SANTA CRUZ, Calif., April 26, 2017 /PRNewswire/ -- Lighthouse Bank (OTC-QB: LGHT), a top-rated locally owned and operated community bank, today announced that its Board of Directors has declared a Quarterly Cash Dividend in the amount of $0.08 per share. The dividend is payable on May 26, 2017 to shareholders of record at the close of business on May 10, 2017. The cash dividend is the result of the Bank's strong ongoing financial performance and significant capital strength.
In January, 2017, the Bank declared its third $0.08 per share quarterly cash dividend to shareholders, which was an increase of 6.67% over the four previous consecutive quarterly cash dividends of $0.075 per share. In early 2015, the Bank paid a special $0.40 per share cash dividend to shareholders, which followed two stock dividends granted in 2011 and 2013. Since January 2015, the Bank has paid $2,136,622 to shareholders.
The Bank recently released its financial results for the quarter-ended March 31, 2017, reporting that net income was up 36% and total assets were up 28% year-over-year. In April, DepositAccounts.com ranked Lighthouse Bank as the 5th healthiest bank in the nation in 2017. This represents the second consecutive year that the Bank has been ranked 5th on the list of the approximately 6,000 Federally-Insured banking institutions in the nation.
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 average assets, return on average equity and operational efficiency. SNL Financial ranked Lighthouse Bank as the 29th highest performing community bank in the nation based on 2016 performance of approximately 5100 banks of asset size under $1 billion. Financial Management Consulting Group (FMC) rated the Bank among the highest performing banks in the state, as 12th out of 171 California banks in 2016 based on our overall performance.
For nineteen consecutive quarters, the Bank has been rated by Bauer Financial as Five-Star "Superior" for strong financial performance, the top rating given by the independent bank rating firm. Lighthouse Bank has received its sixth consecutive designation of Super Premier performing bank by The Findley Reports, Inc. based upon 2016 financial performance. Lighthouse Bank has no financial relationship with any of these rating agencies.
Lighthouse Bank 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 www.lighthousebank.net.
ABOUT LIGHTHOUSE BANK:
Lighthouse Bank is a locally owned and operated full-service commercial bank headquartered in Santa Cruz, CA. The Bank offers a full array of banking products and services to businesses, professionals, individuals, developers and commercial property owners. Lighthouse Bank is dedicated to providing exceptional personalized service and access to decision makers who are always close at hand. The Bank offers unique services such as free worldwide ATM use, complimentary business courier service, and remote deposit capture, allowing the Bank to expand its geographical reach throughout Santa Cruz County and the Silicon Valley.
Lighthouse Bank's headquarters are located at 2020 North Pacific Avenue in Downtown Santa Cruz, CA. Lighthouse Bank's stock (LGHT) is actively traded Over the Counter 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 www.lighthousebank.net 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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SOURCE Lighthouse Bank