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Luther Burbank Corporation (LBC) is a prominent FDIC insured, privately-owned thrift institution established in 1983 in Santa Rosa, California. Named in honor of the renowned horticulturist, Luther Burbank, who introduced over 800 plant varieties and beautified the world with hundreds of ornamental flowers, including the popular Shasta daisy, the company continues to embody his spirit of innovation and growth.
Luther Burbank Corporation operates Luther Burbank Savings, a bank dedicated to providing traditional savings and loan services. Specializing in real estate loans across all property types, Luther Burbank Savings has a straightforward and conservative business model designed to protect assets and benefit the community. With current assets totaling $3.6 billion and a strong track record of profitability spanning over 27 years, the bank underscores its commitment to financial stability and customer service.
The Shasta daisy, prominently featured in the company's logo, symbolizes growth and renewal, reflecting the bank’s mission to foster financial well-being among its customers. Luther Burbank Savings remains focused on serving the public and not public stockholders, ensuring that customer interests are always the top priority.
The bank's recent financial highlights include unaudited condensed consolidated income statements and non-GAAP reconciliations. For more detailed information, interested parties can contact Bradley Satenberg in Investor Relations at (844) 446-8201 or via email at investorrelations@lbsavings.com.
Stay informed with the latest updates and developments regarding Luther Burbank Corporation, an institution that not only honors its namesake's legacy but also continues to build on a foundation of trust, growth, and community service.
Luther Burbank Corporation (NASDAQ: LBC) reported a strong third quarter for 2021, achieving net income of $24.7 million, or $0.48 per diluted share. The net interest margin rose to 2.47%, up 16 basis points, driven by a decline in deposit costs and increased loan yields. Key performance metrics included a return on average assets of 1.34% and return on average equity of 15.24%. The company continues to maintain low nonperforming assets at just 0.01% of total assets. Additionally, a quarterly cash dividend of $0.12 was declared.
Luther Burbank Corporation (NASDAQ: LBC) will announce its financial results for the quarter and nine months ended September 30, 2021, after market close on October 26, 2021. A conference call to discuss the results will be held on October 27, 2021, at 8:00 AM PT. The company, headquartered in Santa Rosa, California, reported total assets of $7.3 billion, loans of $6.4 billion, and deposits of $5.4 billion as of June 30, 2021. The public can access the call via phone or a live webcast, with a presentation available for review during the event.
Luther Burbank Corporation (NASDAQ: LBC) announced a $25,000 grant from FHLBank San Francisco to support Rebuilding Together, aiding low-income seniors in maintaining their homes. The funding addresses the increasing financial burdens faced by seniors due to rising costs of essentials, which can lead to unsafe living conditions. Simone Lagomarsino, CEO, expressed pride in aiding homeownership preservation for vulnerable populations. The FHLBank's AHEAD program allocated $1.5 million across 60 projects for community support.
Luther Burbank Corporation (NASDAQ: LBC) reported a strong second quarter 2021 with a net income of $21.2 million ($0.41 per diluted share), up from $18.4 million in the prior quarter. The company's net interest margin improved to 2.31%, an increase of 8 basis points, driven by lower deposit costs. Return on average assets and equity reached 1.19% and 13.32%, respectively. The efficiency ratio improved to 33.5%. Notably, the quarterly cash dividend was raised by 109% to $0.12 per share. Nonperforming assets decreased to 0.01% of total assets, signaling improved asset quality.
Luther Burbank Corporation (NASDAQ: LBC) will announce its financial results for Q2 and the first half of 2021 on July 27, 2021, after market close. CEO Simone Lagomarsino and CFO Laura Tarantino will host a conference call on July 28, 2021, at 8:00 AM PT to discuss these results. The company, headquartered in Santa Rosa, CA, reported total assets of $7.1 billion, total loans of $6.3 billion, and total deposits of $5.4 billion as of March 31, 2021.
Luther Burbank Corporation (NASDAQ: LBC) reported a net income of $18.4 million, or $0.35 per diluted share, for Q1 2021, reflecting a significant increase from $8.7 million, or $0.17 EPS, in the previous quarter. Key highlights include a net interest margin improvement to 2.23%, return on average assets at 1.05%, and efficiency ratio at 39.5%. Criticized loans decreased by 40% to $34.1 million, and retail deposits grew by $127.6 million. A cash dividend of $0.0575 per share was declared, payable on May 17, 2021. Total loans reached $6.3 billion, witnessing a $221.5 million increase.
Luther Burbank Corporation (NASDAQ: LBC) will release its Q1 2021 financial results on April 27, 2021, after market close. Following this, a conference call hosted by CEO Simone Lagomarsino and CFO Laura Tarantino is scheduled for April 28, 2021, at 8:00 AM PT. This call will cover the Company’s quarterly performance, offering insights to analysts and investors. As of December 31, 2020, Luther Burbank Corporation had total assets of $6.9 billion, loans of $6.0 billion, and deposits of $5.3 billion. The Company operates primarily through its subsidiary, Luther Burbank Savings, across California, Oregon, and Washington.
Luther Burbank Corporation (NASDAQ: LBC) reported a net income of $8.7 million, or $0.17 EPS, for Q4 2020, down from $14.3 million in Q3, attributed to a one-time fee from prepaying $150 million of FHLB borrowings. Loan production surged to $385.2 million, a significant increase of $149.9 million from Q3. The net interest margin improved to 2.13% from 2.03%. The Company also declared a quarterly cash dividend of $0.0575 per share and initiated a $20 million stock repurchase plan.
Luther Burbank Corporation (NASDAQ: LBC) announced it will release its financial results for the quarter and year ended December 31, 2020, on January 26, 2021, after market close. A conference call discussing these results will be hosted on January 27, 2021, at 8:00 AM PT, featuring CEO Simone Lagomarsino and CFO Laura Tarantino. The company, headquartered in Santa Rosa, California, holds total assets of $7.1 billion, including $6.1 billion in loans and $5.3 billion in deposits, as of September 30, 2020. The bank operates across California, Oregon, and Washington.
Luther Burbank Corporation (NASDAQ: LBC) appointed Renu Agrawal to its Board of Directors, along with the Audit and Risk Committee. Agrawal brings strategic banking expertise, having served as Executive VP and COO at Wells Fargo's Financial Institutions Group. She holds an M.B.A. from MIT and a Ph.D. in Materials Science from MIT. The company, headquartered in Santa Rosa, has total assets of $7.1 billion, loans of $6.1 billion, and deposits of $5.3 billion as of September 30, 2020. Agrawal is expected to provide valuable contributions to the organization’s strategic planning.
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