Luther Burbank Savings reported today that it earned $20.4 million in the quarter ended Dec. 31, up from $13.3 million in the same quarter of 2016.
The earnings amounted to 45 cents per common share.
For the full year of 2017, the bank had $69.4 million in earnings or 1.62 per share.
“Net income for the fourth quarter of 2017 reflects a net tax benefit of $5.8 million, which amount includes a $5.3 million tax benefit from the restatement of the company’s net deferred-tax assets related to the revocation of its S Corporation status and the recently enacted Tax Cuts and Jobs Act,” the company said in a statement.
“Our 34-year history of profitability continues,” said John Biggs, CEO and president of the bank.
The bank’s loan portfolio exceeds $5 billion, according to Biggs. Many of its holdings are for multifamily housing units in southern California, Seattle and Portland.
On Jan. 25, the board declared a cash dividend of 1.5 cents per share for the 24 days of the quarter during which Luther Burbank Savings was publicly traded. The bank conducted an IPO in December. The dividend is payable on Feb. 15 to shareholders of record on Feb. 5.
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