Lighthouse Bank Has Record Year in 2011
SANTA CRUZ, Calif., Jan. 20, 2012 /PRNewswire/ -- Locally owned Lighthouse Bank (OTC Bulletin Board: LGHT) posted a $398 thousand profit for the 4th quarter ending 12-31-11, representing the Bank's 10th consecutive quarter of profitable operations and record quarterly earnings for the four year old Bank. Profit for the fiscal year ending 12-31-11, was a record $1.4 million and represented a 121% increase in earnings over the prior year. For the 12-month period, shareholders' equity increased by 8% to 18.7 million, while total assets increased by 23% to $143 million. The Bank continued to experience significant growth in both loans and deposits which year over year increased by $17.2 million and $27.7 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. Nonperforming assets represented an immaterial $396 thousand, or less than .3% of total assets, at 12-31-11. As a result of these positive factors the Bank issued a 10% stock dividend to owners on December 5, 2011. Lighthouse Bank has maintained capital that is substantially in excess of the "well capitalized" designation established by financial regulators. The Bank's loan loss reserve is also conservatively maintained which at 3.30% of gross loans is well above the industry average. The loan loss reserve was increased by $930 thousand during 2011 as a result of loan growth. During its four years of operation, Lighthouse Bank has never experienced a loan loss and had no past due loans in excess of 30 days at 12-31-11. 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.OB. 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 12/31/2011 9/30/2011 % 12/31/2010 % 12/31/11 12/31/10 % Balance Sheet Total assets $ 143,144,313 $ 136,576,720 5% $ 116,829,629 23% Gross loans 86,426,484 77,639,125 11% 69,185,059 25% Allowance for loan losses 2,855,000 2,619,000 9% 1,925,000 48% Non interest-bearing deposits 31,366,553 30,498,263 3% 20,258,708 55% Total deposits 123,882,208 118,087,432 5% 96,178,830 29% Shareholders' equity 18,731,764 18,336,624 2% 17,289,676 8% Income Statement Interest income 1,617,294 1,550,552 4% 1,435,184 13% $ 6,213,833 5,227,876 19% Interest expense 154,570 156,027 -1% 172,171 -10% 641,952 699,979 -8% Net interest income 1,462,724 1,394,525 5% 1,263,013 16% 5,571,881 4,527,897 23%
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ATLANTA, Jan. 20, 2012 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) today reported net income available to common shareholders of $152 million, or $0.28 per average common share, for the fourth quarter of 2011. Earnings per average common share compared favorably to $0.23 for the fourth quarter of 2010 and declined from $0.39 in the third quarter of 2011. Strong loan and deposit growth drove results, and credit quality continued to improve. For the year, earnings were $1.09 per average common share compared to a loss of $0.18 per average common share in 2010. The improvement in annual earnings was due to higher net interest income, lower provision for credit losses, and the repayment of TARP.
"Our client-centric banking approach ...
FREDERICK, Md., Jan. 20, 2012 /PRNewswire/ -- Frederick County Bancorp, Inc. (the "Company") (OTC Bulletin Board: FCBI), the parent company for Frederick County Bank (FCB), announced today that for the quarter ended December 31, 2011, the Company recorded net income of $344 thousand and diluted earnings per share of $0.23, as compared to net income of $267 thousand and diluted earnings per share of $0.18 recorded for the fourth quarter of 2010.
The Company reported net income of $1.02 million and diluted earnings per share of $0.68 for the year ended December 31, 2011, as compared to net income of $1.16 million and diluted earnings per share of $0.78 for the same period in 2010. Full year 2011 earnings included a provision for loan ...
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