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

in Business

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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