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Total Assets for Lighthouse Bank in Santa Cruz Nears $180 Million

by via PRNewswire
Lighthouse Bank in Santa Cruz has released financial results, reporting that the bank's total assets are nearing $180 million, with deposits now topping $151 million, for the quarter-ended March 31, 2015.
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SANTA CRUZ, Calif., April 17, 2015 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC-QB: LGHT) today released unaudited financial results for the quarter-ended March 31, 2015. The Bank posted a $494 thousand profit for the period, as compared to $596 thousand during Q1 2014, the variance being attributed primarily to a large one-time fee collected during Q1 2014. This represented the 23rd successive quarter of profitable operations for the seven-year-old Bank. For the period, total shareholders' equity grew to $25.7 million. Year-over-year, shareholders' equity increased by 9%. The Bank experienced strong growth in deposits up 6% since December 31, 2014 and 10% year-over-year, to $151 million. Loans decreased modestly during Q1 ending at $121 million due to several large construction loan payoffs, but were up 9% year-over-year. Overall positive performance continued to be driven by the Bank's control of overhead expenses.

The Bank's loan loss reserve of 2.61% of gross loans remained approximately 50% above the industry average for banks of all sizes. While the Bank has elected to maintain an extremely conservative reserve, it nonetheless had no nonperforming loans, no past due loans in excess of 30 days and no nonperforming assets at period end. Lighthouse Bank has not taken a loan loss in over three years and has experienced only a single loan loss since opening in 2007.

During the past year, the Bank moved forward with development of its future headquarters site at 2020 N. Pacific Avenue, Santa Cruz. The property is located in the heart of downtown Santa Cruz and was purchased by the Bank in January 2014. Interior demolition at the site has now commenced with full renovation and expansion of that facility expected to begin within the next 45 days. Project completion is expected by December 31, 2015, with occupancy anticipated in early 2016.

Lighthouse Bank President and CEO, Richard Hofstetter, has announced that he will be retiring in early 2016. The Bank is pleased to report that he will be succeeded by Lane Lawson, who has served as the Bank's Executive Vice President and Chief Credit Officer since 2007. Mr. Lawson has over 40 years of banking experience, including having previously held the position of President and CEO of a Community Bank. As one of Lighthouse Bank's founding members, Mr. Lawson provides vast knowledge regarding the Bank, its clients and its markets.

In January 2015, the Bank paid a $.40/ share cash dividend to shareholders, declared in December 2014. This represented the first cash dividend paid by the Bank since emerging from its 7 year DeNovo term late last year. This followed two prior stock dividends granted in 2011 and 2013. 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. In March 2015, SNL Financial ranked Lighthouse Bank as the 8th highest performing community bank in the nation, of 4,316 banks with total assets under $500 million dollars, based on 2014 results. The price of the Bank's stock has increased during the past year as a result of this strong performance. The Bank's stock (LGHT) is actively traded 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.

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 institution in Santa Cruz County with a Five-Star rating. The Findley Reports, a well-known banking publication named the 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, California. The Bank marked its 7th anniversary in October 2014. 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. A unique worldwide ATM fee rebate program, business courier service, and remote deposit capture technology allow the Bank to expand its geographical reach throughout Santa Cruz County and the Silicon Valley.

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.


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.


http://www.prnewswire.com/news-releases/lighthouse-bank-top-ranked-performance-continues-in-q1-2015-300067922.html
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SANTA CRUZ, Calif., April 23, 2015 /PRNewswire/ -- Santa Cruz County Bank (OTCQX: SCZC), a top rated and locally owned and operated full-service community bank headquartered in Santa Cruz County, today announced unaudited net income for the first quarter ended March 31, 2015 of $1.25 million, a 44% increase over the prior year. Earnings per share for the first quarter increased to $0.58 compared to $0.41 the prior year.

For the period ended March 31, 2015, the Bank's return on average equity was 12.78% and return on average assets was 1.09%. The book value per share of Santa Cruz County Bank's common stock at March 31, 2015 was $18.62 up from $16.35 for the same period in 2014. Shareholders' equity increased by $5.1 million, 15% to $40.0 million as of March 31, 2015 over the prior year.

FIRST QUARTER: MARCH 31, 2015 COMPARED TO DECEMBER 31, 2014
Total deposits increased $14.1 million or 3% to $428.1 million
Gross loans increased $13.6 million or 4% to $329.2 million
Total assets increased $15.3 million or 3% to $474.5 million
Net income decreased $25.5 thousand or -2% to $1.25 million

YEAR TO YEAR: MARCH 31, 2015 COMPARED TO MARCH 31, 2014
Total deposits increased $61.8 million or 17% to $428.1 million
Gross loans increased $51.1 million or 18% to $329.2 million
Total assets increased $67.3 million or 17% to $474.5 million
Net income increased $381.6 thousand or 44% to $1.25 million

The Bank's reputation as a leading lender with responsive decision making has continued to drive its loan production. For the first quarter, gross loans increased 4%, and year over year increased 18% or $51.1 million. The Bank had zero loans on non-accrual and no OREO at March 31, 2015.

David V. Heald commented, "We are very pleased to report a 44% increase in earnings over our prior year. Our superior earnings have resulted from a $51 million in growth in loans over the past 12 months. Deposits have increased 17% or $62 million, which represents a further strengthening of our market share, and pushes us over the $474 million mark in total assets."

"During the first quarter, our stock began trading on the OTCQX market. We believe this upgrade will have a positive long term impact for our stock, improving market visibility and liquidity, thus creating greater value for our shareholders."

"As the result of our continued delivery of exceptional service, strong financial performance and commitment to building value for our shareholders, our Bank was recognized locally, statewide and nationally with top rankings and awards during the first quarter. We're pleased to share the highlights of these accomplishments in this release."

FIRST QUARTER HIGHLIGHTS:

The Bank declared a $0.05 quarterly cash dividend to shareholders of record as of March 27, 2015, which was payable on April 10, 2015.

The Bank's stock commenced trading on the OTCQX, the top securities market for U.S. over-the-counter equities.

The Bank ranked 4th in overall performance among 202 California banks in 2014 by Financial Management Consulting Group and ranked 1st (lowest) in nonperforming assets.

For a fifth consecutive year, the Bank was named a "Super Premier" performing bank by The Findley Reports, Inc. for its financial performance.

The Bank received a 4-Star "Excellent" rating by Bauer Financial, Inc. for its fourth quarter 2014 performance.

For a third consecutive year, the Bank was voted #1 "Best Bank" in Santa Cruz County in the 2015 Good Times Readers' poll.

ANNUAL MEETING NOTICE
The Bank will hold its Annual Meeting of Shareholders on May 21, 2015 at Seascape Resort at 4:00 p.m. Pacific Daylight Time.

ABOUT SANTA CRUZ COUNTY BANK
Santa Cruz County Bank, founded in 2004, is a locally owned and operated community bank with offices located in Aptos, Capitola, Santa Cruz, Scotts Valley and Watsonville. The Bank offers a variety of competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, and online banking bill payment and cash management. For the past seven years, the Bank's SBA Department has been recognized as a top SBA lender in Santa Cruz County for 7a and 504 loans.

NATIONAL, STATE, AND LOCAL RATINGS & AWARDS

American Banker Magazine
2014, 2013: Santa Cruz County Bank ranked 115th out of 851 institutions in American Banker Magazine's "Top Performing 200 Community Banks and Thrifts in the United States" based upon three-year average return on equity.

Financial Management Consulting Group
2014: Santa Cruz County Bank ranked 4th out of 202 California banks in overall performance and ranked 1st (lowest) in non-performing assets.

Bauer Financial Reports, Inc.
Santa Cruz County Bank has received the distinction of 4-Star "Excellent" and 5-Star "Superior" by Bauer Financial Reports, Inc., for its financial performance every quarter since 2007.

The Findley Reports, Inc.
2012: One of eleven "Exceptional" Banks in California
2014, 2013, 2012, 2011, 2010: "Super Premier" Performing Bank

COMMUNITY AWARDS AND RECOGNITION
2013: Volunteer Center of Santa Cruz County "Be the Difference" Business Award for leadership and volunteerism.

2015, 2014, 2013: Voted "Best Bank' by the readers of Good Times, a weekly publication with distribution throughout Santa Cruz County.

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 fluctuations 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.

http://www.prnewswire.com/news-releases/santa-cruz-county-bank-reports-earnings-for-the-first-quarter-ended-march-31-2015-300071392.html
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