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Luther Burbank: 3Q Earnings Snapshot

·1 min read

SANTA ROSA, Calif. (AP) _ Luther Burbank Corp (LBC) on Tuesday reported third-quarter net income of $14.3 million.

The bank, based in Santa Rosa, California, said it had earnings of 27 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.

The bank holding company posted revenue of $59.6 million in the period. Its revenue net of interest expense was $36.7 million, also surpassing Street forecasts.

Luther Burbank shares have dropped 19% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $9.37, a fall of 21% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LBC at https://www.zacks.com/ap/LBC