Business & Finance
Business and Finance
Business and Finance
Sat, April 21, 2012
Fri, April 20, 2012 Lighthouse Bank Posts 9th Consecutive Quarter of Record Earnings, up 35% Year Over Year
Lighthouse Bank Posts 9th Consecutive Quarter of Record Earnings, up 35%... -- SANTA CRUZ, Calif., April 20, 2012 /PRNewswire/ --
Lighthouse Bank Posts 9th Consecutive Quarter of Record Earnings, up 35% Year Over Year
SANTA CRUZ, Calif., April 20, 2012 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: [ LGHT ]) today released unaudited financial results for the 1st quarter-ended March 31, 2012. The Bank posted a $436 thousand profit for the period, representing the 11th successive quarter of profitable operations and record quarterly earnings for the four-year-old Bank. For the period, earnings surpassed the $398 thousand record set at the quarter-ended December 31, 2011, and represented a 35% increase in earnings compared to the same period-ended March 31, 2011. Shareholder equity increased by $249 thousand to $18.98 million during the 1st quarter of 2012. The Bank experienced strong growth in deposits and modest growth in loans during the quarter. Strong loan production was partially offset by the repayment of several large commercial real estate and construction loans totaling in excess of $5 million. Compared to the period ended 3-31-11, deposits increased by 36% and loans increased by 26%.
A milestone during the quarter, total assets grew to over $150 million. The Bank's loan loss reserve of 3.26 % of gross loans remained significantly above industry averages. The Bank had no past due loans in excess of 30 days at March 31, 2012. Total nonperforming assets of $396 thousand represented less than .3% of total assets and consisted of a single piece of real estate owned by the Bank. During the quarter, Lighthouse Bank was rated by Bauer Financial as 4-Star "excellent" and by FMC Consulting Group 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 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.OB. 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 | Quarter-ended | Change | Quarter-ended | Change | |||||
3/31/2012 | 12/31/2011 | $ | % | 3/31/2011 | $ | % | |||
Balance Sheet | |||||||||
Total assets | $151,581,893 | $143,144,313 | 8,437,580 | 6% | $115,072,209 | $36,509,684 | 32% | ||
Gross loans | 87,153,420 | 86,426,484 | 726,936 | 1% | 69,391,786 | 17,761,634 | 26% | ||
Allowance for loan losses | 2,840,000 | 2,855,000 | (15,000) | -1% | 2,120,000 | 720,000 | 34% | ||
Non interest-bearing deposits | 34,054,084 | 31,366,553 | 2,687,531 | 9% | 17,572,660 | 16,481,424 | 94% | ||
Total deposits | 131,735,847 | 123,882,208 | 7,853,639 | 6% | 97,056,654 | 34,679,193 | 36% | ||
Shareholders' equity | 18,980,315 | 18,731,764 | 248,551 | 1% | 17,602,418 | 1,377,897 | 8% | ||
Income Statement | |||||||||
Interest income | 1,721,719 | 1,617,294 | 104,425 | 6% | 1,548,674 | 173,045 | 11% | ||
Interest expense | 149,176 | 154,570 | (5,394) | -3% | 167,580 | (18,404) | -11% | ||
Net interest income | 1,572,543 | 1,462,724 | 109,819 | 8% | 1,381,094 | 191,449 | 14% | ||
Provision for loan losses | 20,000 | 236,000 | (216,000) | -92% | 195,000 | (175,000) | -90% | ||
Non-interest income | 94,126 | 50,256 | 43,870 | 87% | 53,369 | 40,757 | 76% | ||
Non-interest expense | 1,210,445 | 879,177 | 331,268 | 38% | 915,551 | 294,894 | 32% | ||
Net income | $ 436,224 | $ 397,803 | $ 38,421 | 10% | $ 323,912 | $ 112,312 | 35% | ||
Earnings per share (basic) * | $ 0.21 | $ 0.20 | $ 0.02 | 10% | $ 0.16 | 0.06 | 35% | ||
Book value per share * | $ 9.31 | $ 9.19 | $ 0.12 | 1% | $ 8.64 | $ 0.68 | 8% | ||
Ratios | |||||||||
Net interest margin | 4.49% | 4.25% | 4.97% | ||||||
Equity capital-to-total assets | 12.5% | 13.1% | 15.3% | ||||||
* 3/31/11 values reflect 10% stock dividend | |||||||||
of December 5, 2011 | |||||||||
SOURCE Lighthouse Bank
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[ http://www.lighthousebank.net ]
