Wednesday, December 4 2013 10:33 PM EST2013-12-05 03:33:57 GMT
What's been done is nice, but the bond money budgeted for the Enterprise Boulevard Extension Project has taken the road as far as it can go. "Knowing that we could not cover that amount to go all theMore >>
How to proceed with the Enterprise Boulevard Extension Project? That's the question city officials hope a joint study with the state will help identify. However, as KPLC's Lee Peck reports, it's going to cost some money to get those answers - money some on the council believe is a waste of taxpayer dollars.More >>
Wednesday, December 4 2013 7:19 PM EST2013-12-05 00:19:06 GMT
Nearly 60 dogs from the Calcasieu Animal Shelter are headed to Florida on a 'rescue ride' where dog advocates say their chances of adoption are astronomical. Nathan Areno, Director of Animal ServicesMore >>
Nearly 60 dogs from the Calcasieu Animal Shelter are headed to Florida on a 'rescue ride' where dog advocates say their chances of adoption are astronomical.
Wednesday, December 4 2013 7:09 PM EST2013-12-05 00:09:08 GMT
Both suspects have been arrested in the robbery of First Federal Bank in DeRidder. The DeRidder Police Department, with assistance from the Beauregard and Vernon Parish Sheriff's Offices, took PatrickMore >>
Both suspects have been arrested in the robbery of First Federal Bank in DeRidder.More >>
Wednesday, December 4 2013 7:05 PM EST2013-12-05 00:05:51 GMT
It's a big operation in a small town. The Rotary Club of Welsh welcomed an 18 Wheeler full of educational books. "We're talking thousands, 23 pallets, each box could have 24 to 40 books in them," saidMore >>
The Rotary Club of Welsh welcomed an 18 Wheeler full of educational books.More >>
Wednesday, December 4 2013 6:13 PM EST2013-12-04 23:13:30 GMT
The following is a story from the Associated PressBATON ROUGE, La. (AP) - Louisiana's state school board has backed a two-year delay for some consequences tied to the phase-in of more rigorous educationalMore >>
BESE approves plan to phase-in implementation of Common Core.More >>
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SOURCE Lighthouse Bank
SANTA CRUZ, Calif., Oct. 18, 2013 /PRNewswire/ -- 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.
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. 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 www.lighthousebank.net or by calling 831-600-4000.