Luther Burbank Corporation reported unaudited consolidated earnings for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported total interest income of $59,399,000 compared to $46,183,000 a year ago. Income before provision for income taxes was $17,015,000 compared to $18,359,000 a year ago. Net income was $12,129,000 or $0.21 per diluted share compared to $17,747,000 or $0.42 per basic and diluted share a year ago. Return on average assets was 0.73% compared to 1.23% a year ago. Return on average stockholders' equity was 8.52% compared to 16.62% a year ago. Pro forma net income was $12,129,000 compared to $10,648,000 a year ago. Pro forma diluted earnings per share were $0.21 against $0.25 a year ago. Pro forma return on average assets was 0.73% compared to 0.74% a year ago. Pro forma return on average stockholders' equity was 8.52% compared to 9.97% a year ago. Book value per share was $10.11 compared to $10.32 a year ago. Tangible book value per share was $10.05 compared to $10.24 a year ago.

For the nine months, the company reported total interest income of $163,366,000 compared to $129,615,000 a year ago. Income before provision for income taxes was $48,045,000 compared to $50,655,000 a year ago. Net income was $34,457,000 or $0.61 per basic and diluted share compared to $48,964,000 or $1.17 per basic and diluted share a year ago. Return on average assets was 0.73% compared to 1.19% a year ago. Return on average stockholders' equity was 8.17% compared to 15.70% a year ago. Pro forma net income was $34,457,000 compared to $29,380,000 a year ago. Pro forma diluted earnings per share were $0.61 against $0.70 a year ago. Pro forma return on average assets was 0.73% compared to 0.71% a year ago. Pro forma return on average stockholders' equity was 8.17% compared to 9.42% a year ago.

For the fourth quarter 2018, The company expects the effective tax rate to be 29%.