Luther Burbank Savings (merged into Washington Federal Bank)
Luther Burbank Savings reported total assets of $8.2 bn at Q4 2023, its last Call Report before it merged into Washington Federal Bank. The CET1 capital ratio at Luther Burbank Savings was 21.45%, and the uninsured share of Luther Burbank Savings was 17.52%. Source: FDIC Call Reports.
What sets Luther Burbank Savings apart
Nothing in the latest data sets Luther Burbank Savings apart from banks of its size: no ratio in the top or bottom tenth of its size group, no large rank move or year change, and no acquisition in the FDIC history since 2016. This page is kept out of search results until that changes.
How large is Luther Burbank Savings?
The balance sheet of Luther Burbank Savings at : assets $8.2 bn, deposits $5.9 bn, net loans $6.8 bn (loans equal to 115.69% of deposits). Securities make up 6.6% of total assets at Luther Burbank Savings. Since , when Luther Burbank Savings held $4.5 bn, its assets grew 83.9%. In the year to , deposits at Luther Burbank Savings fell 0.2% while its total assets rose 3.2%. At , Luther Burbank Savings employed 222 full-time equivalent staff across 14 offices, about $37.1 mn of assets per employee and $419.2 mn of deposits per office.
How much funding at Luther Burbank Savings is uninsured?
At Luther Burbank Savings, uninsured deposits (above the FDIC limit) made up 17.52% of domestic deposits at (-4.93 pp on a year earlier). In dollars, Luther Burbank Savings estimated $1.0 bn of uninsured deposits.
Key facts, Q4 2023
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $5.9 bn | $5.9 bn (Q4 2022) | |
| Net loans and leases | $6.8 bn | $7.0 bn (Q4 2022) | |
| Loan-to-deposit ratio | 115.69% | 118.70% (Q4 2022) | |
| Tier 1 leverage ratio | 10.88% | 10.74% (Q4 2022) | |
| Total risk-based capital ratio | 22.52% | 21.07% (Q4 2022) | |
| Net interest margin | 1.35% | 2.53% (Q4 2022) | |
| Return on assets (ROA) | 0.29% | 1.14% (Q4 2022) | |
| Efficiency ratio | 58.07% | 33.82% (Q4 2022) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $199,000 | Narrowed by $35,000 | |
| Unrealized gain/loss on available-for-sale securities | Loss of $49.5 mn | Widened by $1.4 mn | |
| Noncurrent loans to total loans | 0.23% | 0.09% (Q4 2022) | |
| Net charge-offs to average loans | 0.02% | 0.00% (Q4 2022) |
US rank of Luther Burbank Savings: 1 = highest unless marked 1 = lowest.
Balance sheet
Luther Burbank Savings: assets, deposits and loans
- Total assets $8.2bn
- Deposits $5.9bn
- Net loans $6.8bn
Capital and securities
The CET1 ratio of Luther Burbank Savings stood at 21.45% in , +1.26 pp year on year. Low and high at Luther Burbank Savings since : 18.05% () to 22.61% (). Equity capital of Luther Burbank Savings at : $837.2 mn, or 10.2% of total assets. Luther Burbank Savings also reported a total capital ratio of 22.52% for , and a tier 1 leverage ratio of 10.88%.
On held-to-maturity securities, Luther Burbank Savings carried an unrealized loss of $199,000 at , equal to 0.0% of equity capital. The loss narrowed by $35,000 over the year. Its deepest point: $408,000 in . The available-for-sale portfolio of Luther Burbank Savings showed an unrealized loss of $49.5 mn at ; the loss widened by $1.4 mn over the year.
Luther Burbank Savings: capital ratios
- Total capital 23%
- CET1 21%
- Tier 1 leverage 11%
Luther Burbank Savings: unrealized securities gains and losses
- Available for sale -$50mn
- Held to maturity -$199,000
Profitability and loan quality
For the year to , Luther Burbank Savings earned a return on equity of 2.85%; return on assets: 0.29%. Net interest margin at Luther Burbank Savings: 1.35%, -1.18 pp in a year. Luther Burbank Savings net income: $23.8 mn, down 72.4% year on year. The efficiency ratio of Luther Burbank Savings was 58.07%: about 58 cents cost per revenue dollar, against 54 cents at the median peer.
At , noncurrent loans were 0.23% of total loans at Luther Burbank Savings; net charge-offs: 0.02% of average loans. Gross loans and leases at Luther Burbank Savings: $6.8 bn at , against $7.0 bn at .
Luther Burbank Savings: profitability
- Return on equity 2.9%
- Net interest margin 1.3%
- Return on assets 0.3%
Peer group of Luther Burbank Savings
The peer group of Luther Burbank Savings is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 4 share the charter type of Luther Burbank Savings (state nonmember bank) and 0 have head offices in California. Against them, Luther Burbank Savings shows CET1 ratio 21.45% against a peer median of 11.51%, return on equity 2.85% against a peer median of 12.23% and uninsured deposit share 17.52% against a peer median of 33.14%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Nicolet National Bank | National bank | WI | $8.5 bn | 10.73% | 5.91% | 28.80% | |
| Union Bank and Trust Company | State nonmember bank | NE | $8.4 bn | 11.43% | 13.77% | 13.82% | |
| Southside Bank | State nonmember bank | TX | $8.3 bn | 14.88% | 10.70% | 37.49% | |
| Luther Burbank Savings | State nonmember bank | CA | $8.2 bn | 21.45% | 2.85% | 17.52% | |
| Principal Bank | Federal savings bank | IA | $8.2 bn | 18.03% | 38.64% | 42.26% | |
| Pinnacle Bank | State nonmember bank | NE | $8.2 bn | 11.59% | 9.58% | 28.36% | |
| Stock Yards Bank & Trust Company | State nonmember bank | KY | $8.2 bn | 11.07% | 13.78% | 39.63% | |
. FDIC Call Reports.
Last eight quarters
Two years at Luther Burbank Savings, to : assets $7.3 bn to $8.2 bn, deposits $5.6 bn to $5.9 bn, equity $807.4 mn to $837.2 mn. Staff 286 to 222.
| Metric | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $7.3 bn | $7.5 bn | $7.9 bn | $8.0 bn | $8.3 bn | $8.4 bn | $8.1 bn | $8.2 bn |
| Total deposits | $5.6 bn | $5.7 bn | $5.8 bn | $5.9 bn | $5.7 bn | $5.9 bn | $5.8 bn | $5.9 bn |
| Bank equity capital | $807.4 mn | $814.9 mn | $820.4 mn | $825.8 mn | $838.6 mn | $839.9 mn | $834.5 mn | $837.2 mn |
| CET1 ratio | 20.48% | 20.23% | 20.29% | 20.19% | 20.56% | 21.41% | 21.80% | 21.45% |
| Return on equity (ROE) | 12.07% | 11.95% | 11.64% | 10.61% | 7.35% | 5.77% | 4.47% | 2.85% |
| Uninsured share of domestic deposits | 24.21% | 25.38% | 24.06% | 22.45% | 18.01% | 17.18% | 17.71% | 17.52% |
| Full-time equivalent employees | 286 | 289 | 288 | 255 | 254 | 226 | 223 | 222 |
| Number of offices | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Luther Burbank Savings, oldest first; figures before and after each event are not like for like.
- . Merged into Washington Federal Bank (FDIC certificate 28088).
Questions and identifiers
What were the total assets of Luther Burbank Savings?
Luther Burbank Savings reported $8.2 bn at in its Call Report.
Is Luther Burbank Savings the same as its holding company?
No. This page covers Luther Burbank Savings, FDIC certificate 32178; LUTHER BURBANK CORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Luther Burbank Savings profitable?
Luther Burbank Savings reported net income of $23.8 mn for the year to ; annualized return on equity: 2.85%. So yes: Luther Burbank Savings made a profit over these months.
When is data for Luther Burbank Savings next updated?
Luther Burbank Savings no longer files Call Reports; its data ends at .
Where can I check the figures for Luther Burbank Savings?
In the FDIC BankFind Suite record for certificate 32178, and in the Call Reports of Luther Burbank Savings (RSSD ID 497570) at the FFIEC Central Data Repository.