How do Lutherans interpret the church is the pillar of truth in 1 Timothy 3:15?

Recently I had a conversation with a Roman Catholic about apostolic succession and the papacy and he brought up this verse: 1 Timothy 3:15 KJV >But if I tarry long, that thou mayest know how thou oughtest to behave thyself in the house of God, which is the church of the living God, the pillar and ground of the truth. My first understanding of this is that the pillar of truth being the church is the community of believers that come together in a spiritual sense rather than an earthly church institution. That is sound to me from what I've read from both the book of Concord and Luther's writings along with scriptural basis. Would this be the general consensus of the Lutheran doctrine for what the church is?, or am I missing something?