Luther Burbank Corporation (NASDAQ: LBC) declared a quarterly cash dividend of $0.0575 per common share, payable on November 16, 2020. For Q3 2020, the company reported net income of $14.3 million ($0.27 EPS), up from $9.3 million in Q2. The net interest margin improved to 2.03% from 1.88%. Loan production reached $235.2 million while retail deposits grew by $178.2 million. Remaining COVID-19 loan modifications are just 1.2% of the loan portfolio.
Luther Burbank Corporation (NASDAQ: LBC) will announce its financial results for the quarter and nine months ended September 30, 2020, after market close on October 27, 2020. A conference call, led by CEO Simone Lagomarsino and CFO Laura Tarantino, is scheduled for October 28, 2020, at 8:00 AM (PT) to discuss the results and answer questions. The company, headquartered in Santa Rosa, California, reported total assets of $7.2 billion, loans of $6.3 billion, and deposits of $5.4 billion as of June 30, 2020. More details are available at lutherburbanksavings.com.
Luther Burbank Corporation (NASDAQ: LBC) has been awarded $55,000 in grants by FHLBank San Francisco to support COVID-19 relief efforts. $30,000 will fund Catholic Charities' project to aid underserved households, while $25,000 will support Farm Lot 59's initiative to provide meals to vulnerable communities in Long Beach. CEO Simone Lagomarsino emphasized the importance of these funds for community resilience. FHLBank has disbursed a total of $1.9 million to 52 pandemic relief projects in 2020.
Luther Burbank Corporation (NASDAQ: LBC) reported net income of $9.3 million, or $0.18 per diluted share, for Q2 2020, compared to $7.6 million in Q1. The company declared a quarterly cash dividend of $0.0575 per common share. Loan production reached $487.9 million with a net loan growth of $62.7 million, while COVID-19 loan modifications constituted 6.4% of the total loan portfolio. The cost of interest-bearing deposits dropped to 1.49%, and net interest margin improved to 1.88%. The company maintained strong liquidity with over $2.1 billion available as of June 30, 2020.
Luther Burbank Corporation (NASDAQ: LBC) will release its Q2 2020 financial results on July 28, 2020, after market close. A conference call is scheduled for July 29, 2020, at 8:00 AM PT, hosted by CEO Simone Lagomarsino and CFO Laura Tarantino. Participants can join via phone or webcast, with a slide presentation available during the call. As of March 31, 2020, the company reported total assets of $7.1 billion, total loans of $6.2 billion, and total deposits of $5.3 billion. For more details, visit lutherburbanksavings.com.
Luther Burbank Corporation (NASDAQ: LBC) reported a net income of $7.6 million or $0.14 EPS for Q1 2020, a decline from $12.5 million in the previous quarter. The COVID-19 pandemic has impacted financial results, prompting a $5.3 million provision for loan losses. The company maintained a solid capital position with a Common Equity Tier 1 Capital ratio of 14.9% and strong liquidity resources exceeding $1.9 billion. Despite tightening credit standards, residential lending continues. A quarterly cash dividend of $0.0575 was also declared.