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Lighthouse Bank Q3 net income up 88 percent

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Staff Writer | October 21, 2017
Lighthouse Bank of Santa Cruz, Ca. released unaudited financial results for the quarter-ended September 30, 2017.
Lighthouse Bank
Lighthouse Bank   Total assets grew to a record $257 million
Net income was $978 thousand, an 88% increase over the same quarter in 2016.

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
Highlights for the third quarter results include: Loans increased by $26 million, or 16% year over year; and deposits increased $42.6 million, or 24%, compared to the quarter-ended September 30, 2016.

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
For the quarter-ended September 30, 2017, total shareholders' equity increased by $1.4 million to $34 million. Year-over-year, shareholders' equity increased $4.5 million, or 15%.

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
During the quarter the bank continued with its expansion plans in Silicon Valley, celebrating the October 2nd opening of its new full-service banking office located at 19240 Stevens Creek Boulevard in Cupertino.

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.


 

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