Investor Presentation

March 31, 2019

Simone LagomarsinoPresident & Chief Executive Officer

Laura TarantinoExecutive Vice President & Chief Financial Officer

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Forward‐Looking StatementThis communication contains a number of forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward‐looking statementsreflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. All statements contained inthis communication that are not clearly historical in nature are forward‐looking, and the words such as "anticipate," "believe," “continue,” "could," "estimate," "expect," “impact,”"intend," "seek," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases are generally intended to identify forward‐lookingstatements. These forward‐looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefsand certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward‐looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that theexpectations reflected in these forward‐looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed orimplied by the forward‐looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our Registration Statement on Form S‐1 filed with the Securitiesand Exchange Commission (“SEC”). The risks and uncertainties listed from time to time in our reports and documents filed with the SEC are the following factors: business andeconomic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity,credit and interest rate risks associated with our business; the occurrence of significant natural or man‐made disasters, including fires, earthquakes, and terrorist acts; ourmanagement of risks inherent in our real estate loan portfolio, and the risk of a prolonged downturn in the real estate market; our ability to achieve organic loan and deposit growthand the composition of such growth; the fiscal position of the U.S federal government and the soundness of other financial institutions; changes in consumer spending and savingshabits; technological and social media changes; the laws and regulations applicable to our business; increased competition in the financial services industry; changes in the level ofour nonperforming assets and charge‐offs; our involvement from time to time in legal proceedings and examination and remedial actions by regulators; the composition of ourmanagement team and our ability to attract and retain key personnel; material weaknesses in our internal control over financial reporting; systems failures or interruptions involvingour information technology and telecommunications systems; and potential exposure to fraud, negligence, computer theft and cyber‐crime. The Company can give no assurancethat any goal or expectation set forth in forward‐looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. These forward‐looking statements are made as of the date of this communication, and the Company does not intend, and assumes no obligation, to update any forward‐looking statement toreflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by law.

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Use of Non‐GAAP Financial MeasuresThis investor presentation contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (GAAP) and therefore, areconsidered non‐GAAP financial measures. The Company’s management uses these non‐GAAP financial measures in their analysis of the Company’s performance, financial conditionand the efficiency of its operations. Management believes that these non‐GAAP financial measures provide a greater understanding of ongoing operations and enhancecomparability of results with prior periods as well as demonstrate the effects of significant changes in the current period. The Company’s management also believes that investorsfind these non‐GAAP financial measures useful as they assist investors in understanding our underlying operating performance and the analysis of ongoing operating trends.However, the non‐GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measurescalculated in accordance with GAAP. Moreover, the manner in which we calculate the non‐GAAP financial measures discussed herein may differ from that of other companiesreporting measures with similar names. You should understand how such other banking organizations calculate their similar financial measures or with names similar to the non‐GAAP financial measures we have discussed herein when comparing such non‐GAAP financial measures.

Below is a listing of the non‐GAAP financial measures used in this investor presentation.

• Pro forma items include provision for income taxes, net income, return on average assets, return on average equity and earnings per share. Prior to January 1, 2018, these proforma amounts are calculated by adding back our franchise S‐Corporation tax to net income, and using a combined C‐Corporation effective tax rate for Federal and Californiaincome taxes of 42.0%. This calculation reflects only the changes in our status as a S‐Corporation and does not give effect to any other transaction.

• Efficiency ratio is defined as noninterest expenses divided by operating revenue, which is equal to net interest income plus noninterest income.• Tangible book value and tangible stockholders’ equity to tangible assets are non‐GAAP measures that exclude the impact of goodwill and are used by the Company’s

management to evaluate capital adequacy. Because intangible assets such as goodwill vary extensively from company to company, we believe that the presentation of thesenon‐GAAP financial measures allows investors to more easily compare the Company’s capital position to other companies.

A reconciliation to these non‐GAAP financial measures to the most directly comparable GAAP measures are provided in the appendix to this investor presentation.

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Franchise Overview and Financial Highlights

(1) Financial data as of or for the three months ended 3/31/2019.  See  non‐GAAP reconciliation in Appendix hereto.(2) Includes multifamily residential, commercial real estate, and construction  loans.

Financial Highlights 3/31/2019(1) 

Total Assets ($mm) $6,992

Total Loans HFI ($mm) $6,144

Total Deposits ($mm) $5,082

Loans / Deposits 121%

Tangible Book Value / Tang. Assets 8.4%

Leverage Capital Ratio 9.3%

Total Risk‐Based Capital Ratio 17.3%

Total CRE Loans(2) / Total Risk‐Based Capital 579%

ROAA  0.69%

ROAE  8.19%

Net Interest Margin 1.86%

EPS – Fully Diluted $0.21

Efficiency Ratio 48.6% 

Noninterest Expense / Avg. Assets 0.93% 

NPAs / Assets 0.02%

ALLL / Loans HFI 0.56%

Full‐Time Equivalent Employees 271

Branch  (10)

Loan Production Office (8)

** Highlighted counties indicate current lending markets

Our Small Network of Large Branches

OR

CA

WA

San Francisco

Los Angeles

OR

CA

WA

San Francisco

Los Angeles

1

2

59

3  6   7

84

A

1

5 9

43 7 6

8

2

10

* Acquisition date

# Branch Location Date March 31, 2019

Established Deposits ($mm)

1 Santa Rosa Oct. 1983 1,138.4

2 San Rafael Sep. 1996*  549.3

3 Encino Aug. 2007 437.2

4 Beverly Hills Jul. 2010 383.9

5 Los Altos Aug. 2000 309.2

6 Pasadena May 2009 305.4

7 Toluca Lake Jan. 2008 262.6

8 Long Beach Jun. 2015 232.2

9 San Jose Jun. 2012 212.5

10 Bellevue Jun. 2018 74.9

      Brokered Deposits 611.2

      Online/ Business Banking 565.0

A Manhattan Beach 1,176.2

Total Deposits 5,081.8

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History ofProfitability

Well‐Positioned in Strategic Markets

DemonstratedOrganic Growth

Engine

StrongManagement Team and Robust Infrastructure

StrongAsset Quality

EfficientOperations

Key Highlights

Note: Financial data as of or for the three months ended 3/31/2019.  See non‐GAAP reconciliation in Appendix hereto.

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3

2

1

6

5

Recorded consecutive quarterly profits since our second quarter of operations

Survived and prospered through numerous economic cycles during our more than 35‐year history

West Coast gateway cities in supply‐constrained markets with strong job growth and limited affordable housing

Achieve deeper penetration of our lending and deposit gathering operations in our attractive West Coast markets

Expand into contiguous markets on the West Coast to complete our Seattle to San Diego footprint

Multifamily: professional real estate investors focused on investing in stable, cash‐flowing assets

Single Family: primary residence, second home or investment property

Retail Deposits: strong base built on a high level of service, competitive rates and our reputation for strength and security

Led by President & CEO Simone Lagomarsino (30+ years of banking experience)

Invested heavily in people and infrastructure over the last several years

Our most important focus Strict, quality oriented underwriting and credit monitoring 

processes 0.02% NPAs / Total Assets

Maintain a small network of large branches ($390 million avg. branch size)

48.6% efficiency ratio, 0.93% noninterest expense / average assets and 271 FTEs

1. History of Profitability

2. Well‐Positioned in Strategic Markets

3. Demonstrated Organic Growth Engine

4. Strong Management Team and Robust Infrastructure

5. Strong Asset Quality

6. Efficient Operations

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Top Multifamily Lenders in the United States

Source: SNL Financial.(1) Represents delinquent multifamily loans as a percentage of total multifamily loans.  Delinquent loans include 30+ days past due and nonaccrual loans.(2) Includes all U.S. commercial banks, savings banks and savings and loan associations.

Top 25 Banks and Thrifts by Multifamily Loans

(Dollars in billions) As of December 31, 2018 Change Since (%) DelinquencyTotal Multifamily September 30, December 31, % of Change Since (bps)

Rank Institution Name Headquarters Assets Loans 2018 2017 Multifamily(1) December 31, 2017

1. JPMorgan Chase  & Co.  New York, NY 2,622.5 71.28 (0.1) 1.5 0.12 (4)2. New York Community Bancorp Inc.  Westbury, NY 51.9 29.90 1.1 6.5 0.01 (3)3. Signature  Bank  New York, NY 47.4 15.69 0.2 8.1 0.11 64. Wel ls  Fargo & Co.  San Francisco, CA 1,895.9 13.37 (12.4) (3.2) 0.47 25. Capita l  One  Financia l  Corp.  McLean, VA 372.5 11.89 0.7 8.9 0.64 596. Fi rst Republ ic Bank  San Francisco, CA 99.2 10.31 3.2 20.0 0.02 (3)7. Santander Holdings  USA Inc.  Boston, MA 135.6 8.31 0.6 0.5 0.18 08. Investors  Bancorp Inc.  Short Hi l l s , NJ 26.3 8.19 1.2 3.6 0.70 349. Ci tigroup Inc. New York, NY 1,917.4 7.08 16.4 50.4 0.06 (62)10. MUFG Americas  Holdings  Corp.  New York, NY 168.1 5.88 1.5 10.4 0.11 (1)11. PNC Financia l  Services  Group Inc.  Pittsburgh, PA 382.3 5.51 0.1 (6.1) 0.22 (28)12. Bank of America  Corp. Charlotte, NC 2,355.0 5.17 (2.5) (6.7) 0.06 (23)13. KeyCorp  Cleveland, OH 140.0 4.84 1.1 19.4 0.42 2114. Sterl ing Bancorp Montebel lo, NY 31.4 4.76 (1.3) (2.0) 0.11 (1)15. Dime  Community Bancshares  Inc.  Brooklyn, NY 6.3 3.87 (3.7) (11.7) 0.01 (3)16. TD Group US Holdings  LLC  Wilmington, DE 389.7 3.80 (1.6) 7.7 0.29 (117)17. Va l ley National  Bancorp  Wayne, NJ 31.9 3.80 (0.5) 9.9 0.03 (5)18. M&T Bank Corp. Buffa lo, NY 120.1 3.75 2.2 4.1 0.74 (28)19. Luther Burbank Corp.  Santa Rosa, CA 6.9 3.67 4.2 26.4 0.02 (16)20. U.S. Bancorp Minneapol i s , MN 467.4 3.59 0.1 (4.9) 0.42 1821. Umpqua  Holdings  Corp.  Portland, OR 26.9 3.35 3.0 8.0 0.13 922. Customers  Bancorp Inc. Wyomiss ing, PA 9.8 3.28 (6.3) (9.9) 0.04 (10)23. People's  United Financia l  Inc.  Bridgeport, CT 47.8 3.22 6.5 (3.0) 0.07 (12)24. CIBC Bancorp USA Inc. Chicago, IL 41.2 3.03 (6.6) 12.3 0.06 (1)25. BB&T Corp. Winston‐Salem, NC 225.7 2.97 (2.0) (2.1) 0.54 21

Banking Industry Aggregate(2) 430.44 1.1 6.6 0.26 (1)

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Luther Burbank Peer Group

Source: SNL Financial. GAAP data when available, otherwise FR Y‐9C’s and bank call reports as of or for the three months ended 12/31/2018.  Note that SNL earnings ratios may differ from Company as SNL annualizes one quarter rather than using data for 12 months. (1) Nonperforming assets (“NPA”) includes performing troubled debt restructurings.(2) Compound annual growth rate (“CAGR”) from 12/31/2015 to 12/31/2018.

Includes all major exchange‐traded banks and thrifts nationwide with:

Total assets > $1 billion Gross loans / assets > 65% Multifamily loans / total loans > 30% MFR + SFR + CRE / total loans > 75%

General Information Profitability Capital & Balance Sheet Ratios Asset Quality(1) Bal. Sheet Growth(2)

Total NPA / NCO / Gross TotalTotal Multifamily Yield on Cost of NIE / Avg. Eff. TCE / Leverage Capital Loans / LLR / Loans Avg. Loans DepositsAssets Loans ROAA ROAE NIM Loans Deposits Assets Ratio TA Ratio Ratio Deposits Loans + OREO Loans CAGR CAGR

Institution Name Ticker State ($bn) ($bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

Luther Burbank Corporation LBC CA 6.9 3.7 0.62 7.34 1.88 3.88 1.81 1.04 54.4 8.3 9.4 17.2 123 0.56 0.11 (0.01) 16.5 17.0

Peer Group:

1. ConnectOne Bancorp, Inc.   CNOB NJ 5.5 1.6 1.42 12.32 3.29 4.79 1.23 1.39 41.3 8.8 9.3 13.2 111 0.77 1.32 0.08 13.6 13.6

2. Dime Community Bancshares, Inc. DCOM NY 6.3 3.9 0.80 8.25 2.46 3.94 1.31 1.45 56.0 8.7 8.9 14.4 124 0.40 0.12 0.01 4.7 11.0

3. First Foundations, Inc. FFWM CA 5.8 2.5 1.00 10.37 3.05 4.41 1.17 2.16 58.5 8.0 8.4 11.2 95 0.40 0.28 0.01 39.6 43.9

4. Flushing Financial Corporation FFIC NY 6.8 2.3 0.74 9.18 2.55 4.47 1.64 1.52 64.0 7.8 8.7 13.7 112 0.38 0.44 (0.02) 8.2 8.4

5. Investors BanCorp, Inc. ISBC NJ 26.2 8.2 0.52 4.40 2.66 4.18 1.33 1.57 54.7 11.2 11.3 15.9 123 1.09 0.68 (0.03) 8.6 7.7

6. Kearny Financial Corp. KRNY NJ 6.7 2.1 0.64 3.55 2.56 4.12 1.25 1.62 61.8 14.9 14.7 23.2 114 0.71 0.55 0.01 22.3 17.3

7. Marquette Bank MNAT IL 1.5 0.5 0.74 6.72 3.80 4.36 0.30 3.15 71.6 9.1 9.1 14.1 91 1.12 2.43 0.04 4.0 ‐0.4

8. New York Community Bancorp, Inc. NYCB NY 51.9 29.9 0.79 6.03 2.07 3.76 1.53 1.04 49.8 7.5 8.7 14.2 131 0.40 0.16 0.03 1.7 2.7

9. Northfield Bancorp, Inc. NFBK NJ 4.4 2.1 0.92 6.05 2.74 4.08 1.11 1.46 54.0 14.4 14.8 17.9 99 0.85 0.74 0.10 11.0 17.0

10. Opus Bank OPB CA 7.2 2.9 (0.38) (2.63) 3.10 4.31 0.80 2.95 65.1 9.4 9.7 15.3 87 1.06 0.54 0.93 ‐2.0 3.9

11. Oritani Financial Corp. ORIT NJ 4.1 1.8 1.31 9.85 2.68 4.21 1.36 1.01 34.7 12.9 12.8 15.1 121 0.82 0.33 (0.01) 6.1 11.0

12. Provident Financial Holdings, Inc. PROV CA 1.1 0.5 0.69 6.42 3.52 4.36 0.40 3.77 81.0 10.9 9.96 18.26 101 0.75 NA (0.05) ‐2.0 ‐1.7

13. Signature Bank SBNY NY 47.4 15.7 1.38 14.88 2.93 4.24 0.99 1.03 34.9 9.2 9.7 13.4 100 0.62 0.44 (0.03) 15.0 10.8

14. Waterstone Financial, Inc. WSBF WI 1.9 0.6 1.19 5.62 3.03 4.63 1.36 6.65 81.4 20.8 21.1 28.2 133 0.87 0.93 (0.01) 5.9 5.1

Average: 0.84 7.21 2.89 4.28 1.13 2.20 57.8 11.0 11.2 16.3 110 0.73 0.69 0.08 9.8 10.7Median: 0.79 6.57 2.83 4.27 1.24 1.55 57.3 9.3 9.7 14.7 111 0.76 0.54 0.01 7.1 9.6

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Our Lending Business

Note: Data as of 3/31/2019.

Multifamily Residential LoansMarkets: High barrier to entry for new development; little land to develop Limited supply of new housing High variance between cost to own and rentDeals: Stabilized and seasoned assets Older, smaller properties with rents at/below market levels, 

catering to lower and middle income rentersSponsors: Experienced real estate professionals who desire regular 

income/cash flow streams and are focused on building wealth steadily over time

Single‐Family Residential LoansProperty Types: Both owner‐occupied and investor ownedBroker Network: Primarily third party mortgage brokers with the intention of 

retaining these loans in our portfolioOriginations: Majority are for purchase transactions Also provide refinancingUnderwriting Focus: Debt ratios Loan to Value Credit scores Borrower’s liquidity and cash reserves

0.02% NPAs / Assets0.02% NPLs / Loans

Multifamily Portfolio Highlights $1.5 million average loan balance

15.6 units average

57% average loan‐to‐value ratio

1.49x average debt service coverage ratio

Single‐Family Portfolio Highlights $908 thousand average loan balance

64% average loan‐to‐value ratio

751 average credit score

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First Mortgages

Hybrid Structures

• 25‐ or 30‐year amortization

• 10‐, 25‐ or 30‐year maturities

• 3‐, 5‐ or 7‐year fixed rate periods

Interest Only Option

• Lower loan‐to‐value ratios

• Underwrite at amortizing payment

Investor‐Owner Purchase or Refinance

Lines of Credit

• Specific business purpose/ fully adjustable/ short term

Our Lending ProductsMultifamily / Commercial Real Estate Lending Single‐Family Residential Lending

First Mortgages

Hybrid Structures

• 30‐ or 40‐year amortization

• 30‐ or 40‐year maturities

• 3‐, 5‐ or 7‐year fixed rate periods

Full Documentation

Purchase or Refinance Transactions

Primary Residence, Second Home or Investor programs

Mortgage‐Lending Program

• Low‐ and moderate‐income borrowers and communities

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Loan Portfolio

(1) As of or for the three  months ended 3/31/2019.

Historical Loan Growth

3.96% yield on loans; 4.16% weighted average coupon(1)

Loan Portfolio Composition

Multifamily Loans by Lending Area Single‐Family Loans by Lending Area

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Asset Quality

Risk management is a core competency of our business

Extensive expertise among our lending and credit administration staff and executive officers

Credit decisions are made efficiently and consistent with our underwriting standards

Continuous evaluation of risk and return

Strict separation between business development and credit decisions

Vigilant response to adverse economic conditions and specific problem credits

Strict, quality oriented underwriting and credit monitoring processes

3/31/2019 NPAs / Total Assets of 0.02%; NPLs / Total Loans of 0.02%

NPAs and loans 90+ days past due to total assets are at depressed levels and significantly decreased since 2015

Only one foreclosure in the past four years

Culture Approach Results

(1) Excludes performing troubled debt restructurings.

Nonperforming Assets(1) / Total Assets

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Loan Origination Volume and Rates

Pipeline:• Total loan pipeline at March 31, 2019 is $280.5 million ($184.9 million CRE at 4.483% WAC, $74.7 million SFR at 4.548% WAC & $20.9 

million Construction at 6.427% WAC). A portion of our pipeline will ultimately fallout/not fund and loans without rate locks are subject to ongoing rate increases/ decreases.  

Q1 4.62%

4.73%

4.84%

4.65%

4.31%Q1

Q2

Q3

Q4

$2,047.8

13

CRE Loan Origination CompositionYTD Loan Volume & WAC

12 Months Ended December 31, 2018 3 Months Ended March 31, 2019

4.552%

4.593%

5.022 %

4.808%

4.578%

4.683%

4.567%

5.045%

14

SFR Loan Origination CompositionYTD Loan Volume & WAC 

5.15%

12 Months Ended December 31, 2018 3 Months Ended March 31, 2019

4.534%

4.723% 4.692%

4.484%

15

Loan Portfolio Rates

• At March 31, 2019, loans representing 60% of the loan portfolio, or $3.7 billion are at their floors, and 93% of those loans have fully indexed rates above their floors by approximately 1.14%. 

16

Deposit Composition

(1) For the three months ended 3/31/2019.

Historical Deposit Growth & Portfolio Composition

1.93% cost of total deposits(1)

Deposit Breakdown by Branch

# Branch Location Date March 31, 2019

Established Deposits ($mm)

1 Santa Rosa Oct. 1983 1,138.4

2 San Rafael Sep. 1996*  549.3

3 Encino Aug. 2007 437.2

4 Beverly Hills Jul. 2010 383.9

5 Los Altos Aug. 2000 309.2

6 Pasadena May 2009 305.4

7 Toluca  Lake Jan. 2008 262.6

8 Long Beach Jun. 2015 232.2

9 San Jose Jun. 2012 212.5

10 Bellevue Jun. 2018 74.9

      Brokered Deposits 611.2

      Online/ Business Banking 565.0

A Manhattan Beach 1,176.2

Total Deposits 5,081.8

* Acquisition date

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Deposit Growth/Balance 

(1) Business/online includes $4.6 million of brokered/wholesale funds, sourced by the unit. 

Quarterly Trend

$212.7$617.3

$1,049.8

$80.8

18

Business/Online Composition

By Vertical 

1.572%1.572%

1.220%

1.082%0.830%

December 31, 2018 March 31, 2019

19

Efficient Operations Result in Consistent Profitability

(1) For periods prior to 2018, net income adjusted for C‐Corp status assumes 42% tax rate.  See non‐GAAP reconciliation in Appendix hereto.

Return on Average Assets(1) Return on Average Equity(1)

Efficiency Ratio

20

Net Interest Margin

Quarterly Net Interest Margin Net Interest Margin 

21

Interest Rate Risk AnalysisOn a quarterly basis, the Company measures and reports NII and EVE at Risk to isolate the change in income and equity related solely to interest‐earning assets and interest‐bearing liabilities. Both models measure instantaneous parallel shifts in market interest rates, implied by the forward yield curve. 

NII Impact ($ in millions)  EVE Impact ($ in millions)

Interest Rate Risk to Earnings (NII)March 31, 2019

Change inInterest Rates $ Change % Change(basis points) NII NII+ 400 BP (38.5) (30.8%)+ 300 BP (25.5) (20.4%)+ 200 BP (14.2) (11.4%)+ 100 BP (6.0) (4.8%)‐ 100 BP 5.7 4.5%‐ 200 BP 9.2 7.4%

Interest Rate Risk to Capital (EVE)March 31, 2019

Change inInterest Rates $ Change % Change(basis points) EVE EVE+ 400 BP (343.2) (55.5%)+ 300 BP (227.5) (36.8%)+ 200 BP (131.4) (21.3%)+ 100 BP (56.4) (9.1%)‐ 100 BP 49.7 8.0%‐ 200 BP 99.3 16.1%

22

Deposits ‐ Cost of Funds Comparison

(1) Beta is calculated using an average Fed Funds Rate.

23

Liquidity Management

(1) For the three months ended 3/31/2019. 

Other Borrowings

Securities Portfolio

Type

AmountOutstanding 3/31/2019

Cost of Borrowings (1)

FHLB Advances $1,110 million 2.44%

Senior Notes $94 million 6.68%

Trust Preferred  $62 million 4.27%

Other Borrowings

As of March 31, 2019Book Value($000)

% ofTotal

Available for Sale:Residential  mortgage‐backed securities  & collateralized mortgage obligations  ("MBS & CMOs") 

179,804 27.2%

Commercial  MBS and CMOs 324,774 49.1%Agency bonds 133,231 20.1%U.S. Treasury 986 0.1%

Total  Available for Sale 638,795 96.5%

Equity Investment:CRA Qualified Investment Fund (CRAIX)  11,582 1.8%

Total  Equity Investment 11,582 1.8%

Held to Maturity:Mortgage‐backed securities 11,187 1.7%Other Investments 263 0.0%

Total  Held to Maturity 11,450 1.7%

Total Investment Securities 661,827 100.0%

24

Executive Management 

Simone Lagomarsino. Ms. Lagomarsino joined the Bank as Chief Executive Officer (CEO) in January 2019 and currently serves as the President and CEO of both theCompany and the Bank. She leads the Executive Committee and is a member of the Company’s and the Bank’s board of directors. Ms. Lagomarsino was mostrecently President and CEO of Western Bankers Association and a director of Pacific Premier Bancorp. Prior to those roles, Ms. Lagomarsino served as CEO ofHeritage Oaks Bank, and President and CEO of Heritage Oaks Bancorp, headquartered in Paso Robles, California. She also previously held executive positions withHawthorne Financial Corporation, Ventura County National Bank, and Kinecta Federal Credit Union. Additionally, she currently serves on the board of directors ofthe Federal Home Loan Bank of San Francisco. In 2013, Ms. Lagomarsino was honored by the American Bankermagazine as one of the top three community bankersin the country. Ms. Lagomarsino holds an M.B.A. from Claremont Graduate School and a bachelor’s degree in economics from Claremont McKenna College.

Robert Armstrong, III.Mr. Armstrong joined the Bank in January 2016, and currently serves as Executive Vice President and Chief Banking Officer. Mr. Armstrong isresponsible for expanding the Bank’s deposit offerings and creating greater access to its products and services, including deposit generation across commercial andconsumer online banking platforms, as well as business banking activities. Prior to joining us, Mr. Armstrong served as Senior Vice President of Business Banking atBofI Federal Bank from October 2013 to December 2015 and a Senior Partner at Cappetta Capital from 2010 to 2013. Mr. Armstrong’s background also includespositions as CEO/President of San Diego Private Bank, Market President at US Bank and Managing Director at Bank of America. Mr. Armstrong holds a B.S. inEconomics from the University of California, Los Angeles.

John A. Cardamone.Mr. Cardamone joined the Bank in 2014 and currently serves as Executive Vice President and Chief Credit Officer. He oversees the Bank’s credit,appraisal and special assets activities; he is also a member of the Bank’s Executive Committee. Prior to joining the Bank, Mr. Cardamone served as Senior VicePresident & Divisional Credit Manager – Commercial Real Estate at Bank of the West from 2008 until joining the Bank, Chief Credit Officer at GreenPoint Mortgage,Senior Vice President – Global Risk Management at GE Capital’s Mortgage Insurance Unit and Managing Director and Chief Credit Officer at the Federal Home LoanBank of San Francisco. Mr. Cardamone holds an M.B.A. in Finance from The Wharton School at the University of Pennsylvania, an M.B.A. in Management from St.Mary’s College and a B.B.A. in Business Statistics from Temple University.

25

Executive Management Continued

Tammy Mahoney. Ms. Mahoney joined the Bank in January 2016, and currently serves as Executive Vice President and Chief Risk Officer. In her role, Ms. Mahoneyoversees the Bank’s compliance, internal audit and risk management functions, including information security and independent loan review. She is also a member ofits Executive Committee. Prior to joining the Bank, Ms. Mahoney served as Senior Vice President of Enterprise Risk and Compliance at Opus Bank from August 2011to December 2015; as Director, Risk Advisory Services at KPMG from June 1995 to August 2004; and as Associate National Bank Examiner with the Office of theComptroller of the Currency. A Certified Enterprise Risk Professional, Certified Regulatory Compliance Manager and Certified Internal Auditor, Ms. Mahoney holds aB.S. in Business Administration ‐ Finance from San Diego State University.

Liana Prieto. Ms. Prieto joined the Bank in 2014 and currently serves as Executive Vice President and General Counsel. In this role she is responsible for leading ateam of legal, human resources, Bank Secrecy Act, and third party risk management professionals; she is also a member of the Bank’s Executive Committee. Prior tojoining us, Ms. Prieto served as Associate and then Counsel at Buckley Sandler LLP from 2009 to 2014, and as a trial attorney in the Enforcement & ComplianceDivision of the Office of the Comptroller of the Currency. In addition to her role at the Company and Bank, Ms. Prieto serves as Vice Chair of the Enforcement, InsiderLiability and Troubled Banks Subcommittee of the American Bar Association’s Business Law Section. She also serves on the American Association of Bank Directors’Board of Advisors and on their General Counsel and Corporate Secretary Committee. Ms. Prieto holds a J.D. from Fordham Law School and a B.A. from GeorgetownUniversity.

Laura Tarantino.Ms. Tarantino currently serves as Executive Vice President and Chief Financial Officer of the Company and Bank, a position she has held since 2006.In this role, she oversees all aspects of financial reporting including strategic planning, asset/liability management, taxation and regulatory filings; she is also amember of the Bank’s Executive Committee. Ms. Tarantino has over 26 years of experience with the Company and Bank, having joined as Controller in 1992. Shepreviously served as Audit Manager for KPMG LLP, San Francisco specializing in the financial services industry. In addition to her role at the Company and Bank, Ms.Tarantino has served as an Audit Committee member for the Santa Rosa Council on Aging since 2012. Ms. Tarantino is a California Chartered CPA (inactive) andearned a B.S. in Business Administration – Finance & Accounting with summa cum laude honors from San Francisco State University.

26

Board of Directors

Victor S. Trione. Mr. Trione serves as Chairman of the board of directors for Luther Burbank Savings, a position he has held since founding Luther Burbank Savingsand Loan Association in 1983. In this role, Mr. Trione brings continuity and deep historical knowledge of the Company to the Board. In addition to serving asChairman of the Board, Mr. Trione holds is President of Vimark, Inc., a real estate development and vineyard management company; and co‐proprietor of TrioneWinery. Mr. Trione serves as Director and Chairman of the Executive Committee – Empire College; sits on the Advisory Board – Stanford Institute for Economic PolicyResearch; Board of Overseers – Stanford University’s Hoover Institution; serves as Trustee – Angela Merici and John Newman Foundation, Inc.; Trustee – U.S. NavyMemorial Foundation, Washington, D.C.; Director – Navy Supply Corps Foundation.

John C. Erickson. Mr. Erickson has more than 30 years of financial services experience, including serving for over 30 years at Union Bank, N.A.. He served in manyexecutive roles across that institution, culminating in two vice chairman positions (Chief Risk Officer and Chief Corporate and Banking Officer) between 2007 and2014. As Chief Corporate Banking Officer, he oversaw commercial banking, real estate, global treasury management, wealth management and global capitalmarkets. He was a director of Zions Bancorporation (NASDAQ: ZION) from 2014 to 2016, and was Chair of the Board Risk Committee as well as a member of theAudit Committee. He also served as President, Consumer Banking and President, California, for CIT Group, Inc. (NYSE: CIT) in 2016.

Jack Krouskup. Mr. Krouskup, a certified public accountant (inactive), has more than 35 years’ experience serving customers in a variety of industries. At Deloitte,LLP, or Deloitte, he served as partner‐in‐charge of the company’s Northern California financial services practice and also served on Deloitte’s financial servicesadvisory committee. Mr. Krouskup has years of boardroom experience representing Deloitte with numerous global and highly complex organizations. Consequently,he has an extensive corporate governance background and deep familiarity with board and audit committee best practices. Mr. Krouskup retired from Deloitte in2011. He currently serves on the board of directors of Verity Health System and on the Board of Trustees of the University of California, Santa Barbara, AlumniAssociation board of directors. Mr. Krouskup qualifies as an ‘‘audit committee financial expert’’ as defined in SEC rules, and the financial sophistication requirementsof NASDAQ’s listing requirements.

27

Board of Directors Continued

Anita Gentle Newcomb. Ms. Newcomb’s experience spans over three decades in the financial services industry as a commercial banker, investment banker, andstrategic consultant. She has advised many banks and financial services companies on a wide range of corporate development initiatives from strategic planning,consumer and business banking strategy, and corporate governance best practices, to mutual conversions and valuing and structuring acquisitions. Ms. Newcomb isa certified public accountant (inactive) and is president of A.G. Newcomb & Co., a financial services consultancy. She served on the board of the Federal ReserveBank of Richmond – Baltimore Branch from 2010 through 2015. Ms. Newcomb is a member of the Advisory Board of the American Association of Bank Directors’Institute for Bank Director Education.

Bradley M. Shuster. Mr. Shuster has served as Executive Chairman and Chairman of the Board of NMI Holdings, Inc. (NASDAQ: NMIH) since January 2019. Mr.Shuster founded National MI and served as Chairman and Chief Executive Officer of the company from 2012 to 2018. Prior to founding National MI, Mr. Shuster wasa senior executive of The PMI Group, Inc. (NYSE: PMI), where he served as Chief Executive Officer of PMI Capital Corporation. Before joining PMI in 1995, Mr.Shuster was a partner at Deloitte LLP, where he served as partner‐in‐charge of Deloitte’s Northern California Insurance and Mortgage Banking practices. He holds aB.S. from the University of California, Berkeley and an M.B.A from the University of California, Los Angeles. Mr. Shuster has received both CPA and CFA certifications.

Thomas C. Wajnert. Mr. Wajnert launched his career in 1968 with US Leasing, a NYSE‐listed company. For over 40 years, Mr. Wajnert has navigated the changingcurrents of the equipment leasing industry and built an impressive list of accomplishments, including serving as CEO and Chairman of AT&T Capital Corporation, aninternational, full‐service equipment leasing and commercial finance company, from 1984 to 1996. Mr. Wajnert has extensive public company board experience atReynolds American as Chairman and at Solera, UDR, Inc., NYFIX, JLG Industries as a director. Mr. Wajnert also serves on the board of International Finance Group,one of the largest privately owned P&C insurance companies in the U.S. For many years, he served as a Trustee of Wharton’s Center for Financial Institutions.

Appendix

29

Balance Sheet ($ in 000’s)

(1) Unaudited

March 31, 2019 (1)

December 31, 2018

ASSETS

Cash and cash equivalents $ 104,575 $ 91,697 Available for sale investment securities, at fair value 638,795 608,528 Held to maturity investment securities, at amortized cost (fair value of $11,376 and $11,624 at March 31, 2019 and December 31, 2018 respectively) 11,450 11,860 Equity securities, at fair value 11,582 11,438 Loans receivable, net of allowance for loan losses of $34,692 and $34,314 as of March 31, 2019 and December 31, 2018, respectively 6,109,576 6,096,316 Accrued interest receivable 21,292 20,220 Federal Home Loan Bank ("FHLB") stock, at cost 32,047 31,823 Premises and equipment, net 20,473 20,981 Goodwill 3,297 3,297 Prepaid expenses and other assets 38,929 41,052

Total assets $ 6,992,016 $ 6,937,212

LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities:

Deposits $ 5,081,831 $ 5,001,040 Federal Home Loan Bank advances 1,109,625 1,143,132 Junior subordinated deferrable interest debentures 61,857 61,857 Senior debt

$95,000 face amount, 6.5% interest rate, due September 30, 2024 (less debt issuance costs of $676 and $707 at March 31, 2019 and December 31, 2018, respectively) 94,324 94,293

Accrued interest payable 5,476 4,307 Other liabilities and accrued expenses 50,605 51,438

Total liabilities 6,403,718 6,356,067

Stockholders' equity:

Common stock, no par value; 100,000,000 shares authorized; 56,351,781 and 56,379,066 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 452,931 456,378 Retained earnings 138,123 129,806 Accumulated other comprehensive loss, net of taxes (2,756) (5,039)

Total stockholders' equity 588,298 581,145

Total liabilities and stockholders' equity $ 6,992,016 $ 6,937,212

As of

30

Income Statement ($ in 000’s, except per share data)

(1) Unaudited

2019 2018Interest and fee income:

Loans $ 61,053 $ 46,563 Investment securities 3,925 2,472 Cash and cash equivalents 400 246

Total interest and fee income 65,378 49,281

Interest expense:Interest on deposits 24,288 11,932 Interest on FHLB advances 6,772 4,820 Interest on junior subordinated deferrable interest debentures 651 487 Interest on other borrowings 1,575 1,577

Total interest expense 33,286 18,816

Net interest income before provision for loan losses 32,092 30,465 Provision for loan losses 300 1,500 Net interest income after provision for loan losses 31,792 28,965

Noninterest income:Net gain on sale of loans 333 - FHLB dividends 495 594 Other income 552 431

Total noninterest income 1,380 1,025

Noninterest expense:Compensation and related benefits 10,052 9,619 Deposit insurance premium 498 432 Professional and regulatory fees 441 398 Occupancy 1,390 1,296 Depreciation and amortization 665 714 Data processing 919 788 Marketing 1,154 213 Other expenses 1,130 1,253

Total noninterest expense 16,249 14,713

Income before provision for income taxes 16,923 15,277 Provision for income taxes 4,913 4,175

Net income $ 12,010 $ 11,102 Basic earnings per common share $ 0.21 $ 0.20 Diluted earnings per common share $ 0.21 $ 0.20 Dividends per common share $ 0.06 $ 0.11 Weighted average common shares outstanding - basic 56,519,809 56,190,970 Weighted average common shares outstanding - diluted 56,722,696 56,755,154

For the Three Months Ended March 31, (1)

31

Net Interest Margin ($ in 000’s)

(1) Non‐accrual loans are included in total loan balances.  No adjustment has been made for these loans in the calculation of yields.  Interest income on loans includes amortization of deferred loan costs, net. (2) Securities held to maturity include municipal securities.  Yields are not calculated on a tax equivalent basis.  (3) Net interest spread is the average yield on total interest‐earning assets minus the average rate on total interest‐bearing liabilities. (4) Net interest margin is net interest income divided by total average interest‐earning assets. (5) Yields shown are annualized.  

Average Interest  Average  Average Interest  Average Balance Inc / Exp Yield/Rate (5) Balance Inc / Exp Yield/Rate (5)

Interest‐Earning AssetsMultifamily residential 3,716,551$     37,801$  4.07% 3,583,413$    35,653$  3.98%Single family residential 2,250,674       20,841    3.70% 2,241,726      20,502    3.66%Commercial 189,485          2,256      4.76% 171,326         2,001      4.67%Construction, land and NM 11,983            155         5.25% 13,377           129         3.91%

Total loans (1) 6,168,693     61,053  3.96% 6,009,842    58,285  3.88%Securities available‐for‐sale/ equity 636,003          3,834      2.41% 621,725         3,692      2.38%Securities held‐to‐maturity (2) 11,802          91         3.08% 11,905         100       3.36%Cash and cash equivalents 73,679            400         2.20% 114,738         614         2.17%Total interest‐earning assets 6,890,177$     65,378$  3.80% 6,758,210$    62,691$  3.71%Noninterest‐earning assets 77,770            73,876          Total Assets 6,967,947$     6,832,086$   

Interest‐Bearing LiabilitiesInterest‐bearing demand deposits 220,225$        720$       1.31% 171,248$       448$       1.05%Money market demand accounts 1,351,938       3,998      1.18% 1,464,219      4,273      1.17%Time deposits 3,426,550       19,570    2.28% 3,374,000      18,249    2.16%     Total interest‐bearing deposits 4,998,713       24,288    1.94% 5,009,467      22,970    1.83%FHLB advances 1,124,269       6,772      2.44% 957,057         5,782      2.42%Senior debt 94,304            1,575      6.68% 94,273           1,577      6.69%Junior subordinated debentures 61,857            651         4.27% 61,857           611         3.95%Total interest‐bearing liabilities  6,279,143$     33,286$  2.13% 6,122,654$    30,940$  2.02%Noninterest‐bearing demand deposits 41,407            69,657          Total Funding 6,320,550       2.11% 6,192,311      2.00%Noninterest‐bearing liabilities 60,573            61,742          Total stockholders' equity 586,824          578,033        Total liabilities and stockholders' equity 6,967,947$     6,832,086$   

Net interest spread (3) 1.67% 1.69%Net interest income/margin (4) 32,092$  1.86% 31,751$  1.88%

For the Three Months Ended For the Three Months EndedMarch 31, 2019 December 31, 2018

32

Non‐GAAP Reconciliation ($ in 000’s)

(1) For periods prior to January 1, 2018, we calculate our pro forma net income, earnings per share, return on average assets, return on average equity and return on average tangible equity by adding back our franchise S‐Corporation tax to net income, and using a combined C‐Corporation effective tax rate for Federal and California income taxes of 42%.  This calculation reflects only the change in our status as an S‐Corporation and does not give effect to any other transaction.  

March 31, 2019December 31, 

2018 March 31, 2018 2018 2017 2016 2015Tangible book valueTotal  assets  $           6,992,016  $           6,937,212  $           6,033,888  $         6,937,212  $         5,704,380  $         5,063,585  $         4,361,779 Less: Goodwill                      (3,297)                     (3,297)                     (3,297)                   (3,297)                   (3,297)                   (3,297)                   (3,297)Less: Total  l iabil ities              (6,403,718)             (6,356,067)             (5,480,137)           (6,356,067)           (5,154,635)           (4,659,210)           (3,990,480)

Tangible book value  $               585,001   $               577,848   $               550,454   $            577,848   $            546,448   $            401,078  $            368,002 

Tangible assetsTotal  assets  $           6,992,016  $           6,937,212  $           6,033,888  $         6,937,212  $         5,704,380  $         5,063,585  $         4,361,779 Less: Goodwill                      (3,297)                     (3,297)                     (3,297)                   (3,297)                   (3,297)                   (3,297)                   (3,297)Tangible assets  $           6,988,719   $           6,933,915   $           6,030,591   $         6,933,915   $         5,701,083   $         5,060,288  $         4,358,482 

Tangible stockholders' equity to tangible assetsTangible book value (numerator)  $               585,001  $               577,848  $               550,454  $            577,848  $            546,448  $            401,078  $            368,002 Tangible assets  (denominator)                6,988,719                6,933,915                6,030,591             6,933,915             5,701,083             5,060,288             4,358,482 

Tangible stockholders' equity to tangible assets 8.4% 8.3% 9.1% 8.3% 9.6% 7.9% 8.4%

Pro forma Items (1)

     Actual/ Pro forma provision for income tax     Net income before income taxes  $                 16,923  $                 14,885  $                 15,277  $               62,931  $               65,231  $               53,940  $               36,639      Effective tax rate 29% 29% 27% 28% 42% 42% 42%

     Actual/ Pro forma provision for income taxes  $                   4,913   $                   4,282   $                   4,175   $               17,872   $               27,397   $               22,655  $               15,388 

     Actual/ Pro forma net income     Net income before income taxes  $                 16,923  $                 14,885  $                 15,277  $               62,931  $               65,231  $               53,940  $               36,639      Actual/ Pro forma provision for income taxes                        4,913                        4,282                        4,175                   17,872                   27,397                   22,655                   15,388 

     Actual/ Pro forma net income  $                 12,010   $                 10,603   $                 11,102   $               45,059   $               37,834   $               31,285  $               21,251 

As of or For the Three Months Ended As of or For the Years Ended December 31,

33

Non‐GAAP Reconciliation ($ in 000’s, except per share data)

(1) For periods prior to January 1, 2018, we calculate our pro forma net income, earnings per share, return on average assets, return on average equity and return on average tangible equity by adding back our franchise S‐Corporation tax to net income, and using a combined C‐Corporation effective tax rate for Federal and California income taxes of 42%.  This calculation reflects only the change in our status as an S‐Corporation and does not give effect to any other transaction.  

March 31, 2019December 31, 

2018 March 31, 2018 2018 2017 2016 2015

Pro forma Items Continued (1)

     Actual/ Pro forma ratios and per share data     Actual/ Pro forma net income (numerator)  $                 12,010  $                 10,603  $                 11,102   $               45,059  $               37,834  $               31,285  $               21,251 

     Average assets  (denominator)                6,967,947                6,832,086                5,848,751             6,405,931             5,485,832             4,676,676             4,040,381      Actual/ Pro forma return on average assets 0.69% 0.62% 0.76% 0.70% 0.69% 0.67% 0.53%

     Average stockholders' equity (denominator)  $               586,824  $               578,033  $               556,661  $            566,275  $            425,698  $            390,318  $            359,359      Actual/ Pro forma return on average stockholders' equity 8.19% 7.34% 7.98% 7.96% 8.89% 8.02% 5.91%

     Weighted average shares  outstanding ‐ diluted (denominator)             56,722,696             56,862,277             56,755,154           56,825,402           42,957,936           42,000,000           42,000,000      Actual/ Pro forma earnings per share—diluted  $                      0.21   $                      0.19   $                      0.20   $                   0.79   $                   0.88   $                   0.74  $                   0.51 

Efficiency ratioNoninterest expense (numerator)  $                 16,249   $                 17,962   $                 14,713   $               62,687   $               56,544   $               61,242   $               62,339 

Net interest income  $                 32,092  $                 31,751  $                 30,465  $            125,087  $            110,895  $               94,594  $               84,879 Noninterest income                        1,380                        1,246                        1,025                     4,131                     7,508                     7,885                     6,958 Operating revenue (denominator)  $                 33,472   $                 32,997   $                 31,490   $            129,218   $            118,403   $            102,479   $               91,837 Efficiency ratio 48.5% 54.4% 46.7% 48.5% 47.8% 59.8% 67.9%

As of or For the Three Months Ended  As of or For the Years Ended December 31,