Lighthouse Bank's Performance Continues to Shine

From the Wires

Jan. 18, 2013 01:10 PM

SANTA CRUZ, Calif., Jan. 18, 2013 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) today released unaudited financial results for the 4th quarter-ended December 31, 2012. The Bank posted a $509 thousand profit for the period, representing the 14th successive quarter of profitable operations and record quarterly earnings for the five-year-old Bank. Profit for the fiscal year ended December 31, 2012 was a record $1.8 million and represented a 29% increase in earnings compared to the same period-ended December 31, 2011. For the 12-month period, shareholders' equity increased by 11% to $20.8 million, while total assets increased by 18% to $168.8 million. At 12-31-12, the Bank's equity capital was in excess of the Regulatory Definitions for "well capitalized" distinction. The Bank continued to experience significant growth in both loans and deposits which year over year increased by $11.8 million and $23.2 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.

The Bank's loan loss reserve of 2.91% of gross loans remained significantly above industry averages. The Bank had no past due loans in excess of 30 days at December 31, 2012. Total nonperforming assets of $870 thousand represented only 0.5% of total assets. Since opening in 2007, cumulative net loan losses for the Bank have been less than $200 thousand. 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	Quarter-Ended	Change	Year-to-Date Ended		Change
	12/31/2012	9/30/2012	%	12/31/2011	%	12/31/2012	12/31/2011	%

Balance Sheet

Total assets	$ 168,777,638	$ 171,533,262	-2%	$ 143,144,313	18%		$ 143,144,313	18%
Gross loans	98,242,730	93,756,667	5%	86,426,484	14%		86,426,484	14%
Allowance for loan losses	2,863,302	2,807,916	2%	2,855,000	0%		2,855,000	0%
Non interest-bearing deposits	37,314,564	38,921,706	-4%	31,366,553	19%		31,366,553	19%
Total deposits	147,123,984	150,387,191	-2%	123,882,208	19%		123,882,208	19%
Shareholders' equity	20,817,779	20,421,740	2%	18,731,764	11%		18,731,764	11%

Income Statement

Interest income	1,841,818	1,768,810	4%	1,617,294	14%	$ 7,103,011	$ 6,213,833	14%
Interest expense	133,886	148,291	-10%	154,570	-13%	579,993	641,952	-10%
Net interest income	1,707,932	1,620,519	5%	1,462,724	17%	6,523,018	5,571,881	17%

Provision for loan losses	40,000	90,000	-56%	236,000	-83%	238,000	930,000	-74%
Non-interest income	83,054	88,596	-6%	50,256	65%	352,646	266,754	32%
Non-interest expense	860,420	895,887	-4%	821,340	5%	3,627,489	3,570,032	2%
Net income before taxes	890,566	723,228	23%	455,640	95%	3,010,175	1,338,603	125%
Income tax expense (benefit)	381,745	266,171	43%	57,837	560%	1,161,811	(89,233)	-1402%

Net income	$ 508,821	$ 457,057	11%	$ 397,803	28%	$ 1,848,364	$ 1,427,836	29%

Earnings per share (basic)	$ 0.25	$ 0.22	14%	$ 0.20	25%	$ 0.91	$ 0.70	30%
Book value per share	$ 10.21	$ 10.02	2%	$ 9.19	11%	$ 10.21	$ 9.19	11%

Ratios
Net interest margin	4.16%	4.07%		4.25%		4.30%	4.58%
Equity capital-to-total assets	12.3%	11.9%		13.1%
Return on Average Assets	1.19%	1.09%		1.14%		1.20%	1.10%
Return on Average Equity	9.75%	9.03%		8.53%		9.30%	7.93%
Allowance for Loan Losses-to-Total Loans	2.91%	2.99%		3.30%
Non-Performing Assets-to-Total Assets	0.51%	0.52%		0.28%		0.49%	1.31%
Efficiency Ratio	48.1%	52.4%		54.6%		52.9%	61.7%

SOURCE Lighthouse Bank

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