Luther Burbank Corp. reports first earnings since going public

The financial institution will open a new branch in Bellevue, Washington, this year and has expanded it construction lending portfolio.|
BILL SWINDELL
THE PRESS DEMOCRAT

Luther Burbank Corp. on Thursday reported its first quarterly earnings since becoming a publicly traded company last year.

The parent company of Santa Rosa-based Luther Burbank Savings said it earned $11.1 million for the three-month period ending March 31, a 10 percent decrease from the same period in 2017.

The company posted $16.8 million in pre-tax earnings for the period, a 29 percent increase from the same period last year. Its stock closed at $11.71 per share on Thursday.

The financial institution will open a new branch in Bellevue, Washington, this year and has expanded it construction lending portfolio. It has more than $6 billion in assets.

“These initiatives will further support our growth and financial objectives and will continue our expansion into key strategic markets,” said John Biggs, president and chief executive officer, in a statement.

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