Luther Burbank reports Q3 EPS 21c, consensus 21c
Net interest income for the quarter ended September 30, 2018 totaled $31.7 million compared to $31.2 million for the previous quarter and $28.8 million for the same period last year. The $553 thousand, or 1.8%, increase in net interest income from the prior quarter was primarily related to growth in the average balance and yield of our loan portfolio, which increased by $282.3 million and 11 basis points and, to a lesser extent, a decrease of $276.6 million in the average balance of FHLB advances. This was partially offset by a $573.4 million increase in the average balance of our deposits, as well as increases in costs of deposits and FHLB advances, which increased by 26 and 21 basis points, respectively. The $3.0 million, or 10.3%, increase in net interest income over the same period last year was primarily related to growth in the average balance and yield of our loan portfolio.