Welcome!

News Feed Item

Lighthouse Bank Reports Strong Start in 2014, Loan Growth in 1st quarter 2014 surpassed that of entire year in 2013

SANTA CRUZ, Calif., April 18, 2014 /PRNewswire/ -- Locally owned Lighthouse Bank (OTCBB: LGHT) today released unaudited financial results for the quarter-ended March 31, 2014.  The Bank posted a $596 thousand profit for the period, representing the 19th successive quarter of profitable operations for the six-year-old bank.  Profit for the quarter represented a 15% increase in earnings compared to the same period-ended March 31, 2013 and was the second highest quarterly earnings result in the Bank's history.  For the 3-month period, shareholders' equity increased by $648 thousand to a record $23.5 million.  The Bank experienced solid growth in loans during the quarter, up 7% from December 31, 2013.  Reorganization of the Bank's lending group during the past year continues and to date has produced positive results for the company.  Loan growth in the 1st quarter of 2014 matched that for the entire year in 2013. Deposits increased 2% from the period ended December 31, 2013.  Overall positive performance continued to be driven by the Bank's control of overhead expenses and growth in the loan portfolio.

The Bank's loan loss reserve of 2.60% of gross loans remained significantly above the industry average of 1.75% for banks under $1 billion in size. The Bank had no nonperforming loans and no past due loans in excess of 30 days at March 31, 2014, and has not experienced a loan loss in nearly two years. 

In January, the Bank closed on the $1.5 million purchase of 2020 N. Pacific Avenue, Santa Cruz. The property is located in the heart of downtown Santa Cruz and following renovation and expansion will serve as the Bank's new headquarters. The planning process for the site is currently underway with construction expected to commence in early 2015.  Once completed, the 8,500 square foot facility will significantly benefit both the Bank and the community.

Artist's rendering of Lighthouse Bank's future headquarters located at 2020 N. Pacific Avenue, in downtown Santa Cruz, Calif. Site plans and improvements are underway and construction is anticipated to begin in early 2015.

Since opening, 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.  Lighthouse Bank was rated the top bank in Northern and Central California by FMC Consultants and 5th of the 215 banks in the state. The Bank is 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 financial institution in Santa Cruz County awarded this top rating. The Findley Reports designated Lighthouse Bank as 2014 a "Super Premier" performing bank. This is the third consecutive year which the Bank has received the highest ranking given.  The Bank has no financial relationship with any of these rating agencies.

Lighthouse Bank's stock (LGHT) is actively traded on the Over the Counter Bulletin Board 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 http://lighthousebank.net/Company/StockInformation/tabid/2477/Default.aspx

ABOUT LIGHTHOUSE BANK:
Lighthouse Bank is a locally owned and operated full-service commercial bank located in Santa Cruz, Ca. The Bank marked its 6th anniversary on October 29, 2013.  Lighthouse 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.   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


3/31/2014

12/31/2013

$

%


3/31/2013

$

%










Balance Sheet


















Total assets

$    161,996,473

$    157,974,526

$     4,021,947

3%


$    163,196,415

$    (1,199,942)

-1%

Gross loans

110,833,596

103,530,539

7,303,057

7%


103,364,129

7,469,467

7%

Allowance for loan losses

2,882,031

2,874,031

8,000

0%


2,872,319

9,712

0%

Non interest-bearing deposits

31,914,932

30,290,175

1,624,757

5%


32,016,105

(101,173)

0%

Total deposits

137,514,513

134,494,698

3,019,815

2%


141,139,791

(3,625,278)

-3%

Shareholders' equity

23,506,821

22,858,980

647,841

3%


21,137,438

2,369,383

11%










Income Statement


















Interest income

2,001,814

1,862,763

139,051

7%


1,799,268

202,546

11%

Interest expense

96,497

97,981

(1,484)

-2%


113,611

(17,114)

-15%

Net interest income

1,905,317

1,764,782

140,535

8%


1,685,657

219,660

13%










Provision for loan losses

8,000

-

8,000

100%


-

8,000

100%

Non-interest income

100,920

79,833

21,087

26%


82,750

18,170

22%

Non-interest expense

1,031,316

910,873

120,443

13%


949,771

81,545

9%

Net income before taxes

966,921

933,742

33,179

4%


818,636

148,285

18%

Income tax expense (benefit)

370,427

344,180

26,247

8%


297,995

72,432

24%










Net income

$            596,494

$            589,562

$             6,932

1%


$             520,641

$           75,853

15%










Earnings per share (basic)

$                  0.28

$                  0.28

$                     -

0%


$                   0.24

$               0.04

15%

Book value per share

$                10.98

$                10.68

$               0.30

3%


$                   9.88

$               1.10

11%










Ratios









Net interest margin

5.02%

4.64%




4.43%



Equity capital-to-total assets

14.5%

14.5%




13.0%



Return on Average Assets

1.48%

1.48%




1.29%



Return on Average Equity

10.39%

10.31%




10.02%



Allowance for Loan Losses-to-Total Loans

2.60%

2.78%




2.78%



Non-Performing Assets-to-Total Assets

0.22%

0.22%




0.23%



Efficiency Ratio

51.4%

49.4%




53.7%



 

Photo - http://photos.prnewswire.com/prnh/20140417/76269

SOURCE Lighthouse Bank

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...