Financials
| Statement of Condition June 30, 2008 |
||
| Assets | ||
| Cash & Securities | 14,569,000 | |
| Loans Receivable, Net | 2,968,032,000 | |
| Other Assets | 69,430,000 | |
| Real Estate Owned | 0 | |
| $3,052,031,000 | ||
| Liabilities and Capital | ||
| Deposits | 2,129,633,000 | |
| FHLB Advances | 642,811,000 | |
| Other Liabilities | 21,126,000 | |
| Capital | 258,461,000 | |
| $3,052,031,000 | ||
| This unaudited statement is prepared in accordance with generally accepted accounting principles. |
||
To Our Valued Customers:
2007 was an exceptional year for Luther Burbank Savings. We funded $1.1 billion in new real estate loans for a total of $2.6 billion, and deposits grew 24% to $1.8 billion. We ended the year with no foreclosed real estate, and a non-performing loan ratio of 0.35%.
In 2008, while economic conditions remain challenging, our strong balance sheet continues to perform, resulting in 297 consecutive months of profitability. As of June 30, 2008, foreclosed real estate remains at zero, and our non-performing loan ratio is 0.47%. All of our capital ratios significantly exceed the regulatory requirement for well capitalized banks.
On October 11, 2008, we will celebrate our 25th year of operations. Assets now exceed $3.0 billion, and profits for the first six months of 2008 are 28% greater than 2007. Despite the difficulties facing our financial markets, we expect to report record profits for the year ended December 31, 2008.
The relationships developed with our customers during the past two and one half decades are among our most rewarding results. It is a privilege to earn your trust, and our pleasure to serve you.