Luther Burbank (LBC) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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)		52,213,697
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	2021
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash, cash equivalents and restricted cash	$ 81,641	$ 178,861
Available for sale debt securities, at fair value	639,682	593,734
Held to maturity debt securities, at amortized cost (fair value of $5,991 and $7,870 at March 31, 2021 and December 31, 2020, respectively)	5,684	7,467
Equity securities, at fair value	11,826	12,037
Loans receivable, net of allowance for loan losses of $43,766 and $46,214 at March 31, 2021 and December 31, 2020, respectively	6,227,590	6,003,602
Accrued interest receivable	19,181	18,795
Federal Home Loan Bank ("FHLB") stock, at cost	25,122	25,122
Premises and equipment, net	17,674	18,226
Goodwill	3,297	3,297
Prepaid expenses and other assets	47,277	44,963
Total assets	7,078,974	6,906,104
Liabilities:
Deposits	5,391,908	5,264,329
FHLB advances	840,947	806,747
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 $430 and $461 at March 31, 2021 and December 31, 2020, respectively)	94,570	94,539
Accrued interest payable	734	1,388
Other liabilities and accrued expenses	64,989	63,553
Total liabilities	6,455,005	6,292,413
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, no par value; 5,000,000 shares authorized; none issued and outstanding at March 31, 2021 and December 31, 2020, respectively	0	0
Common stock, no par value; 100,000,000 shares authorized; 52,231,912 and 52,220,266 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	411,702	414,120
Retained earnings	208,236	192,834
Accumulated other comprehensive income, net of taxes	4,031	6,737
Total stockholders' equity	623,969	613,691
Total liabilities and stockholders' equity	$ 7,078,974	$ 6,906,104

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fair value of held-to-maturity securities	$ 5,991,000	$ 7,870,000
Allowance for loan losses	$ 43,766,000	$ 46,214,000
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)	52,231,912	52,220,266
Common stock shares outstanding (in shares)	52,231,912	52,220,266
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	$ 430,000	$ 461,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest and fee income:
Loans	$ 54,058	$ 60,705
Investment securities	1,982	3,303
Cash, cash equivalents and restricted cash	51	317
Total interest and fee income	56,091	64,325
Interest expense:
Deposits	11,606	24,581
FHLB advances	3,933	5,558
Junior subordinated deferrable interest debentures	258	493
Senior debt	1,575	1,578
Total interest expense	17,372	32,210
Net interest income before provision for loan losses	38,719	32,115
(Reversal of) provision for loan losses	(2,500)	5,300
Net interest income after provision for loan losses	41,219	26,815
Noninterest income:
FHLB dividends	367	535
Other income	(58)	263
Total noninterest income	309	798
Noninterest expense:
Compensation and related benefits	10,380	11,205
Deposit insurance premium	472	476
Professional and regulatory fees	484	431
Occupancy	1,215	1,140
Depreciation and amortization	655	669
Data processing	973	967
Marketing	292	875
Other expenses	933	1,096
Total noninterest expense	15,404	16,859
Income before provision for income taxes	26,124	10,754
Provision for income taxes	7,713	3,178
Net income	$ 18,411	$ 7,576
Basic earnings per common share (in usd per share)	$ 0.35	$ 0.14
Diluted earnings per common share (in usd per share)	0.35	0.14
Dividends per common share (in usd per share)	$ 0.06	$ 0.06

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 18,411	$ 7,576
Unrealized (loss) gain on available for sale debt securities:
Unrealized holding (loss) gain arising during the period	(3,815)	1,051
Tax effect	1,109	(305)
Total other comprehensive (loss) income, net of tax	(2,706)	746
Comprehensive income	$ 15,705	$ 8,322

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities
Beginning balance (shares) at Dec. 31, 2019		55,999,754
Beginning balance at Dec. 31, 2019	$ 614,464	$ 447,784	$ 165,236	$ 1,444
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,576		7,576
Other comprehensive income	746			746
Issuance of restricted stock awards (in shares)		250,118
Settled restricted stock units (in shares)		70,220
Shares withheld to pay taxes on stock based compensation (in shares)		(53,824)
Shares withheld to pay taxes on stock based compensation	(563)	$ (563)
Restricted stock forfeitures (in shares)		(17,408)
Restricted stock forfeitures	(2)	$ (8)	6
Stock based compensation expense	911	$ 911
Shares repurchased (in shares)		(1,962,395)
Shares repurchased	(16,546)	$ (16,546)
Cash dividends	(3,246)		(3,246)
Ending balance (shares) at Mar. 31, 2020		54,286,465
Ending balance at Mar. 31, 2020	603,340	$ 431,578	169,572	2,190
Beginning balance (shares) at Dec. 31, 2020		52,220,266
Beginning balance at Dec. 31, 2020	613,691	$ 414,120	192,834	6,737
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,411		18,411
Other comprehensive income	(2,706)			(2,706)
Issuance of restricted stock awards (in shares)		283,078
Settled restricted stock units (in shares)		68,873
Shares withheld to pay taxes on stock based compensation (in shares)		(85,825)
Shares withheld to pay taxes on stock based compensation	(901)	$ (901)
Restricted stock forfeitures (in shares)		(52,798)
Restricted stock forfeitures	(54)	$ (67)	13
Stock based compensation expense	651	$ 651
Shares repurchased (in shares)		(201,682)
Shares repurchased	(2,101)	$ (2,101)
Cash dividends	(3,022)		(3,022)
Ending balance (shares) at Mar. 31, 2021		52,231,912
Ending balance at Mar. 31, 2021	$ 623,969	$ 411,702	$ 208,236	$ 4,031

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in usd per share)	$ 0.06	$ 0.06

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 18,411	$ 7,576
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	655	669
(Reversal of) provision for loan losses	(2,500)	5,300
Amortization of deferred loan costs, net	4,626	3,725
Amortization of premiums on investment securities, net	657	487
Stock based compensation expense, net of forfeitures	584	903
Change in fair value of mortgage servicing rights	171	395
Change in fair value of equity securities	211	(188)
Other items, net	55	(40)
Effect of changes in:
Accrued interest receivable	(386)	(9)
Accrued interest payable	(654)	(266)
Prepaid expenses and other assets	1,773	(1,332)
Other liabilities and accrued expenses	1,800	(1,423)
Net cash provided by operating activities	25,403	15,797
Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of available for sale debt securities	39,735	92,128
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities	1,741	416
Purchases of available for sale debt securities	(90,113)	(107,942)
Net decrease in loans receivable	(57,275)	(46,956)
Purchase of loans	(286,917)	(20,507)
Redemption of FHLB stock, net	0	730
Purchase of premises and equipment	(112)	(957)
Net cash (used in) provided by investing activities	(278,391)	10,824
Cash flows from financing activities:
Net increase in deposits	127,579	50,659
Proceeds from long-term FHLB advances	0	126,500
Repayment of long-term FHLB advances	(100,000)	(150,008)
Proceeds from Other Short-term Debt	134,200
Net change in short-term FHLB advances		(1,500)
Shares withheld for taxes on vested restricted stock	(901)	(563)
Shares repurchased	(2,101)	(16,546)
Cash paid for dividends	(3,009)	(3,240)
Net cash provided by financing activities	155,768	5,302
(Decrease) increase in cash, cash equivalents and restricted cash	(97,220)	31,923
Cash, cash equivalents and restricted cash, beginning of period	178,861	91,325
Cash, cash equivalents and restricted cash, end of period	81,641	123,248
Supplemental disclosure of cash flow information: Cash paid during the period for:
Interest	18,026	32,476
Income taxes	$ 8	$ 410

NATURE OF OPERATIONS

NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2021
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, 2020, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 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 months ended March 31, 2021 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, 2021. 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. 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 March 31, 2021 2020 Net income $ 18,411 $ 7,576 Weighted average basic common shares outstanding 51,982,731 55,611,827 Add: Dilutive effects of assumed vesting of restricted stock 115,507 113,271 Weighted average diluted common shares outstanding 52,098,238 55,725,098 Income per common share: Basic EPS $ 0.35 $ 0.14 Diluted EPS $ 0.35 $ 0.14 Anti-dilutive shares not included in calculation of diluted earnings per share 3,695 17,313

INVESTMENT SECURITIES

INVESTMENT SECURITIES	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021: Government and Government Sponsored Entities: Residential mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 188,387 $ 2,062 $ (861) $ 189,588 Commercial MBS and CMOs 402,037 5,570 (1,078) 406,529 Agency bonds 13,239 67 (42) 13,264 Other asset backed securities ("ABS") 30,340 24 (63) 30,301 Total available for sale debt securities $ 634,003 $ 7,723 $ (2,044) $ 639,682 At December 31, 2020: Government and Government Sponsored Entities: Residential MBS and CMOs $ 213,279 $ 3,459 $ (14) $ 216,724 Commercial MBS and CMOs 355,963 6,337 (312) 361,988 Agency bonds 14,998 69 (45) 15,022 Total available for sale debt securities $ 584,240 $ 9,865 $ (371) $ 593,734 Net unrealized gains on available for sale investment securities are recorded as accumulated other comprehensive income within stockholders’ equity and totaled $4.0 million and $6.7 million, net of $1.6 million and $2.8 million in tax liabilities, at March 31, 2021 and December 31, 2020, 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 months ended March 31, 2021 or 2020. 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: March 31, 2021 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 $ 50,339 $ (856) $ 543 $ (5) $ 50,882 $ (861) Commercial MBS and CMOs 98,047 (853) 22,565 (225) 120,612 (1,078) Agency bonds 3,228 (8) 7,011 (34) 10,239 (42) Other ABS 14,623 (63) — — 14,623 (63) Total available for sale debt securities $ 166,237 $ (1,780) $ 30,119 $ (264) $ 196,356 $ (2,044) At March 31, 2021, the Company held 86 residential MBS and CMOs of which ten were in a loss position and six had been in a loss position for twelve months or more. The Company held 50 commercial MBS and CMOs of which 14 were in a loss position and five 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 one had been in a loss position for twelve months or more. The Company held three other ABS of which one was in a loss position and none had been in a loss position for twelve months or more. December 31, 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 $ 14,193 $ (12) $ 4,248 $ (2) $ 18,441 $ (14) Commercial MBS and CMOs 33,986 (37) 37,194 (275) 71,180 (312) Agency bonds 3,331 (8) 8,667 (37) 11,998 (45) Total available for sale debt securities $ 51,510 $ (57) $ 50,109 $ (314) $ 101,619 $ (371) At December 31, 2020, the Company held 86 residential MBS and CMOs of which 11 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 ten were in a loss position and six 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 one 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 March 31, 2021 or December 31, 2020. As of March 31, 2021 and December 31, 2020, 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 March 31, 2021: Government Sponsored Entities: Residential MBS $ 5,610 $ 307 $ — $ 5,917 Other investments 74 — — 74 Total held to maturity investment securities $ 5,684 $ 307 $ — $ 5,991 As of December 31, 2020: Government Sponsored Entities: Residential MBS $ 7,391 $ 403 $ — $ 7,794 Other investments 76 — — 76 Total held to maturity investment securities $ 7,467 $ 403 $ — $ 7,870 At both March 31, 2021 and December 31, 2020, the Company held seven held to maturity residential MBS of which none were in a loss position. The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of March 31, 2021: March 31, 2021 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 10,239 $ 10,196 Beyond ten years 3,000 3,068 MBS, CMOs and other ABS 620,764 626,418 Total available for sale debt securities $ 634,003 $ 639,682 Held to maturity investments securities Beyond ten years $ 74 $ 74 MBS 5,610 5,917 Total held to maturity debt securities $ 5,684 $ 5,991 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, collateralized mortgage obligations and other asset backed securities are not included in the maturity categories above and instead are shown separately. No securities were pledged as of March 31, 2021 or December 31, 2020. Equity Securities Equity securities consist of investments in a qualified community reinvestment fund. At March 31, 2021 and December 31, 2020, the fair value of equity securities totaled $11.8 million and $12.0 million, respectively. Changes in fair value are recognized in other noninterest income. During the three months ended March 31, 2021, the fair value of these investments decreased $211 thousand compared to an increase in fair value of $188 thousand during the three months ended March 31, 2020. There were no sales of equity securities during the three months ended March 31, 2021 or 2020.

LOANS

LOANS	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
LOANS	LOANS Loans consist of the following: (Dollars in thousands) March 31, December 31, Permanent mortgages on: Multifamily residential $ 4,109,991 $ 4,100,831 Single family residential 1,939,411 1,723,953 Commercial real estate 199,497 202,871 Construction and land loans 22,357 22,061 Non-Mortgage (‘‘NM’’) loans 100 100 Total 6,271,356 6,049,816 Allowance for loan losses (43,766) (46,214) Loans held for investment, net $ 6,227,590 $ 6,003,602 Certain loans have been pledged to secure borrowing arrangements (see Note 7). During the three months ended March 31, 2021, the Company purchased a pool of performing, fixed rate single family residential loans. The pool had an aggregate principal balance of $287.8 million and contained loans with a weighted average interest rate and maturity of 2.31% and 26.4 years, respectively. 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 March 31, 2021 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 (Reversal of) provision for loan losses (2,421) 442 (476) (45) (2,500) Charge-offs — — — — — Recoveries — 2 — 50 52 Ending balance allocated to portfolio segments $ 30,838 $ 9,816 $ 2,871 $ 241 $ 43,766 Three months ended March 31, 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 3,936 1,069 336 (41) 5,300 Charge-offs — (722) — — (722) Recoveries — 3 — 75 78 Ending balance allocated to portfolio segments $ 27,308 $ 10,426 $ 2,677 $ 246 $ 40,657 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 March 31, 2021: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 30,838 9,791 2,871 241 43,741 Ending balance $ 30,838 $ 9,816 $ 2,871 $ 241 $ 43,766 Loans: Ending balance: individually evaluated for impairment $ 2,087 $ 5,883 $ — $ — $ 7,970 Ending balance: collectively evaluated for impairment 4,107,904 1,933,528 199,497 22,457 6,263,386 Ending balance $ 4,109,991 $ 1,939,411 $ 199,497 $ 22,457 $ 6,271,356 As of December 31, 2020: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 33,259 9,347 3,347 236 46,189 Ending balance $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 Loans: Ending balance: individually evaluated for impairment $ 522 $ 7,051 $ — $ — $ 7,573 Ending balance: collectively evaluated for impairment 4,100,309 1,716,902 202,871 22,161 6,042,243 Ending balance $ 4,100,831 $ 1,723,953 $ 202,871 $ 22,161 $ 6,049,816 The Company assigns a risk rating to all loans and periodically performs detailed reviews of all 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/or 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 March 31, 2021 and December 31, 2020. The decrease in Watch, Special Mention and Substandard risk rated loans during the three months ended March 31, 2021 was primarily attributable to the diminishing impact of the COVID-19 pandemic on the performance of loans. As of March 31, 2021, only one loan, with a principal balance of $1.7 million, remained on payment deferral under the Company's loan modification program implemented in response to the pandemic. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of March 31, 2021: Grade: Pass $ 3,983,116 $ 1,876,028 $ 178,574 $ 22,457 $ 6,060,175 Watch 100,409 55,721 20,923 — 177,053 Special mention 10,433 2,278 — — 12,711 Substandard 16,033 5,384 — — 21,417 Total $ 4,109,991 $ 1,939,411 $ 199,497 $ 22,457 $ 6,271,356 As of December 31, 2020: Grade: Pass $ 3,883,597 $ 1,624,331 $ 162,615 $ 22,161 $ 5,692,704 Watch 177,483 85,943 36,657 — 300,083 Special mention 19,547 7,132 3,599 — 30,278 Substandard 20,204 6,547 — — 26,751 Total $ 4,100,831 $ 1,723,953 $ 202,871 $ 22,161 $ 6,049,816 The following table summarizes an aging analysis of the loan portfolio by the time past due at March 31, 2021 and December 31, 2020: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of March 31, 2021: Loans: Multifamily residential $ — $ — $ — $ 2,087 $ 4,107,904 $ 4,109,991 Single family residential 5,414 — — 4,636 1,929,361 1,939,411 Commercial real estate — — — — 199,497 199,497 Land, construction and NM — — — — 22,457 22,457 Total $ 5,414 $ — $ — $ 6,723 $ 6,259,219 $ 6,271,356 As of December 31, 2020: Loans: Multifamily residential $ 1,820 $ — $ — $ 522 $ 4,098,489 $ 4,100,831 Single family residential 338 — — 5,791 1,717,824 1,723,953 Commercial real estate 2,683 — — — 200,188 202,871 Land, construction and NM — — — — 22,161 22,161 Total $ 4,841 $ — $ — $ 6,313 $ 6,038,662 $ 6,049,816 The following table summarizes information related to impaired loans at March 31, 2021 and December 31, 2020: As of March 31, 2021 As of December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Multifamily residential $ 2,087 $ 2,153 $ — $ 522 $ 599 $ — Single family residential 5,015 5,366 — 6,174 6,500 — 7,102 7,519 — 6,696 7,099 — With an allowance recorded: Single family residential 868 865 25 877 874 25 868 865 25 877 874 25 Total: Multifamily residential 2,087 2,153 — 522 599 — Single family residential 5,883 6,231 25 7,051 7,374 25 $ 7,970 $ 8,384 $ 25 $ 7,573 $ 7,973 $ 25 The following table summarizes information related to impaired loans for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (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 $ 1,566 $ 5 $ 5 $ 539 $ 8 $ 8 Single family residential 5,790 61 57 4,790 19 14 7,356 66 62 5,329 27 22 With an allowance recorded: Single family residential 871 7 — 2,105 11 — 871 7 — 2,105 11 — Total: Multifamily residential 1,566 5 5 539 8 8 Single family residential 6,661 68 57 6,895 30 14 $ 8,227 $ 73 $ 62 $ 7,434 $ 38 $ 22 The following table summarizes the recorded investment related to troubled debt restructurings ("TDRs") at March 31, 2021 and December 31, 2020: (Dollars in thousands) March 31, December 31, Troubled debt restructurings: Single family residential $ 3,932 $ 3,967 The Company has allocated $25 thousand of its allowance for loan losses for loans modified in TDRs at both March 31, 2021 and December 31, 2020. The Company does not have commitments to lend additional funds to borrowers with loans whose terms have been modified in TDRs. There were no new TDRs during the three months ended March 31, 2021 or 2020. The Company had no TDRs with a subsequent payment default within twelve months following the modification during the three months ended March 31, 2021 and 2020. 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	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
NONPERFORMING ASSETS	NONPERFORMING ASSETS Nonperforming assets include nonperforming loans plus real estate owned. The Company’s nonperforming assets at March 31, 2021 and December 31, 2020 are indicated below: (Dollars in thousands) March 31, December 31, Non-accrual loans: Multifamily residential $ 2,087 $ 522 Single family residential 4,636 5,791 Total non-accrual loans 6,723 6,313 Real estate owned — — Total nonperforming assets $ 6,723 $ 6,313 Interest income on non-accrual loans is subsequently recognized on a cash basis as long as the remaining unpaid principal amount of the loans are deemed to be fully collectible. If there is doubt regarding the collectability of the loan, then any interest payments received are applied to principal. Interest income was recognized on a cash basis on non-accrual loans during the three months ended March 31, 2021 and 2020 totaling $62 thousand and $22 thousand, respectively. Contractual interest not recorded on nonperforming

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	3 Months Ended
	Mar. 31, 2021
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	MORTGAGE SERVICING RIGHTS Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and conducting foreclosure proceedings. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans are as follows: (Dollars in thousands) March 31, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 184,161 $ 216,431 Other financial institutions 91,243 103,325 Total mortgage loans serviced for others $ 275,404 $ 319,756 Custodial account balances maintained in connection with serviced loans totaled $8.9 million and $10.9 million at March 31, 2021 and December 31, 2020, 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 March 31, (Dollars in thousands) 2021 2020 Beginning balance $ 1,599 $ 2,657 Additions — — Disposals — — Changes in fair value due to changes in assumptions — — Other changes in fair value (171) (395) Ending balance $ 1,428 $ 2,262

DEPOSITS

DEPOSITS	3 Months Ended
	Mar. 31, 2021
Deposits [Abstract]
DEPOSITS	DEPOSITS A summary of deposits at March 31, 2021 and December 31, 2020 is as follows: (Dollars in thousands) March 31, December 31, Time deposits $ 3,022,286 $ 3,057,197 Money market savings 1,839,902 1,678,942 Interest-bearing demand 157,620 341,895 Money market checking 273,965 92,956 Noninterest-bearing demand 98,135 93,339 Total $ 5,391,908 $ 5,264,329 The Company had time deposits with a denomination of $100 thousand or more totaling $2.5 billion and $2.6 billion at March 31, 2021 and December 31, 2020, respectively. The Company had time deposits that met or exceeded the FDIC insurance limit of $250 thousand of $1.4 billion at both March 31, 2021 and December 31, 2020. The Company utilizes brokered deposits as an additional source of funding. The Company had brokered deposits of $50.0 million at both March 31, 2021 and December 31, 2020. Maturities of the Company’s time deposits at March 31, 2021 are summarized as follows: (Dollars in thousands) April 1 - December 31, 2021 $ 2,544,258 2022 451,384 2023 12,762 2024 6,078 2025 7,429 Thereafter 375 Total $ 3,022,286

FEDERAL HOME LOAN BANK AND FEDE

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	3 Months Ended
	Mar. 31, 2021
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 both March 31, 2021 and December 31, 2020, the Bank had pledged various mortgage loans totaling approximately $2.4 billion, 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 $557.3 million and $467.8 million as of March 31, 2021 and December 31, 2020, respectively, secure this borrowing arrangement. There were no borrowings outstanding with the FRB as of March 31, 2021 or December 31, 2020. The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: Outstanding Balances As of March 31, 2021 (Dollars in thousands) March 31, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate short-term $ 134,200 $ — 0.09 % 0.14 % 0.14 % April 2021 Fixed rate long-term 706,747 806,747 0.00 % 7.33 % 2.14 % May 2021 to March 2030 $ 840,947 $ 806,747 The Bank's available borrowing capacity based on pledged loans to the FRB and the FHLB totaled $1.1 billion at both March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, the Bank had aggregate loan balances of $2.4 billion and $1.8 billion, respectively, available to pledge to the FRB and FHLB to increase its borrowing capacity. As of March 31, 2021 and December 31, 2020, the Bank pledged as collateral a $62.6 million FHLB letter of credit to Freddie Mac related to our multifamily securitization reimbursement obligation. Short-term borrowings are borrowings with original maturities of 90 days or less. During the three months ended March 31, 2021, there was a maximum amount of short-term borrowings outstanding of $203.6 million and an average amount outstanding of $88.8 million, with a weighted average interest rate of 0.14%. During the three months ended March 31, 2020, there was a maximum amount of short-term borrowings outstanding of $77.8 million and an average amount outstanding of $23.8 million with a weighted average interest rate of 1.66%. The following table summarizes scheduled principal payments on FHLB advances over the next five years as of March 31, 2021: (Dollars in thousands) April 1 - December 31, 2021 $ 389,300 2022 100,000 2023 250,000 2024 — 2025 101,500 Thereafter 147 $ 840,947

JUNIOR SUBORDINATED DEFERRABLE

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	3 Months Ended
	Mar. 31, 2021
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 in the consolidated statements of financial condition. The sole asset of the Trusts are the Notes that they hold. The Trusts have invested the proceeds of such Trust Securities in the Notes. Each of the Notes has an interest rate equal to the corresponding Trust Securities distribution rate. The Company has the right to defer payment of interest on the Notes at any time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the relevant Notes. During any such extension period, distributions on the Trust Securities will also be deferred, and the Company’s ability to pay dividends on its common stock will be restricted. The Company has entered into contractual arrangements which, taken collectively, fully and unconditionally guarantee payment of: (i) accrued and unpaid distributions required to be paid on the Trust Securities; (ii) the redemption price with respect to any Trust Securities called for redemption by the Trusts; and (iii) payments due upon a voluntary or involuntary dissolution, winding up or liquidation of the Trusts. The Trust Securities are mandatorily redeemable upon maturity of the Notes, or upon earlier redemption as provided in the indenture. The Company has the right to redeem the Notes purchased by the Trusts, in whole or in part, on or after the redemption date. As specified in the indenture, if the Notes are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest. The following table is a summary of the outstanding Trust Securities and Notes at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Luther Burbank Statutory Trust I $ 41,238 1.56 % $ 41,238 1.60 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 1.80 % $ 20,619 1.84 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT

SENIOR DEBT	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
SENIOR DEBT	SENIOR DEBTIn 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 March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 430 $ 95,000 $ 461 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021, the Company entered into a two-year interest rate swap with a notional amount of $350.0 million primarily to hedge the incremental interest rate risk related to the purchase of a single family loan pool having a longer fixed rate term than other loans typically in our portfolio. Refer to Note 3 for further discussion regarding this loan purchase. 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, maturing in June and August 2021, that hedge the interest rate risk related to certain hybrid multifamily loans which were in their fixed rate period. These three 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 on loans. For the three months ended March 31, 2021 and 2020, the floating rate amounts recognized related to the net settlement of the interest rate swaps were less than the fixed rate amounts recognized. The following table presents the effect of the Company’s interest rate swaps on the unaudited consolidated statements of income for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, (Dollars in thousands) 2021 2020 Derivative - interest rate swaps: Interest income (loss) $ (3,416) $ (461) Hedged items - loans: Interest income (loss) (15) 71 Net decrease in interest income $ (3,431) $ (390) The following table presents the fair value of the Company’s interest rate swaps, as well as its classification in the consolidated statements of financial condition as of March 31, 2021 and December 31, 2020: 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 March 31, 2021: Interest Rate Swaps $ 1,350,000 Prepaid Expenses and Other Assets $ 127 Other Liabilities and Accrued Expenses $ 3,872 As of December 31, 2020: Interest Rate Swaps $ 1,000,000 Prepaid Expenses and Other Assets $ — Other Liabilities and Accrued Expenses $ 7,258 As of March 31, 2021 and December 31, 2020, the following amounts were recorded in the 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 March 31, 2021: Loans receivable, net (1) $ 1,353,760 $ 3,760 As of December 31, 2020: Loans receivable, net (1) $ 1,007,288 $ 7,288 (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 March 31, 2021 and December 31, 2020, the amortized cost basis of the closed portfolio loans used in these hedging relationships were $2.6 billion and $2.0 billion, respectively; the cumulative basis adjustments associated with these hedging relationships were $3.8 million and $7.3 million, respectively, and the amount of the designated hedged items were $1.4 billion and $1.0 billion, respectively.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2021
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 to employees and nonemployee directors which all vested 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. The Company has made additional RSA grants annually. 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 months ended March 31, 2021 totaled $584 thousand compared with $903 thousand for the three months ended March 31, 2020. The fair value of RSAs and RSUs that vested during the three months ended March 31, 2021 and 2020 totaled $2.4 million and $2.5 million, respectively. As of March 31, 2021 and December 31, 2020, there was $4.4 million and $2.7 million, respectively, of unrecognized compensation expense related to 479,055 and 464,919 unvested RSAs and/or RSUs, respectively, which amounts are expected to be expensed over a weighted average period of 2.09 years and 1.76 years, respectively. As of March 31, 2021 and December 31, 2020, 91,486 and 140,997 shares, respectively, of RSUs were vested and remain unsettled per the original deferral elections. The following table summarizes share information about RSAs and RSUs: Three Months Ended March 31, 2021 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 605,916 $ 10.93 717,999 $ 10.53 Shares granted 283,078 10.07 250,118 11.72 Shares settled (265,655) 11.02 (203,169) 10.53 Shares forfeited (52,798) 10.26 (18,876) 10.73 End of the period balance 570,541 $ 10.52 746,072 $ 10.92

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
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 was estimated to be fair value. The fair value of accrued interest receivable/payable balances were 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, were based on quoted market prices for similar securities. Fair values for equity securities, which consist of investments in a qualified community reinvestment fund, were based on quoted market prices. Loans were valued using the exit price notion. The fair value was 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 was determined utilizing estimates resulting in a Level 3 classification. Impaired loans were 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 was 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 was 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 were based on valuation models using observable market data as of the measurement date. Fair values for fixed-rate time deposits were 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 was assumed to equal the carrying value. The fair value of FHLB advances was estimated based on discounting the future cash flows using the market rate currently offered for similar terms. The fair value of subordinated debentures was based on an indication of value provided by a third-party broker. For senior debt, the fair value was 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 were as follows: Fair Level Measurements Using (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 As of March 31, 2021: Financial assets: Cash, cash equivalents and restricted cash $ 81,641 $ 81,641 $ 81,641 $ — $ — Debt securities: Available for sale 639,682 639,682 — 639,682 — Held to maturity 5,684 5,991 — 5,991 — Equity securities 11,826 11,826 — 11,826 — Loans receivable, net 6,227,590 6,293,778 — — 6,293,778 Accrued interest receivable 19,181 19,181 1 985 18,195 FHLB stock 25,122 N/A N/A N/A N/A Interest rate swap 127 127 — 127 — Financial liabilities: Deposits $ 5,391,908 $ 5,410,785 $ 2,184,623 $ 3,226,162 $ — FHLB advances 840,947 862,213 — 862,213 — Junior subordinated deferrable interest debentures 61,857 61,139 — 61,139 — Senior debt 94,570 109,510 — 109,510 — Accrued interest payable 734 734 — 734 — Interest rate swaps 3,872 3,872 — 3,872 — As of December 31, 2020: Financial assets: Cash, cash equivalents and restricted cash $ 178,861 $ 178,861 $ 178,861 $ — $ — Debt securities: Available for sale 593,734 593,734 — 593,734 — Held to maturity 7,467 7,870 — 7,870 — Equity securities 12,037 12,037 — 12,037 — Loans receivable, net 6,003,602 6,076,994 — — 6,076,994 Accrued interest receivable 18,795 18,795 — 990 17,805 FHLB stock 25,122 N/A N/A N/A N/A Financial liabilities: Deposits $ 5,264,329 $ 5,290,316 $ 2,022,133 $ 3,268,183 $ — FHLB advances 806,747 833,930 — 833,930 — Junior subordinated deferrable interest debentures 61,857 60,526 — 60,526 — Senior debt 94,539 102,096 — 102,096 — Accrued interest payable 1,388 1,388 — 1,388 — Interest rate swaps 7,258 7,258 — 7,258 — 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 March 31, 2021 and December 31, 2020. 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) Fair Value Level 1 Level 2 Level 3 As of March 31, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 189,588 $ — $ 189,588 $ — Commercial MBS and CMOs 406,529 — 406,529 — Agency bonds 13,264 — 13,264 — Other ABS 30,301 — 30,301 — Total available for sale debt securities $ 639,682 $ — $ 639,682 $ — Equity securities $ 11,826 $ — $ 11,826 $ — Mortgage servicing rights 1,428 — — 1,428 Interest rate swap 127 — 127 — Financial Liabilities: Interest rate swaps 3,872 — 3,872 — As of December 31, 2020: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 216,724 $ — $ 216,724 $ — Commercial MBS and CMOs 361,988 — 361,988 — Agency bonds 15,022 — 15,022 — Total available for sale debt securities $ 593,734 $ — $ 593,734 $ — Equity securities $ 12,037 $ — $ 12,037 $ — Mortgage servicing rights 1,599 — — 1,599 Financial Liabilities: Interest rate swaps 7,258 — 7,258 — There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2021 or 2020. 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.

VARIABLE INTEREST ENTITIES (VIE

VARIABLE INTEREST ENTITIES (VIE)	3 Months Ended
	Mar. 31, 2021
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 Company to reimburse Freddie Mac for defaulted contractual principal and interest payments identified after the ultimate resolution of any 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 Company released all servicing obligations and rights to Freddie Mac who was designated as the Master Servicer. As Master Servicer, Freddie Mac appointed the Company 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 Company and Freddie Mac. Freddie Mac, in its capacity as Master Servicer, can terminate the Company 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 Company 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. Hence, the Company determined that the VIE associated with the multifamily securitization should not be included in the consolidated financial statements of the Company.

LOAN SALE AND SECURITIZATION AC

LOAN SALE AND SECURITIZATION ACTIVITIES	3 Months Ended
	Mar. 31, 2021
Transfers and Servicing [Abstract]
LOAN SALE AND SECURITIZATION ACTIVITIES	LOAN SALE AND SECURITIZATION ACTIVITIES The Company periodically sells 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 to date 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 March 31, 2021, the Bank’s net worth was $756.1 million which equates to its Tier 1 capital of $748.8 million plus goodwill of $3.3 million and accumulated other comprehensive income related to net unrealized gains on available for sale securities of $4.0 million. General representations and warranties associated with loan sales and the securitization transaction require the Company 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 Company breaches its representations and warranties, the Company 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 Company 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 Company 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 March 31, (Dollars in thousands) 2021 2020 Proceeds from loan sales $ — $ — Servicing fees 171 270 The following table provides information about the loans transferred through sales or securitization and not recorded in the consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations: (Dollars in thousands) Single Family Residential Multifamily Residential As of March 31, 2021: Principal balance of loans $ 15,800 $ 259,604 Loans 90+ days past due — — Charge-offs, net — — As of December 31, 2020: Principal balance of loans $ 17,423 $ 302,333 Loans 90+ days past due — — Charge-offs, net — —

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
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 is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments to originate loans and lines of credit as it does for on-balance sheet instruments. 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 and lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have expiration dates or other termination clauses. In addition, external market forces may impact the probability of commitments being exercised; therefore, total commitments outstanding do not necessarily represent future cash requirements. At March 31, 2021 and December 31, 2020, the Company had outstanding commitments of approximately $141.8 million and $116.9 million, respectively, for loans and lines of credit. Unfunded commitment reserves totaled $60 thousand and $59 thousand at March 31, 2021 and December 31, 2020, 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 (Dollars in thousands) April 1 - December 31, 2021 $ 3,379 2022 3,666 2023 2,427 2024 1,453 2025 994 Thereafter 1,661 Total $ 13,580 Rent expense under operating leases was $1.2 million and $1.1 million for the three months ended March 31, 2021 and 2020, respectively. Sublease income earned was $207 thousand and $191 thousand for the three months ended March 31, 2021 and 2020, 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

NATURE OF OPERATIONS (Policies)

NATURE OF OPERATIONS (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2020, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 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 months ended March 31, 2021 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, 2021.
Use of Estimates	Use of EstimatesManagement 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.
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
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 was estimated to be fair value. The fair value of accrued interest receivable/payable balances were 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, were based on quoted market prices for similar securities. Fair values for equity securities, which consist of investments in a qualified community reinvestment fund, were based on quoted market prices. Loans were valued using the exit price notion. The fair value was 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 was determined utilizing estimates resulting in a Level 3 classification. Impaired loans were 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 was 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 was 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 were based on valuation models using observable market data as of the measurement date. Fair values for fixed-rate time deposits were 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 was assumed to equal the carrying value. The fair value of FHLB advances was estimated based on discounting the future cash flows using the market rate currently offered for similar terms. The fair value of subordinated debentures was based on an indication of value provided by a third-party broker. For senior debt, the fair value was based on an indication of value provided by a third-party broker.
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 on loans.

NATURE OF OPERATIONS (Tables)

NATURE OF OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	(Dollars in thousands, except share amounts) Three Months Ended March 31, 2021 2020 Net income $ 18,411 $ 7,576 Weighted average basic common shares outstanding 51,982,731 55,611,827 Add: Dilutive effects of assumed vesting of restricted stock 115,507 113,271 Weighted average diluted common shares outstanding 52,098,238 55,725,098 Income per common share: Basic EPS $ 0.35 $ 0.14 Diluted EPS $ 0.35 $ 0.14 Anti-dilutive shares not included in calculation of diluted earnings per share 3,695 17,313

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021: Government and Government Sponsored Entities: Residential mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 188,387 $ 2,062 $ (861) $ 189,588 Commercial MBS and CMOs 402,037 5,570 (1,078) 406,529 Agency bonds 13,239 67 (42) 13,264 Other asset backed securities ("ABS") 30,340 24 (63) 30,301 Total available for sale debt securities $ 634,003 $ 7,723 $ (2,044) $ 639,682 At December 31, 2020: Government and Government Sponsored Entities: Residential MBS and CMOs $ 213,279 $ 3,459 $ (14) $ 216,724 Commercial MBS and CMOs 355,963 6,337 (312) 361,988 Agency bonds 14,998 69 (45) 15,022 Total available for sale debt securities $ 584,240 $ 9,865 $ (371) $ 593,734 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: March 31, 2021 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 $ 50,339 $ (856) $ 543 $ (5) $ 50,882 $ (861) Commercial MBS and CMOs 98,047 (853) 22,565 (225) 120,612 (1,078) Agency bonds 3,228 (8) 7,011 (34) 10,239 (42) Other ABS 14,623 (63) — — 14,623 (63) Total available for sale debt securities $ 166,237 $ (1,780) $ 30,119 $ (264) $ 196,356 $ (2,044) December 31, 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 $ 14,193 $ (12) $ 4,248 $ (2) $ 18,441 $ (14) Commercial MBS and CMOs 33,986 (37) 37,194 (275) 71,180 (312) Agency bonds 3,331 (8) 8,667 (37) 11,998 (45) Total available for sale debt securities $ 51,510 $ (57) $ 50,109 $ (314) $ 101,619 $ (371)
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 March 31, 2021: Government Sponsored Entities: Residential MBS $ 5,610 $ 307 $ — $ 5,917 Other investments 74 — — 74 Total held to maturity investment securities $ 5,684 $ 307 $ — $ 5,991 As of December 31, 2020: Government Sponsored Entities: Residential MBS $ 7,391 $ 403 $ — $ 7,794 Other investments 76 — — 76 Total held to maturity investment securities $ 7,467 $ 403 $ — $ 7,870
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 March 31, 2021: March 31, 2021 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 10,239 $ 10,196 Beyond ten years 3,000 3,068 MBS, CMOs and other ABS 620,764 626,418 Total available for sale debt securities $ 634,003 $ 639,682 Held to maturity investments securities Beyond ten years $ 74 $ 74 MBS 5,610 5,917 Total held to maturity debt securities $ 5,684 $ 5,991

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Loans Receivable	Loans consist of the following: (Dollars in thousands) March 31, December 31, Permanent mortgages on: Multifamily residential $ 4,109,991 $ 4,100,831 Single family residential 1,939,411 1,723,953 Commercial real estate 199,497 202,871 Construction and land loans 22,357 22,061 Non-Mortgage (‘‘NM’’) loans 100 100 Total 6,271,356 6,049,816 Allowance for loan losses (43,766) (46,214) Loans held for investment, net $ 6,227,590 $ 6,003,602
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 March 31, 2021 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 (Reversal of) provision for loan losses (2,421) 442 (476) (45) (2,500) Charge-offs — — — — — Recoveries — 2 — 50 52 Ending balance allocated to portfolio segments $ 30,838 $ 9,816 $ 2,871 $ 241 $ 43,766 Three months ended March 31, 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 3,936 1,069 336 (41) 5,300 Charge-offs — (722) — — (722) Recoveries — 3 — 75 78 Ending balance allocated to portfolio segments $ 27,308 $ 10,426 $ 2,677 $ 246 $ 40,657 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 March 31, 2021: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 30,838 9,791 2,871 241 43,741 Ending balance $ 30,838 $ 9,816 $ 2,871 $ 241 $ 43,766 Loans: Ending balance: individually evaluated for impairment $ 2,087 $ 5,883 $ — $ — $ 7,970 Ending balance: collectively evaluated for impairment 4,107,904 1,933,528 199,497 22,457 6,263,386 Ending balance $ 4,109,991 $ 1,939,411 $ 199,497 $ 22,457 $ 6,271,356 As of December 31, 2020: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 33,259 9,347 3,347 236 46,189 Ending balance $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 Loans: Ending balance: individually evaluated for impairment $ 522 $ 7,051 $ — $ — $ 7,573 Ending balance: collectively evaluated for impairment 4,100,309 1,716,902 202,871 22,161 6,042,243 Ending balance $ 4,100,831 $ 1,723,953 $ 202,871 $ 22,161 $ 6,049,816
Schedule of Loan Portfolio by Internal Risk Indicators	The following table summarizes the loan portfolio allocated by management’s internal risk ratings at March 31, 2021 and December 31, 2020. The decrease in Watch, Special Mention and Substandard risk rated loans during the three months ended March 31, 2021 was primarily attributable to the diminishing impact of the COVID-19 pandemic on the performance of loans. As of March 31, 2021, only one loan, with a principal balance of $1.7 million, remained on payment deferral under the Company's loan modification program implemented in response to the pandemic. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of March 31, 2021: Grade: Pass $ 3,983,116 $ 1,876,028 $ 178,574 $ 22,457 $ 6,060,175 Watch 100,409 55,721 20,923 — 177,053 Special mention 10,433 2,278 — — 12,711 Substandard 16,033 5,384 — — 21,417 Total $ 4,109,991 $ 1,939,411 $ 199,497 $ 22,457 $ 6,271,356 As of December 31, 2020: Grade: Pass $ 3,883,597 $ 1,624,331 $ 162,615 $ 22,161 $ 5,692,704 Watch 177,483 85,943 36,657 — 300,083 Special mention 19,547 7,132 3,599 — 30,278 Substandard 20,204 6,547 — — 26,751 Total $ 4,100,831 $ 1,723,953 $ 202,871 $ 22,161 $ 6,049,816
Schedule or Past Due Loans Receivable	The following table summarizes an aging analysis of the loan portfolio by the time past due at March 31, 2021 and December 31, 2020: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of March 31, 2021: Loans: Multifamily residential $ — $ — $ — $ 2,087 $ 4,107,904 $ 4,109,991 Single family residential 5,414 — — 4,636 1,929,361 1,939,411 Commercial real estate — — — — 199,497 199,497 Land, construction and NM — — — — 22,457 22,457 Total $ 5,414 $ — $ — $ 6,723 $ 6,259,219 $ 6,271,356 As of December 31, 2020: Loans: Multifamily residential $ 1,820 $ — $ — $ 522 $ 4,098,489 $ 4,100,831 Single family residential 338 — — 5,791 1,717,824 1,723,953 Commercial real estate 2,683 — — — 200,188 202,871 Land, construction and NM — — — — 22,161 22,161 Total $ 4,841 $ — $ — $ 6,313 $ 6,038,662 $ 6,049,816
Schedule of Impaired Loans Receivables	The following table summarizes information related to impaired loans at March 31, 2021 and December 31, 2020: As of March 31, 2021 As of December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Multifamily residential $ 2,087 $ 2,153 $ — $ 522 $ 599 $ — Single family residential 5,015 5,366 — 6,174 6,500 — 7,102 7,519 — 6,696 7,099 — With an allowance recorded: Single family residential 868 865 25 877 874 25 868 865 25 877 874 25 Total: Multifamily residential 2,087 2,153 — 522 599 — Single family residential 5,883 6,231 25 7,051 7,374 25 $ 7,970 $ 8,384 $ 25 $ 7,573 $ 7,973 $ 25 The following table summarizes information related to impaired loans for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (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 $ 1,566 $ 5 $ 5 $ 539 $ 8 $ 8 Single family residential 5,790 61 57 4,790 19 14 7,356 66 62 5,329 27 22 With an allowance recorded: Single family residential 871 7 — 2,105 11 — 871 7 — 2,105 11 — Total: Multifamily residential 1,566 5 5 539 8 8 Single family residential 6,661 68 57 6,895 30 14 $ 8,227 $ 73 $ 62 $ 7,434 $ 38 $ 22
Schedule of Troubled Debt Restructurings	The following table summarizes the recorded investment related to troubled debt restructurings ("TDRs") at March 31, 2021 and December 31, 2020: (Dollars in thousands) March 31, December 31, Troubled debt restructurings: Single family residential $ 3,932 $ 3,967

NONPERFORMING ASSETS (Tables)

NONPERFORMING ASSETS (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Nonperforming Assets	The Company’s nonperforming assets at March 31, 2021 and December 31, 2020 are indicated below: (Dollars in thousands) March 31, December 31, Non-accrual loans: Multifamily residential $ 2,087 $ 522 Single family residential 4,636 5,791 Total non-accrual loans 6,723 6,313 Real estate owned — — Total nonperforming assets $ 6,723 $ 6,313

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	3 Months Ended
	Mar. 31, 2021
Transfers and Servicing [Abstract]
Schedule of Mortgage Loans Serviced for Others	The principal balances of these loans are as follows: (Dollars in thousands) March 31, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 184,161 $ 216,431 Other financial institutions 91,243 103,325 Total mortgage loans serviced for others $ 275,404 $ 319,756
Schedule of Changes in Servicing Assets	Activities for mortgage servicing rights are as follows: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Beginning balance $ 1,599 $ 2,657 Additions — — Disposals — — Changes in fair value due to changes in assumptions — — Other changes in fair value (171) (395) Ending balance $ 1,428 $ 2,262

DEPOSITS (Tables)

DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2021
Deposits [Abstract]
Schedule of Deposits	A summary of deposits at March 31, 2021 and December 31, 2020 is as follows: (Dollars in thousands) March 31, December 31, Time deposits $ 3,022,286 $ 3,057,197 Money market savings 1,839,902 1,678,942 Interest-bearing demand 157,620 341,895 Money market checking 273,965 92,956 Noninterest-bearing demand 98,135 93,339 Total $ 5,391,908 $ 5,264,329
Schedule of Certificate Account Maturities	Maturities of the Company’s time deposits at March 31, 2021 are summarized as follows: (Dollars in thousands) April 1 - December 31, 2021 $ 2,544,258 2022 451,384 2023 12,762 2024 6,078 2025 7,429 Thereafter 375 Total $ 3,022,286

FEDERAL HOME LOAN BANK AND FE_2

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 (Dollars in thousands) March 31, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate short-term $ 134,200 $ — 0.09 % 0.14 % 0.14 % April 2021 Fixed rate long-term 706,747 806,747 0.00 % 7.33 % 2.14 % May 2021 to March 2030 $ 840,947 $ 806,747 The following table summarizes scheduled principal payments on FHLB advances over the next five years as of March 31, 2021: (Dollars in thousands) April 1 - December 31, 2021 $ 389,300 2022 100,000 2023 250,000 2024 — 2025 101,500 Thereafter 147 $ 840,947

JUNIOR SUBORDINATED DEFERRABL_2

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Trust Securities	The following table is a summary of the outstanding Trust Securities and Notes at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Luther Burbank Statutory Trust I $ 41,238 1.56 % $ 41,238 1.60 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 1.80 % $ 20,619 1.84 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT (Tables)

SENIOR DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes information on these notes as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 430 $ 95,000 $ 461 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2021
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 statements of income for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, (Dollars in thousands) 2021 2020 Derivative - interest rate swaps: Interest income (loss) $ (3,416) $ (461) Hedged items - loans: Interest income (loss) (15) 71 Net decrease in interest income $ (3,431) $ (390)
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 in the consolidated statements of financial condition as of March 31, 2021 and December 31, 2020: 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 March 31, 2021: Interest Rate Swaps $ 1,350,000 Prepaid Expenses and Other Assets $ 127 Other Liabilities and Accrued Expenses $ 3,872 As of December 31, 2020: Interest Rate Swaps $ 1,000,000 Prepaid Expenses and Other Assets $ — Other Liabilities and Accrued Expenses $ 7,258
Schedule of Amounts Recorded on the Balance Sheet Related to Cumulative Adjustments on Fair Value Hedges	As of March 31, 2021 and December 31, 2020, the following amounts were recorded in the 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 March 31, 2021: Loans receivable, net (1) $ 1,353,760 $ 3,760 As of December 31, 2020: Loans receivable, net (1) $ 1,007,288 $ 7,288

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes share information about RSAs and RSUs: Three Months Ended March 31, 2021 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 605,916 $ 10.93 717,999 $ 10.53 Shares granted 283,078 10.07 250,118 11.72 Shares settled (265,655) 11.02 (203,169) 10.53 Shares forfeited (52,798) 10.26 (18,876) 10.73 End of the period balance 570,541 $ 10.52 746,072 $ 10.92

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	The carrying and estimated fair values of the Company’s financial instruments were as follows: Fair Level Measurements Using (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 As of March 31, 2021: Financial assets: Cash, cash equivalents and restricted cash $ 81,641 $ 81,641 $ 81,641 $ — $ — Debt securities: Available for sale 639,682 639,682 — 639,682 — Held to maturity 5,684 5,991 — 5,991 — Equity securities 11,826 11,826 — 11,826 — Loans receivable, net 6,227,590 6,293,778 — — 6,293,778 Accrued interest receivable 19,181 19,181 1 985 18,195 FHLB stock 25,122 N/A N/A N/A N/A Interest rate swap 127 127 — 127 — Financial liabilities: Deposits $ 5,391,908 $ 5,410,785 $ 2,184,623 $ 3,226,162 $ — FHLB advances 840,947 862,213 — 862,213 — Junior subordinated deferrable interest debentures 61,857 61,139 — 61,139 — Senior debt 94,570 109,510 — 109,510 — Accrued interest payable 734 734 — 734 — Interest rate swaps 3,872 3,872 — 3,872 — As of December 31, 2020: Financial assets: Cash, cash equivalents and restricted cash $ 178,861 $ 178,861 $ 178,861 $ — $ — Debt securities: Available for sale 593,734 593,734 — 593,734 — Held to maturity 7,467 7,870 — 7,870 — Equity securities 12,037 12,037 — 12,037 — Loans receivable, net 6,003,602 6,076,994 — — 6,076,994 Accrued interest receivable 18,795 18,795 — 990 17,805 FHLB stock 25,122 N/A N/A N/A N/A Financial liabilities: Deposits $ 5,264,329 $ 5,290,316 $ 2,022,133 $ 3,268,183 $ — FHLB advances 806,747 833,930 — 833,930 — Junior subordinated deferrable interest debentures 61,857 60,526 — 60,526 — Senior debt 94,539 102,096 — 102,096 — Accrued interest payable 1,388 1,388 — 1,388 — Interest rate swaps 7,258 7,258 — 7,258 —
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) Fair Value Level 1 Level 2 Level 3 As of March 31, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 189,588 $ — $ 189,588 $ — Commercial MBS and CMOs 406,529 — 406,529 — Agency bonds 13,264 — 13,264 — Other ABS 30,301 — 30,301 — Total available for sale debt securities $ 639,682 $ — $ 639,682 $ — Equity securities $ 11,826 $ — $ 11,826 $ — Mortgage servicing rights 1,428 — — 1,428 Interest rate swap 127 — 127 — Financial Liabilities: Interest rate swaps 3,872 — 3,872 — As of December 31, 2020: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 216,724 $ — $ 216,724 $ — Commercial MBS and CMOs 361,988 — 361,988 — Agency bonds 15,022 — 15,022 — Total available for sale debt securities $ 593,734 $ — $ 593,734 $ — Equity securities $ 12,037 $ — $ 12,037 $ — Mortgage servicing rights 1,599 — — 1,599 Financial Liabilities: Interest rate swaps 7,258 — 7,258 —
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) Fair Value Level 1 Level 2 Level 3 As of March 31, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 189,588 $ — $ 189,588 $ — Commercial MBS and CMOs 406,529 — 406,529 — Agency bonds 13,264 — 13,264 — Other ABS 30,301 — 30,301 — Total available for sale debt securities $ 639,682 $ — $ 639,682 $ — Equity securities $ 11,826 $ — $ 11,826 $ — Mortgage servicing rights 1,428 — — 1,428 Interest rate swap 127 — 127 — Financial Liabilities: Interest rate swaps 3,872 — 3,872 — As of December 31, 2020: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 216,724 $ — $ 216,724 $ — Commercial MBS and CMOs 361,988 — 361,988 — Agency bonds 15,022 — 15,022 — Total available for sale debt securities $ 593,734 $ — $ 593,734 $ — Equity securities $ 12,037 $ — $ 12,037 $ — Mortgage servicing rights 1,599 — — 1,599 Financial Liabilities: Interest rate swaps 7,258 — 7,258 —
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.

LOAN SALE AND SECURITIZATION _2

LOAN SALE AND SECURITIZATION ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, (Dollars in thousands) 2021 2020 Proceeds from loan sales $ — $ — Servicing fees 171 270
Schedule of Loans Transfered Through Sale or Securitization	The following table provides information about the loans transferred through sales or securitization and not recorded in the consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations: (Dollars in thousands) Single Family Residential Multifamily Residential As of March 31, 2021: Principal balance of loans $ 15,800 $ 259,604 Loans 90+ days past due — — Charge-offs, net — — As of December 31, 2020: Principal balance of loans $ 17,423 $ 302,333 Loans 90+ days past due — — Charge-offs, net — —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Maturities	At March 31, 2021, minimum commitments under these non-cancellable leases, before considering renewal options, were: (Dollars in thousands) April 1 - December 31, 2021 $ 3,379 2022 3,666 2023 2,427 2024 1,453 2025 994 Thereafter 1,661 Total $ 13,580

NATURE OF OPERATIONS - Narrativ

NATURE OF OPERATIONS - Narrative (Details)	Mar. 31, 2021branchoffice
Sonoma, Marin, Santa Clara, and Los Angeles Counties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of full service branches	10
King County, Washington
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of full service branches	1
California
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of loan production offices | office	7

NATURE OF OPERATIONS - Earnings

NATURE OF OPERATIONS - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Net income	$ 18,411	$ 7,576
Weighted average common shares outstanding - basic (in shares)	51,982,731	55,611,827
Add: Dilutive effects of assumed vesting of restricted stock (in shares)	115,507	113,271
Weighted average common shares outstanding - diluted (in shares)	52,098,238	55,725,098
Basic earnings per common share (in usd per share)	$ 0.35	$ 0.14
Diluted earnings per common share (in usd per share)	$ 0.35	$ 0.14
Anti-dilutive shares not included in calculation of diluted earnings per share (in shares)	3,695	17,313

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 634,003	$ 584,240
Gross Unrealized Gains	7,723	9,865
Gross Unrealized Losses	(2,044)	(371)
Estimated Fair Value	639,682	593,734
Fair Value
Less than 12 Months	166,237	51,510
12 Months or More	30,119	50,109
Total	196,356	101,619
Unrealized Losses
Less than 12 Months	(1,780)	(57)
12 Months or More	(264)	(314)
Total	(2,044)	(371)
Residential mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	188,387	213,279
Gross Unrealized Gains	2,062	3,459
Gross Unrealized Losses	(861)	(14)
Estimated Fair Value	189,588	216,724
Fair Value
Less than 12 Months	50,339	14,193
12 Months or More	543	4,248
Total	50,882	18,441
Unrealized Losses
Less than 12 Months	(856)	(12)
12 Months or More	(5)	(2)
Total	(861)	(14)
Commercial MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	402,037	355,963
Gross Unrealized Gains	5,570	6,337
Gross Unrealized Losses	(1,078)	(312)
Estimated Fair Value	406,529	361,988
Fair Value
Less than 12 Months	98,047	33,986
12 Months or More	22,565	37,194
Total	120,612	71,180
Unrealized Losses
Less than 12 Months	(853)	(37)
12 Months or More	(225)	(275)
Total	(1,078)	(312)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,239	14,998
Gross Unrealized Gains	67	69
Gross Unrealized Losses	(42)	(45)
Estimated Fair Value	13,264	15,022
Fair Value
Less than 12 Months	3,228	3,331
12 Months or More	7,011	8,667
Total	10,239	11,998
Unrealized Losses
Less than 12 Months	(8)	(8)
12 Months or More	(34)	(37)
Total	(42)	$ (45)
Other ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30,340
Gross Unrealized Gains	24
Gross Unrealized Losses	(63)
Estimated Fair Value	30,301
Fair Value
Less than 12 Months	14,623
12 Months or More	0
Total	14,623
Unrealized Losses
Less than 12 Months	(63)
12 Months or More	0
Total	$ (63)

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2021USD ($)security	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)security
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, realized gain | $	$ 0	$ 0
Debt securities, available-for-sale, realized loss | $	0	0
Equity securities, at fair value | $	$ 11,826,000		$ 12,037,000
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	86		86
Debt securities, available-for-sale, unrealized loss position, number of positions	10		11
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	6		6
Held-to-maturity securities, number of positions			7
Held-to-maturity securities, unrealized loss position, number of positions	0		0
Commercial MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	50		46
Debt securities, available-for-sale, unrealized loss position, number of positions	14		10
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	5		6
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	3		3
Debt securities, available-for-sale, unrealized loss position, number of positions	2		2
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	1		1
Other ABS
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	3
Debt securities, available-for-sale, unrealized loss position, number of positions	1
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	0
CRA Qualified Investment Fund
Debt Securities, Available-for-sale [Line Items]
Equity securities, at fair value | $	$ 11,800,000		$ 12,000,000
Changes in fair value (loss) recorded in income | $	(211,000)
Changes in fair value (gain) recorded in income | $		$ 188,000
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 | $	$ 1,600,000		$ 2,800,000

INVESTMENT SECURITIES - Held-to

INVESTMENT SECURITIES - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 5,684	$ 7,467
Gross Unrecognized Gains	307	403
Gross Unrecognized Losses	0	0
Estimated Fair Value	5,991	7,870
Residential MBS
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	5,610	7,391
Gross Unrecognized Gains	307	403
Gross Unrecognized Losses	0	0
Estimated Fair Value	5,917	7,794
Other investments
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	74	76
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	0	0
Estimated Fair Value	$ 74	$ 76

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Five to ten years	$ 10,239
Beyond ten years	3,000
Amortized Cost	634,003	$ 584,240
Fair Value
Five to ten years	10,196
Beyond ten years	3,068
Fair Value	639,682	593,734
Amortized Cost
Held-to-maturity investment securities beyond ten years	74
Amortized Cost	5,684	7,467
Fair Value
Beyond ten years	74
Total held to maturity debt securities	5,991	$ 7,870
MBS, CMOs and other ABS
Amortized Cost
MBS, CMOs and other ABS	620,764
Fair Value
MBS, CMOs and other ABS	626,418
MBS
Amortized Cost
MBS	5,610
Fair Value
MBS	$ 5,917

LOANS - Loans Receivable (Detai

LOANS - Loans Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 6,271,356	$ 6,049,816
Allowance for loan losses	(43,766)	(46,214)	$ (40,657)	$ (36,001)
Loans held for investment, net	6,227,590	6,003,602
Multifamily residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,109,991	4,100,831
Allowance for loan losses	(30,838)	(33,259)	(27,308)	(23,372)
Multifamily residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,109,991	4,100,831
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	1,939,411	1,723,953
Allowance for loan losses	(9,816)	(9,372)	(10,426)	(10,076)
Financing Receivable, Purchase	$ 287,800
LBC Financing Receivable, Purchased, Weighted Average Interest Rate	2.31%
LBC Financing Receivable, Purchased, Weighted Average Maturity	26 years 4 months 24 days
Single family residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 1,939,411	1,723,953
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	199,497	202,871
Allowance for loan losses	(2,871)	(3,347)	(2,677)	(2,341)
Commercial real estate | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	199,497	202,871
Construction and land loans | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	22,357	22,061
Land, Construction and NM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	22,457	22,161
Allowance for loan losses	(241)	(236)	$ (246)	$ (212)
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
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	$ 46,214	$ 36,001
(Reversal of) provision for loan losses	(2,500)	5,300
Charge-offs	0	(722)
Recoveries	52	78
Ending balance allocated to portfolio segments	43,766	40,657
Ending allowance balance allocated to:
Loans individually evaluated for impairment			$ 25	$ 25
Loans collectively evaluated for impairment			43,741	46,189
Ending balance	43,766	40,657	43,766	46,214
Loans:
Ending balance: individually evaluated for impairment			7,970	7,573
Ending balance: collectively evaluated for impairment			6,263,386	6,042,243
Ending balance			6,271,356	6,049,816
Multifamily residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	33,259	23,372
(Reversal of) provision for loan losses	(2,421)	3,936
Charge-offs	0	0
Recoveries	0	0
Ending balance allocated to portfolio segments	30,838	27,308
Ending allowance balance allocated to:
Loans individually evaluated for impairment			0	0
Loans collectively evaluated for impairment			30,838	33,259
Ending balance	33,259	27,308	30,838	33,259
Loans:
Ending balance: individually evaluated for impairment			2,087	522
Ending balance: collectively evaluated for impairment			4,107,904	4,100,309
Ending balance			4,109,991	4,100,831
Single family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	9,372	10,076
(Reversal of) provision for loan losses	442	1,069
Charge-offs	0	(722)
Recoveries	2	3
Ending balance allocated to portfolio segments	9,816	10,426
Ending allowance balance allocated to:
Loans individually evaluated for impairment			25	25
Loans collectively evaluated for impairment			9,791	9,347
Ending balance	9,372	10,426	9,816	9,372
Loans:
Ending balance: individually evaluated for impairment			5,883	7,051
Ending balance: collectively evaluated for impairment			1,933,528	1,716,902
Ending balance			1,939,411	1,723,953
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	3,347	2,341
(Reversal of) provision for loan losses	(476)	336
Charge-offs	0	0
Recoveries	0	0
Ending balance allocated to portfolio segments	2,871	2,677
Ending allowance balance allocated to:
Loans individually evaluated for impairment			0	0
Loans collectively evaluated for impairment			2,871	3,347
Ending balance	2,871	2,677	2,871	3,347
Loans:
Ending balance: individually evaluated for impairment			0	0
Ending balance: collectively evaluated for impairment			199,497	202,871
Ending balance			199,497	202,871
Land, Construction and NM
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	236	212
(Reversal of) provision for loan losses	(45)	(41)
Charge-offs	0	0
Recoveries	50	75
Ending balance allocated to portfolio segments	241	246
Ending allowance balance allocated to:
Loans individually evaluated for impairment			0	0
Loans collectively evaluated for impairment			241	236
Ending balance	$ 241	$ 246	241	236
Loans:
Ending balance: individually evaluated for impairment			0	0
Ending balance: collectively evaluated for impairment			22,457	22,161
Ending balance			$ 22,457	$ 22,161

LOANS - Portfolio Allocated by

LOANS - Portfolio Allocated by Internal Risk Ratings (Details) $ in Thousands	Mar. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	$ 6,271,356	$ 6,049,816
COVID-19
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans with COVID-related request | loan	1
Financing receivable, modifications, returned to payment status, amount	$ 1,700
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	6,060,175	5,692,704
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	177,053	300,083
Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	12,711	30,278
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	21,417	26,751
Multifamily residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	4,109,991	4,100,831
Multifamily residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	3,983,116	3,883,597
Multifamily residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	100,409	177,483
Multifamily residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	10,433	19,547
Multifamily residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	16,033	20,204
Single family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,939,411	1,723,953
Single family residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,876,028	1,624,331
Single family residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	55,721	85,943
Single family residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	2,278	7,132
Single family residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	5,384	6,547
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	199,497	202,871
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	178,574	162,615
Commercial real estate | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	20,923	36,657
Commercial real estate | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	3,599
Commercial real estate | Substandard
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	22,457	22,161
Land, Construction and NM | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	22,457	22,161
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

LOANS - Aging Analysis (Details

LOANS - Aging Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Non-accrual	$ 6,723	$ 6,313
Current	6,259,219	6,038,662
Ending balance	6,271,356	6,049,816
30 Days
Financing Receivable, Past Due [Line Items]
Past due	5,414	4,841
60 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
90+ Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
Multifamily residential
Financing Receivable, Past Due [Line Items]
Non-accrual	2,087	522
Current	4,107,904	4,098,489
Ending balance	4,109,991	4,100,831
Multifamily residential | 30 Days
Financing Receivable, Past Due [Line Items]
Past due	0	1,820
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	4,636	5,791
Current	1,929,361	1,717,824
Ending balance	1,939,411	1,723,953
Single family residential | 30 Days
Financing Receivable, Past Due [Line Items]
Past due	5,414	338
Single family residential | 60 Days
Financing Receivable, Past Due [Line Items]
Past due	0	0
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	199,497	200,188
Ending balance	199,497	202,871
Commercial real estate | 30 Days
Financing Receivable, Past Due [Line Items]
Past due	0	2,683
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	22,457	22,161
Ending balance	22,457	22,161
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
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Recorded Investment
With no related allowance recorded	$ 7,102		$ 6,696
With an allowance recorded	868		877
Total	7,970		7,573
Unpaid Principal Balance
With no related allowance recorded	7,519		7,099
With an allowance recorded	865		874
Total	8,384		7,973
Related Allowance	25		25
Average Recorded Investment
With no related allowance recorded	7,356	$ 5,329
With an allowance recorded	871	2,105
Total	8,227	7,434
Interest Income
With no related allowance recorded	66	27
With an allowance recorded	7	11
Total	73	38
Cash Basis Interest
With no related allowance recorded	62	22
With an allowance recorded	0	0
Total	62	22
Multifamily residential
Recorded Investment
With no related allowance recorded	2,087		522
Total	2,087		522
Unpaid Principal Balance
With no related allowance recorded	2,153		599
Total	2,153		599
Related Allowance	0		0
Average Recorded Investment
With no related allowance recorded	1,566	539
Total	1,566	539
Interest Income
With no related allowance recorded	5	8
Total	5	8
Cash Basis Interest
With no related allowance recorded	5	8
Total	5	8
Single family residential
Recorded Investment
With no related allowance recorded	5,015		6,174
With an allowance recorded	868		877
Total	5,883		7,051
Unpaid Principal Balance
With no related allowance recorded	5,366		6,500
With an allowance recorded	865		874
Total	6,231		7,374
Related Allowance	25		$ 25
Average Recorded Investment
With no related allowance recorded	5,790	4,790
With an allowance recorded	871	2,105
Total	6,661	6,895
Interest Income
With no related allowance recorded	61	19
With an allowance recorded	7	11
Total	68	30
Cash Basis Interest
With no related allowance recorded	57	14
With an allowance recorded	0	0
Total	$ 57	$ 14

LOANS - Troubled Debt Restructu

LOANS - Troubled Debt Restructurings (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)loan	Mar. 31, 2020loan	Dec. 31, 2020USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Number of Contracts | loan	0	0
Subsequent default, number of loans | loan	0	0
Single family residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment | $	$ 3,932		$ 3,967
Related allowance | $	$ 25		$ 25

NONPERFORMING ASSETS (Details)

NONPERFORMING ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 6,723		$ 6,313
Real estate owned	0		0
Total nonperforming assets	6,723		6,313
Interest income recognized on non-accrual loans	62	$ 22
Contractual interest not accrued during the quarter	16	$ 71
Multifamily residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	2,087		522
Single family residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 4,636		$ 5,791

MORTGAGE SERVICING RIGHTS - Mor

MORTGAGE SERVICING RIGHTS - Mortgage Loans Serviced for Others (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 275,404	$ 319,756
Federal Home Loan Mortgage Corporation ("Freddie Mac")
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	184,161	216,431
Other financial institutions
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 91,243	$ 103,325

MORTGAGE SERVICING RIGHTS - Nar

MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 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	$ 8.9	$ 10.9
Discount rate used to calculate fair value of MSRs	10.00%	10.00%
Default rate used to calculate fair value of MSRs	5.00%	5.00%
Minimum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Prepayment speed rate used to calculate fair value of MSRs	6.00%	7.40%
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	55.80%	55.80%
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	28.50%	28.90%

MORTGAGE SERVICING RIGHTS - M_2

MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 1,599	$ 2,657
Additions	0	0
Disposals	0	0
Changes in fair value due to changes in assumptions	0	0
Other changes in fair value	(171)	(395)
Ending balance	$ 1,428	$ 2,262

DEPOSITS - Deposits (Details)

DEPOSITS - Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deposits, by Type [Abstract]
Time deposits	$ 3,022,286	$ 3,057,197
Money market savings	1,839,902	1,678,942
Interest-bearing demand	157,620	341,895
Money market checking	273,965	92,956
Noninterest-bearing demand	98,135	93,339
Deposits	$ 5,391,908	$ 5,264,329

DEPOSITS - Narrative (Details)

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Deposits [Abstract]
Certificates of deposit with a denomination of $100,000 or More	$ 2,500	$ 2,600
Certificates of deposit that meet or exceed FDIC insurance limit	1,400	1,400
Brokered deposits	$ 50	$ 50

DEPOSITS - Maturities (Details)

DEPOSITS - Maturities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Maturities of Time Deposits, Twelve months ending March 31,
April 1 - December 31, 2021	$ 2,544,258
2022	451,384
2023	12,762
2024	6,078
2025	7,429
Thereafter	375
Time Deposits	$ 3,022,286

FEDERAL HOME LOAN BANK AND FE_3

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Short-term Debt [Line Items]
FHLB advances, maximum percentage of assets	40.00%
Borrowing capacity based on pledged loans to the FRB and FHLB	$ 1,100,000,000		$ 1,100,000,000
Loans available to be pledged as collateral	2,400,000,000		1,800,000,000
Maximum short-term debt outstanding during period	203,600,000	$ 77,800,000
Average short-term debt outstanding during period	$ 88,800,000	$ 23,800,000
Weighted average interest rate	0.14%	1.66%
FHLB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	$ 2,400,000,000		2,400,000,000
Letters of credit pledged as collateral	62,600,000		62,600,000
FRB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	557,300,000		467,800,000
Borrowings outstanding	$ 0		$ 0

FEDERAL HOME LOAN BANK AND FE_4

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - FHLB Advances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 840,947	$ 806,747
FHLB of San Francisco
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	840,947	806,747
FHLB of San Francisco | Fixed rate short-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 134,200	0
FHLB of San Francisco | Fixed rate short-term | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.09%
FHLB of San Francisco | Fixed rate short-term | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.14%
FHLB of San Francisco | Fixed rate short-term | Weighted Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.14%
FHLB of San Francisco | Fixed rate long-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 706,747	$ 806,747
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	2.14%

FEDERAL HOME LOAN BANK AND FE_5

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Schedule of Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
Outstanding advances from FHLB	$ 840,947	$ 806,747
FHLB of San Francisco
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
April 1 - December 31, 2021	389,300
2022	100,000
2023	250,000
2024	0
2025	101,500
Thereafter	147
Outstanding advances from FHLB	$ 840,947	$ 806,747

JUNIOR SUBORDINATED DEFERRABL_3

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)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	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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	1.56%	1.60%
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	1.80%	1.84%
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 ($)	Mar. 31, 2021	Dec. 31, 2020	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 ($)	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2014
Debt Instrument [Line Items]
Principal	$ 95,000,000	$ 95,000,000	$ 95,000,000
Unamortized Debt Issuance Costs	$ 430,000	$ 461,000
Fixed Interest Rate	6.50%

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)agreement	Dec. 31, 2020USD ($)
Derivative [Line Items]
Cumulative amount of last-of-layer fair value hedging basis adjustments	$ 3,800,000			$ 7,300,000
Carrying amount of the last-of-layer hedged assets	1,400,000,000			1,000,000,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Closed portfolio loans used in hedging relationship	2,600,000,000			2,000,000,000
Cumulative amount of last-of-layer fair value hedging basis adjustments	$ 3,760,000			7,288,000
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		2 years
Notional amounts	$ 1,350,000,000		$ 1,000,000,000	1,000,000,000
Net effect on interest income	(3,431,000)	$ (390,000)
Carrying amount of the last-of-layer hedged assets	1,353,760,000			1,007,288,000
Cash collateral	4,900,000			$ 8,900,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap | Long
Derivative [Line Items]
Notional amounts	$ 350,000,000

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
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net decrease in interest income	$ (3,431)	$ (390)
Interest Income on Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative - interest rate swap, interest income	(3,416)	(461)
Hedged items - loans, interest income	$ (15)	$ 71

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 ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,350,000,000	$ 1,000,000,000	$ 1,000,000,000
Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	127,000	0
Other Liabilities and Accrued Expenses
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 3,872,000	$ 7,258,000

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	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 1,400,000	$ 1,000,000
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	3,800	7,300
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	3,760	7,288
Interest Rate Swap | Designated as Hedging Instrument | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 1,353,760	$ 1,007,288

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for new awards (in shares)		3,360,000
Common stock available for grant (in shares)		1,871,992		2,102,272
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock-based compensation expense		$ 584	$ 903
Fair value of awards vested		2,400	$ 2,500
Unrecognized compensation expense		$ 4,400		$ 2,700
Restricted stock awards or units granted (in shares)		479,055		464,919
Period of recognition for unrecognized compensation expense		2 years 1 month 2 days		1 year 9 months 3 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested (in shares)		91,486		140,997
Forfeited (in shares)		0	1,468
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Number of Shares
Beginning of the period balance (in shares)	605,916	717,999
Shares granted (in shares)	283,078	250,118
Shares settled (in shares)	(265,655)	(203,169)
Shares forfeited (in shares)	(52,798)	(18,876)
End of the period balance (in shares)	570,541	746,072
Weighted Average Grant Date Fair Value
Beginning of the period balance (in usd per share)	$ 10.93	$ 10.53
Shares granted (in usd per share)	10.07	11.72
Shares settled (in usd per share)	11.02	10.53
Shares forfeited (in usd per share)	10.26	10.73
End of the period balance (in usd per share)	$ 10.52	$ 10.92

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt securities:
Available for sale debt securities, at fair value	$ 639,682	$ 593,734
Held to maturity	5,991	7,870
Equity securities	11,826	12,037
Carrying Amount
Financial assets:
Cash, cash equivalents and restricted cash	81,641	178,861
Debt securities:
Available for sale debt securities, at fair value	639,682	593,734
Held to maturity	5,684	7,467
Equity securities	11,826	12,037
Loans receivable, net	6,227,590	6,003,602
Accrued interest receivable	19,181	18,795
FHLB stock	25,122	25,122
Interest rate swap	127
Financial liabilities:
Deposits	5,391,908	5,264,329
FHLB advances	840,947	806,747
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt	94,570	94,539
Accrued interest payable	734	1,388
Interest rate swaps	3,872	7,258
Fair Value
Financial assets:
Cash, cash equivalents and restricted cash	81,641	178,861
Debt securities:
Available for sale debt securities, at fair value	639,682	593,734
Held to maturity	5,991	7,870
Equity securities	11,826	12,037
Loans receivable, net	6,293,778	6,076,994
Accrued interest receivable	19,181	18,795
Interest rate swap	127
Financial liabilities:
Deposits	5,410,785	5,290,316
FHLB advances	862,213	833,930
Junior subordinated deferrable interest debentures	61,139	60,526
Senior debt	109,510	102,096
Accrued interest payable	734	1,388
Interest rate swaps	3,872	7,258
Fair Value | Level 1
Financial assets:
Cash, cash equivalents and restricted cash	81,641	178,861
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	1	0
Interest rate swap	0
Financial liabilities:
Deposits	2,184,623	2,022,133
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	639,682	593,734
Held to maturity	5,991	7,870
Equity securities	11,826	12,037
Loans receivable, net	0	0
Accrued interest receivable	985	990
Interest rate swap	127
Financial liabilities:
Deposits	3,226,162	3,268,183
FHLB advances	862,213	833,930
Junior subordinated deferrable interest debentures	61,139	60,526
Senior debt	109,510	102,096
Accrued interest payable	734	1,388
Interest rate swaps	3,872	7,258
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	6,293,778	6,076,994
Accrued interest receivable	18,195	17,805
Interest rate swap	0
Financial liabilities:
Deposits	0	0
FHLB advances	0	0
Junior subordinated deferrable interest debentures	0	0
Senior debt	0	0
Accrued interest payable	0	0
Interest rate swaps	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Financial assets:
Available for sale debt securities, at fair value	$ 639,682	$ 593,734
Equity securities	11,826	12,037
Mortgage servicing rights	1,428	1,599	$ 2,262	$ 2,657
Financial liabilities:
Impaired loans	868	877
With no related allowance recorded	7,102	6,696
Residential MBS
Financial assets:
Available for sale debt securities, at fair value	189,588	216,724
Commercial MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	406,529	361,988
Other ABS
Financial assets:
Available for sale debt securities, at fair value	30,301
Agency bonds
Financial assets:
Available for sale debt securities, at fair value	13,264	15,022
Fair Value
Financial assets:
Available for sale debt securities, at fair value	639,682	593,734
Equity securities	11,826	12,037
Interest rate swap	127
Financial liabilities:
Interest rate swaps	3,872	7,258
Fair Value | Level 1
Financial assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Interest rate swap	0
Financial liabilities:
Interest rate swaps	0	0
Fair Value | Level 2
Financial assets:
Available for sale debt securities, at fair value	639,682	593,734
Equity securities	11,826	12,037
Interest rate swap	127
Financial liabilities:
Interest rate swaps	3,872	7,258
Fair Value | Level 3
Financial assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Interest rate swap	0
Financial liabilities:
Interest rate swaps	0	0
Fair Value | Recurring Basis
Financial assets:
Available for sale debt securities, at fair value	639,682	593,734
Equity securities	11,826	12,037
Mortgage servicing rights	1,428	1,599
Interest rate swap	127
Financial liabilities:
Interest rate swaps	3,872	7,258
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 swap	0
Financial liabilities:
Interest rate swaps	0	0
Fair Value | Recurring Basis | Level 2
Financial assets:
Available for sale debt securities, at fair value	639,682	593,734
Equity securities	11,826	12,037
Mortgage servicing rights	0	0
Interest rate swap	127
Financial liabilities:
Interest rate swaps	3,872	7,258
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	1,428	1,599
Interest rate swap	0
Financial liabilities:
Interest rate swaps	0	0
Fair Value | Recurring Basis | Residential MBS
Financial assets:
Available for sale debt securities, at fair value	189,588	216,724
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	189,588	216,724
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	406,529	361,988
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	406,529	361,988
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 | Other ABS
Financial assets:
Available for sale debt securities, at fair value	30,301
Fair Value | Recurring Basis | Other ABS | Level 1
Financial assets:
Available for sale debt securities, at fair value	0
Fair Value | Recurring Basis | Other ABS | Level 2
Financial assets:
Available for sale debt securities, at fair value	30,301
Fair Value | Recurring Basis | Other ABS | Level 3
Financial assets:
Available for sale debt securities, at fair value	0
Fair Value | Recurring Basis | Agency bonds
Financial assets:
Available for sale debt securities, at fair value	13,264	15,022
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	13,264	15,022
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	868	877
With no related allowance recorded	$ 5,015	$ 6,174

VARIABLE INTEREST ENTITIES (V_2

VARIABLE INTEREST ENTITIES (VIE) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Liabilities	$ 6,455,005	$ 6,292,413
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

LOAN SALE AND SECURITIZATION _3

LOAN SALE AND SECURITIZATION ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	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	756,100
Tier 1 Leverage Ratio	748,800
Goodwill	3,297	$ 3,297
Accumulated other comprehensive income, net of taxes	$ 4,031	$ 6,737
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
	Mar. 31, 2021	Mar. 31, 2020
Transfers and Servicing [Abstract]
Proceeds from loan sales	$ 0	$ 0
Servicing fees	$ 171	$ 270

LOAN SALE AND SECURITIZATION _5

LOAN SALE AND SECURITIZATION ACTIVITIES - Loans Transferred Through Loans or Securitization (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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	$ 15,800	$ 17,423
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	259,604	302,333
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
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Operating Leased Assets [Line Items]
Rent expense for operating leases	$ 1,200	$ 1,100
Sublease income	207	$ 191
Cash balances held at other institutions that exceed FDIC insured limits	26,600		$ 26,000
Restricted cash	$ 4,900		8,900
Operating Lease Arrangement Type One
Operating Leased Assets [Line Items]
Renewal term	3 years
Operating Lease Arrangement Type Two
Operating Leased Assets [Line Items]
Renewal term	5 years
Operating Lease Arrangement Type Three
Operating Leased Assets [Line Items]
Renewal term	10 years
Commitments to Extend Credit
Operating Leased Assets [Line Items]
Real estate loan funding commitments	$ 141,800		116,900
Unfunded Loan Commitment
Operating Leased Assets [Line Items]
Reserve recorded on real estate loan funding commitments	$ 60		$ 59

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Operating Lease Maturities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
April 1 - December 31, 2021	$ 3,379
2022	3,666
2023	2,427
2024	1,453
2025	994
Thereafter	1,661
Total	$ 13,580