Lighthouse Bank



Santa Cruz, Calif., October 18, 2013 - Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) today released unaudited financial results for the 3rd quarter ended September 30, 2013. The Bank posted a $653 thousand profit for the period, representing the 17th successive quarter of profitable operations and record quarterly earnings. Lighthouse Bank has posted consecutive record earnings for each of the past 15 quarters. For the period, earnings surpassed the record set for the quarter ended June 30, 2013, and represented a 29% increase in earnings compared to the same period ended September 30, 2012. Shareholders' equity increased by $681 thousand to $22.3 million during the 3rd quarter of 2013. The Bank experienced solid growth in loans, up 7% from September 30, 2012. Deposits decreased 8% year-over-year, due to the departure of a single multimillion dollar short-term account during the 1st quarter of 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 2.87% 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 September 30, 2013 and has experienced no loan losses year-to-date. Since opening in 2007, Lighthouse Bank's cumulative net loan losses have totaled only $184 thousand.


During the quarter, return on average equity increased to a record 11.76%. In spite of this extremely strong performance Lighthouse Bank stock (LGHT) continues to trade at under book value.


Lighthouse Bank will mark its 6th anniversary on October 29, 2013. Since opening, the Bank's consistently strong financial results continue 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.





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 or by calling 831-600-4000.



Richard Hofstetter, President & CEO, 831-600-4000

The attached 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. 


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