Lighthouse Bank Q3 net income up 88 percentStaff Writer | October 21, 2017
Lighthouse Bank of Santa Cruz, Ca. released unaudited financial results for the quarter-ended September 30, 2017.
Lighthouse Bank Total assets grew to a record $257 million
Total assets grew to a record $257 million, an increase of $47 million, or 23%, from the quarter-ended September 30, 2016.
These results represent the Bank's 33rd successive quarter of profitable operations.
Lighthouse Bank celebrates its 10th Anniversary on October 29
In addition to increased loan yields, year-over-year profitability has benefitted by a short-term reduction in the Bank's effective tax rate.
The bank continued with its expansion plans in Silicon Valley
In August, 2017 the Bank paid a $0.09 per share quarterly cash dividend to shareholders, which followed four previous consecutive quarterly cash dividends of $0.08 per share. Since January 2015, the Bank has paid $2,560,314 in cash dividends to shareholders.
We felt it was time to demonstrate our commitment to the local business community
Lane Lawson, CEO
Lane Lawson, chief executive officer of Lighthouse Bank confirms, "We experienced significant traction since launching our Loan Production Office earlier this year.
"We felt it was time to demonstrate our commitment to the local business community by expanding the Bank's footprint to include a full-service office, staffed by experienced relationship bankers who truly understand the unique needs of Silicon Valley businesses."
Lighthouse Bank celebrates its 10th Anniversary on October 29, 2017. ■