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New words:
apportionment, coupled, depreciation, dividend, downgrade, East, fourth, Notably, reclassified, space, unprecedented
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conflict, declined, decreasing, improvement, marketing, recaptured
Financial report summary
?Management Discussion
- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
- We are a bank holding company headquartered in Santa Rosa, California, and the parent company of Luther Burbank Savings, a California-chartered commercial bank with $8.1 billion in assets at September 30, 2023. Our principal business is providing high-value, relationship-based banking products and services to our customers, which include real estate investors, professionals, entrepreneurs, depositors and commercial businesses. We generate most of our revenue from interest on loans and investments. Our primary source of funding for our loans is retail deposits and we place secondary reliance on wholesale funding, primarily borrowings from the Federal Home Loan Bank ("FHLB") and brokered deposits. Our largest expenses are interest on deposits and borrowings along with salaries and related employee benefits. Our principal lending products are real estate secured loans, consisting primarily of multifamily residential properties and jumbo single family residential properties on the West Coast.
- As announced in November of last year, Luther Burbank Corporation entered into an agreement to merge with and into Washington Federal, Inc. ("WAFD"). On May 4, 2023, shareholders of each entity approved the transaction, and on October 13, 2023, the Washington State Department of Financial Institutions granted conditional approval of the merger. The merger remains subject to the receipt of approvals from the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System.