Luther Burbank Corp
ir.lutherburbanksavings.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Nov 3, 2023. Its latest SEC filing is a 15-12G from Mar 1, 2024.
10-Q for Q3 FY2023, filed Nov 3, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Attracts deposits and lends the funds through mortgages and other loans secured by residential, multifamily and commercial real estate, serving property investors, home buyers, depositors and businesses.
10-K for FY2022, filed Feb 22, 2023The Company's principal business is attracting deposits from the general public and investing those funds in a variety of loans, including…View ↗
The primary components of our loan portfolio are multifamily and commercial real estate loans and single family residential loans…View ↗
We are a bank holding company headquartered in Santa Rosa, California, and the parent company of Luther Burbank Savings, a…View ↗
How Did They Make Money?
The bank earns most of its revenue from interest on loans and investments. Depositors and other funding sources provide money that it lends or invests, and it earns interest on those balances over the life of the loans and investments.
10-K for FY2022, filed Feb 22, 2023
$261M
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10-K for FY2022, filed Feb 23, 2023
$261M ↗
Who Were Their Customers?
Property investors, home buyers, professionals, entrepreneurs and businesses use the bank for real estate loans and banking services. Deposits are gathered mainly through branches, while multifamily and commercial real estate loans come through bankers and loan offices or broker networks; most single-family loans come through wholesale brokers.
10-K for FY2022, filed Feb 22, 2023We are a bank holding company headquartered in Santa Rosa, California, and the parent company of Luther Burbank Savings, a…View ↗
Our multifamily loans and other commercial real estate loans are originated on a retail basis, through the marketing efforts of our bankers…View ↗
We currently originate substantially all of our single family residential loans through a network of wholesale brokers. We monitor and…View ↗
Our deposits are currently acquired primarily through our branch network on a retail basis from high net worth individuals, professionals…View ↗
We currently offer a comprehensive range of business deposit products and services to assist with the banking needs of our business…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 31 cents of every revenue dollar as net income in FY2022.
10-K for FY2022, filed Feb 23, 2023
10-K for FY2022, filed Feb 23, 2023
$80.2MView ↗
How Were They Changing?
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Mar 1, 2024
Merger closed and Luther Burbank left Nasdaq
Sources
8-K, filed Mar 1, 2024
On the Closing Date, Luther Burbank notified the Nasdaq Stock Market LLC (“Nasdaq”) that the Merger had closed and requested that Nasdaq…View ↗
Grew. Revenue grew 15% in 4 years, from $226.1M in FY2018 to $261M in FY2022, about 4% a year.
Lending markets
The latest report adds Arizona, Colorado and Utah to the markets where the company seeks to grow its lending, beyond its earlier focus on West Coast metropolitan areas.
10-K for Q4 FY2019, filed Mar 11, 2020 10-K for FY2022, filed Feb 22, 2023Continued organic lending growth in our existing markets. Our primary focus is to grow our client base within our strategic markets and to…View ↗
Continued organic lending growth in our strategic markets. Our primary focus is to grow our customer base within our strategic markets and…View ↗
Who Did They Compete With?
Competes with JPMorgan Chase &, Pacific Premier Bancorp, First Foundation, Homestreet Bank, Umpqua Bank, Fremont Bank, WaFd Bank, and Florida Capital Bank
10-K for FY2022, filed Feb 22, 2023Our primary multifamily competitor is JPMorgan Chase & Co. Additional competitors include, but are not limited to, Pacific Premier Bancorp…View ↗
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