Luther Burbank Corporation Reports Earnings for the Quarter and Year Ended December 31, 2022
Luther Burbank Corporation (NASDAQ: LBC) reported a net income of $13.7 million, or $0.27 per diluted share, for Q4 2022, down from $21 million or $0.41 EPS in Q3 2022. The net interest margin decreased to 2.01% due to rising interest rates, impacting net interest income which fell to $39.3 million. Loans grew by $156 million, achieving an annualized growth rate of 9%. The company highlighted a nonperforming assets ratio of 0.08% and expressed optimism about its merger with Washington Federal, expected to close in 2023.
- Loan production of $281.4 million, despite rising interest rates.
- Nonperforming assets to total assets ratio improved to 0.08%.
- Book value per share rose to $13.36.
- Net income decreased from $21 million in Q3 2022 to $13.7 million.
- Net interest margin fell by 41 basis points to 2.01%.
- Noninterest expense increased by $4.4 million to $19.8 million.
| Fourth Quarter 2022 Highlights |
- Net income of
$13.7 million , or$0.27 per diluted share - Net interest margin of
2.01% - Return on average assets and equity of
0.69% and8.04% , respectively - Noninterest expense to average assets of
1.00% - Loan production of
$281.4 million - Weighted average coupon on loan originations increased by
22% to5.68% - Nonperforming assets to total assets of
0.08% - Book value per share of
$13.36 - Tangible book value per share of
$13.30 (1)
| As of or For the Three Months Ended (2) | ||||||
| (Dollars in thousands, except per share amounts) | December 31, 2022 | September 30, 2022 | December 31, 2021 | |||
| Performance Ratios | ||||||
| Return on average assets | 0.69 | % | 1.10 | % | 1.30 | % |
| Return on average equity | 8.04 | % | 12.33 | % | 14.08 | % |
| Net interest margin | 2.01 | % | 2.42 | % | 2.57 | % |
| Efficiency ratio (1) | 49.23 | % | 33.61 | % | 32.84 | % |
| Income Statement | ||||||
| Net interest income | ||||||
| Net income | ||||||
| Pre-tax, pre-provision net earnings (1) | ||||||
| Diluted earnings per share | ||||||
| Balance Sheet | ||||||
| Total loans | ||||||
| Total deposits | ||||||
| Net charge-off ratio | — | % | — | % | — | % |
| Nonperforming assets to total assets | 0.08 | % | 0.05 | % | 0.03 | % |
| Capital | ||||||
| Tier 1 leverage ratio | 9.72 | % | 9.99 | % | 10.12 | % |
| Book value per share | ||||||
| Tangible book value per share (1) | ||||||
| Growth in tangible book value per share | 0.87 | % | 0.73 | % | 2.34 | % |
| Dividend declared per share | ||||||
| (1) See "Non-GAAP Reconciliation" table | ||||||
| (2) Unaudited, with the exception of total loans, deposits and Tier 1 leverage ratio as of December 31, 2021 | ||||||
SANTA ROSA, Calif., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (NASDAQ: LBC) (the “Company”), the holding company for Luther Burbank Savings (the “Bank”), today reported net income of
Simone Lagomarsino, President and Chief Executive Officer, stated, “I'm pleased to report our earnings for the fourth quarter. We remain focused on executing on our core fundamentals including strong credit underwriting, excellent customer service and efficient operations, as we work to manage the pressure on our margin resulting from the unprecedented rising interest rate environment. During the quarter, loans increased by
Ms. Lagomarsino concluded, "We are making progress in terms of our proposed merger with Washington Federal, Inc. The expectation remains that the transaction will close in 2023 following the receipt of all requisite regulatory and shareholder approvals. As I have previously noted, we are excited by this strategic partnership and believe that the merger will create an even stronger regional bank than the sum of its parts.”
| Income Statement |
The Company reported net income of
Net Interest Income
Net interest income in the fourth quarter of 2022 was
As of December 31, 2022, the Company held swaps with an aggregate notional amount of
Net interest margin for the fourth quarter of 2022 was
Noninterest Income
Noninterest income for the fourth quarter of 2022 was
Noninterest income primarily consists of FHLB stock dividends, fair value adjustments on equity securities, fee income and the financial impact related to loans sold.
Noninterest Expense
Noninterest expense for the fourth quarter of 2022 was
Noninterest expense primarily consists of compensation costs, as well as expenses incurred related to occupancy, depreciation and amortization, data processing, marketing, professional services and merger related costs.
| Balance Sheet |
Total assets at December 31, 2022 were
Loans
Total loans at December 31, 2022 were
| Selected Loan Data (1) | As of or For the Three Months Ended | As of or For the Years Ended | ||||||||||||
| (Dollars in thousands) | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||
| Loan Yield | ||||||||||||||
| IPL Portfolio | 4.07 | % | 3.75 | % | 3.83 | % | 3.83 | % | 3.74 | % | ||||
| SFR Loan Portfolio | 4.08 | % | 3.56 | % | 2.75 | % | 3.33 | % | 2.83 | % | ||||
| Loan Originations | ||||||||||||||
| IPL Portfolio | ||||||||||||||
| SFR Loan Portfolio (2) | ||||||||||||||
| Weighted Average Coupon on Loan Originations | ||||||||||||||
| IPL Portfolio | 5.02 | % | 4.31 | % | 3.26 | % | 3.74 | % | 3.34 | % | ||||
| SFR Loan Portfolio (2) | 6.03 | % | 5.06 | % | 2.98 | % | 4.33 | % | 3.18 | % | ||||
| Prepayment Speeds | ||||||||||||||
| IPL Portfolio | 4.98 | % | 16.02 | % | 25.80 | % | 16.99 | % | 23.14 | % | ||||
| SFR Loan Portfolio | 6.59 | % | 15.24 | % | 36.09 | % | 22.38 | % | 39.56 | % | ||||
| Weighted Average Months to Repricing | ||||||||||||||
| IPL Portfolio | 34.8 | 36.7 | 34.4 | 34.8 | 34.4 | |||||||||
| SFR Loan Portfolio | 84.1 | 88.0 | 87.3 | 84.1 | 87.3 | |||||||||
| (1) The table above excludes loan data related to construction loans, which are insignificant components of our loan portfolio. | ||||||||||||||
| (2) The Company purchased a pool of fixed rate SFR loans totaling | ||||||||||||||
During the three months ended December 31, 2022, the Company's internal production of new loans was
During the current quarter, IPL yields increased 32 basis points compared to the prior quarter due to a
During the three months ended December 31, 2022, SFR portfolio yields increased by 52 basis points compared to the linked quarter primarily due to the origination of new loans at substantially higher rates throughout the year, and to a lesser extent, a
Asset Quality
Nonperforming assets totaled
During the three months ended December 31 and September 30, 2022, the Company recorded loan loss provisions of
Prepaid Expenses and Other Assets
Prepaid expenses and other assets totaled
Prepaid expenses and other assets primarily consist of bank-owned life insurance, prepaid expenses, accrued interest receivable, premises and equipment, lease right-of-use assets and tax related items.
Deposits
Deposits totaled
FHLB Advances
FHLB advances totaled
Other Liabilities
Other liabilities totaled
Other liabilities primarily consist of accrued employee benefits, loan escrow balances, checks outstanding, lease liabilities and accrued interest payable.
Capital
As of December 31, 2022, the Company was in compliance with all applicable regulatory capital requirements and the Bank qualified as ‘‘well-capitalized’’ for purposes of the FDIC’s prompt corrective action regulations, as summarized in the table below:
| (unaudited) | December 31, 2022 | September 30, 2022 | December 31, 2021 | For Well- Capitalized Institution | |||||||
| Luther Burbank Corporation | |||||||||||
| Tier 1 Leverage Ratio | 9.72 | % | 9.99 | % | 10.12 | % | N/A | ||||
| Common Equity Tier 1 Risk-Based Ratio | 16.80 | % | 16.85 | % | 17.09 | % | N/A | ||||
| Tier 1 Risk-Based Capital Ratio | 18.26 | % | 18.33 | % | 18.68 | % | N/A | ||||
| Total Risk-Based Capital Ratio | 19.14 | % | 19.20 | % | 19.61 | % | N/A | ||||
| Tangible Stockholders' Equity Ratio (1) | 8.52 | % | 8.50 | % | 9.28 | % | N/A | ||||
| Luther Burbank Savings | |||||||||||
| Tier 1 Leverage Ratio | 10.74 | % | 11.06 | % | 11.13 | % | 5.00 | % | |||
| Common Equity Tier 1 Risk-Based Ratio | 20.19 | % | 20.29 | % | 20.54 | % | 6.50 | % | |||
| Tier 1 Risk-Based Capital Ratio | 20.19 | % | 20.29 | % | 20.54 | % | 8.00 | % | |||
| Total Risk-Based Capital Ratio | 21.07 | % | 21.17 | % | 21.47 | % | 10.00 | % | |||
| (1) See "Non-GAAP Reconciliation" table | |||||||||||
Stockholders’ equity totaled
Given the pending merger with Washington Federal, and the desire to preserve capital in the current uncertain economic environment, the Company’s Board of Directors has decided to suspend quarterly cash dividends.
| Suspending Earnings Calls |
On November 13, 2022, the Company and Washington Federal announced the signing of a definitive merger agreement pursuant to which Washington Federal will acquire the Company. As such, the Company will be suspending quarterly earnings conference calls to discuss the Company's financial results.
About Luther Burbank Corporation
Luther Burbank Corporation is a publicly owned company traded on the NASDAQ Capital Market under the symbol “LBC.” The Company is headquartered in Santa Rosa, California with total assets of
Cautionary Statements Regarding Forward-Looking Information
This communication and the related management commentary contain, and responses to investor questions may contain, forward-looking statements. These forward-looking statements are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control and involve a number of risks and uncertainties. Accordingly, we caution you that any such forward-looking statement is not a guarantee of future performance and that actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors, including, but not limited to, the following: interest rate, liquidity, economic, market, credit, operational, inflation risks associated with our business, including the speed and predictability of changes in these risks; our ability to retain deposits and attract new deposits and loans and the composition and terms of such deposits and loans; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market or turbulence or uncertainty in domestic or foreign financial markets; any failure to adequately manage the transition from LIBOR as a reference rate; changes in the level of our nonperforming assets and charge-offs; the adequacy of our allowance for loan losses; our management of risks inherent in our real estate loan portfolio, including the seasoning of the portfolio, the level of non-conforming loans, the number of large borrowers, and the risk of a prolonged downturn in the real estate market, which could impair the value of our collateral and our ability to sell collateral upon any foreclosure; significant market concentrations in California and Washington; the occurrence of significant natural or man-made disasters (including fires, earthquakes and terrorist acts), severe weather events, health crises and other catastrophic events; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; political instability or the effects of war or other conflicts, including, but not limited to, the current conflict between Russia and Ukraine; the announced merger with Washington Federal, including delays in the consummation of the merger or litigation or other conditions that may cause the parties to abandon the merger or make the merger more expensive or less beneficial; the impact that the announced merger may have on our ability to attract and retain customers and key personnel, the value of our shares, our expenses, and/or our ability to conduct our business in the ordinary course and execute on our strategies; the performance of our third-party vendors; fraud, financial crimes and fund transfer errors; failures, interruptions, cybersecurity incidents and data breaches involving the our data, technology and systems and those of our customers and third-party providers; rapid technological changes in the financial services industry; any inadequacy in our risk management framework or use of data and/or models; the laws and regulations applicable to our business, and the impact of recent and future legislative and regulatory changes; changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or our subsidiary bank in particular, more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products; our involvement from time to time in legal proceedings and examinations and remedial actions by regulators; increased competition in the financial services industry; and changes in our reputation. Other factors include, without limitation, those listed in our annual report on Form 10-K for the year ended December 31, 2021, including under the caption “Risk Factors” in Item 1A of Part I, subsequent Quarterly Reports on Form 10-Q and other reports we file with the SEC. You should not place undue reliance on any of these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Non-GAAP Financial Measures
This news release and related management commentary contain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”), and, therefore, are considered non‐GAAP financial measures, including pre-tax, pre-provision net earnings, efficiency ratio, tangible assets, tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets. Our management uses these non‐GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations. We believe that these non‐GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and other companies, as well as demonstrate the effects of significant changes in the current period. We also believe that investors find these non‐GAAP financial measures useful as they assist investors in understanding our underlying operating performance and the analysis of ongoing operating trends. However, we acknowledge that our non-GAAP financial measures have a number of limitations. You should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those we use for the non-GAAP financial measures we disclose, but may calculate them differently. You should understand how we and other companies each calculate non-GAAP financial measures when making comparisons. Reconciliations of these non‐GAAP financial measures to the most directly comparable GAAP measures are provided in the tables below.
| Contact |
Bradley Satenberg
Investor Relations
(844) 446-8201
investorrelations@lbsavings.com
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (Dollars in thousands) | December 31, 2022 (unaudited) | December 31, 2021 | |||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 185,895 | $ | 138,413 | |||
| Available for sale debt securities, at fair value | 607,348 | 647,317 | |||||
| Held to maturity debt securities, at amortized cost | 3,108 | 3,829 | |||||
| Equity securities, at fair value | 10,340 | 11,693 | |||||
| Loans held-for-investment | 7,010,445 | 6,297,420 | |||||
| Allowance for loan losses | (36,685 | ) | (35,535 | ) | |||
| Total loans held-for-investment, net | 6,973,760 | 6,261,885 | |||||
| FHLB stock | 32,694 | 23,411 | |||||
| Premises and equipment, net | 13,661 | 16,090 | |||||
| Prepaid expenses and other assets | 147,826 | 77,319 | |||||
| Total assets | $ | 7,974,632 | $ | 7,179,957 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Liabilities: | |||||||
| Deposits | $ | 5,839,340 | $ | 5,538,243 | |||
| FHLB advances | 1,208,147 | 751,647 | |||||
| Junior subordinated deferrable interest debentures | 61,857 | 61,857 | |||||
| Senior debt | 94,785 | 94,662 | |||||
| Other liabilities | 87,967 | 64,415 | |||||
| Total liabilities | 7,292,096 | 6,510,824 | |||||
| Total stockholders' equity | 682,536 | 669,133 | |||||
| Total liabilities and stockholders' equity | $ | 7,974,632 | $ | 7,179,957 | |||
| CONDENSED CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||
| Three Months Ended | Years Ended | |||||||||||||||
| (Dollars in thousands except per share data) | December 31, 2022 (unaudited) | September 30, 2022 (unaudited) | December 31, 2021 (unaudited) | December 31, 2022 (unaudited) | December 31, 2021 | |||||||||||
| Interest and fee income: | ||||||||||||||||
| Loans | $ | 70,894 | $ | 62,366 | $ | 55,239 | $ | 243,805 | $ | 219,245 | ||||||
| Investment securities | 5,082 | 4,127 | 2,163 | 14,372 | 8,451 | |||||||||||
| Cash and cash equivalents | 1,964 | 547 | 62 | 2,776 | 223 | |||||||||||
| Total interest income | 77,940 | 67,040 | 57,464 | 260,953 | 227,919 | |||||||||||
| Interest expense: | ||||||||||||||||
| Deposits | 29,465 | 14,085 | 6,722 | 56,483 | 35,612 | |||||||||||
| FHLB advances | 6,833 | 5,346 | 3,190 | 18,904 | 14,535 | |||||||||||
| Junior subordinated deferrable interest debentures | 794 | 560 | 252 | 2,015 | 1,015 | |||||||||||
| Senior debt | 1,574 | 1,575 | 1,575 | 6,297 | 6,298 | |||||||||||
| Total interest expense | 38,666 | 21,566 | 11,739 | 83,699 | 57,460 | |||||||||||
| Net interest income before provision for loan losses | 39,274 | 45,474 | 45,725 | 177,254 | 170,459 | |||||||||||
| Provision for (reversal of) loan losses | 650 | 500 | (1,800 | ) | 1,150 | (10,800 | ) | |||||||||
| Net interest income after provision for loan losses | 38,624 | 44,974 | 47,525 | 176,104 | 181,259 | |||||||||||
| Noninterest income | 971 | 269 | 636 | 1,660 | 1,886 | |||||||||||
| Noninterest expense | 19,814 | 15,376 | 15,226 | 64,027 | 59,145 | |||||||||||
| Income before provision for income taxes | 19,781 | 29,867 | 32,935 | 113,737 | 124,000 | |||||||||||
| Provision for income taxes | 6,092 | 8,865 | 9,552 | 33,539 | 36,247 | |||||||||||
| Net income | $ | 13,689 | $ | 21,002 | $ | 23,383 | $ | 80,198 | $ | 87,753 | ||||||
| Basic earnings per common share | $ | 0.27 | $ | 0.41 | $ | 0.46 | $ | 1.58 | $ | 1.70 | ||||||
| Diluted earnings per common share | $ | 0.27 | $ | 0.41 | $ | 0.45 | $ | 1.57 | $ | 1.70 | ||||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS (UNAUDITED) | |||||||||||||||||
| As of or For the Three Months Ended | For the Years Ended | ||||||||||||||||
| (Dollars in thousands except per share data) | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||
| PERFORMANCE RATIOS | |||||||||||||||||
| Return on average: | |||||||||||||||||
| Assets | 0.69 | % | 1.10 | % | 1.30 | % | 1.06 | % | 1.22 | % | |||||||
| Stockholders' equity | 8.04 | % | 12.33 | % | 14.08 | % | 11.84 | % | 13.64 | % | |||||||
| Efficiency ratio (1) | 49.23 | % | 33.61 | % | 32.84 | % | 35.79 | % | 34.32 | % | |||||||
| Noninterest expense to average assets | 1.00 | % | 0.80 | % | 0.85 | % | 0.85 | % | 0.82 | % | |||||||
| Loan to deposit ratio | 120.06 | % | 118.29 | % | 113.71 | % | 120.06 | % | 113.71 | % | |||||||
| Average stockholders' equity to average assets | 8.56 | % | 8.90 | % | 9.23 | % | 8.98 | % | 8.96 | % | |||||||
| Dividend payout ratio | 44.84 | % | 29.23 | % | 26.57 | % | 30.71 | % | 21.02 | % | |||||||
| YIELDS/RATES | |||||||||||||||||
| Yield on loans | 4.08 | % | 3.70 | % | 3.51 | % | 3.68 | % | 3.47 | % | |||||||
| Yield on investments | 3.18 | % | 2.43 | % | 1.28 | % | 2.19 | % | 1.29 | % | |||||||
| Yield on interest earning assets | 4.00 | % | 3.56 | % | 3.23 | % | 3.52 | % | 3.20 | % | |||||||
| Cost of interest bearing deposits | 2.00 | % | 1.00 | % | 0.48 | % | 1.02 | % | 0.66 | % | |||||||
| Cost of borrowings | 2.84 | % | 2.42 | % | 2.19 | % | 2.44 | % | 2.13 | % | |||||||
| Cost of interest bearing liabilities | 2.15 | % | 1.26 | % | 0.73 | % | 1.26 | % | 0.90 | % | |||||||
| Net interest spread | 1.85 | % | 2.30 | % | 2.50 | % | 2.26 | % | 2.30 | % | |||||||
| Net interest margin | 2.01 | % | 2.42 | % | 2.57 | % | 2.39 | % | 2.40 | % | |||||||
| CAPITAL | |||||||||||||||||
| Total equity to total assets | 8.56 | % | 8.54 | % | 9.32 | % | |||||||||||
| Tangible stockholders' equity to tangible assets (1) | 8.52 | % | 8.50 | % | 9.28 | % | |||||||||||
| Book value per share | $ | 13.36 | $ | 13.25 | $ | 12.95 | |||||||||||
| Tangible book value per share (1) | $ | 13.30 | $ | 13.18 | $ | 12.88 | |||||||||||
| ASSET QUALITY | |||||||||||||||||
| Net charge-offs | $ | — | $ | — | $ | — | |||||||||||
| Net charge-off ratio | — | % | — | % | — | % | |||||||||||
| Nonperforming loans to total loans | 0.09 | % | 0.06 | % | 0.04 | % | |||||||||||
| Nonperforming assets to total assets | 0.08 | % | 0.05 | % | 0.03 | % | |||||||||||
| Allowance for loan losses to loans held-for-investment | 0.52 | % | 0.53 | % | 0.56 | % | |||||||||||
| Allowance for loan losses to nonperforming loans | 566.91 | % | 940.86 | % | 1,549.72 | % | |||||||||||
| Criticized loans | $ | 22,348 | $ | 24,120 | $ | 16,694 | |||||||||||
| Classified loans | $ | 18,935 | $ | 20,689 | $ | 12,108 | |||||||||||
| LOAN COMPOSITION | |||||||||||||||||
| Multifamily residential | $ | 4,532,312 | $ | 4,495,363 | $ | 4,210,735 | |||||||||||
| Single family residential | $ | 2,283,628 | $ | 2,159,384 | $ | 1,881,676 | |||||||||||
| Commercial real estate | $ | 172,258 | $ | 181,971 | $ | 187,097 | |||||||||||
| Construction and land | $ | 22,247 | $ | 17,737 | $ | 17,912 | |||||||||||
| DEPOSIT COMPOSITION | |||||||||||||||||
| Noninterest bearing transaction accounts | $ | 100,660 | $ | 148,658 | $ | 152,284 | |||||||||||
| Interest bearing transaction accounts | $ | 158,068 | $ | 169,019 | $ | 176,126 | |||||||||||
| Money market deposit accounts | $ | 2,446,239 | $ | 2,862,302 | $ | 2,874,692 | |||||||||||
| Time deposits | $ | 3,134,373 | $ | 2,614,401 | $ | 2,335,141 | |||||||||||
| (1) See "Non-GAAP Reconciliation" table | |||||||||||||||||
| NON-GAAP RECONCILIATION (UNAUDITED) | |||||||||||||||||||
| For the Three Months Ended | For the Years Ended | ||||||||||||||||||
| (Dollars in thousands) | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||
| Pre-tax, Pre-provision Net Earnings | |||||||||||||||||||
| Income before provision for income taxes | $ | 19,781 | $ | 29,867 | $ | 32,935 | $ | 113,737 | $ | 124,000 | |||||||||
| Plus: Provision for (reversal of) loan losses | 650 | 500 | (1,800 | ) | 1,150 | (10,800 | ) | ||||||||||||
| Pre-tax, pre-provision net earnings | $ | 20,431 | $ | 30,367 | $ | 31,135 | $ | 114,887 | $ | 113,200 | |||||||||
| Efficiency Ratio | |||||||||||||||||||
| Noninterest expense (numerator) | $ | 19,814 | $ | 15,376 | $ | 15,226 | $ | 64,027 | $ | 59,145 | |||||||||
| Net interest income | 39,274 | 45,474 | 45,725 | 177,254 | 170,459 | ||||||||||||||
| Noninterest income | 971 | 269 | 636 | 1,660 | 1,886 | ||||||||||||||
| Operating revenue (denominator) | $ | 40,245 | $ | 45,743 | $ | 46,361 | $ | 178,914 | $ | 172,345 | |||||||||
| Efficiency ratio | 49.23 | % | 33.61 | % | 32.84 | % | 35.79 | % | 34.32 | % | |||||||||
| (Dollars in thousands except per share data) | December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||||
| Tangible Book Value Per Share | |||||||||||
| Total assets | $ | 7,974,632 | $ | 7,921,584 | $ | 7,179,957 | |||||
| Less: Goodwill | (3,297 | ) | (3,297 | ) | (3,297 | ) | |||||
| Tangible assets | 7,971,335 | 7,918,287 | 7,176,660 | ||||||||
| Less: Total liabilities | (7,292,096 | ) | (7,244,915 | ) | (6,510,824 | ) | |||||
| Tangible stockholders' equity (numerator) | $ | 679,239 | $ | 673,372 | $ | 665,836 | |||||
| Period end shares outstanding (denominator) | 51,073,272 | 51,074,605 | 51,682,398 | ||||||||
| Tangible book value per share | $ | 13.30 | $ | 13.18 | $ | 12.88 | |||||
| Tangible Stockholders' Equity to Tangible Assets | |||||||||||
| Tangible stockholders' equity (numerator) | $ | 679,239 | $ | 673,372 | $ | 665,836 | |||||
| Tangible assets (denominator) | $ | 7,971,335 | $ | 7,918,287 | $ | 7,176,660 | |||||
| Tangible stockholders' equity to tangible assets | 8.52 | % | 8.50 | % | 9.28 | % | |||||
FAQ
What were Luther Burbank Corporation's earnings for Q4 2022?
How did the net interest margin for LBC change in Q4 2022?
What is the outlook for LBC's merger with Washington Federal?
How much did LBC's loans grow in Q4 2022?
What is LBC's current nonperforming assets ratio?
