Lighthouse Bank Continues to Out-Perform Peers
SANTA CRUZ, Calif., Oct. 19, 2012 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) today released unaudited financial results for the 3rd quarter-ended September 30, 2012. The Bank posted a $457 thousand profit for the period, representing the 13th successive quarter of profitable operations and record quarterly earnings for the five-year-old Bank. Year-to-date earnings for the first nine months of 2012 were $1.34 million and represented a 30% increase in earnings compared to the same period-ended September 30, 2011. Shareholders' equity increased by $741 thousand to $20.4 million during the 3rd quarter of 2012. The Bank experienced significant growth in deposits and solid growth in loans during the quarter. Compared to the same period ended September 30, 2011, deposits increased by 27% and loans increased by 21%. Continued growth in deposits enabled Lighthouse Bank to commit additional resources to local lending. Lighthouse Bank's lending efforts continue to focus on its core market of Santa Cruz County.
The Bank's loan loss reserve of 2.99% of gross loans remained significantly above industry averages. The Bank had no past due loans in excess of 30 days at September 30, 2012. Total nonperforming assets of $870 thousand represented only 0.5% of total assets. 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 |
Year-to-Date Ended |
Change |
|||||
| 9/30/2012 |
6/30/2012 |
% |
9/30/2012 |
9/30/2011* |
% |
|||
| Balance Sheet |
||||||||
| Total assets |
$ 171,533,262 |
$ 161,110,854 |
6% |
$ 171,533,262 |
$ 136,576,720 |
26% |
||
| Gross loans |
93,756,667 |
91,527,404 |
2% |
93,756,667 |
77,639,125 |
21% |
||
| Allowance for loan losses |
2,807,916 |
2,671,314 |
5% |
2,807,916 |
2,619,000 |
7% |
||
| Non interest-bearing deposits |
38,921,706 |
33,082,812 |
18% |
38,921,706 |
30,498,263 |
28% |
||
| Total deposits |
150,387,191 |
140,827,597 |
7% |
150,387,191 |
118,087,432 |
27% |
||
| Shareholders' equity |
20,421,740 |
19,680,615 |
4% |
20,421,740 |
18,336,624 |
11% |
||
| Income Statement |
||||||||
| Interest income |
1,768,810 |
1,770,664 |
0% |
$ 5,261,193 |
$ 4,596,539 |
14% |
||
| Interest expense |
148,291 |
148,640 |
0% |
446,107 |
487,382 |
-8% |
||
| Net interest income |
1,620,519 |
1,622,024 |
0% |
4,815,086 |
4,109,157 |
17% |
||
| Provision for loan losses |
90,000 |
88,000 |
2% |
198,000 |
694,000 |
-71% |
||
| Non-interest income |
88,596 |
86,870 |
2% |
269,592 |
216,498 |
25% |
||
| Non-interest expense |
895,887 |
930,515 |
-4% |
2,767,069 |
2,748,692 |
1% |
||
| Net income before taxes |
723,228 |
690,379 |
5% |
2,119,609 |
882,963 |
140% |
||
| Income tax expense (benefit) |
266,171 |
244,117 |
9% |
780,066 |
(147,070) |
-630% |
||
| Net income |
$ 457,057 |
$ 446,262 |
2% |
$ 1,339,543 |
$ 1,030,033 |
30% |
||
| Earnings per share (basic) * |
$ 0.22 |
$ 0.22 |
0% |
$ 0.66 |
$ 0.51 |
29% |
||
| Book value per share * |
$ 10.02 |
$ 9.66 |
4% |
$ 10.02 |
$ 9.00 |
11% |
||
| Ratios |
||||||||
| Net interest margin |
4.07% |
4.51% |
||||||
| Equity capital-to-total assets |
11.9% |
12.2% |
||||||
| * adjusted for 10% stock dividend of December 5, 2011 |
||||||||
| # Shares Outstanding |
2,038,324 |
2,038,324 |
2,038,324 |
2,038,324 |
||||
SOURCE Lighthouse Bank
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