LBC - Earnings announcements

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 based upon the closing price of Washington Federal's common stock on November 11, 2022. Upon closing of the transaction, which was unanimously approved by the boards of directors of each of Washington Federal and Luther Burbank and is subject to shareholder and regulatory approval and other cu

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 declared  As of or For the Three Months Ended (2)(Dollars in thousands, except per share amounts)September 30,2022June 30,2022September 30,2021Performance Ratios   Return on average assets1.10%1.23%1.34%Return on average equity12.33%13.41%15.24%

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 Chief Financial Officer, will host a conference call on Wednesday, October 26, 2022 at 8:00 AM (PT) to discuss the Company's results for the period. Analysts, investors, and the general public may listen t

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 to total assets of 0.07%Tangible book value per share of $13.09 (1)Quarterly cash dividend of $0.12 per common share declared  As of or For the Three Months Ended (2)(Dollars in thousands, except per share amounts)June 30,2022March

SANTA ROSA, Calif., July 08, 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 six months ended June 30, 2022 after the market closes on Tuesday, July 26, 2022. Simone Lagomarsino, President and Chief Executive Officer of Luther Burbank Corporation, and Laura Tarantino, Executive Vice President and Chief Financial Officer, will host a conference call on Wednesday, July 27, 2022 at 8:00 AM (PT) to discuss the Company's results for the period. Analysts, investors, and the general public may listen to a discussi

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 $13.25Quarterly cash dividend of $0.12 per common share declared  As of or For the Three Months Ended (1)(Dollars in thousands, except per share amounts)March 31,2022December 31,2021March 31,2021Performance Ratios   Return on av

SANTA ROSA, Calif., April 08, 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 ended March 31, 2022 after the market closes on Tuesday, April 26, 2022. Simone Lagomarsino, President and Chief Executive Officer of Luther Burbank Corporation, and Laura Tarantino, Executive Vice President and Chief Financial Officer, will host a conference call on Wednesday, April 27, 2022 at 8:00 AM (PT) to discuss the Company's results for the period. Analysts, investors, and the general public may listen to a discussion of the C

  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%Tangible book value per share of $12.88Quarterly cash dividend of $0.12 per common share declared  As of or For the Three Months Ended (1)(Dollars in thousands, except per share amounts)December 31,2021September 30,2021December 31

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 Financial Officer, will host a conference call on Wednesday, January 26, 2022 at 8:00 AM (PT) to discuss the Company's results for the period. Analysts, investors, and the general public may listen to a

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, or 42.9%Tangible book value per share of $12.59Quarterly cash dividend of $0.12 per common share declared  As of or For the Three Months Ended (1)(Dollars in thousands, except per share amounts)September 30,2021June 30,2021September 30,202

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 Chief Financial Officer, will host a conference call on Wednesday, October 27, 2021 at 8:00 AM (PT) to discuss the Company's results for the period. Analysts, investors, and the general public may listen t

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%Tangible book value per share of $12.25Quarterly cash dividend increased by 109% to $0.12 per common share  As of or For the Three Months Ended (1)(Dollars in thousands, except per share amounts)June 30,2021March 31,2021June 30,2020Perform