Company: Luther Burbank Corporation
Symbol: LBC
Description: They are Luther Burbank Corporation, a bank holding company headquartered in Santa Rosa, Sonoma County, California.
Shares: 11.35 million
Price Range: $10.50-$12.50
Trade Date: 12/8
Underwriter(s): Keefe Bruyette & Woods, Sandler O’ Neill
Co-Manager(s): Piper Jaffray, D.A. Davidson
Filed: 11-27-17
Business: Their principal business is providing high-value, relationship-based banking products and services to our customers, which include real estate investors, professionals, entrepreneurs, high net worth individuals and commercial businesses. They generate most of their revenue from interest on loans and investments. Their primary source of funding for our loans is retail deposits and they place secondary reliance on wholesale funding, primarily borrowings from the FHLB. Their largest expenses are interest on deposits and borrowings along with salaries and related employee benefits. Their principal lending products are real estate secured loans, primarily on smaller, existing multifamily residential properties, with stabilized rent rolls, and catering predominantly to low and middle income renters who are unable to afford to purchase a single family residence or condominium unit in the high demand, low supply residential markets of the West Coast, and purchase money mortgages on higher end single family residential properties.
Financials: Their net interest income was $94.0 million, $84.9 million and $94.6 million and their net income was $34.6 million, $35.4 million, and $52.1 million in 2014, 2015, and 2015, respectively.
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