SANTA CRUZ, Calif., July 26, 2019 /PRNewswire/ -- Lighthouse Bank (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. The dividend is payable on August 23, 2019 to shareholders of record at the close of business on August 9, 2019. The cash dividend is the result of the Bank's strong ongoing financial performance and significant capital strength.
In May, the Bank paid its fourth $0.10 per share quarterly cash dividend payment to shareholders, which followed four consecutive quarterly cash dividends of $0.09, $0.08, and $0.075 per share. In addition to regular quarterly cash dividends, the Bank previously declared special cash and stock dividends. Since January 2015, the Bank has paid $4.3 million in cash dividends to shareholders.
The Bank recently reported Q2 2019 earnings. Net income for the quarter was $1.17 million, compared to $1.24 million in the second quarter a year ago. Excluding $292 thousand of merger related expenses, net income for the quarter was $1.46 million, an increase of 18% compared to the year ago quarter. Year-to-date net income was $2.50 million. Excluding merger related expenses, year-to-date net income was $2.79 million, an increase of 23% over $2.28 million a year ago.
On May 28, 2019, Lighthouse Bank and Santa Cruz County Bank (OTC Pink: SCZC) announced an agreement and plan of reorganization and merger. Information regarding the announcement is available on the Lighthouse Bank website.
ABOUT LIGHTHOUSE BANK:
Lighthouse Bank, founded in 2007, is a highly-rated locally owned and operated community bank. Lighthouse Bank operates two full-service banking offices located in Santa Cruz and Silicon Valley. The Bank 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'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 providing unique services such as worldwide surcharge free ATM/Debit Cards, remote deposit capture, and complimentary business courier service throughout Santa Cruz County.
Lighthouse 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.
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.
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