reports
WaFd, Inc. Receives Regulatory Approval for Acquisition of Luther Burb...
WaFd, Inc. Receives Regulatory Approval for Acquisition of Luther Burbank Corporation SEATTLE, Jan. 30, 2024 (GLOBE NEWSWIRE) -- WaFd, Inc. (NASDAQ: WaFd), the parent company of Washington Federal Bank (“WaFd Bank”), and Luther Burbank Corporation (NASDAQ: LBC, “Luther Burbank”), the parent company of Luther Burbank Savings, jointly announced today that they received the required regulatory approvals from the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions for Luther Burbank Savings to be merged with and into Washington Federal Bank, and...
Luther Burbank Corporation Reports Earnings for the Quarter and Nine M...
Luther Burbank Corporation Reports Earnings for the Quarter and Nine Months Ended September 30, 2023 Third Quarter 2023 Highlights Net income of $1.9 million and $22.3 million, or $0.04 and $0.44 per diluted share, for the quarter and nine months ended September 30, 2023, respectivelyNet interest margin of 0.97%Return on average assets and equity of 0.09% and 1.09%, respectivelyNoninterest expense to average assets of 0.73%Estimated uninsured deposits remained stable at $1.0 billion, or 17.6% of total depositsDependence on wholesale funds declined to 27.6% (1)Liquidity ratio of 13.8% (1)On...
Luther Burbank Corporation Reports Earnings for the Quarter and Six Mo...
Luther Burbank Corporation Reports Earnings for the Quarter and Six Months Ended June 30, 2023 Second Quarter 2023 Highlights Net income of $6.9 million, or $0.14 per diluted shareNet interest margin of 1.27%Return on average assets and equity of 0.33% and 3.94%, respectivelyNoninterest expense to average assets of 0.76%Deposits increased 3% to $5.8 billionEstimated uninsured deposits of $997.8 million, or 17.1% of total depositsOn-balance sheet liquidity plus borrowing capacity of more than 3 times uninsured depositsNonperforming assets to total assets of 0.06%Book value per share of $13....
Washington Federal, Inc. and Luther Burbank Corporation Announce Recei...
Washington Federal, Inc. and Luther Burbank Corporation Announce Receipt of Shareholder Approval for Merger SANTA ROSA, Calif., May 05, 2023 (GLOBE NEWSWIRE) -- Washington Federal, Inc. (NASDAQ: WAFD, “Washington Federal”), the parent company of Washington Federal Bank (“WaFd Bank”), and Luther Burbank Corporation (NASDAQ: LBC, “Luther Burbank”), the parent company of Luther Burbank Savings, jointly announced today that, at special meetings of their respective shareholders held on May 4, 2023, Washington Federal shareholders approved the issuance of shares of Washington Federal’s common s...
Luther Burbank Corporation Reports Earnings for the Quarter Ended Marc...
Luther Burbank Corporation Reports Earnings for the Quarter Ended March 31, 2023 First Quarter 2023 Highlights Net income of $13.4 million, or $0.26 per diluted shareNet interest margin of 1.72%Return on average assets and equity of 0.67% and 7.78%, respectivelyNoninterest expense to average assets of 0.84%Deposits declined 3.3% to $5.6 billionEstimated uninsured deposits of $1.0 billion, or 17.9% of total depositsLiquidity ratio increased by 33% to 13.40%(1)Borrowing capacity increased by 34% to $2.3 billionNonperforming assets to total assets of 0.06%Book value per share of $13.64Tangible...
Luther Burbank Corporation Reports Earnings for the Quarter and Year E...
Luther Burbank Corporation Reports Earnings for the Quarter and Year Ended December 31, 2022 Fourth Quarter 2022 Highlights Net income of $13.7 million, or $0.27 per diluted shareNet interest margin of 2.01%Return on average assets and equity of 0.69% and 8.04%, respectivelyNoninterest expense to average assets of 1.00%Loan production of $281.4 millionWeighted average coupon on loan originations increased by 22% to 5.68%Nonperforming assets to total assets of 0.08%Book value per share of $13.36Tangible book value per share of $13.30 (1) As of or For the Three Months Ended (2)(Dollars in t...
Washington Federal, Inc. and Luther Burbank Corporation Announce Defin...
Washington Federal, Inc. and Luther Burbank Corporation Announce Definitive Merger Agreement to Form a $29 Billion Asset Western US Bank SANTA ROSA, Calif., Nov. 13, 2022 (GLOBE NEWSWIRE) -- Washington Federal, Inc. (NASDAQ: WAFD, “Washington Federal”) and Luther Burbank Corporation (NASDAQ: LBC, “Luther Burbank”) jointly announced today the signing of a definitive merger agreement (“Merger Agreement”) pursuant to which Washington Federal will acquire Luther Burbank and its wholly-owned subsidiary, Luther Burbank Savings, in an all-stock transaction valued at approximately $654 million ba...
Luther Burbank Corporation Reports Earnings for the Quarter and Nine M...
Luther Burbank Corporation Reports Earnings for the Quarter and Nine Months Ended September 30, 2022 and Announces Quarterly Dividend Third Quarter 2022 Highlights Net income of $21.0 million, or $0.41 per diluted shareNet interest margin of 2.42%Return on average assets and equity of 1.10% and 12.33%, respectivelyEfficiency ratio of 33.6% (1)Loan production of $530.1 millionWeighted average coupon on loan originations increased by 31% to 4.65%Nonperforming assets to total assets of 0.05%Tangible book value per share of $13.18 (1)Quarterly cash dividend of $0.12 per common share declare...
Luther Burbank Corporation Announces Third Quarter 2022 Earnings Relea...
Luther Burbank Corporation Announces Third Quarter 2022 Earnings Release and Conference Call Dates SANTA ROSA, Calif., Oct. 07, 2022 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (the “Company”) (NASDAQ: LBC), the holding company for Luther Burbank Savings (the “Bank”), announced today that it will release its financial results as of and for the quarter and nine months ended September 30, 2022 after the market closes on Tuesday, October 25, 2022. Simone Lagomarsino, President and Chief Executive Officer of Luther Burbank Corporation, and Laura Tarantino, Executive Vice President and Chi...
Luther Burbank Corporation Reports Earnings for the Quarter and Six Mo...
Luther Burbank Corporation Reports Earnings for the Quarter and Six Months Ended June 30, 2022 and Announces Quarterly Dividend Second Quarter 2022 Highlights Net income of $22.6 million, or $0.44 per diluted shareNet interest margin of 2.62%Return on average assets and equity of 1.23% and 13.41%, respectivelyLoan yields increased 9 basis points to 3.50%Cost of interest bearing deposits increased by 5 basis points to 0.50%Efficiency ratio of 27.9% (1)Loan production increased by 29% to $733.0 millionWeighted average coupon on loan originations increased by 13% to 3.55%Nonperforming assets ...
Luther Burbank Corporation Reports Earnings for the Quarter Ended Marc...
Luther Burbank Corporation Reports Earnings for the Quarter Ended March 31, 2022 and Announces Quarterly Dividend First Quarter 2022 Highlights Net income of $22.9 million, or $0.45 per diluted shareNet interest margin of 2.54%Return on average assets and equity of 1.28% and 13.60%, respectivelyCost of interest bearing deposits declined by 3 basis points to 0.45%Efficiency ratio of 34.4%Loan production of $568.9 millionNonperforming assets to total assets of 0.03%Tangible book value per share of $12.93Repurchased 425 thousand common shares at an average price per share of $13.25Quarte...
Luther Burbank Savings Board Member Anita Gentle Newcomb Receives Life...
Luther Burbank Savings Board Member Anita Gentle Newcomb Receives Lifetime Achievement Award from Auburn Alumni Association SANTA ROSA, Calif., March 07, 2022 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (the “Company”) (NASDAQ: LBC), the holding company for Luther Burbank Savings (the “Bank”), announces member of the Luther Burbank Corporation Board of Directors, Anita Gentle Newcomb, was honored with the highest award given by the Auburn Alumni Association at Auburn’s 2022 Lifetime Achievement Awards dinner and ceremony on February 26. Ms. Newcomb graduated from Auburn University in ...
Luther Burbank Corporation Reports Earnings for the Quarter and Year E...
Luther Burbank Corporation Reports Earnings for the Quarter and Year Ended December 31, 2021 and Announces Quarterly Dividend Fourth Quarter 2021 Highlights Net income of $23.4 million, or $0.45 per diluted shareNet interest margin of 2.57% compared to 2.47%, an increase of 10 basis pointsReturn on average assets and equity of 1.30% and 14.08%, respectivelyCost of interest bearing deposits declined by 6 basis points to 0.48%Efficiency ratio of 32.8%Internal loan production of $498.7 millionNonperforming assets to total assets of 0.03%Decline in criticized assets of $4.5 million, or 21.4%...
Luther Burbank Corporation Announces Fourth Quarter 2021 Earnings Rele...
Luther Burbank Corporation Announces Fourth Quarter 2021 Earnings Release and Conference Call Dates SANTA ROSA, Calif., Jan. 10, 2022 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (the “Company”) (NASDAQ: LBC), the holding company for Luther Burbank Savings (the “Bank”), announced today that it will release its financial results as of and for the quarter and year ended December 31, 2021 after the market closes on Tuesday, January 25, 2022. Simone Lagomarsino, President and Chief Executive Officer of Luther Burbank Corporation, and Laura Tarantino, Executive Vice President and Chief Fi...
Luther Burbank Corporation Names Yzaguirre to Board of Directors
Luther Burbank Corporation Names Yzaguirre to Board of Directors SANTA ROSA, Calif., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (NASDAQ: LBC), the holding company for Luther Burbank Savings (“the Bank”), today announced that Mr. M. Max Yzaguirre has been appointed to the Luther Burbank Corporation and Luther Burbank Savings Boards of Directors (the “Boards”). He will serve on the Audit and Risk Committee and on the Compensation Committee, effective January 2, 2022. “Max brings his extensive experience serving on banking and other corporate Boards of Directors as wel...
Luther Burbank Corporation Reports Earnings for the Quarter and Nine M...
Luther Burbank Corporation Reports Earnings for the Quarter and Nine Months Ended September 30, 2021 and Announces Quarterly Dividend Third Quarter 2021 Highlights Net income of $24.7 million, or $0.48 per diluted shareNet interest margin of 2.47% compared to 2.31%, an increase of 16 basis pointsReturn on average assets and equity of 1.34% and 15.24%, respectivelyCost of interest bearing deposits declined by 20 basis points to 0.54%Efficiency ratio of 32.1%Internal loan production of $461.4 millionNonperforming assets to total assets of 0.01%Decline in criticized assets of $16.0 million, o...
Luther Burbank Corporation Announces Third Quarter 2021 Earnings Relea...
Luther Burbank Corporation Announces Third Quarter 2021 Earnings Release and Conference Call Dates SANTA ROSA, Calif., Oct. 08, 2021 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (the “Company”) (NASDAQ: LBC), the holding company for Luther Burbank Savings (the “Bank”), announced today that it will release its financial results as of and for the quarter and nine months ended September 30, 2021 after the market closes on Tuesday, October 26, 2021. Simone Lagomarsino, President and Chief Executive Officer of Luther Burbank Corporation, and Laura Tarantino, Executive Vice President and Chi...
Luther Burbank Savings Secures a $25,000 AHEAD Grant to Assist Seniors...
Luther Burbank Savings Secures a $25,000 AHEAD Grant to Assist Seniors in Maintaining Their Homes SANTA ROSA, Calif., Sept. 20, 2021 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (NASDAQ: LBC), the holding company for Luther Burbank Savings, announced this week that it was awarded a $25,000 grant by FHLBank San Francisco (FHLBank) to benefit organizations promoting financial stability in communities throughout California. The $25,000 grant will be used to fund Rebuilding Together’s capacity-building award for low-income seniors struggling to maintain their homes. As the costs of food, m...
Luther Burbank Corporation Reports Earnings for the Quarter and Six Mo...
Luther Burbank Corporation Reports Earnings for the Quarter and Six Months Ended June 30, 2021 and Announces Increase in Quarterly Dividend Second Quarter 2021 Highlights Net income of $21.2 million, or $0.41 per diluted shareNet interest margin of 2.31% compared to 2.23%, an increase of 8 basis pointsReturn on average assets and equity of 1.19% and 13.32%, respectivelyCost of interest bearing deposits declined by 15 basis points to 74 basis pointsEfficiency ratio of 33.5%Internal loan production of $729.4 millionNonperforming assets to total assets decreased from 0.09% to 0.01%Tan...
Luther Burbank Corporation Announces Second Quarter 2021 Earnings Rele...
Luther Burbank Corporation Announces Second Quarter 2021 Earnings Release and Conference Call Dates SANTA ROSA, Calif., July 09, 2021 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (the “Company”) (NASDAQ: LBC), the holding company for Luther Burbank Savings (the “Bank”), announced today that it will release its financial results as of and for the quarter and six months ended June 30, 2021 after the market closes on Tuesday, July 27, 2021. Simone Lagomarsino, President and Chief Executive Officer of Luther Burbank Corporation, and Laura Tarantino, Executive Vice President and Chief Finan...
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