Luther Burbank Corporation operates as the bank holding company for Luther Burbank Savings that provides various banking products and services for real estate investors, professionals, entrepreneurs, high net worth individuals, depositors, and commercial businesses. The company offers interest and noninterest-bearing transaction accounts, certificates of deposit, and money market accounts. It also provides commercial real estate loans, including first mortgage loans for the purchase, refinance, or build-out of tenant improvements on investor owned multifamily residential properties, as well as loans for the purchase, refinance, or improvement of office, retail, and light industrial properties; single family residential loans; and mortgage products, such as a portfolio of 30-year fixed rate first mortgage and a forgivable second mortgage. In addition, the company offers ATM, debit cards, and online and mobile banking services; engages in the real estate investment; and issues trust preferred securities. As of December 31, 2020, it had operations in California, Oregon, and Washington through 10 branches in California; 1 branch in Washington; and 7 lending offices located throughout the market area, including Santa Rosa, Los Angeles, San Francisco, San Jose, San Diego, and Seattle. The company was founded in 1983 and is headquartered in Santa Rosa, California.
IPO Year: 2017
Exchange: NASDAQ
Website: lutherburbanksavings.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 11/21/2022 | Mkt Perform → Outperform | Keefe Bruyette | |
| 1/27/2022 | Buy → Neutral | DA Davidson |
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Keefe Bruyette upgraded Luther Burbank from Mkt Perform to Outperform
DA Davidson downgraded Luther Burbank from Buy to Neutral
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 from the Board of Governors of the Federal Reserve System for Luther Burbank to be merged with and into WaFd, Inc., on the terms and subject to the conditions of the Agreement and Plan of
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 from the Board of Governors of the Federal Reserve System for Luther Burbank to be merged with and into WaFd, Inc., on the terms and subject to the conditions of the Agreement and Plan of Reorganization, dated as of November 13, 202
-Yzaguirre joins a list of seasoned professionals on FireFly's team with specific expertise in initiating and growing businesses in evolving market conditions- FireFly Automatix, Inc., the de facto industry leader in AV and EV professional turfgrass mowing technology, today announced the appointment of financial and leadership expert M. Max Yzaguirre as a strategic advisor to CEO Andrew Limpert and the board of directors. Yzaguirre's appointment follows the recent additions of former WPP Group CFO Paul Richardson and capital markets professional Liz Hocker to FireFly's board. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/202401
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-balance sheet liquidity plus borrowing capacity of more than 3 times uninsured depositsNonperforming assets to total assets of 0.08%Tier 1 leverage and total risk-based capital ratios of 9.66% and 20.86%,
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/ VANCOUVER, BC, Aug. 17, 2023 /CNW/ - Libero Copper & Gold Corporation (TSXV:LBC) (OTCQB:LBCMF) (DE: 29H) announces it has closed the first tranche of a non-brokered private placement (the "Offering") for the sale of 9,130,000 units (the "Units") at a price of C$0.05 per Unit for gross proceeds of C$456,500. Each Unit is comprised of one common share (each, a "Unit Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to purchase one common share (each, a "Warrant Share") at a price of C$0.075 for a period of 36 months expiring August 17, 2026.
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 $13.71Tangible book value per share of $13.64 (1) As of or For the Three Months Ended (2)(Dollars in thousands, except per share amounts)June 30,2023March 31,2023June 30,2022Performance Ratios Retur
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 stock to the shareholders of Luther Burbank pursuant to that certain Agreement and Plan of Reorganization, dated as of November 13, 2022 (the "Merger Agreement"), by and between Washington Federal and Luther Bu
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 stock to the shareholders of Luther Burbank pursuant to that certain Agreement and Plan of Reorganization, dated as of November 13, 2022 (the "Merger Agreement"), by and between Washington Federal and Luther Burbank, and Luther Burbank's shareholders approved the Me
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 book value per share of $13.58 (1) As of or For the Three Months Ended (2)(Dollars in thousands, except per share amounts)March 31,2023December 31,2022March 31,2022Performance Ratios
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 thousands, except per share amounts)December 31,2022September 30,2022December 31,2021Performance Ratios Return on average assets0.69%1.10%1.30%Return on average equity8.04%12.33%14.08%Net interest
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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 from the Board of Governors of the Federal Reserve System for Luther Burbank to be merged with and into WaFd, Inc., on the terms and subject to the conditions of the Agreement and Plan of
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 from the Board of Governors of the Federal Reserve System for Luther Burbank to be merged with and into WaFd, Inc., on the terms and subject to the conditions of the Agreement and Plan of Reorganization, dated as of November 13, 202
-Yzaguirre joins a list of seasoned professionals on FireFly's team with specific expertise in initiating and growing businesses in evolving market conditions- FireFly Automatix, Inc., the de facto industry leader in AV and EV professional turfgrass mowing technology, today announced the appointment of financial and leadership expert M. Max Yzaguirre as a strategic advisor to CEO Andrew Limpert and the board of directors. Yzaguirre's appointment follows the recent additions of former WPP Group CFO Paul Richardson and capital markets professional Liz Hocker to FireFly's board. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/202401
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-balance sheet liquidity plus borrowing capacity of more than 3 times uninsured depositsNonperforming assets to total assets of 0.08%Tier 1 leverage and total risk-based capital ratios of 9.66% and 20.86%,
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 $13.71Tangible book value per share of $13.64 (1) As of or For the Three Months Ended (2)(Dollars in thousands, except per share amounts)June 30,2023March 31,2023June 30,2022Performance Ratios Retur
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 book value per share of $13.58 (1) As of or For the Three Months Ended (2)(Dollars in thousands, except per share amounts)March 31,2023December 31,2022March 31,2022Performance Ratios
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 thousands, except per share amounts)December 31,2022September 30,2022December 31,2021Performance Ratios Return on average assets0.69%1.10%1.30%Return on average equity8.04%12.33%14.08%Net interest
Washington Federal, Inc. (NASDAQ:WAFD) (the "Company"), parent company of Washington Federal Bank ("WaFd Bank"), today announced quarterly earnings of $79,509,000 for the quarter ended December 31, 2022, an increase of 58% from $50,281,000 for the quarter ended December 31, 2021. After the effect of dividends on preferred stock, net income available for common shareholders was $1.16 per diluted share for the quarter ended December 31, 2022, compared to $0.71 per diluted share for the quarter ended December 31, 2021, a $0.45 or 63% increase in fully diluted earnings per common share. Return on common shareholders' equity for the quarter ended December 31, 2022 was 15.15% compared to 10.12% f
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
Keefe, Bruyette & Woods analyst Jacquelynne Bohlen downgrades Luther Burbank Corp Com (NASDAQ:LBC) from Outperform to Not Rated.
U.S. stocks traded higher, with the Dow Jones index gaining around 40 points on Tuesday. Here are some big stocks recording losses in today’s session. ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) shares fell 14.5% to $9.94. Luther Burbank Corporation (NASDAQ:LBC) dipped 7.1% to $9.99. Qurate Retail, Inc. (NASDAQ:QRTEB) declined 5.9% to $6.17. Teekay Tankers Ltd. (NYSE:TNK) fell 5.2% to $51.60. Nordic American Tankers Limited (NYSE:NAT) declined 5.9% to $4.2711. Lexeo Therapeutics, Inc. (NASDAQ:LXEO) fell 5.6% to $14.68. Canaan Inc. (NASDAQ:CAN) fell 4.6% to $3.0288 amid a decline in Bitcoin. B. Riley Financial, Inc. (NASDAQ:RILY) fell 4.5% to $19.21. CleanSpark, Inc. (NASDAQ
Keefe, Bruyette & Woods has decided to maintain its Outperform rating of Luther Burbank (NASDAQ:LBC) and lower its price target from $12.75 to $11.00. Shares of Luther Burbank are trading up 0.0% over the last 24 hours, at $8.91 per share. A move to $11.00 would account for a 23.46% increase from the current share price. About Luther Burbank Luther Burbank Corp is a bank holding company. It provides real estate secured lending in metropolitan areas in the United States. The company offers a suite of mortgage and savings products designed for customers. Its personal banking products include checking and saving the account, certificate of deposits, individual retirement account, and others. Th
Keefe, Bruyette & Woods analyst Jacquelynne Bohlen maintains Luther Burbank (NASDAQ:LBC) with a Outperform and lowers the price target from $12.75 to $11.
Luther Burbank (NASDAQ:LBC) reported quarterly earnings of $0.04 per share which missed the analyst consensus estimate of $0.12 by 66.67 percent. This is a 90.24 percent decrease over earnings of $0.41 per share from the same period last year. The company reported quarterly sales of $20.59 million which missed the analyst consensus estimate of $24.69 million by 16.59 percent. This is a 54.98 percent decrease over sales of $45.74 million the same period last year.
Luther Burbank (NASDAQ:LBC) reported quarterly earnings of $0.14 per share which missed the analyst consensus estimate of $0.19 by 26.32 percent. This is a 68.18 percent decrease over earnings of $0.44 per share from the same period last year. The company reported quarterly sales of $27.21 million which missed the analyst consensus estimate of $36.42 million by 25.29 percent. This is a 43.11 percent decrease over sales of $47.83 million the same period last year.
Keefe, Bruyette & Woods analyst Jacquelynne Bohlen maintains Luther Burbank (NASDAQ:LBC) with a Market Perform and lowers the price target from $13.5 to $12.75.