Santa Rosa’s Luther Burbank Savings sees 35% rise in Q3 net income

Luther Burbank Corp. (Nasdaq: LBC) announced Wednesday net income was $14.3 million for the third quarter ending Sept. 30.

Despite this year’s COVID-19-spawned disturbances affecting the economy, Luther Burbank Savings of Santa Rosa reported a rise in net income of 35% in comparison to the second quarter. The diluted earnings per common share amounted to 27 cents, which reflects convertible securities.

In contrast to 2019’s $12.7 million in net income for the same period, the results demonstrated “a sound quality of portfolio,” President and CEO Simone Lagomarsino told analysts on Wednesday morning’s investor relations conference call.

“Our credit quality has remained strong,” Lagomarsino said.

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Kathleen Rhodes

Kathleen Rhodes, Founder of What's Up Santa Rosa

Kathleen Rhodes is the founder and CEO of Appy Marketing, a digital marketing agency that specializes in helping small businesses and startups grow their online presence. With over 15 years of experience in the industry, Kathleen has a proven track record of delivering successful marketing campaigns that drive results. Her passion for technology and innovation has led her to develop cutting-edge strategies that leverage the latest digital tools and platforms. Kathleen is known for her strategic thinking, creative problem-solving, and unwavering commitment to her clients’ success. Under her leadership, Appy Marketing has become a trusted partner for businesses looking to thrive in the digital age.

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