Lighthouse Bank Reports Strong Performance in Q1 2016
SANTA CRUZ, Calif., April 22, 2016 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC-QB: LGHT) today released unaudited financial results for the quarter-ended March 31, 2016. The Bank posted a $523 thousand profit for the period, representing the 27th successive quarter of profitable operations for the eight year old Bank. Profit for the quarter represented a 6% increase in earnings compared to the period ended March 31, 2015. For the period, total shareholders' equity increased by $998 thousand to $28.6 million. Year-over-year, shareholders' equity increased $2.9 million, or 11%. The Bank experienced solid growth in loans during the quarter, up 4% from December 31, 2015 to $142.5 million. Year-over-year, loans increased $21.5 million, or 18%. During the quarter, deposits increased $2.3 million, or 2%, to $154.1 million, representing a 2% increase from the same period ended March 31, 2015. Overall positive performance continued to be driven by the Bank's control of overhead expenses and growth in the loan portfolio. During Q1 2016, the Bank announced the return of Jon P. Sisk as President, which has resulted in a positive impact on loan growth.
The Bank's loan loss reserve of 2.35% of gross loans remained significantly above the industry average for banks of all sizes. The Bank had one nonperforming loan, an SBA loan in the amount of $68,400, and no past due loans in excess of 30 days at the end of Q1 2016. Lighthouse Bank has not taken a loan loss in almost 4 years and has experienced only a single loan loss since opening in 2007.
During the quarter, construction progressed on the Bank's new headquarters location at 2020 N. Pacific Avenue, Santa Cruz. The Bank commenced operations at the new location as of April 18, 2016. In addition, the Bank continued with expansion plans for its first branch location that will be situated in Silicon Valley. The location, at 19240 Stevens Creek Blvd. in Cupertino, is adjacent to the new main St. Cupertino Business Center and close to the 3.1 million sq. ft. Apple headquarters building now under construction. The Bank took possession of the Stevens Creek Blvd. site on March 21, 2016. The contiguous nature of the Silicon Valley market to that of Santa Cruz, staff experience in that market, as well as community bank consolidations, have combined to provide a unique growth opportunity for Lighthouse Bank in Silicon Valley.
In February 2016, the Bank paid a $0.075 per share quarterly cash dividend to shareholders. This represented the third consecutive quarterly $0.075 per share cash dividend paid by the Bank. In January 2015, the Bank paid a special $0.40 per share cash dividend to shareholders. This followed two prior stock dividends granted in 2011 and 2013. Lighthouse Bank's consistently strong financial results continue to place it at the top of the industry in a variety of categories including asset quality, capital adequacy, return on equity and operational efficiency. SNL Financial ranked Lighthouse Bank as the 66th highest performing community bank in the nation based on 2015 performance, of the 4,258 banks of asset size under $1 billion. DepositAccounts.com ranked Lighthouse Bank as the 10th healthiest bank in the nation for 2015, of 6,900 total banking institutions. Lighthouse Bank stock, (LGHT) is actively traded via the Bank's market makers and online and full-service brokerage providers. More information on the Bank's stock and historical financial performance may be located on the Bank's website at www.lighthousebank.net.
For fifteen consecutive quarters, the Bank has been rated by Bauer Financial as Five-Star "Superior" for strong financial performance, the top rating given by the independent bank rating firm. Lighthouse Bank is the only locally owned institution in Santa Cruz County with a Five-Star rating. The Findley Reports, a well-known banking publication named the Bank as a "Super Premier" performing bank in 2015, their highest ranking. Lighthouse 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, which marked its 8th anniversary in October 2015, 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 close at hand. A unique worldwide ATM fee rebate program and complimentary business courier service expands the geographical reach of its banking office location throughout Santa Cruz County and the Silicon Valley. Lighthouse Bank is committed to operating an open, ethical and financially successful company without engaging in the corporate excesses that have characterized the financial services industry. All decisions are intended to contribute to the long-term success of its clients, employees, owners and the communities it serves. Lighthouse Bank has never been subject to either formal or informal regulatory action.
Lighthouse Bank is located at 2020 North Pacific Avenue in Downtown Santa Cruz, CA. Lighthouse Bank's common stock is listed 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.
Member FDIC / Equal Housing Lender / SBA Preferred Lender
The attached 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) |
||||||
| Quarter-Ended |
Quarter-Ended |
|||||
| 3/31/2016 |
12/31/2015 |
% |
3/31/2015 |
% |
||
| Balance Sheet |
||||||
| Total assets |
$ 183,387,350 |
$ 182,021,349 |
1% |
$ 177,783,510 |
3% |
|
| Gross loans |
142,499,843 |
137,510,474 |
4% |
120,996,019 |
18% |
|
| Allowance for loan losses |
3,349,251 |
3,300,251 |
1% |
3,164,031 |
6% |
|
| Non interest-bearing deposits |
34,910,233 |
35,701,970 |
-2% |
40,732,214 |
-14% |
|
| Total deposits |
154,081,223 |
151,740,262 |
2% |
151,404,547 |
2% |
|
| Shareholders' equity |
28,567,113 |
27,568,725 |
4% |
25,715,394 |
11% |
|
| Income Statement |
||||||
| Interest income |
2,111,873 |
2,097,277 |
1% |
1,907,456 |
11% |
|
| Interest expense |
95,971 |
93,710 |
2% |
90,543 |
6% |
|
| Net interest income |
2,015,902 |
2,003,567 |
1% |
1,816,913 |
11% |
|
| Provision for loan losses |
49,000 |
18,220 |
169% |
- |
N/A |
|
| Non-interest income |
58,954 |
74,378 |
-21% |
87,287 |
-32% |
|
| Non-interest expense |
1,160,919 |
1,016,406 |
14% |
1,101,393 |
5% |
|
| Net income before taxes |
864,937 |
1,043,319 |
-17% |
802,807 |
8% |
|
| Income tax expense (benefit) |
342,334 |
333,962 |
3% |
309,182 |
11% |
|
| Net income |
$ 522,603 |
$ 709,357 |
-26% |
$ 493,625 |
6% |
|
| Earnings per share (basic) |
$ 0.23 |
$ 0.32 |
-28% |
$ 0.22 |
5% |
|
| Book value per share |
$ 12.30 |
$ 12.23 |
1% |
$ 11.58 |
6% |
|
| Ratios |
||||||
| Net interest margin |
4.70% |
4.67% |
4.55% |
|||
| Equity capital-to-total assets |
15.6% |
15.1% |
14.5% |
|||
| Return on Average Assets |
1.15% |
1.56% |
1.17% |
|||
| Return on Average Equity |
7.43% |
10.31% |
7.84% |
|||
| Allowance for Loan Losses-to-Total Loans |
2.35% |
2.40% |
2.61% |
|||
| Non-Performing Assets-to-Total Assets |
0.04% |
0.00% |
0.00% |
|||
| Efficiency Ratio |
56.0% |
48.9% |
57.8% |
|||
SOURCE Lighthouse Bank
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