |
123,882,208 |
19% |
123,882,208 |
19% |
|||
| Shareholders' equity |
20,817,779 |
20,421,740 |
2% |
18,731,764 |
11% |
18,731,764 |
11% |
|||
| Income Statement |
||||||||||
| Interest income |
1,841,818 |
1,768,810 |
4% |
1,617,294 |
14% |
$ 7,103,011 |
$ 6,213,833 |
14% |
||
| Interest expense |
133,886 |
148,291 |
-10% |
154,570 |
-13% |
579,993 |
641,952 |
-10% |
||
| Net interest income |
1,707,932 |
1,620,519 |
5% |
1,462,724 |
17% |
6,523,018 |
5,571,881 |
17% |
||
| Provision for loan losses |
40,000 |
90,000 |
-56% |
236,000 |
-83% |
238,000 |
930,000 |
-74% |
||
| Non-interest income |
83,054 |
88,596 |
-6% |
50,256 |
65% |
352,646 |
266,754 |
32% |
||
| Non-interest expense |
860,420 |
895,887 |
-4% |
821,340 |
5% |
3,627,489 |
3,570,032 |
2% |
||
| Net income before taxes |
890,566 |
723,228 |
23% |
455,640 |
95% |
3,010,175 |
1,338,603 |
125% |
||
| Income tax expense (benefit) |
381,745 |
266,171 |
43% |
57,837 |
560% |
1,161,811 |
(89,233) |
-1402% |
||
| Net income |
$ 508,821 |
$ 457,057 |
11% |
$ 397,803 |
28% |
$ 1,848,364 |
$ 1,427,836 |
29% |
||
| Earnings per share (basic) |
$ 0.25 |
$ 0.22 |
14% |
$ 0.20 |
25% |
$ 0.91 |
$ 0.70 |
30% |
||
| Book value per share |
$ 10.21 |
$ 10.02 |
2% |
$ 9.19 |
11% |
$ 10.21 |
$ 9.19 |
11% |
||
| Ratios |
||||||||||
| Net interest margin |
4.16% |
4.07% |
4.25% |
4.30% |
4.58% |
|||||
| Equity capital-to-total assets |
12.3% |
11.9% |
13.1% |
|||||||
| Return on Average Assets |
1.19% |
1.09% |
1.14% |
1.20% |
1.10% |
|||||
| Return on Average Equity |
9.75% |
9.03% |
8.53% |
9.30% |
7.93% |
|||||
| Allowance for Loan Losses-to-Total Loans |
2.91% |
2.99% |
3.30% |
|||||||
| Non-Performing Assets-to-Total Assets |
0.51% |
0.52% |
0.28% |
0.49% |
1.31% |
|||||
| Efficiency Ratio |
48.1% |
52.4% |
54.6% |
52.9% |
61.7% |
|||||
SOURCE Lighthouse Bank