Luther Burbank (LBC) 10-K 11 Mar 20 2019 Q4 Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Mar. 02, 2020	Jun. 30, 2019
Document and Entity Information [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Entity Registrant Name	Luther Burbank Corp.
Entity Central Index Key	0001475348
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Transition Period	false
Entity Common Stock Shares Outstanding (in shares)		56,157,216
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q4
Entity Shell Company	false
Entity Public Float			$ 164.2

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 88,565	$ 91,697
Available for sale debt securities, at fair value	625,074	608,528
Held to maturity debt securities, at amortized cost (fair value of $10,349 and $11,625 at December 31, 2019 and 2018, respectively)	10,170	11,860
Equity securities, at fair value	11,782	11,438
Loans receivable, net of allowance for loan losses of $36,001 and $34,314 at December 31, 2019 and 2018, respectively	6,194,976	6,096,316
Accrued interest receivable	20,814	20,220
Federal Home Loan Bank (FHLB) stock, at cost	30,342	31,823
Premises and equipment, net	19,504	20,981
Goodwill	3,297	3,297
Prepaid expenses and other assets	41,304	41,052
Total assets	7,045,828	6,937,212
Liabilities:
Deposits	5,234,717	5,001,040
FHLB advances	978,702	1,143,132
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt $95,000 face amount, 6.5% interest rate, due September 30, 2024 (less debt issuance costs of $707 and $839 at December 31, 2018 and 2017, respectively)	94,416	94,293
Accrued interest payable	2,901	4,307
Other liabilities and accrued expenses	58,771	51,438
Total liabilities	6,431,364	6,356,067
Commitments and contingencies (Note 19)
Stockholders' equity:
Preferred stock, no par value; 5,000,000 shares authorized; none issued and outstanding at December 31, 2019 and 2018	0	0
Common stock, no par value; 100,000,000 shares authorized; 55,999,754 and 56,379,066 shares issued and outstanding at December 31, 2019 and 2018, respectively	447,784	456,378
Retained earnings	165,236	129,806
Accumulated other comprehensive income (loss), net of taxes	1,444	(5,039)
Total stockholders' equity	614,464	581,145
Total liabilities and stockholders' equity	$ 7,045,828	$ 6,937,212

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Fair value of held-to-maturity securities	$ 10,349,000	$ 11,625,000
Allowance for loan losses	$ 36,001,000	$ 34,314,000
Debt Instrument [Line Items]
Debt interest rate	6.50%
Preferred stock shares authorized (in shares)	5,000,000,000	5,000,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	55,999,754	56,379,066
Common stock shares outstanding (in shares)	55,999,754	56,379,066
Senior Unsecured Term Notes, September 2014 | Senior Unsecured Term Notes
Debt Instrument [Line Items]
Principal	$ 95,000,000	$ 95,000,000
Debt interest rate	6.50%
Unamortized debt issuance costs	$ 584,000	$ 707,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Interest and fee income:
Loans	$ 249,530	$ 211,835
Investment securities	15,461	12,430
Cash and cash equivalents	2,151	1,792
Total interest and fee income	267,142	226,057
Interest expense:
Deposits	105,092	69,112
FHLB advances	24,896	23,285
Junior subordinated deferrable interest debentures	2,447	2,266
Senior debt	6,300	6,307
Total interest expense	138,735	100,970
Net interest income before provision for loan losses	128,407	125,087
Provision for loan losses	1,250	3,600
Net interest income after provision for loan losses	127,157	121,487
Noninterest income:
Gain on sale of loans	607	140
FHLB dividends	2,163	2,735
Other income	1,905	1,256
Total noninterest income	4,675	4,131
Noninterest expense:
Compensation and related benefits	37,228	38,860
Deposit insurance premium	545	1,892
Professional and regulatory fees	1,984	2,037
Occupancy	5,688	5,349
Depreciation and amortization	2,618	2,813
Data processing	3,738	3,315
Marketing	5,053	3,497
Other expenses	5,514	4,924
Total noninterest expense	62,368	62,687
Income before provision for income taxes	69,464	62,931
Provision for income taxes	20,603	17,871
Net income	$ 48,861	$ 45,060
Basic earnings per common share (in dollars per share)	$ 0.87	$ 0.80
Diluted earnings per common share (in dollars per share)	0.87	0.79
Dividends per common share (in dollars per share)	$ 0.23	$ 0.28

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 48,861	$ 45,060
Unrealized gain (loss) on available for sale debt securities:
Unrealized holding gain (loss) arising during the period	8,419	(336)
Tax effect	(2,439)	86
Net of tax	5,980	(250)
Unrealized gain on cash flow hedge:
Unrealized holding gain arising during the period	147	649
Tax effect	(43)	(187)
Net of tax	104	462
Total other comprehensive income	6,084	212
Comprehensive income	$ 54,945	$ 45,272

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Common StockRestricted Stock Awards	Common StockRestricted Stock Units	Retained Earnings	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Cash Flow Hedge
Beginning balance (in 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	45,060				45,060
Other comprehensive (loss) income	212					(250)	462
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 (in shares)		131,140
Issuance of restricted stock awards	0
Settled restricted stock units (in shares)		99,533
Settled restricted stock units	0
Shares withheld to pay taxes on stock based compensation (in shares)			(77,568)
Shares withheld to pay taxes on stock based compensation	(769)	$ (769)
Restricted stock forfeitures (in shares)				(23,401)
Restricted stock forfeitures	(40)	(42)			2
Stock based compensation expense	4,397	$ 4,397
Shares repurchased (in shares)		(173,300)
Shares repurchased	(1,495)	$ (1,495)
Cash dividends	(15,965)				(15,965)
Ending balance at Dec. 31, 2018	581,145	$ 456,378			129,806	(4,935)	(104)
Ending balance (in shares) at Dec. 31, 2018		56,379,066
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	48,861				48,861
Other comprehensive (loss) income	6,084					5,980	104
Issuance of restricted stock awards (in shares)		321,784
Issuance of restricted stock awards	0
Settled restricted stock units (in shares)		499,707
Settled restricted stock units	0
Shares withheld to pay taxes on stock based compensation (in shares)		(257,503)
Shares withheld to pay taxes on stock based compensation	(2,796)	$ (2,796)
Restricted stock forfeitures (in shares)		(72,599)
Restricted stock forfeitures	(204)	$ (222)			18
Stock based compensation expense	3,215	$ 3,215
Shares repurchased (in shares)		(870,701)
Shares repurchased	(8,791)	$ (8,791)
Cash dividends	(13,050)				(13,050)
Ending balance at Dec. 31, 2019	$ 614,464	$ 447,784			$ 165,236	$ 1,444	$ 0
Ending balance (in shares) at Dec. 31, 2019		55,999,754

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.23	$ 0.28

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 48,861	$ 45,060
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,618	2,813
Provision for loan losses	1,250	3,600
Amortization of deferred loan costs, net	14,556	10,218
Amortization of premiums on investment securities, net	1,582	1,870
Loss on disposition of leasehold improvements	1,120	0
Gain on sale of loans	(607)	(140)
Stock based compensation expense, net of forfeitures	2,993	4,355
Provision (benefit) for deferred income tax	1,059	(1,868)
Change in fair value of mortgage servicing rights	961	931
Change in fair value of equity securities	(344)	0
Other items, net	122	86
Effect of changes in:
Accrued interest receivable	(594)	(5,319)
Accrued interest payable	(1,406)	2,526
Prepaid expenses and other assets	(2,876)	(272)
Other liabilities and accrued expenses	5,712	(4,900)
Net cash provided by operating activities	75,007	58,960
Cash flows from investing activities:
Proceeds from maturities and paydowns of available for sale debt securities	88,454	77,785
Proceeds from maturities and paydowns of held to maturity debt securities	1,629	415
Purchases of available for sale debt securities	(99,102)	(196,648)
Purchases of held to maturity debt securities	0	(5,375)
Proceeds from sales of available for sale debt securities	1,000	0
Net increase in loans receivable	(172,725)	(1,118,502)
Proceeds from loans held for sale previously classified as portfolio loans	68,809	19,604
Purchase of loan	(10,052)	0
Redemption (purchase) of FHLB stock, net	1,481	(4,090)
Purchase of premises and equipment	(2,261)	(1,477)
Net cash used in investing activities	(122,767)	(1,228,288)
Cash flows from financing activities:
Net increase in customer deposits	233,677	1,049,802
Proceeds from long-term FHLB advances	375,100	575,000
Repayment of long-term FHLB advances	(375,030)	(175,528)
Net change in short-term FHLB advances	(164,500)	(245,600)
Shares withheld for taxes on vested restricted stock	(2,796)	(769)
Shares repurchased	(8,791)	(1,495)
Cash paid for dividends	(13,032)	(15,963)
Net cash provided by financing activities	44,628	1,185,447
(Decrease) increase in cash and cash equivalents	(3,132)	16,119
Cash and cash equivalents, beginning of period	91,697	75,578
Cash and cash equivalents, end of period	88,565	91,697
Supplemental disclosure of cash flow information:Cash paid during the period for:
Interest	140,141	98,444
Income taxes	18,032	21,565
Non-cash investing activity:
Loans transferred to held for sale	$ 68,325	$ 19,603

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. In December 2019, the Bank commenced conducting its business from its new headquarters in Gardena, CA. Prior to that, the Bank conducted its business from offices in Manhattan Beach, CA. 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 a loan production office in Clackamas County, Oregon. Basis of Presentation The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting standards and prevailing practices within the banking industry and include the accounts of the Company and its wholly-owned subsidiaries. The Company currently has two unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue junior subordinated deferrable interest debentures. See Note 9, “Junior Subordinated Deferrable Interest Debentures,” for additional information regarding these trusts. All intercompany accounts and transactions have been eliminated. In preparing financial statements in conformity with generally accepted accounting principles ("GAAP"), management makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions. Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions with maturities of less than three months. Net cash flows are reported for customer loan and deposit transactions, and interest-bearing deposits in other financial institutions. Restricted Cash Balances Federal Reserve Bank regulations require the Company to maintain reserve balances on deposit with the Federal Reserve Bank. The amount of reserves required at the Federal Reserve Bank at December 31, 2019 and 2018 were $19.1 million and $18.6 million , respectively. Investment Securities The Company classifies its investment securities into three categories, available for sale, held to maturity and equity, at the time of purchase. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income (loss), net of applicable taxes. Investment securities held to maturity are measured at amortized cost, based on the Company’s positive intent and ability to hold such securities to maturity. Equity securities are carried at fair value, with unrealized holding gains and losses reported in other noninterest income. Interest income includes amortization/accretion of purchase premiums/discounts. Premiums and discounts are amortized, or accreted, over the life of the related investment security as an adjustment to interest income using a method that approximates the interest method. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. An investment security is impaired when its carrying value is greater than its fair value. Investment securities that are impaired are evaluated on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether such a decline in their fair value is other than temporary. Management utilizes criteria such as the magnitude and duration of the decline and the intent and ability of the Company to retain its investment in the securities for a period of time sufficient to allow for an anticipated recovery in fair value, in addition to the reasons underlying the decline, to determine whether the loss in value is other than temporary. The term ‘‘other than temporary’’ is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other than temporary, and management does not intend to sell the security or it is more likely than not that the Company will not be required to sell the security before recovery, only the portion of the impairment loss representing credit exposure is recognized as a charge to earnings, with the balance recognized as a charge to other comprehensive (loss) income. If management intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its forecasted cost, the entire impairment loss is recognized as a charge to earnings. Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances, net of purchase premiums and discounts, deferred loan origination fees and costs, and the allowance for loan losses. Interest income is accrued on the unpaid principal balance. Premiums or discounts to acquire loans are amortized over the life of the loan using a method that approximates the interest method. The Company charges fees for originating loans. These fees, net of certain related direct loan origination costs, are deferred. The net deferred fees or costs on loans held for investment are recognized as an adjustment of the loan’s yield over the contractual life of the loan using the interest method. The Company ceases to amortize deferred fees or costs on loans for which the accrual of interest has been discontinued. Other loan fees and charges representing service costs are reported in income when collected or earned. Loans Held for Sale Mortgage loans held for sale are sold with servicing rights released or retained. Realized gains and losses on sales of mortgage loans are accounted for under the specific identification method and based on the difference between the selling price and the carrying value of the related loan sold. The carrying value of mortgage loans sold servicing retained is reduced by the amount allocated to the servicing right. Concentration of Credit Risk The majority of our customers are individuals and businesses located and doing business in the state of California, with approximately half our customers located in Los Angeles County and Orange County. The Company's exposure to credit risk is significantly affected by changes in the economy of California, and specifically, Los Angeles and Orange Counties. Allowance for Loan Losses The allowance for loan losses represents the estimated probable incurred credit losses in the Company’s loan portfolio. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower circumstances, estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The Company performs periodic and systematic detailed reviews of its loan portfolio to assess the overall collectability of its loans. The Company’s methodology for assessing the appropriateness of the allowance consists of the combined total of two key components. The first component covers loans that are impaired. All loans are evaluated for impairment on a recurring basis. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans that are reported as troubled debt restructures (“TDRs”) are considered impaired. A restructuring of a debt constitutes a TDR if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Restructured workout loans typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. Impaired loans and TDRs that are solely dependent on the operation or liquidation of collateral for repayment are measured for impairment at the fair value of the collateral less estimated costs to sell. Impaired loans, including TDRs, that are not considered collateral dependent, are measured based on the present value of loan payments expected to be received discounted at the loans’ original effective contractual interest rate. If the recorded investment in the impaired loans exceeds the value of funds to be received, an allowance is established as a component of the total allowance for loan losses unless the loans are solely dependent on the collateral for repayment, in which case the amount that exceeds the fair value of the collateral is charged off. The second element of the allowance covers probable incurred losses inherent in performing loans that have yet to be specifically identified for impairment. This component of the allowance is estimated by applying reserve factors based on average historical loss experience for the previous nine to ten years to various loan stratifications based on factors affecting the perceived level of risk including the type of collateral, loan program, and credit classification. The resulting loss amount is adjusted for qualitative factors to be reflective of risks or trends affecting the loan portfolio including economic conditions, the real estate market, volumes, delinquencies, and credit concentrations. The Company has identified the following loan portfolio segments based on collateral type: Multifamily residential and commercial real estate loans - These loans typically involve greater principal amounts than other types of loans, and repayment depends upon income generated, or expected to be generated, by the property securing the loan in amounts sufficient to cover operating expenses and debt service, which may be adversely affected by changes in the economy or local market conditions. Multifamily residential and commercial real estate loans also expose a lender to significant credit risk because the collateral securing these loans typically cannot be sold as easily as single family residential real estate. In addition, some commercial real estate loans are not fully amortizing and contain large balloon payments upon maturity. Such balloon payments may require the borrower to either sell or refinance the underlying property in order to comply with the terms of the loan agreement, which may increase the risk of default or non-payment. Single family residential real estate loans - The degree of risk in single family residential real estate lending depends primarily on the loan amount in relation to collateral value, the interest rate, and the borrower’s ability to repay in an orderly fashion. These loans generally possess a lower inherent risk of loss than other real estate portfolio segments. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers’ capacity to repay their obligations may be deteriorating. Construction and land loans - This type of lending generally possess a higher inherent risk of loss than other real estate portfolio segments. A major risk arises from the necessity to complete projects within specified costs and time lines. Trends in the construction industry significantly impact the credit quality of these loans, as demand drives construction activity. In addition, trends in real estate values significantly impact the credit quality of these loans, as property values determine the economic viability of construction projects. Non-mortgage loans - These loans are not a part of our normal business activity, but rather are made on an exception basis typically in conjunction with our efforts to support CRA activities. The loans carry a high inherent risk of loss as they generally have no secondary source of repayment or any collateral support. The total allowance is increased by the provision for loan losses, which is charged against the current period operating results, and decreased by the amount of loan charge-offs, net of recoveries. Losses incurred upon the initial acquisition of real estate owned through foreclosure are charged to the allowance for loan losses. Accrued Interest Receivable on Loans Interest receivable is only accrued if deemed collectible. It is the Company’s policy to place a loan on non-accrual status in the event that the borrower is 90 days or more delinquent (unless the loan is well secured and in the process of collection), or earlier if the timely collection of contractual payments appears doubtful. At the time a loan is placed on non-accrual, accrued interest is reversed out of interest income. Cash payments subsequently received on non-accrual loans are recognized as income only where the future collection of the remaining principal is considered by management to be probable. Loans are restored to accrual status only when the loan is less than 90 days delinquent and not in foreclosure, and the borrower has demonstrated the ability to make future payments of principal and interest. Servicing Rights When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing assets in earnings in the period in which the changes occur, and such changes are included with other income on the consolidated statements of income. The fair values of servicing rights are calculated using model assumptions including factors such as prepayment rates, market rates and other model cash flow assumptions. Absent other changes, an increase (decrease) to the estimated life of serviced loans would generally increase (decrease) the fair value of servicing rights. The fair value of servicing rights are subject to significant fluctuation as a result of changes in estimates and when actual factors such as prepayment speeds, default rates, and losses differ from model assumptions. Servicing fee income, which is reported on the consolidated statements of income as a component of other income, is recorded for fees earned for servicing loans. The fees are typically based on a contractual percentage of the outstanding principal and are recorded as income when earned. Fair value adjustments are netted against loan servicing fee income. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Real Estate Owned ("REO") Real estate acquired as a result of loan foreclosure or a deed in lieu of foreclosure is initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of a residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Fair value is typically based on a real estate appraisal. REO is subsequently accounted for at the lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Costs after acquisition related to the development of REO are capitalized while operating costs are charged to expense. Gains or losses realized and expenses incurred in connection with the disposition of foreclosed real estate are charged to noninterest income. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Land is carried at cost. The Company’s policy is to depreciate buildings, furniture and equipment on the straight-line basis over the estimated useful lives of the various assets and to amortize leasehold improvements over the shorter of the asset life or lease term as follows: Leasehold improvements Lesser of term of lease or life of improvement Furniture and equipment 2 to 7 years Building 39 years The Company evaluates the recoverability of long-lived assets on an ongoing basis. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to expense as incurred. Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank of San Francisco ("FHLB"), the Bank is required to own capital stock in an amount specified by the level of FHLB borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on the ultimate recovery of par value. Cash dividends are reported as noninterest income on an accrual basis. At December 31, 2019 and 2018 , the Bank owned 303,422 and 318,231 shares of $100 par value FHLB stock, respectively. Goodwill Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill determined to have an indefinite useful life is not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. If the carrying amount of the goodwill exceeds its fair value, an impairment loss is recognized in the amount of the excess and the carrying value of the goodwill is reduced accordingly. Goodwill is the only intangible asset with an indefinite life on the balance sheet. Based on an evaluation performed as of December 31, 2019 , management determined that the implied fair value of goodwill exceeded its carrying value and no impairment was recognized. Bank-Owned Life Insurance (“BOLI”) Bank-owned life insurance is initially recorded at cost. Subsequently, BOLI is carried at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Increases in contract value are recorded as noninterest income and insurance proceeds received are recorded as a reduction of the contract value. Reserve for Loan Commitments The Company maintains a reserve within other liabilities associated with commitments to fund undisbursed loan commitments on outstanding loans. This reserve is determined based upon the historical loss experience of similar loans held by the Company at each period end. Any changes in this reserve amount are recognized through earnings as a component of noninterest expense. Marketing Marketing costs are expensed as incurred. Derivatives At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (‘‘fair value hedge’’), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (‘‘cash flow hedge’’), or (3) an instrument with no hedging designation (‘‘stand-alone derivative’’). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported in earnings, as noninterest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Income Taxes Income tax expense is the total of the current year income tax due and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the reported amount of assets and liabilities and their tax bases. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company uses a comprehensive model for recognizing, measuring, presenting, and disclosing in the financial statements tax positions taken or expected to be taken on a tax return. A tax position is recognized as a benefit only if it is ‘‘more likely than not’’ that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the ‘‘more likely than not’’ test, no tax benefit is recorded. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in tax expense. During the years ended December 31, 2019 and 2018 , the Company recognized no interest and penalties. Share-Based Compensation The Company has issued awards of equity instruments, such as restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), to employees and certain nonemployee directors. Compensation expense related to restricted stock is based on the fair value of the underlying stock on the award date and is amortized over the service period, defined as the vesting period, using the straight-line method. The vesting period is generally three years. Compensation expense is reduced for actual forfeitures as they occur. Unvested RSAs and RSUs participate with common stock in any dividends declared, but are paid only on the shares which ultimately vest. Such dividends are accrued and charged to compensation expense over the service period. Comprehensive Income Comprehensive income (loss) includes net income and other comprehensive income (loss). The only items of other comprehensive income (loss) for the Company are unrealized gains and losses on investment securities classified as available for sale, net of tax, and unrealized gains and losses on cash flow hedges, net of tax. Reclassification adjustments resulting from gains or losses on investment securities available for sale or cash flow hedges that have been realized and included in net income of the current period that also had been included in other comprehensive income as unrealized holding gains or losses in the period in which they arose have been excluded from comprehensive income (loss) of the current period to avoid double counting. 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 common 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. (Dollars in thousands, except per share amounts) Years Ended December 31, 2019 2018 Net income $ 48,861 $ 45,060 Weighted average basic common shares outstanding 55,974,230 56,196,648 Add: Dilutive effects of assumed vesting of restricted stock 245,662 628,754 Weighted average diluted common shares outstanding 56,219,892 56,825,402 Income per common share: Basic EPS $ 0.87 $ 0.80 Diluted EPS $ 0.87 $ 0.79 Anti-dilutive shares not included in calculation of diluted earnings per share 7,850 — Related Party Transactions In the normal course of business, the Company may accept deposits from officers and directors, as well as companies and individuals affiliated with officers and directors of the Company. As of December 31, 2019 and 2018 , there were $18.5 million and $17.0 million , respectively, of such deposits. The Company does not permit loans to officers and directors or companies and individuals affiliated with officers and directors of the Company, with the exception of overdraft protection in limited circumstances. As of December 31, 2019 and 2018 , there were no such overdraft loans outstanding. Business Segme nts While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. Reclassifications Certain prior balances in the consolidated financial statements have been reclassified to conform to current year presentation. These reclassifications had no effect on prior year net income or stockholders’ equity. Adoption of New Financial Accounting Standards FASB ASU 2014-09 In May 2014, the Financial Accounting Standards Board ("FASB") issued "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09") implementing a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 establishes a five-step model which entities must follow to recognize revenue and removes inconsistencies and weaknesses in existing guidance. The guidance does not apply to revenue associated with financial instruments, including loans and investment securities that are accounted for under other GAAP, which comprises a significant portion of our revenue stream. The Company has no material sources of revenue that were impacted by this standard. The impact of the new standard was mainly limited to the timing of revenue recognition with regard to the Company's service charges on deposits accounts and gains or losses on the sale of other real estate owned. ASU 2014-09 was effective for the Company on January 1, 2019 and did not have a material effect on the Company's operating results or financial condition. FASB ASU 2016-01 In January 2016, the FASB issued ASU 2016-01 which provided guidance to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This update contains several provisions, including but not limited to (1) requiring equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; (2) simplifying the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify i

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	INVESTMENT SECURITIES Available for Sale The following table summarizes the amortized cost and the estimated fair value of available for sale debt securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value At December 31, 2019: Government and Government Sponsored Entities: Residential mortgage backed securities ('MBS") and collateralized mortgage obligations ("CMOs") $ 145,333 $ 340 $ (481 ) $ 145,192 Commercial MBS and CMOs 353,727 3,267 (825 ) 356,169 Agency bonds 123,977 59 (323 ) 123,713 Total available for sale debt securities $ 623,037 $ 3,666 $ (1,629 ) $ 625,074 At December 31, 2018: Government and Government Sponsored Entities: Residential MBS and CMOs $ 194,297 $ 339 $ (2,523 ) $ 192,113 Commercial MBS and CMOs 294,276 979 (2,304 ) 292,951 Agency bonds 125,329 7 (2,848 ) 122,488 U.S. Treasury 1,008 — (32 ) 976 Total available for sale debt securities $ 614,910 $ 1,325 $ (7,707 ) $ 608,528 Net unrealized gains (losses) on available for sale investment securities are recorded as accumulated other comprehensive income (loss) within stockholders’ equity and totaled $1.4 million and $(4.4) million , net of $(593) thousand and $2.0 million in tax (liabilities) assets at December 31, 2019 and 2018 , respectively. During the year ended December 31, 2019 , the Company sold its U.S. Treasury security at its amortized cost. There were no sales or transfers of available for sale investment securities and no realized gains or losses on these securities for the year ended December 31, 2018 . The following tables summarize the gross unrealized losses and fair value of available for sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: December 31, 2019 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Residential MBS and CMOs $ 43,623 $ (181 ) $ 54,870 $ (300 ) $ 98,493 $ (481 ) Commercial MBS and CMOs 95,950 (339 ) 57,219 (486 ) 153,169 (825 ) Agency bonds 29,471 (86 ) 87,405 (237 ) 116,876 (323 ) Total available for sale debt securities $ 169,044 $ (606 ) $ 199,494 $ (1,023 ) $ 368,538 $ (1,629 ) At December 31, 2019 , the Company held 76 residential MBS and CMOs of which 45 were in a loss position and 25 had been in a loss position for twelve months or more. The Company held 42 commercial MBS and CMOs of which 19 were in a loss position and 8 had been in a loss position for twelve months or more. The Company held 15 agency bonds of which 12 were in a loss position and 9 had been in a loss position for twelve months or more. December 31, 2018 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Residential MBS and CMOs $ 31,728 $ (304 ) $ 102,503 $ (2,219 ) $ 134,231 $ (2,523 ) Commercial MBS and CMOs 58,725 (432 ) 114,159 (1,872 ) 172,884 (2,304 ) Agency bonds 4,906 (18 ) 114,575 (2,830 ) 119,481 (2,848 ) U.S. Treasury — — 976 (32 ) 976 (32 ) Total available for sale debt securities $ 95,359 $ (754 ) $ 332,213 $ (6,953 ) $ 427,572 $ (7,707 ) At December 31, 2018 , the Company held 82 residential MBS and CMOs of which 45 were in a loss position and 40 had been in a loss position for twelve months or more. The Company held 34 commercial MBS and CMOs of which 23 were in a loss position and 16 had been in a loss position for twelve months or more. The Company held 14 agency bonds of which 13 were in a loss position and 12 had been in a loss position for twelve months or more. The Company held 1 U.S. Treasury note at December 31, 2018 . 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 the U.S. government or 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 these investments to be other-than-temporarily impaired at December 31, 2019 and 2018 . As of December 31, 2019 and 2018 , 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 table summarizes 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 December 31, 2019: Government Sponsored Entities: Residential MBS $ 10,087 $ 205 $ (26 ) $ 10,266 Other investments 83 — — 83 Total held to maturity investment securities $ 10,170 $ 205 $ (26 ) $ 10,349 As of December 31, 2018: Government Sponsored Entities: Residential MBS $ 11,593 $ 27 $ (262 ) $ 11,358 Other investments 267 — — 267 Total held to maturity investment securities $ 11,860 $ 27 $ (262 ) $ 11,625 The following table summarizes 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: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses As of December 31, 2019: Government Sponsored Entities: Residential MBS $ — $ — $ 2,253 $ (26 ) $ 2,253 $ (26 ) As of December 31, 2018: Government Sponsored Entities: Residential MBS $ 6,481 $ (111 ) $ 3,739 $ (151 ) $ 10,220 $ (262 ) At December 31, 2019 , the Company had 7 held to maturity residential MBS of which 2 were in a loss position and had been in a loss position for twelve months or more. At December 31, 2018 , the Company had 7 held to maturity residential MBS of which 6 were in a loss position and 3 had been in a loss position for twelve months or more. The unrecognized losses on the Company’s held to maturity 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 maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2019 and 2018 . The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of December 31, 2019 : December 31, 2019 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Less than one year $ 30,000 $ 29,986 One to five years 77,405 77,106 Five to ten years 4,101 4,104 Beyond ten years 12,471 12,517 MBS and CMOs 499,060 501,361 Total available for sale debt securities $ 623,037 $ 625,074 Held to maturity investments securities Beyond ten years $ 83 $ 83 MBS 10,087 10,266 Total held to maturity debt securities $ 10,170 $ 10,349 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 December 31, 2019 and 2018 . Equity Securities Equity securities consist of investments in the CRA Qualified Investment Fund. At December 31, 2019 and 2018 , the fair value of equity securities totaled $11.8 million and $11.4 million , respectively. Prior to January 1, 2019, equity securities were included with available for sale investment securities and stated at fair value with unrealized gains and losses reported in other comprehensive income. As of January 1, 2019, $399 thousand of unrealized losses on equity securities were reclassified from other comprehensive income to retained earnings. Subsequent changes in fair value are recognized in other noninterest income and totaled $344 thousand during the year ended December 31, 2019 . There were no sales of equity securities during the year ended December 31, 2019 .

LOANS

LOANS	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
LOANS	LOANS Loans consist of the following: (Dollars in thousands) December 31, December 31, Permanent mortgages on: Multifamily residential $ 3,985,981 $ 3,671,069 Single family residential 2,021,320 2,262,811 Commercial real estate 203,134 184,039 Construction and land loans 20,442 12,611 Non-Mortgage (‘‘NM’’) loans 100 100 Total 6,230,977 6,130,630 Allowance for loan losses (36,001 ) (34,314 ) Loans held for investment, net $ 6,194,976 $ 6,096,316 Certain loans have been pledged to secure borrowing arrangements (see Note 8). The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment and by impairment methodology: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total For the Year Ended December 31, 2019: Allowance for loan losses: Beginning balance allocated to portfolio segments $ 21,326 $ 10,125 $ 2,441 $ 422 $ 34,314 Provision for (reversal of) loan losses 2,046 (61 ) (100 ) (635 ) 1,250 Charge-offs — — — — — Recoveries — 12 — 425 437 Ending balance allocated to portfolio segments $ 23,372 $ 10,076 $ 2,341 $ 212 $ 36,001 Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 815 $ — $ — $ 815 Loans collectively evaluated for impairment 23,372 9,261 2,341 212 35,186 Ending balance $ 23,372 $ 10,076 $ 2,341 $ 212 $ 36,001 Loans: Ending balance: individually evaluated for impairment $ 541 $ 7,097 $ — $ — $ 7,638 Ending balance: collectively evaluated for impairment 3,985,440 2,014,223 203,134 20,542 6,223,339 Ending balance $ 3,985,981 $ 2,021,320 $ 203,134 $ 20,542 $ 6,230,977 For the Year Ended December 31, 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 2,738 1,069 617 (824 ) 3,600 Charge-offs — — — — — Recoveries — 12 90 300 402 Ending balance allocated to portfolio segments $ 21,326 $ 10,125 $ 2,441 $ 422 $ 34,314 Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 21,326 10,100 2,441 422 34,289 Ending balance $ 21,326 $ 10,125 $ 2,441 $ 422 $ 34,314 Loans: Ending balance: individually evaluated for impairment $ 564 $ 5,881 $ — $ — $ 6,445 Ending balance: collectively evaluated for impairment 3,670,505 2,256,930 184,039 12,711 6,124,185 Ending balance $ 3,671,069 $ 2,262,811 $ 184,039 $ 12,711 $ 6,130,630 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/or 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 table summarizes the loan portfolio allocated by management’s internal risk ratings at December 31, 2019 and 2018 : (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of December 31, 2019: Grade: Pass $ 3,917,264 $ 1,980,845 $ 200,371 $ 20,542 $ 6,119,022 Watch 47,309 16,432 2,763 — 66,504 Special mention 19,708 13,635 — — 33,343 Substandard 1,700 8,808 — — 10,508 Doubtful — 1,600 — — 1,600 Total $ 3,985,981 $ 2,021,320 $ 203,134 $ 20,542 $ 6,230,977 As of December 31, 2018: Grade: Pass $ 3,601,279 $ 2,236,394 $ 180,655 $ 10,174 $ 6,028,502 Watch 65,222 20,505 1,895 — 87,622 Special mention 2,631 380 1,489 2,537 7,037 Substandard 1,937 5,532 — — 7,469 Total $ 3,671,069 $ 2,262,811 $ 184,039 $ 12,711 $ 6,130,630 The following table summarizes an aging analysis of the loan portfolio by the time past due at December 31, 2019 and 2018 : (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of December 31, 2019: Loans: Multifamily residential $ 1,411 $ — $ — $ 541 $ 3,984,029 $ 3,985,981 Single family residential 4,037 690 — 5,792 2,010,801 2,021,320 Commercial real estate — — — — 203,134 203,134 Land, construction and NM — — — — 20,542 20,542 Total $ 5,448 $ 690 $ — $ 6,333 $ 6,218,506 $ 6,230,977 As of December 31, 2018: Loans: Multifamily residential $ — $ — $ — $ 564 $ 3,670,505 $ 3,671,069 Single family residential 362 2,212 — 1,448 2,258,789 2,262,811 Commercial real estate — — — — 184,039 184,039 Land, construction and NM — — — — 12,711 12,711 Total $ 362 $ 2,212 $ — $ 2,012 $ 6,126,044 $ 6,130,630 The following table summarizes information related to impaired loans: (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Cash Basis Interest As of December 31, 2019 With no related allowance recorded: Multifamily residential $ 541 $ 618 $ — $ 3,078 $ 30 $ 30 Single family residential 4,588 4,915 — 5,713 186 72 Commercial real estate — — — — — — Land, construction and NM — — — — — — 5,129 5,533 — 8,791 216 102 With an allowance recorded: Multifamily residential — — — — — — Single family residential 2,509 2,484 815 1,214 48 — Commercial real estate — — — — — — Land, construction and NM — — — — — — 2,509 2,484 815 1,214 48 — Total: Multifamily residential 541 618 — 3,078 30 30 Single family residential 7,097 7,399 815 6,927 234 72 Commercial real estate — — — — — — Land, construction and NM — — — — — — $ 7,638 $ 8,017 $ 815 $ 10,005 $ 264 $ 102 As of December 31, 2018 With no related allowance recorded: Multifamily residential $ 564 $ 635 $ — $ 1,299 $ — $ — Single family residential 4,945 5,333 — 6,848 151 — Commercial real estate — — — 284 — — Land, construction and NM — — — — — — 5,509 5,968 — 8,431 151 — With an allowance recorded: Multifamily residential — — — — — — Single family residential 936 933 25 1,184 45 — Commercial real estate — — — — — — Land, construction and NM — — — — — — 936 933 25 1,184 45 — Total: Multifamily residential 564 635 — 1,299 — — Single family residential 5,881 6,266 25 8,032 196 — Commercial real estate — — — 284 — — Land, construction and NM — — — — — — $ 6,445 $ 6,901 $ 25 $ 9,615 $ 196 $ — The following table summarizes the recorded investment related to troubled debt restructurings at December 31, 2019 and 2018 : December 31, (Dollars in thousands) 2019 2018 Troubled debt restructurings: Single family residential $ 1,305 $ 4,434 The Company has allocated $25 thousand of its allowance for loan losses for loans modified in troubled debt restructurings at both December 31, 2019 and 2018 . 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 new troubled debt restructurings during the years ended December 31, 2019 or 2018 . The Company had no troubled debt restructurings with a subsequent payment default within twelve months following the modification during the years ended December 31, 2019 and 2018 . A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.

NONPERFORMING ASSETS

NONPERFORMING ASSETS	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
NONPERFORMING ASSETS	NONPERFORMING ASSETS Nonperforming assets include nonperforming loans plus REO. The Company’s nonperforming assets at December 31, 2019 and 2018 are indicated below: December 31, (Dollars in thousands) 2019 2018 Non-accrual loans: Multifamily residential $ 541 $ 564 Single family residential 5,792 1,448 Commercial real estate — — Total non-accrual loans 6,333 2,012 Real estate owned — — Total nonperforming assets $ 6,333 $ 2,012 Contractual interest not accrued during the year $ 302 $ 230 Interest income is subsequently recognized on a cash basis as long as the remaining unpaid principal amount of a non-accrual loan is deemed to be fully collectible. If there’s doubt regarding the collectability of the loan, then any interest payments received are applied to principal. Interest income was recognized on a cash basis on seven non-accrual loans during the year ended December 31, 2019 totaling $102 thousand . No interest income was recognized on non-accrual loans during the year ended December 31, 2018 . Contractual interest not accrued on nonperforming loans during the years ended December 31, 2019 and 2018 totaled $302 thousand and $230 thousand , respectively.

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	12 Months Ended
	Dec. 31, 2019
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: December 31, (Dollars in thousands) 2019 2018 Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 379,339 $ 497,950 Other financial institutions 134,140 139,558 Total mortgage loans serviced for others $ 513,479 $ 637,508 Custodial account balances maintained in connection with serviced loans totaled $8.0 million and $10.1 million at December 31, 2019 and 2018 , respectively. The Company measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. Activities for mortgage servicing rights are as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 Beginning balance $ 3,463 $ 4,255 Additions 155 139 Disposals — — Change in fair value due to changes in assumptions — — Other changes in fair value (961 ) (931 ) Ending balance $ 2,657 $ 3,463 Fair value as of December 31, 2019 was determined using a discount rate of 10% , prepayment speeds ranging from 6.0% to 58.7% , depending on the stratification of the specific right, and a weighted average default rate of 5% . The weighed average prepayment speed at December 31, 2019 was 22.8% . Fair value as of December 31, 2018 was determined using a discount rate of 10% , prepayment speeds ranging from 6.0% to 70.4% , depending on the stratification of the specific right, and a weighted average default rate of 5% . The weighed average prepayment speed at December 31, 2018 was 23.3% .

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
PREMISES AND EQUIPMENT	PREMISES AND EQUIPMENT Premises and equipment consist of the following: December 31, (Dollars in thousands) 2019 2018 Leasehold improvements $ 14,515 $ 16,404 Furniture and equipment 11,751 11,318 Building 6,174 6,174 Land 2,429 2,429 Total 34,869 36,325 Less: accumulated depreciation (15,365 ) (15,344 ) Premises and equipment, net $ 19,504 $ 20,981 Depreciation and amortization expense for the years ended December 31, 2019 and 2018 totaled $2.6 million and $2.8 million , respectively.

DEPOSITS

DEPOSITS	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
DEPOSITS	DEPOSITS A summary of deposits at December 31, 2019 and 2018 is as follows: December 31, (Dollars in thousands) 2019 2018 Time deposits $ 3,526,688 $ 3,297,433 Money market savings 1,330,585 1,335,246 Interest-bearing demand 222,509 179,272 Money market checking 111,338 123,119 Noninterest-bearing demand 43,597 65,970 Total $ 5,234,717 $ 5,001,040 The Company had time deposits with a denomination of $100 thousand or more totaling $2.6 billion and $2.4 billion at December 31, 2019 and 2018 , respectively. The Company had time deposits that met or exceeded the FDIC Insurance limit of $250 thousand of $1.4 billion and $1.2 billion at December 31, 2019 and 2018 , respectively. The Company utilizes brokered deposits as an additional source of funding. The Company had brokered deposits of $416.0 million and $467.5 million at December 31, 2019 and 2018 , respectively. Maturities of the Company’s time deposits at December 31, 2019 are summarized as follows (dollars in thousands): Year Ending December 31, 2020 $ 3,092,760 2021 370,247 2022 53,783 2023 5,011 2024 4,887 Thereafter — $ 3,526,688

FEDERAL HOME LOAN BANK AND FEDE

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	12 Months Ended
	Dec. 31, 2019
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 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 December 31, 2019 and 2018 , the Bank had pledged various mortgage loans totaling approximately $2.2 billion and $2.1 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 $447.4 million and $406.6 million as of December 31, 2019 and 2018 , respectively, secure this borrowing arrangement. There were no borrowings outstanding with the FRB as of December 31, 2019 and 2018 . The following table discloses the Bank’s outstanding advances from the FHLB: As of December 31, 2019 Outstanding Balances Minimum Interest Rate Maximum Interest Rate Weighted Average Rate (Dollars in thousands) December 31, December 31, Maturity Dates Fixed rate short-term $ 1,500 $ 166,000 1.66 % 1.66 % 1.66 % January 2020 Fixed rate long-term 977,202 877,132 1.55 % 7.69 % 2.31 % February 2020 to August 2032 Variable rate long-term — 100,000 — % — % — % N/A $ 978,702 $ 1,143,132 The Bank's available borrowing capacity based on pledged loans to the FRB and the FHLB totaled $1.1 billion and $681.5 million at December 31, 2019 and 2018 , respectively. As of December 31, 2019 and 2018 , the Bank pledged as collateral a $62.6 million FHLB letter of credit to Freddie Mac related to our multifamily securitization reimbursement obligation. Short-term borrowings are borrowings with original maturities of 90 days or less. During the year ended December 31, 2019 , there was a maximum amount of short-term borrowings outstanding of $209.8 million and an average amount outstanding of $51.8 million with a weighted average interest rate of 2.52% . The following table summarizes principal payments on FHLB advances required over the next five years as of December 31, 2019 (dollars in thousands): Year Ending December 31, 2020 $ 51,500 2021 450,700 2022 75,000 2023 400,750 2024 — Thereafter 752 Total $ 978,702

JUNIOR SUBORDINATED DEFERRABLE

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES The Company formed two wholly-owned trust companies (the ‘‘Trusts’’) which issued guaranteed preferred beneficial interests (the "Trust Securities") in the Company’s junior subordinated deferrable interest debentures (the "Notes"). 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 , is included in other assets on the consolidated statements of financial condition. The sole asset of the Trusts are the Notes that they hold. 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 December 31, 2019 and 2018 (dollars in thousands): December 31, 2019 December 31, 2018 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) Luther Burbank Statutory Trust I $ 41,238 3.27 % $ 41,238 4.17 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 3.51 % $ 20,619 4.41 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT

SENIOR DEBT	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
SENIOR DEBT	SENIOR DEBT In September 2014, the Company issued $95.0 million in senior unsecured term notes to qualified institutional investors. The following table summarizes information on these notes as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 584 $ 95,000 $ 707 9/30/2024 6.50 %

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for income taxes for the years ended December 31, 2019 and 2018 consists of the following: Years Ended December 31, (Dollars in thousands) 2019 2018 Federal: Current $ 12,581 $ 13,345 Deferred 625 (1,666 ) Total federal tax provision 13,206 11,679 State: Current 6,963 6,394 Deferred 434 (202 ) Total state tax provision 7,397 6,192 Total income tax provision $ 20,603 $ 17,871 The provision for income taxes for the years ended December 31, 2019 and 2018 differs from the statutory federal rate of 21% due to the following: Years Ended December 31, (Dollars in thousands) 2019 2018 Statutory U.S. federal income tax $ 14,587 $ 13,216 Increase (decrease) resulting from: State taxes, net of federal benefit 5,868 4,749 Other 148 (94 ) Provision for income taxes $ 20,603 $ 17,871 Deferred tax assets (liabilities) included in other assets in the accompanying consolidated statements of financial condition consist of the following: December 31, (Dollars in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses $ 10,843 $ 10,387 Deferred compensation 7,201 9,219 Unrealized loss on securities — 2,052 State tax deduction 1,389 1,371 Other 772 817 Total deferred tax assets 20,205 23,846 Deferred tax liabilities: Loan fee income (11,061 ) (10,643 ) Unrealized gain on securities (593 ) — Federal Home Loan Bank stock dividend income deferred for tax purposes (1,316 ) (1,463 ) Section 481(a) adjustment related to conversion from cash basis to accrual basis taxpayer in December 2017 (604 ) (1,201 ) Federal depreciation (605 ) (789 ) Other (471 ) (491 ) Total deferred tax liabilities (14,650 ) (14,587 ) Net deferred tax assets $ 5,555 $ 9,259 In assessing the Company’s ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize all benefits related to these deductible differences as of December 31, 2019 and 2018 . There were no unrecognized tax benefits for the years ended December 31, 2019 and 2018 . Until July 1, 1996, the Bank was allowed a special bad debt deduction based on a percentage of federal taxable income or on specified experience formulas in arriving at federal taxable income. For reserves established in taxable years beginning prior to December 31, 1987, a deferred tax liability was not required to be accrued but has been included as a restriction on retained earnings because such amounts may require the recognition of a tax liability if, in the future, (1) the Bank’s retained earnings represented by these reserves is used for purposes other than to absorb losses from bad debts, including dividends or distributions in liquidation or (2) there is a change in the federal tax law. The cumulative amount of these untaxed reserves was approximately $3.1 million at December 31, 2019 and 2018 . Retained earnings at December 31, 2019 included approximately $0.9 million representing the tax effect of such cumulative bad debt deductions for which no deferred income taxes have been provided. In the event that these reserves are subject to realization, the tax on these reserves will be assessed and paid at the entity level. Management has determined that this portion of retained earnings will not be used in a manner that will create an income tax liability. The Company is subject to U.S. federal income tax as well as various other state income taxes. The Company is no longer subject to examination by taxing authorities for years before 2015 for California tax filings and 2016 for federal and most other state tax filings.

REGULATORY MATTERS

REGULATORY MATTERS	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
REGULATORY MATTERS	REGULATORY MATTERS The Company is a registered bank holding company and is subject to regulation, examination, and supervision by the FRB . The Bank is subject to regulation, examination, and supervision by t he FDIC and the DBO. The final rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S. banks (the “Basel III Capital Rules”) became effective for the Holding Company and Bank on January 1, 2015, with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. The Basel III Capital Rules provide for the following minimum capital to risk-weighted assets ratios as of January 1, 2015: a) 4.5% based upon common equity tier 1 capital ("CET1"); b) 6.0% based upon tier 1 capital; and c) 8.0% based upon total regulatory capital. A minimum leverage ratio (tier 1 capital as a percentage of average consolidated assets) of 4.0% is also required under the Basel III Capital Rules. The Basel III Capital Rules require institutions to retain a capital conservation buffer, composed entirely of CET1, of 2.5% above these required minimum capital ratio levels. Banking organizations that fail to maintain the minimum 2.5% capital conservation buffer could face restrictions on capital distributions or discretionary bonus payments to executive officers. Restrictions would begin phasing in where the banking organization’s capital conservation buffer was below 2.5% at the beginning of a quarter, and distributions and discretionary bonus payments would be completely prohibited if no capital conservation buffer exists. The implementation of the capital conservation buffer began on January 1, 2016 at 0.625% and increased by 0.625% each subsequent January 1, until it reached 2.5% on January 1, 2019. The capital conservation buffer was 2.5% and 1.875% at December 31, 2019 and 2018 , respectively. The Bank is also governed by numerous federal and state laws and regulations, including the FDIC Improvement Act of 1991, which established five categories of capital adequacy ranging from “well-capitalized” to critically undercapitalized (although these items are not utilized to represent overall financial condition). The FDIC utilizes these categories of capital adequacy to determine various matters, including, but not limited to, prompt corrective action and deposit insurance premium assessment levels. Capital levels and adequacy classifications may also be subject to qualitative judgments by the Bank’s regulators regarding, among other factors, the components of capital and risk weighting. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions and asset growth are limited, and capital restoration plans are required. As of December 31, 2019 and 2018 , the Company and the Bank met all capital adequacy requirements to which they are subject. Also, as of December 31, 2019 and 2018 , the Bank satisfied all criteria necessary to be categorized as “well-capitalized” under the regulatory framework for prompt corrective action. There have been no conditions or events since December 31, 2019 that management believes have changed its “well-capitalized” categorization. The Company’s and Bank’s actual capital amounts and ratios are presented as follows: Minimum Required Actual For Capital Adequacy Purposes Plus Capital Conservation Buffer For Well- Capitalized Institution (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Luther Burbank Corporation As of December 31, 2019 Tier 1 Leverage Ratio $ 671,580 9.47 % $ 283,631 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Risk-Based Ratio 609,723 15.46 % 177,523 4.50 % $ 276,147 7.00 % N/A N/A Tier 1 Risk-Based Capital Ratio 671,580 17.02 % 236,697 6.00 % 335,321 8.50 % N/A N/A Total Risk-Based Capital Ratio 708,847 17.97 % 315,596 8.00 % 414,220 10.50 % N/A N/A As of December 31, 2018 Tier 1 Leverage Ratio $ 644,344 9.42 % $ 273,544 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Risk-Based Ratio 582,487 14.74 % 177,873 4.50 % $ 251,986 6.38 % N/A N/A Tier 1 Risk-Based Capital Ratio 644,344 16.30 % 237,164 6.00 % 311,277 7.88 % N/A N/A Total Risk-Based Capital Ratio 679,841 17.20 % 316,218 8.00 % 390,332 9.88 % N/A N/A Luther Burbank Savings As of December 31, 2019 Tier 1 Leverage Ratio $ 748,916 10.57 % $ 283,542 4.00 % N/A N/A $ 354,428 5.00 % Common Equity Tier 1 Risk-Based Ratio 748,916 18.99 % 177,437 4.50 % $ 276,012 7.00 % 256,297 6.50 % Tier 1 Risk-Based Capital Ratio 748,916 18.99 % 236,582 6.00 % 335,158 8.50 % 315,443 8.00 % Total Risk-Based Capital Ratio 786,183 19.94 % 315,443 8.00 % 414,019 10.50 % 394,303 10.00 % As of December 31, 2018 Tier 1 Leverage Ratio $ 728,414 10.65 % $ 273,469 4.00 % N/A N/A $ 341,836 5.00 % Common Equity Tier 1 Risk-Based Ratio 728,414 18.43 % 177,820 4.50 % $ 251,912 6.38 % 256,851 6.50 % Tier 1 Risk-Based Capital Ratio 728,414 18.43 % 237,094 6.00 % 311,185 7.88 % 316,125 8.00 % Total Risk-Based Capital Ratio 763,911 19.33 % 316,125 8.00 % 390,217 9.88 % 395,156 10.00 % Dividends In the ordinary course of business, the Company is dependent upon dividends from the Bank to provide funds for the payment of dividends to shareholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that year combined with the retained net profits for the preceding two years. The Company has paid cash dividends of $13.0 million and $16.0 million during the years ended December 31, 2019 and 2018 . Payment of stock or cash dividends in the future will depend upon the Company's earnings and financial condition, and other factors deemed relevant by the Company’s Board of Directors, as well as the Company’s legal ability to pay dividends. Accordingly, no assurance can be given that any dividends will be declared in the future.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES The Company utilizes interest rate swap and cap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps and caps do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate cap or swap agreements. Fair Value Hedges of Interest Rate Risk During the year ended December 31, 2019 , the Company entered into two , two -year interest rate swaps with a total notional amount of $1.0 billion to hedge the interest rate risk related to certain hybrid multifamily loans which are currently in their fixed rate period. The swaps are designated as fair value hedges and involve the payment of a fixed rate amount to a counterparty in exchange for the Company receiving a variable rate payment over the life of the swaps without the exchange of the underlying notional amount. The gain or loss on these derivatives, as well as the offsetting loss or gain on the hedged items attributable to the hedged risk are recognized in interest income for loans. For the year ended December 31, 2019 , the fixed rate amounts related to the net settlement of the interest rate swaps was less than the the floating rate amounts recognized. As such, interest income for loans was increased by $2.1 million for the year ended December 31, 2019 . The Company did no t have any derivative financial instruments that were designated as fair value hedges as of or for the year ended December 31, 2018 . The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of income for the year ended December 31, 2019 : (Dollars in thousands) Derivative - interest rate swap: Interest income $ 2,047 Hedged items - loans: Interest income 5 Net effect on interest income $ 2,052 The following table presents the fair value of the Company’s interest rate swaps, as well as its classification on the consolidated statement of financial condition as of December 31, 2019 : Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives (Dollars in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest Rate Swaps $ 1,000,000 Prepaid Expenses and Other Assets $ 1,243 Other Liabilities and Accrued Expenses $ 748 As of December 31, 2019 , the following amounts were recorded in the consolidated statement of financial condition related to cumulative basis adjustments for its fair value hedges. Line Item in the Consolidated Statement of Financial Condition in Which the Hedged Items are Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Dollars in thousands) Loans receivable, net (1) $ 999,595 $ (405 ) (1) These amounts include the amortized cost basis of closed portfolio loans used to designate hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationship. At December 31, 2019 , the amortized cost basis of the closed portfolio loans used in these hedging relationships was $2.5 billion ; the cumulative basis adjustments associated with these hedging relationships were $(405) thousand and the amount of the designated hedged items were $1.0 billion . As of December 31, 2019 , the Company posted $2.8 million in cash collateral in connection with its interest rate swaps. Interest Rate Caps Designated as Cash Flow Hedges No interest rate caps were outstanding as of December 31, 2019 . An interest rate cap with a notional amount totaling $50.0 million as of December 31, 2018 , was designated as a cash flow hedge of certain FHLB advances and was determined to be fully effective during all periods presented. As such, no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the cap is recorded in other assets (liabilities) with changes in fair value recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedge no longer be considered effective. Summary information about the interest rate cap designated as a cash flow hedge at December 31, 2018 is as follows: (Dollars in thousands) Notional amounts $ 50,000 Weighted average rate on FHLB advances 2.58 % Weighted average cap rate 2.80 % Weighted average original maturity 5.0 years Weighted average remaining maturity 0.3 years Unrealized losses $ (147 ) The Company recognized $147 thousand and $650 thousand of cap premium amortization on cash flow hedges in the consolidated statements of income for the years ended December 31, 2019 and 2018 , respectively.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2019
Compensation Related Costs [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Salary Continuation Arrangements The Company has entered into individual salary continuation agreements with certain key executives and directors. These agreements are accounted for as deferred compensation arrangements and are unsecured and unfunded. Benefits under these agreements are fixed for each executive and director and are payable over a specific period following their retirement or at an earlier date such as termination without cause, the sale of the Company, or death. Participants vest in these agreements based on their years of service subsequent to being covered under these agreements. The accrued obligation of $14.4 million and $14.8 million as of December 31, 2019 and 2018 , respectively, is included in other liabilities and accrued expenses in the accompanying consolidated statements of financial condition. The Company recognized compensation expense of $792 thousand and $571 thousand related to these agreements for the years ended December 31, 2019 and 2018 , respectively. The Company has purchased insurance on the lives of the participants to help offset the cost of the benefits accrued under these agreements and provide death benefits to fund obligations in the event an employee dies prior to retirement. The cash surrender value of such policies was $18.0 million and $17.9 million at December 31, 2019 and 2018 , respectively, and is reflected in prepaid expenses and other assets in the accompanying consolidated statements of financial condition. Earnings on these life insurance policies were $164 thousand and $181 thousand for the years ended December 31, 2019 and 2018 , respectively. 401(k) Plan The Company maintains a 401(k) Savings Plan for substantially all employees age 18 or older who have completed at least six months of service. Employees may contribute up to the maximum statutory allowable contribution which was $19,000 and $18,500 for 2019 and 2018 , respectively. The Company matches 100% of employee salary contribution deferrals up to 3% of pay, plus 50% of employee salary contribution deferrals from 3% to 5% of pay for each payroll period. Company contributions for the years ended December 31, 2019 and 2018 were $1.0 million and $925 thousand , respectively. Other Awards In connection with a stock appreciation rights plan that was terminated on December 31, 2010, the Company has a liability for undistributed participant awards. The awards earn interest at the Company’s 12 -month jumbo certificate of deposit account rate until distributed. The interest rate may adjust monthly and equaled 1.00% and 1.10% at December 31, 2019 and 2018 , respectively. At December 31, 2019 and 2018 , the liability for undistributed amounts totaled approximately $588 thousand and $937 thousand , respectively, and is included in other liabilities and accrued expenses in the consolidated statements of financial condition. Interest expense recorded on deferred cash payments for the years ended December 31, 2019 and 2018 totaled $8 thousand and $11 thousand , respectively. All undistributed awards will be fully paid by March 2021. Phantom Stock Plan On January 1, 2011, the Company established the Luther Burbank Corporation Phantom Stock Plan ("Plan") under which the Company awards phantom stock ("PS") to certain key executives and nonemployee directors. Each PS award entitles the holder to receive an amount in cash equal to the future value of each award. As defined in the Plan, the award value for unvested employee and nonemployee director awards is equal to the book value of the Company plus discretionary dividends of the Company paid since December 31, 2010, divided by the total number of common shares outstanding. Once fully vested, awards that were deferred earn interest at the Company’s 12 -month jumbo certificate of deposit account rate until distributed. The interest rate may adjust monthly and equaled 1.00% and 1.10% at December 31, 2019 and 2018 , respectively. Awards issued prior to January 1, 2014 vest over a period established by the Board of Directors which is set at 80% at the end of four years of service and 100% at the end of five years of service. Beginning January 1, 2014, awards issued to Directors of the Company vest 100% after one year while management awards continue to vest at 80% at the end of four years of service and 100% at the end of five years of service. Each award will be settled on the five years anniversary of the award date or at such later date that may have been elected by the participant. The Company recognizes the share-based compensation liability as that portion of the value of the award that corresponds to the percentage of requisite service rendered at the reporting date. Because the fair market value will be re-measured at each reporting date through the date of vesting or settlement, compensation cost recognized during each year of the vesting periods will vary based on changes in the book value and total discretionary dividends of the Company. On December 7, 2017, in connection with the Company’s IPO, all unvested phantom stock awards held by employees and all vested and unvested phantom stock awards held by nonemployee directors were converted to restricted stock units on a per share basis. This conversion was accounted for as a modification of share based compensation wherein compensation was changed from a liability based plan to an equity based plan. In conjunction with this modification, the Company transferred $6.4 million of its existing PS liability to common stock. At December 31, 2019 and 2018 , the PS share-based liability totaled approximately $776 thousand and $2.2 million , respectively, and is included in other liabilities and accrued expenses in the consolidated statements of financial condition. Share-based compensation expense recognized for the years ended December 31, 2019 and 2018 totaled approximately $15 thousand and $41 thousand , respectively. The following table shows phantom stock award activity and the balance of share equivalents outstanding as of the periods indicated: Years Ended December 31, 2019 2018 Beginning balance – awards outstanding 215,362 237,400 Share equivalents exercised (145,154 ) (22,038 ) Ending balance – awards outstanding 70,208 215,362 At December 31, 2019 and 2018 , 70,208 and 215,362 share equivalents issued and outstanding under the PS plan were vested, respectively. The Company does not intend to issue any additional awards under the phantom stock plan.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [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 the Luther Burbank Corporation 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. Awards granted subsequent to the IPO vest ratably over one year for nonemployee directors and ratably over three to four years for employees. 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 years ended December 31, 2019 and 2018 totaled $3.0 million and $4.4 million , respectively. The fair value of RSAs and RSUs that vested during the years ended December 31, 2019 and 2018 was $7.0 million and $3.8 million , respectively. As of December 31, 2019 and 2018 , there was $3.5 million and $4.3 million , respectively, of unrecognized compensation expense related to 582,940 and 985,869 unvested shares of RSAs and RSUs, respectively, which amounts are expected to be recognized over a weighted average period of 1.61 years and 1.91 years , respectively. As of December 31, 2019 and 2018 , 135,059 and 169,490 shares, respectively, 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: Years Ended December 31, 2019 2018 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 1,155,359 $ 10.97 1,319,700 $ 10.75 Shares granted 321,784 9.80 131,140 12.77 Shares settled (672,504 ) 10.92 (272,080 ) 10.75 Shares forfeited (86,640 ) 10.67 (23,401 ) 10.75 End of the period balance 717,999 $ 10.53 1,155,359 $ 10.97 Under its Omnibus Plan, the Company reserved 3,360,000 shares of common stock for new awards. At December 31, 2019 and 2018 , there were 2,332,775 and 2,581,960 shares, respectively, of common stock reserved and available for grant through restricted stock or other awards under the Omnibus Plan. During the year ended December 31, 2019 , there were 14,041 shares of forfeited RSU awards that were initially issued to replace unvested phantom stock awards under the Luther Burbank Corporation Phantom Stock Plan. These awards were excluded from the shares reserved and available for grant under the Omnibus Plan.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2019
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, 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 and held to maturity debt securities, which include primarily debt securities issued by U.S. government sponsored agencies, are based on quoted market prices for similar securities. Fair values for equity securities, which consist of investments in the CRA Qualified Investment Fund, are based on quoted market prices. Loans are valued using the exit price notion. The fair value is estimated using market quotes for similar assets or the present value of future cash flows, discounted using a market rate for similar products 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 loans' 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. It was not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. The fair value of servicing rights is determined using a valuation model that utilizes interest rate, prepayment speed, and default rate assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data. The fair values of derivatives are based on valuation models using observable market data as of the measurement date. Fair values for fixed-rate time deposits are estimated using discounted cash flow analyses using interest rates offered at each reporting date by the Company for time deposits 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 for similar terms. 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. Fair Value of Financial Instruments The carrying and estimated fair values of the Company’s financial instruments are as follows: Fair Level Measurements Using (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 As of December 31, 2019: Financial assets: Cash and cash equivalents $ 88,565 $ 88,565 $ 88,565 $ — $ — Debt securities: Available for sale 625,074 625,074 — 625,074 — Held to maturity 10,170 10,349 — 10,349 — Equity securities 11,782 11,782 — 11,782 — Loans receivable, net 6,194,976 6,346,496 — — 6,346,496 Accrued interest receivable 20,814 20,814 26 1,685 19,103 FHLB stock 30,342 N/A N/A N/A N/A Interest rate swap 1,243 1,243 — 1,243 — Financial liabilities: Deposits $ 5,234,717 $ 5,253,511 $ 1,558,029 $ 3,695,482 $ — FHLB advances 978,702 996,860 — 996,860 — Junior subordinated deferrable interest debentures 61,857 59,272 — 59,272 — Senior debt 94,416 99,806 — 99,806 — Accrued interest payable 2,901 2,901 — 2,901 — Interest rate swap 748 748 — 748 — As of December 31, 2018: Financial assets: Cash and cash equivalents $ 91,697 $ 91,697 $ 91,697 $ — $ — Debt securities: Available for sale 608,528 608,528 976 607,552 — Held to maturity 11,860 11,625 — 11,625 — Equity securities 11,438 11,438 — 11,438 — Loans receivable, net 6,096,316 6,092,885 — — 6,092,885 Accrued interest receivable 20,220 20,220 62 1,739 18,419 FHLB stock 31,823 N/A N/A N/A N/A Financial liabilities: Deposits $ 5,001,040 $ 4,957,054 $ 1,703,607 $ 3,253,447 $ — FHLB advances 1,143,132 1,144,326 — 1,144,326 — Junior subordinated deferrable interest debentures 61,857 56,596 — 56,596 — Senior debt 94,293 99,673 — 99,673 — Accrued interest payable 4,307 4,307 — 4,307 — 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 table presents information about the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis as of December 31, 2019 and 2018 . Recurring Basis The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis (dollars in thousands): Description Fair Value Level 1 Level 2 Level 3 As of December 31, 2019: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 145,192 $ — $ 145,192 $ — Commercial MBS and CMOs 356,169 — 356,169 — Agency bonds 123,713 — 123,713 — Total available for sale debt securities $ 625,074 — $ 625,074 — Equity securities $ 11,782 $ — $ 11,782 $ — Mortgage servicing rights $ 2,657 $ — $ — $ 2,657 Interest rate swap $ 1,243 $ — $ 1,243 $ — Financial Liabilities: Interest rate swap $ 748 $ — $ 748 $ — As of December 31, 2018: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 192,113 $ — $ 192,113 $ — Commercial MBS and CMOs 292,951 — 292,951 — Agency bonds 122,488 — 122,488 — U.S. Treasury 976 976 — — Total available for sale debt securities $ 608,528 $ 976 $ 607,552 $ — Equity securities $ 11,438 $ — $ 11,438 $ — Mortgage servicing rights $ 3,463 $ — $ — $ 3,463 There were no transfers between Level 1 and Level 2 during 2019 and 2018 . 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, 2019: Impaired loans: Single family residential $ 790 $ — $ — $ 790 At December 31, 2019 , an impaired loan of $1.6 million was adjusted to a fair value of $790 thousand by recording an allowance for loan losses of $790 thousand. As of December 31, 2018 , there were no assets or liabilities measured at fair value on a non-recurring basis. 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 December 31, 2019 and 2018 .

VARIABLE INTEREST ENTITIES (VIE

VARIABLE INTEREST ENTITIES (VIE)	12 Months Ended
	Dec. 31, 2019
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. The Company evaluated its 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. The assessment includes an evaluation of the Company's continuing involvement with the VIE and the nature and significance of its variable interests. Multifamily loan securitization With respect to the securitization transaction with Freddie Mac which settled September 27, 2017, the Company's 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 the variable interests and continuing involvement in the VIE, the Company determined that it does 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, the Company determined that the VIE associated with the multifamily securitization should not be included in the consolidated financial statements of the Bank. The Company believes its maximum exposure to loss as a result of 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 . The reserve for estimated losses with respect to the reimbursement obligation totaled $1.0 million and $1.4 million as of December 31, 2019 and 2018 , respectively, based upon an analysis of quantitative and qualitative data over the underlying loans included in the securitization pool. No disbursements have been made in connection with the reimbursement obligation.

LOAN SALE AND SECURITIZATION AC

LOAN SALE AND SECURITIZATION ACTIVITIES	12 Months Ended
	Dec. 31, 2019
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 and only 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 a limited reimbursement obligation. As sub-servicer for Freddie Mac, the Bank is required to maintain a minimum net worth in accordance with GAAP 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 December 31, 2019 , the Bank’s net worth was $753.7 million which equates to its Tier 1 capital of $748.9 million plus goodwill of $3.3 million and accumulated other comprehensive income related to net unrealized gains on available for sale securities of $1.4 million . 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. The following table provides cash flows associated with the Company's loan sale activities: Years Ended December 31, (Dollars in thousands) 2019 2018 Proceeds from loan sales $ 68,809 $ 19,604 Servicing fees 1,284 1,536 The following table provides information about the loans transferred through sales or securitization and not recorded on the 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 As of December 31, 2019: Principal balance of loans $ 24,146 $ 489,333 Loans 90+ days past due — — Charge-offs, net — — As of December 31, 2018: Principal balance of loans 26,200 611,308 Loans 90+ days past due — — Charge-offs, net — —

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
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 loans in process, and involve, to varying degrees, credit risk and interest risk in excess of the amount recognized in the Company’s consolidated statements 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 as it does for on-balance sheet instruments. As it relates to interest risk, the Company's exposure is generally limited to increases in interest rates that may result during the short period of time between the commitment and funding of fixed rate credit facilities and adjustable rate credit facilities with initial fixed rate periods. The limited timing risk associated with these credit facilities are considered within the Company's asset liability management process. Commitments to fund loans 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 December 31, 2019 and 2018 , the Company had outstanding commitments of approximately $103.2 million and $70.9 million , respectively, for loans. Unfunded loan commitment reserves totaled $89 thousand and $52 thousand at December 31, 2019 and 2018 , respectively. Operating Leases The Company leases various office premises under long-term operating lease agreements. These leases expire between 2020 and 2029 , with certain leases containing either three , five or ten year renewal options. At December 31, 2019 , minimum commitments under these non-cancellable leases before considering renewal options are as follows (dollars in thousands): Years ending December 31, 2020 $ 4,442 2021 4,419 2022 3,492 2023 2,253 2024 1,278 Thereafter 2,611 Total $ 18,495 Rent expense under operating leases was $5.4 million and $5.3 million for the years ended December 31, 2019 and 2018 , respectively. Sublease income earned was $730 thousand and $788 thousand for the years ended December 31, 2019 and 2018 , respectively. Contingencies At present, there are no pending or threatened proceedings against the Company which, if determined adversely, would have a material effect on the Company’s business, financial position, results of operations, cash flows or stock price. In the ordinary course of operations, the Company may be party to various legal proceedings. Correspondent Banking Agreements The Company maintains funds on deposit with other federally insured financial institutions under correspondent banking agreements. At December 31, 2019 and 2018 , the Company had $25.7 million and $736 thousand , respectively, in uninsured cash balances. The Company periodically monitors the financial condition of these correspondent banks.

UNAUDITED QUARTERLY FINANCIAL I

UNAUDITED QUARTERLY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
UNAUDITED QUARTERLY FINANCIAL INFORMATION	UNAUDITED QUARTERLY FINANCIAL INFORMATION The following table summarizes the unaudited condensed consolidated results of operations for each of the quarters during the fiscal years ended December 31, 2019 and 2018 : (Dollars in thousands, except per share data) For the Three Months Ended March 31 June 30 September 30 December 31 2019 Net interest income $ 32,092 $ 30,568 $ 32,585 $ 33,162 Provision for (recapture of) loan losses 300 450 (500 ) 1,000 Net interest income after provision for loan losses 31,792 30,118 33,085 32,162 Noninterest income 1,380 1,488 993 814 Noninterest expense 16,249 14,709 16,069 15,341 Income before income taxes 16,923 16,897 18,009 17,635 Income tax expense 4,913 5,239 5,273 5,178 Net income $ 12,010 $ 11,658 $ 12,736 $ 12,457 EPS (1): Basic $ 0.21 $ 0.21 $ 0.23 $ 0.22 Diluted $ 0.21 $ 0.21 $ 0.23 $ 0.22 2018 Net interest income $ 30,465 $ 31,159 $ 31,712 $ 31,751 Provision for loan losses 1,500 1,300 650 150 Net interest income after provision for loan losses 28,965 29,859 31,062 31,601 Noninterest income 1,025 817 1,043 1,246 Noninterest expense 14,713 14,922 15,090 17,962 Income before income taxes 15,277 15,754 17,015 14,885 Income tax expense 4,175 4,528 4,886 4,282 Net income $ 11,102 $ 11,226 $ 12,129 $ 10,603 EPS (1): Basic $ 0.20 $ 0.20 $ 0.22 $ 0.19 Diluted $ 0.20 $ 0.20 $ 0.21 $ 0.19 (1) The quarterly EPS amounts, when added, may not coincide with the full fiscal year EPS reported on the Consolidated Statements of Income due to differences in the computed weighted average shares outstanding as well as rounding differences.

PARENT COMPANY ONLY FINANCIAL I

PARENT COMPANY ONLY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]
PARENT COMPANY ONLY FINANCIAL INFORMATION	PARENT COMPANY ONLY FINANCIAL INFORMATION Summary parent company only financial information for the years ended December 31, 2019 and 2018 is as follows (dollars in thousands): CONDENSED STATEMENTS OF FINANCIAL CONDITION December 31, 2019 2018 ASSETS Cash and cash equivalents $ 15,170 $ 9,224 Investment in Bank 753,658 727,073 Investment in Burbank Financial, Inc. 276 249 Investment in Luther Burbank Statutory Trusts 1 & 2 1,857 1,857 Receivable from Bank 21 21 Other assets 7 6 Total assets $ 770,989 $ 738,430 LIABILITIES AND STOCKHOLDERS' EQUITY Junior subordinated deferrable interest debentures $ 61,857 $ 61,857 Other borrowings 94,416 94,293 Interest payable on junior subordinated deferrable interest debentures 92 109 Other liabilities and accrued expenses 160 1,026 Stockholders' equity 614,464 581,145 Total liabilities and stockholders' equity $ 770,989 $ 738,430 CONDENSED STATEMENTS OF INCOME AND COMPREHESIVE INCOME Years Ended December 31, 2019 2018 Net interest expense $ (8,671 ) $ (8,505 ) Dividend income from Bank 34,700 6,800 Other operating expense (315 ) (451 ) Income (loss) before income tax benefit and undistributed net income of subsidiaries 25,714 (2,156 ) Income tax benefit 2,619 2,362 Income before undistributed net income of subsidiaries 28,333 206 Equity in undistributed net income of subsidiaries 20,528 44,854 Net income (1) $ 48,861 $ 45,060 Comprehensive income $ 48,861 $ 45,060 (1) The group files a single tax return and the subsidiaries are treated, for federal and California tax purposes, as divisions of a single corporation. The Company’s share of income tax expense is based on the amount which would be payable or receivable if separate returns were filed. Accordingly, the Company’s equity in the net income of its subsidiaries, including the Bank, are excluded from the computation of income taxes for financial statement purposes. For the years ended December 31, 2019 and 2018, the Company provided tax at the rates of 21% and 10.84% for federal and California taxes, respectively. CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2019 2018 Cash flows from operating activities: Net income $ 48,861 $ 45,060 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (20,528 ) (44,854 ) Change in receivable from Bank — 6,969 Stock based compensation 2,993 4,355 Net change in other assets and liabilities (761 ) 4,309 Net cash provided by operating activities 30,565 15,839 Cash flows from financing activities: Cash paid for dividends (13,032 ) (15,963 ) Shares withheld for taxes on vested restricted stock (2,796 ) (769 ) Shares repurchased (8,791 ) (1,495 ) Net cash used in financing activities (24,619 ) (18,227 ) Increase (decrease) in cash and cash equivalents 5,946 (2,388 ) Cash and cash equivalents, beginning of year 9,224 11,612 Cash and cash equivalents, end of year $ 15,170 $ 9,224

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting standards and prevailing practices within the banking industry and include the accounts of the Company and its wholly-owned subsidiaries. The Company currently has two unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue junior subordinated deferrable interest debentures. See Note 9, “Junior Subordinated Deferrable Interest Debentures,” for additional information regarding these trusts. All intercompany accounts and transactions have been eliminated. In preparing financial statements in conformity with generally accepted accounting principles ("GAAP"), management makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions with maturities of less than three months. Net cash flows are reported for customer loan and deposit transactions, and interest-bearing deposits in other financial institutions.
Restricted Cash Balances	Restricted Cash Balances Federal Reserve Bank regulations require the Company to maintain reserve balances on deposit with the Federal Reserve Bank.
Investment Securities	Investment Securities The Company classifies its investment securities into three categories, available for sale, held to maturity and equity, at the time of purchase. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income (loss), net of applicable taxes. Investment securities held to maturity are measured at amortized cost, based on the Company’s positive intent and ability to hold such securities to maturity. Equity securities are carried at fair value, with unrealized holding gains and losses reported in other noninterest income. Interest income includes amortization/accretion of purchase premiums/discounts. Premiums and discounts are amortized, or accreted, over the life of the related investment security as an adjustment to interest income using a method that approximates the interest method. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. An investment security is impaired when its carrying value is greater than its fair value. Investment securities that are impaired are evaluated on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether such a decline in their fair value is other than temporary. Management utilizes criteria such as the magnitude and duration of the decline and the intent and ability of the Company to retain its investment in the securities for a period of time sufficient to allow for an anticipated recovery in fair value, in addition to the reasons underlying the decline, to determine whether the loss in value is other than temporary. The term ‘‘other than temporary’’ is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other than temporary, and management does not intend to sell the security or it is more likely than not that the Company will not be required to sell the security before recovery, only the portion of the impairment loss representing credit exposure is recognized as a charge to earnings, with the balance recognized as a charge to other comprehensive (loss) income. If management intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its forecasted cost, the entire impairment loss is recognized as a charge to earnings.
Loans Receivable	Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances, net of purchase premiums and discounts, deferred loan origination fees and costs, and the allowance for loan losses. Interest income is accrued on the unpaid principal balance. Premiums or discounts to acquire loans are amortized over the life of the loan using a method that approximates the interest method. The Company charges fees for originating loans. These fees, net of certain related direct loan origination costs, are deferred. The net deferred fees or costs on loans held for investment are recognized as an adjustment of the loan’s yield over the contractual life of the loan using the interest method. The Company ceases to amortize deferred fees or costs on loans for which the accrual of interest has been discontinued. Other loan fees and charges representing service costs are reported in income when collected or earned.
Loans Held for Sale	Loans Held for Sale Mortgage loans held for sale are sold with servicing rights released or retained. Realized gains and losses on sales of mortgage loans are accounted for under the specific identification method and based on the difference between the selling price and the carrying value of the related loan sold. The carrying value of mortgage loans sold servicing retained is reduced by the amount allocated to the servicing right.
Concentration of Credit Risk	Concentration of Credit Risk The majority of our customers are individuals and businesses located and doing business in the state of California, with approximately half our customers located in Los Angeles County and Orange County. The Company's exposure to credit risk is significantly affected by changes in the economy of California, and specifically, Los Angeles and Orange Counties.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses represents the estimated probable incurred credit losses in the Company’s loan portfolio. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower circumstances, estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The Company performs periodic and systematic detailed reviews of its loan portfolio to assess the overall collectability of its loans. The Company’s methodology for assessing the appropriateness of the allowance consists of the combined total of two key components. The first component covers loans that are impaired. All loans are evaluated for impairment on a recurring basis. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans that are reported as troubled debt restructures (“TDRs”) are considered impaired. A restructuring of a debt constitutes a TDR if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Restructured workout loans typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. Impaired loans and TDRs that are solely dependent on the operation or liquidation of collateral for repayment are measured for impairment at the fair value of the collateral less estimated costs to sell. Impaired loans, including TDRs, that are not considered collateral dependent, are measured based on the present value of loan payments expected to be received discounted at the loans’ original effective contractual interest rate. If the recorded investment in the impaired loans exceeds the value of funds to be received, an allowance is established as a component of the total allowance for loan losses unless the loans are solely dependent on the collateral for repayment, in which case the amount that exceeds the fair value of the collateral is charged off. The second element of the allowance covers probable incurred losses inherent in performing loans that have yet to be specifically identified for impairment. This component of the allowance is estimated by applying reserve factors based on average historical loss experience for the previous nine to ten years to various loan stratifications based on factors affecting the perceived level of risk including the type of collateral, loan program, and credit classification. The resulting loss amount is adjusted for qualitative factors to be reflective of risks or trends affecting the loan portfolio including economic conditions, the real estate market, volumes, delinquencies, and credit concentrations. The Company has identified the following loan portfolio segments based on collateral type: Multifamily residential and commercial real estate loans - These loans typically involve greater principal amounts than other types of loans, and repayment depends upon income generated, or expected to be generated, by the property securing the loan in amounts sufficient to cover operating expenses and debt service, which may be adversely affected by changes in the economy or local market conditions. Multifamily residential and commercial real estate loans also expose a lender to significant credit risk because the collateral securing these loans typically cannot be sold as easily as single family residential real estate. In addition, some commercial real estate loans are not fully amortizing and contain large balloon payments upon maturity. Such balloon payments may require the borrower to either sell or refinance the underlying property in order to comply with the terms of the loan agreement, which may increase the risk of default or non-payment. Single family residential real estate loans - The degree of risk in single family residential real estate lending depends primarily on the loan amount in relation to collateral value, the interest rate, and the borrower’s ability to repay in an orderly fashion. These loans generally possess a lower inherent risk of loss than other real estate portfolio segments. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers’ capacity to repay their obligations may be deteriorating. Construction and land loans - This type of lending generally possess a higher inherent risk of loss than other real estate portfolio segments. A major risk arises from the necessity to complete projects within specified costs and time lines. Trends in the construction industry significantly impact the credit quality of these loans, as demand drives construction activity. In addition, trends in real estate values significantly impact the credit quality of these loans, as property values determine the economic viability of construction projects. Non-mortgage loans - These loans are not a part of our normal business activity, but rather are made on an exception basis typically in conjunction with our efforts to support CRA activities. The loans carry a high inherent risk of loss as they generally have no secondary source of repayment or any collateral support. The total allowance is increased by the provision for loan losses, which is charged against the current period operating results, and decreased by the amount of loan charge-offs, net of recoveries. Losses incurred upon the initial acquisition of real estate owned through foreclosure are charged to the allowance for loan losses.
Accrued Interest Receivable on Loans	Accrued Interest Receivable on Loans Interest receivable is only accrued if deemed collectible. It is the Company’s policy to place a loan on non-accrual status in the event that the borrower is 90 days or more delinquent (unless the loan is well secured and in the process of collection), or earlier if the timely collection of contractual payments appears doubtful. At the time a loan is placed on non-accrual, accrued interest is reversed out of interest income. Cash payments subsequently received on non-accrual loans are recognized as income only where the future collection of the remaining principal is considered by management to be probable. Loans are restored to accrual status only when the loan is less than 90 days delinquent and not in foreclosure, and the borrower has demonstrated the ability to make future payments of principal and interest.
Servicing Rights	Servicing Rights When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing assets in earnings in the period in which the changes occur, and such changes are included with other income on the consolidated statements of income. The fair values of servicing rights are calculated using model assumptions including factors such as prepayment rates, market rates and other model cash flow assumptions. Absent other changes, an increase (decrease) to the estimated life of serviced loans would generally increase (decrease) the fair value of servicing rights. The fair value of servicing rights are subject to significant fluctuation as a result of changes in estimates and when actual factors such as prepayment speeds, default rates, and losses differ from model assumptions. Servicing fee income, which is reported on the consolidated statements of income as a component of other income, is recorded for fees earned for servicing loans. The fees are typically based on a contractual percentage of the outstanding principal and are recorded as income when earned. Fair value adjustments are netted against loan servicing fee income.
Transfers of Financial Assets	Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Real Estate Owned (REO)	Real Estate Owned ("REO") Real estate acquired as a result of loan foreclosure or a deed in lieu of foreclosure is initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of a residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Fair value is typically based on a real estate appraisal. REO is subsequently accounted for at the lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Costs after acquisition related to the development of REO are capitalized while operating costs are charged to expense. Gains or losses realized and expenses incurred in connection with the disposition of foreclosed real estate are charged to noninterest income.
Premises and Equipment	Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Land is carried at cost. The Company’s policy is to depreciate buildings, furniture and equipment on the straight-line basis over the estimated useful lives of the various assets and to amortize leasehold improvements over the shorter of the asset life or lease term as follows: Leasehold improvements Lesser of term of lease or life of improvement Furniture and equipment 2 to 7 years Building 39 years The Company evaluates the recoverability of long-lived assets on an ongoing basis. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to expense as incurred.
Federal Home Loan Bank Stock	Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank of San Francisco ("FHLB"), the Bank is required to own capital stock in an amount specified by the level of FHLB borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on the ultimate recovery of par value. Cash dividends are reported as noninterest income on an accrual basis.
Goodwill	Goodwill Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill determined to have an indefinite useful life is not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. If the carrying amount of the goodwill exceeds its fair value, an impairment loss is recognized in the amount of the excess and the carrying value of the goodwill is reduced accordingly. Goodwill is the only intangible asset with an indefinite life on the balance sheet.
Bank-Owned Life Insurance (BOLI)	Bank-Owned Life Insurance (“BOLI”) Bank-owned life insurance is initially recorded at cost. Subsequently, BOLI is carried at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Increases in contract value are recorded as noninterest income and insurance proceeds received are recorded as a reduction of the contract value.
Reserve for Loan Commitments	Reserve for Loan Commitments The Company maintains a reserve within other liabilities associated with commitments to fund undisbursed loan commitments on outstanding loans. This reserve is determined based upon the historical loss experience of similar loans held by the Company at each period end. Any changes in this reserve amount are recognized through earnings as a component of noninterest expense.
Marketing	Marketing Marketing costs are expensed as incurred.
Derivatives	Derivatives At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (‘‘fair value hedge’’), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (‘‘cash flow hedge’’), or (3) an instrument with no hedging designation (‘‘stand-alone derivative’’). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported in earnings, as noninterest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.
Income Taxes	Income Taxes Income tax expense is the total of the current year income tax due and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the reported amount of assets and liabilities and their tax bases. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company uses a comprehensive model for recognizing, measuring, presenting, and disclosing in the financial statements tax positions taken or expected to be taken on a tax return. A tax position is recognized as a benefit only if it is ‘‘more likely than not’’ that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the ‘‘more likely than not’’ test, no tax benefit is recorded. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in tax expense.
Share-Based Compensation	Share-Based Compensation The Company has issued awards of equity instruments, such as restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), to employees and certain nonemployee directors. Compensation expense related to restricted stock is based on the fair value of the underlying stock on the award date and is amortized over the service period, defined as the vesting period, using the straight-line method. The vesting period is generally three years. Compensation expense is reduced for actual forfeitures as they occur. Unvested RSAs and RSUs participate with common stock in any dividends declared, but are paid only on the shares which ultimately vest. Such dividends are accrued and charged to compensation expense over the service period.
Comprehensive Income	Comprehensive Income Comprehensive income (loss) includes net income and other comprehensive income (loss). The only items of other comprehensive income (loss) for the Company are unrealized gains and losses on investment securities classified as available for sale, net of tax, and unrealized gains and losses on cash flow hedges, net of tax. Reclassification adjustments resulting from gains or losses on investment securities available for sale or cash flow hedges that have been realized and included in net income of the current period that also had been included in other comprehensive income as unrealized holding gains or losses in the period in which they arose have been excluded from comprehensive income (loss) of the current period to avoid double counting.
Earnings Per Share (EPS)	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 common 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.
Related Party Transactions	Related Party Transactions In the normal course of business, the Company may accept deposits from officers and directors, as well as companies and individuals affiliated with officers and directors of the Company. As of December 31, 2019 and 2018 , there were $18.5 million and $17.0 million , respectively, of such deposits. The Company does not permit loans to officers and directors or companies and individuals affiliated with officers and directors of the Company, with the exception of overdraft protection in limited circumstances. As of December 31, 2019 and 2018 , there were no such overdraft loans outstanding.
Business Segments	Business Segme nts While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.
Reclassifications	Reclassifications Certain prior balances in the consolidated financial statements have been reclassified to conform to current year presentation. These reclassifications had no effect on prior year net income or stockholders’ equity.
Adoption of New Financial Accounting Standards	Adoption of New Financial Accounting Standards FASB ASU 2014-09 In May 2014, the Financial Accounting Standards Board ("FASB") issued "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09") implementing a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 establishes a five-step model which entities must follow to recognize revenue and removes inconsistencies and weaknesses in existing guidance. The guidance does not apply to revenue associated with financial instruments, including loans and investment securities that are accounted for under other GAAP, which comprises a significant portion of our revenue stream. The Company has no material sources of revenue that were impacted by this standard. The impact of the new standard was mainly limited to the timing of revenue recognition with regard to the Company's service charges on deposits accounts and gains or losses on the sale of other real estate owned. ASU 2014-09 was effective for the Company on January 1, 2019 and did not have a material effect on the Company's operating results or financial condition. FASB ASU 2016-01 In January 2016, the FASB issued ASU 2016-01 which provided guidance to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This update contains several provisions, including but not limited to (1) requiring equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; (2) simplifying the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (3) eliminating the requirement to disclose the method(s) and significant assumptions used to estimate fair value; and (4) requiring separate presentation of financial assets and liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. The update also changes certain financial statement disclosure requirements, including requiring disclosures of the fair value of financial instruments be made on the basis of exit price. The update was effective for public business entities ("PBEs") for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. As an emerging growth company, the Company was permitted to adopt this guidance on January 1, 2019 and, as a result, reclassified $399 thousand of unrealized losses on equity securities from other comprehensive income to retained earnings, net of tax. Additionally, $11.4 million of equity securities were reclassified from available for sale securities to equity securities. Subsequent changes in the unrealized gain or loss on equity securities are recorded through other noninterest income. No adjustments related to 2018 were recorded in the Company's consolidated statements of income. See Note 2 to the consolidated financial statements for further discussion. FASB ASU 2016-02 In February 2016, the FASB amended existing guidance that requires lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date (1) a lease liability, which is the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. These amendments are effective for PBEs for annual periods and interim periods within those annual periods beginning after December 15, 2018. As an emerging growth company, the Company expects to adopt this guidance on December 31, 2021 assuming the Company remains an emerging growth company through such date. Upon adoption of this guidance, the Company will recognize a liability for its obligations under its operating leases and a corresponding right-of-use asset for its right to use leased properties over the lease term. The Company has analyzed its population of operating leases subject to this guidance and the adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. FASB ASU 2016-13 In June 2016, FASB issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss ("CECL") model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held to maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. The transition will be applied as follows: - For debt securities with other than temporary impairment ("OTTI"), the guidance will be applied prospectively. - Existing purchased credit impaired ("PCI") assets will be grandfathered and classified as purchased credit deteriorated ("PCD") assets at the date of adoption. The assets will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. - For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. These amendments are effective for PBEs that are Securities and Exchange Commission (“SEC”) filers for annual periods and interim periods within those annual periods beginning after December 15, 2019. As an emerging growth company, the Company expects to adopt this guidance on January 1, 2023 assuming the Company remains an emerging growth company through such date. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective. The adoption of this standard is still being evaluated by the Company as to whether or not it will have a material effect on the Company’s operating results or financial condition. FASB ASU 2016-15 In August 2016, the FASB issued guidance related to classification of certain cash receipts and cash payments. The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. For PBEs, the guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted and must be applied using a retrospective transitional method to each period presented. As an emerging growth company, the Company adopted this guidance on December 31, 2019. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition. FASB ASU 2017-08 In March 2017, the FASB issued guidance related to Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. Under current GAAP, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. The amendments in this update affects all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date (that is, at a premium). The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments are effective for PBEs for annual periods beginning after December 15, 2018, and interim periods thereafter. As an emerging growth company, the Company expects to adopt this guidance on December 31, 2020 assuming the Company remains an emerging growth company through such date. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. FASB ASU 2017-12 In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”, which changes the recognition and presentation requirements of hedge accounting including eliminating the requirement to separately measure and report hedge ineffectiveness and presenting all items that affect earnings in the same income statement line item as the hedged item. The ASU also provides new alternatives for applying hedge accounting to additional hedging strategies; measuring the hedged item in fair value hedges of interest rate risk; reducing the cost and complexity of applying hedge accounting by easing the requirements for effectiveness testing, hedge documentation and application of the critical terms match method; and reducing the risk of material error correction if a company applies the shortcut method inappropriately. ASU 2017-12 was effective for PBEs for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. As an emerging growth company, the Company had the option to adopt this guidance on December 31, 2020, but instead elected to early adopt effective April 1, 2019. The guidance did not have a material impact on the Company’s operating results or financial condition on the date of adoption; however, during the year ended December 31, 2019, the Company entered into two fair value hedges to hedge certain fixed rate loans held for investment. The hedges are expected to be highly effective in offsetting changes in the fair value of the hedged loans. The related hedging relationship is designated as a fair value hedge under the “last-of-layer” method, a new approach provided by ASU 2017-12. Gains and losses on the derivative instruments designated as fair value hedges, as well as changes in the fair value of the hedged items, are recorded in interest income for loans, net in the consolidated statements of income. See Note 13 to the consolidated financial statements for further discussion. FASB ASU 2018-13 In August 2018, the FASB issued guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average terms used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance also modifies certain disclosure requirements for nonpublic entities to make them less burdensome. The guidance is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The adoption of this standard is not expected to have a material impact on the Company’s operating results or financial condition.
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, 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 and held to maturity debt securities, which include primarily debt securities issued by U.S. government sponsored agencies, are based on quoted market prices for similar securities. Fair values for equity securities, which consist of investments in the CRA Qualified Investment Fund, are based on quoted market prices. Loans are valued using the exit price notion. The fair value is estimated using market quotes for similar assets or the present value of future cash flows, discounted using a market rate for similar products 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 loans' 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. It was not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. The fair value of servicing rights is determined using a valuation model that utilizes interest rate, prepayment speed, and default rate assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data. The fair values of derivatives are based on valuation models using observable market data as of the measurement date. Fair values for fixed-rate time deposits are estimated using discounted cash flow analyses using interest rates offered at each reporting date by the Company for time deposits 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 for similar terms. 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Premises and Equipment	The Company’s policy is to depreciate buildings, furniture and equipment on the straight-line basis over the estimated useful lives of the various assets and to amortize leasehold improvements over the shorter of the asset life or lease term as follows: Leasehold improvements Lesser of term of lease or life of improvement Furniture and equipment 2 to 7 years Building 39 years Premises and equipment consist of the following: December 31, (Dollars in thousands) 2019 2018 Leasehold improvements $ 14,515 $ 16,404 Furniture and equipment 11,751 11,318 Building 6,174 6,174 Land 2,429 2,429 Total 34,869 36,325 Less: accumulated depreciation (15,365 ) (15,344 ) Premises and equipment, net $ 19,504 $ 20,981
Schedule of Earnings Per Share, Basic and Diluted	(Dollars in thousands, except per share amounts) Years Ended December 31, 2019 2018 Net income $ 48,861 $ 45,060 Weighted average basic common shares outstanding 55,974,230 56,196,648 Add: Dilutive effects of assumed vesting of restricted stock 245,662 628,754 Weighted average diluted common shares outstanding 56,219,892 56,825,402 Income per common share: Basic EPS $ 0.87 $ 0.80 Diluted EPS $ 0.87 $ 0.79 Anti-dilutive shares not included in calculation of diluted earnings per share 7,850 —

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities	The following tables summarize the gross unrealized losses and fair value of available for sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: December 31, 2019 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Residential MBS and CMOs $ 43,623 $ (181 ) $ 54,870 $ (300 ) $ 98,493 $ (481 ) Commercial MBS and CMOs 95,950 (339 ) 57,219 (486 ) 153,169 (825 ) Agency bonds 29,471 (86 ) 87,405 (237 ) 116,876 (323 ) Total available for sale debt securities $ 169,044 $ (606 ) $ 199,494 $ (1,023 ) $ 368,538 $ (1,629 ) December 31, 2018 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Residential MBS and CMOs $ 31,728 $ (304 ) $ 102,503 $ (2,219 ) $ 134,231 $ (2,523 ) Commercial MBS and CMOs 58,725 (432 ) 114,159 (1,872 ) 172,884 (2,304 ) Agency bonds 4,906 (18 ) 114,575 (2,830 ) 119,481 (2,848 ) U.S. Treasury — — 976 (32 ) 976 (32 ) Total available for sale debt securities $ 95,359 $ (754 ) $ 332,213 $ (6,953 ) $ 427,572 $ (7,707 ) The following table summarizes the amortized cost and the estimated fair value of available for sale debt securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value At December 31, 2019: Government and Government Sponsored Entities: Residential mortgage backed securities ('MBS") and collateralized mortgage obligations ("CMOs") $ 145,333 $ 340 $ (481 ) $ 145,192 Commercial MBS and CMOs 353,727 3,267 (825 ) 356,169 Agency bonds 123,977 59 (323 ) 123,713 Total available for sale debt securities $ 623,037 $ 3,666 $ (1,629 ) $ 625,074 At December 31, 2018: Government and Government Sponsored Entities: Residential MBS and CMOs $ 194,297 $ 339 $ (2,523 ) $ 192,113 Commercial MBS and CMOs 294,276 979 (2,304 ) 292,951 Agency bonds 125,329 7 (2,848 ) 122,488 U.S. Treasury 1,008 — (32 ) 976 Total available for sale debt securities $ 614,910 $ 1,325 $ (7,707 ) $ 608,528
Schedule of Held-to-maturity Securities	The following table summarizes 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 December 31, 2019: Government Sponsored Entities: Residential MBS $ 10,087 $ 205 $ (26 ) $ 10,266 Other investments 83 — — 83 Total held to maturity investment securities $ 10,170 $ 205 $ (26 ) $ 10,349 As of December 31, 2018: Government Sponsored Entities: Residential MBS $ 11,593 $ 27 $ (262 ) $ 11,358 Other investments 267 — — 267 Total held to maturity investment securities $ 11,860 $ 27 $ (262 ) $ 11,625 The following table summarizes 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: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses As of December 31, 2019: Government Sponsored Entities: Residential MBS $ — $ — $ 2,253 $ (26 ) $ 2,253 $ (26 ) As of December 31, 2018: Government Sponsored Entities: Residential MBS $ 6,481 $ (111 ) $ 3,739 $ (151 ) $ 10,220 $ (262 )
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 December 31, 2019 : December 31, 2019 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Less than one year $ 30,000 $ 29,986 One to five years 77,405 77,106 Five to ten years 4,101 4,104 Beyond ten years 12,471 12,517 MBS and CMOs 499,060 501,361 Total available for sale debt securities $ 623,037 $ 625,074 Held to maturity investments securities Beyond ten years $ 83 $ 83 MBS 10,087 10,266 Total held to maturity debt securities $ 10,170 $ 10,349

LOANS (Tables)

LOANS (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Schedule of Loans Receivable	Loans consist of the following: (Dollars in thousands) December 31, December 31, Permanent mortgages on: Multifamily residential $ 3,985,981 $ 3,671,069 Single family residential 2,021,320 2,262,811 Commercial real estate 203,134 184,039 Construction and land loans 20,442 12,611 Non-Mortgage (‘‘NM’’) loans 100 100 Total 6,230,977 6,130,630 Allowance for loan losses (36,001 ) (34,314 ) Loans held for investment, net $ 6,194,976 $ 6,096,316
Schedule of Allowance for Loan Losses	The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment and by impairment methodology: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total For the Year Ended December 31, 2019: Allowance for loan losses: Beginning balance allocated to portfolio segments $ 21,326 $ 10,125 $ 2,441 $ 422 $ 34,314 Provision for (reversal of) loan losses 2,046 (61 ) (100 ) (635 ) 1,250 Charge-offs — — — — — Recoveries — 12 — 425 437 Ending balance allocated to portfolio segments $ 23,372 $ 10,076 $ 2,341 $ 212 $ 36,001 Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 815 $ — $ — $ 815 Loans collectively evaluated for impairment 23,372 9,261 2,341 212 35,186 Ending balance $ 23,372 $ 10,076 $ 2,341 $ 212 $ 36,001 Loans: Ending balance: individually evaluated for impairment $ 541 $ 7,097 $ — $ — $ 7,638 Ending balance: collectively evaluated for impairment 3,985,440 2,014,223 203,134 20,542 6,223,339 Ending balance $ 3,985,981 $ 2,021,320 $ 203,134 $ 20,542 $ 6,230,977 For the Year Ended December 31, 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 2,738 1,069 617 (824 ) 3,600 Charge-offs — — — — — Recoveries — 12 90 300 402 Ending balance allocated to portfolio segments $ 21,326 $ 10,125 $ 2,441 $ 422 $ 34,314 Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 21,326 10,100 2,441 422 34,289 Ending balance $ 21,326 $ 10,125 $ 2,441 $ 422 $ 34,314 Loans: Ending balance: individually evaluated for impairment $ 564 $ 5,881 $ — $ — $ 6,445 Ending balance: collectively evaluated for impairment 3,670,505 2,256,930 184,039 12,711 6,124,185 Ending balance $ 3,671,069 $ 2,262,811 $ 184,039 $ 12,711 $ 6,130,630
Schedule of Loan Portfolio by Internal Risk Indicators	The following table summarizes the loan portfolio allocated by management’s internal risk ratings at December 31, 2019 and 2018 : (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of December 31, 2019: Grade: Pass $ 3,917,264 $ 1,980,845 $ 200,371 $ 20,542 $ 6,119,022 Watch 47,309 16,432 2,763 — 66,504 Special mention 19,708 13,635 — — 33,343 Substandard 1,700 8,808 — — 10,508 Doubtful — 1,600 — — 1,600 Total $ 3,985,981 $ 2,021,320 $ 203,134 $ 20,542 $ 6,230,977 As of December 31, 2018: Grade: Pass $ 3,601,279 $ 2,236,394 $ 180,655 $ 10,174 $ 6,028,502 Watch 65,222 20,505 1,895 — 87,622 Special mention 2,631 380 1,489 2,537 7,037 Substandard 1,937 5,532 — — 7,469 Total $ 3,671,069 $ 2,262,811 $ 184,039 $ 12,711 $ 6,130,630
Schedule or Past Due Loans Receivable	The following table summarizes an aging analysis of the loan portfolio by the time past due at December 31, 2019 and 2018 : (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of December 31, 2019: Loans: Multifamily residential $ 1,411 $ — $ — $ 541 $ 3,984,029 $ 3,985,981 Single family residential 4,037 690 — 5,792 2,010,801 2,021,320 Commercial real estate — — — — 203,134 203,134 Land, construction and NM — — — — 20,542 20,542 Total $ 5,448 $ 690 $ — $ 6,333 $ 6,218,506 $ 6,230,977 As of December 31, 2018: Loans: Multifamily residential $ — $ — $ — $ 564 $ 3,670,505 $ 3,671,069 Single family residential 362 2,212 — 1,448 2,258,789 2,262,811 Commercial real estate — — — — 184,039 184,039 Land, construction and NM — — — — 12,711 12,711 Total $ 362 $ 2,212 $ — $ 2,012 $ 6,126,044 $ 6,130,630
Schedule of Impaired Loans Receivables	The following table summarizes information related to impaired loans: (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Cash Basis Interest As of December 31, 2019 With no related allowance recorded: Multifamily residential $ 541 $ 618 $ — $ 3,078 $ 30 $ 30 Single family residential 4,588 4,915 — 5,713 186 72 Commercial real estate — — — — — — Land, construction and NM — — — — — — 5,129 5,533 — 8,791 216 102 With an allowance recorded: Multifamily residential — — — — — — Single family residential 2,509 2,484 815 1,214 48 — Commercial real estate — — — — — — Land, construction and NM — — — — — — 2,509 2,484 815 1,214 48 — Total: Multifamily residential 541 618 — 3,078 30 30 Single family residential 7,097 7,399 815 6,927 234 72 Commercial real estate — — — — — — Land, construction and NM — — — — — — $ 7,638 $ 8,017 $ 815 $ 10,005 $ 264 $ 102 As of December 31, 2018 With no related allowance recorded: Multifamily residential $ 564 $ 635 $ — $ 1,299 $ — $ — Single family residential 4,945 5,333 — 6,848 151 — Commercial real estate — — — 284 — — Land, construction and NM — — — — — — 5,509 5,968 — 8,431 151 — With an allowance recorded: Multifamily residential — — — — — — Single family residential 936 933 25 1,184 45 — Commercial real estate — — — — — — Land, construction and NM — — — — — — 936 933 25 1,184 45 — Total: Multifamily residential 564 635 — 1,299 — — Single family residential 5,881 6,266 25 8,032 196 — Commercial real estate — — — 284 — — Land, construction and NM — — — — — — $ 6,445 $ 6,901 $ 25 $ 9,615 $ 196 $ —
Schedule of Troubled Debt Restructurings	The following table summarizes the recorded investment related to troubled debt restructurings at December 31, 2019 and 2018 : December 31, (Dollars in thousands) 2019 2018 Troubled debt restructurings: Single family residential $ 1,305 $ 4,434

NONPERFORMING ASSETS (Tables)

NONPERFORMING ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Schedule of Nonperforming Assets	The Company’s nonperforming assets at December 31, 2019 and 2018 are indicated below: December 31, (Dollars in thousands) 2019 2018 Non-accrual loans: Multifamily residential $ 541 $ 564 Single family residential 5,792 1,448 Commercial real estate — — Total non-accrual loans 6,333 2,012 Real estate owned — — Total nonperforming assets $ 6,333 $ 2,012 Contractual interest not accrued during the year $ 302 $ 230

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2019
Transfers and Servicing [Abstract]
Schedule of Mortgage Loans Serviced for Others	The principal balances of these loans are as follows: December 31, (Dollars in thousands) 2019 2018 Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 379,339 $ 497,950 Other financial institutions 134,140 139,558 Total mortgage loans serviced for others $ 513,479 $ 637,508
Schedule of Changes in Servicing Assets	Activities for mortgage servicing rights are as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 Beginning balance $ 3,463 $ 4,255 Additions 155 139 Disposals — — Change in fair value due to changes in assumptions — — Other changes in fair value (961 ) (931 ) Ending balance $ 2,657 $ 3,463

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of Premises and Equipment	The Company’s policy is to depreciate buildings, furniture and equipment on the straight-line basis over the estimated useful lives of the various assets and to amortize leasehold improvements over the shorter of the asset life or lease term as follows: Leasehold improvements Lesser of term of lease or life of improvement Furniture and equipment 2 to 7 years Building 39 years Premises and equipment consist of the following: December 31, (Dollars in thousands) 2019 2018 Leasehold improvements $ 14,515 $ 16,404 Furniture and equipment 11,751 11,318 Building 6,174 6,174 Land 2,429 2,429 Total 34,869 36,325 Less: accumulated depreciation (15,365 ) (15,344 ) Premises and equipment, net $ 19,504 $ 20,981

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
Schedule of Deposits	A summary of deposits at December 31, 2019 and 2018 is as follows: December 31, (Dollars in thousands) 2019 2018 Time deposits $ 3,526,688 $ 3,297,433 Money market savings 1,330,585 1,335,246 Interest-bearing demand 222,509 179,272 Money market checking 111,338 123,119 Noninterest-bearing demand 43,597 65,970 Total $ 5,234,717 $ 5,001,040
Schedule of Certificate Account Maturities	Maturities of the Company’s time deposits at December 31, 2019 are summarized as follows (dollars in thousands): Year Ending December 31, 2020 $ 3,092,760 2021 370,247 2022 53,783 2023 5,011 2024 4,887 Thereafter — $ 3,526,688

FEDERAL HOME LOAN BANK AND FE_2

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES (Tables)	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
Schedule of FHLB Advances	The following table discloses the Bank’s outstanding advances from the FHLB: As of December 31, 2019 Outstanding Balances Minimum Interest Rate Maximum Interest Rate Weighted Average Rate (Dollars in thousands) December 31, December 31, Maturity Dates Fixed rate short-term $ 1,500 $ 166,000 1.66 % 1.66 % 1.66 % January 2020 Fixed rate long-term 977,202 877,132 1.55 % 7.69 % 2.31 % February 2020 to August 2032 Variable rate long-term — 100,000 — % — % — % N/A $ 978,702 $ 1,143,132 The following table summarizes principal payments on FHLB advances required over the next five years as of December 31, 2019 (dollars in thousands): Year Ending December 31, 2020 $ 51,500 2021 450,700 2022 75,000 2023 400,750 2024 — Thereafter 752 Total $ 978,702

JUNIOR SUBORDINATED DEFERRABL_2

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Outstanding Trust Securities	The following table is a summary of the outstanding Trust Securities and Notes at December 31, 2019 and 2018 (dollars in thousands): December 31, 2019 December 31, 2018 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) Luther Burbank Statutory Trust I $ 41,238 3.27 % $ 41,238 4.17 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 3.51 % $ 20,619 4.41 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT (Tables)

SENIOR DEBT (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes information on these notes as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 584 $ 95,000 $ 707 9/30/2024 6.50 %

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Provision/(Benefit) for Income Taxes	The provision for income taxes for the years ended December 31, 2019 and 2018 consists of the following: Years Ended December 31, (Dollars in thousands) 2019 2018 Federal: Current $ 12,581 $ 13,345 Deferred 625 (1,666 ) Total federal tax provision 13,206 11,679 State: Current 6,963 6,394 Deferred 434 (202 ) Total state tax provision 7,397 6,192 Total income tax provision $ 20,603 $ 17,871
Schedule of Effective Income Tax Rate Reconciliation	The provision for income taxes for the years ended December 31, 2019 and 2018 differs from the statutory federal rate of 21% due to the following: Years Ended December 31, (Dollars in thousands) 2019 2018 Statutory U.S. federal income tax $ 14,587 $ 13,216 Increase (decrease) resulting from: State taxes, net of federal benefit 5,868 4,749 Other 148 (94 ) Provision for income taxes $ 20,603 $ 17,871
Schedule of Deferred Tax Assets (Liabilities)	Deferred tax assets (liabilities) included in other assets in the accompanying consolidated statements of financial condition consist of the following: December 31, (Dollars in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses $ 10,843 $ 10,387 Deferred compensation 7,201 9,219 Unrealized loss on securities — 2,052 State tax deduction 1,389 1,371 Other 772 817 Total deferred tax assets 20,205 23,846 Deferred tax liabilities: Loan fee income (11,061 ) (10,643 ) Unrealized gain on securities (593 ) — Federal Home Loan Bank stock dividend income deferred for tax purposes (1,316 ) (1,463 ) Section 481(a) adjustment related to conversion from cash basis to accrual basis taxpayer in December 2017 (604 ) (1,201 ) Federal depreciation (605 ) (789 ) Other (471 ) (491 ) Total deferred tax liabilities (14,650 ) (14,587 ) Net deferred tax assets $ 5,555 $ 9,259

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations	The Company’s and Bank’s actual capital amounts and ratios are presented as follows: Minimum Required Actual For Capital Adequacy Purposes Plus Capital Conservation Buffer For Well- Capitalized Institution (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Luther Burbank Corporation As of December 31, 2019 Tier 1 Leverage Ratio $ 671,580 9.47 % $ 283,631 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Risk-Based Ratio 609,723 15.46 % 177,523 4.50 % $ 276,147 7.00 % N/A N/A Tier 1 Risk-Based Capital Ratio 671,580 17.02 % 236,697 6.00 % 335,321 8.50 % N/A N/A Total Risk-Based Capital Ratio 708,847 17.97 % 315,596 8.00 % 414,220 10.50 % N/A N/A As of December 31, 2018 Tier 1 Leverage Ratio $ 644,344 9.42 % $ 273,544 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Risk-Based Ratio 582,487 14.74 % 177,873 4.50 % $ 251,986 6.38 % N/A N/A Tier 1 Risk-Based Capital Ratio 644,344 16.30 % 237,164 6.00 % 311,277 7.88 % N/A N/A Total Risk-Based Capital Ratio 679,841 17.20 % 316,218 8.00 % 390,332 9.88 % N/A N/A Luther Burbank Savings As of December 31, 2019 Tier 1 Leverage Ratio $ 748,916 10.57 % $ 283,542 4.00 % N/A N/A $ 354,428 5.00 % Common Equity Tier 1 Risk-Based Ratio 748,916 18.99 % 177,437 4.50 % $ 276,012 7.00 % 256,297 6.50 % Tier 1 Risk-Based Capital Ratio 748,916 18.99 % 236,582 6.00 % 335,158 8.50 % 315,443 8.00 % Total Risk-Based Capital Ratio 786,183 19.94 % 315,443 8.00 % 414,019 10.50 % 394,303 10.00 % As of December 31, 2018 Tier 1 Leverage Ratio $ 728,414 10.65 % $ 273,469 4.00 % N/A N/A $ 341,836 5.00 % Common Equity Tier 1 Risk-Based Ratio 728,414 18.43 % 177,820 4.50 % $ 251,912 6.38 % 256,851 6.50 % Tier 1 Risk-Based Capital Ratio 728,414 18.43 % 237,094 6.00 % 311,185 7.88 % 316,125 8.00 % Total Risk-Based Capital Ratio 763,911 19.33 % 316,125 8.00 % 390,217 9.88 % 395,156 10.00 %

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap on the Consolidated Statements of Income	The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of income for the year ended December 31, 2019 : (Dollars in thousands) Derivative - interest rate swap: Interest income $ 2,047 Hedged items - loans: Interest income 5 Net effect on interest income $ 2,052
Schedule of Interest Rate Swap on Consolidated Balance Sheet	The following table presents the fair value of the Company’s interest rate swaps, as well as its classification on the consolidated statement of financial condition as of December 31, 2019 : Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives (Dollars in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest Rate Swaps $ 1,000,000 Prepaid Expenses and Other Assets $ 1,243 Other Liabilities and Accrued Expenses $ 748
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	As of December 31, 2019 , the following amounts were recorded in the consolidated statement of financial condition related to cumulative basis adjustments for its fair value hedges. Line Item in the Consolidated Statement of Financial Condition in Which the Hedged Items are Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Dollars in thousands) Loans receivable, net (1) $ 999,595 $ (405 )
Schedule of Derivative Instruments	Summary information about the interest rate cap designated as a cash flow hedge at December 31, 2018 is as follows: (Dollars in thousands) Notional amounts $ 50,000 Weighted average rate on FHLB advances 2.58 % Weighted average cap rate 2.80 % Weighted average original maturity 5.0 years Weighted average remaining maturity 0.3 years Unrealized losses $ (147 )

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2019
Compensation Related Costs [Abstract]
Schedule of Phantom Stock Award Activity and the Balance of Share Equivalents Outstanding	The following table shows phantom stock award activity and the balance of share equivalents outstanding as of the periods indicated: Years Ended December 31, 2019 2018 Beginning balance – awards outstanding 215,362 237,400 Share equivalents exercised (145,154 ) (22,038 ) Ending balance – awards outstanding 70,208 215,362

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes share information about restricted stock awards and restricted stock units: Years Ended December 31, 2019 2018 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 1,155,359 $ 10.97 1,319,700 $ 10.75 Shares granted 321,784 9.80 131,140 12.77 Shares settled (672,504 ) 10.92 (272,080 ) 10.75 Shares forfeited (86,640 ) 10.67 (23,401 ) 10.75 End of the period balance 717,999 $ 10.53 1,155,359 $ 10.97

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
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: Fair Level Measurements Using (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 As of December 31, 2019: Financial assets: Cash and cash equivalents $ 88,565 $ 88,565 $ 88,565 $ — $ — Debt securities: Available for sale 625,074 625,074 — 625,074 — Held to maturity 10,170 10,349 — 10,349 — Equity securities 11,782 11,782 — 11,782 — Loans receivable, net 6,194,976 6,346,496 — — 6,346,496 Accrued interest receivable 20,814 20,814 26 1,685 19,103 FHLB stock 30,342 N/A N/A N/A N/A Interest rate swap 1,243 1,243 — 1,243 — Financial liabilities: Deposits $ 5,234,717 $ 5,253,511 $ 1,558,029 $ 3,695,482 $ — FHLB advances 978,702 996,860 — 996,860 — Junior subordinated deferrable interest debentures 61,857 59,272 — 59,272 — Senior debt 94,416 99,806 — 99,806 — Accrued interest payable 2,901 2,901 — 2,901 — Interest rate swap 748 748 — 748 — As of December 31, 2018: Financial assets: Cash and cash equivalents $ 91,697 $ 91,697 $ 91,697 $ — $ — Debt securities: Available for sale 608,528 608,528 976 607,552 — Held to maturity 11,860 11,625 — 11,625 — Equity securities 11,438 11,438 — 11,438 — Loans receivable, net 6,096,316 6,092,885 — — 6,092,885 Accrued interest receivable 20,220 20,220 62 1,739 18,419 FHLB stock 31,823 N/A N/A N/A N/A Financial liabilities: Deposits $ 5,001,040 $ 4,957,054 $ 1,703,607 $ 3,253,447 $ — FHLB advances 1,143,132 1,144,326 — 1,144,326 — Junior subordinated deferrable interest debentures 61,857 56,596 — 56,596 — Senior debt 94,293 99,673 — 99,673 — Accrued interest payable 4,307 4,307 — 4,307 —
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 (dollars in thousands): Description Fair Value Level 1 Level 2 Level 3 As of December 31, 2019: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 145,192 $ — $ 145,192 $ — Commercial MBS and CMOs 356,169 — 356,169 — Agency bonds 123,713 — 123,713 — Total available for sale debt securities $ 625,074 — $ 625,074 — Equity securities $ 11,782 $ — $ 11,782 $ — Mortgage servicing rights $ 2,657 $ — $ — $ 2,657 Interest rate swap $ 1,243 $ — $ 1,243 $ — Financial Liabilities: Interest rate swap $ 748 $ — $ 748 $ — As of December 31, 2018: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 192,113 $ — $ 192,113 $ — Commercial MBS and CMOs 292,951 — 292,951 — Agency bonds 122,488 — 122,488 — U.S. Treasury 976 976 — — Total available for sale debt securities $ 608,528 $ 976 $ 607,552 $ — Equity securities $ 11,438 $ — $ 11,438 $ — Mortgage servicing rights $ 3,463 $ — $ — $ 3,463
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 (dollars in thousands): Description Fair Value Level 1 Level 2 Level 3 As of December 31, 2019: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 145,192 $ — $ 145,192 $ — Commercial MBS and CMOs 356,169 — 356,169 — Agency bonds 123,713 — 123,713 — Total available for sale debt securities $ 625,074 — $ 625,074 — Equity securities $ 11,782 $ — $ 11,782 $ — Mortgage servicing rights $ 2,657 $ — $ — $ 2,657 Interest rate swap $ 1,243 $ — $ 1,243 $ — Financial Liabilities: Interest rate swap $ 748 $ — $ 748 $ — As of December 31, 2018: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 192,113 $ — $ 192,113 $ — Commercial MBS and CMOs 292,951 — 292,951 — Agency bonds 122,488 — 122,488 — U.S. Treasury 976 976 — — Total available for sale debt securities $ 608,528 $ 976 $ 607,552 $ — Equity securities $ 11,438 $ — $ 11,438 $ — Mortgage servicing rights $ 3,463 $ — $ — $ 3,463
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, 2019: Impaired loans: Single family residential $ 790 $ — $ — $ 790

LOAN SALE AND SECURITIZATION _2

LOAN SALE AND SECURITIZATION ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2019
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: Years Ended December 31, (Dollars in thousands) 2019 2018 Proceeds from loan sales $ 68,809 $ 19,604 Servicing fees 1,284 1,536
Schedule of Loans Transferred Through Sale or Securitization	The following table provides information about the loans transferred through sales or securitization and not recorded on the 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 As of December 31, 2019: Principal balance of loans $ 24,146 $ 489,333 Loans 90+ days past due — — Charge-offs, net — — As of December 31, 2018: Principal balance of loans 26,200 611,308 Loans 90+ days past due — — Charge-offs, net — —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Maturities	At December 31, 2019 , minimum commitments under these non-cancellable leases before considering renewal options are as follows (dollars in thousands): Years ending December 31, 2020 $ 4,442 2021 4,419 2022 3,492 2023 2,253 2024 1,278 Thereafter 2,611 Total $ 18,495

UNAUDITED QUARTERLY FINANCIAL_2

UNAUDITED QUARTERLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following table summarizes the unaudited condensed consolidated results of operations for each of the quarters during the fiscal years ended December 31, 2019 and 2018 : (Dollars in thousands, except per share data) For the Three Months Ended March 31 June 30 September 30 December 31 2019 Net interest income $ 32,092 $ 30,568 $ 32,585 $ 33,162 Provision for (recapture of) loan losses 300 450 (500 ) 1,000 Net interest income after provision for loan losses 31,792 30,118 33,085 32,162 Noninterest income 1,380 1,488 993 814 Noninterest expense 16,249 14,709 16,069 15,341 Income before income taxes 16,923 16,897 18,009 17,635 Income tax expense 4,913 5,239 5,273 5,178 Net income $ 12,010 $ 11,658 $ 12,736 $ 12,457 EPS (1): Basic $ 0.21 $ 0.21 $ 0.23 $ 0.22 Diluted $ 0.21 $ 0.21 $ 0.23 $ 0.22 2018 Net interest income $ 30,465 $ 31,159 $ 31,712 $ 31,751 Provision for loan losses 1,500 1,300 650 150 Net interest income after provision for loan losses 28,965 29,859 31,062 31,601 Noninterest income 1,025 817 1,043 1,246 Noninterest expense 14,713 14,922 15,090 17,962 Income before income taxes 15,277 15,754 17,015 14,885 Income tax expense 4,175 4,528 4,886 4,282 Net income $ 11,102 $ 11,226 $ 12,129 $ 10,603 EPS (1): Basic $ 0.20 $ 0.20 $ 0.22 $ 0.19 Diluted $ 0.20 $ 0.20 $ 0.21 $ 0.19 (1) The quarterly EPS amounts, when added, may not coincide with the full fiscal year EPS reported on the Consolidated Statements of Income due to differences in the computed weighted average shares outstanding as well as rounding differences.

PARENT COMPANY ONLY FINANCIAL_2

PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Statements of Financial Condition	Summary parent company only financial information for the years ended December 31, 2019 and 2018 is as follows (dollars in thousands): CONDENSED STATEMENTS OF FINANCIAL CONDITION December 31, 2019 2018 ASSETS Cash and cash equivalents $ 15,170 $ 9,224 Investment in Bank 753,658 727,073 Investment in Burbank Financial, Inc. 276 249 Investment in Luther Burbank Statutory Trusts 1 & 2 1,857 1,857 Receivable from Bank 21 21 Other assets 7 6 Total assets $ 770,989 $ 738,430 LIABILITIES AND STOCKHOLDERS' EQUITY Junior subordinated deferrable interest debentures $ 61,857 $ 61,857 Other borrowings 94,416 94,293 Interest payable on junior subordinated deferrable interest debentures 92 109 Other liabilities and accrued expenses 160 1,026 Stockholders' equity 614,464 581,145 Total liabilities and stockholders' equity $ 770,989 $ 738,430
Condensed Statements of Income	CONDENSED STATEMENTS OF INCOME AND COMPREHESIVE INCOME Years Ended December 31, 2019 2018 Net interest expense $ (8,671 ) $ (8,505 ) Dividend income from Bank 34,700 6,800 Other operating expense (315 ) (451 ) Income (loss) before income tax benefit and undistributed net income of subsidiaries 25,714 (2,156 ) Income tax benefit 2,619 2,362 Income before undistributed net income of subsidiaries 28,333 206 Equity in undistributed net income of subsidiaries 20,528 44,854 Net income (1) $ 48,861 $ 45,060 Comprehensive income $ 48,861 $ 45,060 (1) The group files a single tax return and the subsidiaries are treated, for federal and California tax purposes, as divisions of a single corporation. The Company’s share of income tax expense is based on the amount which would be payable or receivable if separate returns were filed. Accordingly, the Company’s equity in the net income of its subsidiaries, including the Bank, are excluded from the computation of income taxes for financial statement purposes. For the years ended December 31, 2019 and 2018, the Company provided tax at the rates of 21% and 10.84% for federal and California taxes, respectively.
Condensed Statements of Comprehensive Income	CONDENSED STATEMENTS OF INCOME AND COMPREHESIVE INCOME Years Ended December 31, 2019 2018 Net interest expense $ (8,671 ) $ (8,505 ) Dividend income from Bank 34,700 6,800 Other operating expense (315 ) (451 ) Income (loss) before income tax benefit and undistributed net income of subsidiaries 25,714 (2,156 ) Income tax benefit 2,619 2,362 Income before undistributed net income of subsidiaries 28,333 206 Equity in undistributed net income of subsidiaries 20,528 44,854 Net income (1) $ 48,861 $ 45,060 Comprehensive income $ 48,861 $ 45,060 (1) The group files a single tax return and the subsidiaries are treated, for federal and California tax purposes, as divisions of a single corporation. The Company’s share of income tax expense is based on the amount which would be payable or receivable if separate returns were filed. Accordingly, the Company’s equity in the net income of its subsidiaries, including the Bank, are excluded from the computation of income taxes for financial statement purposes. For the years ended December 31, 2019 and 2018, the Company provided tax at the rates of 21% and 10.84% for federal and California taxes, respectively.
Condensed Statements of Cash Flows	CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2019 2018 Cash flows from operating activities: Net income $ 48,861 $ 45,060 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (20,528 ) (44,854 ) Change in receivable from Bank — 6,969 Stock based compensation 2,993 4,355 Net change in other assets and liabilities (761 ) 4,309 Net cash provided by operating activities 30,565 15,839 Cash flows from financing activities: Cash paid for dividends (13,032 ) (15,963 ) Shares withheld for taxes on vested restricted stock (2,796 ) (769 ) Shares repurchased (8,791 ) (1,495 ) Net cash used in financing activities (24,619 ) (18,227 ) Increase (decrease) in cash and cash equivalents 5,946 (2,388 ) Cash and cash equivalents, beginning of year 9,224 11,612 Cash and cash equivalents, end of year $ 15,170 $ 9,224

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)		12 Months Ended
		Dec. 31, 2019USD ($)agreementsubsidiarybranchofficesegment$ / sharesshares	Dec. 31, 2018USD ($)agreementshares	Jan. 01, 2019USD ($)
Class of Stock [Line Items]
Number of unconsolidated subsidiaries | subsidiary		2
Fair value loss on transfer of loans from held for sale to held for investment		$ (607,000)	$ (140,000)
Federal home loan bank stock (in shares) | shares		303,422	318,231
Federal home loan bank stock, par value (in dollars per share) | $ / shares		$ 100
Goodwill impairment loss		$ 0
Income tax examination, penalties and interest expense		$ 0	$ 0
Award vesting period		3 years
Common stock shares issued (in shares) | shares		55,999,754	56,379,066
Common stock shares authorized (in shares) | shares		100,000,000	100,000,000
Deposits due to related parties		$ 18,500,000	$ 17,000,000
Loans receivable, related parties		$ 0	$ 0
Number of reportable segments | segment		1
Accounting Standards Update 2016-01
Class of Stock [Line Items]
Cumulative effect of change in accounting principal	[1]			$ 0
Accounting Standards Update 2016-01 | Retained Earnings
Class of Stock [Line Items]
Cumulative effect of change in accounting principal	[1]			(399,000)
Building
Class of Stock [Line Items]
Property, plant and equipment, useful life		39 years
Minimum
Class of Stock [Line Items]
Allowance for loan losses, reserve factors, average historical loss experience, term		9 years
Minimum | Furniture and Equipment
Class of Stock [Line Items]
Property, plant and equipment, useful life		2 years
Maximum
Class of Stock [Line Items]
Allowance for loan losses, reserve factors, average historical loss experience, term		10 years
Maximum | Furniture and Equipment
Class of Stock [Line Items]
Property, plant and equipment, useful life		7 years
Sonoma, Marin, Santa Clara, and Los Angeles Counties
Class of Stock [Line Items]
Number of full service branches | branch		9
King County, Washington
Class of Stock [Line Items]
Number of full service branches | branch		1
California
Class of Stock [Line Items]
Number of loan production offices | office		7
Clackamas County, Oregon
Class of Stock [Line Items]
Number of loan production offices | office		1
Debt Securities, Available-For-Sale | Accounting Standards Update 2016-01
Class of Stock [Line Items]
Cumulative effect of change in accounting principal				$ (11,400,000)
Interest Rate Swap | Designated as Hedging Instrument | Fair Value Hedging
Class of Stock [Line Items]
Number of instruments held | agreement		2	0
Demand Deposits
Class of Stock [Line Items]
Restricted cash		$ 19,100,000	$ 18,600,000
[1]	(1) Represents the impact of adopting Accounting Standards Update ("ASU") 2016-01. See Note 1 to the unaudited consolidated financial statements for further information.

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Net income	$ 12,457	$ 12,736	$ 11,658	$ 12,010	$ 10,603	$ 12,129	$ 11,226	$ 11,102	$ 48,861	$ 45,060
Weighted average basic common shares outstanding (in shares)									55,974,230	56,196,648
Add: Dilutive effects of assumed vesting of restricted stock (in shares)									245,662	628,754
Weighted average diluted common shares outstanding (in shares)									56,219,892	56,825,402
Basic earnings per common share (in dollars per share)	$ 0.22	$ 0.23	$ 0.21	$ 0.21	$ 0.19	$ 0.22	$ 0.20	$ 0.20	$ 0.87	$ 0.80
Diluted earnings per common share (in dollars per share)	$ 0.22	$ 0.23	$ 0.21	$ 0.21	$ 0.19	$ 0.21	$ 0.20	$ 0.20	$ 0.87	$ 0.79
Anti-dilutive shares not included in calculation of diluted earnings per share (in shares)									7,850	0

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 623,037	$ 614,910
Gross Unrealized Gains	3,666	1,325
Gross Unrealized Losses	(1,629)	(7,707)
Estimated Fair Value	625,074	608,528
Residential mortgage backed securities ('MBS) and collateralized mortgage obligations (CMOs)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	145,333	194,297
Gross Unrealized Gains	340	339
Gross Unrealized Losses	(481)	(2,523)
Estimated Fair Value	145,192	192,113
Commercial MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	353,727	294,276
Gross Unrealized Gains	3,267	979
Gross Unrealized Losses	(825)	(2,304)
Estimated Fair Value	356,169	292,951
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	123,977	125,329
Gross Unrealized Gains	59	7
Gross Unrealized Losses	(323)	(2,848)
Estimated Fair Value	$ 123,713	122,488
U.S. Treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		1,008
Gross Unrealized Gains		0
Gross Unrealized Losses		(32)
Estimated Fair Value		$ 976

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)security	Dec. 31, 2018USD ($)security
Residential MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	76	82
Debt securities, available-for-sale, unrealized loss position, number of positions	45	45
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	25	40
Held-to-maturity securities, number of securities held	7	7
Held-to-maturity securities, number of securities held in a loss position	2	6
Held-to-maturity securities, number of securities held in a loss position longer than 12 months		3
Commercial MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	42	34
Debt securities, available-for-sale, unrealized loss position, number of positions	19	23
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	8	16
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	15	14
Debt securities, available-for-sale, unrealized loss position, number of positions	12	13
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	9	12
U.S. Treasury
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions		1
Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities
Debt Securities, Available-for-sale [Line Items]
Unrealized gain (loss) on available-for-sale investment securities | $	$ 1,400	$ (4,400)
Unrealized gain (loss) on available-for-sale investment securities tax asset | $	$ (593)	$ 2,000

INVESTMENT SECURITIES - Unreali

INVESTMENT SECURITIES - Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair value, less than 12 months	$ 169,044	$ 95,359
Fair value, 12 months or more	199,494	332,213
Fair value, total	368,538	427,572
Unrealized Losses
Less than 12 Months	(606)	(754)
12 Months or More	(1,023)	(6,953)
Total	(1,629)	(7,707)
Residential MBS and CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair value, less than 12 months	43,623	31,728
Fair value, 12 months or more	54,870	102,503
Fair value, total	98,493	134,231
Unrealized Losses
Less than 12 Months	(181)	(304)
12 Months or More	(300)	(2,219)
Total	(481)	(2,523)
Commercial MBS and CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair value, less than 12 months	95,950	58,725
Fair value, 12 months or more	57,219	114,159
Fair value, total	153,169	172,884
Unrealized Losses
Less than 12 Months	(339)	(432)
12 Months or More	(486)	(1,872)
Total	(825)	(2,304)
Agency bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair value, less than 12 months	29,471	4,906
Fair value, 12 months or more	87,405	114,575
Fair value, total	116,876	119,481
Unrealized Losses
Less than 12 Months	(86)	(18)
12 Months or More	(237)	(2,830)
Total	$ (323)	(2,848)
U.S. Treasury
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair value, less than 12 months		0
Fair value, 12 months or more		976
Fair value, total		976
Unrealized Losses
Less than 12 Months		0
12 Months or More		(32)
Total		$ (32)

INVESTMENT SECURITIES - Held-to

INVESTMENT SECURITIES - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 10,170	$ 11,860
Gross Unrecognized Gains	205	27
Gross Unrecognized Losses	(26)	(262)
Estimated Fair Value	10,349	11,625
Residential MBS
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	10,087	11,593
Gross Unrecognized Gains	205	27
Gross Unrecognized Losses	(26)	(262)
Estimated Fair Value	10,266	11,358
Fair Value
Less than 12 Months	0	6,481
12 Months or More	2,253	3,739
Total	2,253	10,220
Unrecognized Losses
Less than 12 Months	0	(111)
12 Months or More	(26)	(151)
Total	(26)	(262)
Other investments
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	83	267
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	0	0
Estimated Fair Value	$ 83	$ 267

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Amortized Cost
Less than one year	$ 30,000
One to five years	77,405
Five to ten years	4,101
Beyond ten years	12,471
Amortized Cost	623,037	$ 614,910
Fair Value
Less than one year	29,986
One to five years	77,106
Five to ten years	4,104
Beyond ten years	12,517
Fair Value	625,074	608,528
Amortized Cost
Beyond ten years	83
Amortized Cost	10,170	11,860
Fair Value
Beyond ten years	83
Total held to maturity debt securities	10,349	$ 11,625
MBS and CMOs
Amortized Cost
MBS and CMOs	499,060
Fair Value
MBS and CMOs	501,361
MBS
Amortized Cost
MBS	10,087
Fair Value
MBS	$ 10,266

INVESTMENT SECURITIES INVESTMEN

INVESTMENT SECURITIES INVESTMENT SECURITIES - Equity Securities (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, realized gain		$ 11,782		$ 11,438
CRA Qualified Investment Fund
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, at fair value		$ 344
Accounting Standards Update 2016-01
Debt and Equity Securities, FV-NI [Line Items]
Cumulative effect of change in accounting principal	[1]		$ 0
Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities | Accounting Standards Update 2016-01
Debt and Equity Securities, FV-NI [Line Items]
Cumulative effect of change in accounting principal	[1]		399
Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities | Accounting Standards Update 2016-01 | CRA Qualified Investment Fund
Debt and Equity Securities, FV-NI [Line Items]
Cumulative effect of change in accounting principal			$ 399
[1]	(1) Represents the impact of adopting Accounting Standards Update ("ASU") 2016-01. See Note 1 to the unaudited consolidated financial statements for further information.

LOANS - Loans Receivable (Detai

LOANS - Loans Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, net of deferred income	$ 6,230,977	$ 6,130,630
Allowance for loan losses	(36,001)	(34,314)
Loans held for investment, net	6,194,976	6,096,316
Multifamily residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, net of deferred income	3,985,981	3,671,069
Single family residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, net of deferred income	2,021,320	2,262,811
Commercial real estate | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, net of deferred income	203,134	184,039
Construction and land loans | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, net of deferred income	20,442	12,611
Non-Mortgage (‘‘NM’’) loans | Non-Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, net of deferred income	$ 100	$ 100

LOANS - Allowance for Loan Loss

LOANS - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Allowance for loan losses:
Beginning balance allocated to portfolio segments				$ 34,314				$ 30,312	$ 34,314	$ 30,312
Provision for (reversal of) loan losses	$ 1,000	$ (500)	$ 450	300	$ 150	$ 650	$ 1,300	1,500	1,250	3,600
Charge-offs									0	0
Recoveries									437	402
Ending balance allocated to portfolio segments	36,001				34,314				36,001	34,314
Ending allowance balance allocated to:
Loans individually evaluated for impairment											$ 815	$ 25
Loans collectively evaluated for impairment											35,186	34,289
Ending balance	36,001			34,314	34,314			30,312	36,001	34,314	36,001	34,314
Loans:
Ending balance: individually evaluated for impairment											7,638	6,445
Ending balance: collectively evaluated for impairment											6,223,339	6,124,185
Ending balance											6,230,977	6,130,630
Multifamily Residential
Allowance for loan losses:
Beginning balance allocated to portfolio segments				21,326				18,588	21,326	18,588
Provision for (reversal of) loan losses									2,046	2,738
Charge-offs									0	0
Recoveries									0	0
Ending balance allocated to portfolio segments	23,372				21,326				23,372	21,326
Ending allowance balance allocated to:
Loans individually evaluated for impairment											0	0
Loans collectively evaluated for impairment											23,372	21,326
Ending balance	23,372			21,326	21,326			18,588	23,372	21,326	23,372	21,326
Loans:
Ending balance: individually evaluated for impairment											541	564
Ending balance: collectively evaluated for impairment											3,985,440	3,670,505
Ending balance											3,985,981	3,671,069
Single Family Residential
Allowance for loan losses:
Beginning balance allocated to portfolio segments				10,125				9,044	10,125	9,044
Provision for (reversal of) loan losses									(61)	1,069
Charge-offs									0	0
Recoveries									12	12
Ending balance allocated to portfolio segments	10,076				10,125				10,076	10,125
Ending allowance balance allocated to:
Loans individually evaluated for impairment											815	25
Loans collectively evaluated for impairment											9,261	10,100
Ending balance	10,076			10,125	10,125			9,044	10,076	10,125	10,076	10,125
Loans:
Ending balance: individually evaluated for impairment											7,097	5,881
Ending balance: collectively evaluated for impairment											2,014,223	2,256,930
Ending balance											2,021,320	2,262,811
Commercial Real Estate
Allowance for loan losses:
Beginning balance allocated to portfolio segments				2,441				1,734	2,441	1,734
Provision for (reversal of) loan losses									(100)	617
Charge-offs									0	0
Recoveries									0	90
Ending balance allocated to portfolio segments	2,341				2,441				2,341	2,441
Ending allowance balance allocated to:
Loans individually evaluated for impairment											0	0
Loans collectively evaluated for impairment											2,341	2,441
Ending balance	2,341			2,441	2,441			1,734	2,341	2,441	2,341	2,441
Loans:
Ending balance: individually evaluated for impairment											0	0
Ending balance: collectively evaluated for impairment											203,134	184,039
Ending balance											203,134	184,039
Land, Construction and NM
Allowance for loan losses:
Beginning balance allocated to portfolio segments				422				946	422	946
Provision for (reversal of) loan losses									(635)	(824)
Charge-offs									0	0
Recoveries									425	300
Ending balance allocated to portfolio segments	212				422				212	422
Ending allowance balance allocated to:
Loans individually evaluated for impairment											0	0
Loans collectively evaluated for impairment											212	422
Ending balance	$ 212			$ 422	$ 422			$ 946	$ 212	$ 422	212	422
Loans:
Ending balance: individually evaluated for impairment											0	0
Ending balance: collectively evaluated for impairment											20,542	12,711
Ending balance											$ 20,542	$ 12,711

LOANS - Portfolio Allocated by

LOANS - Portfolio Allocated by Internal Risk Ratings (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 6,230,977	$ 6,130,630
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	6,119,022	6,028,502
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	66,504	87,622
Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	33,343	7,037
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	10,508	7,469
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,600
Multifamily residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,985,981	3,671,069
Multifamily residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,917,264	3,601,279
Multifamily residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	47,309	65,222
Multifamily residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	19,708	2,631
Multifamily residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,700	1,937
Multifamily residential | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0
Single family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total	2,021,320	2,262,811
Single family residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,980,845	2,236,394
Single family residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	16,432	20,505
Single family residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	13,635	380
Single family residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	8,808	5,532
Single family residential | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,600
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total	203,134	184,039
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	200,371	180,655
Commercial real estate | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	2,763	1,895
Commercial real estate | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	1,489
Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Commercial real estate | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0
Land, construction and NM
Financing Receivable, Credit Quality Indicator [Line Items]
Total	20,542	12,711
Land, construction and NM | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	20,542	10,174
Land, construction and NM | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Land, construction and NM | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	2,537
Land, construction and NM | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	$ 0
Land, construction and NM | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 0

LOANS - Aging Analysis (Details

LOANS - Aging Analysis (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Non-accrual	$ 6,333	$ 2,012
Current	6,218,506	6,126,044
Total	6,230,977	6,130,630
30 Days
Financing Receivable, Past Due [Line Items]
Past due	5,448	362
60 Days
Financing Receivable, Past Due [Line Items]
Past due	690	2,212
90 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Multifamily residential
Financing Receivable, Past Due [Line Items]
Non-accrual	541	564
Current	3,984,029	3,670,505
Total	3,985,981	3,671,069
Multifamily residential | 30 Days
Financing Receivable, Past Due [Line Items]
Past due	1,411	0
Multifamily residential | 60 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Multifamily residential | 90 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Single family residential
Financing Receivable, Past Due [Line Items]
Non-accrual	5,792	1,448
Current	2,010,801	2,258,789
Total	2,021,320	2,262,811
Single family residential | 30 Days
Financing Receivable, Past Due [Line Items]
Past due	4,037	362
Single family residential | 60 Days
Financing Receivable, Past Due [Line Items]
Past due	690	2,212
Single family residential | 90 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Commercial real estate
Financing Receivable, Past Due [Line Items]
Non-accrual	0	0
Current	203,134	184,039
Total	203,134	184,039
Commercial real estate | 30 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Commercial real estate | 60 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Commercial real estate | 90 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Land, construction and NM
Financing Receivable, Past Due [Line Items]
Non-accrual	0	0
Current	20,542	12,711
Total	20,542	12,711
Land, construction and NM | 30 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Land, construction and NM | 60 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Land, construction and NM | 90 Days
Financing Receivable, Past Due [Line Items]
Past due	$ 0	$ 0

LOANS - Impaired Loans (Details

LOANS - Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Recorded Investment
With no related allowance recorded	$ 5,129	$ 5,509
With an allowance recorded	2,509	936
Total	7,638	6,445
Unpaid Principal Balance
With no related allowance recorded	5,533	5,968
With an allowance recorded	2,484	933
Total	8,017	6,901
Related Allowance	815	25
Average Recorded Investment
With no related allowance recorded	8,791	8,431
With an allowance recorded	1,214	1,184
Total	10,005	9,615
Interest Income
With no related allowance recorded	216	151
With an allowance recorded	48	45
Total	264	196
Cash Basis Interest
With no related allowance recorded	102	0
With an allowance recorded	0	0
Total	102	0
Multifamily residential
Recorded Investment
With no related allowance recorded	541	564
With an allowance recorded	0	0
Total	541	564
Unpaid Principal Balance
With no related allowance recorded	618	635
With an allowance recorded	0	0
Total	618	635
Related Allowance	0	0
Average Recorded Investment
With no related allowance recorded	3,078	1,299
With an allowance recorded	0	0
Total	3,078	1,299
Interest Income
With no related allowance recorded	30	0
With an allowance recorded	0	0
Total	30	0
Cash Basis Interest
With no related allowance recorded	30	0
With an allowance recorded	0	0
Total	30	0
Single family residential
Recorded Investment
With no related allowance recorded	4,588	4,945
With an allowance recorded	2,509	936
Total	7,097	5,881
Unpaid Principal Balance
With no related allowance recorded	4,915	5,333
With an allowance recorded	2,484	933
Total	7,399	6,266
Related Allowance	815	25
Average Recorded Investment
With no related allowance recorded	5,713	6,848
With an allowance recorded	1,214	1,184
Total	6,927	8,032
Interest Income
With no related allowance recorded	186	151
With an allowance recorded	48	45
Total	234	196
Cash Basis Interest
With no related allowance recorded	72	0
With an allowance recorded	0	0
Total	72	0
Commercial real estate
Recorded Investment
With no related allowance recorded	0	0
With an allowance recorded	0	0
Total	0	0
Unpaid Principal Balance
With no related allowance recorded	0	0
With an allowance recorded	0	0
Total	0	0
Related Allowance	0	0
Average Recorded Investment
With no related allowance recorded	0	284
With an allowance recorded	0	0
Total	0	284
Interest Income
With no related allowance recorded	0	0
With an allowance recorded	0	0
Total	0	0
Cash Basis Interest
With no related allowance recorded	0	0
With an allowance recorded	0	0
Total	0	0
Land, construction and NM
Recorded Investment
With no related allowance recorded	0	0
With an allowance recorded	0	0
Total	0	0
Unpaid Principal Balance
With no related allowance recorded	0	0
With an allowance recorded	0	0
Total	0	0
Related Allowance	0	0
Average Recorded Investment
With no related allowance recorded	0	0
With an allowance recorded	0	0
Total	0	0
Interest Income
With no related allowance recorded	0	0
With an allowance recorded	0	0
Total	0	0
Cash Basis Interest
With no related allowance recorded	0	0
With an allowance recorded	0	0
Total	$ 0	$ 0

LOANS - Troubled Debt Restructu

LOANS - Troubled Debt Restructurings (Details) - Single family residential - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total recorded investment in troubled debt restructurings	$ 1,305	$ 4,434
Related allowance	$ 25	$ 25

NONPERFORMING ASSETS (Details)

NONPERFORMING ASSETS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 6,333,000	$ 2,012,000
Real estate owned	0	0
Total nonperforming assets	6,333,000	2,012,000
Contractual interest not accrued during the year	302,000	230,000
Interest Income recognized on non-accrual loans	102,000	0
Multifamily residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	541,000	564,000
Single family residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	5,792,000	1,448,000
Commercial real estate
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 0	$ 0

MORTGAGE SERVICING RIGHTS - Mor

MORTGAGE SERVICING RIGHTS - Mortgage Loans Serviced for Others (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 513,479	$ 637,508
Federal Home Loan Mortgage Corporation (Freddie Mac)
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	379,339	497,950
Other financial institutions
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 134,140	$ 139,558

MORTGAGE SERVICING RIGHTS - Nar

MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
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	$ 8	$ 10.1
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	6.00%	6.00%
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	58.70%	70.40%
Weighted Average
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	22.80%	23.30%

MORTGAGE SERVICING RIGHTS - M_2

MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 3,463	$ 4,255
Additions	155	139
Disposals	0	0
Change in fair value due to changes in assumptions	0	0
Other changes in fair value	(961)	(931)
Ending balance	$ 2,657	$ 3,463

PREMISES AND EQUIPMENT (Details

PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 34,869	$ 36,325
Less: accumulated depreciation	(15,365)	(15,344)
Premises and equipment, net	19,504	20,981
Depreciation and amortization expense	2,600	2,800
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	14,515	16,404
Furniture and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	11,751	11,318
Building
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	6,174	6,174
Land
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 2,429	$ 2,429

DEPOSITS - Deposits (Details)

DEPOSITS - Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deposits [Abstract]
Time deposits	$ 3,526,688	$ 3,297,433
Money market savings	1,330,585	1,335,246
Interest-bearing demand	222,509	179,272
Money market checking	111,338	123,119
Noninterest-bearing demand	43,597	65,970
Deposits	$ 5,234,717	$ 5,001,040

DEPOSITS - Narrative (Details)

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Banking and Thrift [Abstract]
Certificates of deposit with a denomination of $100,000 or More	$ 2,600	$ 2,400
Certificates of deposit that meet or exceed FDIC insurance limit	1,400	1,200
Brokered deposits	$ 416	$ 467.5

DEPOSITS - Maturities (Details)

DEPOSITS - Maturities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Maturities of Time Deposits, Twelve months ending March 31,
2020	$ 3,092,760
2021	370,247
2022	53,783
2023	5,011
2024	4,887
Thereafter	0
Time Deposits	$ 3,526,688

FEDERAL HOME LOAN BANK AND FE_3

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Short-term Debt [Line Items]
Borrowing capacity based on pledged loans to the FRB and FHLB	$ 1,100	$ 681.5
Maximum short-term debt outstanding during period	209.8
Average short-term debt outstanding during period	$ 51.8
Weighted average interest rate	2.52%
FHLB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	$ 2,200	2,100
Letters of credit pledged as collateral	62.6	62.6
FRB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	$ 447.4	$ 406.6

FEDERAL HOME LOAN BANK AND FE_4

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - FHLB Advances (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 978,702	$ 1,143,132
FHLB of San Francisco
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	978,702	1,143,132
FHLB of San Francisco | Fixed rate short-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 1,500	166,000
FHLB of San Francisco | Fixed rate short-term | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	1.66%
FHLB of San Francisco | Fixed rate short-term | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	1.66%
FHLB of San Francisco | Fixed rate short-term | Weighted Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	1.66%
FHLB of San Francisco | Fixed rate long-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 977,202	877,132
FHLB of San Francisco | Fixed rate long-term | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	1.55%
FHLB of San Francisco | Fixed rate long-term | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	7.69%
FHLB of San Francisco | Fixed rate long-term | Weighted Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.31%
FHLB of San Francisco | Variable rate long-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 0	$ 100,000
FHLB of San Francisco | Variable rate long-term | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.00%
FHLB of San Francisco | Variable rate long-term | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.00%
FHLB of San Francisco | Variable rate long-term | Weighted Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.00%

FEDERAL HOME LOAN BANK AND FE_5

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Schedule of Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
Outstanding advances from FHLB	$ 978,702	$ 1,143,132
FHLB of San Francisco
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
2020	51,500
2021	450,700
2022	75,000
2023	400,750
2024	0
Thereafter	752
Outstanding advances from FHLB	$ 978,702	$ 1,143,132

JUNIOR SUBORDINATED DEFERRABL_3

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)trust
Schedule of Investments [Line Items]
Number of wholly-owned trust companies | trust	2
Trusts
Schedule of Investments [Line Items]
Investment in common securities | $	$ 1.9
Trust Preferred Securities Subject to Mandatory Redemption | Trusts
Schedule of Investments [Line Items]
Interest deferment period (not exceeding)	5 years

JUNIOR SUBORDINATED DEFERRABL_4

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Schedule of Trusts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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	3.27%	4.17%
Trust Preferred Securities Subject to Mandatory Redemption | Luther Burbank Statutory Trust I | Trusts | LIBOR
Debt Instrument [Line Items]
Rate index (quarterly reset)	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	3.51%	4.41%
Trust Preferred Securities Subject to Mandatory Redemption | Luther Burbank Statutory Trust II | Trusts | LIBOR
Debt Instrument [Line Items]
Rate index (quarterly reset)	1.62%

SENIOR DEBT - Narrative (Detail

SENIOR DEBT - Narrative (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2014
Senior Unsecured Term Notes, September 2014 | Senior Unsecured Term Notes
Debt Instrument [Line Items]
Principal	$ 95,000,000	$ 95,000,000	$ 95,000,000

SENIOR DEBT - Schedule of Debt

SENIOR DEBT - Schedule of Debt (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	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	$ 95,000,000	$ 95,000,000	$ 95,000,000
Unamortized Debt Issuance Costs	$ 584,000	$ 707,000
Fixed Interest Rate	6.50%

INCOME TAXES - Provision_(Benef

INCOME TAXES - Provision/(Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Federal:
Current									$ 12,581	$ 13,345
Deferred									625	(1,666)
Total federal tax provision									13,206	11,679
State:
Current									6,963	6,394
Deferred									434	(202)
Total state tax provision									7,397	6,192
Provision (benefit) for income taxes	$ 5,178	$ 5,273	$ 5,239	$ 4,913	$ 4,282	$ 4,886	$ 4,528	$ 4,175	$ 20,603	$ 17,871

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax									$ 14,587	$ 13,216
State taxes, net of federal benefit									5,868	4,749
Other									148	(94)
Provision (benefit) for income taxes	$ 5,178	$ 5,273	$ 5,239	$ 4,913	$ 4,282	$ 4,886	$ 4,528	$ 4,175	$ 20,603	$ 17,871

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Allowance for loan losses	$ 10,843	$ 10,387
Deferred compensation	7,201	9,219
Unrealized loss on securities	0	2,052
State tax deduction	1,389	1,371
Other	772	817
Total deferred tax assets	20,205	23,846
Deferred tax liabilities:
Loan fee income	(11,061)	(10,643)
Unrealized gain on securities	(593)	0
Federal Home Loan Bank stock dividend income deferred for tax purposes	(1,316)	(1,463)
Section 481(a) adjustment related to conversion from cash basis to accrual basis taxpayer in December 2017	(604)	(1,201)
Federal depreciation	(605)	(789)
Other	(471)	(491)
Total deferred tax liabilities	(14,650)	(14,587)
Net deferred tax assets	$ 5,555	$ 9,259

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Untaxed reserves for bad debt expense	3,100,000	$ 3,100,000
Retained Earnings
Income Tax Contingency [Line Items]
Untaxed reserves for bad debt expense	$ 900,000

REGULATORY MATTERS - Narrative

REGULATORY MATTERS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cash paid for dividends	$ 13,032	$ 15,963
Luther Burbank Corporation
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common Equity Tier 1 Risk-Based Ratio	7.00%	6.38%
Tier 1 Risk-Based Capital Ratio	8.50%	7.88%
Total Risk-Based Capital Ratio	10.50%	9.88%
Cash paid for dividends	$ 13,032	$ 15,963
Luther Burbank Savings
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common Equity Tier 1 Risk-Based Ratio	7.00%	6.38%
Tier 1 Risk-Based Capital Ratio	8.50%	7.88%
Total Risk-Based Capital Ratio	10.50%	9.88%

REGULATORY MATTERS - Capital Am

REGULATORY MATTERS - Capital Amounts and Ratios (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Actual
Tier 1 leverage ratio, amount	$ 748,900
Luther Burbank Corporation
Actual
Tier 1 leverage ratio, amount	$ 671,580	$ 644,344
Tier 1 Leverage Ratio	9.47%	9.42%
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 609,723	$ 582,487
Common Equity Tier 1 Risk-Based Ratio	15.46%	14.74%
Tier 1 Risk-Based Capital Ratio, Amount	$ 671,580	$ 644,344
Tier 1 Risk-Based Capital Ratio	17.02%	16.30%
Total Risk-Based Capital Ratio, Amount	$ 708,847	$ 679,841
Total Risk-Based Capital Ratio	17.97%	17.20%
Minimum Required For Capital Adequacy Purposes
Tier 1 Leverage Ratio, Amount	$ 283,631	$ 273,544
Tier 1 Leverage Ratio	4.00%	4.00%
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 177,523	$ 177,873
Common Equity Tier 1 Risk-Based Ratio	4.50%	4.50%
Tier 1 Risk-Based Capital Ratio, Amount	$ 236,697	$ 237,164
Tier 1 Risk-Based Capital Ratio	6.00%	6.00%
Total Risk-Based Capital Ratio, Amount	$ 315,596	$ 316,218
Total Risk-Based Capital Ratio	8.00%	8.00%
Minimum Required Plus Capital Conservation Buffer
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 276,147	$ 251,986
Common Equity Tier 1 Risk-Based Ratio	7.00%	6.38%
Tier 1 Risk-Based Capital Ratio, Amount	$ 335,321	$ 311,277
Tier 1 Risk-Based Capital Ratio	8.50%	7.88%
Total Risk-Based Capital Ratio, Amount	$ 414,220	$ 390,332
Total Risk-Based Capital Ratio	10.50%	9.88%
Luther Burbank Savings
Actual
Tier 1 leverage ratio, amount	$ 748,916	$ 728,414
Tier 1 Leverage Ratio	10.57%	10.65%
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 748,916	$ 728,414
Common Equity Tier 1 Risk-Based Ratio	18.99%	18.43%
Tier 1 Risk-Based Capital Ratio, Amount	$ 748,916	$ 728,414
Tier 1 Risk-Based Capital Ratio	18.99%	18.43%
Total Risk-Based Capital Ratio, Amount	$ 786,183	$ 763,911
Total Risk-Based Capital Ratio	19.94%	19.33%
Minimum Required For Capital Adequacy Purposes
Tier 1 Leverage Ratio, Amount	$ 283,542	$ 273,469
Tier 1 Leverage Ratio	4.00%	4.00%
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 177,437	$ 177,820
Common Equity Tier 1 Risk-Based Ratio	4.50%	4.50%
Tier 1 Risk-Based Capital Ratio, Amount	$ 236,582	$ 237,094
Tier 1 Risk-Based Capital Ratio	6.00%	6.00%
Total Risk-Based Capital Ratio, Amount	$ 315,443	$ 316,125
Total Risk-Based Capital Ratio	8.00%	8.00%
Minimum Required Plus Capital Conservation Buffer
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 276,012	$ 251,912
Common Equity Tier 1 Risk-Based Ratio	7.00%	6.38%
Tier 1 Risk-Based Capital Ratio, Amount	$ 335,158	$ 311,185
Tier 1 Risk-Based Capital Ratio	8.50%	7.88%
Total Risk-Based Capital Ratio, Amount	$ 414,019	$ 390,217
Total Risk-Based Capital Ratio	10.50%	9.88%
Minimum Required For Well- Capitalized Institution
Tier 1 Leverage Ratio, Amount	$ 354,428	$ 341,836
Tier 1 Leverage Ratio	5.00%	5.00%
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 256,297	$ 256,851
Common Equity Tier 1 Risk-Based Ratio	6.50%	6.50%
Tier 1 Risk-Based Capital Ratio, Amount	$ 315,443	$ 316,125
Tier 1 Risk-Based Capital Ratio	8.00%	8.00%
Total Risk-Based Capital Ratio, Amount	$ 394,303	$ 395,156
Total Risk-Based Capital Ratio	10.00%	10.00%

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - Designated as Hedging Instrument	12 Months Ended
	Dec. 31, 2019USD ($)agreement	Dec. 31, 2018USD ($)agreement
Interest Rate Swap
Derivative [Line Items]
Closed portfolio loans used in hedging relationship	$ 2,500,000,000
Cumulative amount of last of layer fair value hedging basis adjustments	$ (405,000)
Fair Value Hedging | Interest Rate Swap
Derivative [Line Items]
Number of instruments held | agreement	2	0
Term of contract	2 years
Notional amounts	$ 1,000,000,000
Net effect on interest income	2,052,000
Carrying amount of the last of layer hedged assets	999,595,000
Cash collateral	2,800,000
Cash Flow Hedging | Interest Rate Cap
Derivative [Line Items]
Notional amounts		$ 50,000,000
Amortization	$ 147,000	$ 650,000

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Statement of Income (Details) - Interest Rate Swap - Designated as Hedging Instrument - Fair Value Hedging $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net effect on interest income	$ 2,052
Interest Income on Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives - interest rate swap	2,047
Hedged items - loans	$ 5

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Balance Sheet (Details) - Fair Value Hedging - Interest Rate Swap - Designated as Hedging Instrument	Dec. 31, 2019USD ($)
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,000,000,000
Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Fair Value	1,243,000
Other Liabilities and Accrued Expenses
Derivatives, Fair Value [Line Items]
Fair Value	$ 748,000

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITIES DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Amounts Recorded on the Balance sheet Related to Cumulative Adjustments on Fair Value Hedges (Details) - Interest Rate Swap - Designated as Hedging Instrument $ in Thousands	Dec. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	$ (405)
Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 999,595

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Derivatives (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Interest Rate Cap $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Derivative [Line Items]
Notional amounts	$ 50,000
Weighted average rate on FHLB advances	2.58%
Weighted average cap rate	2.80%
Weighted average original maturity	5 years
Weighted average remaining maturity	3 months
Unrealized losses	$ (147)

EMPLOYEE BENEFIT PLANS - Salary

EMPLOYEE BENEFIT PLANS - Salary Continuation Arrangements (Details) - Executives and Directors - Salary Continuation Arrangements - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Accrued obligation	$ 14,400	$ 14,800
Recognized compensation expense	792	571
Cash surrender value of bank owned life insurance	18,000	17,900
Bank owned life insurance income	$ 164	$ 181

EMPLOYEE BENEFIT PLANS - 401(k)

EMPLOYEE BENEFIT PLANS - 401(k) Plan (Details) - 401(k) Savings Plan - Qualified Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan Disclosure [Line Items]
Minimum employee age	18 years
Requisite service period (at least)	6 months
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employee salary contribution (up to)	3.00%
Employer matching contribution, salary contribution deferrals, percent of match	50.00%
Employer contributions	$ 1,000	$ 925
Minimum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employee salary contribution deferrals	3.00%
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employee salary contribution deferrals	5.00%

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other Awards (Details) - USD ($) $ in Thousands	Dec. 31, 2010	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest expense		$ 138,735	$ 100,970
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, deferred, adjustable interest rate		1.00%	1.10%
Liability for undistributed amounts		$ 588	$ 937
Interest expense		$ 8	$ 11
Jumbo Certificate of Deposit | Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, deferred, adjustable interest rate, term of underlying investment	12 months

EMPLOYEE BENEFIT PLANS - Phanto

EMPLOYEE BENEFIT PLANS - Phantom Stock Plan (Details) - USD ($) $ in Thousands	Dec. 07, 2017	Jan. 01, 2014	Jan. 01, 2011	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Phantom Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, deferred, adjustable interest rate				1.00%	1.10%
Award vesting period		5 years
Plan modification, liability transferred to common stock	$ 6,400
Liability for undistributed amounts				$ 776	$ 2,200
Stock-based compensation expense				$ 15	$ 41
Share-based compensation equivalents issued and outstanding				70,208	215,362	237,400
Vesting after one year of service | Phantom Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		80.00%
Award requisite service period		4 years
Vesting after four years of service | Phantom Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100.00%
Award requisite service period		5 years
Directors | Vesting after one year of service | Phantom Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100.00%
Award vesting period		1 year
Management | Vesting after four years of service | Phantom Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		80.00%
Award requisite service period		4 years
Management | Vesting after five years of service | Phantom Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100.00%
Award requisite service period		5 years
Jumbo Certificate of Deposit | Phantom Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, deferred, adjustable interest rate, term of underlying investment			12 months

EMPLOYEE BENEFIT PLANS - Phan_2

EMPLOYEE BENEFIT PLANS - Phantom Stock Award Activity and the Balance of Share Equivalents Outstanding (Details) - Phantom Stock - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning of the period balance (in shares)	215,362	237,400
Share equivalents exercised (in shares)	(145,154)	(22,038)
End of the period balance (in shares)	70,208	215,362

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Common stock reserved for new awards (in shares)		3,360,000
Common stock available for grant (in shares)		2,332,775	2,581,960
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock-based compensation expense		$ 3	$ 4.4
Vested in period, fair value		7	3.8
Unrecognized compensation expense		$ 3.5	$ 4.3
Restricted stock awards or units granted (in shares)		582,940	985,869
Period of recognition for unrecognized compensation expense		1 year 7 months 10 days	1 year 10 months 28 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested (in shares)		135,059	169,490
Shares forfeited (in shares)		14,041
Non-employee directors | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Minimum | Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Maximum | Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years

STOCK BASED COMPENSATION - Awar

STOCK BASED COMPENSATION - Awards Activity (Details) - RSUs and RSAs - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Number of Shares
Beginning of the period balance (in shares)	1,155,359	1,319,700
Shares granted (in shares)	321,784	131,140
Shares settled (in shares)	(672,504)	(272,080)
Shares forfeited (in shares)	(86,640)	(23,401)
End of the period balance (in shares)	717,999	1,155,359
Weighted Average Grant Date Fair Value
Beginning of the period balance (in dollar per share)	$ 10.97	$ 10.75
Shares granted (in dollar per share)	9.80	12.77
Shares settled (in dollar per share)	10.92	10.75
Shares forfeited (in dollar per share)	10.67	10.75
End of the period balance (in dollar per share)	$ 10.53	$ 10.97

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt securities:
Available for sale	$ 625,074	$ 608,528
Held to maturity	10,349	11,625
Equity securities, at fair value	11,782	11,438
Carrying Amount
Financial assets:
Cash and cash equivalents	88,565	91,697
Debt securities:
Available for sale	625,074	608,528
Held to maturity	10,170	11,860
Equity securities, at fair value	11,782	11,438
Loans receivable, net	6,194,976	6,096,316
Accrued interest receivable	20,814	20,220
FHLB stock	30,342	31,823
Interest rate swap	1,243
Financial liabilities:
Deposits	5,234,717	5,001,040
FHLB advances	978,702	1,143,132
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt	94,416	94,293
Accrued interest payable	2,901	4,307
Interest rate swap	748
Fair Value
Financial assets:
Cash and cash equivalents	88,565	91,697
Debt securities:
Available for sale	625,074	608,528
Held to maturity	10,349	11,625
Equity securities, at fair value	11,782	11,438
Loans receivable, net	6,346,496	6,092,885
Accrued interest receivable	20,814	20,220
Interest rate swap	1,243
Financial liabilities:
Deposits	5,253,511	4,957,054
FHLB advances	996,860	1,144,326
Junior subordinated deferrable interest debentures	59,272	56,596
Senior debt	99,806	99,673
Accrued interest payable	2,901	4,307
Interest rate swap	748
Fair Value | Level 1
Financial assets:
Cash and cash equivalents	88,565	91,697
Debt securities:
Available for sale	0	976
Held to maturity	0	0
Equity securities, at fair value	0	0
Loans receivable, net	0	0
Accrued interest receivable	26	62
Interest rate swap	0
Financial liabilities:
Deposits	1,558,029	1,703,607
FHLB advances	0	0
Junior subordinated deferrable interest debentures	0	0
Senior debt	0	0
Accrued interest payable	0	0
Interest rate swap	0
Fair Value | Level 2
Financial assets:
Cash and cash equivalents	0	0
Debt securities:
Available for sale	625,074	607,552
Held to maturity	10,349	11,625
Equity securities, at fair value	11,782	11,438
Loans receivable, net	0	0
Accrued interest receivable	1,685	1,739
Interest rate swap	1,243
Financial liabilities:
Deposits	3,695,482	3,253,447
FHLB advances	996,860	1,144,326
Junior subordinated deferrable interest debentures	59,272	56,596
Senior debt	99,806	99,673
Accrued interest payable	2,901	4,307
Interest rate swap	748
Fair Value | Level 3
Financial assets:
Cash and cash equivalents	0	0
Debt securities:
Available for sale	0	0
Held to maturity	0	0
Equity securities, at fair value	0	0
Loans receivable, net	6,346,496	6,092,885
Accrued interest receivable	19,103	18,419
Interest rate swap	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
Interest rate swap	$ 0

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	$ 625,074	$ 608,528
Equity securities	11,782	11,438
Mortgage servicing rights	2,657	3,463	$ 4,255
Impaired loans	2,509	936
Single family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	2,509	936
Single family residential | Permanent mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	1,600
Residential MBS and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	145,192	192,113
Commercial MBS and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	356,169	292,951
Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	123,713	122,488
U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value		976
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	625,074	608,528
Equity securities	11,782	11,438
Interest rate swap	1,243
Interest rate swap	748
Fair Value | Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	625,074	608,528
Equity securities	11,782	11,438
Mortgage servicing rights	2,657	3,463
Interest rate swap	1,243
Interest rate swap	748
Fair Value | Recurring Basis | Residential MBS and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	145,192	192,113
Fair Value | Recurring Basis | Commercial MBS and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	356,169	292,951
Fair Value | Recurring Basis | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	123,713	122,488
Fair Value | Recurring Basis | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value		976
Fair Value | NonRecurring Basis | Single family residential | Permanent mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	790
Level 1 | NonRecurring Basis | Single family residential | Permanent mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0
Level 1 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	0	976
Equity securities	0	0
Interest rate swap	0
Interest rate swap	0
Level 1 | Fair Value | Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	0	976
Equity securities	0	0
Mortgage servicing rights	0	0
Interest rate swap	0
Interest rate swap	0
Level 1 | Fair Value | Recurring Basis | Residential MBS and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	0	0
Level 1 | Fair Value | Recurring Basis | Commercial MBS and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	0	0
Level 1 | Fair Value | Recurring Basis | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	0	0
Level 1 | Fair Value | Recurring Basis | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value		976
Level 2 | NonRecurring Basis | Single family residential | Permanent mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0
Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	625,074	607,552
Equity securities	11,782	11,438
Interest rate swap	1,243
Interest rate swap	748
Level 2 | Fair Value | Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	625,074	607,552
Equity securities	11,782	11,438
Mortgage servicing rights	0	0
Interest rate swap	1,243
Interest rate swap	748
Level 2 | Fair Value | Recurring Basis | Residential MBS and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	145,192	192,113
Level 2 | Fair Value | Recurring Basis | Commercial MBS and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	356,169	292,951
Level 2 | Fair Value | Recurring Basis | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	123,713	122,488
Level 2 | Fair Value | Recurring Basis | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value		0
Level 3 | NonRecurring Basis | Single family residential | Permanent mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	790
Level 3 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Interest rate swap	0
Interest rate swap	0
Level 3 | Fair Value | Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Mortgage servicing rights	2,657	3,463
Interest rate swap	0
Interest rate swap	0
Level 3 | Fair Value | Recurring Basis | Residential MBS and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	0	0
Level 3 | Fair Value | Recurring Basis | Commercial MBS and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	0	0
Level 3 | Fair Value | Recurring Basis | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value	$ 0	0
Level 3 | Fair Value | Recurring Basis | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities, at fair value		$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	$ 2,509,000	$ 936,000
Related allowance	815,000	25,000
Single family residential
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	2,509,000	936,000
Related allowance	815,000	25,000
Single family residential | Permanent mortgages
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	1,600,000
NonRecurring Basis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value, net asset (liability)		$ 0
Fair Value | NonRecurring Basis | Single family residential | Permanent mortgages
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	790,000
Level 3 | NonRecurring Basis | Single family residential | Permanent mortgages
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	790,000
Related allowance	$ 790,000

VARIABLE INTEREST ENTITIES (V_2

VARIABLE INTEREST ENTITIES (VIE) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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	$ 1.4

LOAN SALE AND SECURITIZATION _3

LOAN SALE AND SECURITIZATION ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 27, 2017
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Minimum net worth	$ 2,000
Actual net worth	753,700
Tier 1 leverage capital	748,900
Goodwill	3,297	$ 3,297
Accumulated other comprehensive income (loss), net of taxes	$ 1,444	$ (5,039)
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]
Amount of loans sold			$ 626,000

LOAN SALE AND SECURITIZATION _4

LOAN SALE AND SECURITIZATION ACTIVITIES - Cash Flow from Sale of Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Transfers and Servicing [Abstract]
Proceeds from loan sales	$ 68,809	$ 19,604
Servicing fees	$ 1,284	$ 1,536

LOAN SALE AND SECURITIZATION _5

LOAN SALE AND SECURITIZATION ACTIVITIES - Loans Transfered Through Loans or Securitization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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	$ 24,146	$ 26,200
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	489,333	611,308
Loans 90 days past due	0	0
Charge-offs, net	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating Leased Assets [Line Items]
Rent expense for operating leases	$ 5,400	$ 5,300
Sublease income	730	788
Cash balances held at other institutions that exceed FDIC insured limits	$ 25,700	736
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
Operating Leased Assets [Line Items]
Real estate loan funding commitments	$ 103,200	70,900
Unfunded Loan Commitment
Operating Leased Assets [Line Items]
Reserve recorded on real estate loan funding commitments	$ 89	$ 52

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Operating Lease Maturities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020	$ 4,442
2021	4,419
2022	3,492
2023	2,253
2024	1,278
Thereafter	2,611
Total	$ 18,495

UNAUDITED QUARTERLY FINANCIAL_3

UNAUDITED QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net interest income	$ 33,162	$ 32,585	$ 30,568	$ 32,092	$ 31,751	$ 31,712	$ 31,159	$ 30,465	$ 128,407	$ 125,087
Provision for loan losses	1,000	(500)	450	300	150	650	1,300	1,500	1,250	3,600
Net interest income after provision for loan losses	32,162	33,085	30,118	31,792	31,601	31,062	29,859	28,965	127,157	121,487
Noninterest income	814	993	1,488	1,380	1,246	1,043	817	1,025	4,675	4,131
Noninterest expense	15,341	16,069	14,709	16,249	17,962	15,090	14,922	14,713	62,368	62,687
Income before income taxes	17,635	18,009	16,897	16,923	14,885	17,015	15,754	15,277	69,464	62,931
Income tax expense	5,178	5,273	5,239	4,913	4,282	4,886	4,528	4,175	20,603	17,871
Net income	$ 12,457	$ 12,736	$ 11,658	$ 12,010	$ 10,603	$ 12,129	$ 11,226	$ 11,102	$ 48,861	$ 45,060
EPS:
Basic (in dollars per share)	$ 0.22	$ 0.23	$ 0.21	$ 0.21	$ 0.19	$ 0.22	$ 0.20	$ 0.20	$ 0.87	$ 0.80
Diluted (in dollars per share)	$ 0.22	$ 0.23	$ 0.21	$ 0.21	$ 0.19	$ 0.21	$ 0.20	$ 0.20	$ 0.87	$ 0.79

PARENT COMPANY ONLY FINANCIAL_3

PARENT COMPANY ONLY FINANCIAL INFORMATION - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 88,565	$ 91,697	$ 75,578
Total assets	7,045,828	6,937,212
LIABILITIES AND STOCKHOLDERS' EQUITY
Junior subordinated deferrable interest debentures	61,857	61,857
Interest payable on junior subordinated deferrable interest debentures	2,901	4,307
Other liabilities and accrued expenses	58,771	51,438
Total stockholders' equity	614,464	581,145	549,745
Total liabilities and stockholders' equity	7,045,828	6,937,212
Luther Burbank Corporation
ASSETS
Cash and cash equivalents	15,170	9,224	$ 11,612
Receivable from Bank	21	21
Other assets	7	6
Total assets	770,989	738,430
LIABILITIES AND STOCKHOLDERS' EQUITY
Junior subordinated deferrable interest debentures	61,857	61,857
Other borrowings	94,416	94,293
Interest payable on junior subordinated deferrable interest debentures	92	109
Other liabilities and accrued expenses	160	1,026
Total stockholders' equity	614,464	581,145
Total liabilities and stockholders' equity	770,989	738,430
Subsidiaries | Investment in Bank
ASSETS
Investment in subsidiary	753,658	727,073
Subsidiaries | Investment in Burbank Financial, Inc.
ASSETS
Investment in subsidiary	276	249
Subsidiaries | Investment in Luther Burbank Statutory Trusts 1 & 2
ASSETS
Investment in subsidiary	$ 1,857	$ 1,857

PARENT COMPANY ONLY FINANCIAL_4

PARENT COMPANY ONLY FINANCIAL INFORMATION - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Condensed Income Statements, Captions [Line Items]
Interest expense									$ (138,735)	$ (100,970)
Other operating expense									(5,514)	(4,924)
Income before provision for income taxes	$ 17,635	$ 18,009	$ 16,897	$ 16,923	$ 14,885	$ 17,015	$ 15,754	$ 15,277	69,464	62,931
Income tax benefit	(5,178)	(5,273)	(5,239)	(4,913)	(4,282)	(4,886)	(4,528)	(4,175)	(20,603)	(17,871)
Net income	$ 12,457	$ 12,736	$ 11,658	$ 12,010	$ 10,603	$ 12,129	$ 11,226	$ 11,102	48,861	45,060
Comprehensive income									54,945	45,272
Luther Burbank Corporation
Condensed Income Statements, Captions [Line Items]
Interest expense									(8,671)	(8,505)
Dividend income from Bank									34,700	6,800
Other operating expense									(315)	(451)
Income before provision for income taxes									25,714	(2,156)
Income tax benefit									2,619	2,362
Net income									28,333	206
Equity in undistributed net income of subsidiaries									20,528	44,854
Net income									48,861	45,060
Comprehensive income									$ 48,861	$ 45,060

PARENT COMPANY ONLY FINANCIAL_5

PARENT COMPANY ONLY FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 12,457	$ 12,736	$ 11,658	$ 12,010	$ 10,603	$ 12,129	$ 11,226	$ 11,102	$ 48,861	$ 45,060
Adjustments to reconcile net income to net cash provided by operating activities:
Stock based compensation									2,993	4,355
Net cash provided by operating activities									75,007	58,960
Cash flows from financing activities:
Cash paid for dividends									(13,032)	(15,963)
Shares withheld for taxes on vested restricted stock									(2,796)	(769)
Shares repurchased									(8,791)	(1,495)
Net cash provided by financing activities									44,628	1,185,447
Increase (decrease) in cash and cash equivalents									(3,132)	16,119
Cash and cash equivalents, beginning of period				91,697				75,578	91,697	75,578
Cash and cash equivalents, end of period	88,565				91,697				88,565	91,697
Luther Burbank Corporation
Cash flows from operating activities:
Net income									48,861	45,060
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries									(20,528)	(44,854)
Change in receivable from Bank									0	6,969
Stock based compensation									2,993	4,355
Net change in other assets and liabilities									(761)	4,309
Net cash provided by operating activities									30,565	15,839
Cash flows from financing activities:
Cash paid for dividends									(13,032)	(15,963)
Shares withheld for taxes on vested restricted stock									(2,796)	(769)
Shares repurchased									(8,791)	(1,495)
Net cash provided by financing activities									(24,619)	(18,227)
Increase (decrease) in cash and cash equivalents									5,946	(2,388)
Cash and cash equivalents, beginning of period				$ 9,224				$ 11,612	9,224	11,612
Cash and cash equivalents, end of period	$ 15,170				$ 9,224				$ 15,170	$ 9,224