520 Third Street, Fourth Floor, Santa Rosa, CA 95401 (844) 446-8201
LUTHER BURBANK CORPORATION REPORTS EARNINGS FOR THE QUARTER AND SIX MONTHS ENDED JUNE 30, 2018
Quarterly Cash Dividend of $0.0575 Per Common Share Declared
SANTA ROSA, Calif. (July 26, 2018) – Luther Burbank Corporation (NASDAQ: LBC) (the “Company”), the holding company for Luther Burbank Savings (the “Bank”), today reported net income available to common shareholders of $11.2 million and $22.3 million, or $0.20 and $0.39 diluted earnings per common share (“EPS”), for the three and six months ended June 30, 2018, respectively, compared to net income available to common shareholders of $18.9 million and $31.2 million, or $0.45 and $0.74 EPS, for the same periods last year. Pre-tax, pre-provision earnings and pro-forma EPS for the three and six months ended June 30, 2018 were $17.1 million and $33.8 million, respectively, and $0.20 and $0.39, respectively, compared to $13.1 million and $26.1 million, respectively, and $0.27 and $0.45, respectively, for the same periods last year.
Pre-tax, pre-provision earnings and pro-forma EPS, both non-GAAP financial measures, are presented because management believes these financial metrics provide stockholders with useful information for evaluating the profitability of the Company. In addition, management believes it enhances the comparability of the Company’s financial results by eliminating the tax differences associated with the Company’s change in tax status from S-corporation to a C-corporation. The Company revoked its S-corporation status in December 2017. A schedule reconciling our GAAP net income to pre-tax, pre-provision earnings and pro-forma EPS are provided in the tables below.
John G. Biggs, President and Chief Executive Officer, stated, “I'm proud to announce our financial results for the second quarter, which continue to reflect positive trends in connection with our loan and deposit growth. Loans finished the quarter at over $5.7 billion, increasing by $693 million, or 14%, since the beginning of the year, while deposits completed the quarter at $4.6 billion, increasing by $641 million, or 16%, since December 31, 2017. As a result of our strong loan growth, net interest income increased by over 2% and 12% during the current quarter as compared to the linked quarter and the same period in 2017, respectively. With an efficiency ratio of 47%, we remain one of the most efficient banks compared to our industry peers.”
Mr. Biggs continued, “The successful opening of our new branch in Bellevue, Washington during the second quarter is an integral part of our strategic growth initiative and will further enable us to expand the reach of our unique franchise and product offerings.”
The following information was filed by Luther Burbank Corp (LBC) on Thursday, July 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.