Luther Burbank Corporation (NASDAQ: LBC) (the “Company”), the
holding company for Luther Burbank Savings (the “Bank”), today
reported net income of $6.9 million and $20.4 million, or $0.14 and
$0.40 diluted earnings per common share (“EPS”), for the quarter
and six months ended June 30, 2023, respectively.
Simone Lagomarsino, President and Chief
Executive Officer, stated, “Our financial results for the second
quarter are reflective of our liability sensitive balance sheet and
the impact from the unprecedented rise in interest rates over the
past 16 months. As a result of the increase in our cost of funds,
our net interest margin and earnings have continued to compress.
Although market competition is fierce and the price of attracting
deposits is high, I am encouraged that our customer deposit
activity seems to have returned to a more normalized level as
concerns regarding instability within the industry appear to have
dissipated. As compared to the prior quarter, deposits increased by
$190.9 million, or 3%, to $5.8 billion at June 30, 2023 and
uninsured deposits declined to $997.8 million, or 17.1% of our
total deposits. At the same time, loans declined by $102 million,
or 1%, which included loan production totaling $69.8 million.
Slowing loan volume was anticipated and represents both a
moderation in customer demand due to rising interest rates and our
desire to obtain a reasonable spread over current elevated funding
costs."
Ms. Lagomarsino continued, "My expectation is
that both our margin and earnings will not improve until short-term
interest rates begin to decline, and/or a significant amount of our
loans reprice. As I mentioned last quarter, future changes in our
cost of funds are extremely difficult to forecast and will likely
be driven by competitive market conditions. We continued to
maintain strong on-balance sheet liquidity with a liquid assets to
total assets ratio of 15.24%. Our credit quality remains
exceptionally strong, with our ratio of nonperforming assets to
total assets of 0.06%, at quarter end. Our board of directors and
our senior leadership remain vigilant in prudently navigating our
organization through these significant, prolonged headwinds and
continuing to deliver long-term value to our shareholders."
Liquidity and Borrowing Capacity |
As a result of the bank failures this year, we
continue to closely monitor our liquidity levels to ensure that we
are well-positioned for any deposit volatility. At June 30, 2023,
our on-balance sheet liquidity was $161.8 million greater as
compared to the prior quarter, primarily through an increase in
deposits. We have pledged substantially all of our loans and
investment portfolio to the Federal Home Loan Bank of San Francisco
("FHLB") and Federal Reserve Bank of San Francisco ("FRB") for
liquidity contingency planning. Although the Bank has access to an
aggregate borrowing capacity of $1.2 billion under FRB's Bank Term
Funding Program and discount window, we have not utilized either
line during the current year. At the end of the quarter, our total
on-balance sheet liquidity and borrowing capacity, as shown below,
represented 337% of our uninsured deposit balances. As of
June 30, 2023, we maintained the following liquidity
position:
(Dollars in thousands) |
|
June 30, 2023 |
|
% of Assets |
Unrestricted cash & cash equivalents |
|
$ |
699,366 |
|
8.37 |
% |
Unpledged liquid securities |
|
|
32,765 |
|
0.39 |
% |
Unutilized brokered deposit capacity(1) |
|
|
298,785 |
|
3.57 |
% |
Unutilized FHLB borrowing capacity(2)(3) |
|
|
1,123,450 |
|
13.44 |
% |
Unutilized FRB borrowing capacity(2) |
|
|
1,162,693 |
|
13.91 |
% |
Commercial lines of credit |
|
|
50,000 |
|
0.60 |
% |
Total liquidity |
|
$ |
3,367,059 |
|
40.28 |
% |
(1) Capacity based on internal
guidelines.(2) Capacity based on pledged
collateral specific to the FHLB or FRB, as
applicable.(3) Availability to borrow from the
FHLB is permitted up to 40% of the Bank assets or $3.3 billion,
subject to collateral capacity. At June 30, 2023, we had $1.6
billion and $62.6 million in outstanding advances and letters of
credit with the FHLB, respectively.
The Company reported net income of $6.9 million,
or $0.14 EPS, for the three months ended June 30, 2023
compared to net income of $13.4 million, or $0.26 EPS, for the
linked quarter. Pre-tax, pre-provision net earnings totaled $11.1
million for the three months ended June 30, 2023 compared to
$18.3 million for the linked quarter.
Net Interest Income
Net interest income in the second quarter of
2023 was $26.3 million, a decrease of $7.7 million from the first
quarter, primarily due to higher interest expense on our deposit
portfolio and FHLB advances, partially offset by higher interest
income on cash and cash equivalents and loans. The increase in
interest expense on deposits was due to an increase in the interest
rate paid on deposits, while the increase in interest expense on
FHLB advances was due to both an increase in the average balance
of, and interest rate on, FHLB advances. As compared to the linked
quarter, the cost of interest bearing deposits increased by 65
basis points and the average balance and cost of FHLB advances
increased by $313.1 million and 50 basis points, respectively. The
improvement in interest income on cash and cash equivalents was
primarily due to an increase in average balances and, to a lesser
extent, the average yield, while the increase in loan interest
income was due to an increase in the average interest rate of
loans. The average balance and yield of cash and cash equivalents
increased $391.7 million and 47 basis points, respectively, and the
yield on our loan portfolio increased 9 basis points during the
second quarter.
As of June 30, 2023, the Company held swaps
with an aggregate notional amount of $1.5 billion, carrying a
weighted average fixed payment rate of 3.57%, while receiving a
federal funds weighted average rate of 5.08%. The Company's swaps
provide a hedge against the interest rate risk associated with
hybrid adjustable loans in their fixed period, as well as a pool of
fixed rate single family loans. The net hedging impact associated
with our swaps is reported in interest income on loans. During the
quarters ended June 30 and March 31, 2023, interest income earned
on these swaps totaled $8.0 million and $8.2 million,
respectively.
Net interest margin for the second quarter of
2023 was 1.27% compared to 1.72% for the previous quarter. The
decrease in our net interest margin reflects the net impact of an
increase in the cost of interest bearing liabilities, partially
offset by an increase in the yield on interest earning assets.
During the second quarter, the cost of our interest bearing
liabilities increased by 61 basis points due to an increase in the
cost of our deposits and FHLB advances, while the yield on our
interest earning assets increased by 14 basis points primarily due
to an increase in our yields on cash and cash equivalents and
loans. Our net interest spread in the second quarter was 0.98%, a
decrease of 47 basis points as compared to the linked quarter.
Noninterest Income
Noninterest income for the second quarter of
2023 was $891 thousand, a decrease of $344 thousand compared to the
first quarter. The decrease was primarily attributable to a
decrease in the fair value of equity securities during the current
quarter compared to the prior quarter. Changes in fair value are
primarily attributable to changes in market interest rates.
Noninterest income primarily consists of FHLB
stock dividends, fair value adjustments on equity securities and
fee income.
Noninterest Expense
Noninterest expense for the second quarter of
2023 was $16.1 million, a decrease of $830 thousand compared to the
linked quarter. The decrease was predominantly due to a $553
thousand decrease in compensation costs primarily due to a decline
in the required accrual for post-retirement benefits due to rising
long-term interest rates during the period, partially offset by a
decline in capitalized loan origination costs due to lower loan
origination volume. During the current quarter, the Company further
reduced its workforce by approximately 10%, predominantly impacting
our loan production team. The financial benefit of this reduction
will be reflected in future quarters. Noninterest expense was also
positively impacted by a $512 thousand decline in costs incurred in
connection with our previously announced merger with Washington
Federal, Inc. ("Washington Federal") compared to the prior quarter.
Our efficiency ratio was 59.2% for the quarter ended June 30,
2023 compared to 48.1% for the previous quarter and was impacted by
the decline in net interest income and noninterest income,
partially offset by the decrease in noninterest expense.
Noninterest expense primarily consists of
compensation costs, as well as expenses incurred related to
occupancy, depreciation and amortization, data processing,
marketing, professional services and merger related costs.
Total assets at June 30, 2023 were $8.4
billion, an increase of $385.4 million, or 4.8%, from
December 31, 2022. The increase was primarily due to a $513.5
million increase in cash and cash equivalents as compared to the
prior year end, partially offset by a $89.5 million decline in
loans. Total liabilities were $7.7 billion at quarter end, an
increase of $368.6 million, or 5.1%, from December 31, 2022.
The increase in total liabilities was primarily attributable to a
$368.5 million increase in FHLB advances.
Loans
Total loans at June 30, 2023 were $6.9
billion, a decrease of 1.3% compared to the prior year end. The
change in loans during the six months ended June 30, 2023 was
primarily attributable to loan prepayments exceeding loan
originations. Loan production has slowed substantially during the
first half of 2023. During the year to date period, loan
prepayments totaled $253.3 million while loan origination volume
totaled $160.1 million. Our loan portfolio generally consists of
income property loans ("IPL") and single family residential ("SFR")
mortgage loans, which represent 66.3% and 33.4%, respectively, of
our total loan portfolio. Our IPL portfolio primarily consists of
hybrid-adjustable rate multifamily residential and nonresidential
commercial real estate loans and totaled $4.6 billion and $4.7
billion at June 30, 2023 and December 31, 2022, respectively.
Our SFR loan portfolio totaled $2.3 billion, as of both the same
dates, and consisted primarily of hybrid-adjustable rate loans
representing 86.5% and 85.9% of the total as of June 30, 2023
and December 31, 2022, respectively. The remaining portion of our
SFR loan portfolio primarily consisted of 30-year fixed rate
loans.
Selected Loan Data (1) |
|
As of or For the Three Months Ended |
|
As of or For the Six Months Ended |
(Dollars in thousands) |
|
June 30,2023 |
|
March 31,2023 |
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2022 |
Loan Yield |
IPL Portfolio |
|
|
4.56 |
% |
|
|
4.36 |
% |
|
|
3.74 |
% |
|
|
4.46 |
% |
|
|
3.75 |
% |
SFR
Loan Portfolio |
|
|
3.84 |
% |
|
|
4.03 |
% |
|
|
2.94 |
% |
|
|
3.93 |
% |
|
|
2.76 |
% |
Loan Originations |
|
|
|
|
|
|
|
IPL
Portfolio |
|
$18,994 |
|
|
$23,380 |
|
|
$501,584 |
|
|
$42,374 |
|
|
$813,131 |
|
SFR
Loan Portfolio |
|
$50,825 |
|
|
$66,927 |
|
|
$231,383 |
|
|
$117,752 |
|
|
$483,347 |
|
Weighted Average Coupon on Loan Originations |
IPL
Portfolio |
|
|
6.02 |
% |
|
|
6.11 |
% |
|
|
3.39 |
% |
|
|
6.07 |
% |
|
|
3.35 |
% |
SFR
Loan Portfolio |
|
|
7.06 |
% |
|
|
6.53 |
% |
|
|
3.90 |
% |
|
|
6.76 |
% |
|
|
3.39 |
% |
Prepayment Speeds |
IPL
Portfolio |
|
|
6.49 |
% |
|
|
2.97 |
% |
|
|
24.01 |
% |
|
|
4.74 |
% |
|
|
22.90 |
% |
SFR
Loan Portfolio |
|
|
5.61 |
% |
|
|
6.79 |
% |
|
|
25.57 |
% |
|
|
6.20 |
% |
|
|
32.40 |
% |
Weighted Average Months to Repricing |
IPL
Portfolio |
|
|
30.7 |
|
|
|
32.6 |
|
|
|
36.8 |
|
|
|
30.7 |
|
|
|
36.8 |
|
SFR
Loan Portfolio |
|
|
78.4 |
|
|
|
81.2 |
|
|
|
91.4 |
|
|
|
78.4 |
|
|
|
91.4 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) This table excludes loan data related to
construction loans, which are an insignificant component of our
loan portfolio. |
During the three months ended June 30,
2023, the Company's internal production of new loans was $69.8
million, a decrease of $20.5 million, or 22.7%, as compared to the
linked quarter. Declining loan originations are primarily
attributable to slowing demand resulting from the general rise in
interest rates, coupled with our desire to achieve a risk adjusted
return on new loan volume in light of the high cost of new funding.
During the quarter, the weighted average coupon on SFR loan
originations increased 53 basis points compared to the linked
quarter due to the recent rises in interest rates, while the
weighted average coupon on IPL loan originations decreased by 9
basis points. This decline was primarily due to the composition of
loans originated during the current quarter, which generally
consisted of shorter fixed term hybrid loans as compared to the
linked quarter.
During the current quarter, IPL yields increased
20 basis points compared to the prior quarter primarily due to a
$1.6 million increase in income earned on IPL related interest rate
swaps. IPL prepayment speeds remained low during the current
quarter as higher interest rates have slowed purchase and refinance
activity. The weighted average interest rate on the prepayment and
other principal reduction of IPL loans was 5.20% and 4.55% for the
quarters ended June 30, 2023 and March 31, 2023,
respectively.
During the three months ended June 30,
2023, SFR portfolio yields decreased by 19 basis points compared to
the linked quarter due to a $1.8 million decline in income earned
on related interest rate swaps, partially offset by the origination
of new loans at higher rates throughout the current year and the
last half of the prior year. The decline in swap income was
attributable to the maturity of a SFR designated swap in February
2023. Consistent with the IPL discussion above, SFR loan portfolio
prepayment speeds remained low during the current quarter due to
high market interest rates. The weighted average interest rate on
the prepayment and other principal reduction of SFR loans was 4.35%
and 4.28% for the quarters ended June 30, 2023 and
March 31, 2023, respectively.
At June 30, 2023, our entire loan portfolio was
secured by real estate collateral and 97% of our loan balances
financed multifamily residential ("MFR") or SFR loans having a
weighted average loan-to-value ("LTV") of 58.8%. Our MFR portfolio
primarily supports workforce housing and, at the end of the current
quarter, had an average loan balance of $1.6 million, with a
weighted average debt service coverage ratio of 1.6 times and
supporting collateral averaging 13.6 housing units. At June 30,
2023, the SFR portfolio had an average loan balance of $907
thousand and a weighted average borrower credit score at
origination/refresh of 759. Our exposure to nonresidential
commercial real estate is limited and, at June 30, 2023, had an
average loan balance of $2.2 million and a weighted average debt
service coverage ratio of 1.7 times. Additional detail is provided
within the table below as of June 30, 2023:
(Dollars in thousands) |
|
Count |
|
Balance |
|
Weighted Average LTV |
|
% of Total Loans |
Multifamily Real Estate |
|
2,709 |
|
$ |
4,428,226 |
|
56.2 |
% |
|
64.0 |
% |
Single Family Real Estate |
|
2,550 |
|
|
2,308,912 |
|
64.0 |
% |
|
33.4 |
% |
Commercial Real Estate Type: |
|
|
|
|
|
|
|
|
Mid Rise Office |
|
7 |
|
|
37,445 |
|
62.1 |
% |
|
0.5 |
% |
Strip Retail |
|
13 |
|
|
23,081 |
|
50.1 |
% |
|
0.3 |
% |
Medical Office |
|
5 |
|
|
18,389 |
|
58.8 |
% |
|
0.3 |
% |
Shopping Center |
|
5 |
|
|
17,837 |
|
56.3 |
% |
|
0.3 |
% |
Unanchored Retail |
|
8 |
|
|
14,469 |
|
44.1 |
% |
|
0.2 |
% |
Anchored Retail |
|
3 |
|
|
11,420 |
|
50.4 |
% |
|
0.2 |
% |
Low rise office |
|
7 |
|
|
11,324 |
|
51.6 |
% |
|
0.2 |
% |
More than 50% commercial |
|
10 |
|
|
10,798 |
|
47.3 |
% |
|
0.2 |
% |
Multi-Tenant Industrial |
|
5 |
|
|
6,925 |
|
41.2 |
% |
|
0.1 |
% |
Shadow Retail |
|
3 |
|
|
3,897 |
|
61.1 |
% |
|
0.1 |
% |
Flex Industrial |
|
2 |
|
|
2,354 |
|
60.7 |
% |
|
0.0 |
% |
Warehouse |
|
3 |
|
|
2,336 |
|
43.9 |
% |
|
0.0 |
% |
Restaurant |
|
2 |
|
|
1,242 |
|
25.8 |
% |
|
0.0 |
% |
Other |
|
1 |
|
|
71 |
|
13.6 |
% |
|
0.0 |
% |
Commercial Real Estate |
|
74 |
|
|
161,588 |
|
53.7 |
% |
|
2.3 |
% |
Construction (1) |
|
7 |
|
|
22,268 |
|
55.4 |
% |
|
0.3 |
% |
Total |
|
5,340 |
|
$ |
6,920,994 |
|
58.7 |
% |
|
100.0 |
% |
(1) Construction LTV is
calculated based on an "as-completed" property value. Undisbursed
commitments for construction loans totaled $11.1 million at June
30, 2023.
Asset Quality
Nonperforming assets totaled $5.0 million, or
0.06% of total assets, at June 30, 2023, compared to $6.5
million, or 0.08% of total assets, at December 31, 2022. The
decrease in nonperforming assets was primarily due to two SFR loans
returning to performing status during the first quarter. Classified
loans, which includes loans graded Substandard and of greater risk,
totaled $18.3 million and $18.9 million at June 30, 2023 and
December 31, 2022, respectively. Criticized loans, which
includes loans graded Special Mention and classified loans, were
$21.3 million at June 30, 2023 compared to $22.3 million at
December 31, 2022. As of June 30, 2023 and
December 31, 2022, we had no real estate owned and we have not
foreclosed on any collateral since 2015.
The Company adopted the Current Expected Credit
Losses ("CECL") methodology on January 1, 2023 using the modified
retrospective method. Results for reporting periods beginning
January 1, 2023 are reported under the CECL methodology, while
prior period results continue to be reported under previously
applicable U.S. generally accepted accounting principles ("GAAP").
During the three months ended June 30, 2023, the Company
recorded loan loss provisions of $1.3 million, compared to
recaptured loan loss provisions of $679 thousand during the three
months ended March 31, 2023. The provision recorded during the
current quarter was primarily related to forecasted declines in
multifamily property values. The reversal during the prior quarter
was predominantly due to the reversal of a specific reserve
previously established on a collateral dependent loan. Our
allowance for credit losses on loans to total loans was 0.54% at
June 30, 2023 compared to 0.51% and 0.52% at March 31,
2023 and December 31, 2022, respectively.
Investments
Investments totaled $577.7 million and $620.8
million at June 30, 2023 and December 31, 2022, respectively. Our
investment portfolio is generally comprised of U.S. government
agency securities, with over 97.9% classified as available for sale
("AFS"). The unrealized losses in the Company's AFS and held to
maturity portfolios were $52.8 million and $232 thousand,
respectively, and represented 8.38% and 0.04%, respectively, of the
total amortized cost of our investment portfolio at June 30, 2023.
Unrealized losses in our AFS portfolio are reported in our
stockholders' equity, net of any tax impact. Over 62% of our AFS
securities portfolio consisted of floating rate securities with an
average repricing period of approximately 14 months. The following
table summarizes the amortized cost and the estimated fair value of
our investment portfolio as of June 30, 2023.
(Dollars in thousands) |
Amortized Cost |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
Available for sale: |
|
|
|
|
|
|
|
Government and Government Sponsored Entities: |
|
|
|
|
|
|
|
Commercial MBS and CMOs |
$ |
344,433 |
|
$ |
187 |
|
$ |
(28,714 |
) |
|
$ |
315,906 |
Residential MBS and CMOs |
|
210,898 |
|
|
10 |
|
|
(23,618 |
) |
|
|
187,290 |
Agency bonds |
|
38,698 |
|
|
91 |
|
|
(136 |
) |
|
|
38,653 |
Other ABS |
|
23,066 |
|
|
— |
|
|
(641 |
) |
|
|
22,425 |
Total available for sale |
|
617,095 |
|
|
288 |
|
|
(53,109 |
) |
|
|
564,274 |
Held to maturity: |
|
|
|
|
|
|
|
Government Sponsored Entities: |
|
|
|
|
|
|
|
Residential MBS |
|
2,996 |
|
|
— |
|
|
(232 |
) |
|
|
2,764 |
Other investments |
|
57 |
|
|
— |
|
|
— |
|
|
|
57 |
Total held to maturity |
|
3,053 |
|
|
— |
|
|
(232 |
) |
|
|
2,821 |
Equity securities |
|
10,340 |
|
|
— |
|
|
— |
|
|
|
10,340 |
Total investment securities |
$ |
630,488 |
|
$ |
288 |
|
$ |
(53,341 |
) |
|
$ |
577,435 |
Prepaid Expenses and Other
Assets
Prepaid expenses and other assets totaled $140.9
million at June 30, 2023 compared to $147.8 million at
December 31, 2022, a decrease of $6.9 million, or 4.7%.
Prepaid expenses and other assets primarily
consist of bank-owned life insurance, other investments, prepaid
expenses, accrued interest receivable, lease right-of-use assets,
fair value adjustments on derivatives and tax related items.
Deposits
Deposits totaled $5.8 billion at both
June 30, 2023 and December 31, 2022. Retail deposits
decreased $120.3 million, while brokered deposits increased $121.4
million from December 31, 2022. The decline in retail deposits
during the year to date period was primarily in money market
savings accounts, partially offset by increases in time deposits.
Consequently, the proportion of non-maturity deposits within the
portfolio decreased to 35.9% at June 30, 2023 compared to
46.3% at December 31, 2022, while our portfolio of time
deposits increased to 64.1% at June 30, 2023 from 53.7% at
December 31, 2022. Retail deposit declines began after the
events of mid-March and resulted in large first quarter outflows
which were partially offset by increases during the second quarter
as retail deposit activity normalized. The increase in brokered
deposits was utilized to offset the decline in our retail deposits
and further supplement our liquidity position. Our cost of interest
bearing deposits was 3.30% during the quarter ended June 30,
2023 compared to 2.65% during the linked quarter. The increase in
our cost of interest bearing deposits compared to the prior quarter
was predominantly due to interest rate increases in both retail and
brokered deposits.
Estimated uninsured deposits represented 17.1%
and 22.5% of total deposits as of June 30, 2023 and December 31,
2022, respectively. The following table summarizes our deposit
composition by source and segregates balances between estimated
insured and uninsured for each deposit category as of the same
dates.
|
|
June 30, 2023 |
|
December 31, 2022 |
(Dollars in thousands) |
|
Insured |
|
Uninsured |
|
Insured |
|
Uninsured |
Consumer |
|
$ |
3,359,071 |
|
$ |
828,474 |
|
$ |
3,090,797 |
|
$ |
931,454 |
Business |
|
|
906,244 |
|
|
169,369 |
|
|
981,692 |
|
|
379,560 |
Brokered |
|
|
577,281 |
|
|
— |
|
|
455,837 |
|
|
— |
Total deposits |
|
$ |
4,842,596 |
|
$ |
997,843 |
|
$ |
4,528,326 |
|
$ |
1,311,014 |
FHLB Advances
FHLB advances totaled $1.6 billion and $1.2
billion at June 30, 2023 and December 31, 2022, respectively.
The increase in FHLB advances was primarily utilized to supplement
our liquidity in response to the unexpected bank closures in March
2023 and offset the declines in retail deposits, discussed above.
At June 30, 2023, the weighted average interest rate and
weighted average remaining maturity of FHLB advances outstanding
was 3.34% and 1.5 years, respectively, compared to 2.64% and 1.7
years, respectively, at December 31, 2022. The increase in the
weighted average interest rate was due to the general rise in
interest rates.
Other Liabilities
Other liabilities totaled $86.9 million at
June 30, 2023 compared to $88.0 million at December 31,
2022, a decrease of $1.0 million, or 1.2%.
Other liabilities primarily consist of accrued
employee benefits, loan escrow balances, checks outstanding, lease
liabilities, low income housing tax credit investment commitments,
fair value adjustments for derivatives, accrued interest payable
and the allowance for credit losses on unfunded commitments and
other off-balance sheet exposures.
Capital
As of June 30, 2023, the Company was in
compliance with all applicable regulatory capital requirements and
the Bank qualified as ‘‘well-capitalized’’ for purposes of the
FDIC’s prompt corrective action regulations, as summarized in the
table below:
|
|
June 30, 2023 |
|
March 31,2023 |
|
June 30,2022 |
|
Minimum Required For Capital Adequacy
Purposes |
|
Minimum Required For Well- Capitalized
Institution |
(Dollars in thousands, unaudited) |
|
Capital Ratio |
Excess Capital (2) |
|
CapitalRatio |
|
CapitalRatio |
|
CapitalRatio |
|
CapitalRatio |
Luther Burbank Corporation |
|
|
|
|
|
Tier 1 Leverage Ratio |
|
9.40 |
% |
$456,768 |
|
9.73 |
% |
|
10.20 |
% |
|
4.00 |
% |
|
N/A |
Common Equity Tier 1 Risk-Based Ratio |
|
17.95 |
% |
|
447,545 |
|
17.18 |
% |
|
16.74 |
% |
|
7.00 |
% |
|
N/A |
Tier 1 Risk-Based Capital Ratio |
|
19.47 |
% |
|
448,121 |
|
18.64 |
% |
|
18.24 |
% |
|
8.50 |
% |
|
N/A |
Total Risk-Based Capital Ratio |
|
20.39 |
% |
|
404,219 |
|
19.50 |
% |
|
19.12 |
% |
|
10.50 |
% |
|
N/A |
Total Equity to Total Assets |
|
8.37 |
% |
N/A |
|
8.38 |
% |
|
8.92 |
% |
|
N/A |
|
N/A |
Tangible Stockholders' Equity to Tangible Assets
(1) |
|
8.33 |
% |
N/A |
|
8.35 |
% |
|
8.88 |
% |
|
N/A |
|
N/A |
Luther Burbank Savings |
|
|
|
|
|
Tier 1 Leverage Ratio |
|
10.33 |
% |
$450,914 |
|
10.73 |
% |
|
11.31 |
% |
|
4.00 |
% |
|
5.00 |
% |
Common Equity Tier 1 Risk-Based Ratio |
|
21.41 |
% |
|
588,270 |
|
20.56 |
% |
|
20.23 |
% |
|
7.00 |
% |
|
6.50 |
% |
Tier 1 Risk-Based Capital Ratio |
|
21.41 |
% |
|
527,033 |
|
20.56 |
% |
|
20.23 |
% |
|
8.50 |
% |
|
8.00 |
% |
Total Risk-Based Capital Ratio |
|
22.34 |
% |
|
483,190 |
|
21.42 |
% |
|
21.10 |
% |
|
10.50 |
% |
|
10.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) See "Non-GAAP Reconciliation" table |
(2) Excess capital is based on the Basel III
capital minimums including the capital conservation buffer, with
the exception of Tier 1 Leverage Ratios, which are based on the
regulatory requirements of 4.00% and 5.00% for the Company and the
Bank, respectively. |
The Company's stockholders’ equity totaled
$699.3 million at June 30, 2023, an increase of $16.8 million,
or 2.5%, compared to December 31, 2022. The increase in
stockholders' equity was primarily due to net income of $20.4
million, partially offset by unrealized losses on securities of
$3.3 million during the six months ended June 30, 2023.
Given the pending merger with Washington
Federal, and the desire to preserve capital in the current economic
environment, the Company’s Board of Directors is continuing to
suspend quarterly cash dividends.
About Luther Burbank
Corporation
Luther Burbank Corporation is a publicly owned
company traded on the NASDAQ Capital Market under the symbol “LBC.”
The Company is headquartered in Santa Rosa, California with total
assets of $8.4 billion, total loans of $6.9 billion and total
deposits of $5.8 billion as of June 30, 2023. It operates
primarily through its wholly-owned subsidiary, Luther Burbank
Savings, an FDIC insured, California-chartered bank. Luther Burbank
Savings executes on its mission to improve the financial future of
customers, employees and shareholders by providing personal banking
and business banking services. It offers consumers a host of
competitive depository and mortgage products coupled with
personalized attention. Business customers benefit from
boutique-quality service along with access to products which meet
their unique financial needs from the convenience of online and
mobile banking, robust cash management solutions, and high-yield
liquidity management products to multifamily and commercial real
estate lending. Currently operating in the western United States,
from ten branches in California, one branch in Washington and
lending offices located throughout the market area, Luther Burbank
Savings is an equal housing lender. For additional information,
please visit lutherburbanksavings.com.
Cautionary Statements Regarding
Forward-Looking Information
This communication and the related management
commentary contain, and responses to investor questions may
contain, forward-looking statements. These forward-looking
statements are based on current expectations, estimates and
projections about our industry, management's beliefs and certain
assumptions made by management, many of which, by their nature, are
inherently uncertain and beyond our control and involve a number of
risks and uncertainties. Accordingly, we caution you that any such
forward-looking statement is not a guarantee of future performance
and that actual results may prove to be materially different from
the results expressed or implied by the forward-looking statements
due to a number of factors, including, but not limited to, the
following: interest rate, liquidity, economic, market, credit,
operational, inflation risks associated with our business or
industry, including the speed and predictability of changes in
these risks; our ability to retain deposits and attract new
deposits and loans and the composition and terms of such deposits
and loans; our access to adequate sources of liquidity; business
and economic conditions generally and in the financial services
industry, nationally and within our current and future geographic
markets, including the tight labor market, ineffective management
of the U.S. Federal budget or debt, bank failures or turbulence or
uncertainty in domestic or foreign financial markets; any failure
to adequately manage the transition from LIBOR as a reference rate;
changes in the level of our nonperforming assets and charge-offs;
the adequacy of our allowance for credit losses; our management of
risks inherent in our real estate loan portfolio, including the
seasoning of the portfolio, the level of non-conforming loans, the
number of large borrowers, and the risk of a prolonged downturn in
the real estate market; significant market concentrations in
California and Washington; the occurrence of significant natural or
man-made disasters (including fires, earthquakes and terrorist
acts), severe weather events, health crises and other catastrophic
events; climate change, including any enhanced regulatory,
compliance, credit and reputational risks and costs; political
instability or the effects of war or other conflicts, including,
but not limited to, the current conflict between Russia and
Ukraine, as well as civil unrest in Sudan; the announced merger
with Washington Federal, including delays in the consummation of
the merger or litigation or other conditions that may cause the
parties to abandon the merger or make the merger more expensive or
less beneficial; the impact that the announced merger may have on
our ability to attract and retain customers and key personnel, the
value of our shares, our expenses, and/or our ability to conduct
our business in the ordinary course and execute on our strategies;
the performance of our third-party vendors; fraud, financial crimes
and fund transfer errors; failures, interruptions, cybersecurity
incidents and data breaches involving the our data, technology and
systems and those of our customers and third-party providers; rapid
technological changes in the financial services industry; any
inadequacy in our risk management framework or use of data and/or
models; the laws and regulations applicable to our business, and
the impact of recent and future legislative and regulatory changes;
changing bank regulatory conditions, policies or programs, whether
arising as new legislation or regulatory initiatives, that could
lead to restrictions on activities of banks generally, or our
subsidiary bank in particular, more restrictive regulatory capital
requirements, increased costs, including deposit insurance
premiums, regulation or prohibition of certain income producing
activities or changes in the secondary market for loans and other
products; our involvement from time to time in legal proceedings
and examinations and remedial actions by regulators; increased
competition in the financial services industry; and changes in our
reputation. Other factors include, without limitation, those listed
in our annual report on Form 10-K for the year ended
December 31, 2022, including under the caption “Risk Factors”
in Item 1A of Part I, subsequent Quarterly Reports on Form 10-Q and
other reports or filings we file or make with the SEC. You should
not place undue reliance on any of these forward-looking
statements. Any forward-looking statement speaks only as of the
date on which it is made, and we do not undertake any obligation to
update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as
required by law.
Non-GAAP Financial Measures
This news release and related management
commentary contain financial measures that are not measures
recognized under GAAP, and, therefore, are considered non-GAAP
financial measures, including pre-tax, pre-provision net earnings,
efficiency ratio, liquidity ratio, tangible assets, tangible
stockholders’ equity, tangible book value per share and tangible
stockholders’ equity to tangible assets. Our management uses these
non-GAAP financial measures in their analysis of the Company’s
performance, financial condition and the efficiency of its
operations. We believe that these non-GAAP financial measures
provide a greater understanding of ongoing operations and enhance
comparability of results with prior periods and other companies, as
well as demonstrate the effects of significant changes in the
current period. We also believe that investors find these non-GAAP
financial measures useful as they assist investors in understanding
our underlying operating performance and the analysis of ongoing
operating trends. However, we acknowledge that our non-GAAP
financial measures have a number of limitations. You should not
view these disclosures as a substitute for results determined in
accordance with GAAP, and they are not necessarily comparable to
non-GAAP financial measures that other banking companies use. Other
banking companies may use names similar to those we use for the
non-GAAP financial measures we disclose, but may calculate them
differently. You should understand how we and other companies each
calculate non-GAAP financial measures when making comparisons.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP measures are provided in the tables
below.
Bradley SatenbergInvestor Relations(844)
446-8201investorrelations@lbsavings.com
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
(Dollars in thousands) |
June 30,2023 (unaudited) |
|
December 31,2022 |
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
699,366 |
|
|
$ |
185,895 |
|
Available for sale debt securities, at fair value |
|
564,274 |
|
|
|
607,348 |
|
Held to maturity debt securities, at amortized cost |
|
3,053 |
|
|
|
3,108 |
|
Equity securities, at fair value |
|
10,340 |
|
|
|
10,340 |
|
Loans |
|
6,920,994 |
|
|
|
7,010,445 |
|
Allowance for credit losses on loans |
|
(37,214 |
) |
|
|
(36,685 |
) |
Total loans, net |
|
6,883,780 |
|
|
|
6,973,760 |
|
FHLB stock |
|
45,146 |
|
|
|
32,694 |
|
Premises and equipment, net |
|
13,199 |
|
|
|
13,661 |
|
Prepaid expenses and other assets |
|
140,912 |
|
|
|
147,826 |
|
Total assets |
$ |
8,360,070 |
|
|
$ |
7,974,632 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Liabilities: |
|
|
|
Deposits |
$ |
5,840,439 |
|
|
$ |
5,839,340 |
|
FHLB advances |
|
1,576,647 |
|
|
|
1,208,147 |
|
Junior subordinated deferrable interest debentures |
|
61,857 |
|
|
|
61,857 |
|
Senior debt |
|
94,846 |
|
|
|
94,785 |
|
Other liabilities |
|
86,934 |
|
|
|
87,967 |
|
Total liabilities |
|
7,660,723 |
|
|
|
7,292,096 |
|
Total stockholders' equity |
|
699,347 |
|
|
|
682,536 |
|
Total liabilities and stockholders' equity |
$ |
8,360,070 |
|
|
$ |
7,974,632 |
|
CONDENSED CONSOLIDATED INCOME STATEMENTS
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
(Dollars in thousands except per share data) |
June 30,2023 |
|
March 31,2023 |
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2022 |
Interest and fee income: |
|
|
|
|
|
|
|
|
|
Loans |
$ |
76,014 |
|
$ |
74,604 |
|
|
$ |
56,912 |
|
$ |
150,618 |
|
$ |
110,545 |
Investment securities |
|
5,613 |
|
|
5,488 |
|
|
|
2,863 |
|
|
11,101 |
|
|
5,163 |
Cash and cash equivalents |
|
8,623 |
|
|
3,303 |
|
|
|
198 |
|
|
11,926 |
|
|
265 |
Total interest income |
|
90,250 |
|
|
83,395 |
|
|
|
59,973 |
|
|
173,645 |
|
|
115,973 |
Interest expense: |
|
|
|
|
|
|
|
|
|
Deposits |
|
47,717 |
|
|
37,607 |
|
|
|
6,913 |
|
|
85,324 |
|
|
12,933 |
FHLB advances |
|
13,630 |
|
|
9,262 |
|
|
|
3,628 |
|
|
22,892 |
|
|
6,725 |
Junior subordinated deferrable interest debentures |
|
1,008 |
|
|
966 |
|
|
|
385 |
|
|
1,974 |
|
|
660 |
Senior debt |
|
1,575 |
|
|
1,574 |
|
|
|
1,575 |
|
|
3,149 |
|
|
3,149 |
Total interest expense |
|
63,930 |
|
|
49,409 |
|
|
|
12,501 |
|
|
113,339 |
|
|
23,467 |
Net interest income before provision for credit losses |
|
26,320 |
|
|
33,986 |
|
|
|
47,472 |
|
|
60,306 |
|
|
92,506 |
Provision for (reversal of) credit losses |
|
1,212 |
|
|
(795 |
) |
|
|
2,500 |
|
|
417 |
|
|
— |
Net interest income after provision for credit losses |
|
25,108 |
|
|
34,781 |
|
|
|
44,972 |
|
|
59,889 |
|
|
92,506 |
Noninterest income |
|
891 |
|
|
1,235 |
|
|
|
362 |
|
|
2,126 |
|
|
420 |
Noninterest expense |
|
16,104 |
|
|
16,934 |
|
|
|
13,325 |
|
|
33,038 |
|
|
28,837 |
Income before provision for income taxes |
|
9,895 |
|
|
19,082 |
|
|
|
32,009 |
|
|
28,977 |
|
|
64,089 |
Provision for income taxes |
|
2,978 |
|
|
5,640 |
|
|
|
9,442 |
|
|
8,618 |
|
|
18,582 |
Net income |
$ |
6,917 |
|
$ |
13,442 |
|
|
$ |
22,567 |
|
$ |
20,359 |
|
$ |
45,507 |
Basic earnings per common share |
$ |
0.14 |
|
$ |
0.26 |
|
|
$ |
0.44 |
|
$ |
0.40 |
|
$ |
0.89 |
Diluted earnings per common share |
$ |
0.14 |
|
$ |
0.26 |
|
|
$ |
0.44 |
|
$ |
0.40 |
|
$ |
0.89 |
CONSOLIDATED FINANCIAL HIGHLIGHTS (UNAUDITED) |
|
|
|
|
|
|
|
|
|
As of or For the Three Months Ended |
|
For the Six Months Ended |
(Dollars in thousands except per share data) |
June 30,2023 |
|
March 31,2023 |
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2022 |
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
Return on average: |
|
|
|
|
|
|
|
|
|
Assets |
|
0.33 |
% |
|
|
0.67 |
% |
|
|
1.23 |
% |
|
0.49 |
% |
|
1.25 |
% |
Stockholders' equity |
|
3.94 |
% |
|
|
7.78 |
% |
|
|
13.41 |
% |
|
5.85 |
% |
|
13.50 |
% |
Efficiency ratio (1) |
|
59.18 |
% |
|
|
48.08 |
% |
|
|
27.86 |
% |
|
52.92 |
% |
|
31.03 |
% |
Noninterest expense to average assets |
|
0.76 |
% |
|
|
0.84 |
% |
|
|
0.72 |
% |
|
0.80 |
% |
|
0.79 |
% |
Loan to deposit ratio |
|
118.50 |
% |
|
|
124.32 |
% |
|
|
117.09 |
% |
|
118.50 |
% |
|
117.09 |
% |
Average stockholders' equity to average assets |
|
8.33 |
% |
|
|
8.59 |
% |
|
|
9.15 |
% |
|
8.45 |
% |
|
9.27 |
% |
Dividend payout ratio |
|
— |
% |
|
|
— |
% |
|
|
27.15 |
% |
|
— |
% |
|
27.14 |
% |
YIELDS/RATES |
|
|
|
|
|
|
|
|
|
Yield on loans |
|
4.35 |
% |
|
|
4.26 |
% |
|
|
3.50 |
% |
|
4.31 |
% |
|
3.46 |
% |
Yield on investments |
|
3.77 |
% |
|
|
3.57 |
% |
|
|
1.76 |
% |
|
3.67 |
% |
|
1.59 |
% |
Yield on interest earning assets |
|
4.36 |
% |
|
|
4.22 |
% |
|
|
3.31 |
% |
|
4.29 |
% |
|
3.23 |
% |
Cost of interest bearing deposits |
|
3.30 |
% |
|
|
2.65 |
% |
|
|
0.50 |
% |
|
2.98 |
% |
|
0.48 |
% |
Cost of borrowings |
|
3.62 |
% |
|
|
3.22 |
% |
|
|
2.19 |
% |
|
3.44 |
% |
|
2.19 |
% |
Cost of interest bearing liabilities |
|
3.38 |
% |
|
|
2.77 |
% |
|
|
0.77 |
% |
|
3.08 |
% |
|
0.74 |
% |
Net interest spread |
|
0.98 |
% |
|
|
1.45 |
% |
|
|
2.54 |
% |
|
1.21 |
% |
|
2.49 |
% |
Net interest margin |
|
1.27 |
% |
|
|
1.72 |
% |
|
|
2.62 |
% |
|
1.49 |
% |
|
2.58 |
% |
CAPITAL |
|
|
|
|
|
|
|
|
|
Total equity to total assets |
|
8.37 |
% |
|
|
8.38 |
% |
|
|
8.92 |
% |
|
|
|
|
Tangible stockholders' equity to tangible assets
(1) |
|
8.33 |
% |
|
|
8.35 |
% |
|
|
8.88 |
% |
|
|
|
|
Book value per share |
$ |
13.71 |
|
|
$ |
13.64 |
|
|
$ |
13.15 |
|
|
|
|
|
Tangible book value per share (1) |
$ |
13.64 |
|
|
$ |
13.58 |
|
|
$ |
13.09 |
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
Net charge-offs |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
Net charge-off ratio |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
|
|
Nonperforming loans to total loans |
|
0.07 |
% |
|
|
0.07 |
% |
|
|
0.08 |
% |
|
|
|
|
Nonperforming assets to total assets |
|
0.06 |
% |
|
|
0.06 |
% |
|
|
0.07 |
% |
|
|
|
|
Allowance for credit losses on loans to loans
held-for-investment |
|
0.54 |
% |
|
|
0.51 |
% |
|
|
0.54 |
% |
|
|
|
|
Allowance for credit losses on loans to nonperforming loans |
|
751.04 |
% |
|
|
722.62 |
% |
|
|
706.46 |
% |
|
|
|
|
Criticized loans |
$ |
21,269 |
|
|
$ |
21,030 |
|
|
$ |
27,513 |
|
|
|
|
|
Classified loans |
$ |
18,266 |
|
|
$ |
18,351 |
|
|
$ |
22,492 |
|
|
|
|
|
LOAN COMPOSITION |
|
|
|
|
|
|
|
|
|
Multifamily residential |
$ |
4,428,226 |
|
|
$ |
4,522,072 |
|
|
$ |
4,414,725 |
|
|
|
|
|
Single family residential |
$ |
2,308,912 |
|
|
$ |
2,308,485 |
|
|
$ |
2,011,374 |
|
|
|
|
|
Commercial real estate |
$ |
161,588 |
|
|
$ |
168,049 |
|
|
$ |
184,708 |
|
|
|
|
|
Construction and land |
$ |
22,268 |
|
|
$ |
24,873 |
|
|
$ |
27,022 |
|
|
|
|
|
DEPOSIT COMPOSITION |
|
|
|
|
|
|
|
|
|
Noninterest bearing transaction accounts |
$ |
72,347 |
|
|
$ |
74,756 |
|
|
$ |
173,317 |
|
|
|
|
|
Interest bearing transaction accounts |
$ |
127,638 |
|
|
$ |
143,870 |
|
|
$ |
230,587 |
|
|
|
|
|
Money market deposit accounts |
$ |
1,894,183 |
|
|
$ |
2,025,227 |
|
|
$ |
3,024,460 |
|
|
|
|
|
Time deposits |
$ |
3,746,271 |
|
|
$ |
3,405,641 |
|
|
$ |
2,240,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See "Non-GAAP Reconciliation" table |
NON-GAAP RECONCILIATION (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
(Dollars in thousands) |
June 30,2023 |
|
March 31,2023 |
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2022 |
Pre-tax, Pre-provision Net Earnings |
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
$ |
9,895 |
|
|
$ |
19,082 |
|
|
$ |
32,009 |
|
|
$ |
28,977 |
|
|
$ |
64,089 |
|
Plus: Provision for (reversal of) credit losses |
|
1,212 |
|
|
|
(795 |
) |
|
|
2,500 |
|
|
|
417 |
|
|
|
— |
|
Pre-tax, pre-provision net earnings |
$ |
11,107 |
|
|
$ |
18,287 |
|
|
$ |
34,509 |
|
|
$ |
29,394 |
|
|
$ |
64,089 |
|
Efficiency Ratio |
|
|
|
|
|
|
|
|
|
Noninterest expense (numerator) |
$ |
16,104 |
|
|
$ |
16,934 |
|
|
$ |
13,325 |
|
|
$ |
33,038 |
|
|
$ |
28,837 |
|
Net
interest income |
|
26,320 |
|
|
|
33,986 |
|
|
|
47,472 |
|
|
|
60,306 |
|
|
|
92,506 |
|
Noninterest income |
|
891 |
|
|
|
1,235 |
|
|
|
362 |
|
|
|
2,126 |
|
|
|
420 |
|
Operating revenue (denominator) |
$ |
27,211 |
|
|
$ |
35,221 |
|
|
$ |
47,834 |
|
|
$ |
62,432 |
|
|
$ |
92,926 |
|
Efficiency ratio |
|
59.18 |
% |
|
|
48.08 |
% |
|
|
27.86 |
% |
|
|
52.92 |
% |
|
|
31.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands except per share data) |
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
Tangible Book Value Per Share |
|
|
|
|
|
Total assets |
$ |
8,360,070 |
|
|
$ |
8,302,457 |
|
|
$ |
7,530,516 |
|
Less: Goodwill |
|
(3,297 |
) |
|
|
(3,297 |
) |
|
|
(3,297 |
) |
Tangible assets |
|
8,356,773 |
|
|
|
8,299,160 |
|
|
|
7,527,219 |
|
Less: Total liabilities |
|
(7,660,723 |
) |
|
|
(7,606,296 |
) |
|
|
(6,858,894 |
) |
Tangible stockholders' equity (numerator) |
$ |
696,050 |
|
|
$ |
692,864 |
|
|
$ |
668,325 |
|
Period end shares outstanding (denominator) |
|
51,027,878 |
|
|
|
51,030,877 |
|
|
|
51,063,498 |
|
Tangible book value per share |
$ |
13.64 |
|
|
$ |
13.58 |
|
|
$ |
13.09 |
|
Tangible Stockholders' Equity to Tangible
Assets |
|
|
|
|
|
Tangible stockholders' equity (numerator) |
$ |
696,050 |
|
|
$ |
692,864 |
|
|
$ |
668,325 |
|
Tangible assets (denominator) |
$ |
8,356,773 |
|
|
$ |
8,299,160 |
|
|
$ |
7,527,219 |
|
Tangible stockholders' equity to tangible assets |
|
8.33 |
% |
|
|
8.35 |
% |
|
|
8.88 |
% |
Liquidity Ratio |
|
|
|
|
|
Unrestricted cash & cash equivalents |
$ |
699,366 |
|
|
$ |
508,233 |
|
|
$ |
86,548 |
|
Available for sale debt securities, at fair value |
|
564,274 |
|
|
|
593,427 |
|
|
|
661,432 |
|
Equity securities, at fair value |
|
10,340 |
|
|
|
10,506 |
|
|
|
10,772 |
|
Total liquid assets (numerator) |
$ |
1,273,980 |
|
|
$ |
1,112,166 |
|
|
$ |
758,752 |
|
Total assets (denominator) |
$ |
8,360,070 |
|
|
$ |
8,302,457 |
|
|
$ |
7,530,516 |
|
Liquidity ratio |
|
15.24 |
% |
|
|
13.40 |
% |
|
|
10.08 |
% |
|
|
|
|
|
|
Luther Burbank (NASDAQ:LBC)
過去 株価チャート
から 5 2024 まで 6 2024
Luther Burbank (NASDAQ:LBC)
過去 株価チャート
から 6 2023 まで 6 2024