SANTA CRUZ, Calif., Jan. 25 /PRNewswire-FirstCall/ -- Lighthouse
Bank (OTC Bulletin Board: LGHT) posted its 2nd successive quarterly
profit for the 4th quarter ended 12-31-09. Profit for the 4th
quarter was $38,538. Adjusting for non-cash charges related to
stock option accounting, profit for the quarter was $127,092 and
$158,674 for the fiscal year ended 12-31-09. Shareholders' equity
increased by $208,482 during 2009. Lighthouse Bank has continued to
grow consistently since opening in October 2007. In spite of the
challenging economic environment, the Bank operated profitably
during the 2nd half of 2009 in only its 2nd full year of operation.
More importantly, shareholders' equity increased beginning early in
2009 and climbed from $16,175,258 to $16,384,010 at year end.
Lighthouse Bank has maintained a capital level well in excess of
regulatory requirements since inception, with this level being more
than adequate to support future growth. The Bank has steadily
increased its reserve for loan losses, which at 12-31-09 stood at
$1,384,000 or 2.51% of gross loans. This percentage of reserve
exceeds industry standards, although the Bank has not experienced a
loan loss since opening. Selected Financial Data (unaudited)
Quarter-Ended Change ------------- ------ 12/31/2009 9/30/2009 $ %
---------- --------- --- --- Balance Sheet Total assets $91,154,618
$84,598,070 $6,556,548 8% Gross loans 55,137,090 54,256,479 880,611
2% Allowance for loan losses 1,384,000 1,275,000 109,000 9% Non
interest-bearing deposits 12,454,194 10,908,792 1,545,402 14% Total
deposits 70,473,764 63,986,902 6,486,862 10% Shareholders' equity
16,384,010 16,275,694 108,316 1% Income Statement Interest income
1,147,139 1,292,158 (145,019) -11% Interest expense 202,655 197,247
5,408 3% ------- ------- ----- Net interest income 944,484
1,094,911 (150,427) -14% Provision for loan losses 109,000 199,000
(90,000) -45% Non-interest income 40,757 42,564 (1,807) -4%
Non-interest expense 837,703 885,049 (47,346) -5% ------- -------
------- Net profit (loss) $38,538 $53,426 $(14,888) 28% =======
======= ======== Net profit (loss) excluding loan loss provisions
$147,538 $252,426 $(104,888) 42% Ratios Net interest margin 4.56%
5.63% Equity capital-to-total assets 18.0% 19.2% Year-Ended Change
---------- ------ 12/31/2009 12/31/2008 $ % ---------- ----------
--- --- Balance Sheet Total assets $91,154,618 $64,955,652
$26,198,966 40% Gross loans 55,137,090 42,239,935 12,897,155 31%
Allowance for loan losses 1,384,000 971,000 413,000 43% Non
interest-bearing deposits 12,454,194 10,049,217 2,404,977 24% Total
deposits 70,473,764 48,645,722 21,828,042 45% Shareholders' equity
16,384,010 16,175,528 208,482 1% Income Statement Interest income
4,324,523 $2,762,127 1,562,396 57% Interest expense 768,035 630,879
137,156 22% ------- ------- Net interest income 3,556,488 2,131,248
1,425,240 67% Provision for loan losses 413,000 891,000 (478,000)
-54% Non-interest income 135,304 58,921 76,383 130% Non-interest
expense 3,475,375 3,309,593 165,782 5% --------- --------- -------
Net profit (loss) $(196,583) $(2,010,424) $1,813,841 90% =========
=========== ========== Net profit (loss) excluding loan loss
provisions $216,417 $(1,119,424) $1,335,841 119% Ratios Net
interest margin Equity capital-to-total assets Lighthouse Bank
remains focused on its commitment to operate an open, ethical, and
financially successful company. All decisions are intended to
contribute to the long-term success of our owners, clients,
employees, and community. The Bank has moved into profitable
operations without accepting government assistance of any kind,
while shouldering the burden of increased FDIC insurance premiums
brought about by failures within the banking industry as a whole.
As an organization Lighthouse Bank opposed the 2008-2009 banking
bailout (TARP Program) that channeled huge amounts of money to
virtually every major financial institution in the country at
taxpayer expense. The Bank also opposes numerous industry excesses
that continue to this day. Lighthouse Bank operates in a
reasonable, rational, and straight forward manner. The Bank
provides no lavish compensation packages, owns no vacation
properties or country club memberships and furnishes no such perks
or benefits to its Board, Management, or Staff. The Bank invests
locally and does not engage or participate in any of the exotic
financial products that led to the turmoil now present in our
economy. It is the focus, commitment, and intention of Lighthouse
Bank that our owners, clients, and community will prosper together.
ABOUT LIGHTHOUSE BANK: Lighthouse Bank is locally owned and
operated in Santa Cruz County. The Bank offers a full array of
banking products and services to businesses, professionals,
individuals, developers, and commercial property owners. Lighthouse
Bank's common stock is listed on the Over-the-Counter (OTC)
Bulletin Board under the stock symbol LGHT.OB. The Bank is located
at 111 Mission Street in Downtown Santa Cruz, Ca. More Information
on the Bank may be obtained through its website:
http://www.lighthousebank.net/ or by calling 831-600-4000. This
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. DATASOURCE: Lighthouse Bank CONTACT:
Richard Hofstetter, President & CEO of Lighthouse Bank,
+1-831-600-4008 Web Site: http://www.lighthousebank.net/
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