lbcinvestorpresentation4

Investor Presentation December 31, 2019 Simone Lagomarsino President & Chief Executive Officer Laura Tarantino Executive Vice President & Chief Financial Officer

Forward‐Looking Statement This communication contains a number of forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward‐looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. All statements contained in this 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‐looking statements. These forward‐looking statements are not historical facts, and 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. 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 the expectations 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 or implied by the forward‐looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our Annual Report on Form 10‐K for the year ended December 31, 2018 and other reports we file with the Securities and 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 and economic 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; our management 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 growthandthecompositionofsuchgrowth; the fiscal position of the U.S federal government and the soundness of other financial institutions; changes in consumer spending and savings habits; technological and social media changes; the laws and regulations applicable to our business; increased competition in the financial services industry; changes in the level of our nonperforming assets and charge‐offs; uncertainty regarding the future of LIBOR; our involvement from time to time in legal proceedings and examination and remedial actions by regulators; the composition of our management team and our ability to attract and retain key personnel; material weaknesses in our internal control over financial reporting; systems failures or interruptions involving our information technology and telecommunications systems; and potential exposure to fraud, negligence, computer theft and cyber‐crime. The Company can give no assurance that 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 to reflect 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. 2

Use of Non‐GAAP Financial Measures This investor presentation contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (GAAP) and therefore, are considered non‐GAAP financial measures. The Company’s management uses these non‐GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations. Management believes that these non‐GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability 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 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, 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 measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non‐GAAP financial measures discussed herein may differ from thatofothercompanies reporting 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 pro forma 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 California income 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 these non‐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. 3

Franchise Overview and Financial Highlights Our Small Network of Large Branches Financial Highlights 12/31/2019(1) 10 December WA # Branch Location Date , 201931 Total Assets ($mm) $7,046 Established Deposits ($mm) Total Loans HFI ($mm) $6,231 1 Santa Rosa Oct. 1983 1,096.5 Total Deposits ($mm) $5,235 2 San Rafael Sep. 1996* 560.4 3 Encino Aug. 2007 463.7 Loans / Deposits 119% 4 Beverly Hills Jul. 2010 394.1 OR Tangible Book Value / Tang. Assets 8.7% 5 Los Altos Aug. 2000 292.2 6 Pasadena May 2009 326.6 Leverage Capital Ratio 9.5% 7 Toluca Lake Jan. 2008 283.7 Total Risk‐Based Capital Ratio 18.0% 8 Long Beach Jun. 2015 267.4 Total CRE Loans(2) / Total Risk‐Based 594% 9 San Jose Jun. 2012 227.0 Capital 10 Bellevue Jun. 2018 95.8 ROAA 0.69% Wholesale Deposits 416.0 ROAE 8.15% Business Banking 811.4 11 Net Interest Margin 1.84% 22 San Francisco 5 A Corporate Office 1,227.4 EPS – Fully Diluted $0.87 599 Total Deposits 5,234.7 CA Efficiency Ratio 46.9% * Acquisition date Noninterest Expense / Avg. Assets 0.88% Branch (10) NPAs / Assets 0.09% 33 6 77 6 Loan Production Office (8) 44 Los Angeles 8 ALLL / Loans HFI 0.58% A ** Highlighted counties indicate primary lending markets Full‐Time Equivalent Employees 277 (1) Financial data as of or for the year ended 12/31/2019. See non‐GAAP reconciliation in Appendix hereto. (2) Includes multifamily residential, commercial real estate, and construction loans. 4

Key Highlights 1 1. History of Profitability History of  Recorded consecutive quarterly profits since our second Profitability quarter of operations  Survived and prospered through numerous economic cycles during our more than 36‐year history 2. Well‐Positioned in Strategic Markets  West Coast gateway cities in supply‐constrained markets 6 2 with strong job growth and limited affordable housing Efficient Well‐Positioned in  Achieve deeper penetration of our lending and deposit Operations Strategic Markets gathering operations in our attractive West Coast markets  Expand into contiguous markets on the West Coast to complete our Seattle to San Diego footprint 3. Demonstrated Organic Growth Engine  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 4. Strong Management Team and Robust Infrastructure 5 3  Led by President & CEO Simone Lagomarsino (30+ years of Demonstrated Strong banking experience) Organic Growth Asset Quality Engine  Invested heavily in people and infrastructure over the last several years 5. Strong Asset Quality  Our most important focus  4 Strict, quality oriented underwriting and credit monitoring Strong processes Management Team and  0.09% NPAs / Total Assets Robust Infrastructure 6. Efficient Operations  Maintain a small network of large branches ($401 million avg. branch size)  46.9% efficiency ratio, 0.88% noninterest expense / average Note: Financial data as of or for the year ended 12/31/2019. See non‐GAAP reconciliation in Appendix hereto. assets and 277 FTEs 5

Top Multifamily Lenders in the United States Top 25 Banks and Thrifts by Multifamily Loans (Dollars in billions) As of September 30, 2019 Change Since (%) Delinquency Total Multifamily June 30, September 30, % of Change Since (bps) (1) Rank Institution Name Headquarters Assets Loans 2019 2018 Multifamily September 30, 2018 1. JPMorgan Chase & Co. New York, NY 2,764.7 73.44 1.9 2.9 0.05 (3) 2. New York Community Bancorp Inc. Westbury, NY 52.5 30.29 (0.6) 2.4 0.02 0 3. Signature Bank New York, NY 49.4 15.18 (3.9) (3.0) 0.14 10 4. Wells Fargo & Co. San Francisco, CA 1,944.0 14.78 7.1 (3.2) 0.24 2 5. Capital One Financial Corp. McLean, VA 378.8 12.36 1.2 4.7 0.22 2 6. First Republic Bank San Francisco, CA 111.0 11.70 4.8 17.1 0.00 (4) 7. Santander Holdings USA Inc. Boston, MA 147.2 8.50 (0.1) 2.9 0.14 (33) 8. Citigroup Inc. New York, NY 2,014.8 8.38 3.5 37.7 0.12 4 9. Investors Bancorp Inc. Short Hills, NJ 26.8 8.02 (1.9) (0.9) 0.49 (7) 10. PNC Financial Services Group Inc. Pittsburgh, PA 409.0 6.77 16.9 22.9 0.07 (13) 11. MUFG Americas Holding Corp. New York, NY 173.2 6.65 8.8 14.7 0.45 29 12. Bank of America Corp. Charlotte, NC 2,426.3 5.37 10.2 1.3 0.04 (34) 13. Sterling Bancorp Montebello, NY 30.1 4.78 2.2 (1.0) 0.13 4 14. TD Group US Holdings LLC Wilmington, DE 393.6 4.11 4.8 6.4 0.14 (14) 15. Valley National Bancorp Wayne, NJ 33.8 4.01 4.2 5.0 0.03 3 16. Key Corp. Cleveland, OH 147.3 4.01 (13.8) (16.2) 0.27 (5) 17. Luther Burbank Corp. Santa Rosa, CA 7.2 3.96 1.0 12.4 0.20 18 18. M&T Bank Corp. Buffalo, NY 125.5 3.95 (9.0) 7.7 0.88 42 19. U.S. Bancorp Minneapolis, MN 487.7 3.78 4.2 5.6 0.40 (13) 20. Opus Bank Irvine, CA 7.8 3.70 0.3 29.5 0.00 (3) 21. Dime Community Bancshares Inc. Brooklyn, NY 6.4 3.61 (3.5) (10.1)0.01(5) 22. Umpqua Holdings Corp. Portland, OR 28.9 3.53 4.2 8.8 0.00 (13) 23. CIBC Bancorp USA Inc. Chicago, IL 45.1 3.43 (2.4) 5.8 0.00 (5) 24. PacWest Bancorp Beverly Hills, CA 26.7 3.40 (0.6) 39.2 0.00 0 25. People's United Financial Inc. Bridgeport, CT 52.1 3.31 (0.9) 9.5 0.12 (18) (2) Banking Industry Aggregate 451.96 1.6 6.1 0.21 (2) 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. 6

Luther Burbank Peer Group  Includes all major exchange‐traded banks and thrifts nationwide with:  Total assets > $1 billion  Gross loans / assets > 65%  Multifamily loans / total loans > 30%  MFR + SFR + CRE / total loans > 75% (1) (2) General Information Profitability Capital & Balance Sheet RatiosBal. Sheet GrowthAsset Quality Total NPA / NCO / Gross Total Total Multifamily Yield on Cost of NIE / Avg. Eff. TCE / Leverage Capital Loans / LLR / Loans Avg. Loans Deposits Assets Loans ROAA ROAE NIM Loans Deposits Assets Ratio TA Ratio Ratio Deposits Loans + OREO Loans CAGR CAGR Institution Name Ticker State ($bn) ($bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Luther Burbank Corporation LBC CA 7.2 4.0 0.71 8.45 1.88 4.08 2.11 0.83 46.2 8.4 9.3 17.6 115 0.56 0.25 (0.01) 13.7 15.6 Peer Group: 1. Dime Community Bancshares, Inc. DCOM NY 6.4 3.6 0.29 3.08 2.36 4.01 1.63 1.41 57.6 8.7 8.8 13.3 121 0.50 0.30 0.37 4.2 9.0 2. Empire National Bank NY 1.0 0.3 0.52 5.70 2.61 4.52 1.72 2.08 77.2 9.3 9.2 15.4740.950.770.1110.415.6 3. First Foundation Inc. FFWM CA 6.4 2.5 1.12 11.60 2.95 4.35 1.88 2.11 56.0 8.1 8.2 10.9 94 0.42 0.46 (0.01) 31.1 38.5 4. Flushing Financial Corporation FFIC NY 7.1 2.2 0.61 7.60 2.44 4.47 1.99 1.50 64.8 7.8 8.7 13.4 115 0.38 0.37 0.01 7.6 6.8 5. Investors Bancorp, Inc. ISBC NJ 26.8 8.0 0.77 7.07 2.51 4.24 1.77 1.61 60.4 10.7 10.7 15.5 121 1.05 0.51 0.03 7.0 6.3 6. Kearny Financial Corp. KRNY NJ 6.6 2.1 0.68 4.08 2.52 4.26 1.66 1.58 63.6 13.9 13.8 23.3 109 0.70 0.60 0.01 16.5 13.8 7. Malaga Bank F.S.B. CA 1.2 1.0 1.36 10.55 2.92 4.10 1.13 0.91 31.1 12.5 13.0 22.9 144 0.31 0.05 0.00 6.5 0.7 8. Marquette Bank IL 1.6 0.5 0.82 7.31 3.52 4.31 0.60 3.15 71.5 9.1 9.1 14.0 88 1.172.200.053.90.8 9. New York Community Bancorp, Inc. NYCB NY 52.5 30.3 0.76 5.91 1.98 3.83 1.79 0.94 47.4 7.5 8.7 13.6 129 0.37 0.17 0.06 1.8 2.8 10. Northfield Bancorp, Inc. NFBK NJ 4.8 2.2 1.10 8.40 2.55 4.22 1.43 1.42 50.3 13.6 13.7 17.4 98 0.84 0.71 (0.18) 9.7 13.8 11. Opus Bank OPB CA 7.8 3.7 1.14 8.21 2.82 4.23 1.25 2.06 61.5 9.3 9.7 15.3 92 0.78 0.13 0.33 1.5 4.6 12. Oritani Financial Corp. NJ 4.0 1.9 1.22 9.29 2.61 4.28 1.76 0.94 36.2 13.3 13.1 15.6 115 0.83 0.18 0.00 4.3 9.0 13. Provident Savings Bank, F.S.B. CA 1.1 0.5 1.03 9.91 3.70 4.52 0.41 2.60 65.3 10.0 10.2 17.4 109 0.74 2.18 (0.01) ‐1.8 ‐2.8 14. Signature Bank SBNY NY 49.4 15.2 1.20 12.65 2.74 4.27 1.83 1.09 40.5 9.6 9.7 13.2 97 0.64 0.26 0.03 12.9 10.6 15. Waterstone Financial, Inc. WSBF WI 2.0 0.6 2.18 11.24 2.96 4.78 1.86 7.20 71.2 19.3 19.4 25.7 150 0.77 0.69 0.00 6.5 4.3 Average: 0.99 8.17 2.75 4.29 1.51 2.04 57.0 10.8 11.0 16.4 110 0.70 0.64 0.05 8.1 8.9 Median: 1.03 8.21 2.61 4.27 1.72 1.58 60.4 9.6 9.7 15.4 109 0.74 0.46 0.01 6.5 6.8 Source: SNL Financial. GAAP data when available, otherwise FR Y‐9C’s and bank call reports as of or for the three months ended 9/30/2019. 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 9/30/2019.. 7

Our Lending Business Multifamily Residential Loans Single‐Family Residential Loans Property Types: Markets:  Both owner‐occupied and investor owned  High barrier to entry for new development; little land to develop Broker Network:  Limited supply of new housing  Primarily third party mortgage brokers with the intention of  High variance between cost to own and rent retaining these loans in our portfolio Deals: Originations:  Stabilized and seasoned assets  Majority are for purchase transactions  Older, smaller properties with rents at/below market levels,  Also provide refinancing catering to lower and middle income renters Underwriting Focus: Sponsors:  Debt ratios  Experienced real estate professionals who desire regular  Loan to Value income/cash flow streams and are focused on building wealth  Credit scores steadily over time  Borrower’s liquidity and cash reserves Multifamily Portfolio Highlights Single‐Family Portfolio Highlights  $1.6 million average loan balance  $905 thousand average loan balance  15.2 units average  65% average loan‐to‐value ratio  57% average loan‐to‐value ratio  750 average credit score  1.49x average debt service coverage ratio 0.09% NPAs / Assets 0.10% NPLs / Loans Note: Data as of 12/31/2019. 8

Our Lending Products Multifamily / Commercial Real Estate Lending Single‐Family Residential Lending  First Mortgages  First Mortgages  Hybrid Structures  Hybrid Structures • 25‐ or 30‐year amortization • 30‐ or 40‐year amortization • 10‐, 25‐ or 30‐year maturities • 30‐ or 40‐year maturities • 3‐, 5‐ or 7‐year fixed rate periods • 3‐, 5‐ or 7‐year fixed rate periods  Interest Only Option  Full Documentation • Lower loan‐to‐value ratios  Interest Only • Underwrite at amortizing payment  Purchase or Refinance Transactions  Investor‐Owner Purchase or Refinance  Primary Residence, Second Home or Investor programs  Lines of Credit  Low‐ and Moderate‐income lending program • Specific business purpose/ fully adjustable/ short term • 30‐year fixed mortgages and forgivable second mortgages for first time homebuyers 9

Loan Portfolio Historical Loan Growth Loan Portfolio Composition 4.01% yield on loans; 4.18% weighted average coupon(1) Multifamily Loans by Lending Area Single‐Family Loans by Lending Area (1) As of or for the year ended 12/31/2019. 10

Asset Quality Nonperforming Assets(1) / Total Assets Culture Approach Results  Risk management is a core competency of  Continuous evaluation of risk and return  12/31/2019 NPAs / Total Assets of 0.09%; our business NPLs / Total Loans of 0.10%  Strict separation between business  Extensive expertise among our lending development and credit decisions  NPAs and loans 90+ days past due to total and credit administration staff and assets have been at low levels since 2015  Vigilant response to adverse economic executive officers conditions and specific problem credits  Only one foreclosure in the past four years  Credit decisions are made efficiently and  Strict, quality oriented underwriting and consistent with our underwriting credit monitoring processes standards (1) Excludes performing troubled debt restructurings. 11

Loan Origination Volume and Rates $2,047.8 Q4 4.73% $1,564.1 Q3 4.84% Q4 4.15% Q3 Q2 4.26% 4.65% Q2 4.44% Q1 4.31% Q1 4.62% Pipeline: • Total loan pipeline at December 31, 2019 is $279.3 million ($174.5 million CRE at 4.031% WAC, $90.7 million SFR at 4.201% WAC & $14.1 million Construction at 5.594% WAC). A portion of our pipeline will ultimately fallout/not fund and loans without rate locks are subject to ongoing rate increases/decreases. • Q2 2019 Originations include a $10.1 million loan purchase. 12

CRE Loan Origination Volume and Rates $1,218.3 Q4 $972.9 4.75% Q3 Q4 4.16% 4.76% Q3 4.34% Q2 4.56% Q2 4.49% Q1 Q1 4.33% 4.61% 13

SFR Loan Origination Volume and Rates $828.8 5.15% Q4 4.69% $591.2 Q3 4.99% Q4 4.14% Q2 Q3 4.78% 4.16% Q2 4.34% Q1 4.29% Q1 4.63% 14

Loan Portfolio Rates • At December 31, 2019, loans representing 64% of the loan portfolio, or $3.9 billion in aggregate outstanding principal balance, are at their floors, and 84% of those loans have fully indexed rates above their floors by approximately 0.69%. 15

Loan Prepayment Speeds 16

Deposit Composition Historical Deposit Growth & Portfolio Composition Deposit Breakdown by Branch Total Branch Location Consumer Business Wholesale Deposits ($mm) Santa Rosa 1,076.3 20.1 0.0 1,096.5 San Rafael 511.5 48.9 0.0 560.4 Encino 460.1 3.6 0.0 463.7 Beverly Hills 389.2 5.0 0.0 394.1 Los Altos 290.8 1.3 0.0 292.2 Pasadena 324.5 2.2 0.0 326.6 Toluca Lake 276.0 7.7 0.0 283.7 Long Beach 260.4 6.9 0.0 267.4 San Jose 165.1 61.9 0.0 227.0 Bellevue 91.5 4.3 0.0 95.8 Corporate Office 0.0 811.4 416.0 1,227.4 Total Deposits 3,845.5 973.2 416.0 5,234.7 2.01% cost of interest‐bearing deposits(1) (1) For the year ended 12/31/2019. 17

Deposit Growth/Balance Growth Trend ($127.3) $152.7 $127.5 $80.8 $1,049.7 $617.3 $212.8 18

Business Composition By Vertical December 31, 2018 December 31, 2019 1.572% 1.572% 1.082% 0.830% 1.220% 19

Efficient Operations Result in Consistent Profitability Return on Average Assets(1) Return on Average Equity(1) Efficiency Ratio Noninterest Expense to Average Assets (1) For periods prior to 2018, net income adjusted for C‐Corp status assumes 42% tax rate. See non‐GAAP reconciliation in Appendix hereto. 20

Net Interest Margin Quarterly Net Interest Margin Net Interest Margin 21

Interest Rate Risk Analysis On 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) Interest Rate Risk to Capital (EVE) December 31, 2019 December 31, 2019 Change in Change in Interest Rates $ Change % Change Interest Rates $ Change % Change (basis points) NII NII (basis points) EVE EVE + 400 BP (19.1) (13.3%) + 400 BP (182.1) (25.9%) + 300 BP (11.9) (8.3%) + 300 BP (108.8) (15.5%) + 200 BP (6.2) (4.3%) + 200 BP (55.4) (7.9%) + 100 BP (2.5) (1.7%) + 100 BP (21.0) (3.0%) ‐ 100 BP 1.6 1.1% ‐ 100 BP 28.0 4.0% ‐ 200 BP 1.5 1.0% ‐ 200 BP 55.9 8.0% 22

Economic Value of Equity Trend 23

Deposits ‐ Cost of Funds Comparison (1) Beta is calculated using an average Fed Funds Rate. 24

Liquidity Management Securities Portfolio As of December 31, 2019 Book Value % of ($000) Total Available for Sale: Residential mortgage‐backed securities & collateralized 145,193 22.4% mortgage obligations ("MBS & CMOs") Commercial MBS & CMOs 356,169 55.0% Agency bonds 123,712 19.1% Total Available for Sale 625,074 96.6% Equity Investment: CRA Qualified Investment Fund (CRAIX) 11,782 1.8% Total Equity Investment 11,782 1.8% Held to Maturity: Residential mortgage‐backed securities 10,087 1.6% Other Investments 83 0.0% Total Held to Maturity 10,170 1.6% Total Investment Securities 647,026 100.0% Other Borrowings Other Borrowings Amount Outstanding Cost of Type 12/31/2019 Borrowings (1) FHLB Advances $979 million 2.36% Senior Notes $94 million 6.68% Trust Preferred $62 million 3.96% (1) For the year ended 12/31/2019. 25

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 the Company 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 most recently President and CEO of Western Bankers Association and a director of Pacific Premier Bancorp. Prior to those roles, Ms. Lagomarsino served as CEO of Heritage Oaks Bank, and President and CEO of Heritage Oaks Bancorp, headquartered in Paso Robles, California. She also previously held executive positions with Hawthorne Financial Corporation, Ventura County National Bank, and Kinecta Federal Credit Union. Additionally, she currently serves on the board of directors of the Federal Home Loan Bank of San Francisco and Hannon Armstrong. In 2013, Ms. Lagomarsino was honored by the American Banker magazine as one of the top three community bankers in the country. Ms. Lagomarsino holds an M.B.A. from Claremont Graduate School and a bachelor’s degree in economics from Claremont McKenna College. 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 Vice President & Divisional Credit Manager – Commercial Real Estate at Bank of the West from 2008 until joining the Bank, Chief Credit Officer at GreenPointMortgage, Senior Vice President – Global Risk Management at GE Capital’s Mortgage Insurance Unit and Managing Director and Chief Credit Officer at the Federal Home Loan Bank 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 fromSt. Mary’s College and a B.B.A. in Business Statistics from Temple University. 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. Mahoney oversees the Bank’s compliance, internal audit and risk management functions, including information security and independent loan review. She is also a member of its Executive Committee. Prior to joining the Bank, Ms. Mahoney served as Senior Vice President of Enterprise Risk and Compliance at Opus Bank from August 2011 to 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 the Comptroller of the Currency. A Certified Enterprise Risk Professional, Certified Regulatory Compliance Manager and Certified Internal Auditor, Ms. Mahoney holds a B.S. in Business Administration ‐ Finance from San Diego State University. 26

Executive Management ‐ Continued 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 a team 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 to joining 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 & Compliance Division 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, Insider Liability 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.PrietoholdsaJ.D.fromFordhamLawSchoolandaB.A.fromGeorgetown University. Brian Skelton. Mr. Skelton joined the Bank in August 2019 and currently serves as Executive Vice President and Chief Banking Officer. In this role he is responsible for leading the Retail Banking, Business Banking and Marketing units. Prior to joining the Bank, Mr. Skelton led the Branch Banking and the Business Development Divisions at Farmers and Merchants Bank. He has also previously worked at Union Bank, City National Bank, and Pacific Mercantile Bank. Mr. Skelton earned a Bachelor’s degree from Cal State Fullerton and graduated from the Pacific Coast Banking School. Laura Tarantino. Ms. Tarantino currently serves as Executive Vice President and Chief Financial Officer of the Company, 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 a member 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. She previously 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) and earned a B.S. in Business Administration – Finance & Accounting with summa cum laude honors from San Francisco State University. 27

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 Savings andLoanAssociationin1983.Inthisrole,Mr.Trionebringscontinuityand deep historical knowledge of the Company to the Board. In addition to serving as Chairman of the Board, Mr. Trione holds is President of Vimark, Inc., a real estate development and vineyard management company; and co‐proprietor ofTrione Winery. Mr. Trione serves as Director and Chairman of the Executive Committee – Empire College; sits on the Advisory Board – Stanford Institute for Economic Policy Research; Board of Overseers – Stanford University’s Hoover Institution; serves as Trustee – Angela Merici and John Newman Foundation, Inc.; Trustee – U.S. Navy Memorial 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 many executive roles across that institution, culminating in two vice chairman positions (Chief Risk Officer and Chief Corporate and Banking Officer) between 2007 and 2014. As Chief Corporate Banking Officer, he oversaw commercial banking, real estate, global treasury management, wealth management and global capital markets. 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 the Audit 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 services advisory 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 in 2011. 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, Alumni Association board of directors. Mr. Krouskup qualifies as an ‘‘audit committee financial expert’’ as defined in SEC rules, and the financial sophistication requirements of NASDAQ’s listing requirements. 28

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, and strategic 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.Newcombis a certified public accountant (inactive) and is president of A.G. Newcomb & Co., a financial services consultancy. She served on the board of the Federal Reserve Bank 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 was a 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 a B.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 changing currents of the equipment leasing industry and built an impressive list of accomplishments, including serving as CEO and Chairman of AT&T Capital Corporation, an international, full‐service equipment leasing and commercial finance company, from 1984 to 1996. Mr. Wajnert has extensive public company board experience at Reynolds 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. 29

Appendix

As of Balance Sheet ($ in 000’s) December 31, December 31, 2019 (1) 2018 ASSETS Cash and cash equivalents $ 88,565 $ 91,697 Available for sale investment securities, at fair value 625,074 608,528 Held to maturity investment securities, at amortized cost (fair value of $10,349 and $11,625 at December 31, 2019 and December 31, 2018 respectively) 10,170 11,860 Equity securities, at fair value 11,782 11,438 Loans receivable, net of allowance for loan losses of $36,001 and $34,314 as of December 31, 2019 and December 31, 2018, respectively 6,194,976 6,096,316 Accrued interest receivable 20,814 20,220 Federal Home Loan Bank ("FHLB") stock, at cost 30,342 31,823 Premises and equipment, net 19,504 20,981 Goodwill 3,297 3,297 Prepaid expenses and others assets$ 7, 045,828 41,304 $ 6,937,212 41,052 LIABILITIES TotalAND STOCKHOLDERS' asset EQUITY Liabilities: Deposits $ 5,234,717 $ 5,001,040 Federal Home Loan Bank advances 978,702 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 $584 and $707 at December 31, 2019 and December 31, 2018, respectively) 94,416 94,293 Accrued interest payable 2,901 4,307 Other liabilities and accrued expenses 58,771 51,438 Total liabilities 6,431,364 6,356,067 6,431,364 Stockholders' equity: Common stock, no par value; 100,000,000 shares authorized; 55,999,754 and 56,379,066 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively 447,784 456,378 Retained earnings 165,236 129,806 Accumulated other comprehensive gain/(loss), net of taxes 1,444 (5,039) y $ 7,045,828 $ 6,937,212 (1) Unaudited Total stockholders' equity 614,464 581,145 Total liabilities and stockholders' equit 31

Income Statement ($ in 000’s, except per share data) For the Three Months Ended December 31, (1) For the Year Ended December 31, 2019 2018 2019 (1) 2018 Interest and fee income: Loans $ 63,452 $ 58,285 $ 249,530 $ 211,835 Investment securities 3,517 3,792 15,461 12,430 Cash and cash equivalents 464 614 2,151 1,792 Total interest and fee income 67,433 62,691 267,142 226,057 Interest expense: Interest on deposits 26,406 22,970 105,092 69,112 Interest on FHLB advances 5,731 5,782 24,896 23,285 Interest on junior subordinated deferrable interest debentures 560 611 2,447 2,266 Interest on other borrowings 1,574 1,577 6,300 6,307 Total interest expense 34,271 30,940 138,735 100,970 Net interest income before provision for loan losses 33,162 31,751 128,407 125,087 Provision for loan losses 1,000 150 1,250 3,600 Net interest income after provision for loan losses 32,162 31,601 127,157 121,487 Noninterest income: Net gain on sale of loans - - 607 140 FHLB dividends 559 1,010 2,163 2,735 Other income 255 236 1,905 1,256 Total noninterest income 814 1,246 4,675 4,131 Noninterest expense: Compensation and related benefits 9,371 11,024 37,228 38,860 Deposit insurance premium (440) 509 545 1,892 Professional and regulatory fees 565 742 1,984 2,037 Occupancy 1,474 1,330 5,688 5,349 Depreciation and amortization 617 705 2,618 2,813 Data processing 929 825 3,738 3,315 Marketing 1,611 1,488 5,053 3,497 Other expenses 1,214 1,339 5,514 4,924 Total noninterest expense 15,341 17,962 62,368 62,687 Income before provision for income taxes 17,635 14,885 69,464 62,931 Provision for income taxes 5,178 4,282 20,603 17,871 Net income $ 12,457 $ 10,603 $ 48,861 $ 45,060 Basic earnings per common share $ 0.22 $ 0.19 $ 0.87 $ 0.80 Diluted earnings per common share $ 0.22 $ 0.19 $ 0.87 $ 0.79 Dividends per common share $ 0.06 $ 0.06 $ 0.23 $ 0.28 Weighted average common shares outstanding - basic 55,614,066 56,213,660 55,974,230 56,196,648 Weighted average common shares outstanding - diluted 55,937,952 56,862,277 56,219,892 56,825,402 (1) Unaudited 32

Net Interest Margin ($ in 000’s) AverageFor the Twelve Months Ended Interest Average AverageFor the Three Months Ended Interest Average Average For the Three Months Ended Interest Average BalanceDecember 31, 2019 Inc / Exp Yield/Rate (5) BalanceDecember 31, 2019 Inc / Exp Yield/Rate (5) Balance September 30, 2019 Inc / Exp Yield/Rate (5) Interest‐Earning Assets Multifamily residential$ 3,870,897 $ 162,328 4.19%$ 3,968,059 $ 42,775 4.31%$ 3,934,650 $ 42,368 4.31% Single family residential 2,139,517 76,766 3.59 2,049,471 17,985 3.51 2,118,339 18,901 3.57 Commercial real estate 196,903 9,353 4.75 202,425 2,337 4.62 200,742 2,412 4.81 Construction, land and NM 15,907 1,083 6.81 19,816 355 7.11 18,761 329 6.96 Total loans (1) 6,223,224 4.01 249,530 6,239,771 63,452 4.07 6,272,492 4.08 64,010 Securities available‐for‐sale/ equity 650,444 15,140 2.33 656,984 3,448 2.10 654,752 3,834 2.34 Securities held‐to‐maturity (2) 11,130 321 2.88 10,345 69 2.67 10,978 66 2.40 Cash and cash equivalents 105,042 2,151 2.05 110,555 464 1.67 142,960 766 2.13 Total interest‐earning assets $ 6,989,840 $ 267,142 3.82 $ 7,017,655 $ 67,433 3.84 $ 7,081,182 $ 68,676 3.88 Noninterest‐earning assets 76,707 75,527 77,416 Total assets $ 7,066,547 $ 7,093,182 $ 7,158,598 Interest‐Bearing Liabilities Interest‐bearing demand deposits$ 210,743 $ 2,686 1.26%$ 218,034 $ 628 1.13%$ 201,480 $ 637 1.24% Money market demand accounts 1,402,608 18,181 1.28 1,452,980 4,476 1.21 1,418,275 4,871 1.34 Time deposits 3,538,223 84,225 2.35 3,556,487 21,302 2.34 3,654,313 22,419 2.40 Total interest‐bearing deposits 5,151,574 105,092 2.01 5,227,501 26,406 1.98 5,274,068 27,927 2.07 FHLB advances 1,056,557 24,896 2.36 989,273 5,731 2.30 1,021,396 5,983 2.32 Senior debt 94,350 6,300 6.68 94,396 1,574 6.67 94,365 1,577 6.68 Junior subordinated debentures 61,857 2,447 3.96 61,857 560 3.59 61,857 604 3.87 Total interest‐bearing liabilities $ 6,364,338 $ 138,735 2.16 $ 6,373,027 $ 34,271 2.11 $ 6,451,686 $ 36,091 2.20 Noninterest‐bearing demand deposits 41,821 42,576 43,188 Noninterest‐bearing liabilities 60,814 65,528 60,548 Total liabilities 6,466,973 6,481,131 6,555,422 Total stockholders' equity 599,574 612,051 603,176 Total liabilities and stockholders' equity $ 7,066,547 $ 7,093,182 $ 7,158,598 Net interest spread (3) 1.66% 1.73% 1.68% (4) Net interest income/margin $ 128,407 1.84%$ 33,162 1.89%$ 32,585 1.84% (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. 33

Non‐GAAP Reconciliation ($ in 000’s) As of or For the Years Ended December 31, 2019 2018 2017 2016 2015 Tangible book value Total assets $ 7,045,828 $ 6,937,212 $ 5,704,380 $ 5,063,585 $ 4,361,779 Less: Goodwill (3,297) (3,297) (3,297) (3,297) (3,297) Less: Total liabilities (6,431,364) (6,356,067) (5,154,635) (4,659,210) (3,990,480) Tangible book value $ 611,167 $ 577,848 $ 546,448 $ 401,078 $ 368,002 Tangible assets Total assets $ 7,045,828 $ 6,937,212 $ 5,704,380 $ 5,063,585 $ 4,361,779 Less: Goodwill (3,297) (3,297) (3,297) (3,297) (3,297) Tangible assets $ 7,042,531 $ 6,933,915 $ 5,701,083 $ 5,060,288 $ 4,358,482 Tangible stockholders' equity to tangible assets Tangible book value (numerator) $ 611,167 $ 577,848 $ 546,448 $ 401,078 $ 368,002 Tangible assets (denominator) 7,042,531 6,933,915 5,701,083 5,060,288 4,358,482 Tangible stockholders' equity to tangible assets 8.7% 8.3% 9.6% 7.9%8.4% Pro forma Items (1) Actual/ Pro forma provision for income tax Net income before income taxes $ 69,464 $ 62,931 $ 65,231 $ 53,940 $ 36,639 Effective tax rate 30% 28% 42% 42% 42% Actual/ Pro forma provision for income taxes $ 20,603 $ 17,871 $ 27,397 $ 22,655 $ 15,388 Actual/ Pro forma net income Net income before income taxes $ 69,464 $ 62,931 $ 65,231 $ 53,940 $ 36,639 Actual/ Pro forma provision for income taxes 20,603 17,871 27,397 22,655 15,388 Actual/ Pro forma net income $ 48,861 $ 45,060 $ 37,834 $ 31,285 $ 21,251 (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. 34

Non‐GAAP Reconciliation ($ in 000’s, except per share data) As of or For the Years Ended December 31, 2019 2018 2017 2016 2015 Pro forma Items Continued (1) Actual/ Pro forma ratios and per share data Actual/ Pro forma net income (numerator) $ 48,861 $ 45,060 $ 37,834 $ 31,285 $ 21,251 Average assets (denominator) 7,066,547 6,405,931 5,485,832 4,676,676 4,040,381 Actual/ Pro forma return on average assets 0.69% 0.70% 0.69% 0.67% 0.53% Average stockholders' equity (denominator) $ 599,574 $ 566,275 $ 425,698 $ 390,318 $ 359,359 Actual/ Pro forma return on average stockholders' equity 8.15% 7.96% 8.89% 8.02% 5.91% Weighted average shares outstanding ‐ diluted (denominator) 56,219,892 56,825,402 42,957,936 42,000,000 42,000,000 Actual/ Pro forma earnings per share—diluted $ 0.87 $ 0.79 $ 0.88 $ 0.74 $ 0.51 Efficiency ratio Noninterest expense (numerator) $ 62,386 $ 62,687 $ 56,544 $ 61,242 $ 62,339 Net interest income $ 128,407 $ 125,087 $ 110,895 $ 94,594 $ 84,879 Noninterest income 4,675 4,131 7,508 7,885 6,958 Operating revenue (denominator) $ 133,082 $ 129,218 $ 118,403 $ 102,479 $ 91,837 Efficiency ratio 46.9% 48.5% 47.8% 59.8% 67.9% (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. 35