Lighthouse Bank Declares 11% Increase to Quarterly Cash Dividend
SANTA CRUZ, Calif., July 26, 2018 /PRNewswire/ -- Lighthouse Bank (OTC-QB: LGHT), a top-rated bank with offices in Santa Cruz and Silicon Valley, today announced that its Board of Directors has declared a quarterly cash dividend in the amount of $0.10 per share. This represents an increase of 11% over the previous quarterly cash dividend of $0.09 per share. The dividend is payable on August 24, 2018 to shareholders of record at the close of business on August 10, 2018. The cash dividend is the result of the Bank's strong ongoing financial performance and significant capital strength.
In May 2018, the Bank paid its fourth $0.09 per share quarterly cash dividend payment to shareholders. This followed four consecutive quarterly cash dividends of $0.08 per share. In addition to regular quarterly cash dividends, the Bank has previously declared special cash and stock dividends. Since January 2015, the Bank has paid $3.3 million in cash dividends to shareholders.
The Bank recently released its second-quarter 2018 financial results, reporting net income of $1.2 million for the quarter, representing an increase of 58% over the same quarter in 2017.
ABOUT LIGHTHOUSE BANK:
Lighthouse Bank is a highly rated locally owned and operated full-service commercial bank with offices in Santa Cruz and Silicon Valley. The Bank has earned a number of top industry rankings based on a variety of categories including asset quality, capital adequacy, return on average assets, return on average equity and operational efficiency.
Milestones Reached, Recognition & Awards Received:
- Lighthouse Bank marked its 10th Anniversary and celebrated the grand opening of its Silicon Valley Office in October 2017.
- Three consecutive-years ranked among "Nation's Top Ten Healthiest Banks", by depositaccounts.com.
- S&P Global Market Intelligence ranking as "Nation's 11th Best-Performing Community Bank" for 2017, of 4,383 banks of asset size under $1 billion.
- Financial Management Consulting's "Sixth Highest Performing Bank" out of 159 California banks, based on overall performance.
- 24-consecutive quarters possessing "Five-Star Superior," the top rating by Bauer Financial.
- Seven consecutive-year achievement of "Super Premier Performing Bank," the highest designation given by Findley Reports, Inc.
Lighthouse Bank's "Modern Banking, Traditional Service" mantra extends into every aspect of their customer experience. The Bank's dedication to providing personalized relationship-based service and easy access to decision makers give its customers a refreshing alternative to "big banking." The Bank further supports this commitment by offering unique services such as worldwide surcharge free ATM/Debit Cards, remote deposit capture, and complimentary business courier service throughout Santa Cruz County.
Lighthouse is also focused on supporting the community and actively participates and donates to over 120 local non-profits, which includes matching employees' personal donation to non-profits of their choice. The focus on community and creating a customer experience that blends modern banking standards and traditional service has been the foundation of a number of local businesses choosing Lighthouse Bank.
Lighthouse offers a variety of competitive deposit and lending solutions for businesses and individuals; including loans, lines of credit, construction and commercial real estate financing, SBA government guaranteed loans, credit cards, merchant services, mobile banking, remote deposit capture, and online banking bill payment and cash management.
Lighthouse Bank stock is actively traded under the symbol LGHT. More information on the Bank's stock and historical financial performance may be located on the Bank's website at www.lighthousebank.com or by calling 831-600-4000.
Member FDIC / Equal Housing Lender / SBA Preferred Lender
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.
SOURCE Lighthouse Bank
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