SANTA CRUZ, Calif., Jan. 20, 2012 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) posted a $398 thousand profit for the 4th quarter ending 12-31-11, representing the Bank's 10th consecutive quarter of profitable operations and record quarterly earnings for the four year old Bank. Profit for the fiscal year ending 12-31-11, was a record $1.4 million and represented a 121% increase in earnings over the prior year. For the 12-month period, shareholders' equity increased by 8% to 18.7 million, while total assets increased by 23% to $143 million. The Bank continued to experience significant growth in both loans and deposits which year over year increased by $17.2 million and $27.7 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. Nonperforming assets represented an immaterial $396 thousand, or less than .3% of total assets, at 12-31-11. As a result of these positive factors the Bank issued a 10% stock dividend to owners on December 5, 2011. 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 which at 3.30% of gross loans is well above the industry average. The loan loss reserve was increased by $930 thousand during 2011 as a result of loan growth. During its four years of operation, Lighthouse Bank has never experienced a loan loss and had no past due loans in excess of 30 days at 12-31-11.
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.OB. More Information on the Bank may be obtained through its website www.lighthousebank.net or by calling 831-600-4000.
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Selected Financial Data (unaudited) |
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Quarter-Ended |
Change |
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Quarter-ended |
Change |
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Year-to-Date Ended |
Change |
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12/31/2011 |
9/30/2011 |
% |
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12/31/2010 |
% |
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12/31/11 |
12/31/10 |
% |
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| Balance Sheet |
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| Total assets |
$ 143,144,313 |
$ 136,576,720 |
5% |
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$ 116,829,629 |
23% |
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| Gross loans |
86,426,484 |
77,639,125 |
11% |
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69,185,059 |
25% |
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| Allowance for loan losses |
2,855,000 |
2,619,000 |
9% |
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1,925,000 |
48% |
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| Non interest-bearing deposits |
31,366,553 |
30,498,263 |
3% |
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20,258,708 |
55% |
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| Total deposits |
123,882,208 |
118,087,432 |
5% |
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96,178,830 |
29% |
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| Shareholders' equity |
18,731,764 |
18,336,624 |
2% |
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17,289,676 |
8% |
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| Income Statement |
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| Interest income |
1,617,294 |
1,550,552 |
4% |
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1,435,184 |
13% |
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$ 6,213,833 |
5,227,876 |
19% |
| Interest expense |
154,570 |
156,027 |
-1% |
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172,171 |
-10% |
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641,952 |
699,979 |
-8% |
| Net interest income |
1,462,724 |
1,394,525 |
5% |
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1,263,013 |
16% |
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5,571,881 |
4,527,897 |
23% |
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| Provision for loan losses |
236,000 |
290,000 |
-19% |
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161,000 |
47% |
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930,000 |
541,000 |
72% |
| Non-interest income |
50,256 |
129,657 |
-61% |
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32,242 |
56% |
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266,754 |
339,936 |
-22% |
| Non-interest expense |
879,177 |
868,228 |
1% |
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904,805 |
-3% |
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3,480,799 |
3,680,014 |
-5% |
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| Net income |
$ 397,803 |
$ 365,954 |
9% |
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$ 229,450 |
73% |
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$ 1,427,836 |
$ 646,819 |
121% |
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| Net income excluding loan loss provisions |
$ 633,803 |
$ 655,954 |
-3% |
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$ 390,450 |
62% |
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$ 2,357,836 |
$ 1,187,819 |
99% |
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| Earnings per share (basic) |
$ 0.20 |
$ 0.20 |
-1% |
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0.21 |
-7% |
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$0.76 |
$0.35 |
119% |
| Book value per share |
$ 9.19 |
$ 9.90 |
-7% |
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9.33 |
-2% |
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| Ratios |
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| Net interest margin |
4.25% |
4.51% |
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4.58% |
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| Equity capital-to-total assets |
13.1% |
13.4% |
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14.8% |
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| # Shares Outstanding |
2,038,324 |
1,853,028 |
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1,853,028 |
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SOURCE Lighthouse Bank
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