Business & Finance
Thu, April 25, 2013Wed, April 24, 2013Tue, April 23, 2013Mon, April 22, 2013Sun, April 21, 2013Fri, April 19, 2013Thu, April 18, 2013Wed, April 17, 2013Tue, April 16, 2013Mon, April 15, 2013Sat, April 13, 2013Fri, April 12, 2013Lighthouse Bank Posts Record Earnings
Published in Business and Finance on Thursday, April 18th 2013 at 21:00 GMT by Market Wire
Lighthouse Bank Posts Record Earnings -- SANTA CRUZ, Calif., April 18, 2013 /PRNewswire/ --
SANTA CRUZ, Calif., April 18, 2013 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: [ LGHT ]) today released unaudited financial results for the 1st quarter ended March 31, 2013. The Bank posted a $521 thousand profit for the period, representing the 15th successive quarter of profitable operations and record quarterly earnings for the five-year old bank. For the period, earnings surpassed the record set for the quarter ended December 31, 2012, and represented a 19% increase in earnings compared to the same period ended March 31, 2012. Shareholders' equity increased by $320 thousand to $21.1 million during the 1st quarter of 2013. During the period, the Bank experienced solid growth in loans, up 19% year over year. Deposits increased 7% year over year, but decreased for the quarter due to the departure of a single multimillion dollar short-term account. Overall positive performance continued to be driven by the Bank's control of overhead expenses and growth in the loan portfolio.
A milestone during the quarter was the Bank's issuance of a 5% stock dividend. This represented the 2nd stock dividend granted by the Bank in just 15 months. The Bank's loan loss reserve of 2.78% of gross loans remained significantly above industry averages. The Bank had no past due loans in excess of 30 days at March 31, 2013 and experienced no loan losses during the quarter. As a result of an upgrade back to accrual status of the Bank's sole nonperforming loan, no material additions were made to the loan loss reserve during the quarter. Since opening in 2007, the Bank's cumulative net loan losses have totaled only $187 thousand. Total nonperforming assets of $370 thousand consist of a single residential property owned by the Bank and represent only .2% of total assets. This property is currently listed for sale.
Lighthouse Bank's consistently strong financial performance continues to place it among industry leaders. The Bank is currently rated by Bauer Financial as 5-Star "Superior", the top rating given by the independent bank rating firm. The Findley Reports, a well known banking publication named Lighthouse Bank as a "Super Premier "performing bank, their highest ranking and FMC Consulting named Lighthouse Bank the top rated state chartered Bank on the Central Coast. 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 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. The 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 | |||||
3/31/2013 | 12/31/2012 | $ | % | 3/31/2012 | $ | % | ||
Balance Sheet | ||||||||
Total assets | $ 163,196,415 | $ 168,777,638 | $ (5,581,223) | -3% | $ 151,581,893 | $ 11,614,522 | 8% | |
Gross loans | 103,364,129 | 98,242,730 | 5,121,399 | 5% | 87,153,420 | 16,210,709 | 19% | |
Allowance for loan losses | 2,872,319 | 2,863,302 | 9,017 | 0% | 2,840,000 | 32,319 | 1% | |
Non interest-bearing deposits | 32,016,105 | 37,314,564 | (5,298,459) | -14% | 34,054,084 | (2,037,979) | -6% | |
Total deposits | 141,139,791 | 147,123,984 | (5,984,193) | -4% | 131,735,847 | 9,403,944 | 7% | |
Shareholders' equity | 21,137,438 | 20,817,779 | 319,659 | 2% | 18,980,315 | 2,157,123 | 11% | |
Income Statement | ||||||||
Interest income | 1,799,268 | 1,841,818 | (42,550) | -2% | 1,721,719 | 77,549 | 5% | |
Interest expense | 113,611 | 133,886 | (20,275) | -15% | 149,176 | (35,565) | -24% | |
Net interest income | 1,685,657 | 1,707,932 | (22,275) | -1% | 1,572,543 | 113,114 | 7% | |
Provision for loan losses | - | 40,000 | (40,000) | 100% | 20,000 | (20,000) | 100% | |
Non-interest income | 82,750 | 83,054 | (304) | 0% | 94,126 | (11,376) | -12% | |
Non-interest expense | 949,771 | 860,419 | 89,352 | 10% | 940,667 | 9,104 | 1% | |
Net income before taxes | 818,636 | 890,567 | (71,931) | -8% | 706,002 | 112,634 | 16% | |
Income tax expense (benefit) | 297,995 | 381,745 | (83,750) | -22% | 269,778 | 28,217 | 10% | |
Net income | $ 520,641 | $ 508,822 | $ 11,819 | 2% | $ 436,224 | $ 84,417 | 19% | |
Earnings per share (basic)* | $ 0.24 | $ 0.24 | $ - | 0% | $ 0.21 | $ 0.03 | 14% | |
Book value per share* | $ 9.88 | $ 9.73 | $ 0.15 | 2% | $ 9.31 | $ 0.57 | 6% | |
Ratios | ||||||||
Net interest margin | 4.43% | 4.16% | 4.49% | |||||
Equity capital-to-total assets | 13.0% | 12.3% | 12.5% | |||||
Return on Average Assets | 1.40% | 1.19% | 1.30% | |||||
Return on Average Equity | 10.00% | 9.75% | 9.80% | |||||
Allowance for Loan Losses-to-Total Loans | 2.78% | 2.91% | 3.26% | |||||
Non-Performing Assets-to-Total Assets | 0.23% | 0.51% | 0.26% | |||||
Efficiency Ratio | 53.8% | 48.1% | 57.2% | |||||
* - 3/31/13 and 12/31/12 values reflect 5% stock dividend of 3/8/13 |
SOURCE Lighthouse Bank
RELATED LINKS
[ http://www.lighthousebank.net ]
