520 Third Street, Fourth Floor, Santa Rosa, CA 95401 (844) 446-8201
LUTHER BURBANK CORPORATION REPORTS EARNINGS FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2018
Quarterly Cash Dividend of $0.0575 Per Common Share Declared
SANTA ROSA, Calif. (October 25, 2018) – Luther Burbank Corporation (NASDAQ: LBC) (the “Company”), the holding company for Luther Burbank Savings (the “Bank”), today reported net income of $12.1 million and $34.5 million, or $0.21 and $0.61 diluted earnings per common share (“EPS”), for the three and nine months ended September 30, 2018, respectively, compared to net income of $17.7 million and $49.0 million, or $0.42 and $1.17 EPS, for the same periods last year. Pre-tax, pre-provision earnings and pro-forma EPS for the three and nine months ended September 30, 2018 were $17.7 million and $51.5 million, respectively, and $0.21 and $0.61, respectively, compared to $19.9 million and $46.0 million, respectively, and $0.25 and $0.70, 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 pleased to announce our financial results for the third quarter. We completed the quarter at a record high total assets of $6.7 billion, representing growth of almost $1 billion since the beginning of the year. The majority of this growth has been in our loan portfolio, which increased by $884 million, and was funded by a $993 million increase in our deposits. The strength of this growth has contributed to net interest income increasing by 12% during the nine months ended September 30, 2018 as compared to the same period last year. In addition, our credit quality has continued to improve with total non-performing assets declining by over 68% from December 31, 2017. I'm also proud that we remain one of the most efficient banks compared to our industry peers with an efficiency ratio of 46%.”
Mr. Biggs continued, “Since opening in June 2018, our Bellevue, Washington branch has grown its deposit portfolio to $55 million at September 30, 2018. The successful performance of this newly opened branch and our strong quarterly financial results are encouraging trends as we head into the final quarter of the year and further support the progress made in connection with our longer-term initiatives to expand the footprint of the Bank's franchise. Furthermore, we recently announced the approval of a $15 million stock repurchase program, which provides us the flexibility to
The following information was filed by Luther Burbank Corp (LBC) on Thursday, October 25, 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.