Luther Burbank (LBC) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2018	Aug. 03, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Entity Registrant Name	Luther Burbank Corp.
Entity Central Index Key	1,475,348
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Well Known Seasoned Issuer	No
Entity Common Stock Shares Outstanding		56,548,614
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 76,018	$ 75,578
Available for sale investment securities, at fair value	583,035	503,288
Held to maturity investment securities, at amortized cost (fair value of $11,725 and $6,925 at June 30, 2018 and December 31, 2017, respectively)	12,009	6,921
Loans held for sale	21,575	0
Loans receivable, net of allowance for loan losses of $33,358 and $30,312 as of June 30, 2018 and December 31,2017, respectively	5,701,559	5,011,235
Accrued interest receivable	18,310	14,901
Federal Home Loan Bank (FHLB) stock, at cost	32,995	27,733
Premises and equipment, net	21,870	22,452
Goodwill	3,297	3,297
Prepaid expenses and other assets	39,565	38,975
Total assets	6,510,233	5,704,380
Liabilities:
Deposits	4,592,155	3,951,238
Federal Home Loan Bank advances	1,150,746	989,260
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 $772 and $839 at June 30, 2018 and December 31, 2017, respectively)	94,228	94,161
Accrued interest payable	3,304	1,781
Other liabilities and accrued expenses	45,763	56,338
Total liabilities	5,948,053	5,154,635
Commitments and contingencies (Note 17)
Stockholders' equity:
Common stock, no par value; 100,000,000 shares authorized; 56,559,655 and 56,422,662 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	456,289	454,287
Retained earnings	113,673	102,459
Accumulated other comprehensive loss, net of taxes	(7,782)	(7,001)
Total stockholders' equity	562,180	549,745
Total liabilities and stockholders' equity	$ 6,510,233	$ 5,704,380

CONSOLIDATED STATEMENTS OF FIN3

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - Parenthetical - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Fair value of held-to-maturity securities	$ 11,725	$ 6,925
Allowance for loan losses	$ 33,358	$ 30,312
Liabilities:
Debt interest rate	6.50%
Stockholders' Equity Attributable to Parent [Abstract]
Common stock shares authorized	100,000,000	100,000,000
Common stock shares issued	56,559,655	56,422,662
Common stock shares outstanding	56,559,655	56,422,662
Senior Unsecured Term Notes, September 2014 | Senior Unsecured Term Notes
Liabilities:
Principal	$ 95,000	$ 95,000
Debt interest rate	6.50%
Unamortized debt issuance costs	$ 772	$ 839

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Interest income:
Interest and fees on loans	$ 51,343	$ 41,173	$ 97,906	$ 79,916
Interest and dividends on investment securities	3,343	1,863	6,061	3,516
Total interest income	54,686	43,036	103,967	83,432
Interest expense:
Interest on deposits	14,560	9,058	26,492	17,371
Interest on FHLB advances	6,823	4,260	11,643	7,537
Interest on junior subordinated deferrable interest debentures	567	408	1,054	788
Interest on senior debt	1,577	1,577	3,154	3,154
Total interest expense	23,527	15,303	42,343	28,850
Net interest income before provision for (reversal of) loan losses	31,159	27,733	61,624	54,582
Provision for (reversal of) loan losses (Note 3)	1,300	(6,481)	2,800	(6,172)
Net interest income after provision for (reversal of) loan losses	29,859	34,214	58,824	60,754
Noninterest income:
Increase in cash surrender value of life insurance	48	47	101	95
Net loss on sale/fair value adjustments of loans	0	(693)	0	(856)
FHLB dividends	509	562	1,103	1,195
Other income	260	285	638	649
Total noninterest income	817	201	1,842	1,083
Noninterest expense:
Compensation and related benefits	9,199	9,523	18,818	19,720
Deposit insurance premium	467	431	899	829
Professional and regulatory fees	503	840	901	1,025
Occupancy	1,304	1,223	2,600	2,521
Depreciation and amortization	694	728	1,408	1,463
Data processing	807	797	1,595	1,587
Marketing	561	205	774	384
Other expenses	1,387	1,093	2,640	2,013
Total noninterest expense	14,922	14,840	29,635	29,542
Income before provision for income taxes	15,754	19,575	31,031	32,295
Provision for income taxes	4,528	654	8,703	1,079
Net income	$ 11,226	$ 18,921	$ 22,328	$ 31,216
Basic earnings per common share (in usd per share)	$ 0.20	$ 0.45	$ 0.40	$ 0.74
Diluted earnings per common share (in usd per share)	$ 0.20	$ 0.45	$ 0.39	$ 0.74
Weighted average common shares outstanding - basic	56,190,970	42,000,000	56,190,970	42,000,000
Weighted average common shares outstanding - diluted	56,820,076	42,000,000	56,787,615	42,000,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Statement - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 11,226	$ 18,921	$ 22,328	$ 31,216
Unrealized (loss) gain on available for sale investment securities:
Unrealized holding (loss) gain arising during the period	(941)	183	(3,912)	791
Tax effect	272	(6)	1,115	(27)
Net of tax	(669)	177	(2,797)	764
Unrealized gain on cash flow hedge:
Unrealized holding gain arising during the period	192	85	373	135
Tax effect	(55)	(3)	(107)	(4)
Net of tax	137	82	266	131
Total other comprehensive (loss) income	(532)	259	(2,531)	895
Comprehensive income	$ 10,694	$ 19,180	$ 19,797	$ 32,111

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Restricted Stock Units	Common Stock	Common StockRestricted Stock Awards	Common StockRestricted Stock Units	Retained Earnings	Retained EarningsRestricted Stock Units	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Securities	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Cash Flow Hedge
Beginning balance (shares) at Dec. 31, 2016			42,000,000
Beginning balance at Dec. 31, 2016	$ 404,375		$ 2,262			$ 407,648		$ (4,374)	$ (1,161)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,216					31,216
Other comprehensive income	895							764	131
Cash dividends	(20,200)					(20,200)
Ending balance (shares) at Jun. 30, 2017			42,000,000
Ending balance at Jun. 30, 2017	416,286		$ 2,262			418,664		(3,610)	(1,030)
Beginning balance (shares) at Dec. 31, 2017			56,422,662
Beginning balance at Dec. 31, 2017	549,745		$ 454,287			102,459		(6,214)	(787)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,328					22,328
Other comprehensive income	(2,531)							(2,797)	266
Reclassification of prior year tax benefit related to re-measuring deferred taxes on items recorded to other comprehensive income	0					(1,750)		1,529	221
Issuance of restricted stock awards				131,140
Vested restricted stock units					12,710
Shares surrendered to pay taxes on stock based compensation (shares)					(4,057)
Shares withheld to pay taxes on stock based compensation		$ (49)			$ (49)
Restricted stock forfeitures (shares)					(2,800)
Restricted stock forfeitures		$ (3)			$ (3)		$ 0
Stock-based compensation expense	2,054		$ 2,054
Cash dividends	(9,364)					(9,364)
Ending balance (shares) at Jun. 30, 2018			56,559,655
Ending balance at Jun. 30, 2018	$ 562,180		$ 456,289			$ 113,673		$ (7,482)	$ (300)

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement of Stockholders' Equity [Abstract]
Cash dividends	$ 0.17	$ 0.48

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 22,328	$ 31,216
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,408	1,463
Provision for loan losses	2,800	(6,172)
Amortization of deferred loan costs, net	4,634	4,642
Amortization of premiums on investment securities, net	1,060	695
Net loss on sale/fair value adjustment of loans	0	856
Originations of loans held for sale	0	(25,809)
Proceeds from sale of loans held for sale	0	33,618
Stock based compensation expense, net of forfeitures	2,051	0
Other items, net	(34)	(28)
Effect of changes in:
Accrued interest receivable	(3,409)	(2,420)
Accrued interest payable	1,523	1,890
Prepaid expenses and other assets	891	(4,205)
Other liabilities and accrued expenses	(10,575)	(2,749)
Net cash provided by operating activities	22,677	32,997
Cash flows from investing activities:
Proceeds from maturities or calls of available for sale investment securities	40,422	60,721
Proceeds from maturities or calls of held to maturity investment securities	273	331
Purchases of available for sale investment securities	(125,126)	(85,301)
Purchases of held to maturity investment securities	(5,375)	0
Net increase in loans receivable	(719,333)	(573,842)
Proceeds from sale of portfolio loans	0	26,564
Purchase of FHLB stock, net	(5,262)	(8,172)
Purchase of premises and equipment	(826)	(380)
Net cash used in investing activities	(815,227)	(580,079)
Cash flows from financing activities:
Net increase in customer deposits	640,917	347,206
Proceeds from long term FHLB advances	425,000	100,000
Net change in short term FHLB advances	(263,514)	147,687
Shares withheld for taxes on vested restricted stock	(49)	0
Cash paid for dividends	(9,364)	(20,200)
Net cash provided by financing activities	792,990	574,693
Increase in cash and cash equivalents	440	27,611
Cash and cash equivalents, beginning of period	75,578	59,208
Cash and cash equivalents, end of period	76,018	86,819
Supplemental disclosure of cash flow information: Cash paid during the period for:
Interest	40,820	26,960
Income taxes	10,994	1,590
Non-cash investing activity:
Loans transferred to held for sale	$ 21,575	$ 686,078

NATURE OF OPERATIONS

NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Organization Luther Burbank Corporation (the ‘‘Company’’), a California corporation headquartered in Santa Rosa, is the bank holding company for its wholly-owned subsidiary, Luther Burbank Savings (the "Bank"), and its wholly-owned subsidiary, Burbank Investor Services. The Company also owns Burbank Financial Inc., a real estate investment company, and all the common interests in Luther Burbank Statutory Trusts I and II, entities created to issue trust preferred securities. The Bank conducts its business from its headquarters in Manhattan Beach, California. It has nine full service branches in California located in Sonoma, Marin, Santa Clara, and Los Angeles Counties and one full service branch in Washington located in King County. Additionally, there are seven loan production offices located throughout California, as well as loan production offices in King County, Washington and Clackamas County, Oregon. On April 27, 2017, the Company declared a 200 -for-1 stock split, increasing the number of issued and authorized shares from 210,000 to 42,000,000 and 500,000 to 100,000,000 , respectively. The Company also declared that the stock has zero par value, whereas the stock had previously held a stated value of $8 per share (stated value not adjusted for split). Additional shares issued as a result of the stock split were distributed immediately upon issuance to the stockholders. Share and per share amounts included in the unaudited consolidated financial statements and accompanying notes reflect the effect of the split for all periods presented. We terminated our status as a “Subchapter S” corporation as of December 1, 2017, in connection with our Initial Public Offering ("IPO") and became a taxable C Corporation. Prior to that date, as an S-Corporation, we had no U.S. federal income tax expense. On December 12, 2017, the Company completed the IPO of its common stock. In connection with the Company’s IPO, the Company sold and issued 13,972,500 shares of common stock at $10.75 per share. After deducting underwriting discounts and offering expenses, the Company received total net proceeds of $138.3 million from the IPO. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all footnotes as would be necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows for the interim periods presented. These unaudited consolidated financial statements have been prepared on a basis consistent with, and should be read in conjunction with, the audited consolidated financial statements as of and for the year ended December 31, 2017 , and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC, under the Securities and Exchange Act of 1934, (the “Exchange Act”). The unaudited consolidated financial statements include the accounts of the Company and the Bank. All intercompany accounts and transactions have been eliminated. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2018 . The Company’s accounting and reporting policies conform to GAAP and to general practices within the banking industry. Use of Estimates Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the unaudited consolidated financial statements and the disclosures provided, and actual results could differ. Earnings Per Share ("EPS") Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the year. In determining the weighted average number of shares outstanding, vested restricted stock units are included. Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of commons shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as restricted stock awards and units, calculated using the treasury stock method. The factors used in the earnings per share computation follow: (Dollars in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income $ 11,226 $ 18,921 $ 22,328 $ 31,216 Weighted average basic common shares outstanding 56,190,970 42,000,000 56,190,970 42,000,000 Add: Dilutive effects of assumed vesting of restricted stock 629,106 — 596,645 — Weighted average diluted common shares outstanding 56,820,076 42,000,000 56,787,615 42,000,000 Income per common share: Basic $ 0.20 $ 0.45 $ 0.40 $ 0.74 Diluted $ 0.20 $ 0.45 $ 0.39 $ 0.74 Anti-dilutive shares not included in calculation of diluted earnings per share — — — —

INVESTMENT SECURITIES

INVESTMENT SECURITIES	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	INVESTMENT SECURITIES Available for Sale The following tables summarize the amortized cost and the estimated fair value of available for sale investment securities as of the dates indicated (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value At June 30, 2018: Government and Government Sponsored Entities: Mortgage-backed securities $ 405,849 $ 281 $ (6,180 ) $ 399,950 Agency bonds 120,405 7 (4,113 ) 116,299 Collateralized mortgage obligations 42,550 242 0 42,792 SBA securities 11,742 — (129 ) 11,613 U.S. Treasury 1,009 — (44 ) 965 CRA Qualified Investment Fund 12,000 — (584 ) 11,416 Total available for sale investment securities $ 593,555 $ 530 $ (11,050 ) $ 583,035 At December 31, 2017: Government and Government Sponsored Entities: Mortgage-backed securities $ 316,134 $ 112 $ (3,327 ) $ 312,919 Agency bonds 120,405 30 (3,213 ) 117,222 Collateralized mortgage obligations 46,920 249 (1 ) 47,168 SBA securities 13,427 — (125 ) 13,302 U.S. Treasury 1,010 — (26 ) 984 CRA Qualified Investment Fund 12,000 — (307 ) 11,693 Total available for sale investment securities $ 509,896 $ 391 $ (6,999 ) $ 503,288 Net unrealized losses on available for sale investment securities are recorded as accumulated other comprehensive income within stockholders’ equity totaling $7.5 million and $6.2 million , net of $3.0 million and $394 thousand in tax assets at June 30, 2018 and December 31, 2017 , respectively. At December 31, 2017, $394 thousand of a total $1.9 million tax asset resides in accumulated other comprehensive income, while the remaining $1.5 million was included in the provision for income taxes on the consolidated statements of income related to the tax rate changes associated with the termination of S Corporation status and the change in tax law during the year ended December 31, 2017. The Company adopted ASU 2018-02 effective January 1, 2018 and reclassified the $1.5 million in stranded tax effects from the change in federal corporate tax rates on our available for sale investment securities from accumulated other comprehensive loss, net to retained earnings. There were no sales or transfers of available for sale investment securities and no gains or losses on these securities during the three or six months ended June 30, 2018 and 2017 . The following tables summarize the gross unrealized losses and fair value of available for sale investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands): June 30, 2018 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Mortgage-backed securities $ 167,838 $ (2,008 ) $ 172,890 $ (4,172 ) $ 340,728 $ (6,180 ) Agency bonds 9,713 (287 ) 103,579 (3,826 ) 113,292 (4,113 ) Collateralized mortgage obligations 96 0 — — 96 0 SBA securities — — 11,613 (129 ) 11,613 (129 ) U.S. Treasury — — 965 (44 ) 965 (44 ) CRA Qualified Investment Fund 4,831 (169 ) 6,585 (415 ) 11,416 (584 ) Total available for sale investment securities $ 182,478 $ (2,464 ) $ 295,632 $ (8,586 ) $ 478,110 $ (11,050 ) At June 30, 2018 , the Company held 96 mortgage-backed securities of which 69 were in a loss position and 48 had been in a loss position for twelve months or more. The Company held 13 agency bonds of which 12 were in a loss position and 11 had been for twelve months or more. The Company also held 15 collateralized mortgage obligations, one of which were in an unrealized loss position. Of the total 4 SBA securities held at June 30, 2018 , all 4 were in a loss position for greater than twelve months. Of the 3 total investments in CRA Qualified Investment Fund, all 3 were in a loss position and 2 had been for greater than 12 months. The Company held 1 U.S. Treasury note at June 30, 2018 . This note was in a loss position for greater than 12 months. December 31, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Mortgage-backed securities $ 93,403 $ (805 ) $ 182,343 $ (2,522 ) $ 275,746 $ (3,327 ) Agency bonds 9,851 (148 ) 104,340 (3,065 ) 114,191 (3,213 ) Collateralized mortgage obligations 1,959 (1 ) — — 1,959 (1 ) SBA securities — — 13,302 (125 ) 13,302 (125 ) U.S. Treasury — — 984 (26 ) 984 (26 ) CRA Qualified Investment Fund 4,948 (52 ) 6,745 (255 ) 11,693 (307 ) Total available for sale investment securities $ 110,161 $ (1,006 ) $ 307,714 $ (5,993 ) $ 417,875 $ (6,999 ) At December 31, 2017 , the Company held 87 mortgage-backed securities of which 68 were in a loss position and 30 had been in a loss position for twelve months or more. The Company held 13 agency bonds of which 12 were in a loss position and 11 had been for twelve months or more. The Company also held 15 collateralized mortgage obligations, 1 of which was in an unrealized loss position. Of the total 4 SBA securities held at year end, all 4 were in a loss position for greater than twelve months. Of the 3 total investments in CRA Qualified Investment Fund, all 3 were in a loss position and 2 had been for greater than 12 months. The Company held 1 U.S. Treasury note at year end. This note was in a loss position for greater than 12 months. The unrealized losses on the Company’s investments were caused by interest rate changes. In addition, the contractual cash flows of these investments are guaranteed by agencies sponsored by the U.S. government. Accordingly, it is expected that the securities will not be settled at a price less than amortized cost. Because the decline in market value is attributable to changes in interest rates but not credit quality, and because the Company has the ability and intent to hold those investments until a recovery of fair value, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2018 and December 31, 2017 . As of June 30, 2018 and December 31, 2017 , there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders' equity, other than the U.S. government and its agencies. Held to Maturity The following tables summarize the amortized cost and estimated fair value of held to maturity investment securities as of the dates indicated (dollars in thousands): Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value As of June 30, 2018: Government Sponsored Entities: Mortgage-backed securities $ 11,733 $ 26 $ (310 ) $ 11,449 Other investments 276 — — 276 Total held to maturity investment securities $ 12,009 $ 26 $ (310 ) $ 11,725 As of December 31, 2017: Government Sponsored Entities: Mortgage-backed securities $ 6,636 $ 73 $ (69 ) $ 6,640 Other investments 285 — — 285 Total held to maturity investment securities $ 6,921 $ 73 $ (69 ) $ 6,925 The following tables summarize the gross unrecognized losses and fair value of held to maturity investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrecognized loss position (dollars in thousands): Less than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses As of June 30, 2018: Government Sponsored Entities: Mortgage-backed securities $ 10,299 $ (310 ) $ — $ — $ 10,299 $ (310 ) As of December 31, 2017: Government Sponsored Entities: Mortgage-backed securities $ 1,047 $ (4 ) $ 3,029 $ (65 ) $ 4,076 $ (69 ) The unrecognized losses on the Company’s investments were caused by interest rate changes. It is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rate and other market conditions. The issuers continue to make timely principal and interest payments on the investments. The fair value is expected to recover as the investments approach maturity. The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of June 30, 2018 (dollars in thousands): June 30, 2018 Amortized Cost Fair Value Available for sale investments securities One to five years $ 118,414 $ 114,257 Five to ten years — — Beyond ten years 3,000 3,007 Equity securities 12,000 11,416 Mortgage-backed securities and collateralized mortgage obligations 460,141 454,355 Total available for sale investment securities $ 593,555 $ 583,035 Held to maturity investments securities Beyond ten years $ 276 $ 276 Mortgage-backed securities 11,733 11,449 Total held to maturity investment securities $ 12,009 $ 11,725 The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. As such, mortgage backed securities and collateralized mortgage obligations are not included in the maturity categories above and instead are shown separately. No securities were pledged as of June 30, 2018 and December 31, 2017 .

LOANS RECEIVABLE

LOANS RECEIVABLE	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
LOANS RECEIVABLE	LOANS RECEIVABLE Loans receivable consist of the following (dollars in thousands): June 30, December 31, Permanent mortgages on: Multifamily residential $ 3,335,958 $ 2,887,438 Single family residential 2,167,341 1,957,546 Commercial real estate 151,610 112,492 Construction and land loans on single family residential 31,569 41,165 Non-Mortgage (‘‘NM’’) loans 100 50 Total 5,686,578 4,998,691 Deferred loan costs, net 48,339 42,856 Allowance for loan losses (33,358 ) (30,312 ) Loans receivable held for investment, net $ 5,701,559 $ 5,011,235 Certain loans have been pledged to secure borrowing arrangements (see Note 7). The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment (dollars in thousands): Multifamily Residential Single Family Residential Commercial Real Estate Land, NM, and Construction Total Three months ended June 30, 2018 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 19,833 $ 9,214 $ 1,887 $ 1,046 $ 31,980 Provision for (reversal of) loan losses 727 881 (46 ) (262 ) 1,300 Charge-offs — — — — — Recoveries — 3 — 75 78 Ending balance allocated to portfolio segments $ 20,560 $ 10,098 $ 1,841 $ 859 $ 33,358 Three months ended June 30, 2017 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 19,873 $ 10,097 $ 1,950 $ 1,779 $ 33,699 Reversal of provision for loan losses (4,300 ) (1,270 ) (38 ) (873 ) (6,481 ) Charge-offs — (5 ) — — (5 ) Recoveries — 3 — 140 143 Ending balance allocated to portfolio segments $ 15,573 $ 8,825 $ 1,912 $ 1,046 $ 27,356 Six months ended June 30, 2018 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 18,588 $ 9,044 $ 1,734 $ 946 $ 30,312 Provision for (reversal of) loan losses 1,972 1,048 17 (237 ) 2,800 Charge-offs — — — — — Recoveries — 6 90 150 246 Ending balance allocated to portfolio segments $ 20,560 $ 10,098 $ 1,841 $ 859 $ 33,358 Six months ended June 30, 2017 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 18,478 $ 11,559 $ 1,823 $ 1,438 $ 33,298 (Reversal of) provision for loan losses (2,905 ) (2,735 ) 89 (621 ) (6,172 ) Charge-offs — (5 ) — — (5 ) Recoveries — 6 — 229 235 Ending balance allocated to portfolio segments $ 15,573 $ 8,825 $ 1,912 $ 1,046 $ 27,356 The following tables summarize the allocation of the allowance for loan losses by impairment methodology (dollars in thousands): Multifamily Residential Single Family Residential Commercial Real Estate Land, NM, and Construction Total As of June 30, 2018: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 20,560 10,073 1,841 859 33,333 Ending balance $ 20,560 $ 10,098 $ 1,841 $ 859 $ 33,358 Loans: Ending balance: individually evaluated for impairment $ 1,543 $ 7,143 $ 871 $ — $ 9,557 Ending balance: collectively evaluated for impairment 3,334,415 2,160,198 150,739 31,669 5,677,021 Ending balance $ 3,335,958 $ 2,167,341 $ 151,610 $ 31,669 $ 5,686,578 As of December 31, 2017: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 18,588 9,019 1,734 946 30,287 Ending balance $ 18,588 $ 9,044 $ 1,734 $ 946 $ 30,312 Loans: Ending balance: individually evaluated for impairment $ 2,246 $ 8,991 $ 656 $ — $ 11,893 Ending balance: collectively evaluated for impairment 2,885,192 1,948,555 111,836 41,215 4,986,798 Ending balance $ 2,887,438 $ 1,957,546 $ 112,492 $ 41,215 $ 4,998,691 The Company assigns a risk rating to all loans and periodically performs detailed reviews of all such loans to identify credit risks and to assess the overall collectability of the portfolio. During these internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, as well as the financial performance and other characteristics of loan collateral. These credit quality indicators are used to assign a risk rating to each individual loan. The risk ratings can be grouped into six major categories, defined as follows: Pass assets are those which are performing according to contract and have no existing or known weaknesses deserving of management’s close attention. The basic underwriting criteria used to approve the loans are still valid, and all payments have essentially been made as planned. Watch assets are expected to have an event occurring in the next 90 to 120 days that will lead to a change in risk rating with the change being either favorable or unfavorable. These assets require heightened monitoring of the event by management. Special mention assets have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard assets are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged. These assets have well-defined weaknesses: the primary source of repayment is gone or severely impaired (i.e., bankruptcy or loss of employment) and/or there has been a deterioration in collateral value. In addition, there is the distinct possibility that the Company will sustain some loss, either directly or indirectly (i.e., the cost of monitoring), if the deficiencies are not corrected. A deterioration in collateral value alone does not mandate that an asset be adversely classified if such factor does not indicate that the primary source of repayment is in jeopardy. Doubtful assets have the weaknesses of those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable based on current facts, conditions and values. Loss assets are considered uncollectible and of such little value that their continuance as assets, without establishment of a specific valuation allowance or charge-off, is not warranted. This classification does not necessarily mean that an asset has absolutely no recovery or salvage value; but rather, it is not practical or desirable to defer writing off a basically worthless asset (or portion thereof) even though partial recovery may be affected in the future. The following tables summarize the loan portfolio allocated by management’s internal risk ratings at June 30, 2018 and December 31, 2017 (dollars in thousands): Multifamily Residential Single Family Residential Commercial Real Estate Land, NM and Construction Total As of June 30, 2018: Grade: Pass $ 3,246,277 $ 2,140,414 $ 149,012 $ 29,654 $ 5,565,357 Watch 78,221 17,357 1,727 — 97,305 Special mention 4,941 5,675 — 2,015 12,631 Substandard 6,519 3,895 871 — 11,285 Total $ 3,335,958 $ 2,167,341 $ 151,610 $ 31,669 $ 5,686,578 As of December 31, 2017: Grade: Pass $ 2,847,720 $ 1,923,960 $ 106,539 $ 41,215 $ 4,919,434 Watch 25,354 20,178 4,315 — 49,847 Special mention 6,569 9,025 — — 15,594 Substandard 7,795 4,383 1,638 — 13,816 Total $ 2,887,438 $ 1,957,546 $ 112,492 $ 41,215 $ 4,998,691 The following tables summarize an aging analysis of the loan portfolio by the time past due at June 30, 2018 and December 31, 2017 (dollars in thousands): 30 Days 60 Days 90+ Days Non-accrual Current Total As of June 30, 2018: Loans: Multifamily residential $ 660 $ — $ — $ 1,543 $ 3,333,755 $ 3,335,958 Single family residential 1,711 2,230 — 2,372 2,161,028 2,167,341 Commercial real estate — — — 871 150,739 151,610 Land, NM, and construction — — — — 31,669 31,669 Total $ 2,371 $ 2,230 $ — $ 4,786 $ 5,677,191 $ 5,686,578 As of December 31, 2017: Loans: Multifamily residential $ 2,751 $ — $ — $ 2,246 $ 2,882,441 $ 2,887,438 Single family residential 4,870 3,364 — 4,135 1,945,177 1,957,546 Commercial real estate — — — 656 111,836 112,492 Land, NM, and construction — — — — 41,215 41,215 Total $ 7,621 $ 3,364 $ — $ 7,037 $ 4,980,669 $ 4,998,691 The following table summarizes information related to impaired loans at June 30, 2018 and December 31, 2017 (dollars in thousands): As of June 30, 2018 As of December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Multifamily residential $ 1,543 $ 1,680 $ — $ 2,246 $ 2,545 $ — Single family residential 6,196 6,443 — 8,029 8,237 — Commercial real estate 871 871 — 656 798 — 8,610 8,994 — 10,931 11,580 — With an allowance recorded: Single family residential 947 947 25 962 962 25 947 947 25 962 962 25 Total: Multifamily residential 1,543 1,680 — 2,246 2,545 — Single family residential 7,143 7,390 25 8,991 9,199 25 Commercial real estate 871 871 — 656 798 — $ 9,557 $ 9,941 $ 25 $ 11,893 $ 12,542 $ 25 The following table summarizes information related to impaired loans for the three and six months ended June 30, 2018 and 2017 (dollars in thousands): Three Months Ended June 30, 2018 2017 Average Recorded Investment Interest Income Cash Basis Interest Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 1,553 $ — $ — $ 2,211 $ — $ — Single family residential 7,728 38 — 7,275 47 — Commercial real estate 218 — — 702 — — 9,499 38 — 10,188 47 — With an allowance recorded: Single family residential 951 10 — 982 8 — 951 10 — 982 8 — Total: Multifamily residential 1,553 — — 2,211 — — Single family residential 8,679 48 — 8,257 55 — Commercial real estate 218 — — 702 — — $ 10,450 $ 48 $ — $ 11,170 $ 55 $ — Six months ended June 30, 2018 2017 Average Recorded Investment Interest Income Cash Basis Interest Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 1,847 $ — $ — $ 1,894 $ — $ — Single family residential 7,759 75 — 6,751 95 — Commercial real estate 403 — — 775 — — 10,009 75 — 9,420 95 — With an allowance recorded: Single family residential 1,389 27 — 986 17 — 1,389 27 — 986 17 — Total: Multifamily residential 1,847 — — 1,894 — — Single family residential 9,148 102 — 7,737 112 — Commercial real estate 403 — — 775 — — $ 11,398 $ 102 $ — $ 10,406 $ 112 $ — The following table summarizes the recorded investment related to troubled debt restructurings at June 30, 2018 and December 31, 2017 (dollars in thousands): June 30, December 31, Troubled Debt Restructurings: Multifamily residential $ — $ 667 Single family residential 5,503 5,653 Total recorded investment in troubled debt restructurings $ 5,503 $ 6,320 The Company has allocated $25 thousand of allowances for loans modified in troubled debt restructurings at June 30, 2018 and December 31, 2017 . The Company does not have commitments to lend additional funds to borrowers with loans whose terms have been modified in troubled debt restructurings. There were no troubled debt restructurings during the three and six months ended June 30, 2018 and 2017 . The Company had no troubled debt restructurings with a subsequent payment default within twelve months following the modification during the three and six months ended June 30, 2018 and 2017 . A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. The terms of certain other loans were modified during the six months ended June 30, 2018 and 2017 that did not meet the definition of a troubled debt restructuring. These loans have a total recorded investment of $9.8 million and $17.5 million as of June 30, 2018 and June 30, 2017 , respectively. The modification of these loans involved either a modification of the terms of a loan to borrowers who were not experiencing financial difficulties or a delay in a payment that was considered to be insignificant such as delays in payment of up to 4 months.

NONPERFORMING ASSETS

NONPERFORMING ASSETS	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
NONPERFORMING ASSETS	NONPERFORMING ASSETS Nonperforming assets include nonperforming loans plus real estate owned (foreclosed property). The Company’s nonperforming assets and trends related to those assets at June 30, 2018 and December 31, 2017 are indicated below (dollars in thousands): June 30, December 31, Non-accrual loans: Multifamily residential $ 1,543 $ 2,246 Single family residential 2,372 4,135 Commercial real estate 871 656 Total non-accrual loans 4,786 7,037 Real estate owned — — Total nonperforming assets $ 4,786 $ 7,037 No interest income was recognized on non-accrual loans during the three and six months ended June 30, 2018 and 2017 . Contractual interest not accrued on nonperforming loans during the three and six months ended June 30, 2018 totaled $62 thousand and $153 thousand , respectively, compared with $62 thousand and $109 thousand for the three and six months ended June 30, 2017 , respectively. Generally, nonperforming loans are considered impaired, because the repayment of the loan will not be made in accordance with the original contractual agreement.

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	6 Months Ended
	Jun. 30, 2018
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	MORTGAGE SERVICING RIGHTS Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and conducting foreclosure proceedings. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans are as follows (dollars in thousands): June 30, December 31, Mortgage loans serviced for: FHLMC $ 575,440 $ 625,545 Other financial institutions 141,471 158,136 Total mortgage loans serviced for others $ 716,911 $ 783,681 Custodial account balances maintained in connection with serviced loans totaled $12.0 million and $5.2 million at June 30, 2018 and December 31, 2017 , respectively. Activity for mortgage servicing rights are as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Beginning Balance $ 4,124 $ 1,153 $ 4,255 $ 1,099 Additions — 158 — 241 Disposals — — — — Change in fair value due to changes in assumptions — — — — Other changes in fair value (256 ) (53 ) (387 ) (82 ) Ending balance $ 3,868 $ 1,258 $ 3,868 $ 1,258 Fair value as of June 30, 2018 was determined using a discount rate of 10% , prepayment speeds ranging from 5.9% to 70.4% , depending on the stratification of the specific right, and a weighted average default rate of 5% . Fair value as of December 31, 2017 was determined using a discount rate of 10% , prepayment speeds ranging from 5.8% to 70.4% , depending on the stratification of the specific right, and a weighted average default rate of 5% .

DEPOSITS

DEPOSITS	6 Months Ended
	Jun. 30, 2018
Banking and Thrift [Abstract]
DEPOSITS	DEPOSITS A summary of deposits at June 30, 2018 and December 31, 2017 is as follows (dollars in thousands): June 30, December 31, Certificate accounts $ 2,962,858 $ 2,242,682 Money market savings 1,306,189 1,389,425 NOW accounts 173,120 203,159 Money market checking 82,447 85,073 Non-interest bearing demand 67,541 30,899 $ 4,592,155 $ 3,951,238 The Company had certificates of deposit with a denomination of $100 thousand or more totaling $2.6 billion and $1.9 billion at June 30, 2018 and December 31, 2017 , respectively. The Company had certificates of deposit that meet or exceed the FDIC Insurance limit of $250 thousand of $1.0 billion and $1.1 billion at June 30, 2018 and December 31, 2017 , respectively. The Company utilizes brokered deposits as an additional source of funding. The Company had brokered deposits of $562.6 million and $278.4 million at June 30, 2018 and December 31, 2017 , respectively. Maturities of the Company’s certificate accounts at June 30, 2018 are summarized as follows (dollars in thousands): July 1 - December 31, 2018 $ 1,443,189 Year ending December 31, 2019 1,001,904 Year ending December 31, 2020 364,093 Year ending December 31, 2021 115,749 Year ending December 31, 2022 32,670 Thereafter 5,253 $ 2,962,858

FEDERAL HOME LOAN BANK AND FEDE

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	6 Months Ended
	Jun. 30, 2018
Banking and Thrift [Abstract]
FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES The Bank may borrow from the Federal Home Loan Bank ("FHLB"), on either a short-term or long-term basis, up to 40% of its assets provided that adequate collateral has been pledged. As of June 30, 2018 and December 31, 2017 , the Bank had pledged various mortgage loans totaling approximately $2.4 billion and $2.4 billion , respectively, as well as the FHLB stock held by the Bank to secure these borrowing arrangements. The Bank has access to the Loan and Discount Window of the Federal Reserve Bank of San Francisco ("FRB"). Advances under this window are subject to the Bank providing qualifying collateral. Various mortgage loans totaling approximately $399.7 million and $379.0 million as of June 30, 2018 and December 31, 2017 , respectively, secure this borrowing arrangement. There were no borrowings outstanding with the FRB as of June 30, 2018 and December 31, 2017 . The following table discloses the Bank’s outstanding advances from the Federal Home Loan Bank of San Francisco (dollars in thousands): As of June 30, 2018 Outstanding Balances Minimum Interest Rate Maximum Interest Rate Weighted Average Rate June 30, December 31, Maturity Dates Fixed rate short-term $ 148,100 $ 411,600 2.08 % 2.08 % 2.08 % July 2018 Fixed rate long-term 852,646 427,660 1.38 % 7.69 % 2.24 % July 2018 to August 2032 Variable rate long-term 150,000 150,000 2.30 % 2.49 % 2.37 % July 2018 to January 2020 $ 1,150,746 $ 989,260 The Bank's available borrowing capacity based on pledged loans to the FRB and the FHLB totaled $899.6 million and $1.1 billion at June 30, 2018 and December 31, 2017 , respectively. Short-term borrowings are borrowings with original maturities of 90 days or less. During the three months ended June 30, 2018 there was a maximum amount of short term borrowings outstanding of $489.2 million , an average amount outstanding of $325.9 million and a weighted average interest rate of 1.89% . The following table summarizes maturities over the next five years as of June 30, 2018 (dollars in thousands): July 1 - December 31, 2018 $ 323,600 Year ending December 31, 2019 275,000 Year ending December 31, 2020 150,000 Year ending December 31, 2021 150,600 Year ending December 31, 2022 — Thereafter 251,546 $ 1,150,746

JUNIOR SUBORDINATED DEFERRABLE

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES The Company formed wholly owned trust companies (the ‘‘Trusts’’) which issued guaranteed preferred beneficial interests in the Company’s junior subordinated deferrable interest debentures (‘‘the Trust Securities’’). The Company is not considered the primary beneficiary of the Trusts and therefore, the Trusts are not consolidated in the Company’s financial statements, but rather the junior subordinated debentures are shown as a liability. The Company’s investment in the common securities of the Trusts, totaling $1.9 million , are included in other assets on the unaudited consolidated statements of financial condition. The sole asset of the Trusts are junior subordinated deferrable interest debentures (the ‘‘Notes’’). At June 30, 2018 and December 31, 2017 , the Company had two Trusts which have issued Trust Securities in a private placement transaction. The Trusts have invested the proceeds of such Trust Securities in the Notes. Each of the Notes has an interest rate equal to the corresponding Trust Securities distribution rate. The Company has the right to defer payment of interest on the Notes at any time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the relevant Notes. During any such extension period, distributions on the Trust Securities will also be deferred, and the Company’s ability to pay dividends on its common stock will be restricted. The Company has entered into contractual arrangements which, taken collectively, fully and unconditionally guarantee payment of: (i) accrued and unpaid distributions required to be paid on the Trust Securities; (ii) the redemption price with respect to any Trust Securities called for redemption by the Trusts; and (iii) payments due upon a voluntary or involuntary dissolution, winding up or liquidation of the Trusts. The Trust Securities are mandatorily redeemable upon maturity of the Notes, or upon earlier redemption as provided in the indenture. The Company has the right to redeem the Notes purchased by the Trusts, in whole or in part, on or after the redemption date. As specified in the indenture, if the Notes are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest. The following table is a summary of the outstanding Trust Securities and Notes at June 30, 2018 and December 31, 2017 (dollars in thousands): June 30, 2018 December 31, 2017 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) Luther Burbank Statutory Trust I $ 41,238 3.72 % $ 41,238 2.97 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 3.96 % $ 20,619 3.21 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT

SENIOR DEBT	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
SENIOR DEBT	SENIOR DEBT In September 2014, the Company issued $95 million in senior unsecured term notes to qualified institutional investors. The proceeds of this debt were used to retire senior unsecured term notes issued between 2009 and 2011 totaling $62.7 million , including a prepayment penalty of $243 thousand , and make an additional contribution to the Bank of $28 million in the form of paid-in capital. The balance of the proceeds, or approximately $2.7 million , was retained at the holding company to be used as cash reserves and for general corporate purposes. The following table summarizes information on these notes as of June 30, 2018 and December 31, 2017 (dollars in thousands): June 30, 2018 December 31, 2017 Principal Unamortized debt issuance costs Principal Unamortized debt issuance costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 772 $ 95,000 $ 839 9/30/2024 6.50 %

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES In connection with the initial public offering, the Company terminated its S Corporation status and became a taxable entity (“C Corporation”) on December 1, 2017. As such, any periods prior to December 1, 2017 will only reflect an effective state income tax rate. The provision for income tax for the three and six months ended June 30, 2018 and 2017 differs from the statutory federal rate of 21% and 35%, respectively, due to the following (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Statutory U.S. Federal Income Tax $ 3,308 $ 6,851 $ 6,517 $ 11,303 Increase (decrease) resulting from: Benefit of S Corporation status — (6,851 ) — (11,303 ) State Taxes 1,596 654 2,892 1,079 Other (376 ) — (706 ) — Provision for income taxes $ 4,528 $ 654 $ 8,703 $ 1,079

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION The Company’s stock based compensation consists of restricted stock awards (RSAs) and restricted stock units (RSUs) granted under its 2017 Omnibus Equity and Incentive Compensation Plan ("Omnibus Plan"). In connection with its IPO in December 2017, the Company granted RSAs and RSUs to employees and nonemployee directors which all vest ratably over three years. At the same time, the Company granted RSUs in exchange for unvested phantom stock awards held by employees and all vested and unvested phantom stock awards held by nonemployee directors on a per share basis. The RSUs were subjected to the same vesting schedule and deferral elections that existed for the original phantom stock awards. In recognition of prior and current service, additional RSAs were granted during the first quarter of 2018. These awards to nonemployee directors vest over one year, while awards to employees vest ratably over three years. All RSAs and RSUs were granted at the fair value of the common stock at the time of the award. The RSAs and RSUs are considered fixed awards as the number of shares and fair value are known at the date of grant and the fair value at the grant date is amortized over the vesting and/or service period. Non-cash stock compensation expense recognized for RSAs and RSUs for the three and six months ended June 30, 2018 totaled $1.0 million and $2.1 million , respectively. No RSAs or RSUs had been granted prior to December 2017. As of June 30, 2018 , there was $6.8 million of unrecognized compensation expense related to 1,225,491 unvested RSAs and RSUs. This expense is expected to be recognized over a weighted average period of 2.08 years . As of June 30, 2018 , 169,490 shares of RSUs were vested and remain unsettled per the original deferral elections. The following table summarizes share information about restricted stock awards and restricted stock units for the six months ended June 30, 2018 : Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 1,319,700 $ 10.75 Shares granted 131,140 12.77 Shares settled (53,059 ) 10.75 Shares forfeited (2,800 ) 10.75 End of the period balance 1,394,981 $ 10.97 Under its Omnibus Plan, the Company reserved 3,360,000 shares of common stock for new awards. At June 30, 2018 and December 31, 2017 , there were 2,561,359 and 2,689,699 shares, respectively, of common stock reserved and available for grant through restricted stock or other awards under the Omnibus Plan.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair Value Measurements Fair Value Hierarchy The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon: Level 1 - Quoted market prices for identical instruments traded in active exchange markets. Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable or can be corroborated by observable market data. Level 3 - Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect the Company’s estimates of assumptions that market participants would use on pricing the asset or liability. Valuation techniques include management judgment and estimation which may be significant. Because broadly traded markets do not exist for most of the Company’s financial instruments, the fair value calculations attempt to incorporate the effect of current market conditions at a specific time. These determinations are subjective in nature, involve uncertainties and matters of significant judgment and do not include tax ramifications; therefore, the results cannot be determined with precision, substantiated by comparison to independent markets and may not be realized in an actual sale or immediate settlement of the instruments. There may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. For all of these reasons, the aggregation of the fair value calculations presented herein do not represent, and should not be construed to represent, the underlying value of the Company. Management monitors the availability of observable market data to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities, or total earnings. The following methods and assumptions were used to estimate the fair value of financial instruments: For cash and cash equivalents, variable rate loans, accrued interest receivable and payable, demand deposits and short-term borrowings, the carrying amount is estimated to be fair value. The fair value of accrued interest receivable/payable balances are determined using inputs and fair value measurements commensurate with the asset or liability from which the accrued interest is generated. Fair values for available for sale investment securities, which include primarily debt securities issued by U.S. government sponsored agencies, are based on quoted market prices for similar securities. The fair value of loans held for sale recorded at level three are determined by two methodologies. The first methodology is used for single family portfolio loans that have been designated as held for sale after having been retained on the balance sheet for at least twelve months of seasoning. To be announced ("TBA") prices for Fannie Mae mortgage backed securities are provided by a third party with prices varying depending upon the underlying loan’s weighted average coupon rate. These prices are then used to determine the fair value of the loan pool using each loan’s coupon rate. As compensating evidence, the loans are also run through a valuation model taking into consideration loan level adjustments such as loan to value ratios, property type, and an estimated servicing release premium. The second methodology is used for multifamily portfolio loans that have been designated as held for sale. This analysis begins with a third party quoted price for a risk free government guaranteed security comprised of these same multifamily loans. This information is then input into an interest rate risk model to generate an option adjusted spread ("OAS"). This OAS is added to a credit risk spread, based primarily on the cost of the Freddie Mac guarantee fee, to generate a fair market value for the loan pool. Both of these methodologies are performed monthly and compared to the prior month analysis for reasonableness. Loans held for sale which are under contract for sale are considered Level 2 in the fair value hierarchy. For loans, the fair value is estimated using market quotes for similar assets or the present value of future cash flows, discounted using the current rate at which similar loans would be made to borrowers with similar credit ratings and for the same maturities and giving consideration to estimated prepayment risk and credit risk. The fair value of loans is determined utilizing estimates resulting in a Level 3 classification. Impaired loans are measured for impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, the Company may measure impairment based on a loan’s observable market price, or the fair value of the collateral (net of estimated costs to sell) if the loan is collateral dependent. The fair value of impaired loans is determined utilizing estimates resulting in a Level 3 classification. Typical unobservable inputs used for computing the fair value of impaired loans include adjustments made by appraisers and brokers for differences between comparable property sales, net operating income assumptions and capitalization rates. Other factors considered include geographic sales trends and the values of comparable surrounding properties as well as the condition of the subject property. In measuring the fair value of impaired collateral dependent loans, the Company assumes a 100% default rate. The valuation techniques used by third party appraisers is consistent among all loan classes held by the Company due to the similarities in the type of loan collateral. For loans measured at fair value on a non-recurring basis in the Company’s loan portfolio at June 30, 2018 and December 31, 2017 , adjustments made by appraisers and brokers to comparable property sales generally ranged from (10)% to 20% . Additionally, all appraisals are reviewed in accordance with Uniform Standards of Professional Appraisal Practice, or USPAP, by in house licensed appraisers who review not only the appraisal but independently search for comparable properties to ensure selected comparable properties and corresponding adjustments are appropriate. When necessary appraisal staff will adjust or reject an appraised value. The Company estimates that selling costs approximate 6% of the collateral fair value. It was not practicable to determine the fair value of F HLB stock due to restrictions placed on its transferability. Real estate owned fair values are categorized as Level 3 due to ongoing assumptions in fair value measurements related to real estate market conditions which may require adjustments made by appraisers and brokers for differences between comparable property sales, net operating income assumptions, and capitalization rates. The fair values of derivatives are based on valuation models using observable market data as of the measurement date. Fair values for fixed-rate certificates of deposit are estimated using discounted cash flow analyses using interest rates offered at each reporting date by the Company for certificates with similar remaining maturities. For deposits with no contractual maturity, the fair value is assumed to equal the carrying value. The fair value of FHLB advances is estimated based on discounting the future cash flows using the market rate currently offered. The fair value of subordinated debentures is based on an indication of value provided by a third-party broker. For senior debt, the fair value is based on an indication of value provided by a third-party broker. The fair values of commitments are estimated using the fees currently charged to enter into similar agreements and are not significant. Fair Value of Financial Instruments The carrying and estimated fair values of the Company’s financial instruments are as follows (dollars in thousands): Fair Level Measurements Using Carrying Amount Fair Value Level 1 Level 2 Level 3 As of June 30, 2018: Financial assets: Cash and cash equivalents $ 76,018 $ 76,018 $ 76,018 $ — $ — Investment securities: Available for sale 583,035 583,035 965 582,070 — Held to maturity 12,009 11,725 — 11,725 — Loans held for sale 21,575 21,642 — 21,642 — Loans receivable, net 5,701,559 5,673,337 — — 5,673,337 Accrued interest receivable 18,310 18,310 91 1,526 16,693 Federal Home Loan Bank stock 32,995 N/A N/A N/A N/A Interest Rate Cap Premium 5 5 — 5 — Financial liabilities: Deposits $ 4,592,155 $ 4,546,837 $ 1,629,436 $ 2,917,401 $ — FHLB advances 1,150,746 1,151,622 — 1,151,622 — Junior subordinated deferrable interest debentures 61,857 58,017 — 58,017 — Senior debt 94,228 98,325 — 98,325 — Accrued interest payable 3,304 3,304 — 3,304 — As of December 31, 2017: Financial assets: Cash and cash equivalents $ 75,578 $ 75,578 $ 75,578 $ — $ — Investment securities: Available for sale 503,288 503,288 984 502,304 — Held to maturity 6,921 6,925 — 6,925 — Loans receivable, net 5,011,235 5,022,250 — — 5,022,250 Accrued interest receivable 14,901 14,901 27 1,320 13,554 Federal Home Loan Bank stock 27,733 N/A N/A N/A N/A Interest rate cap premium 1 1 — 1 — Financial liabilities: Deposits $ 3,951,238 $ 3,917,999 $ 1,708,556 $ 2,209,443 $ — FHLB advances 989,260 989,833 — 989,833 — Junior subordinated deferrable interest debentures 61,857 58,624 — 58,624 — Senior debt 94,161 104,500 — 104,500 — Accrued interest payable 1,781 1,781 — 1,781 — These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates Assets and Liabilities Recorded at Fair Value The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis as of June 30, 2018 and December 31, 2017 . Recurring Basis The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis under other accounting pronouncements (dollars in thousands): Description Fair Value Level 1 Level 2 Level 3 As of June 30, 2018: Financial Assets: Available for sale investment securities: Government and Government Sponsored Entities: Mortgage-backed securities $ 399,950 $ — $ 399,950 $ — Agency bonds 116,299 — 116,299 — Collateralized mortgage obligations 42,792 — 42,792 — SBA securities 11,613 — 11,613 — U.S. Treasury 965 965 — — CRA Qualified Investment Fund 11,416 — 11,416 — Total investment securities available for sale $ 583,035 965 $ 582,070 — Interest rate cap premium $ 5 $ — $ 5 $ — As of December 31, 2017: Financial Assets: Available for sale investment securities: Government and Government Sponsored Entities: Mortgage-backed securities $ 312,919 $ — $ 312,919 $ — Agency bonds 117,222 — 117,222 — Collateralized mortgage obligations 47,168 — 47,168 — SBA securities 13,302 — 13,302 — U.S. Treasury 984 984 — — CRA Qualified Investment Fund 11,693 — 11,693 — Total investment securities available for sale $ 503,288 $ 984 $ 502,304 $ — Interest rate cap premium $ 1 $ — $ 1 $ — There were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2018 and 2017 . Non-recurring Basis The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include assets that are measured at the lower of cost or market value that were recognized at fair value which was below cost at the reporting date (dollars in thousands): Description Fair Value Level 1 Level 2 Level 3 As of December 31, 2017: Impaired Loans Single family residential $ 191 $ — $ — $ 191 Total assets measured at fair value on a non-recurring basis $ 191 $ — $ — $ 191 For the three and six months ended June 30, 2018 , there were no charge offs on impaired loans. At December 31, 2017 , an impaired loan of $196 thousand was adjusted to a fair value of $191 thousand by recording charge-offs of $5 thousand . The fair value of impaired, collateral dependent loans is estimated at the fair value of the underlying collateral, less estimated selling costs. These loans are categorized as Level 3 due to ongoing real estate market conditions which may require the use of unobservable inputs and assumptions in fair value measurements. The company held no real estate owned at June 30, 2018 and December 31, 2017 . Management periodically obtains updated valuations of properties after foreclosure.

VARIABLE INTEREST ENTITIES (VIE

VARIABLE INTEREST ENTITIES (VIE)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES (VIE)	VARIABLE INTEREST ENTITIES ("VIE") The Company is involved with VIEs through its loan securitization activities. We evaluated our association with VIEs for consolidation purposes. Specifically, a VIE is to be consolidated by its primary beneficiary, the entity that has both the power to direct the activities that most significantly impact the VIE and a variable interest that could potentially be significant to the VIE. A variable interest is a contractual, ownership or other interest whose value fluctuates with the changes in the value of the VIE's assets and liabilities. Our assessment includes an evaluation of our continuing involvement with the VIE and the nature and significance of our variable interests. Multifamily loan securitization With respect to the securitization transaction with Freddie Mac which settled September 27, 2017, our variable interests reside with a reimbursement agreement entered into with Freddie Mac that obligates the Bank to reimburse Freddie Mac for any defaulted contractual principal and interest payments identified after the ultimate resolution of the defaulted loans. Such reimbursement obligations are not to exceed 10% of the original principal amount of the loans comprising the securitization pool. As part of the securitization transaction, the Bank released all servicing obligations and rights to Freddie Mac who was designated as the Master Servicer. As Master Servicer, Freddie Mac appointed the Bank with sub-servicing obligations, which include obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance, and otherwise administer the underlying loans. The servicing of defaulted loans and foreclosed loans was assigned to a separate third party entity, independent of the Bank and Freddie Mac. Freddie Mac, in its capacity as Master Servicer, can terminate the Bank in its role as sub-servicer and direct such responsibilities accordingly. In evaluating our variable interests and continuing involvement in the VIE, we determined that we do not have the power to make significant decisions or direct the activities that most significantly impact the economic performance of the VIE's assets and liabilities. As sub-servicer of the loans, the Bank does not have the authority to make significant decisions that influence the value of the VIE's net assets and therefore, is not the primary beneficiary of the VIE. Therefore, we determined that the VIE associated with the multifamily securitization should not be included in the consolidated financial statements of the Bank. We believe that our maximum exposure to loss as a result of our involvement with the VIE associated with the securitization under the reimbursement agreement executed with Freddie Mac is 10% of the original principal amount of the loans comprising the securitization pool, or $62.6 million . Our reserve for estimated losses with respect to the reimbursement obligation totaled $1.6 million and $1.7 million as of June 30, 2018 and December 31, 2017 , respectively, based upon our analysis of quantitative and qualitative data over the underlying loans included in the securitization pool.

LOAN SALE AND SECURITIZATION AC

LOAN SALE AND SECURITIZATION ACTIVITIES	6 Months Ended
	Jun. 30, 2018
Transfers and Servicing [Abstract]
LOAN SALE AND SECURITIZATION ACTIVITIES	LOAN SALE AND SECURITIZATION ACTIVITIES The Company sells originated and acquired loans as part of its business operations and overall management of liquidity, assets and liabilities, and financial performance. The transfer of loans is executed in securitization or sale transactions. With respect to sale transactions, the Company's continuing involvement may or may not include ongoing servicing responsibilities and general representations and warranties. With respect to securitization sales, the Company executed its first transaction on September 27, 2017 with Freddie Mac. The transaction involved the sale of $626 million in originated multifamily loans through a Freddie Mac sponsored transaction. The Company's continuing involvement includes sub-servicing responsibilities, general representations and warranties, and reimbursement obligations. As sub-servicer for Freddie Mac, the Bank is required to maintain a minimum net worth in accordance with generally accepted accounting principles of not less than $2.0 million . If Luther Burbank Savings’ capital were to fall below this threshold, Freddie Mac would have the authority to terminate and assume the Bank’s sub-servicing duties. At June 30, 2018 , the Bank’s actual net worth was $705.2 million . Servicing responsibilities on loan sales generally include obligations to collect and remit payments of principal and interest, provide foreclosure services, manage payments of tax and insurance, and otherwise administer the underlying loans. In connection with the securitization transaction, Freddie Mac was designated as the Master Servicer and appointed Luther Burbank Savings to perform sub-servicing responsibilities, which generally include the servicing responsibilities described above with exception to the servicing of foreclosed or defaulted loans. The overall management, servicing, and resolution of defaulted loans and foreclosed loans are separately designated to the special servicer, a third party institution that is independent of the Master Servicer and the Bank. The Master Servicer has the right to terminate the Bank in its role as sub-servicer and direct such responsibilities accordingly. General representations and warranties associated with loan sales and securitization sales require the Bank to uphold various assertions that pertain to the underlying loans at the time of the transaction, including, but not limited to, compliance with relevant laws and regulations, absence of fraud, enforcement of liens, no environmental damages, and maintenance of relevant environmental insurance. Such representations and warranties are limited to those that do not meet the quality represented at the transaction date and do not pertain to a decline in value or future payment defaults. In circumstances where the Bank breaches its representations and warranties, the Bank would generally be required to cure such instances through a repurchase or substitution of the subject loan(s). With respect to the securitization transaction, the Bank also has continuing involvement through a reimbursement agreement executed with Freddie Mac. To the extent the ultimate resolution of defaulted loans results in contractual principal and interest payments that are deficient, the Bank is obligated to reimburse Freddie Mac for such amounts, not to exceed 10% of the original principal amount of the loans comprising the securitization pool at the closing date of September 27, 2017. We recognized a liability of $1.6 million and $1.7 million as of June 30, 2018 and December 31, 2017 , respectively, for our exposure to the reimbursement agreement with Freddie Mac. The following table provides cash flows associated with the Company's loan sale activities: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Proceeds from loan sales $ — $ 35,491 $ — $ 60,182 Servicing fees 396 109 804 217 The following table provides information about the loans transferred through sales or securitization and not recorded on our unaudited consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations (dollars in thousands): Single Family Residential Multifamily Residential June 30, 2018 Principal balance of loans $ 27,925 $ 688,986 Loans 90+ days past due — — Charge-offs, net — — December 31, 2017 Principal balance of loans 29,772 753,909 Loans 90+ days past due — — Charge-offs, net — —

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Financial Instruments With Off-Balance-Sheet Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments represent commitments to originate fixed and variable rate loans and lines of credit and loans in process, and involve, to varying degrees, elements of interest rate risk and credit risk in excess of the amount recognized in the Company’s consolidated statement of financial condition. The Company’s exposure to credit loss in the event of nonperformance by the other party for commitments to extend credit and lines of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments to originate loans and lines of credit as it does for on-balance-sheet instruments. Commitments to fund loans and home equity lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have expiration dates or other termination clauses. In addition, external market forces may impact the probability of commitments being exercised; therefore, total commitments outstanding do not necessarily represent future cash requirements. At June 30, 2018 and December 31, 2017 , the Company had outstanding commitments of approximately $118.4 million and $65.8 million , respectively, for real estate loans. Unfunded loan commitment reserves totaled $568 thousand and $197 thousand at June 30, 2018 and December 31, 2017 , respectively. Operating Leases The Company leases various office premises under long-term operating lease agreements. These leases expire between 2018 and 2028 , with certain leases containing either three , five or ten year renewal options. At June 30, 2018 , minimum commitments under these non-cancellable leases with initial or remaining terms of one year or more are as follows (dollars in thousands): July 1 - December 31, 2018 $ 2,708 Year ending December 31, 2019 5,117 Year ending December 31, 2020 3,723 Year ending December 31, 2021 3,267 Year ending December 31, 2022 2,419 Thereafter 3,018 $ 20,252 Rent expense under operating leases was $1.1 million and $2.2 million for the three and six months ended June 30, 2018 , respectively, compared with $1.1 million and $2.2 million for the three and six months ended June 30, 2017 , respectively. Contingencies The Company is involved in legal proceedings arising in the normal course of business. In the opinion of management, the outcomes of such proceedings will not have a material adverse effect on the Company’s financial position or results of operations. Correspondent Banking Agreements The Company maintains funds on deposit with other federally insured financial institutions under correspondent banking agreements. These balances are insured by the FDIC up to $250 thousand. At June 30, 2018 and December 31, 2017 , the Company had $701 thousand and $845 thousand , respectively, in cash balances exceeding the insured amounts.

NATURE OF OPERATIONS (Policies)

NATURE OF OPERATIONS (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all footnotes as would be necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows for the interim periods presented. These unaudited consolidated financial statements have been prepared on a basis consistent with, and should be read in conjunction with, the audited consolidated financial statements as of and for the year ended December 31, 2017 , and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC, under the Securities and Exchange Act of 1934, (the “Exchange Act”). The unaudited consolidated financial statements include the accounts of the Company and the Bank. All intercompany accounts and transactions have been eliminated. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2018 . The Company’s accounting and reporting policies conform to GAAP and to general practices within the banking industry.
Use of Estimates	Use of Estimates Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the unaudited consolidated financial statements and the disclosures provided, and actual results could differ.
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon: Level 1 - Quoted market prices for identical instruments traded in active exchange markets. Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable or can be corroborated by observable market data. Level 3 - Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect the Company’s estimates of assumptions that market participants would use on pricing the asset or liability. Valuation techniques include management judgment and estimation which may be significant. Because broadly traded markets do not exist for most of the Company’s financial instruments, the fair value calculations attempt to incorporate the effect of current market conditions at a specific time. These determinations are subjective in nature, involve uncertainties and matters of significant judgment and do not include tax ramifications; therefore, the results cannot be determined with precision, substantiated by comparison to independent markets and may not be realized in an actual sale or immediate settlement of the instruments. There may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. For all of these reasons, the aggregation of the fair value calculations presented herein do not represent, and should not be construed to represent, the underlying value of the Company. Management monitors the availability of observable market data to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities, or total earnings. The following methods and assumptions were used to estimate the fair value of financial instruments: For cash and cash equivalents, variable rate loans, accrued interest receivable and payable, demand deposits and short-term borrowings, the carrying amount is estimated to be fair value. The fair value of accrued interest receivable/payable balances are determined using inputs and fair value measurements commensurate with the asset or liability from which the accrued interest is generated. Fair values for available for sale investment securities, which include primarily debt securities issued by U.S. government sponsored agencies, are based on quoted market prices for similar securities. The fair value of loans held for sale recorded at level three are determined by two methodologies. The first methodology is used for single family portfolio loans that have been designated as held for sale after having been retained on the balance sheet for at least twelve months of seasoning. To be announced ("TBA") prices for Fannie Mae mortgage backed securities are provided by a third party with prices varying depending upon the underlying loan’s weighted average coupon rate. These prices are then used to determine the fair value of the loan pool using each loan’s coupon rate. As compensating evidence, the loans are also run through a valuation model taking into consideration loan level adjustments such as loan to value ratios, property type, and an estimated servicing release premium. The second methodology is used for multifamily portfolio loans that have been designated as held for sale. This analysis begins with a third party quoted price for a risk free government guaranteed security comprised of these same multifamily loans. This information is then input into an interest rate risk model to generate an option adjusted spread ("OAS"). This OAS is added to a credit risk spread, based primarily on the cost of the Freddie Mac guarantee fee, to generate a fair market value for the loan pool. Both of these methodologies are performed monthly and compared to the prior month analysis for reasonableness. Loans held for sale which are under contract for sale are considered Level 2 in the fair value hierarchy. For loans, the fair value is estimated using market quotes for similar assets or the present value of future cash flows, discounted using the current rate at which similar loans would be made to borrowers with similar credit ratings and for the same maturities and giving consideration to estimated prepayment risk and credit risk. The fair value of loans is determined utilizing estimates resulting in a Level 3 classification. Impaired loans are measured for impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, the Company may measure impairment based on a loan’s observable market price, or the fair value of the collateral (net of estimated costs to sell) if the loan is collateral dependent. The fair value of impaired loans is determined utilizing estimates resulting in a Level 3 classification. Typical unobservable inputs used for computing the fair value of impaired loans include adjustments made by appraisers and brokers for differences between comparable property sales, net operating income assumptions and capitalization rates. Other factors considered include geographic sales trends and the values of comparable surrounding properties as well as the condition of the subject property. In measuring the fair value of impaired collateral dependent loans, the Company assumes a 100% default rate. The valuation techniques used by third party appraisers is consistent among all loan classes held by the Company due to the similarities in the type of loan collateral. For loans measured at fair value on a non-recurring basis in the Company’s loan portfolio at June 30, 2018 and December 31, 2017 , adjustments made by appraisers and brokers to comparable property sales generally ranged from (10)% to 20% . Additionally, all appraisals are reviewed in accordance with Uniform Standards of Professional Appraisal Practice, or USPAP, by in house licensed appraisers who review not only the appraisal but independently search for comparable properties to ensure selected comparable properties and corresponding adjustments are appropriate. When necessary appraisal staff will adjust or reject an appraised value. The Company estimates that selling costs approximate 6% of the collateral fair value. It was not practicable to determine the fair value of F HLB stock due to restrictions placed on its transferability. Real estate owned fair values are categorized as Level 3 due to ongoing assumptions in fair value measurements related to real estate market conditions which may require adjustments made by appraisers and brokers for differences between comparable property sales, net operating income assumptions, and capitalization rates. The fair values of derivatives are based on valuation models using observable market data as of the measurement date. Fair values for fixed-rate certificates of deposit are estimated using discounted cash flow analyses using interest rates offered at each reporting date by the Company for certificates with similar remaining maturities. For deposits with no contractual maturity, the fair value is assumed to equal the carrying value. The fair value of FHLB advances is estimated based on discounting the future cash flows using the market rate currently offered. The fair value of subordinated debentures is based on an indication of value provided by a third-party broker. For senior debt, the fair value is based on an indication of value provided by a third-party broker. The fair values of commitments are estimated using the fees currently charged to enter into similar agreements and are not significant.

NATURE OF OPERATIONS (Tables)

NATURE OF OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The factors used in the earnings per share computation follow: (Dollars in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income $ 11,226 $ 18,921 $ 22,328 $ 31,216 Weighted average basic common shares outstanding 56,190,970 42,000,000 56,190,970 42,000,000 Add: Dilutive effects of assumed vesting of restricted stock 629,106 — 596,645 — Weighted average diluted common shares outstanding 56,820,076 42,000,000 56,787,615 42,000,000 Income per common share: Basic $ 0.20 $ 0.45 $ 0.40 $ 0.74 Diluted $ 0.20 $ 0.45 $ 0.39 $ 0.74 Anti-dilutive shares not included in calculation of diluted earnings per share — — — —

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities	December 31, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Mortgage-backed securities $ 93,403 $ (805 ) $ 182,343 $ (2,522 ) $ 275,746 $ (3,327 ) Agency bonds 9,851 (148 ) 104,340 (3,065 ) 114,191 (3,213 ) Collateralized mortgage obligations 1,959 (1 ) — — 1,959 (1 ) SBA securities — — 13,302 (125 ) 13,302 (125 ) U.S. Treasury — — 984 (26 ) 984 (26 ) CRA Qualified Investment Fund 4,948 (52 ) 6,745 (255 ) 11,693 (307 ) Total available for sale investment securities $ 110,161 $ (1,006 ) $ 307,714 $ (5,993 ) $ 417,875 $ (6,999 ) The following tables summarize the gross unrealized losses and fair value of available for sale investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands): June 30, 2018 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Mortgage-backed securities $ 167,838 $ (2,008 ) $ 172,890 $ (4,172 ) $ 340,728 $ (6,180 ) Agency bonds 9,713 (287 ) 103,579 (3,826 ) 113,292 (4,113 ) Collateralized mortgage obligations 96 0 — — 96 0 SBA securities — — 11,613 (129 ) 11,613 (129 ) U.S. Treasury — — 965 (44 ) 965 (44 ) CRA Qualified Investment Fund 4,831 (169 ) 6,585 (415 ) 11,416 (584 ) Total available for sale investment securities $ 182,478 $ (2,464 ) $ 295,632 $ (8,586 ) $ 478,110 $ (11,050 ) The following tables summarize the amortized cost and the estimated fair value of available for sale investment securities as of the dates indicated (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value At June 30, 2018: Government and Government Sponsored Entities: Mortgage-backed securities $ 405,849 $ 281 $ (6,180 ) $ 399,950 Agency bonds 120,405 7 (4,113 ) 116,299 Collateralized mortgage obligations 42,550 242 0 42,792 SBA securities 11,742 — (129 ) 11,613 U.S. Treasury 1,009 — (44 ) 965 CRA Qualified Investment Fund 12,000 — (584 ) 11,416 Total available for sale investment securities $ 593,555 $ 530 $ (11,050 ) $ 583,035 At December 31, 2017: Government and Government Sponsored Entities: Mortgage-backed securities $ 316,134 $ 112 $ (3,327 ) $ 312,919 Agency bonds 120,405 30 (3,213 ) 117,222 Collateralized mortgage obligations 46,920 249 (1 ) 47,168 SBA securities 13,427 — (125 ) 13,302 U.S. Treasury 1,010 — (26 ) 984 CRA Qualified Investment Fund 12,000 — (307 ) 11,693 Total available for sale investment securities $ 509,896 $ 391 $ (6,999 ) $ 503,288
Schedule of Held-to-maturity Securities	The following tables summarize the amortized cost and estimated fair value of held to maturity investment securities as of the dates indicated (dollars in thousands): Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value As of June 30, 2018: Government Sponsored Entities: Mortgage-backed securities $ 11,733 $ 26 $ (310 ) $ 11,449 Other investments 276 — — 276 Total held to maturity investment securities $ 12,009 $ 26 $ (310 ) $ 11,725 As of December 31, 2017: Government Sponsored Entities: Mortgage-backed securities $ 6,636 $ 73 $ (69 ) $ 6,640 Other investments 285 — — 285 Total held to maturity investment securities $ 6,921 $ 73 $ (69 ) $ 6,925 The following tables summarize the gross unrecognized losses and fair value of held to maturity investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrecognized loss position (dollars in thousands): Less than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses As of June 30, 2018: Government Sponsored Entities: Mortgage-backed securities $ 10,299 $ (310 ) $ — $ — $ 10,299 $ (310 ) As of December 31, 2017: Government Sponsored Entities: Mortgage-backed securities $ 1,047 $ (4 ) $ 3,029 $ (65 ) $ 4,076 $ (69 )
Schedule of Debt Maturities of Available-for-sale and Held-to-maturity Securities	The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of June 30, 2018 (dollars in thousands): June 30, 2018 Amortized Cost Fair Value Available for sale investments securities One to five years $ 118,414 $ 114,257 Five to ten years — — Beyond ten years 3,000 3,007 Equity securities 12,000 11,416 Mortgage-backed securities and collateralized mortgage obligations 460,141 454,355 Total available for sale investment securities $ 593,555 $ 583,035 Held to maturity investments securities Beyond ten years $ 276 $ 276 Mortgage-backed securities 11,733 11,449 Total held to maturity investment securities $ 12,009 $ 11,725

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Schedule of Loans Receivable	Loans receivable consist of the following (dollars in thousands): June 30, December 31, Permanent mortgages on: Multifamily residential $ 3,335,958 $ 2,887,438 Single family residential 2,167,341 1,957,546 Commercial real estate 151,610 112,492 Construction and land loans on single family residential 31,569 41,165 Non-Mortgage (‘‘NM’’) loans 100 50 Total 5,686,578 4,998,691 Deferred loan costs, net 48,339 42,856 Allowance for loan losses (33,358 ) (30,312 ) Loans receivable held for investment, net $ 5,701,559 $ 5,011,235
Schedule Allowance for Loan Losses	The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment (dollars in thousands): Multifamily Residential Single Family Residential Commercial Real Estate Land, NM, and Construction Total Three months ended June 30, 2018 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 19,833 $ 9,214 $ 1,887 $ 1,046 $ 31,980 Provision for (reversal of) loan losses 727 881 (46 ) (262 ) 1,300 Charge-offs — — — — — Recoveries — 3 — 75 78 Ending balance allocated to portfolio segments $ 20,560 $ 10,098 $ 1,841 $ 859 $ 33,358 Three months ended June 30, 2017 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 19,873 $ 10,097 $ 1,950 $ 1,779 $ 33,699 Reversal of provision for loan losses (4,300 ) (1,270 ) (38 ) (873 ) (6,481 ) Charge-offs — (5 ) — — (5 ) Recoveries — 3 — 140 143 Ending balance allocated to portfolio segments $ 15,573 $ 8,825 $ 1,912 $ 1,046 $ 27,356 Six months ended June 30, 2018 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 18,588 $ 9,044 $ 1,734 $ 946 $ 30,312 Provision for (reversal of) loan losses 1,972 1,048 17 (237 ) 2,800 Charge-offs — — — — — Recoveries — 6 90 150 246 Ending balance allocated to portfolio segments $ 20,560 $ 10,098 $ 1,841 $ 859 $ 33,358 Six months ended June 30, 2017 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 18,478 $ 11,559 $ 1,823 $ 1,438 $ 33,298 (Reversal of) provision for loan losses (2,905 ) (2,735 ) 89 (621 ) (6,172 ) Charge-offs — (5 ) — — (5 ) Recoveries — 6 — 229 235 Ending balance allocated to portfolio segments $ 15,573 $ 8,825 $ 1,912 $ 1,046 $ 27,356 The following tables summarize the allocation of the allowance for loan losses by impairment methodology (dollars in thousands): Multifamily Residential Single Family Residential Commercial Real Estate Land, NM, and Construction Total As of June 30, 2018: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 20,560 10,073 1,841 859 33,333 Ending balance $ 20,560 $ 10,098 $ 1,841 $ 859 $ 33,358 Loans: Ending balance: individually evaluated for impairment $ 1,543 $ 7,143 $ 871 $ — $ 9,557 Ending balance: collectively evaluated for impairment 3,334,415 2,160,198 150,739 31,669 5,677,021 Ending balance $ 3,335,958 $ 2,167,341 $ 151,610 $ 31,669 $ 5,686,578 As of December 31, 2017: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 18,588 9,019 1,734 946 30,287 Ending balance $ 18,588 $ 9,044 $ 1,734 $ 946 $ 30,312 Loans: Ending balance: individually evaluated for impairment $ 2,246 $ 8,991 $ 656 $ — $ 11,893 Ending balance: collectively evaluated for impairment 2,885,192 1,948,555 111,836 41,215 4,986,798 Ending balance $ 2,887,438 $ 1,957,546 $ 112,492 $ 41,215 $ 4,998,691
Schedule of Loan Portfolio by Internal Risk Indicators	The following tables summarize the loan portfolio allocated by management’s internal risk ratings at June 30, 2018 and December 31, 2017 (dollars in thousands): Multifamily Residential Single Family Residential Commercial Real Estate Land, NM and Construction Total As of June 30, 2018: Grade: Pass $ 3,246,277 $ 2,140,414 $ 149,012 $ 29,654 $ 5,565,357 Watch 78,221 17,357 1,727 — 97,305 Special mention 4,941 5,675 — 2,015 12,631 Substandard 6,519 3,895 871 — 11,285 Total $ 3,335,958 $ 2,167,341 $ 151,610 $ 31,669 $ 5,686,578 As of December 31, 2017: Grade: Pass $ 2,847,720 $ 1,923,960 $ 106,539 $ 41,215 $ 4,919,434 Watch 25,354 20,178 4,315 — 49,847 Special mention 6,569 9,025 — — 15,594 Substandard 7,795 4,383 1,638 — 13,816 Total $ 2,887,438 $ 1,957,546 $ 112,492 $ 41,215 $ 4,998,691
Schedule or Past Due Loans Receivable	The following tables summarize an aging analysis of the loan portfolio by the time past due at June 30, 2018 and December 31, 2017 (dollars in thousands): 30 Days 60 Days 90+ Days Non-accrual Current Total As of June 30, 2018: Loans: Multifamily residential $ 660 $ — $ — $ 1,543 $ 3,333,755 $ 3,335,958 Single family residential 1,711 2,230 — 2,372 2,161,028 2,167,341 Commercial real estate — — — 871 150,739 151,610 Land, NM, and construction — — — — 31,669 31,669 Total $ 2,371 $ 2,230 $ — $ 4,786 $ 5,677,191 $ 5,686,578 As of December 31, 2017: Loans: Multifamily residential $ 2,751 $ — $ — $ 2,246 $ 2,882,441 $ 2,887,438 Single family residential 4,870 3,364 — 4,135 1,945,177 1,957,546 Commercial real estate — — — 656 111,836 112,492 Land, NM, and construction — — — — 41,215 41,215 Total $ 7,621 $ 3,364 $ — $ 7,037 $ 4,980,669 $ 4,998,691
Schedule of Impaired Loans Receivables	The following table summarizes information related to impaired loans for the three and six months ended June 30, 2018 and 2017 (dollars in thousands): Three Months Ended June 30, 2018 2017 Average Recorded Investment Interest Income Cash Basis Interest Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 1,553 $ — $ — $ 2,211 $ — $ — Single family residential 7,728 38 — 7,275 47 — Commercial real estate 218 — — 702 — — 9,499 38 — 10,188 47 — With an allowance recorded: Single family residential 951 10 — 982 8 — 951 10 — 982 8 — Total: Multifamily residential 1,553 — — 2,211 — — Single family residential 8,679 48 — 8,257 55 — Commercial real estate 218 — — 702 — — $ 10,450 $ 48 $ — $ 11,170 $ 55 $ — The following table summarizes information related to impaired loans at June 30, 2018 and December 31, 2017 (dollars in thousands): As of June 30, 2018 As of December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Multifamily residential $ 1,543 $ 1,680 $ — $ 2,246 $ 2,545 $ — Single family residential 6,196 6,443 — 8,029 8,237 — Commercial real estate 871 871 — 656 798 — 8,610 8,994 — 10,931 11,580 — With an allowance recorded: Single family residential 947 947 25 962 962 25 947 947 25 962 962 25 Total: Multifamily residential 1,543 1,680 — 2,246 2,545 — Single family residential 7,143 7,390 25 8,991 9,199 25 Commercial real estate 871 871 — 656 798 — $ 9,557 $ 9,941 $ 25 $ 11,893 $ 12,542 $ 25
Schedule of Troubled Debt Restructurings	The following table summarizes the recorded investment related to troubled debt restructurings at June 30, 2018 and December 31, 2017 (dollars in thousands): June 30, December 31, Troubled Debt Restructurings: Multifamily residential $ — $ 667 Single family residential 5,503 5,653 Total recorded investment in troubled debt restructurings $ 5,503 $ 6,320

NONPERFORMING ASSETS (Tables)

NONPERFORMING ASSETS (Tables)	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Schedule of Nonperforming Assets	The Company’s nonperforming assets and trends related to those assets at June 30, 2018 and December 31, 2017 are indicated below (dollars in thousands): June 30, December 31, Non-accrual loans: Multifamily residential $ 1,543 $ 2,246 Single family residential 2,372 4,135 Commercial real estate 871 656 Total non-accrual loans 4,786 7,037 Real estate owned — — Total nonperforming assets $ 4,786 $ 7,037

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	6 Months Ended
	Jun. 30, 2018
Transfers and Servicing [Abstract]
Schedule of Mortgage Loans Serviced for Others	The principal balances of these loans are as follows (dollars in thousands): June 30, December 31, Mortgage loans serviced for: FHLMC $ 575,440 $ 625,545 Other financial institutions 141,471 158,136 Total mortgage loans serviced for others $ 716,911 $ 783,681
Schedule of Changes in Servicing Assets	Activity for mortgage servicing rights are as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Beginning Balance $ 4,124 $ 1,153 $ 4,255 $ 1,099 Additions — 158 — 241 Disposals — — — — Change in fair value due to changes in assumptions — — — — Other changes in fair value (256 ) (53 ) (387 ) (82 ) Ending balance $ 3,868 $ 1,258 $ 3,868 $ 1,258

DEPOSITS (Tables)

DEPOSITS (Tables)	6 Months Ended
	Jun. 30, 2018
Banking and Thrift [Abstract]
Schedule of Deposits	A summary of deposits at June 30, 2018 and December 31, 2017 is as follows (dollars in thousands): June 30, December 31, Certificate accounts $ 2,962,858 $ 2,242,682 Money market savings 1,306,189 1,389,425 NOW accounts 173,120 203,159 Money market checking 82,447 85,073 Non-interest bearing demand 67,541 30,899 $ 4,592,155 $ 3,951,238
Schedule of Certificate Account Maturities	Maturities of the Company’s certificate accounts at June 30, 2018 are summarized as follows (dollars in thousands): July 1 - December 31, 2018 $ 1,443,189 Year ending December 31, 2019 1,001,904 Year ending December 31, 2020 364,093 Year ending December 31, 2021 115,749 Year ending December 31, 2022 32,670 Thereafter 5,253 $ 2,962,858

FEDERAL HOME LOAN BANK AND FE31

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES (Tables)	6 Months Ended
	Jun. 30, 2018
Banking and Thrift [Abstract]
Schedule of FHLB Advances	The following table summarizes maturities over the next five years as of June 30, 2018 (dollars in thousands): July 1 - December 31, 2018 $ 323,600 Year ending December 31, 2019 275,000 Year ending December 31, 2020 150,000 Year ending December 31, 2021 150,600 Year ending December 31, 2022 — Thereafter 251,546 $ 1,150,746 The following table discloses the Bank’s outstanding advances from the Federal Home Loan Bank of San Francisco (dollars in thousands): As of June 30, 2018 Outstanding Balances Minimum Interest Rate Maximum Interest Rate Weighted Average Rate June 30, December 31, Maturity Dates Fixed rate short-term $ 148,100 $ 411,600 2.08 % 2.08 % 2.08 % July 2018 Fixed rate long-term 852,646 427,660 1.38 % 7.69 % 2.24 % July 2018 to August 2032 Variable rate long-term 150,000 150,000 2.30 % 2.49 % 2.37 % July 2018 to January 2020 $ 1,150,746 $ 989,260

JUNIOR SUBORDINATED DEFERRABL32

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Outstanding Trust Securities	The following table is a summary of the outstanding Trust Securities and Notes at June 30, 2018 and December 31, 2017 (dollars in thousands): June 30, 2018 December 31, 2017 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) Luther Burbank Statutory Trust I $ 41,238 3.72 % $ 41,238 2.97 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 3.96 % $ 20,619 3.21 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT (Tables)

SENIOR DEBT (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes information on these notes as of June 30, 2018 and December 31, 2017 (dollars in thousands): June 30, 2018 December 31, 2017 Principal Unamortized debt issuance costs Principal Unamortized debt issuance costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 772 $ 95,000 $ 839 9/30/2024 6.50 %

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The provision for income tax for the three and six months ended June 30, 2018 and 2017 differs from the statutory federal rate of 21% and 35%, respectively, due to the following (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Statutory U.S. Federal Income Tax $ 3,308 $ 6,851 $ 6,517 $ 11,303 Increase (decrease) resulting from: Benefit of S Corporation status — (6,851 ) — (11,303 ) State Taxes 1,596 654 2,892 1,079 Other (376 ) — (706 ) — Provision for income taxes $ 4,528 $ 654 $ 8,703 $ 1,079

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes share information about restricted stock awards and restricted stock units for the six months ended June 30, 2018 : Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 1,319,700 $ 10.75 Shares granted 131,140 12.77 Shares settled (53,059 ) 10.75 Shares forfeited (2,800 ) 10.75 End of the period balance 1,394,981 $ 10.97

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and LIabilities	The carrying and estimated fair values of the Company’s financial instruments are as follows (dollars in thousands): Fair Level Measurements Using Carrying Amount Fair Value Level 1 Level 2 Level 3 As of June 30, 2018: Financial assets: Cash and cash equivalents $ 76,018 $ 76,018 $ 76,018 $ — $ — Investment securities: Available for sale 583,035 583,035 965 582,070 — Held to maturity 12,009 11,725 — 11,725 — Loans held for sale 21,575 21,642 — 21,642 — Loans receivable, net 5,701,559 5,673,337 — — 5,673,337 Accrued interest receivable 18,310 18,310 91 1,526 16,693 Federal Home Loan Bank stock 32,995 N/A N/A N/A N/A Interest Rate Cap Premium 5 5 — 5 — Financial liabilities: Deposits $ 4,592,155 $ 4,546,837 $ 1,629,436 $ 2,917,401 $ — FHLB advances 1,150,746 1,151,622 — 1,151,622 — Junior subordinated deferrable interest debentures 61,857 58,017 — 58,017 — Senior debt 94,228 98,325 — 98,325 — Accrued interest payable 3,304 3,304 — 3,304 — As of December 31, 2017: Financial assets: Cash and cash equivalents $ 75,578 $ 75,578 $ 75,578 $ — $ — Investment securities: Available for sale 503,288 503,288 984 502,304 — Held to maturity 6,921 6,925 — 6,925 — Loans receivable, net 5,011,235 5,022,250 — — 5,022,250 Accrued interest receivable 14,901 14,901 27 1,320 13,554 Federal Home Loan Bank stock 27,733 N/A N/A N/A N/A Interest rate cap premium 1 1 — 1 — Financial liabilities: Deposits $ 3,951,238 $ 3,917,999 $ 1,708,556 $ 2,209,443 $ — FHLB advances 989,260 989,833 — 989,833 — Junior subordinated deferrable interest debentures 61,857 58,624 — 58,624 — Senior debt 94,161 104,500 — 104,500 — Accrued interest payable 1,781 1,781 — 1,781 —
Schedule of Fair Value of Assets Measured on a Recurring Basis	The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis under other accounting pronouncements (dollars in thousands): Description Fair Value Level 1 Level 2 Level 3 As of June 30, 2018: Financial Assets: Available for sale investment securities: Government and Government Sponsored Entities: Mortgage-backed securities $ 399,950 $ — $ 399,950 $ — Agency bonds 116,299 — 116,299 — Collateralized mortgage obligations 42,792 — 42,792 — SBA securities 11,613 — 11,613 — U.S. Treasury 965 965 — — CRA Qualified Investment Fund 11,416 — 11,416 — Total investment securities available for sale $ 583,035 965 $ 582,070 — Interest rate cap premium $ 5 $ — $ 5 $ — As of December 31, 2017: Financial Assets: Available for sale investment securities: Government and Government Sponsored Entities: Mortgage-backed securities $ 312,919 $ — $ 312,919 $ — Agency bonds 117,222 — 117,222 — Collateralized mortgage obligations 47,168 — 47,168 — SBA securities 13,302 — 13,302 — U.S. Treasury 984 984 — — CRA Qualified Investment Fund 11,693 — 11,693 — Total investment securities available for sale $ 503,288 $ 984 $ 502,304 $ — Interest rate cap premium $ 1 $ — $ 1 $ —
Schedule of Fair Value of Liabilities Measured on a Recurring Basis	The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis under other accounting pronouncements (dollars in thousands): Description Fair Value Level 1 Level 2 Level 3 As of June 30, 2018: Financial Assets: Available for sale investment securities: Government and Government Sponsored Entities: Mortgage-backed securities $ 399,950 $ — $ 399,950 $ — Agency bonds 116,299 — 116,299 — Collateralized mortgage obligations 42,792 — 42,792 — SBA securities 11,613 — 11,613 — U.S. Treasury 965 965 — — CRA Qualified Investment Fund 11,416 — 11,416 — Total investment securities available for sale $ 583,035 965 $ 582,070 — Interest rate cap premium $ 5 $ — $ 5 $ — As of December 31, 2017: Financial Assets: Available for sale investment securities: Government and Government Sponsored Entities: Mortgage-backed securities $ 312,919 $ — $ 312,919 $ — Agency bonds 117,222 — 117,222 — Collateralized mortgage obligations 47,168 — 47,168 — SBA securities 13,302 — 13,302 — U.S. Treasury 984 984 — — CRA Qualified Investment Fund 11,693 — 11,693 — Total investment securities available for sale $ 503,288 $ 984 $ 502,304 $ — Interest rate cap premium $ 1 $ — $ 1 $ —
Schedule of Fair Value of Assets Measured on a Nonrecurring Basis	These include assets that are measured at the lower of cost or market value that were recognized at fair value which was below cost at the reporting date (dollars in thousands): Description Fair Value Level 1 Level 2 Level 3 As of December 31, 2017: Impaired Loans Single family residential $ 191 $ — $ — $ 191 Total assets measured at fair value on a non-recurring basis $ 191 $ — $ — $ 191

LOAN SALE AND SECURITIZATION 37

LOAN SALE AND SECURITIZATION ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2018
Transfers and Servicing [Abstract]
Schedule of Cash Flows From Loan Sale Activities	The following table provides cash flows associated with the Company's loan sale activities: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Proceeds from loan sales $ — $ 35,491 $ — $ 60,182 Servicing fees 396 109 804 217
Schedule of Loans Transfered Through Sale or Securitization	The following table provides information about the loans transferred through sales or securitization and not recorded on our unaudited consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations (dollars in thousands): Single Family Residential Multifamily Residential June 30, 2018 Principal balance of loans $ 27,925 $ 688,986 Loans 90+ days past due — — Charge-offs, net — — December 31, 2017 Principal balance of loans 29,772 753,909 Loans 90+ days past due — — Charge-offs, net — —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Maturities	At June 30, 2018 , minimum commitments under these non-cancellable leases with initial or remaining terms of one year or more are as follows (dollars in thousands): July 1 - December 31, 2018 $ 2,708 Year ending December 31, 2019 5,117 Year ending December 31, 2020 3,723 Year ending December 31, 2021 3,267 Year ending December 31, 2022 2,419 Thereafter 3,018 $ 20,252

NATURE OF OPERATIONS (Details)

NATURE OF OPERATIONS (Details) $ / shares in Units, $ in Thousands	Dec. 12, 2017USD ($)$ / sharesshares	Apr. 27, 2017$ / sharesshares	Jun. 30, 2018USD ($)shares	Dec. 31, 2017shares	Apr. 26, 2017$ / sharesshares
Accounting Policies [Abstract]
Stock split shares issued per previous share		200
Common stock shares issued | shares		42,000,000	56,559,655	56,422,662	210,000
Common stock shares authorized | shares		100,000,000	100,000,000	100,000,000	500,000
Par value (in usd per share) | $ / shares		$ 0			$ 8
Class of Stock [Line Items]
Reclassification of prior year tax benefit related to re-measuring deferred taxes on items recorded to other comprehensive income | $			$ 0
IPO
Class of Stock [Line Items]
Shares issued | shares	13,972,500
Price per share of shares issued (in usd per share) | $ / shares	$ 10.75
Proceeds from shares issued | $	$ 138,300
Retained Earnings
Class of Stock [Line Items]
Reclassification of prior year tax benefit related to re-measuring deferred taxes on items recorded to other comprehensive income | $			$ 1,750

NATURE OF OPERATIONS - Earnings

NATURE OF OPERATIONS - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accounting Policies [Abstract]
Net income	$ 11,226	$ 18,921	$ 22,328	$ 31,216
Weighted average common shares outstanding - basic	56,190,970	42,000,000	56,190,970	42,000,000
Add: Dilutive effects of assumed vesting of restricted stock	629,106	0	596,645	0
Weighted average common shares outstanding - diluted	56,820,076	42,000,000	56,787,615	42,000,000
Basic earnings per common share (in usd per share)	$ 0.20	$ 0.45	$ 0.40	$ 0.74
Diluted earnings per common share (in usd per share)	$ 0.20	$ 0.45	$ 0.39	$ 0.74
Anti-dilutive shares not included in calculation of diluted earnings per share	0	0	0	0

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 593,555	$ 509,896
Gross Unrealized Gains	530	391
Gross Unrealized Losses	(11,050)	(6,999)
Estimated Fair Value	583,035	503,288
Fair Value
Less than 12 Months	182,478	110,161
12 Months or More	295,632	307,714
Total	478,110	417,875
Unrealized Losses
Less than 12 Months	(2,464)	(1,006)
12 Months or More	(8,586)	(5,993)
Total	(11,050)	(6,999)
Mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	405,849	316,134
Gross Unrealized Gains	281	112
Gross Unrealized Losses	(6,180)	(3,327)
Estimated Fair Value	399,950	312,919
Fair Value
Less than 12 Months	167,838	93,403
12 Months or More	172,890	182,343
Total	340,728	275,746
Unrealized Losses
Less than 12 Months	(2,008)	(805)
12 Months or More	(4,172)	(2,522)
Total	(6,180)	(3,327)
Agency bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	120,405	120,405
Gross Unrealized Gains	7	30
Gross Unrealized Losses	(4,113)	(3,213)
Estimated Fair Value	116,299	117,222
Fair Value
Less than 12 Months	9,713	9,851
12 Months or More	103,579	104,340
Total	113,292	114,191
Unrealized Losses
Less than 12 Months	(287)	(148)
12 Months or More	(3,826)	(3,065)
Total	(4,113)	(3,213)
Collateralized mortgage obligations
Fair Value
Less than 12 Months	96
12 Months or More	0
Total	96
Unrealized Losses
Less than 12 Months	0
12 Months or More	0
Total	0
Collateralized mortgage obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	42,550	46,920
Gross Unrealized Gains	242	249
Gross Unrealized Losses	0	(1)
Estimated Fair Value	42,792	47,168
Fair Value
Less than 12 Months		1,959
12 Months or More		0
Total		1,959
Unrealized Losses
Less than 12 Months		(1)
12 Months or More		0
Total		(1)
SBA securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,742	13,427
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(129)	(125)
Estimated Fair Value	11,613	13,302
Fair Value
Less than 12 Months	0	0
12 Months or More	11,613	13,302
Total	11,613	13,302
Unrealized Losses
Less than 12 Months	0	0
12 Months or More	(129)	(125)
Total	(129)	(125)
U.S. Treasury
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,009	1,010
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(44)	(26)
Estimated Fair Value	965	984
Fair Value
Less than 12 Months	0	0
12 Months or More	965	984
Total	965	984
Unrealized Losses
Less than 12 Months	0	0
12 Months or More	(44)	(26)
Total	(44)	(26)
CRA Qualified Investment Fund
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	12,000	12,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(584)	(307)
Estimated Fair Value	11,416	11,693
Fair Value
Less than 12 Months	4,831	4,948
12 Months or More	6,585	6,745
Total	11,416	11,693
Unrealized Losses
Less than 12 Months	(169)	(52)
12 Months or More	(415)	(255)
Total	$ (584)	$ (307)

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details) $ in Thousands	Jan. 01, 2018USD ($)	Jun. 30, 2018USD ($)security	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)security	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)security	Dec. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss on available-for-sale investment securities | $		$ 562,180	$ 416,286	$ 562,180	$ 416,286	$ 549,745	$ 404,375
Provision for income taxes | $		$ 4,528	654	8,703	1,079
Reclassification of prior year tax benefit related to re-measuring deferred taxes on items recorded to other comprehensive income | $				$ 0
Mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Number of securities held		96		96		87
Number of securities held in a loss position		69		69		68
Number of securities held in a loss position longer than 12 months		48		48		30
Agency bonds
Schedule of Available-for-sale Securities [Line Items]
Number of securities held		13		13		13
Number of securities held in a loss position		12		12		12
Number of securities held in a loss position longer than 12 months		11		11		11
Collateralized mortgage obligations
Schedule of Available-for-sale Securities [Line Items]
Number of securities held		15		15		15
Number of securities held in a loss position longer than 12 months		1		1		1
SBA securities
Schedule of Available-for-sale Securities [Line Items]
Number of securities held		4		4		4
Number of securities held in a loss position longer than 12 months		4		4		4
CRA Qualified Investment Fund
Schedule of Available-for-sale Securities [Line Items]
Number of securities held		3		3		3
Number of securities held in a loss position		3		3		3
Number of securities held in a loss position longer than 12 months		2		2		2
U.S. Treasury
Schedule of Available-for-sale Securities [Line Items]
Number of securities held in a loss position longer than 12 months		1		1		1
Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Securities
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss on available-for-sale investment securities | $		$ (7,482)	$ (3,610)	$ (7,482)	$ (3,610)	$ (6,214)	$ (4,374)
Unrealized loss on available-for-sale investment securities tax asset | $		$ 3,000		3,000		394
Provision for income taxes | $						1,500
Reclassification of prior year tax benefit related to re-measuring deferred taxes on items recorded to other comprehensive income | $	$ 1,500			$ 1,529
Accumulated Other Comprehensive (Loss) Income (Net of Taxes)
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss on available-for-sale investment securities tax asset | $						$ 1,900

INVESTMENT SECURITIES - Held-to

INVESTMENT SECURITIES - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 12,009	$ 6,921
Gross Unrecognized Gains	26	73
Gross Unrecognized Losses	(310)	(69)
Estimated Fair Value	11,725	6,925
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	11,733	6,636
Gross Unrecognized Gains	26	73
Gross Unrecognized Losses	(310)	(69)
Estimated Fair Value	11,449	6,640
Fair Value
Less than 12 Months	10,299	1,047
12 Months or More	0	3,029
Total	10,299	4,076
Unrecognized Losses
Less than 12 Months	(310)	(4)
12 Months or More	0	(65)
Total	(310)	(69)
Other investments
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	276	285
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	0	0
Estimated Fair Value	$ 276	$ 285

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Amortized Cost
One to five years	$ 118,414
Five to ten years	0
Beyond ten years	3,000
Amortized Cost	593,555	$ 509,896
Fair Value
One to five years	114,257
Five to ten years	0
Beyond ten years	3,007
Fair Value	583,035	503,288
Amortized Cost
Held-to-maturity investment securities beyond ten years	276
Amortized Cost	12,009	6,921
Fair Value
Beyond ten years	276
Total held to maturity investment securities	11,725	$ 6,925
Equity securities
Amortized Cost
Equity securities	12,000
Fair Value
Equity securities	11,416
Mortgage-backed securities and collateralized mortgage obligations
Amortized Cost
Equity securities	460,141
Fair Value
Equity securities	454,355
Mortgage-backed securities
Amortized Cost
Held to maturity investments securities, Mortgage-backed securities	11,733
Fair Value
Held to maturity investments securities, Mortgage-backed securities	$ 11,449

LOANS RECEIVABLE - Loans Receiv

LOANS RECEIVABLE - Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, before Fees, Gross	$ 5,686,578	$ 4,998,691
Total	5,686,578	4,998,691
Deferred loan costs, net	48,339	42,856
Allowance for loan losses	(33,358)	(30,312)
Loans receivable held for investment, net	5,701,559	5,011,235
Multifamily residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	3,335,958	2,887,438
Multifamily residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, before Fees, Gross	3,335,958	2,887,438
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	2,167,341	1,957,546
Single family residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, before Fees, Gross	2,167,341	1,957,546
Single family residential | Construction and land loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, before Fees, Gross	31,569	41,165
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	151,610	112,492
Commercial real estate | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, before Fees, Gross	151,610	112,492
Land, NM, and Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	31,669	41,215
Land, NM, and Construction | Non-Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, before Fees, Gross	$ 100	$ 50

LOANS RECEIVABLE - Allowance fo

LOANS RECEIVABLE - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance allocated to portfolio segments	$ 31,980	$ 33,699	$ 30,312	$ 33,298
Provision for (reversal of) loan losses	1,300	(6,481)	2,800	(6,172)
Charge-offs	0	(5)	0	(5)
Recoveries	78	143	246	235
Ending balance allocated to portfolio segments	33,358	27,356	33,358	27,356
Ending allowance balance allocated to:
Loans individually evaluated for impairment					$ 25	$ 25
Loans collectively evaluated for impairment					33,333	30,287
Ending balance	31,980	33,699	30,312	33,298	33,358	30,312
Loans:
Ending balance: individually evaluated for impairment					9,557	11,893
Ending balance: collectively evaluated for impairment					5,677,021	4,986,798
Ending balance					5,686,578	4,998,691
Multifamily residential
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance allocated to portfolio segments	19,833	19,873	18,588	18,478
Provision for (reversal of) loan losses	727	(4,300)	1,972	(2,905)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance allocated to portfolio segments	20,560	15,573	20,560	15,573
Ending allowance balance allocated to:
Loans individually evaluated for impairment					0	0
Loans collectively evaluated for impairment					20,560	18,588
Ending balance	19,833	19,873	18,588	18,478	20,560	18,588
Loans:
Ending balance: individually evaluated for impairment					1,543	2,246
Ending balance: collectively evaluated for impairment					3,334,415	2,885,192
Ending balance					3,335,958	2,887,438
Single family residential
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance allocated to portfolio segments	9,214	10,097	9,044	11,559
Provision for (reversal of) loan losses	881	(1,270)	1,048	(2,735)
Charge-offs	0	(5)	0	(5)
Recoveries	3	3	6	6
Ending balance allocated to portfolio segments	10,098	8,825	10,098	8,825
Ending allowance balance allocated to:
Loans individually evaluated for impairment					25	25
Loans collectively evaluated for impairment					10,073	9,019
Ending balance	9,214	10,097	9,044	11,559	10,098	9,044
Loans:
Ending balance: individually evaluated for impairment					7,143	8,991
Ending balance: collectively evaluated for impairment					2,160,198	1,948,555
Ending balance					2,167,341	1,957,546
Commercial real estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance allocated to portfolio segments	1,887	1,950	1,734	1,823
Provision for (reversal of) loan losses	(46)	(38)	17	89
Charge-offs	0	0	0	0
Recoveries	0	0	90	0
Ending balance allocated to portfolio segments	1,841	1,912	1,841	1,912
Ending allowance balance allocated to:
Loans individually evaluated for impairment					0	0
Loans collectively evaluated for impairment					1,841	1,734
Ending balance	1,887	1,950	1,734	1,823	1,841	1,734
Loans:
Ending balance: individually evaluated for impairment					871	656
Ending balance: collectively evaluated for impairment					150,739	111,836
Ending balance					151,610	112,492
Land, NM, and Construction
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance allocated to portfolio segments	1,046	1,779	946	1,438
Provision for (reversal of) loan losses	(262)	(873)	(237)	(621)
Charge-offs	0	0	0	0
Recoveries	75	140	150	229
Ending balance allocated to portfolio segments	859	1,046	859	1,046
Ending allowance balance allocated to:
Loans individually evaluated for impairment					0	0
Loans collectively evaluated for impairment					859	946
Ending balance	$ 1,046	$ 1,779	$ 946	$ 1,438	859	946
Loans:
Ending balance: individually evaluated for impairment					0	0
Ending balance: collectively evaluated for impairment					31,669	41,215
Ending balance					$ 31,669	$ 41,215

LOANS RECEIVABLE - Portfolio Al

LOANS RECEIVABLE - Portfolio Allocated by Internal Risk Ratings (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Total	$ 5,686,578	$ 4,998,691
Pass
Financing Receivable, Recorded Investment [Line Items]
Total	5,565,357	4,919,434
Watch
Financing Receivable, Recorded Investment [Line Items]
Total	97,305	49,847
Special mention
Financing Receivable, Recorded Investment [Line Items]
Total	12,631	15,594
Substandard
Financing Receivable, Recorded Investment [Line Items]
Total	11,285	13,816
Multifamily residential
Financing Receivable, Recorded Investment [Line Items]
Total	3,335,958	2,887,438
Multifamily residential | Pass
Financing Receivable, Recorded Investment [Line Items]
Total	3,246,277	2,847,720
Multifamily residential | Watch
Financing Receivable, Recorded Investment [Line Items]
Total	78,221	25,354
Multifamily residential | Special mention
Financing Receivable, Recorded Investment [Line Items]
Total	4,941	6,569
Multifamily residential | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total	6,519	7,795
Single family residential
Financing Receivable, Recorded Investment [Line Items]
Total	2,167,341	1,957,546
Single family residential | Pass
Financing Receivable, Recorded Investment [Line Items]
Total	2,140,414	1,923,960
Single family residential | Watch
Financing Receivable, Recorded Investment [Line Items]
Total	17,357	20,178
Single family residential | Special mention
Financing Receivable, Recorded Investment [Line Items]
Total	5,675	9,025
Single family residential | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total	3,895	4,383
Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Total	151,610	112,492
Commercial real estate | Pass
Financing Receivable, Recorded Investment [Line Items]
Total	149,012	106,539
Commercial real estate | Watch
Financing Receivable, Recorded Investment [Line Items]
Total	1,727	4,315
Commercial real estate | Special mention
Financing Receivable, Recorded Investment [Line Items]
Total	0	0
Commercial real estate | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total	871	1,638
Land, NM, and Construction
Financing Receivable, Recorded Investment [Line Items]
Total	31,669	41,215
Land, NM, and Construction | Pass
Financing Receivable, Recorded Investment [Line Items]
Total	29,654	41,215
Land, NM, and Construction | Watch
Financing Receivable, Recorded Investment [Line Items]
Total	0	0
Land, NM, and Construction | Special mention
Financing Receivable, Recorded Investment [Line Items]
Total	2,015	0
Land, NM, and Construction | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total	$ 0	$ 0

LOANS RECEIVABLE - Aging Analys

LOANS RECEIVABLE - Aging Analysis (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-accrual	$ 4,786	$ 7,037
Current	5,677,191	4,980,669
Total	5,686,578	4,998,691
30 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	2,371	7,621
60 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	2,230	3,364
90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	0	0
Multifamily residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-accrual	1,543	2,246
Current	3,333,755	2,882,441
Total	3,335,958	2,887,438
Multifamily residential | 30 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	660	2,751
Multifamily residential | 60 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	0	0
Multifamily residential | 90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	0	0
Single family residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-accrual	2,372	4,135
Current	2,161,028	1,945,177
Total	2,167,341	1,957,546
Single family residential | 30 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	1,711	4,870
Single family residential | 60 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	2,230	3,364
Single family residential | 90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	0	0
Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-accrual	871	656
Current	150,739	111,836
Total	151,610	112,492
Commercial real estate | 30 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	0	0
Commercial real estate | 60 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	0	0
Commercial real estate | 90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	0	0
Land, NM, and Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-accrual	0	0
Current	31,669	41,215
Total	31,669	41,215
Land, NM, and Construction | 30 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	0	0
Land, NM, and Construction | 60 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	0	0
Land, NM, and Construction | 90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due	$ 0	$ 0

LOANS RECEIVABLE - Impaired Loa

LOANS RECEIVABLE - Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Recorded Investment
With no related allowance recorded:	$ 8,610		$ 8,610		$ 10,931
With an allowance recorded:	947		947		962
Total:	9,557		9,557		11,893
Unpaid Principal Balance
With no related allowance recorded:	8,994		8,994		11,580
With an allowance recorded:	947		947		962
Total:	9,941		9,941		12,542
Related Allowance	25		25		25
Average Recorded Investment
With no related allowance recorded:	9,499	$ 10,188	10,009	$ 9,420
With an allowance recorded:	951	982	1,389	986
Total:	10,450	11,170	11,398	10,406
Interest Income
With no related allowance recorded:	38	47	75	95
With an allowance recorded:	10	8	27	17
Total:	48	55	102	112
Cash Basis Interest
With no related allowance recorded:	0	0	0	0
With an allowance recorded:	0	0	0	0
Total:	0	0	0	0
Multifamily residential
Recorded Investment
With no related allowance recorded:	1,543		1,543		2,246
Total:	1,543		1,543		2,246
Unpaid Principal Balance
With no related allowance recorded:	1,680		1,680		2,545
Total:	1,680		1,680		2,545
Related Allowance	0		0		0
Average Recorded Investment
With no related allowance recorded:	1,553	2,211	1,847	1,894
Total:	1,553	2,211	1,847	1,894
Interest Income
With no related allowance recorded:	0	0	0	0
Total:	0	0	0	0
Cash Basis Interest
With no related allowance recorded:	0	0	0	0
Total:	0	0	0	0
Single family residential
Recorded Investment
With no related allowance recorded:	6,196		6,196		8,029
With an allowance recorded:	947		947		962
Total:	7,143		7,143		8,991
Unpaid Principal Balance
With no related allowance recorded:	6,443		6,443		8,237
With an allowance recorded:	947		947		962
Total:	7,390		7,390		9,199
Related Allowance	25		25		25
Average Recorded Investment
With no related allowance recorded:	7,728	7,275	7,759	6,751
With an allowance recorded:	951	982	1,389	986
Total:	8,679	8,257	9,148	7,737
Interest Income
With no related allowance recorded:	38	47	75	95
With an allowance recorded:	10	8	27	17
Total:	48	55	102	112
Cash Basis Interest
With no related allowance recorded:	0	0	0	0
With an allowance recorded:	0	0	0	0
Total:	0	0	0	0
Commercial real estate
Recorded Investment
With no related allowance recorded:	871		871		656
Total:	871		871		656
Unpaid Principal Balance
With no related allowance recorded:	871		871		798
Total:	871		871		798
Related Allowance	0		0		$ 0
Average Recorded Investment
With no related allowance recorded:	218	702	403	775
Total:	218	702	403	775
Interest Income
With no related allowance recorded:	0	0	0	0
Total:	0	0	0	0
Cash Basis Interest
With no related allowance recorded:	0	0	0	0
Total:	$ 0	$ 0	$ 0	$ 0

LOANS RECEIVABLE - Troubled Deb

LOANS RECEIVABLE - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Financing Receivable, Modifications [Line Items]
Total recorded investment	$ 5,503	$ 6,320
Related Allowance	25	25
Modification of Terms or Payment Deferral
Financing Receivable, Modifications [Line Items]
Total recorded investment	9,800		$ 17,500
Multifamily residential
Financing Receivable, Modifications [Line Items]
Total recorded investment	0	667
Related Allowance	0	0
Single family residential
Financing Receivable, Modifications [Line Items]
Total recorded investment	5,503	5,653
Related Allowance	$ 25	$ 25

NONPERFORMING ASSETS (Details)

NONPERFORMING ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total non-accrual loans	$ 4,786			$ 4,786	$ 7,037
Real estate owned	0			0	0
Total nonperforming assets	4,786			4,786	7,037
Contractual interest not accrued during the quarter	62	$ 62	$ 109	153
Multifamily residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total non-accrual loans	1,543			1,543	2,246
Single family residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total non-accrual loans	2,372			2,372	4,135
Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total non-accrual loans	$ 871			$ 871	$ 656

MORTGAGE SERVICING RIGHTS - Mor

MORTGAGE SERVICING RIGHTS - Mortgage Loans Seviced for Others (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 716,911	$ 783,681
FHLMC
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	575,440	625,545
Other financial institutions
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 141,471	$ 158,136

MORTGAGE SERVICING RIGHTS - M53

MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning Balance	$ 4,124	$ 1,153	$ 4,255	$ 1,099
Additions	0	158	0	241
Disposals	0	0	0	0
Change in fair value due to changes in assumptions	0	0	0	0
Other changes in fair value	(256)	(53)	(387)	(82)
Ending balance	$ 3,868	$ 1,258	$ 3,868	$ 1,258

MORTGAGE SERVICING RIGHTS - Nar

MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Custodial account balances maintained in connection with serviced loans	$ 12	$ 5.2
Discount rate used to calculate fair value of MSRs	10.00%	10.00%
Default rate used to calculate fair value of MSRs	5.00%	5.00%
Minimum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Prepayment speed rate used to calculate fair value of MSRs	5.90%	5.80%
Maximum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Prepayment speed rate used to calculate fair value of MSRs	70.40%	70.40%

DEPOSITS - Deposits (Details)

DEPOSITS - Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Deposits [Abstract]
Certificate accounts	$ 2,962,858	$ 2,242,682
Money market savings	1,306,189	1,389,425
NOW accounts	173,120	203,159
Money market checking	82,447	85,073
Non-interest bearing demand	67,541	30,899
Deposits	$ 4,592,155	$ 3,951,238

DEPOSITS - Narrative (Details)

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Banking and Thrift [Abstract]
Certificates of deposit with a denomination of $100,000 or More	$ 2,600	$ 1,900
Certificates of deposit that meet or exceed FDIC insurance limit	1,000	1,100
Brokered deposits	$ 562.6	$ 278.4

DEPOSITS - Maturities (Details)

DEPOSITS - Maturities (Details) $ in Thousands	Jun. 30, 2018USD ($)
Maturities of Time Deposits, Twelve months ending March 31,
2,019	$ 1,443,189
2,020	1,001,904
2,021	364,093
2,022	115,749
2,023	32,670
Thereafter	5,253
Time Deposits	$ 2,962,858

FEDERAL HOME LOAN BANK AND FE58

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Short-term Debt [Line Items]
Borrowing capacity based on pledged loans to the FRB and FHLB	$ 899.6	$ 1,100
Maximum short-term debt outstanding during period	489.2
Average short-term debt outstanding during period	$ 325.9
Weighted average interest rate	1.89%
FHLB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	$ 2,400	2,400
FRB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	$ 399.7	$ 379

FEDERAL HOME LOAN BANK AND FE59

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - FHLB Advances (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 1,150,746	$ 989,260
FHLB of San Francisco
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	1,150,746	989,260
FHLB of San Francisco | FHLB Fixed Rate Short-term Borrowings
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 148,100	411,600
FHLB of San Francisco | FHLB Fixed Rate Short-term Borrowings | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.08%
FHLB of San Francisco | FHLB Fixed Rate Short-term Borrowings | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.08%
FHLB of San Francisco | FHLB Fixed Rate Short-term Borrowings | Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.08%
FHLB of San Francisco | FHLB Fixed Rate Long-term Borrowings
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 852,646	427,660
FHLB of San Francisco | FHLB Fixed Rate Long-term Borrowings | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	1.38%
FHLB of San Francisco | FHLB Fixed Rate Long-term Borrowings | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	7.69%
FHLB of San Francisco | FHLB Fixed Rate Long-term Borrowings | Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.24%
FHLB of San Francisco | FHLB Variable Rate Long-term Borrowings
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 150,000	$ 150,000
FHLB of San Francisco | FHLB Variable Rate Long-term Borrowings | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.30%
FHLB of San Francisco | FHLB Variable Rate Long-term Borrowings | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.49%
FHLB of San Francisco | FHLB Variable Rate Long-term Borrowings | Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.37%

FEDERAL HOME LOAN BANK AND FE60

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Schedule of Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
Outstanding advances from FHLB	$ 1,150,746	$ 989,260
FHLB of San Francisco
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
July 1 - December 31, 2018	323,600
Year ending December 31, 2019	275,000
Year ending December 31, 2020	150,000
Year ending December 31, 2021	150,600
Year ending December 31, 2022	0
Thereafter	251,546
Outstanding advances from FHLB	$ 1,150,746	$ 989,260

JUNIOR SUBORDINATED DEFERRABL61

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Narrative (Details) - Trusts $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)trust
Investment [Line Items]
Investment in common securities | $	$ 1.9
Number of wholly owned trusts | trust	2

JUNIOR SUBORDINATED DEFERRABL62

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Schedule of Trusts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Amount	$ 61,857	$ 61,857
Trust Preferred Securities Subject to Mandatory Redemption | Luther Burbank Statutory Trust I | Trusts
Debt Instrument [Line Items]
Amount	$ 41,238	$ 41,238
Rate	3.72%	2.97%
Trust Preferred Securities Subject to Mandatory Redemption | Luther Burbank Statutory Trust I | Trusts | LIBOR
Debt Instrument [Line Items]
Rate index	1.38%
Trust Preferred Securities Subject to Mandatory Redemption | Luther Burbank Statutory Trust II | Trusts
Debt Instrument [Line Items]
Amount	$ 20,619	$ 20,619
Rate	3.96%	3.21%
Trust Preferred Securities Subject to Mandatory Redemption | Luther Burbank Statutory Trust II | Trusts | LIBOR
Debt Instrument [Line Items]
Rate index	1.62%

SENIOR DEBT - Narrative (Detail

SENIOR DEBT - Narrative (Details) - Senior Unsecured Term Notes - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2014	Jun. 30, 2018	Dec. 31, 2017
Senior Unsecured Term Notes, 2009-2011
Debt Instrument [Line Items]
Debt retired	$ 62,700
Senior Unsecured Term Notes, September 2014
Debt Instrument [Line Items]
Principal	95,000	$ 95,000	$ 95,000
Prepayment penalty on retired debt	243
Proceeds kept as additional paid-in capital	28,000
Proceeds kept as cash reserves	$ 2,700

SENIOR DEBT - Schedule of Debt

SENIOR DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2014
Debt Instrument [Line Items]
Fixed Interest Rate	6.50%
Senior Unsecured Term Notes, September 2014 | Senior Unsecured Term Notes
Debt Instrument [Line Items]
Principal	$ 95,000	$ 95,000	$ 95,000
Unamortized debt issuance costs	$ 772	$ 839
Fixed Interest Rate	6.50%

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Statutory U.S. Federal Income Tax	$ 3,308	$ 6,851	$ 6,517	$ 11,303
Benefit of S Corporation status	0	(6,851)	0	(11,303)
State Taxes	1,596	654	2,892	1,079
Other	(376)	0	(706)	0
Total income tax provision	$ 4,528	$ 654	$ 8,703	$ 1,079

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	Dec. 12, 2017	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for new awards	3,360,000
Common stock available for grant		2,561,359	2,561,359	2,689,699
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock-based compensation expense		$ 1	$ 2.1
Unrecognized compensation expense		$ 6.8	$ 6.8
Restricted stock awards or units granted		1,225,491	1,225,491
Period of recognition for unrecognized compensation expense			2 years 29 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested		169,490	169,490
Non-employee directors | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

STOCK BASED COMPENSATION - Awar

STOCK BASED COMPENSATION - Awards Activity (Details) - RSUs and RSAs shares in Thousands	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Number of Shares
Beginning of the period balance | shares	1,319,700
Shares granted | shares	131,140
Shares settled | shares	(53,059)
Shares forfeited | shares	(2,800)
End of the period balance | shares	1,394,981
Weighted Average Grant Date Fair Value
Beginning of the period balance (in usd per share) | $ / shares	$ 10.75
Shares granted | $ / shares	12.77
Shares settled | $ / shares	10.75
Shares forfeited | $ / shares	10.75
End of the period balance (in usd per share) | $ / shares	$ 10.97

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Loans receivable	$ 5,701,559,000	$ 5,701,559,000	$ 5,011,235,000
Fair Value
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Loans receivable, fair value	21,642,000	21,642,000
Single family residential | Fair Value | Permanent mortgages | Nonrecurring Basis
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Loans receivable			196,000
Loans receivable, fair value			191,000
Charge-offs recorded	$ 0	$ 0	$ 5,000
Impaired Financing Receivables
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assumed default rate		100.00%
Approximate selling cost		6.00%
Impaired Financing Receivables | Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Adjustments made by appraisers		(10.00%)
Impaired Financing Receivables | Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Adjustments made by appraisers		20.00%

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investment securities:
Available for sale	$ 583,035	$ 503,288
Held to maturity	11,725	6,925
Carrying Amount
Financial assets:
Cash and cash equivalents	76,018	75,578
Investment securities:
Available for sale	583,035	503,288
Held to maturity	12,009	6,921
Loans held for sale	21,575
Loans receivable, net	5,701,559	5,011,235
Accrued interest receivable	18,310	14,901
Federal Home Loan Bank stock	32,995	27,733
Interest Rate Cap Premium	5	1
Financial liabilities:
Deposits	4,592,155	3,951,238
FHLB advances	1,150,746	989,260
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt	94,228	94,161
Accrued interest payable	3,304	1,781
Fair Value
Financial assets:
Cash and cash equivalents	76,018	75,578
Investment securities:
Available for sale	583,035	503,288
Held to maturity	11,725	6,925
Loans held for sale	21,642
Loans receivable, net	5,673,337	5,022,250
Accrued interest receivable	18,310	14,901
Interest Rate Cap Premium	5	1
Financial liabilities:
Deposits	4,546,837	3,917,999
FHLB advances	1,151,622	989,833
Junior subordinated deferrable interest debentures	58,017	58,624
Senior debt	98,325	104,500
Accrued interest payable	3,304	1,781
Fair Value | Level 1
Financial assets:
Cash and cash equivalents	76,018	75,578
Investment securities:
Available for sale	965	984
Held to maturity	0	0
Loans held for sale	0
Loans receivable, net	0	0
Accrued interest receivable	91	27
Interest Rate Cap Premium	0	0
Financial liabilities:
Deposits	1,629,436	1,708,556
FHLB advances	0	0
Junior subordinated deferrable interest debentures	0	0
Senior debt	0	0
Accrued interest payable	0	0
Fair Value | Level 2
Financial assets:
Cash and cash equivalents	0	0
Investment securities:
Available for sale	582,070	502,304
Held to maturity	11,725	6,925
Loans held for sale	21,642
Loans receivable, net	0	0
Accrued interest receivable	1,526	1,320
Interest Rate Cap Premium	5	1
Financial liabilities:
Deposits	2,917,401	2,209,443
FHLB advances	1,151,622	989,833
Junior subordinated deferrable interest debentures	58,017	58,624
Senior debt	98,325	104,500
Accrued interest payable	3,304	1,781
Fair Value | Level 3
Financial assets:
Cash and cash equivalents	0	0
Investment securities:
Available for sale	0	0
Held to maturity	0	0
Loans held for sale	0
Loans receivable, net	5,673,337	5,022,250
Accrued interest receivable	16,693	13,554
Interest Rate Cap Premium	0	0
Financial liabilities:
Deposits	0	0
FHLB advances	0	0
Junior subordinated deferrable interest debentures	0	0
Senior debt	0	0
Accrued interest payable	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	$ 583,035	$ 503,288
Impaired Loans	947	962
Nonrecurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans		0
Nonrecurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans		0
Nonrecurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans		191
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	583,035	503,288
Interest Rate Cap Premium	5	1
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	965	984
Interest Rate Cap Premium	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	582,070	502,304
Interest Rate Cap Premium	5	1
Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Interest Rate Cap Premium	0	0
Fair Value | Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	583,035	503,288
Interest Rate Cap Premium	5	1
Fair Value | Recurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	965	984
Interest Rate Cap Premium	0	0
Fair Value | Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	582,070	502,304
Interest Rate Cap Premium	5	1
Fair Value | Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Interest Rate Cap Premium	0	0
Fair Value | Recurring Basis | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	399,950	312,919
Fair Value | Recurring Basis | Mortgage-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | Mortgage-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	399,950	312,919
Fair Value | Recurring Basis | Mortgage-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	116,299	117,222
Fair Value | Recurring Basis | Agency bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | Agency bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	116,299	117,222
Fair Value | Recurring Basis | Agency bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	42,792	47,168
Fair Value | Recurring Basis | Collateralized mortgage obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | Collateralized mortgage obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	42,792	47,168
Fair Value | Recurring Basis | Collateralized mortgage obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | SBA securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	11,613	13,302
Fair Value | Recurring Basis | SBA securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | SBA securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	11,613	13,302
Fair Value | Recurring Basis | SBA securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	965	984
Fair Value | Recurring Basis | U.S. Treasury | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	965	984
Fair Value | Recurring Basis | U.S. Treasury | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | U.S. Treasury | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | CRA Qualified Investment Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	11,416	11,693
Fair Value | Recurring Basis | CRA Qualified Investment Fund | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Recurring Basis | CRA Qualified Investment Fund | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	11,416	11,693
Fair Value | Recurring Basis | CRA Qualified Investment Fund | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale	0	0
Fair Value | Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans		191
Single family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans	$ 947	962
Single family residential | Permanent mortgages | Nonrecurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans		0
Single family residential | Permanent mortgages | Nonrecurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans		0
Single family residential | Permanent mortgages | Nonrecurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans		191
Single family residential | Permanent mortgages | Fair Value | Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans		$ 191

VARIABLE INTEREST ENTITIES (V71

VARIABLE INTEREST ENTITIES (VIE) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Maximum loss exposure as a percentage of original principal amount	10.00%
Maximum loss exposure	$ 62.6
Reserved for estimated losses	$ 1.6	$ 1.7

LOAN SALE AND SECURITIZATION 72

LOAN SALE AND SECURITIZATION ACTIVITIES - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Minimum net worth	$ 2
Actual net worth	$ 705.2
Multifamily Loan Securitization
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Maximum loss exposure as a percentage of original principal amount	10.00%
Loans receivable | Multifamily residential | Permanent mortgages
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Originated loans sold	$ 626

LOAN SALE AND SECURITIZATION 73

LOAN SALE AND SECURITIZATION ACTIVITIES - Cash Flow from Sale of Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Transfers and Servicing [Abstract]
Proceeds from sale of loans held for sale	$ 0	$ 35,491	$ 0	$ 60,182
Servicing fees	$ 396	$ 109	$ 804	$ 217

LOAN SALE AND SECURITIZATION 74

LOAN SALE AND SECURITIZATION ACTIVITIES - Loans Transfered Through Loans or Securitization (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Single family residential
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Principal balance of loans	$ 27,925	$ 29,772
Loans 90 days past due	0	0
Charge-offs, net	0	0
Multifamily residential
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Principal balance of loans	688,986	753,909
Loans 90 days past due	0	0
Charge-offs, net	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Operating Leased Assets [Line Items]
Rent expense for operating leases	$ 1,100	$ 1,100	$ 2,200	$ 2,200
Cash balances held at other institutions that exceed FDIC insured limits	701		$ 701		$ 845
Operating Lease Arrangement Type One
Operating Leased Assets [Line Items]
Renewal term			3 years
Operating Lease Arrangement Type Two
Operating Leased Assets [Line Items]
Renewal term			5 years
Operating Lease Arrangement Type Three
Operating Leased Assets [Line Items]
Renewal term			10 years
Commitments to Extend Credit [Member]
Operating Leased Assets [Line Items]
Real estate loan funding commitments	118,400		$ 118,400		65,800
Unfunded Loan Commitment
Operating Leased Assets [Line Items]
Reserve recorded on real estate loan funding commitments	$ 568		$ 568		$ 197

COMMITMENTS AND CONTINGENCIES76

COMMITMENTS AND CONTINGENCIES - Operating Lease Maturities (Details) $ in Thousands	Jun. 30, 2018USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
July 1 - December 31, 2018	$ 2,708
Year ending December 31, 2019	5,117
Year ending December 31, 2020	3,723
Year ending December 31, 2021	3,267
Year ending December 31, 2022	2,419
Thereafter	3,018
Operating Leases Payable	$ 20,252