Luther Burbank (LBC) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38317
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	68-0270948
Entity Address, Address Line One	520 Third St, Fourth Floor
Entity Address, City or Town	Santa Rosa
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95401
City Area Code	844
Local Phone Number	446-8201
Title of 12(b) Security	Common stock, no par value
Trading Symbol	LBC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding (in shares)		52,409,960
Amendment Flag	false
Entity Registrant Name	Luther Burbank Corp.
Entity Central Index Key	0001475348
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash, cash equivalents and restricted cash	$ 214,066	$ 91,325
Available for sale debt securities, at fair value	623,499	625,074
Held to maturity debt securities, at amortized cost (fair value of $8,393 and $10,349 at September 30, 2020 and December 31, 2019, respectively)	7,990	10,170
Equity securities, at fair value	12,070	11,782
Loans receivable, net of allowance for loan losses of $46,063 and $36,001 at September 30, 2020 and December 31, 2019, respectively	6,102,438	6,194,976
Accrued interest receivable	19,894	20,814
Federal Home Loan Bank ("FHLB") stock, at cost	29,612	30,342
Premises and equipment, net	18,750	19,504
Goodwill	3,297	3,297
Prepaid expenses and other assets	40,047	38,544
Total assets	7,071,663	7,045,828
Liabilities:
Deposits	5,276,680	5,234,717
FHLB advances	961,747	978,702
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 $491 and $584 at September 30, 2020 and December 31, 2019, respectively)	94,509	94,416
Accrued interest payable	1,254	2,901
Other liabilities and accrued expenses	66,783	58,771
Total liabilities	6,462,830	6,431,364
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, no par value; 5,000,000 shares authorized; none issued and outstanding at September 30, 2020 and December 31, 2019, respectively	0	0
Common stock, no par value; 100,000,000 shares authorized; 52,410,053 and 55,999,754 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	415,115	447,784
Retained earnings	187,147	165,236
Accumulated other comprehensive income, net of taxes	6,571	1,444
Total stockholders' equity	608,833	614,464
Total liabilities and stockholders' equity	$ 7,071,663	$ 7,045,828

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Fair value of held-to-maturity securities	$ 8,393,000	$ 10,349,000
Allowance for loan losses	$ 46,063,000	$ 36,001,000
Debt Instrument [Line Items]
Preferred stock shares authorized (in shares)	5,000,000	5,000,000
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)	52,410,053	55,999,754
Common stock shares outstanding (in shares)	52,410,053	55,999,754
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	$ 491,000	$ 584,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest and fee income:
Loans	$ 56,766	$ 64,010	$ 175,661	$ 186,078
Investment securities	2,167	3,900	7,787	11,943
Cash, cash equivalents and restricted cash	83	766	454	1,688
Total interest and fee income	59,016	68,676	183,902	199,709
Interest expense:
Deposits	15,744	27,927	60,146	78,686
FHLB advances	5,307	5,983	16,550	19,165
Junior subordinated deferrable interest debentures	279	604	1,104	1,888
Senior debt	1,574	1,577	4,727	4,725
Total interest expense	22,904	36,091	82,527	104,464
Net interest income before provision for (reversal of) loan losses	36,112	32,585	101,375	95,245
Provision for (reversal of) loan losses	0	(500)	10,550	250
Net interest income after provision for (reversal of) loan losses	36,112	33,085	90,825	94,995
Noninterest income:
Gain on sale of loans	0	77	0	607
FHLB dividends	368	557	1,277	1,604
Other income	219	359	779	1,650
Total noninterest income	587	993	2,056	3,861
Noninterest expense:
Compensation and related benefits	11,408	9,191	32,913	27,857
Deposit insurance premium	482	0	1,429	985
Professional and regulatory fees	431	521	1,316	1,419
Occupancy	1,156	1,425	3,397	4,214
Depreciation and amortization	673	672	2,029	2,001
Data processing	999	945	3,004	2,809
Marketing	306	1,217	1,511	3,442
Other expenses	919	2,098	2,982	4,300
Total noninterest expense	16,374	16,069	48,581	47,027
Income before provision for income taxes	20,325	18,009	44,300	51,829
Provision for income taxes	6,008	5,273	13,089	15,425
Net income	$ 14,317	$ 12,736	$ 31,211	$ 36,404
Basic earnings per common share (in usd per share)	$ 0.28	$ 0.23	$ 0.58	$ 0.65
Diluted earnings per common share (in usd per share)	0.27	0.23	0.58	0.65
Dividends per common share (in usd per share)	$ 0.06	$ 0.06	$ 0.17	$ 0.17

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 14,317	$ 12,736	$ 31,211	$ 36,404
Unrealized gain on available for sale debt securities:
Unrealized holding (loss) gain arising during the period	(1)	1,183	7,222	9,156
Tax effect	6	(344)	(2,095)	(2,653)
Net of tax	5	839	5,127	6,503
Unrealized gain on cash flow hedge:
Unrealized holding gain arising during the period	0	0	0	147
Tax effect	0	0	0	(43)
Net of tax	0	0	0	104
Total other comprehensive income	5	839	5,127	6,607
Comprehensive income	$ 14,322	$ 13,575	$ 36,338	$ 43,011

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Stock	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	[1]	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale SecuritiesCumulative Effect, Period of Adoption, Adjustment	[1]	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Cash Flow Hedge
Beginning balance (shares) at Dec. 31, 2018				56,379,066
Beginning balance at Dec. 31, 2018	$ 581,145	$ 0		$ 456,378	$ 129,806	$ (399)		$ (4,935)	$ 399		$ (104)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36,404				36,404
Other comprehensive income	6,607							6,503			104
Issuance of restricted stock awards (in shares)				321,784
Settled restricted stock units (in shares)				499,707
Shares withheld to pay taxes on stock based compensation (in shares)				(223,044)
Shares withheld to pay taxes on stock based compensation	(2,409)			$ (2,409)
Restricted stock forfeitures (in shares)				(72,041)
Restricted stock forfeitures	(202)			$ (220)	18
Stock based compensation expense	2,431			$ 2,431
Shares repurchased (in shares)				(870,701)
Shares repurchased	(8,791)			$ (8,791)
Cash dividends	(9,813)				(9,813)
Ending balance (shares) at Sep. 30, 2019				56,034,771
Ending balance at Sep. 30, 2019	605,372			$ 447,389	156,016			1,967			0
Beginning balance (shares) at Jun. 30, 2019				55,982,491
Beginning balance at Jun. 30, 2019	597,467			$ 449,825	146,514			1,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,736				12,736
Other comprehensive income	839							839
Settled restricted stock units (in shares)				377,728
Shares withheld to pay taxes on stock based compensation (in shares)				(178,403)
Shares withheld to pay taxes on stock based compensation	(1,972)			$ (1,972)
Restricted stock forfeitures (in shares)				(36,045)
Restricted stock forfeitures	(81)			$ (89)	8
Stock based compensation expense	786			$ 786
Shares repurchased (in shares)				(111,000)
Shares repurchased	(1,161)			$ (1,161)
Cash dividends	(3,242)				(3,242)
Ending balance (shares) at Sep. 30, 2019				56,034,771
Ending balance at Sep. 30, 2019	605,372			$ 447,389	156,016			1,967			0
Beginning balance (shares) at Dec. 31, 2019				55,999,754
Beginning balance at Dec. 31, 2019	614,464			$ 447,784	165,236			1,444			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,211				31,211
Other comprehensive income	5,127							5,127
Issuance of restricted stock awards (in shares)				261,722
Settled restricted stock units (in shares)				94,408
Shares withheld to pay taxes on stock based compensation (in shares)				(64,361)
Shares withheld to pay taxes on stock based compensation	(666)			$ (666)
Restricted stock forfeitures (in shares)				(29,661)
Restricted stock forfeitures	(23)			$ (31)	8
Stock based compensation expense	2,742			$ 2,742
Shares repurchased (in shares)				(3,851,809)
Shares repurchased	(34,714)			$ (34,714)
Cash dividends	(9,308)				(9,308)
Ending balance (shares) at Sep. 30, 2020				52,410,053
Ending balance at Sep. 30, 2020	608,833			$ 415,115	187,147			6,571			0
Beginning balance (shares) at Jun. 30, 2020				52,382,895
Beginning balance at Jun. 30, 2020	596,682			$ 414,264	175,852			6,566
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,317				14,317
Other comprehensive income	5							5
Issuance of restricted stock awards (in shares)				11,604
Settled restricted stock units (in shares)				24,188
Shares withheld to pay taxes on stock based compensation (in shares)				(7,797)
Shares withheld to pay taxes on stock based compensation	(75)			$ (75)
Restricted stock forfeitures (in shares)				(837)
Restricted stock forfeitures	(5)			$ (5)	0
Stock based compensation expense	931			$ 931
Cash dividends	(3,022)				(3,022)
Ending balance (shares) at Sep. 30, 2020				52,410,053
Ending balance at Sep. 30, 2020	$ 608,833			$ 415,115	$ 187,147			$ 6,571			$ 0
[1]	Represents the impact of adopting Accounting Standards Update ("ASU") 2016-01. See Note 3 to the unaudited consolidated financial statements for further information.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends (in usd per share)	$ 0.06	$ 0.06	$ 0.17	$ 0.17

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 31,211	$ 36,404
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,029	2,001
Provision for loan losses	10,550	250
Amortization of deferred loan costs, net	11,785	10,386
Amortization of premiums on investment securities, net	2,447	1,039
Gain on sale of loans	0	(607)
Stock based compensation expense, net of forfeitures	2,711	2,211
Change in fair value of mortgage servicing rights	807	652
Change in fair value of equity securities	(288)	(399)
Loss on disposition of leasehold improvements	0	1,120
Other items, net	331	(383)
Effect of changes in:
Accrued interest receivable	920	(1,338)
Accrued interest payable	(1,647)	(969)
Prepaid expenses and other assets	(4,134)	(2,040)
Other liabilities and accrued expenses	(3,780)	5,770
Net cash provided by operating activities	52,942	54,097
Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of available for sale debt securities	188,270	55,523
Proceeds from maturities and paydowns of held to maturity debt securities	2,096	1,216
Proceeds from sales of available for sale debt securities	0	1,000
Purchases of available for sale debt securities	(181,837)	(71,694)
Net decrease (increase) in loans receivable	(101,994)	190,602
Proceeds from loans held for sale previously classified as portfolio loans	0	62,235
Purchase of loans	(20,507)	(10,052)
Redemption of FHLB stock, net	730	1,480
Purchase of premises and equipment	(1,275)	(663)
Net cash provided by (used in) investing activities	89,471	(151,557)
Cash flows from financing activities:
Net increase in deposits	41,963	360,962
Proceeds from long-term FHLB advances	136,500	375,100
Repayment of long-term FHLB advances	(151,955)	(375,022)
Net change in short-term FHLB advances	(1,500)	(166,000)
Shares withheld for taxes on vested restricted stock	(666)	(2,409)
Shares repurchased	(34,714)	(8,791)
Cash paid for dividends	(9,300)	(9,795)
Net cash (used in) provided by financing activities	(19,672)	174,045
Increase in cash, cash equivalents and restricted cash	122,741	76,585
Cash, cash equivalents and restricted cash, beginning of period	91,325	91,697
Cash, cash equivalents and restricted cash, end of period	214,066	168,282
Supplemental disclosure of cash flow information: Cash paid during the period for:
Interest	84,174	105,433
Income taxes	15,069	14,125
Non-cash investing activity:
Loans transferred to held for sale	$ 0	$ 61,751

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Organization Luther Burbank Corporation (the ‘‘Company’’), a California corporation headquartered in Santa Rosa, is the bank holding company for its wholly-owned subsidiary, Luther Burbank Savings (the "Bank"), and its wholly-owned subsidiary, Burbank Investor Services. The Company also owns Burbank Financial Inc., a real estate investment company, and all the common interests in Luther Burbank Statutory Trusts I and II, entities created to issue trust preferred securities. The Bank conducts its business from its headquarters in Gardena, California. It has ten 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 accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all footnotes as would be necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows for the interim periods presented. These unaudited consolidated financial statements have been prepared on a basis consistent with, and should be read in conjunction with, the audited consolidated financial statements as of and for the year ended December 31, 2019, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (the “SEC”), under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2020. The Company’s accounting and reporting policies conform to GAAP and to general practices within the banking industry. Use of Estimates Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the unaudited consolidated financial statements and the disclosures provided, and actual results could differ. The estimates utilized to determine the appropriate allowance for loan losses at September 30, 2020 may be materially different from actual results due to the COVID-19 pandemic. See Note 2 to the unaudited consolidated financial statements for additional information regarding the COVID-19 pandemic. Reclassifications Certain prior balances in the unaudited 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. 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 period. 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 share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income $ 14,317 $ 12,736 $ 31,211 $ 36,404 Weighted average basic common shares outstanding 52,001,097 55,654,429 53,359,460 56,094,285 Add: Dilutive effects of assumed vesting of restricted stock 156,106 273,104 118,309 219,587 Weighted average diluted common shares outstanding 52,157,203 55,927,533 53,477,769 56,313,872 Income per common share: Basic EPS $ 0.28 $ 0.23 $ 0.58 $ 0.65 Diluted EPS $ 0.27 $ 0.23 $ 0.58 $ 0.65 Anti-dilutive shares not included in calculation of diluted earnings per share 26 4,398 17,623 4,381 Qualified Affordable Housing Project Investments

COVID-19

COVID-19	9 Months Ended
	Sep. 30, 2020
Unusual or Infrequent Items, or Both [Abstract]
COVID-19	COVID-19 In late March 2020, the Company implemented a loan modification program that permits borrowers who have been financially impacted by the COVID-19 pandemic, and are unable to service their loans, to defer loan payments for a specified period of time. As of September 30, 2020, the Company had modified 269 current outstanding loans with an aggregate principal balance of $397.5 million, representing 6.5% of the Company's loan portfolio. Of these loans, 222 loans with an aggregate principal balance totaling $322.1 million as of September 30, 2020 have returned, or the borrower has indicated they intend to return, to payments following their respective modification period. Excluded from the modified loan amounts above, 15 loans totaling $24.0 million have paid off subsequent to modification as of September 30, 2020. Modified loans under this program have generally been downgraded to a Watch risk rating at the time of their respective modifications. During the nine months ended September 30, 2020, the Company recorded a loan loss reserve of $10.2 million in connection with the potential credit impact from the pandemic. See Note 4 for further discussion regarding loan risk ratings and the Company's allowance for loan losses. In conjunction with the passage of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), as well as the revised interagency guidance issued in April 2020, "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus (Revised)", banks have been provided the option, for loans meeting specific criteria, to temporarily suspend certain requirements under GAAP related to Troubled Debt Restructurings ("TDRs") for a limited time to account for the effects of COVID-19. As a result, the Company is not recognizing eligible COVID-19 loan modifications as TDRs. Additionally, loans qualifying for these modifications are not required to be reported as delinquent, nonaccrual, impaired or criticized solely as a result of a COVID-19 loan modification. Through the date of this filing, the Company has not experienced any loan charge-offs caused by the economic impact from COVID-19. Management has evaluated events related to COVID-19 that have occurred subsequent to September 30, 2020 and has concluded there are no matters that would require recognition in the accompanying unaudited consolidated financial statements.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020: Government and Government Sponsored Entities: Residential mortgage backed securities ('MBS") and collateralized mortgage obligations ("CMOs") $ 231,925 $ 3,977 $ (62) $ 235,840 Commercial MBS and CMOs 366,948 6,224 (893) 372,279 Agency bonds 15,367 58 (45) 15,380 Total available for sale debt securities $ 614,240 $ 10,259 $ (1,000) $ 623,499 At December 31, 2019: Government and Government Sponsored Entities: Residential MBS and 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 Net unrealized gains on available for sale investment securities are recorded as accumulated other comprehensive income within stockholders’ equity and totaled $6.6 million and $1.4 million, net of $2.7 million and $593 thousand in tax liabilities, at September 30, 2020 and December 31, 2019, respectively. There were no sales or transfers of available for sale investment securities and no realized gains or losses on these securities during the three or nine months ended September 30, 2020. During the three and nine months ended September 30, 2019, the Company sold its U.S. Treasury security at its amortized cost. 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: September 30, 2020 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 $ 15,931 $ (59) $ 4,620 $ (3) $ 20,551 $ (62) Commercial MBS and CMOs 122,166 (428) 59,258 (465) 181,424 (893) Agency bonds 12,323 (45) — — 12,323 (45) Total available for sale debt securities $ 150,420 $ (532) $ 63,878 $ (468) $ 214,298 $ (1,000) At September 30, 2020, the Company held 86 residential MBS and CMOs of which 13 were in a loss position and six had been in a loss position for twelve months or more. The Company held 46 commercial MBS and CMOs of which 22 were in a loss position and nine had been in a loss position for twelve months or more. The Company held three agency bonds of which two were in a loss position and none had been in a loss position for twelve months or more. 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 eight 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 nine had been in a loss position for twelve months or more. 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 September 30, 2020 and December 31, 2019. As of September 30, 2020 and December 31, 2019, 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 September 30, 2020: Government Sponsored Entities: Residential MBS $ 7,912 $ 403 $ — $ 8,315 Other investments 78 — — 78 Total held to maturity investment securities $ 7,990 $ 403 $ — $ 8,393 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 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) At September 30, 2020, the Company held seven held to maturity residential MBS and none were in a loss position. At December 31, 2019, the Company held seven held to maturity residential MBS of which two had been in a loss position for twelve months or more. The unrecognized losses on the Company’s held to maturity investments at December 31, 2019 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 those investments to be other-than-temporarily impaired at December 31, 2019. The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of September 30, 2020: September 30, 2020 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 3,491 $ 3,483 Beyond ten years 11,876 11,897 MBS and CMOs 598,873 608,119 Total available for sale debt securities $ 614,240 $ 623,499 Held to maturity investments securities Beyond ten years $ 78 $ 78 MBS 7,912 8,315 Total held to maturity debt securities $ 7,990 $ 8,393 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 September 30, 2020 and December 31, 2019. Equity Securities Equity securities consist of investments in the CRA Qualified Investment Fund. At September 30, 2020 and December 31, 2019, the fair value of equity securities totaled $12.1 million and $11.8 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. In conjunction with the adoption of ASU 2016-01, 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. There was no change in fair value during the three months ended September 30, 2020, compared to $89 thousand during the same period last year. During the nine months ended September 30, 2020 and 2019, changes in fair value totaled $288 thousand and $399 thousand, respectively. There were no sales of equity securities during the three or nine months ended September 30, 2020 and 2019.

LOANS

LOANS	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
LOANS	LOANS Loans consist of the following: (Dollars in thousands) September 30, December 31, Permanent mortgages on: Multifamily residential $ 4,086,059 $ 3,985,981 Single family residential 1,839,156 2,021,320 Commercial real estate 203,920 203,134 Construction and land loans 19,266 20,442 Non-Mortgage (‘‘NM’’) loans 100 100 Total 6,148,501 6,230,977 Allowance for loan losses (46,063) (36,001) Loans held for investment, net $ 6,102,438 $ 6,194,976 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: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total Three months ended September 30, 2020 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 30,837 $ 11,628 $ 3,305 $ 215 $ 45,985 Provision for (reversal of) loan losses 836 (1,014) 247 (69) — Charge-offs — — — — — Recoveries — 3 — 75 78 Ending balance allocated to portfolio segments $ 31,673 $ 10,617 $ 3,552 $ 221 $ 46,063 Three months ended September 30, 2019 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 22,745 $ 9,439 $ 2,412 $ 625 $ 35,221 Provision for (reversal of) loan losses 408 (415) 115 (608) (500) Charge-offs — — — — — Recoveries — 2 — 200 202 Ending balance allocated to portfolio segments $ 23,153 $ 9,026 $ 2,527 $ 217 $ 34,923 Nine months ended September 30, 2020 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 23,372 $ 10,076 $ 2,341 $ 212 $ 36,001 Provision for (reversal of) loan losses 8,301 1,254 1,211 (216) 10,550 Charge-offs — (722) — — (722) Recoveries — 9 — 225 234 Ending balance allocated to portfolio segments $ 31,673 $ 10,617 $ 3,552 $ 221 $ 46,063 Nine months ended September 30, 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 1,827 (1,108) 86 (555) 250 Charge-offs — — — — — Recoveries — 9 — 350 359 Ending balance allocated to portfolio segments $ 23,153 $ 9,026 $ 2,527 $ 217 $ 34,923 The following table summarizes the allocation of the allowance for loan losses by impairment methodology: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of September 30, 2020: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 31,673 10,592 3,552 221 46,038 Ending balance $ 31,673 $ 10,617 $ 3,552 $ 221 $ 46,063 Loans: Ending balance: individually evaluated for impairment $ 528 $ 5,575 $ — $ — $ 6,103 Ending balance: collectively evaluated for impairment 4,085,531 1,833,581 203,920 19,366 6,142,398 Ending balance $ 4,086,059 $ 1,839,156 $ 203,920 $ 19,366 $ 6,148,501 As of December 31, 2019: 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 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 September 30, 2020 and December 31, 2019. The increase in Watch risk rated loans during the nine months ended September 30, 2020 was attributable to the Company's loan modification program in connection with the COVID-19 pandemic. Watch risk rated loans modified as a result of COVID-19 may remain in the Watch category longer than the typical 90 to 120 day period due to the unusual nature of the loan accommodations provided during the pandemic. See Note 2 for further discussion regarding COVID-19. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of September 30, 2020: Grade: Pass $ 3,795,037 $ 1,650,400 $ 137,824 $ 19,366 $ 5,602,627 Watch 263,250 172,167 62,470 — 497,887 Special mention 19,155 11,522 3,626 — 34,303 Substandard 8,617 5,067 — — 13,684 Doubtful — — — — — Total $ 4,086,059 $ 1,839,156 $ 203,920 $ 19,366 $ 6,148,501 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 The following table summarizes an aging analysis of the loan portfolio by the time past due at September 30, 2020 and December 31, 2019: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of September 30, 2020: Loans: Multifamily residential $ — $ — $ — $ 528 $ 4,085,531 $ 4,086,059 Single family residential 2,473 — — 4,303 1,832,380 1,839,156 Commercial real estate — — — — 203,920 203,920 Land, construction and NM — — — — 19,366 19,366 Total $ 2,473 $ — $ — $ 4,831 $ 6,141,197 $ 6,148,501 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 The following table summarizes information related to impaired loans at September 30, 2020 and December 31, 2019: As of September 30, 2020 As of December 31, 2019 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Multifamily residential $ 528 $ 605 $ — $ 541 $ 618 $ — Single family residential 4,689 5,723 — 4,588 4,915 — 5,217 6,328 — 5,129 5,533 — With an allowance recorded: Single family residential 886 882 25 2,509 2,484 815 886 882 25 2,509 2,484 815 Total: Multifamily residential 528 605 — 541 618 — Single family residential 5,575 6,605 25 7,097 7,399 815 $ 6,103 $ 7,210 $ 25 $ 7,638 $ 8,017 $ 815 The following tables summarize information related to impaired loans for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 2019 (Dollars in thousands) Average Recorded Investment Interest Income Cash Basis Interest Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 530 $ 8 $ 8 $ 7,121 $ 9 $ 9 Single family residential 4,724 18 14 7,397 48 18 5,254 26 22 14,518 57 27 With an allowance recorded: Single family residential 890 10 — 919 12 — 890 10 — 919 12 — Total: Multifamily residential 530 8 8 7,121 9 9 Single family residential 5,614 28 14 8,316 60 18 $ 6,144 $ 36 $ 22 $ 15,437 $ 69 $ 27 Nine Months Ended September 30, 2020 2019 (Dollars in thousands) Average Recorded Investment Interest Income Cash Basis Interest Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 535 $ 25 $ 25 $ 3,182 $ 21 $ 21 Single family residential 4,757 62 48 5,408 143 43 5,292 87 73 8,590 164 64 With an allowance recorded: Single family residential 1,377 30 — 1,145 36 — 1,377 30 — 1,145 36 — Total: Multifamily residential 535 25 25 3,182 21 21 Single family residential 6,134 92 48 6,553 179 43 $ 6,669 $ 117 $ 73 $ 9,735 $ 200 $ 64 The following table summarizes the recorded investment related to TDRs at September 30, 2020 and December 31, 2019: (Dollars in thousands) September 30, December 31, Troubled debt restructurings: Single family residential $ 3,937 $ 1,305 The Company has allocated $25 thousand of its allowance for loan losses for loans modified in TDRs at both September 30, 2020 and December 31, 2019. The Company does not have commitments to lend additional funds to borrowers with loans whose terms have been modified in TDRs. During the nine months ended September 30, 2020, the Company modified the terms of two loans that qualified as TDRs. The following table provides a detail of these modifications: (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled debt restructurings: Single family residential 2 $ 2,672 $ 2,672 Terms of the two modifications above included suspension of loan payments for six months with eligibility for an extension of the loan term, should previously existing past due amounts be paid in full. Prior to modification, both loans were classified as non-accrual and impaired. The TDRs above resulted in no increase to the allowance for loan losses and no charge offs, primarily due to collateral support provided by the secondary sources of repayment. There were no new TDRs during the three months ended September 30, 2020, nor during the three or nine months ended September 30, 2019. The Company had no TDRs with a subsequent payment default within twelve months following the modification during the three or nine months ended September 30, 2020 and 2019. 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	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
NONPERFORMING ASSETS	NONPERFORMING ASSETS Nonperforming assets include nonperforming loans plus real estate owned. The Company’s nonperforming assets at September 30, 2020 and December 31, 2019 are indicated below: (Dollars in thousands) September 30, December 31, Non-accrual loans: Multifamily residential $ 528 $ 541 Single family residential 4,303 5,792 Total non-accrual loans 4,831 6,333 Real estate owned — — Total nonperforming assets $ 4,831 $ 6,333

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	9 Months Ended
	Sep. 30, 2020
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	MORTGAGE SERVICING RIGHTSServicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and conducting foreclosure proceedings. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans are as follows: (Dollars in thousands) September 30, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 274,331 $ 379,339 Other financial institutions 106,733 134,140 Total mortgage loans serviced for others $ 381,064 $ 513,479 Custodial account balances maintained in connection with serviced loans totaled $7.2 million and $8.0 million at September 30, 2020 and December 31, 2019, 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: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Beginning balance $ 2,028 $ 3,172 $ 2,657 $ 3,463 Additions — — — 155 Disposals — — — — Change in fair value due to changes in assumptions — — — — Other changes in fair value (178) (206) (807) (652) Ending balance $ 1,850 $ 2,966 $ 1,850 $ 2,966

DEPOSITS

DEPOSITS	9 Months Ended
	Sep. 30, 2020
Deposits [Abstract]
DEPOSITS	DEPOSITS A summary of deposits at September 30, 2020 and December 31, 2019 is as follows: (Dollars in thousands) September 30, December 31, Time deposits $ 3,153,215 $ 3,526,688 Money market savings 1,589,428 1,330,585 Interest-bearing demand 369,056 222,509 Money market checking 86,208 111,338 Noninterest-bearing demand 78,773 43,597 Total $ 5,276,680 $ 5,234,717 The Company had time deposits with a denomination of $100 thousand or more totaling $2.6 billion at both September 30, 2020 and December 31, 2019, respectively. The Company had time deposits that met or exceeded the FDIC insurance limit of $250 thousand of $1.4 billion at both September 30, 2020 and December 31, 2019. The Company utilizes brokered deposits as an additional source of funding. The Company had brokered deposits of $95.0 million and $416.0 million at September 30, 2020 and December 31, 2019, respectively. The decrease in brokered deposits during the nine months ended September 30, 2020 was due to the decision by the Company to reduce excess liquidity in the form of low yielding cash and cash equivalents. Maturities of the Company’s time deposits at September 30, 2020 are summarized as follows (dollars in thousands): October 1 - December 31, 2020 $ 414,864 2021 2,522,508 2022 196,717 2023 6,802 2024 5,511 Thereafter 6,813 Total $ 3,153,215

FEDERAL HOME LOAN BANK AND FEDE

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	9 Months Ended
	Sep. 30, 2020
Advances from Federal Home Loan Banks [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 September 30, 2020 and December 31, 2019, the Bank had pledged various mortgage loans totaling approximately $2.3 billion and $2.2 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 $443.3 million and $447.4 million as of September 30, 2020 and December 31, 2019, respectively, secure this borrowing arrangement. There were no borrowings outstanding with the FRB as of September 30, 2020 or December 31, 2019. The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: Outstanding Balances As of September 30, 2020 (Dollars in thousands) September 30, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate short-term $ — $ 1,500 — % — % — % N/A Fixed rate long-term 961,747 977,202 0.00 % 7.33 % 2.19 % November 2020 to March 2030 $ 961,747 $ 978,702 The Bank's available borrowing capacity based on pledged loans to the FRB and the FHLB totaled $877.4 million and $1.1 billion at September 30, 2020 and December 31, 2019, respectively. The decline in borrowing capacity between these periods was primarily due to revisions in the borrowing capacity calculation at the FHLB, which were applicable to all FHLB members. As of September 30, 2020 and December 31, 2019, the Bank pledged as collateral a $62.6 million FHLB letter of credit to Freddie Mac related to our multifamily securitization reimbursement obligation. As of September 30, 2020 and December 31, 2019, the Bank had aggregate loan balances of $2.0 billion and $2.4 billion, respectively, available to pledge to the FRB and FHLB to increase its borrowing capacity. Short-term borrowings are borrowings with original maturities of 90 days or less. During the nine months ended September 30, 2020, there was a maximum amount of short-term borrowings outstanding of $77.8 million and an average amount outstanding of $9.2 million, with a weighted average interest rate of 1.45%, respectively. There were no short-term borrowings outstanding during the three months ended September 30, 2020. During the three and nine months ended September 30, 2019, there was a maximum amount of short-term borrowings outstanding of $28.1 million and $209.8 million, respectively, and an average amount outstanding of $1.8 million and $65.2 million, respectively, with a weighted average interest rate of 2.44% and 2.57%, respectively. The following table summarizes principal payments on FHLB advances over the next five years as of September 30, 2020 (dollars in thousands): October 1 - December 31, 2020 $ 5,000 2021 355,100 2022 100,000 2023 400,000 2024 — Thereafter 101,647 $ 961,747

JUNIOR SUBORDINATED DEFERRABLE

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	9 Months Ended
	Sep. 30, 2020
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 unaudited 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 September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) Luther Burbank Statutory Trust I $ 41,238 1.63 % $ 41,238 3.27 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 1.87 % $ 20,619 3.51 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT

SENIOR DEBT	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
SENIOR DEBT	SENIOR DEBT In September 2014, the Company issued $95 million in senior unsecured term notes to qualified institutional investors. The following table summarizes information on these notes as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 491 $ 95,000 $ 584 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES From time to time, the Company utilizes interest rate swaps and other derivative financial instruments as part of its asset liability management strategy to manage interest rate risk positions. 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 the 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 three and nine months ended September 30, 2020, the floating rate amounts recognized related to the net settlement of the interest rate swaps were less than the fixed rate amounts recognized. As such, interest income on loans due to these swaps decreased by $3.5 million and $7.3 million for the three and nine months ended September 30, 2020, respectively, compared to an increase in interest income on loans of $1.4 million and $1.5 million for the three and nine months ended September 30, 2019, respectively. The following table presents the effect of the Company’s interest rate swaps on the unaudited consolidated statement of income for the three and nine months ended September 30, 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Derivative - interest rate swaps: Interest income $ (3,437) $ 1,400 $ (7,383) $ 1,514 Hedged items - loans: Interest income (16) 6 40 5 Net effect on interest income $ (3,453) $ 1,406 $ (7,343) $ 1,519 The following table presents the fair value of the Company’s interest rate swaps, as well as its classification on the unaudited consolidated statements of financial condition as of September 30, 2020 and 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: As of September 30, 2020: Interest Rate Swaps $ 1,000,000 Prepaid Expenses and Other Assets $ — Other Liabilities and Accrued Expenses $ 10,834 As of December 31, 2019: Interest Rate Swaps $ 1,000,000 Prepaid Expenses and Other Assets $ 1,156 Other Liabilities and Accrued Expenses $ 746 As of September 30, 2020 and December 31, 2019, the following amounts were recorded in the unaudited consolidated statements of financial condition related to cumulative basis adjustments for its fair value hedges. Line Item in the Consolidated Statements 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) As of September 30, 2020: Loans receivable, net (1) $ 1,010,879 $ 10,879 As of December 31, 2019: 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 September 30, 2020 and December 31, 2019, the amortized cost basis of the closed portfolio loans used in these hedging relationships were $2.2 billion and $2.5 billion, respectively; the cumulative basis adjustments associated with these hedging relationships were $10.9 million and $(405) thousand, respectively, and the amount of the designated hedged items were $1.0 billion and $999.6 million, respectively.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
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 initial public offering ("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 All RSAs and RSUs were granted at the fair value of the common stock at the time of the award. The RSAs and RSUs are considered fixed awards as the number of shares and fair value are known at the date of grant and the fair value at the grant date is amortized over the vesting and/or service period. Non-cash stock compensation expense recognized for RSAs and RSUs for the three and nine months ended September 30, 2020 totaled $926 thousand and $2.7 million, respectively, compared with $697 thousand and $2.2 million, respectively, for the three and nine months ended September 30, 2019. The fair value of RSAs and RSUs that vested during the nine months ended September 30, 2020 and 2019 totaled $2.5 million and $5.7 million, respectively. There were no RSAs or RSUs that vested during the three months ended September 30, 2020 or 2019. As of both September 30, 2020 and December 31, 2019, there was $3.5 million of unrecognized compensation expense related to 572,197 and 582,940 unvested RSAs and RSUs, respectively, which amounts are expected to be expensed over a weighted average period of 1.78 years and 1.61 years, respectively. As of September 30, 2020 and December 31, 2019, 140,997 and 135,059 shares, respectively, of RSUs were vested and remain unsettled per the original deferral elections. The following table summarizes share information about RSAs and RSUs: Nine Months Ended September 30, 2020 2019 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 717,999 $ 10.53 1,155,359 $ 10.97 Shares granted 261,722 11.62 321,784 9.80 Shares settled (235,398) 10.54 (557,053) 10.96 Shares forfeited (31,129) 11.07 (86,082) 10.67 End of the period balance 713,194 $ 10.90 834,008 $ 10.56

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2020
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, cash equivalents and restricted cash, 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 September 30, 2020: Financial assets: Cash, cash equivalents and restricted cash $ 214,066 $ 214,066 $ 214,066 $ — $ — Debt securities: Available for sale 623,499 623,499 — 623,499 — Held to maturity 7,990 8,393 — 8,393 — Equity securities 12,070 12,070 — 12,070 — Loans receivable, net 6,102,438 6,158,846 — — 6,158,846 Accrued interest receivable 19,894 19,894 3 1,083 18,808 FHLB stock 29,612 N/A N/A N/A N/A Financial liabilities: Deposits $ 5,276,680 $ 5,310,264 $ 1,938,466 $ 3,371,798 $ — FHLB advances 961,747 1,003,764 — 1,003,764 — Junior subordinated deferrable interest debentures 61,857 55,751 — 55,751 — Senior debt 94,509 102,783 — 102,783 — Accrued interest payable 1,254 1,254 — 1,254 — Interest rate swaps 10,834 10,834 — 10,834 — As of December 31, 2019: Financial assets: Cash, cash equivalents and restricted cash $ 91,325 $ 91,325 $ 91,325 $ — $ — 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 1,156 1,156 — 1,156 — 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 746 746 — 746 — 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 September 30, 2020 and December 31, 2019. 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 September 30, 2020: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 235,840 $ — $ 235,840 $ — Commercial MBS and CMOs 372,279 — 372,279 — Agency bonds 15,380 — 15,380 — Total available for sale debt securities $ 623,499 $ — $ 623,499 $ — Equity securities $ 12,070 $ — $ 12,070 $ — Mortgage servicing rights 1,850 — — 1,850 Financial Liabilities: Interest rate swaps 10,834 — 10,834 — 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 1,156 — 1,156 — Financial Liabilities: Interest rate swap 746 — 746 — There were no transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2020 or 2019. 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 September 30, 2020 Impaired loans: Single family residential $ 858 $ — $ — $ 858 December 31, 2019 Impaired loans: Single family residential $ 790 $ — $ — $ 790 As of September 30, 2020, an impaired loan of $1.6 million was adjusted to a fair value of $858 thousand by recording a charge-off of $722 thousand during the first quarter of 2020. At December 31, 2019, this same loan totaled $1.6 million and was adjusted to a fair value of $790 thousand by recording an allowance for loan losses of $790 thousand. The fair value of impaired, collateral dependent loans is estimated at the fair value of the underlying collateral, less estimated selling costs. These loans are categorized as Level 3 due to ongoing real estate market conditions which may require the use of unobservable inputs and assumptions in fair value measurements.

VARIABLE INTEREST ENTITIES (VIE

VARIABLE INTEREST ENTITIES (VIE)	9 Months Ended
	Sep. 30, 2020
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 $959 thousand and $1.0 million as of September 30, 2020 and December 31, 2019, 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. As of September 30, 2020, four loans with an

LOAN SALE AND SECURITIZATION AC

LOAN SALE AND SECURITIZATION ACTIVITIES	9 Months Ended
	Sep. 30, 2020
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 $626.0 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 the Bank's capital were to fall below this threshold, Freddie Mac would have the authority to terminate and assume the Bank’s sub-servicing duties. At September 30, 2020, the Bank’s net worth was $751.3 million which equates to its Tier 1 capital of $741.4 million plus goodwill of $3.3 million and accumulated other comprehensive income related to net unrealized gains on available for sale securities of $6.6 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: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Proceeds from loan sales $ — $ 10,629 $ — $ 62,235 Servicing fees 214 320 730 987 The following table provides information about the loans transferred through sales or securitization and not recorded on the unaudited consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations: (Dollars in thousands) Single Family Residential Multifamily Residential As of September 30, 2020: Principal balance of loans $ 19,928 $ 361,136 Loans 90+ days past due — — Charge-offs, net — — As of December 31, 2019: Principal balance of loans $ 24,146 $ 489,333 Loans 90+ days past due — — Charge-offs, net — —

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
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 rate 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 rate 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 September 30, 2020 and December 31, 2019, the Company had outstanding commitments of approximately $124.1 million and $103.2 million, respectively, for loans. Unfunded loan commitment reserves totaled $78 thousand and $89 thousand at September 30, 2020 and December 31, 2019, respectively. Operating Leases The Company leases various office premises under long-term operating lease agreements. These leases expire between 2021 and 2030, with certain leases containing either three five ten October 1 - December 31, 2020 $ 1,212 2021 4,598 2022 3,668 2023 2,428 2024 1,454 Thereafter 2,658 Total $ 16,018 Rent expense under operating leases was $1.1 million and $3.2 million for the three and nine months ended September 30, 2020, respectively, compared with $1.3 million and $4.0 million for the three and nine months ended September 30, 2019, respectively. Sublease income earned was $185 thousand and $558 thousand for the three and nine months ended September 30, 2020, respectively, compared with $167 thousand and $533 thousand for the three and nine months ended September 30, 2019, 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

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENTOn October 30, 2020, the Board of Directors of the Company authorized the repurchase of up to $20.0 million of the Company’s common stock pursuant to a formal program adopted on that date (the “Plan”). The Plan has been adopted in accordance with guidelines specified by Rule 10b5-1 and under Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and the Company’s Insider Trading Policy. The Plan is effective from November 2, 2020 until December 31, 2021.

NATURE OF OPERATIONS (Policies)

NATURE OF OPERATIONS (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all footnotes as would be necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows for the interim periods presented. These unaudited consolidated financial statements have been prepared on a basis consistent with, and should be read in conjunction with, the audited consolidated financial statements as of and for the year ended December 31, 2019, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (the “SEC”), under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2020.
Use of Estimates	Use of Estimates Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the unaudited consolidated financial statements and the disclosures provided, and actual results could differ. The estimates utilized to determine the appropriate allowance for loan losses at September 30, 2020 may be materially different from actual results due to the COVID-19 pandemic. See Note 2 to the unaudited consolidated financial statements for additional information regarding the COVID-19 pandemic.
Reclassifications	Reclassifications Certain prior balances in the unaudited consolidated financial statements have been reclassified to
Earnings Per Share	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 period. 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.
Derivatives	The gain or loss on the 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.
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, cash equivalents and restricted cash, 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.

NATURE OF OPERATIONS (Tables)

NATURE OF OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	(Dollars in thousands, except share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income $ 14,317 $ 12,736 $ 31,211 $ 36,404 Weighted average basic common shares outstanding 52,001,097 55,654,429 53,359,460 56,094,285 Add: Dilutive effects of assumed vesting of restricted stock 156,106 273,104 118,309 219,587 Weighted average diluted common shares outstanding 52,157,203 55,927,533 53,477,769 56,313,872 Income per common share: Basic EPS $ 0.28 $ 0.23 $ 0.58 $ 0.65 Diluted EPS $ 0.27 $ 0.23 $ 0.58 $ 0.65 Anti-dilutive shares not included in calculation of diluted earnings per share 26 4,398 17,623 4,381

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Debt 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 September 30, 2020: Government and Government Sponsored Entities: Residential mortgage backed securities ('MBS") and collateralized mortgage obligations ("CMOs") $ 231,925 $ 3,977 $ (62) $ 235,840 Commercial MBS and CMOs 366,948 6,224 (893) 372,279 Agency bonds 15,367 58 (45) 15,380 Total available for sale debt securities $ 614,240 $ 10,259 $ (1,000) $ 623,499 At December 31, 2019: Government and Government Sponsored Entities: Residential MBS and 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 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: September 30, 2020 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 $ 15,931 $ (59) $ 4,620 $ (3) $ 20,551 $ (62) Commercial MBS and CMOs 122,166 (428) 59,258 (465) 181,424 (893) Agency bonds 12,323 (45) — — 12,323 (45) Total available for sale debt securities $ 150,420 $ (532) $ 63,878 $ (468) $ 214,298 $ (1,000) 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)
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 September 30, 2020: Government Sponsored Entities: Residential MBS $ 7,912 $ 403 $ — $ 8,315 Other investments 78 — — 78 Total held to maturity investment securities $ 7,990 $ 403 $ — $ 8,393 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 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)
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 September 30, 2020: September 30, 2020 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 3,491 $ 3,483 Beyond ten years 11,876 11,897 MBS and CMOs 598,873 608,119 Total available for sale debt securities $ 614,240 $ 623,499 Held to maturity investments securities Beyond ten years $ 78 $ 78 MBS 7,912 8,315 Total held to maturity debt securities $ 7,990 $ 8,393

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Loans Receivable	Loans consist of the following: (Dollars in thousands) September 30, December 31, Permanent mortgages on: Multifamily residential $ 4,086,059 $ 3,985,981 Single family residential 1,839,156 2,021,320 Commercial real estate 203,920 203,134 Construction and land loans 19,266 20,442 Non-Mortgage (‘‘NM’’) loans 100 100 Total 6,148,501 6,230,977 Allowance for loan losses (46,063) (36,001) Loans held for investment, net $ 6,102,438 $ 6,194,976
Schedule Allowance for Loan Losses	The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total Three months ended September 30, 2020 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 30,837 $ 11,628 $ 3,305 $ 215 $ 45,985 Provision for (reversal of) loan losses 836 (1,014) 247 (69) — Charge-offs — — — — — Recoveries — 3 — 75 78 Ending balance allocated to portfolio segments $ 31,673 $ 10,617 $ 3,552 $ 221 $ 46,063 Three months ended September 30, 2019 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 22,745 $ 9,439 $ 2,412 $ 625 $ 35,221 Provision for (reversal of) loan losses 408 (415) 115 (608) (500) Charge-offs — — — — — Recoveries — 2 — 200 202 Ending balance allocated to portfolio segments $ 23,153 $ 9,026 $ 2,527 $ 217 $ 34,923 Nine months ended September 30, 2020 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 23,372 $ 10,076 $ 2,341 $ 212 $ 36,001 Provision for (reversal of) loan losses 8,301 1,254 1,211 (216) 10,550 Charge-offs — (722) — — (722) Recoveries — 9 — 225 234 Ending balance allocated to portfolio segments $ 31,673 $ 10,617 $ 3,552 $ 221 $ 46,063 Nine months ended September 30, 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 1,827 (1,108) 86 (555) 250 Charge-offs — — — — — Recoveries — 9 — 350 359 Ending balance allocated to portfolio segments $ 23,153 $ 9,026 $ 2,527 $ 217 $ 34,923 The following table summarizes the allocation of the allowance for loan losses by impairment methodology: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of September 30, 2020: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 31,673 10,592 3,552 221 46,038 Ending balance $ 31,673 $ 10,617 $ 3,552 $ 221 $ 46,063 Loans: Ending balance: individually evaluated for impairment $ 528 $ 5,575 $ — $ — $ 6,103 Ending balance: collectively evaluated for impairment 4,085,531 1,833,581 203,920 19,366 6,142,398 Ending balance $ 4,086,059 $ 1,839,156 $ 203,920 $ 19,366 $ 6,148,501 As of December 31, 2019: 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
Schedule of Loan Portfolio by Internal Risk Indicators	The following table summarizes the loan portfolio allocated by management’s internal risk ratings at September 30, 2020 and December 31, 2019. The increase in Watch risk rated loans during the nine months ended September 30, 2020 was attributable to the Company's loan modification program in connection with the COVID-19 pandemic. Watch risk rated loans modified as a result of COVID-19 may remain in the Watch category longer than the typical 90 to 120 day period due to the unusual nature of the loan accommodations provided during the pandemic. See Note 2 for further discussion regarding COVID-19. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of September 30, 2020: Grade: Pass $ 3,795,037 $ 1,650,400 $ 137,824 $ 19,366 $ 5,602,627 Watch 263,250 172,167 62,470 — 497,887 Special mention 19,155 11,522 3,626 — 34,303 Substandard 8,617 5,067 — — 13,684 Doubtful — — — — — Total $ 4,086,059 $ 1,839,156 $ 203,920 $ 19,366 $ 6,148,501 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
Schedule or Past Due Loans Receivable	The following table summarizes an aging analysis of the loan portfolio by the time past due at September 30, 2020 and December 31, 2019: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of September 30, 2020: Loans: Multifamily residential $ — $ — $ — $ 528 $ 4,085,531 $ 4,086,059 Single family residential 2,473 — — 4,303 1,832,380 1,839,156 Commercial real estate — — — — 203,920 203,920 Land, construction and NM — — — — 19,366 19,366 Total $ 2,473 $ — $ — $ 4,831 $ 6,141,197 $ 6,148,501 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
Schedule of Impaired Loans Receivables	The following table summarizes information related to impaired loans at September 30, 2020 and December 31, 2019: As of September 30, 2020 As of December 31, 2019 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Multifamily residential $ 528 $ 605 $ — $ 541 $ 618 $ — Single family residential 4,689 5,723 — 4,588 4,915 — 5,217 6,328 — 5,129 5,533 — With an allowance recorded: Single family residential 886 882 25 2,509 2,484 815 886 882 25 2,509 2,484 815 Total: Multifamily residential 528 605 — 541 618 — Single family residential 5,575 6,605 25 7,097 7,399 815 $ 6,103 $ 7,210 $ 25 $ 7,638 $ 8,017 $ 815 The following tables summarize information related to impaired loans for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 2019 (Dollars in thousands) Average Recorded Investment Interest Income Cash Basis Interest Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 530 $ 8 $ 8 $ 7,121 $ 9 $ 9 Single family residential 4,724 18 14 7,397 48 18 5,254 26 22 14,518 57 27 With an allowance recorded: Single family residential 890 10 — 919 12 — 890 10 — 919 12 — Total: Multifamily residential 530 8 8 7,121 9 9 Single family residential 5,614 28 14 8,316 60 18 $ 6,144 $ 36 $ 22 $ 15,437 $ 69 $ 27 Nine Months Ended September 30, 2020 2019 (Dollars in thousands) Average Recorded Investment Interest Income Cash Basis Interest Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 535 $ 25 $ 25 $ 3,182 $ 21 $ 21 Single family residential 4,757 62 48 5,408 143 43 5,292 87 73 8,590 164 64 With an allowance recorded: Single family residential 1,377 30 — 1,145 36 — 1,377 30 — 1,145 36 — Total: Multifamily residential 535 25 25 3,182 21 21 Single family residential 6,134 92 48 6,553 179 43 $ 6,669 $ 117 $ 73 $ 9,735 $ 200 $ 64
Schedule of Troubled Debt Restructurings	The following table summarizes the recorded investment related to TDRs at September 30, 2020 and December 31, 2019: (Dollars in thousands) September 30, December 31, Troubled debt restructurings: Single family residential $ 3,937 $ 1,305 (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled debt restructurings: Single family residential 2 $ 2,672 $ 2,672

NONPERFORMING ASSETS (Tables)

NONPERFORMING ASSETS (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Nonperforming Assets	The Company’s nonperforming assets at September 30, 2020 and December 31, 2019 are indicated below: (Dollars in thousands) September 30, December 31, Non-accrual loans: Multifamily residential $ 528 $ 541 Single family residential 4,303 5,792 Total non-accrual loans 4,831 6,333 Real estate owned — — Total nonperforming assets $ 4,831 $ 6,333

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	9 Months Ended
	Sep. 30, 2020
Transfers and Servicing [Abstract]
Schedule of Mortgage Loans Serviced for Others	The principal balances of these loans are as follows: (Dollars in thousands) September 30, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 274,331 $ 379,339 Other financial institutions 106,733 134,140 Total mortgage loans serviced for others $ 381,064 $ 513,479
Schedule of Changes in Servicing Assets	Activities for mortgage servicing rights are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Beginning balance $ 2,028 $ 3,172 $ 2,657 $ 3,463 Additions — — — 155 Disposals — — — — Change in fair value due to changes in assumptions — — — — Other changes in fair value (178) (206) (807) (652) Ending balance $ 1,850 $ 2,966 $ 1,850 $ 2,966

DEPOSITS (Tables)

DEPOSITS (Tables)	9 Months Ended
	Sep. 30, 2020
Deposits [Abstract]
Schedule of Deposits	A summary of deposits at September 30, 2020 and December 31, 2019 is as follows: (Dollars in thousands) September 30, December 31, Time deposits $ 3,153,215 $ 3,526,688 Money market savings 1,589,428 1,330,585 Interest-bearing demand 369,056 222,509 Money market checking 86,208 111,338 Noninterest-bearing demand 78,773 43,597 Total $ 5,276,680 $ 5,234,717
Schedule of Certificate Account Maturities	Maturities of the Company’s time deposits at September 30, 2020 are summarized as follows (dollars in thousands): October 1 - December 31, 2020 $ 414,864 2021 2,522,508 2022 196,717 2023 6,802 2024 5,511 Thereafter 6,813 Total $ 3,153,215

FEDERAL HOME LOAN BANK AND FE_2

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES (Tables)	9 Months Ended
	Sep. 30, 2020
Advances from Federal Home Loan Banks [Abstract]
Schedule of FHLB Advances	The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: Outstanding Balances As of September 30, 2020 (Dollars in thousands) September 30, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate short-term $ — $ 1,500 — % — % — % N/A Fixed rate long-term 961,747 977,202 0.00 % 7.33 % 2.19 % November 2020 to March 2030 $ 961,747 $ 978,702 The following table summarizes principal payments on FHLB advances over the next five years as of September 30, 2020 (dollars in thousands): October 1 - December 31, 2020 $ 5,000 2021 355,100 2022 100,000 2023 400,000 2024 — Thereafter 101,647 $ 961,747

JUNIOR SUBORDINATED DEFERRABL_2

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Outstanding Trust Securities	The following table is a summary of the outstanding Trust Securities and Notes at September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) Luther Burbank Statutory Trust I $ 41,238 1.63 % $ 41,238 3.27 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 1.87 % $ 20,619 3.51 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT (Tables)

SENIOR DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes information on these notes as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 491 $ 95,000 $ 584 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2020
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 unaudited consolidated statement of income for the three and nine months ended September 30, 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Derivative - interest rate swaps: Interest income $ (3,437) $ 1,400 $ (7,383) $ 1,514 Hedged items - loans: Interest income (16) 6 40 5 Net effect on interest income $ (3,453) $ 1,406 $ (7,343) $ 1,519
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 unaudited consolidated statements of financial condition as of September 30, 2020 and 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: As of September 30, 2020: Interest Rate Swaps $ 1,000,000 Prepaid Expenses and Other Assets $ — Other Liabilities and Accrued Expenses $ 10,834 As of December 31, 2019: Interest Rate Swaps $ 1,000,000 Prepaid Expenses and Other Assets $ 1,156 Other Liabilities and Accrued Expenses $ 746
Schedule of Amounts Recorded on the Balance Sheet Related to Cumulative Adjustments on Fair Value Hedges	As of September 30, 2020 and December 31, 2019, the following amounts were recorded in the unaudited consolidated statements of financial condition related to cumulative basis adjustments for its fair value hedges. Line Item in the Consolidated Statements 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) As of September 30, 2020: Loans receivable, net (1) $ 1,010,879 $ 10,879 As of December 31, 2019: Loans receivable, net (1) $ 999,595 $ (405)

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes share information about RSAs and RSUs: Nine Months Ended September 30, 2020 2019 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 717,999 $ 10.53 1,155,359 $ 10.97 Shares granted 261,722 11.62 321,784 9.80 Shares settled (235,398) 10.54 (557,053) 10.96 Shares forfeited (31,129) 11.07 (86,082) 10.67 End of the period balance 713,194 $ 10.90 834,008 $ 10.56

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020: Financial assets: Cash, cash equivalents and restricted cash $ 214,066 $ 214,066 $ 214,066 $ — $ — Debt securities: Available for sale 623,499 623,499 — 623,499 — Held to maturity 7,990 8,393 — 8,393 — Equity securities 12,070 12,070 — 12,070 — Loans receivable, net 6,102,438 6,158,846 — — 6,158,846 Accrued interest receivable 19,894 19,894 3 1,083 18,808 FHLB stock 29,612 N/A N/A N/A N/A Financial liabilities: Deposits $ 5,276,680 $ 5,310,264 $ 1,938,466 $ 3,371,798 $ — FHLB advances 961,747 1,003,764 — 1,003,764 — Junior subordinated deferrable interest debentures 61,857 55,751 — 55,751 — Senior debt 94,509 102,783 — 102,783 — Accrued interest payable 1,254 1,254 — 1,254 — Interest rate swaps 10,834 10,834 — 10,834 — As of December 31, 2019: Financial assets: Cash, cash equivalents and restricted cash $ 91,325 $ 91,325 $ 91,325 $ — $ — 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 1,156 1,156 — 1,156 — 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 746 746 — 746 —
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 September 30, 2020: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 235,840 $ — $ 235,840 $ — Commercial MBS and CMOs 372,279 — 372,279 — Agency bonds 15,380 — 15,380 — Total available for sale debt securities $ 623,499 $ — $ 623,499 $ — Equity securities $ 12,070 $ — $ 12,070 $ — Mortgage servicing rights 1,850 — — 1,850 Financial Liabilities: Interest rate swaps 10,834 — 10,834 — 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 1,156 — 1,156 — Financial Liabilities: Interest rate swap 746 — 746 —
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 September 30, 2020: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 235,840 $ — $ 235,840 $ — Commercial MBS and CMOs 372,279 — 372,279 — Agency bonds 15,380 — 15,380 — Total available for sale debt securities $ 623,499 $ — $ 623,499 $ — Equity securities $ 12,070 $ — $ 12,070 $ — Mortgage servicing rights 1,850 — — 1,850 Financial Liabilities: Interest rate swaps 10,834 — 10,834 — 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 1,156 — 1,156 — Financial Liabilities: Interest rate swap 746 — 746 —
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 September 30, 2020 Impaired loans: Single family residential $ 858 $ — $ — $ 858 December 31, 2019 Impaired loans: Single family residential $ 790 $ — $ — $ 790

LOAN SALE AND SECURITIZATION _2

LOAN SALE AND SECURITIZATION ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Transfers and Servicing [Abstract]
Schedule of Cash Flows From Loan Sale Activities	The following table provides cash flows associated with the Company's loan sale activities: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Proceeds from loan sales $ — $ 10,629 $ — $ 62,235 Servicing fees 214 320 730 987
Schedule of Loans Transfered Through Sale or Securitization	The following table provides information about the loans transferred through sales or securitization and not recorded on the unaudited consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations: (Dollars in thousands) Single Family Residential Multifamily Residential As of September 30, 2020: Principal balance of loans $ 19,928 $ 361,136 Loans 90+ days past due — — Charge-offs, net — — As of December 31, 2019: Principal balance of loans $ 24,146 $ 489,333 Loans 90+ days past due — — Charge-offs, net — —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Maturities	At September 30, 2020, minimum commitments under these non-cancellable leases before considering renewal options are (dollars in thousands): October 1 - December 31, 2020 $ 1,212 2021 4,598 2022 3,668 2023 2,428 2024 1,454 Thereafter 2,658 Total $ 16,018

NATURE OF OPERATIONS - Narrativ

NATURE OF OPERATIONS - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)officebranch	Sep. 30, 2020USD ($)officebranch
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Qualified Affordable Housing Project Investments, Commitment	$ 4,800	$ 4,800
Amortization Method Qualified Affordable Housing Project Investments	1,600	1,600
Qualified Affordable Housing Project Investments, Unfunded Commitment	3,300	3,300
Amortization Method Qualified Affordable Housing Project Investments, Amortization	21	21
Affordable Housing Tax Credits and Other Tax Benefits, Amount	$ (28)	$ (28)
Sonoma, Marin, Santa Clara, and Los Angeles Counties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of full service branches | branch	10	10
King County, Washington
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of full service branches | branch	1	1
California
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of loan production offices | office	7	7

NATURE OF OPERATIONS - Earnings

NATURE OF OPERATIONS - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Net income	$ 14,317	$ 12,736	$ 31,211	$ 36,404
Weighted average common shares outstanding - basic (in shares)	52,001,097	55,654,429	53,359,460	56,094,285
Add: Dilutive effects of assumed vesting of restricted stock (in shares)	156,106	273,104	118,309	219,587
Weighted average common shares outstanding - diluted (in shares)	52,157,203	55,927,533	53,477,769	56,313,872
Basic earnings per common share (in usd per share)	$ 0.28	$ 0.23	$ 0.58	$ 0.65
Diluted earnings per common share (in usd per share)	$ 0.27	$ 0.23	$ 0.58	$ 0.65
Anti-dilutive shares not included in calculation of diluted earnings per share (in shares)	26	4,398	17,623	4,381

COVID-19 (Details)

COVID-19 (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)loan
Unusual or Infrequent Item, or Both [Line Items]
Financing receivable, approved modifications, number of loans | loan		0	2	0
Provision for (reversal of) loan losses	$ 0	$ (500)	$ 10,550	$ 250
COVID-19
Unusual or Infrequent Item, or Both [Line Items]
Financing receivable, approved modifications, number of loans | loan			269
Financing receivable, approved modifications, percent	6.50%		6.50%
Financing receivable, modifications, returned to payment status, number of loans | loan	222		222
Financing receivable, modifications, returned to payment status, amount	$ 322,100		$ 322,100
Financing receivable, modifications, paid off, number of loans | loan	15		15
Financing receivable, modifications, paid off, amount	$ 24,000		$ 24,000
Provision for (reversal of) loan losses			10,200
Financing receivable, modifications, amount	$ 397,500		$ 397,500

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 614,240	$ 623,037
Gross Unrealized Gains	10,259	3,666
Gross Unrealized Losses	(1,000)	(1,629)
Estimated Fair Value	623,499	625,074
Fair Value
Less than 12 Months	150,420	169,044
12 Months or More	63,878	199,494
Total	214,298	368,538
Unrealized Losses
Less than 12 Months	(532)	(606)
12 Months or More	(468)	(1,023)
Total	(1,000)	(1,629)
Residential mortgage backed securities ('MBS") and collateralized mortgage obligations ("CMOs")
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	231,925	145,333
Gross Unrealized Gains	3,977	340
Gross Unrealized Losses	(62)	(481)
Estimated Fair Value	235,840	145,192
Fair Value
Less than 12 Months	15,931	43,623
12 Months or More	4,620	54,870
Total	20,551	98,493
Unrealized Losses
Less than 12 Months	(59)	(181)
12 Months or More	(3)	(300)
Total	(62)	(481)
Commercial MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	366,948	353,727
Gross Unrealized Gains	6,224	3,267
Gross Unrealized Losses	(893)	(825)
Estimated Fair Value	372,279	356,169
Fair Value
Less than 12 Months	122,166	95,950
12 Months or More	59,258	57,219
Total	181,424	153,169
Unrealized Losses
Less than 12 Months	(428)	(339)
12 Months or More	(465)	(486)
Total	(893)	(825)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,367	123,977
Gross Unrealized Gains	58	59
Gross Unrealized Losses	(45)	(323)
Estimated Fair Value	15,380	123,713
Fair Value
Less than 12 Months	12,323	29,471
12 Months or More	0	87,405
Total	12,323	116,876
Unrealized Losses
Less than 12 Months	(45)	(86)
12 Months or More	0	(237)
Total	$ (45)	$ (323)

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details)		3 Months Ended		9 Months Ended
		Sep. 30, 2020USD ($)security	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)security	Sep. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)security	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, realized gain | $		$ 0	$ 0	$ 0	$ 0
Debt securities, available-for-sale, realized loss | $		0	0	0	0
Equity securities, at fair value | $		12,070,000		12,070,000			$ 11,782,000
Cumulative effect of change in accounting principal | $		$ 608,833,000	605,372,000	$ 608,833,000	605,372,000	$ 596,682,000	$ 614,464,000	$ 597,467,000	$ 581,145,000
Cumulative Effect, Period of Adoption, Adjustment
Debt Securities, Available-for-sale [Line Items]
Cumulative effect of change in accounting principal | $	[1]								0
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions | security		86		86			76
Debt securities, available-for-sale, unrealized loss position, number of positions | security		13		13			45
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions | security		6		6			25
Held-to-maturity securities, number of positions | security		7		7			7
Held-to-maturity securities, unrealized loss position, number of positions | security		0		0
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, number of positions | security							2
Commercial MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions | security		46		46			42
Debt securities, available-for-sale, unrealized loss position, number of positions | security		22		22			19
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions | security		9		9			8
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions | security		3		3			15
Debt securities, available-for-sale, unrealized loss position, number of positions | security		2		2			12
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions | security		0		0			9
CRA Qualified Investment Fund
Debt Securities, Available-for-sale [Line Items]
Equity securities, at fair value | $		$ 12,100,000		$ 12,100,000			$ 11,800,000
Changes in fair value recognized in other noninterest income | $		0	89,000	288,000	399,000
Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities
Debt Securities, Available-for-sale [Line Items]
Unrealized gain on available-for-sale investment securities tax liability | $		2,700,000		2,700,000			593,000
Cumulative effect of change in accounting principal | $		6,571,000	1,967,000	6,571,000	1,967,000	6,566,000	1,444,000	1,128,000	(4,935,000)
Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities | Cumulative Effect, Period of Adoption, Adjustment
Debt Securities, Available-for-sale [Line Items]
Cumulative effect of change in accounting principal | $	[1]								399,000
Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Cumulative effect of change in accounting principal | $		$ 187,147,000	$ 156,016,000	$ 187,147,000	$ 156,016,000	$ 175,852,000	$ 165,236,000	$ 146,514,000	129,806,000
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Debt Securities, Available-for-sale [Line Items]
Cumulative effect of change in accounting principal | $	[1]								$ (399,000)
[1]	Represents the impact of adopting Accounting Standards Update ("ASU") 2016-01. See Note 3 to the unaudited consolidated financial statements for further information.

INVESTMENT SECURITIES - Held-to

INVESTMENT SECURITIES - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 7,990	$ 10,170
Gross Unrecognized Gains	403	205
Gross Unrecognized Losses	0	(26)
Estimated Fair Value	8,393	10,349
Residential MBS
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	7,912	10,087
Gross Unrecognized Gains	403	205
Gross Unrecognized Losses	0	(26)
Estimated Fair Value	8,315	10,266
Fair Value
Less than 12 Months		0
12 Months or More		2,253
Total		2,253
Unrecognized Losses
Less than 12 Months		0
12 Months or More		(26)
Total		(26)
Other investments
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	78	83
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	0	0
Estimated Fair Value	$ 78	$ 83

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amortized Cost
Five to ten years	$ 3,491
Beyond ten years	11,876
Amortized Cost	614,240	$ 623,037
Fair Value
Five to ten years	3,483
Beyond ten years	11,897
Fair Value	623,499	625,074
Amortized Cost
Held-to-maturity investment securities beyond ten years	78
Amortized Cost	7,990	10,170
Fair Value
Beyond ten years	78
Total held to maturity debt securities	8,393	$ 10,349
MBS and CMOs
Amortized Cost
MBS and CMOs	598,873
Fair Value
MBS and CMOs	608,119
MBS
Amortized Cost
MBS	7,912
Fair Value
MBS	$ 8,315

LOANS - Loans Receivable (Detai

LOANS - Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 6,148,501		$ 6,230,977
Allowance for loan losses	(46,063)	$ (45,985)	(36,001)	$ (34,923)	$ (35,221)	$ (34,314)
Loans held for investment, net	6,102,438		6,194,976
Multifamily residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,086,059		3,985,981
Allowance for loan losses	(31,673)	(30,837)	(23,372)	(23,153)	(22,745)	(21,326)
Multifamily residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,086,059		3,985,981
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	1,839,156		2,021,320
Allowance for loan losses	(10,617)	(11,628)	(10,076)	(9,026)	(9,439)	(10,125)
Single family residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	1,839,156		2,021,320
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	203,920		203,134
Allowance for loan losses	(3,552)	(3,305)	(2,341)	(2,527)	(2,412)	(2,441)
Commercial real estate | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	203,920		203,134
Construction and land loans | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	19,266		20,442
Land, Construction and NM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	19,366		20,542
Allowance for loan losses	(221)	$ (215)	(212)	$ (217)	$ (625)	$ (422)
Land, Construction and NM | Non-Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 100		$ 100

LOANS - Allowance for Loan Loss

LOANS - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	$ 45,985	$ 35,221	$ 36,001	$ 34,314
Provision for (reversal of) loan losses	0	(500)	10,550	250
Charge-offs	0	0	(722)	0
Recoveries	78	202	234	359
Ending balance allocated to portfolio segments	46,063	34,923	46,063	34,923
Ending allowance balance allocated to:
Loans individually evaluated for impairment					$ 25	$ 815
Loans collectively evaluated for impairment					46,038	35,186
Ending balance	46,063	34,923	46,063	34,314	46,063	36,001
Loans:
Ending balance: individually evaluated for impairment					6,103	7,638
Ending balance: collectively evaluated for impairment					6,142,398	6,223,339
Ending balance					6,148,501	6,230,977
Multifamily residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	30,837	22,745	23,372	21,326
Provision for (reversal of) loan losses	836	408	8,301	1,827
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance allocated to portfolio segments	31,673	23,153	31,673	23,153
Ending allowance balance allocated to:
Loans individually evaluated for impairment					0	0
Loans collectively evaluated for impairment					31,673	23,372
Ending balance	31,673	23,153	23,372	21,326	31,673	23,372
Loans:
Ending balance: individually evaluated for impairment					528	541
Ending balance: collectively evaluated for impairment					4,085,531	3,985,440
Ending balance					4,086,059	3,985,981
Single family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	11,628	9,439	10,076	10,125
Provision for (reversal of) loan losses	(1,014)	(415)	1,254	(1,108)
Charge-offs	0	0	(722)	0
Recoveries	3	2	9	9
Ending balance allocated to portfolio segments	10,617	9,026	10,617	9,026
Ending allowance balance allocated to:
Loans individually evaluated for impairment					25	815
Loans collectively evaluated for impairment					10,592	9,261
Ending balance	10,617	9,026	10,076	9,026	10,617	10,076
Loans:
Ending balance: individually evaluated for impairment					5,575	7,097
Ending balance: collectively evaluated for impairment					1,833,581	2,014,223
Ending balance					1,839,156	2,021,320
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	3,305	2,412	2,341	2,441
Provision for (reversal of) loan losses	247	115	1,211	86
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance allocated to portfolio segments	3,552	2,527	3,552	2,527
Ending allowance balance allocated to:
Loans individually evaluated for impairment					0	0
Loans collectively evaluated for impairment					3,552	2,341
Ending balance	3,552	2,527	2,341	2,527	3,552	2,341
Loans:
Ending balance: individually evaluated for impairment					0	0
Ending balance: collectively evaluated for impairment					203,920	203,134
Ending balance					203,920	203,134
Land, Construction and NM
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	215	625	212	422
Provision for (reversal of) loan losses	(69)	(608)	(216)	(555)
Charge-offs	0	0	0	0
Recoveries	75	200	225	350
Ending balance allocated to portfolio segments	221	217	221	217
Ending allowance balance allocated to:
Loans individually evaluated for impairment					0	0
Loans collectively evaluated for impairment					221	212
Ending balance	$ 221	$ 217	$ 221	$ 217	221	212
Loans:
Ending balance: individually evaluated for impairment					0	0
Ending balance: collectively evaluated for impairment					19,366	20,542
Ending balance					$ 19,366	$ 20,542

LOANS - Portfolio Allocated by

LOANS - Portfolio Allocated by Internal Risk Ratings (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	$ 6,148,501	$ 6,230,977
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	5,602,627	6,119,022
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	497,887	66,504
Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	34,303	33,343
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	13,684	10,508
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	1,600
Multifamily residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	4,086,059	3,985,981
Multifamily residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	3,795,037	3,917,264
Multifamily residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	263,250	47,309
Multifamily residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	19,155	19,708
Multifamily residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	8,617	1,700
Multifamily residential | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	0
Single family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,839,156	2,021,320
Single family residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,650,400	1,980,845
Single family residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	172,167	16,432
Single family residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	11,522	13,635
Single family residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	5,067	8,808
Single family residential | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	1,600
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	203,920	203,134
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	137,824	200,371
Commercial real estate | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	62,470	2,763
Commercial real estate | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	3,626	0
Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	0
Commercial real estate | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	0
Land, Construction and NM
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	19,366	20,542
Land, Construction and NM | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	19,366	20,542
Land, Construction and NM | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	0
Land, Construction and NM | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	0
Land, Construction and NM | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	0
Land, Construction and NM | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	$ 0	$ 0

LOANS - Aging Analysis (Details

LOANS - Aging Analysis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Non-accrual	$ 4,831	$ 6,333
Current	6,141,197	6,218,506
Ending balance	6,148,501	6,230,977
30 Days
Financing Receivable, Past Due [Line Items]
Past due	2,473	5,448
60 Days
Financing Receivable, Past Due [Line Items]
Past due	0	690
90+ Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Multifamily residential
Financing Receivable, Past Due [Line Items]
Non-accrual	528	541
Current	4,085,531	3,984,029
Ending balance	4,086,059	3,985,981
Multifamily residential | 30 Days
Financing Receivable, Past Due [Line Items]
Past due	0	1,411
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	4,303	5,792
Current	1,832,380	2,010,801
Ending balance	1,839,156	2,021,320
Single family residential | 30 Days
Financing Receivable, Past Due [Line Items]
Past due	2,473	4,037
Single family residential | 60 Days
Financing Receivable, Past Due [Line Items]
Past due	0	690
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	203,920	203,134
Ending balance	203,920	203,134
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	19,366	20,542
Ending balance	19,366	20,542
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	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Recorded Investment
With no related allowance recorded	$ 5,217		$ 5,217		$ 5,129
With an allowance recorded	886		886		2,509
Total	6,103		6,103		7,638
Unpaid Principal Balance
With no related allowance recorded	6,328		6,328		5,533
With an allowance recorded	882		882		2,484
Total	7,210		7,210		8,017
Related Allowance	25		25		815
Average Recorded Investment
With no related allowance recorded	5,254	$ 14,518	5,292	$ 8,590
With an allowance recorded	890	919	1,377	1,145
Total	6,144	15,437	6,669	9,735
Interest Income
With no related allowance recorded	26	57	87	164
With an allowance recorded	10	12	30	36
Total	36	69	117	200
Cash Basis Interest
With no related allowance recorded	22	27	73	64
With an allowance recorded	0	0	0	0
Total	22	27	73	64
Multifamily residential
Recorded Investment
With no related allowance recorded	528		528		541
Total	528		528		541
Unpaid Principal Balance
With no related allowance recorded	605		605		618
Total	605		605		618
Related Allowance	0		0		0
Average Recorded Investment
With no related allowance recorded	530	7,121	535	3,182
Total	530	7,121	535	3,182
Interest Income
With no related allowance recorded	8	9	25	21
Total	8	9	25	21
Cash Basis Interest
With no related allowance recorded	8	9	25	21
Total	8	9	25	21
Single family residential
Recorded Investment
With no related allowance recorded	4,689		4,689		4,588
With an allowance recorded	886		886		2,509
Total	5,575		5,575		7,097
Unpaid Principal Balance
With no related allowance recorded	5,723		5,723		4,915
With an allowance recorded	882		882		2,484
Total	6,605		6,605		7,399
Related Allowance	25		25		$ 815
Average Recorded Investment
With no related allowance recorded	4,724	7,397	4,757	5,408
With an allowance recorded	890	919	1,377	1,145
Total	5,614	8,316	6,134	6,553
Interest Income
With no related allowance recorded	18	48	62	143
With an allowance recorded	10	12	30	36
Total	28	60	92	179
Cash Basis Interest
With no related allowance recorded	14	18	48	43
With an allowance recorded	0	0	0	0
Total	$ 14	$ 18	$ 48	$ 43

LOANS - Troubled Debt Restructu

LOANS - Troubled Debt Restructurings (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)loan	Sep. 30, 2019loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2019loan	Dec. 31, 2019USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | loan		0	2	0
Pre-Modification Outstanding Recorded Investment			$ 2,672,000
Post-Modification Outstanding Recorded Investment			$ 2,672,000
Modifications, suspension of loan payments, term			6 months
Allowance for credit loss, increase from troubled debt restructuring	$ 0		$ 0
Impaired, troubled debt restructuring, write-down	$ 0		$ 0
Subsequent default, number of loans | loan	0	0	0	0
Single family residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	$ 3,937,000		$ 3,937,000		$ 1,305,000
Related allowance	$ 25,000		$ 25,000		$ 25,000

NONPERFORMING ASSETS (Details)

NONPERFORMING ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 4,831		$ 4,831		$ 6,333
Real estate owned	0		0		0
Total nonperforming assets	4,831		4,831		6,333
Interest income recognized on non-accrual loans	22	$ 27	73	$ 64
Contractual interest not accrued during the quarter	47	$ 133	137	$ 189
Multifamily residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	528		528		541
Single family residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 4,303		$ 4,303		$ 5,792

MORTGAGE SERVICING RIGHTS - Mor

MORTGAGE SERVICING RIGHTS - Mortgage Loans Serviced for Others (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 381,064	$ 513,479
Federal Home Loan Mortgage Corporation ("Freddie Mac")
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	274,331	379,339
Other financial institutions
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 106,733	$ 134,140

MORTGAGE SERVICING RIGHTS - Nar

MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2020
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	$ 7.2
Discount rate used to calculate fair value of MSRs	10.00%	10.00%
Default rate used to calculate fair value of MSRs	5.00%	5.00%
Minimum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Prepayment speed rate used to calculate fair value of MSRs	9.30%	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	64.60%	58.70%
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	33.10%	22.80%

MORTGAGE SERVICING RIGHTS - M_2

MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 2,028	$ 3,172	$ 2,657	$ 3,463
Additions	0	0	0	155
Disposals	0	0	0	0
Change in fair value due to changes in assumptions	0	0	0	0
Other changes in fair value	(178)	(206)	(807)	(652)
Ending balance	$ 1,850	$ 2,966	$ 1,850	$ 2,966

DEPOSITS - Deposits (Details)

DEPOSITS - Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deposits, by Type [Abstract]
Time deposits	$ 3,153,215	$ 3,526,688
Money market savings	1,589,428	1,330,585
Interest-bearing demand	369,056	222,509
Money market checking	86,208	111,338
Noninterest-bearing demand	78,773	43,597
Deposits	$ 5,276,680	$ 5,234,717

DEPOSITS - Narrative (Details)

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Deposits [Abstract]
Certificates of deposit with a denomination of $100,000 or More	$ 2,600	$ 2,600
Certificates of deposit that meet or exceed FDIC insurance limit	1,400	1,400
Brokered deposits	$ 95	$ 416

DEPOSITS - Maturities (Details)

DEPOSITS - Maturities (Details) $ in Thousands	Sep. 30, 2020USD ($)
Maturities of Time Deposits, Twelve months ending March 31,
October 1 - December 31, 2020	$ 414,864
2021	2,522,508
2022	196,717
2023	6,802
2024	5,511
Thereafter	6,813
Time Deposits	$ 3,153,215

FEDERAL HOME LOAN BANK AND FE_3

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Short-term Debt [Line Items]
FHLB advances, maximum percentage of assets	40.00%		40.00%
Borrowing capacity based on pledged loans to the FRB and FHLB	$ 877,400,000		$ 877,400,000		$ 1,100,000,000
Loans available to be pledged as collateral	2,000,000,000		2,000,000,000		2,400,000,000
Maximum short-term debt outstanding during period		$ 28,100,000	77,800,000	$ 209,800,000
Average short-term debt outstanding during period	0	$ 1,800,000	$ 9,200,000	$ 65,200,000
Weighted average interest rate		2.44%	1.45%	2.57%
FHLB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	2,300,000,000		$ 2,300,000,000		2,200,000,000
Letters of credit pledged as collateral	62,600,000		62,600,000		62,600,000
FRB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	443,300,000		443,300,000		447,400,000
Borrowings outstanding	$ 0		$ 0		$ 0

FEDERAL HOME LOAN BANK AND FE_4

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - FHLB Advances (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 961,747	$ 978,702
FHLB of San Francisco
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	961,747	978,702
FHLB of San Francisco | Fixed rate short-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 0	1,500
FHLB of San Francisco | Fixed rate short-term | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.00%
FHLB of San Francisco | Fixed rate short-term | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.00%
FHLB of San Francisco | Fixed rate short-term | Weighted Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.00%
FHLB of San Francisco | Fixed rate long-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 961,747	$ 977,202
FHLB of San Francisco | Fixed rate long-term | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.00%
FHLB of San Francisco | Fixed rate long-term | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	7.33%
FHLB of San Francisco | Fixed rate long-term | Weighted Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.19%

FEDERAL HOME LOAN BANK AND FE_5

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Schedule of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
Outstanding advances from FHLB	$ 961,747	$ 978,702
FHLB of San Francisco
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
October 1 - December 31, 2020	5,000
2021	355,100
2022	100,000
2023	400,000
2024	0
Thereafter	101,647
Outstanding advances from FHLB	$ 961,747	$ 978,702

JUNIOR SUBORDINATED DEFERRABL_3

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)trust
Investment Holdings [Line Items]
Number of wholly-owned trust companies | trust	2
Trusts
Investment Holdings [Line Items]
Investment in common securities | $	$ 1.9
Trust Preferred Securities Subject to Mandatory Redemption | Trusts
Investment Holdings [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	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
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	1.63%	3.27%
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	1.87%	3.51%
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 ($)	Sep. 30, 2020	Dec. 31, 2019	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) - Senior Unsecured Term Notes, September 2014 - Senior Unsecured Term Notes - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2014
Debt Instrument [Line Items]
Principal	$ 95,000,000	$ 95,000,000	$ 95,000,000
Unamortized Debt Issuance Costs	$ 491,000	$ 584,000
Fixed Interest Rate	6.50%

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2020USD ($)	Mar. 31, 2020	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)agreement
Derivative [Line Items]
Cumulative amount of last-of-layer fair value hedging basis adjustments	$ 10,900,000			$ 10,900,000		$ (405,000)
Carrying amount of the last-of-layer hedged assets	1,000,000,000			1,000,000,000		999,600,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Closed portfolio loans used in hedging relationship	2,200,000,000			2,200,000,000		2,500,000,000
Cumulative amount of last-of-layer fair value hedging basis adjustments	10,879,000			10,879,000		$ (405,000)
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Number of agreements entered into | agreement						2
Term of contract		2 years
Notional amounts	1,000,000,000			1,000,000,000		$ 1,000,000,000
Net effect on interest income	(3,453,000)		$ 1,406,000	(7,343,000)	$ 1,519,000
Carrying amount of the last-of-layer hedged assets	1,010,879,000			1,010,879,000		999,595,000
Cash collateral	$ 11,900,000			$ 11,900,000		$ 2,800,000

DERIVATIVES AND HEDGING ACTIV_4

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 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net effect on interest income	$ (3,453)	$ 1,406	$ (7,343)	$ 1,519
Interest Income on Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative - interest rate swap, interest income	(3,437)	1,400	(7,383)	1,514
Hedged items - loans, interest income	$ (16)	$ 6	$ 40	$ 5

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Balance Sheet (Details) - Interest Rate Swap - Designated as Hedging Instrument - Fair Value Hedging - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,000,000,000	$ 1,000,000,000
Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	0	1,156,000
Other Liabilities and Accrued Expenses
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 10,834,000	$ 746,000

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Amounts Recorded on the Balance Sheet Related to Cumulative Adjustments on Fair Value Hedges (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 1,000,000	$ 999,600
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	10,900	(405)
Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	10,879	(405)
Interest Rate Swap | Designated as Hedging Instrument | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 1,010,879	$ 999,595

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended			9 Months Ended
	Dec. 31, 2017	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for new awards (in shares)		3,360,000			3,360,000
Common stock available for grant (in shares)		2,100,714			2,100,714		2,332,775
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock-based compensation expense		$ 926,000		$ 697,000	$ 2,700,000	$ 2,200,000
Fair value of awards vested		0		$ 0	2,500,000	$ 5,700,000
Unrecognized compensation expense		$ 3,500,000			$ 3,500,000		$ 3,500,000
Restricted stock awards or units granted (in shares)		572,197			572,197		582,940
Period of recognition for unrecognized compensation expense			1 year 7 months 9 days		1 year 9 months 10 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested (in shares)		140,997			140,997		135,059
Forfeited (in shares)					1,468	14,041
Non-employee directors | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Minimum | Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Maximum | Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years

STOCK BASED COMPENSATION - Awar

STOCK BASED COMPENSATION - Awards Activity (Details) - RSUs and RSAs - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Number of Shares
Beginning of the period balance (in shares)	717,999	1,155,359
Shares granted (in shares)	261,722	321,784
Shares settled (in shares)	(235,398)	(557,053)
Shares forfeited (in shares)	(31,129)	(86,082)
End of the period balance (in shares)	713,194	834,008
Weighted Average Grant Date Fair Value
Beginning of the period balance (in usd per share)	$ 10.53	$ 10.97
Shares granted (in usd per share)	11.62	9.80
Shares settled (in usd per share)	10.54	10.96
Shares forfeited (in usd per share)	11.07	10.67
End of the period balance (in usd per share)	$ 10.90	$ 10.56

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt securities:
Available for sale debt securities, at fair value	$ 623,499	$ 625,074
Held to maturity	8,393	10,349
Equity securities	12,070	11,782
Carrying Amount
Financial assets:
Cash, cash equivalents and restricted cash	214,066	91,325
Debt securities:
Available for sale debt securities, at fair value	623,499	625,074
Held to maturity	7,990	10,170
Equity securities	12,070	11,782
Loans receivable, net	6,102,438	6,194,976
Accrued interest receivable	19,894	20,814
FHLB stock	29,612	30,342
Interest rate swaps		1,156
Financial liabilities:
Deposits	5,276,680	5,234,717
FHLB advances	961,747	978,702
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt	94,509	94,416
Accrued interest payable	1,254	2,901
Interest rate swaps	10,834	746
Fair Value
Financial assets:
Cash, cash equivalents and restricted cash	214,066	91,325
Debt securities:
Available for sale debt securities, at fair value	623,499	625,074
Held to maturity	8,393	10,349
Equity securities	12,070	11,782
Loans receivable, net	6,158,846	6,346,496
Accrued interest receivable	19,894	20,814
Interest rate swaps		1,156
Financial liabilities:
Deposits	5,310,264	5,253,511
FHLB advances	1,003,764	996,860
Junior subordinated deferrable interest debentures	55,751	59,272
Senior debt	102,783	99,806
Accrued interest payable	1,254	2,901
Interest rate swaps	10,834	746
Fair Value | Level 1
Financial assets:
Cash, cash equivalents and restricted cash	214,066	91,325
Debt securities:
Available for sale debt securities, at fair value	0	0
Held to maturity	0	0
Equity securities	0	0
Loans receivable, net	0	0
Accrued interest receivable	3	26
Interest rate swaps		0
Financial liabilities:
Deposits	1,938,466	1,558,029
FHLB advances	0	0
Junior subordinated deferrable interest debentures	0	0
Senior debt	0	0
Accrued interest payable	0	0
Interest rate swaps	0	0
Fair Value | Level 2
Financial assets:
Cash, cash equivalents and restricted cash	0	0
Debt securities:
Available for sale debt securities, at fair value	623,499	625,074
Held to maturity	8,393	10,349
Equity securities	12,070	11,782
Loans receivable, net	0	0
Accrued interest receivable	1,083	1,685
Interest rate swaps		1,156
Financial liabilities:
Deposits	3,371,798	3,695,482
FHLB advances	1,003,764	996,860
Junior subordinated deferrable interest debentures	55,751	59,272
Senior debt	102,783	99,806
Accrued interest payable	1,254	2,901
Interest rate swaps	10,834	746
Fair Value | Level 3
Financial assets:
Cash, cash equivalents and restricted cash	0	0
Debt securities:
Available for sale debt securities, at fair value	0	0
Held to maturity	0	0
Equity securities	0	0
Loans receivable, net	6,158,846	6,346,496
Accrued interest receivable	18,808	19,103
Interest rate swaps		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 swaps	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Financial assets:
Available for sale debt securities, at fair value	$ 623,499		$ 625,074
Equity securities	12,070		11,782
Mortgage servicing rights	1,850	$ 2,028	2,657	$ 2,966	$ 3,172	$ 3,463
Financial liabilities:
Impaired loans	886		2,509
With no related allowance recorded	5,217		5,129
Residential MBS
Financial assets:
Available for sale debt securities, at fair value	235,840		145,192
Commercial MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	372,279		356,169
Agency bonds
Financial assets:
Available for sale debt securities, at fair value	15,380		123,713
Fair Value
Financial assets:
Available for sale debt securities, at fair value	623,499		625,074
Equity securities	12,070		11,782
Interest rate swaps			1,156
Financial liabilities:
Interest rate swaps	10,834		746
Fair Value | Level 1
Financial assets:
Available for sale debt securities, at fair value	0		0
Equity securities	0		0
Interest rate swaps			0
Financial liabilities:
Interest rate swaps	0		0
Fair Value | Level 2
Financial assets:
Available for sale debt securities, at fair value	623,499		625,074
Equity securities	12,070		11,782
Interest rate swaps			1,156
Financial liabilities:
Interest rate swaps	10,834		746
Fair Value | Level 3
Financial assets:
Available for sale debt securities, at fair value	0		0
Equity securities	0		0
Interest rate swaps			0
Financial liabilities:
Interest rate swaps	0		0
Fair Value | Recurring Basis
Financial assets:
Available for sale debt securities, at fair value	623,499		625,074
Equity securities	12,070		11,782
Mortgage servicing rights	1,850		2,657
Interest rate swaps			1,156
Financial liabilities:
Interest rate swaps	10,834		746
Fair Value | Recurring Basis | Level 1
Financial assets:
Available for sale debt securities, at fair value	0		0
Equity securities	0		0
Mortgage servicing rights	0		0
Interest rate swaps			0
Financial liabilities:
Interest rate swaps	0		0
Fair Value | Recurring Basis | Level 2
Financial assets:
Available for sale debt securities, at fair value	623,499		625,074
Equity securities	12,070		11,782
Mortgage servicing rights	0		0
Interest rate swaps			1,156
Financial liabilities:
Interest rate swaps	10,834		746
Fair Value | Recurring Basis | Level 3
Financial assets:
Available for sale debt securities, at fair value	0		0
Equity securities	0		0
Mortgage servicing rights	1,850		2,657
Interest rate swaps			0
Financial liabilities:
Interest rate swaps	0		0
Fair Value | Recurring Basis | Residential MBS
Financial assets:
Available for sale debt securities, at fair value	235,840		145,192
Fair Value | Recurring Basis | Residential MBS | Level 1
Financial assets:
Available for sale debt securities, at fair value	0		0
Fair Value | Recurring Basis | Residential MBS | Level 2
Financial assets:
Available for sale debt securities, at fair value	235,840		145,192
Fair Value | Recurring Basis | Residential MBS | Level 3
Financial assets:
Available for sale debt securities, at fair value	0		0
Fair Value | Recurring Basis | Commercial MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	372,279		356,169
Fair Value | Recurring Basis | Commercial MBS and CMOs | Level 1
Financial assets:
Available for sale debt securities, at fair value	0		0
Fair Value | Recurring Basis | Commercial MBS and CMOs | Level 2
Financial assets:
Available for sale debt securities, at fair value	372,279		356,169
Fair Value | Recurring Basis | Commercial MBS and CMOs | Level 3
Financial assets:
Available for sale debt securities, at fair value	0		0
Fair Value | Recurring Basis | Agency bonds
Financial assets:
Available for sale debt securities, at fair value	15,380		123,713
Fair Value | Recurring Basis | Agency bonds | Level 1
Financial assets:
Available for sale debt securities, at fair value	0		0
Fair Value | Recurring Basis | Agency bonds | Level 2
Financial assets:
Available for sale debt securities, at fair value	15,380		123,713
Fair Value | Recurring Basis | Agency bonds | Level 3
Financial assets:
Available for sale debt securities, at fair value	0		0
Single family residential
Financial liabilities:
Impaired loans	886		2,509
With no related allowance recorded	4,689		4,588
Single family residential | Permanent mortgages
Financial liabilities:
Impaired loans			1,600
With no related allowance recorded	1,600
Single family residential | Permanent mortgages | Nonrecurring Basis | Level 1
Financial liabilities:
Impaired loans			0
With no related allowance recorded	0
Single family residential | Permanent mortgages | Nonrecurring Basis | Level 2
Financial liabilities:
Impaired loans			0
With no related allowance recorded	0
Single family residential | Permanent mortgages | Nonrecurring Basis | Level 3
Financial liabilities:
Impaired loans			790
With no related allowance recorded	858
Single family residential | Permanent mortgages | Fair Value | Nonrecurring Basis
Financial liabilities:
Impaired loans			$ 790
With no related allowance recorded	$ 858

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	$ 886		$ 886		$ 2,509
Related allowance	25		25		815
With no related allowance recorded	5,217		5,217		5,129
Financing Receivable, Allowance for Credit Loss, Writeoff	0	$ 0	722	$ 0
Single family residential
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	886		886		2,509
Related allowance	25		25		815
With no related allowance recorded	4,689		4,689		4,588
Financing Receivable, Allowance for Credit Loss, Writeoff	0	$ 0	722	$ 0
Single family residential | Permanent mortgages
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans					1,600
With no related allowance recorded	1,600		1,600
Level 3 | Single family residential | Permanent mortgages | Nonrecurring Basis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans					790
Related allowance					$ 790
With no related allowance recorded	$ 858		858
Financing Receivable, Allowance for Credit Loss, Writeoff			$ 722

VARIABLE INTEREST ENTITIES (V_2

VARIABLE INTEREST ENTITIES (VIE) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2019loan	Dec. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Liabilities		$ 6,462,830		$ 6,431,364
Financing receivable, approved modifications, number of loans | loan	0	2	0
COVID-19
Variable Interest Entity [Line Items]
Financing receivable, approved modifications, number of loans | loan		269
Financing receivable, modifications, amount		$ 397,500
Financing receivable, approved modifications, percent		6.50%
Financing receivable, modifications, returned to payment status, number of loans | loan		222
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum loss exposure as a percentage of original principal amount		10.00%
Maximum loss exposure		$ 62,600
Liabilities		959		$ 1,000
Variable Interest Entity, Not Primary Beneficiary | COVID-19
Variable Interest Entity [Line Items]
Financing receivable, modifications, amount		$ 5,600
Financing receivable, approved modifications, percent		2.20%
Financing receivable, modifications, returned to payment status, number of loans | loan		4

LOAN SALE AND SECURITIZATION _3

LOAN SALE AND SECURITIZATION ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	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	751,300
Tier 1 Leverage Ratio	741,400
Goodwill	3,297	$ 3,297
Accumulated other comprehensive income, net of taxes	$ 6,571	$ 1,444
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	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Transfers and Servicing [Abstract]
Proceeds from loan sales	$ 0	$ 10,629	$ 0	$ 62,235
Servicing fees	$ 214	$ 320	$ 730	$ 987

LOAN SALE AND SECURITIZATION _5

LOAN SALE AND SECURITIZATION ACTIVITIES - Loans Transferred Through Loans or Securitization (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
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		$ 19,928	$ 24,146
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		361,136	489,333
Loans 90+ days past due		0	$ 0
Charge-offs, net	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating Leased Assets [Line Items]
Rent expense for operating leases	$ 1,100	$ 1,300	$ 3,200	$ 4,000
Sublease income	185	$ 167	558	$ 533
Cash balances held at other institutions that exceed FDIC insured limits	26,600		26,600		$ 25,700
Restricted cash	$ 11,900		$ 11,900		2,800
Operating Lease Arrangement Type One
Operating Leased Assets [Line Items]
Renewal term	3 years		3 years
Operating Lease Arrangement Type Two
Operating Leased Assets [Line Items]
Renewal term	5 years		5 years
Operating Lease Arrangement Type Three
Operating Leased Assets [Line Items]
Renewal term	10 years		10 years
Commitments to Extend Credit
Operating Leased Assets [Line Items]
Real estate loan funding commitments	$ 124,100		$ 124,100		103,200
Unfunded Loan Commitment
Operating Leased Assets [Line Items]
Reserve recorded on real estate loan funding commitments	$ 78		$ 78		$ 89

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Operating Lease Maturities (Details) $ in Thousands	Sep. 30, 2020USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
October 1 - December 31, 2020	$ 1,212
2021	4,598
2022	3,668
2023	2,428
2024	1,454
Thereafter	2,658
Total	$ 16,018

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details)	Oct. 30, 2020USD ($)
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 20,000,000

Uncategorized Items - lbc-20200

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201601Member