Luther Burbank (LBC) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		51,688,189
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	Q3

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash, cash equivalents and restricted cash	$ 132,039	$ 178,861
Available for sale debt securities, at fair value	652,810	593,734
Held to maturity debt securities, at amortized cost (fair value of $4,377 and $7,870 at September 30, 2021 and December 31, 2020, respectively)	4,155	7,467
Equity securities, at fair value	11,804	12,037
Loans receivable, net of allowance for loan losses of $37,335 and $46,214 at September 30, 2021 and December 31, 2020, respectively	6,306,526	6,003,602
Accrued interest receivable	18,889	18,795
Federal Home Loan Bank ("FHLB") stock, at cost	23,411	25,122
Premises and equipment, net	16,449	18,226
Goodwill	3,297	3,297
Prepaid expenses and other assets	51,406	44,963
Total assets	7,220,786	6,906,104
Liabilities:
Deposits	5,587,156	5,264,329
FHLB advances	751,647	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 $369 and $461 at September 30, 2021 and December 31, 2020, respectively)	94,631	94,539
Accrued interest payable	177	1,388
Other liabilities and accrued expenses	71,382	63,553
Total liabilities	6,566,850	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 September 30, 2021 and December 31, 2020, respectively	0	0
Common stock, no par value; 100,000,000 shares authorized; 51,682,604 and 52,220,266 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	406,331	414,120
Retained earnings	244,972	192,834
Accumulated other comprehensive income, net of taxes	2,633	6,737
Total stockholders' equity	653,936	613,691
Total liabilities and stockholders' equity	$ 7,220,786	$ 6,906,104

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fair value of held-to-maturity securities	$ 4,377,000	$ 7,870,000
Allowance for loan losses	$ 37,335,000	$ 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)	51,682,604	52,220,266
Common stock shares outstanding (in shares)	51,682,604	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	$ 369,000	$ 461,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest and fee income:
Loans	$ 55,757	$ 56,766	$ 164,006	$ 175,661
Investment securities	2,213	2,167	6,287	7,787
Cash, cash equivalents and restricted cash	78	83	162	454
Total interest and fee income	58,048	59,016	170,455	183,902
Interest expense:
Deposits	7,535	15,744	28,890	60,146
FHLB advances	3,573	5,307	11,345	16,550
Junior subordinated deferrable interest debentures	250	279	763	1,104
Senior debt	1,574	1,574	4,723	4,727
Total interest expense	12,932	22,904	45,721	82,527
Net interest income before provision for loan losses	45,116	36,112	124,734	101,375
(Reversal of) provision for loan losses	(4,000)	0	(9,000)	10,550
Net interest income after provision for loan losses	49,116	36,112	133,734	90,825
Noninterest income:
FHLB dividends	407	368	1,145	1,277
Other income	24	219	105	779
Total noninterest income	431	587	1,250	2,056
Noninterest expense:
Compensation and related benefits	9,596	11,408	28,617	32,913
Deposit insurance premium	492	482	1,431	1,429
Professional and regulatory fees	445	431	1,543	1,316
Occupancy	1,263	1,156	3,735	3,397
Depreciation and amortization	625	673	1,958	2,029
Data processing	883	999	2,729	3,004
Marketing	380	306	907	1,511
Other expenses	951	919	2,999	2,982
Total noninterest expense	14,635	16,374	43,919	48,581
Income before provision for income taxes	34,912	20,325	91,065	44,300
Provision for income taxes	10,169	6,008	26,695	13,089
Net income	$ 24,743	$ 14,317	$ 64,370	$ 31,211
Basic earnings per common share (in usd per share)	$ 0.48	$ 0.28	$ 1.25	$ 0.58
Diluted earnings per common share (in usd per share)	0.48	0.27	1.24	0.58
Dividends per common share (in usd per share)	$ 0.12	$ 0.06	$ 0.24	$ 0.17

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 24,743	$ 14,317	$ 64,370	$ 31,211
Unrealized (loss) gain on available for sale debt securities:
Unrealized holding (loss) gain arising during the period	(2,482)	(1)	(5,785)	7,222
Tax effect	722	6	1,681	(2,095)
Total other comprehensive (loss) income, net of tax	(1,760)	5	(4,104)	5,127
Comprehensive income	$ 22,983	$ 14,322	$ 60,266	$ 36,338

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	31,211		31,211
Other comprehensive income (loss)	5,127			5,127
Issuance of restricted stock awards (in shares)		261,722
Settled restricted stock units (in shares)		94,408
Shares withheld to pay taxes on stock based compensation (in shares)		(64,361)
Shares withheld to pay taxes on stock based compensation	(666)	$ (666)
Restricted stock forfeitures (in shares)		(29,661)
Restricted stock forfeitures	(23)	$ (31)	8
Stock based compensation expense	2,742	$ 2,742
Shares repurchased (in shares)		(3,851,809)
Shares repurchased	(34,714)	$ (34,714)
Cash dividends	(9,308)		(9,308)
Ending balance (shares) at Sep. 30, 2020		52,410,053
Ending balance at Sep. 30, 2020	608,833	$ 415,115	187,147	6,571
Beginning balance (shares) at Jun. 30, 2020		52,382,895
Beginning balance at Jun. 30, 2020	596,682	$ 414,264	175,852	6,566
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,317		14,317
Other comprehensive income (loss)	5			5
Issuance of restricted stock awards (in shares)		11,604
Settled restricted stock units (in shares)		24,188
Shares withheld to pay taxes on stock based compensation (in shares)		(7,797)
Shares withheld to pay taxes on stock based compensation	(75)	$ (75)
Restricted stock forfeitures (in shares)		(837)
Restricted stock forfeitures	(5)	$ (5)	0
Stock based compensation expense	931	$ 931
Cash dividends	(3,022)		(3,022)
Ending balance (shares) at Sep. 30, 2020		52,410,053
Ending balance at Sep. 30, 2020	608,833	$ 415,115	187,147	6,571
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	64,370		64,370
Other comprehensive income (loss)	(4,104)			(4,104)
Issuance of restricted stock awards (in shares)		289,473
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)		(54,130)
Restricted stock forfeitures	(58)	$ (72)	14
Stock based compensation expense	1,952	$ 1,952
Shares repurchased (in shares)		(756,053)
Shares repurchased	(8,768)	$ (8,768)
Cash dividends	(12,246)		(12,246)
Ending balance (shares) at Sep. 30, 2021		51,682,604
Ending balance at Sep. 30, 2021	653,936	$ 406,331	244,972	2,633
Beginning balance (shares) at Jun. 30, 2021		51,861,704
Beginning balance at Jun. 30, 2021	638,699	$ 407,860	226,446	4,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,743		24,743
Other comprehensive income (loss)	(1,760)			(1,760)
Restricted stock forfeitures (in shares)		(1,332)
Restricted stock forfeitures	(5)	$ (5)	0
Stock based compensation expense	650	$ 650
Shares repurchased (in shares)		(177,768)
Shares repurchased	(2,174)	$ (2,174)
Cash dividends	(6,217)		(6,217)
Ending balance (shares) at Sep. 30, 2021		51,682,604
Ending balance at Sep. 30, 2021	$ 653,936	$ 406,331	$ 244,972	$ 2,633

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in usd per share)	$ 0.12	$ 0.06	$ 0.24	$ 0.17

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 64,370	$ 31,211
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,958	2,029
(Reversal of) provision for loan losses	(9,000)	10,550
Amortization of deferred loan costs, net	15,035	11,785
Amortization of premiums on investment securities, net	1,698	2,447
Stock based compensation expense, net of forfeitures	1,880	2,711
Change in fair value of mortgage servicing rights	639	807
Change in fair value of equity securities	233	(288)
Other items, net	125	331
Effect of changes in:
Accrued interest receivable	(94)	920
Accrued interest payable	(1,211)	(1,647)
Prepaid expenses and other assets	(1,920)	(4,134)
Other liabilities and accrued expenses	11,804	(3,780)
Net cash provided by operating activities	85,517	52,942
Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of available for sale debt securities	109,718	188,270
Proceeds from maturities and paydowns of held to maturity debt securities	3,234	2,096
Purchases of available for sale debt securities	(176,200)	(181,837)
Net (increase) decrease in loans receivable	(31,251)	101,994
Proceeds from loans held for sale previously classified as portfolio loans	1,731	0
Purchase of loans, including (discount) premium	(286,917)	(20,507)
Redemption of FHLB stock, net	1,711	730
Purchase of premises and equipment	(191)	(1,275)
Net cash (used in) provided by investing activities	(378,165)	89,471
Cash flows from financing activities:
Net increase in deposits	322,827	41,963
Proceeds from long-term FHLB advances	350,000	136,500
Repayment of long-term FHLB advances	(405,100)	(151,955)
Net change in short-term FHLB advances	0	(1,500)
Shares withheld for taxes on vested restricted stock	(901)	(666)
Shares repurchased	(8,768)	(34,714)
Cash paid for dividends	(12,232)	(9,300)
Net cash provided by (used in) financing activities	245,826	(19,672)
(Decrease) increase in cash, cash equivalents and restricted cash	(46,822)	122,741
Cash, cash equivalents and restricted cash, beginning of period	178,861	91,325
Cash, cash equivalents and restricted cash, end of period	132,039	214,066
Supplemental disclosure of cash flow information: Cash paid during the period for:
Interest	46,932	84,174
Income taxes	25,901	15,069
Non-cash investing activity:
Loans transferred to held for sale	$ 1,706	$ 0

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 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 several 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 and nine months ended September 30, 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. Reclassifications Certain prior balances in the unaudited consolidated financial statements have been reclassified to conform to current year presentation. These reclassifications had no effect on prior year net income or stockholders’ equity. Earnings Per Share ("EPS") Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the period. In determining the weighted average number of shares outstanding, vested restricted stock units are included. Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of common shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as restricted stock awards and units, calculated using the treasury stock method. (Dollars in thousands, except share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income $ 24,743 $ 14,317 $ 64,370 $ 31,211 Weighted average basic common shares outstanding 51,333,283 52,001,097 51,680,782 53,359,460 Add: Dilutive effects of assumed vesting of restricted stock 211,630 156,106 153,980 118,309 Weighted average diluted common shares outstanding 51,544,913 52,157,203 51,834,762 53,477,769 Income per common share: Basic EPS $ 0.48 $ 0.28 $ 1.25 $ 0.58 Diluted EPS $ 0.48 $ 0.27 $ 1.24 $ 0.58 Anti-dilutive shares not included in calculation of diluted earnings per share — 26 6,291 17,623 Adoption of New Financial Accounting Standards FASB ASU 2016-02 In February 2016, the Financial Accounting Standards Board ("FASB") amended existing guidance that requires lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date (1) a lease liability, which is the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. These amendments are effective for Public Business Entities ("PBEs") for annual periods and interim periods within those annual periods beginning after December 15, 2018. As an emerging growth company, the Company expects to adopt this guidance on January 1, 2022. Upon adoption of this guidance, the Company will recognize a liability for its obligations under its operating leases and a corresponding right-of-use asset for its right to use leased properties over the lease term. The Company is currently evaluating the impact of ASU 2016‑02 on the consolidated financial statements. Based on leases outstanding at September 30, 2021, the Company does not expect the updates to have a material impact on the consolidated financial statements, but does anticipate the adoption of ASU 2016‑02 will result in an increase in balances of the Company's Consolidated Statements of Financial Condition as a result of recognizing right-of-use assets and lease liabilities.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Sep. 30, 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 September 30, 2021: Government and Government Sponsored Entities: Residential mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 190,037 $ 1,638 $ (1,136) $ 190,539 Commercial MBS and CMOs 418,930 4,508 (1,521) 421,917 Agency bonds 10,914 260 — 11,174 Other asset backed securities ("ABS") 29,220 32 (72) 29,180 Total available for sale debt securities $ 649,101 $ 6,438 $ (2,729) $ 652,810 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 $2.6 million and $6.7 million, net of $1.1 million and $2.8 million in tax liabilities, at September 30, 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 or nine months ended September 30, 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: September 30, 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 $ 88,252 $ (1,133) $ 310 $ (3) $ 88,562 $ (1,136) Commercial MBS and CMOs 130,803 (1,509) 11,694 (12) 142,497 (1,521) Other ABS 23,851 (72) — — 23,851 (72) Total available for sale debt securities $ 242,906 $ (2,714) $ 12,004 $ (15) $ 254,910 $ (2,729) At September 30, 2021, the Company held 88 residential MBS and CMOs of which 11 were in a loss position and five had been in a loss position for twelve months or more. The Company held 53 commercial MBS and CMOs of which 14 were in a loss position and two had been in a loss position for twelve months or more. The Company held three other ABS of which two were 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 September 30, 2021 or December 31, 2020. As of September 30, 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 September 30, 2021: Government Sponsored Entities: Residential MBS $ 4,085 $ 222 $ — $ 4,307 Other investments 70 — — 70 Total held to maturity investment securities $ 4,155 $ 222 $ — $ 4,377 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 The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of September 30, 2021: September 30, 2021 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 7,914 $ 8,056 Beyond ten years 3,000 3,118 MBS, CMOs and other ABS 638,187 641,636 Total available for sale debt securities $ 649,101 $ 652,810 Held to maturity investments securities Beyond ten years $ 70 $ 70 MBS 4,085 4,307 Total held to maturity debt securities $ 4,155 $ 4,377 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 September 30, 2021 or December 31, 2020. Equity Securities Equity securities consist of investments in a qualified community reinvestment fund. At September 30, 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 and nine months ended September 30, 2021, the fair value of these investments decreased $55 thousand and $233 thousand, respectively, compared to no change in fair value and an increase in fair value of $288 thousand, respectively, during the three and nine months ended September 30, 2020. There were no sales of equity securities during the three or nine months ended September 30, 2021 or 2020.

LOANS

LOANS	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
LOANS	LOANS Loans consist of the following: (Dollars in thousands) September 30, December 31, Permanent mortgages on: Multifamily residential $ 4,226,685 $ 4,100,831 Single family residential 1,908,297 1,723,953 Commercial real estate 193,224 202,871 Construction and land loans 15,655 22,061 Non-Mortgage (‘‘NM’’) loans — 100 Total 6,343,861 6,049,816 Allowance for loan losses (37,335) (46,214) Loans held for investment, net $ 6,306,526 $ 6,003,602 Certain loans have been pledged to secure borrowing arrangements (see Note 7). During the nine months ended September 30, 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 September 30, 2021 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 30,114 $ 8,332 $ 2,705 $ 184 $ 41,335 (Reversal of) provision for loan losses (2,933) (747) (283) (37) (4,000) Charge-offs — — — — — Recoveries — — — — — Ending balance allocated to portfolio segments $ 27,181 $ 7,585 $ 2,422 $ 147 $ 37,335 Three months ended September 30, 2020 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 30,837 $ 11,628 $ 3,305 $ 215 $ 45,985 Provision for (reversal of) loan losses 836 (1,014) 247 (69) — Charge-offs — — — — — Recoveries — 3 — 75 78 Ending balance allocated to portfolio segments $ 31,673 $ 10,617 $ 3,552 $ 221 $ 46,063 Nine months ended September 30, 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 (6,078) (1,851) (925) (146) (9,000) Charge-offs — — — — — Recoveries — 64 — 57 121 Ending balance allocated to portfolio segments $ 27,181 $ 7,585 $ 2,422 $ 147 $ 37,335 Nine months ended September 30, 2020 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 23,372 $ 10,076 $ 2,341 $ 212 $ 36,001 Provision for (reversal of) loan losses 8,301 1,254 1,211 (216) 10,550 Charge-offs — (722) — — (722) Recoveries — 9 — 225 234 Ending balance allocated to portfolio segments $ 31,673 $ 10,617 $ 3,552 $ 221 $ 46,063 The following table summarizes the allocation of the allowance for loan losses by impairment methodology: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of September 30, 2021: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 27,181 7,560 2,422 147 37,310 Ending balance $ 27,181 $ 7,585 $ 2,422 $ 147 $ 37,335 Loans: Ending balance: individually evaluated for impairment $ 510 $ 4,068 $ — $ — $ 4,578 Ending balance: collectively evaluated for impairment 4,226,175 1,904,229 193,224 15,655 6,339,283 Ending balance $ 4,226,685 $ 1,908,297 $ 193,224 $ 15,655 $ 6,343,861 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 near future that will lead to a change in risk rating with the change being either favorable or unfavorable. These assets require heightened monitoring of the event by management. Special mention assets have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard assets are inadequately protected by the current net worth and/or paying capacity of the obligor or by the collateral pledged. These assets have well-defined weaknesses: the primary source of repayment is gone or severely impaired (i.e., bankruptcy or loss of employment) and/or there has been a deterioration in collateral value. In addition, there is the distinct possibility that the Company will sustain some loss, either directly or indirectly (i.e., the cost of monitoring), if the deficiencies are not corrected. A deterioration in collateral value alone does not mandate that an asset be adversely classified if such factor does not indicate that the primary source of repayment is in jeopardy. Doubtful assets have the weaknesses of those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable based on current facts, conditions and values. Loss assets are considered uncollectible and of such little value that their continuance as assets, without establishment of a specific valuation allowance or charge-off, is not warranted. This classification does not necessarily mean that an asset has absolutely no recovery or salvage value; but rather, it is not practical or desirable to defer writing off a basically worthless asset (or portion thereof) even though partial recovery may be affected in the future. The following table summarizes the loan portfolio allocated by management’s internal risk ratings at September 30, 2021 and December 31, 2020. The decrease in Watch, Special Mention and Substandard risk rated loans during the nine months ended September 30, 2021 was primarily attributable to the diminishing impact of the COVID-19 pandemic on the performance of loans. As of September 30, 2021, all loans modified under the Company's payment deferral program implemented in response to the pandemic had returned to scheduled payments or paid off in full. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of September 30, 2021: Grade: Pass $ 4,121,766 $ 1,872,319 $ 184,817 $ 15,264 $ 6,194,166 Watch 85,238 34,425 8,407 391 128,461 Special mention 4,988 532 — — 5,520 Substandard 14,693 1,021 — — 15,714 Total $ 4,226,685 $ 1,908,297 $ 193,224 $ 15,655 $ 6,343,861 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 September 30, 2021 and December 31, 2020: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of September 30, 2021: Loans: Multifamily residential $ — $ — $ — $ 510 $ 4,226,175 $ 4,226,685 Single family residential 1,259 — — 133 1,906,905 1,908,297 Commercial real estate — — — — 193,224 193,224 Land and construction — — — — 15,655 15,655 Total $ 1,259 $ — $ — $ 643 $ 6,341,959 $ 6,343,861 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 September 30, 2021 and December 31, 2020: As of September 30, 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 $ 510 $ 586 $ — $ 522 $ 599 $ — Single family residential 3,219 3,429 — 6,174 6,500 — 3,729 4,015 — 6,696 7,099 — With an allowance recorded: Single family residential 849 846 25 877 874 25 849 846 25 877 874 25 Total: Multifamily residential 510 586 — 522 599 — Single family residential 4,068 4,275 25 7,051 7,374 25 $ 4,578 $ 4,861 $ 25 $ 7,573 $ 7,973 $ 25 The following tables summarize information related to impaired loans for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, 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 $ 664 $ 8 $ 8 $ 530 $ 8 $ 8 Single family residential 3,274 32 — 4,724 18 14 3,938 40 8 5,254 26 22 With an allowance recorded: Single family residential 854 6 — 890 10 — 854 6 — 890 10 — Total: Multifamily residential 664 8 8 530 8 8 Single family residential 4,128 38 — 5,614 28 14 $ 4,792 $ 46 $ 8 $ 6,144 $ 36 $ 22 Nine Months Ended September 30, 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 $ 891 $ 22 $ 22 $ 535 $ 25 $ 25 Single family residential 4,781 143 85 4,757 62 48 5,672 165 107 5,292 87 73 With an allowance recorded: Single family residential 863 19 — 1,377 30 — 863 19 — 1,377 30 — Total: Multifamily residential 891 22 22 535 25 25 Single family residential 5,644 162 85 6,134 92 48 $ 6,535 $ 184 $ 107 $ 6,669 $ 117 $ 73 The following table summarizes the recorded investment related to troubled debt restructurings ("TDRs") at September 30, 2021 and December 31, 2020: (Dollars in thousands) September 30, December 31, Troubled debt restructurings: Single family residential $ 1,220 $ 3,967 The Company has allocated $25 thousand of its allowance for loan losses for loans modified in TDRs at both September 30, 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 or nine months ended September 30, 2021. During the nine months ended September 30, 2020, the Company modified the terms of two loans that qualified as TDRs. The following table provides a detail of these modifications: (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled debt restructurings: Single family residential 2 $ 2,672 $ 2,672 Terms of the two modifications above included suspension of loan payments for six months and an extension of the loan term. Prior to modification, both loans were classified as non-accrual and impaired. The TDRs above resulted in no increase to the allowance for loan losses and no charge offs, primarily due to collateral support provided by the secondary sources of repayment. The Company had no TDRs with a subsequent payment default within twelve months following the modification during the three or nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
NONPERFORMING ASSETS	NONPERFORMING ASSETS Nonperforming assets include nonperforming loans plus real estate owned. The Company’s nonperforming assets at September 30, 2021 and December 31, 2020 are indicated below: (Dollars in thousands) September 30, December 31, Non-accrual loans: Multifamily residential $ 510 $ 522 Single family residential 133 5,791 Total non-accrual loans 643 6,313 Real estate owned — — Total nonperforming assets $ 643 $ 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 and nine months ended September 30, 2021 totaling $8 thousand and $107 thousand, respectively, compared to $22 thousand and $73 thousand for the three and nine months ended September 30, 2020. Contractual interest not recorded on nonperforming loans during the three and nine months ended September 30, 2021 totaled $5 thousand and $21 thousand, respectively, compared to $47 thousand and $137 thousand for the three and nine months ended September 30, 2020.

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	9 Months Ended
	Sep. 30, 2021
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	MORTGAGE SERVICING RIGHTSServicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and conducting foreclosure proceedings. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans are as follows: (Dollars in thousands) September 30, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 134,450 $ 216,431 Other financial institutions 69,608 103,325 Total mortgage loans serviced for others $ 204,058 $ 319,756 Custodial account balances maintained in connection with serviced loans totaled $6.1 million and $10.9 million at September 30, 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 September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Beginning balance $ 1,192 $ 2,028 $ 1,599 $ 2,657 Additions — — — — Disposals — — — — Changes in fair value due to changes in assumptions — — — — Other changes in fair value (232) (178) (639) (807) Ending balance $ 960 $ 1,850 $ 960 $ 1,850

DEPOSITS

DEPOSITS	9 Months Ended
	Sep. 30, 2021
Deposits [Abstract]
DEPOSITS	DEPOSITS A summary of deposits at September 30, 2021 and December 31, 2020 is as follows: (Dollars in thousands) September 30, December 31, Time deposits $ 2,511,528 $ 3,057,197 Money market savings 2,186,222 1,678,942 Interest-bearing demand 167,919 151,954 Money market checking 598,248 282,897 Noninterest-bearing demand 123,239 93,339 Total $ 5,587,156 $ 5,264,329 The Company had time deposits with a denomination of $100 thousand or more totaling $2.0 billion and $2.6 billion at September 30, 2021 and December 31, 2020, respectively. The Company had time deposits that met or exceeded the FDIC insurance limit of $250 thousand of $1.1 billion and $1.4 billion at September 30, 2021 and December 31, 2020, respectively. The Company utilizes brokered deposits as an additional source of funding. The Company had brokered deposits of $134.7 million and $50.0 million at September 30, 2021 and December 31, 2020, respectively. Maturities of the Company’s time deposits at September 30, 2021 are summarized as follows: (Dollars in thousands) October 1 - December 31, 2021 $ 551,350 2022 1,890,167 2023 20,834 2024 19,227 2025 7,278 Thereafter 22,672 Total $ 2,511,528

FEDERAL HOME LOAN BANK AND FEDE

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	9 Months Ended
	Sep. 30, 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 September 30, 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 $564.8 million and $467.8 million as of September 30, 2021 and December 31, 2020, respectively, secure this borrowing arrangement. There were no borrowings outstanding with the FRB as of September 30, 2021 or December 31, 2020. The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: Outstanding Balances As of September 30, 2021 (Dollars in thousands) September 30, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate long-term 751,647 806,747 0.38 % 7.33 % 1.68 % February 2022 to March 2030 The Bank's available borrowing capacity based on pledged loans to the FHLB and the FRB totaled $1.2 billion and $1.1 billion at September 30, 2021 and December 31, 2020, respectively. As of September 30, 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 FHLB and FRB to increase its borrowing capacity. As of September 30, 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 and nine months ended September 30, 2021, there was a maximum amount of short-term borrowings outstanding of $306.2 million and $352.9 million, respectively and an average amount outstanding of $113.4 million and $148.2 million, respectively, with a weighted average interest rate of 0.15% and 0.14%, respectively. During the nine months ended September 30, 2020, there was a maximum amount of short-term borrowings outstanding of $77.8 million and an average amount outstanding of $9.2 million, with a weighted average interest rate of 1.45%. During the three months ended September 30, 2020, there were no short-term borrowings outstanding. The following table summarizes scheduled principal payments on FHLB advances over the next five years as of September 30, 2021: (Dollars in thousands) October 1 - December 31, 2021 $ — 2022 100,000 2023 250,000 2024 200,000 2025 101,500 Thereafter 100,147 $ 751,647

JUNIOR SUBORDINATED DEFERRABLE

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020: September 30, 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 1.50 % $ 41,238 1.60 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 1.74 % $ 20,619 1.84 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT

SENIOR DEBT	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020: September 30, 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 $ 369 $ 95,000 $ 461 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 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 As of September 30, 2021, the Company held two two-year interest rate swaps with a total notional amount of $650 million. These swaps were entered into in February and June 2021. The swaps provide a hedge against the interest rate risk associated with both fixed rate loans and hybrid adjustable loans in their fixed rate period. During the nine months ended September 30, 2021, two separate, two-year interest rate swaps with a total notional amount of $1.0 billion matured. These swaps, which were in equal notional amounts of $500.0 million, matured in June and August 2021, and they provided a hedge against the interest rate risk related to certain hybrid multifamily loans, which were in their fixed rate period. All outstanding 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 and nine months ended September 30, 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 and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Derivative - interest rate swaps: Interest (loss) income $ (720) $ (3,437) $ (7,439) $ (7,383) Hedged items - loans: Interest (loss) income (1) (16) (30) 40 Net decrease in interest income $ (721) $ (3,453) $ (7,469) $ (7,343) 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 September 30, 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 September 30, 2021: Interest Rate Swaps $ 650,000 Prepaid Expenses and Other Assets $ 204 Other Liabilities and Accrued Expenses $ 8 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 September 30, 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 September 30, 2021: Loans receivable, net (1) $ 649,804 $ (196) 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 September 30, 2021 and December 31, 2020, the amortized cost basis of the closed portfolio loans used in these hedging relationships were $1.2 billion and $2.0 billion, respectively; the cumulative basis adjustments associated with these hedging relationships were $(196) thousand and $7.3 million, respectively, and the amount of the designated hedged items were $649.8 million and $1.0 billion, respectively.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 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 granted with 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 and nine months ended September 30, 2021 totaled $645 thousand and $1.9 million, respectively, compared with $926 thousand and $2.7 million, respectively, for the three and nine months ended September 30, 2020. No RSAs or RSUs vested during the three months ended September 30, 2021 and 2020. The fair value of RSAs and RSUs that vested during the nine months ended September 30, 2021 and 2020 totaled $2.4 million and $2.5 million, respectively. As of September 30, 2021 and December 31, 2020, there was $3.1 million and $2.7 million, respectively, of unrecognized compensation expense related to 484,118 and 464,919 unvested RSAs and/or RSUs, respectively, which amounts were expected to be expensed over a weighted average period of 1.76 years at both periods. As of September 30, 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: Nine Months Ended September 30, 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 289,473 10.11 261,722 11.62 Shares settled (265,655) 11.02 (235,398) 10.54 Shares forfeited (54,130) 10.30 (31,129) 11.07 End of the period balance 575,604 $ 10.53 713,194 $ 10.90

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2021: Financial assets: Cash, cash equivalents and restricted cash $ 132,039 $ 132,039 $ 132,039 $ — $ — Debt securities: Available for sale 652,810 652,810 — 652,810 — Held to maturity 4,155 4,377 — 4,377 — Equity securities 11,804 11,804 — 11,804 — Loans receivable, net 6,306,526 6,351,672 — — 6,351,672 Accrued interest receivable 18,889 18,889 4 933 17,952 FHLB stock 23,411 N/A N/A N/A N/A Interest rate swap 204 204 — 204 — Financial liabilities: Deposits $ 5,587,156 $ 5,597,617 $ 2,790,610 $ 2,807,007 $ — FHLB advances 751,647 764,825 — 764,825 — Junior subordinated deferrable interest debentures 61,857 61,614 — 61,614 — Senior debt 94,631 107,469 — 107,469 — Accrued interest payable 177 177 — 177 — Interest rate swap 8 8 — 8 — 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 September 30, 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 September 30, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 190,539 $ — $ 190,539 $ — Commercial MBS and CMOs 421,917 — 421,917 — Agency bonds 11,174 — 11,174 — Other ABS 29,180 — 29,180 — Total available for sale debt securities $ 652,810 $ — $ 652,810 $ — Equity securities $ 11,804 $ — $ 11,804 $ — Mortgage servicing rights 960 — — 960 Interest rate swap 204 — 204 — Financial Liabilities: Interest rate swap $ 8 $ — $ 8 $ — 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 and nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2021, the Bank’s net worth was $787.8 million which equates to its Tier 1 capital of $781.8 million plus goodwill of $3.3 million and accumulated other comprehensive income related to net unrealized gains on available for sale securities of $2.6 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 September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Proceeds from loan sales $ 1,731 $ — $ 1,731 $ — Servicing fees 128 214 445 730 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 September 30, 2021: Principal balance of loans $ 13,620 $ 190,438 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	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020, the Company had outstanding commitments of approximately $118.0 million and $116.9 million, respectively, for loans and lines of credit. Unfunded commitment reserves totaled $147 thousand and $59 thousand at September 30, 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) October 1 - December 31, 2021 $ 1,005 2022 3,836 2023 2,589 2024 1,567 2025 1,112 Thereafter 1,918 Total $ 12,027 Rent expense under operating leases was $1.1 million and $3.5 million for the three and nine months ended September 30, 2021, respectively, compared to $1.1 million and $3.2 million, for the three and nine months ended September 30, 2020, respectively. Sublease income earned was $145 thousand and $558 thousand for the three and nine months ended September 30, 2021, respectively, compared to $185 thousand and $558 thousand for the three and nine months ended September 30, 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 or cash flows. 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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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.
Reclassifications	Reclassifications Certain prior balances in the unaudited consolidated financial statements have been reclassified to conform to current year presentation. These reclassifications had no effect on prior year net income or stockholders’ equity.
Earnings Per Share	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.
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)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	(Dollars in thousands, except share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income $ 24,743 $ 14,317 $ 64,370 $ 31,211 Weighted average basic common shares outstanding 51,333,283 52,001,097 51,680,782 53,359,460 Add: Dilutive effects of assumed vesting of restricted stock 211,630 156,106 153,980 118,309 Weighted average diluted common shares outstanding 51,544,913 52,157,203 51,834,762 53,477,769 Income per common share: Basic EPS $ 0.48 $ 0.28 $ 1.25 $ 0.58 Diluted EPS $ 0.48 $ 0.27 $ 1.24 $ 0.58 Anti-dilutive shares not included in calculation of diluted earnings per share — 26 6,291 17,623

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021: Government and Government Sponsored Entities: Residential mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 190,037 $ 1,638 $ (1,136) $ 190,539 Commercial MBS and CMOs 418,930 4,508 (1,521) 421,917 Agency bonds 10,914 260 — 11,174 Other asset backed securities ("ABS") 29,220 32 (72) 29,180 Total available for sale debt securities $ 649,101 $ 6,438 $ (2,729) $ 652,810 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: September 30, 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 $ 88,252 $ (1,133) $ 310 $ (3) $ 88,562 $ (1,136) Commercial MBS and CMOs 130,803 (1,509) 11,694 (12) 142,497 (1,521) Other ABS 23,851 (72) — — 23,851 (72) Total available for sale debt securities $ 242,906 $ (2,714) $ 12,004 $ (15) $ 254,910 $ (2,729) 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 September 30, 2021: Government Sponsored Entities: Residential MBS $ 4,085 $ 222 $ — $ 4,307 Other investments 70 — — 70 Total held to maturity investment securities $ 4,155 $ 222 $ — $ 4,377 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 September 30, 2021: September 30, 2021 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 7,914 $ 8,056 Beyond ten years 3,000 3,118 MBS, CMOs and other ABS 638,187 641,636 Total available for sale debt securities $ 649,101 $ 652,810 Held to maturity investments securities Beyond ten years $ 70 $ 70 MBS 4,085 4,307 Total held to maturity debt securities $ 4,155 $ 4,377

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Schedule of Loans Receivable	Loans consist of the following: (Dollars in thousands) September 30, December 31, Permanent mortgages on: Multifamily residential $ 4,226,685 $ 4,100,831 Single family residential 1,908,297 1,723,953 Commercial real estate 193,224 202,871 Construction and land loans 15,655 22,061 Non-Mortgage (‘‘NM’’) loans — 100 Total 6,343,861 6,049,816 Allowance for loan losses (37,335) (46,214) Loans held for investment, net $ 6,306,526 $ 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 September 30, 2021 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 30,114 $ 8,332 $ 2,705 $ 184 $ 41,335 (Reversal of) provision for loan losses (2,933) (747) (283) (37) (4,000) Charge-offs — — — — — Recoveries — — — — — Ending balance allocated to portfolio segments $ 27,181 $ 7,585 $ 2,422 $ 147 $ 37,335 Three months ended September 30, 2020 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 30,837 $ 11,628 $ 3,305 $ 215 $ 45,985 Provision for (reversal of) loan losses 836 (1,014) 247 (69) — Charge-offs — — — — — Recoveries — 3 — 75 78 Ending balance allocated to portfolio segments $ 31,673 $ 10,617 $ 3,552 $ 221 $ 46,063 Nine months ended September 30, 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 (6,078) (1,851) (925) (146) (9,000) Charge-offs — — — — — Recoveries — 64 — 57 121 Ending balance allocated to portfolio segments $ 27,181 $ 7,585 $ 2,422 $ 147 $ 37,335 Nine months ended September 30, 2020 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 23,372 $ 10,076 $ 2,341 $ 212 $ 36,001 Provision for (reversal of) loan losses 8,301 1,254 1,211 (216) 10,550 Charge-offs — (722) — — (722) Recoveries — 9 — 225 234 Ending balance allocated to portfolio segments $ 31,673 $ 10,617 $ 3,552 $ 221 $ 46,063 The following table summarizes the allocation of the allowance for loan losses by impairment methodology: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of September 30, 2021: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 27,181 7,560 2,422 147 37,310 Ending balance $ 27,181 $ 7,585 $ 2,422 $ 147 $ 37,335 Loans: Ending balance: individually evaluated for impairment $ 510 $ 4,068 $ — $ — $ 4,578 Ending balance: collectively evaluated for impairment 4,226,175 1,904,229 193,224 15,655 6,339,283 Ending balance $ 4,226,685 $ 1,908,297 $ 193,224 $ 15,655 $ 6,343,861 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 September 30, 2021 and December 31, 2020. The decrease in Watch, Special Mention and Substandard risk rated loans during the nine months ended September 30, 2021 was primarily attributable to the diminishing impact of the COVID-19 pandemic on the performance of loans. As of September 30, 2021, all loans modified under the Company's payment deferral program implemented in response to the pandemic had returned to scheduled payments or paid off in full. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of September 30, 2021: Grade: Pass $ 4,121,766 $ 1,872,319 $ 184,817 $ 15,264 $ 6,194,166 Watch 85,238 34,425 8,407 391 128,461 Special mention 4,988 532 — — 5,520 Substandard 14,693 1,021 — — 15,714 Total $ 4,226,685 $ 1,908,297 $ 193,224 $ 15,655 $ 6,343,861 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 September 30, 2021 and December 31, 2020: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of September 30, 2021: Loans: Multifamily residential $ — $ — $ — $ 510 $ 4,226,175 $ 4,226,685 Single family residential 1,259 — — 133 1,906,905 1,908,297 Commercial real estate — — — — 193,224 193,224 Land and construction — — — — 15,655 15,655 Total $ 1,259 $ — $ — $ 643 $ 6,341,959 $ 6,343,861 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 September 30, 2021 and December 31, 2020: As of September 30, 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 $ 510 $ 586 $ — $ 522 $ 599 $ — Single family residential 3,219 3,429 — 6,174 6,500 — 3,729 4,015 — 6,696 7,099 — With an allowance recorded: Single family residential 849 846 25 877 874 25 849 846 25 877 874 25 Total: Multifamily residential 510 586 — 522 599 — Single family residential 4,068 4,275 25 7,051 7,374 25 $ 4,578 $ 4,861 $ 25 $ 7,573 $ 7,973 $ 25 The following tables summarize information related to impaired loans for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, 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 $ 664 $ 8 $ 8 $ 530 $ 8 $ 8 Single family residential 3,274 32 — 4,724 18 14 3,938 40 8 5,254 26 22 With an allowance recorded: Single family residential 854 6 — 890 10 — 854 6 — 890 10 — Total: Multifamily residential 664 8 8 530 8 8 Single family residential 4,128 38 — 5,614 28 14 $ 4,792 $ 46 $ 8 $ 6,144 $ 36 $ 22 Nine Months Ended September 30, 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 $ 891 $ 22 $ 22 $ 535 $ 25 $ 25 Single family residential 4,781 143 85 4,757 62 48 5,672 165 107 5,292 87 73 With an allowance recorded: Single family residential 863 19 — 1,377 30 — 863 19 — 1,377 30 — Total: Multifamily residential 891 22 22 535 25 25 Single family residential 5,644 162 85 6,134 92 48 $ 6,535 $ 184 $ 107 $ 6,669 $ 117 $ 73
Schedule of Troubled Debt Restructurings	The following table summarizes the recorded investment related to troubled debt restructurings ("TDRs") at September 30, 2021 and December 31, 2020: (Dollars in thousands) September 30, December 31, Troubled debt restructurings: Single family residential $ 1,220 $ 3,967 During the nine months ended September 30, 2020, the Company modified the terms of two loans that qualified as TDRs. The following table provides a detail of these modifications: (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled debt restructurings: Single family residential 2 $ 2,672 $ 2,672

NONPERFORMING ASSETS (Tables)

NONPERFORMING ASSETS (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Schedule of Nonperforming Assets	The Company’s nonperforming assets at September 30, 2021 and December 31, 2020 are indicated below: (Dollars in thousands) September 30, December 31, Non-accrual loans: Multifamily residential $ 510 $ 522 Single family residential 133 5,791 Total non-accrual loans 643 6,313 Real estate owned — — Total nonperforming assets $ 643 $ 6,313

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	9 Months Ended
	Sep. 30, 2021
Transfers and Servicing [Abstract]
Schedule of Mortgage Loans Serviced for Others	The principal balances of these loans are as follows: (Dollars in thousands) September 30, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 134,450 $ 216,431 Other financial institutions 69,608 103,325 Total mortgage loans serviced for others $ 204,058 $ 319,756
Schedule of Changes in Servicing Assets	Activities for mortgage servicing rights are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Beginning balance $ 1,192 $ 2,028 $ 1,599 $ 2,657 Additions — — — — Disposals — — — — Changes in fair value due to changes in assumptions — — — — Other changes in fair value (232) (178) (639) (807) Ending balance $ 960 $ 1,850 $ 960 $ 1,850

DEPOSITS (Tables)

DEPOSITS (Tables)	9 Months Ended
	Sep. 30, 2021
Deposits [Abstract]
Schedule of Deposits	A summary of deposits at September 30, 2021 and December 31, 2020 is as follows: (Dollars in thousands) September 30, December 31, Time deposits $ 2,511,528 $ 3,057,197 Money market savings 2,186,222 1,678,942 Interest-bearing demand 167,919 151,954 Money market checking 598,248 282,897 Noninterest-bearing demand 123,239 93,339 Total $ 5,587,156 $ 5,264,329
Schedule of Certificate Account Maturities	Maturities of the Company’s time deposits at September 30, 2021 are summarized as follows: (Dollars in thousands) October 1 - December 31, 2021 $ 551,350 2022 1,890,167 2023 20,834 2024 19,227 2025 7,278 Thereafter 22,672 Total $ 2,511,528

FEDERAL HOME LOAN BANK AND FE_2

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 (Dollars in thousands) September 30, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate long-term 751,647 806,747 0.38 % 7.33 % 1.68 % February 2022 to March 2030 The following table summarizes scheduled principal payments on FHLB advances over the next five years as of September 30, 2021: (Dollars in thousands) October 1 - December 31, 2021 $ — 2022 100,000 2023 250,000 2024 200,000 2025 101,500 Thereafter 100,147 $ 751,647

JUNIOR SUBORDINATED DEFERRABL_2

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Trust Securities	The following table is a summary of the outstanding Trust Securities and Notes at September 30, 2021 and December 31, 2020: September 30, 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 1.50 % $ 41,238 1.60 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 1.74 % $ 20,619 1.84 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT (Tables)

SENIOR DEBT (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes information on these notes as of September 30, 2021 and December 31, 2020: September 30, 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 $ 369 $ 95,000 $ 461 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Derivative - interest rate swaps: Interest (loss) income $ (720) $ (3,437) $ (7,439) $ (7,383) Hedged items - loans: Interest (loss) income (1) (16) (30) 40 Net decrease in interest income $ (721) $ (3,453) $ (7,469) $ (7,343)
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 September 30, 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 September 30, 2021: Interest Rate Swaps $ 650,000 Prepaid Expenses and Other Assets $ 204 Other Liabilities and Accrued Expenses $ 8 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 September 30, 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 September 30, 2021: Loans receivable, net (1) $ 649,804 $ (196) As of December 31, 2020: Loans receivable, net (1) $ 1,007,288 $ 7,288

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes share information about RSAs and RSUs: Nine Months Ended September 30, 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 289,473 10.11 261,722 11.62 Shares settled (265,655) 11.02 (235,398) 10.54 Shares forfeited (54,130) 10.30 (31,129) 11.07 End of the period balance 575,604 $ 10.53 713,194 $ 10.90

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021: Financial assets: Cash, cash equivalents and restricted cash $ 132,039 $ 132,039 $ 132,039 $ — $ — Debt securities: Available for sale 652,810 652,810 — 652,810 — Held to maturity 4,155 4,377 — 4,377 — Equity securities 11,804 11,804 — 11,804 — Loans receivable, net 6,306,526 6,351,672 — — 6,351,672 Accrued interest receivable 18,889 18,889 4 933 17,952 FHLB stock 23,411 N/A N/A N/A N/A Interest rate swap 204 204 — 204 — Financial liabilities: Deposits $ 5,587,156 $ 5,597,617 $ 2,790,610 $ 2,807,007 $ — FHLB advances 751,647 764,825 — 764,825 — Junior subordinated deferrable interest debentures 61,857 61,614 — 61,614 — Senior debt 94,631 107,469 — 107,469 — Accrued interest payable 177 177 — 177 — Interest rate swap 8 8 — 8 — 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 September 30, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 190,539 $ — $ 190,539 $ — Commercial MBS and CMOs 421,917 — 421,917 — Agency bonds 11,174 — 11,174 — Other ABS 29,180 — 29,180 — Total available for sale debt securities $ 652,810 $ — $ 652,810 $ — Equity securities $ 11,804 $ — $ 11,804 $ — Mortgage servicing rights 960 — — 960 Interest rate swap 204 — 204 — Financial Liabilities: Interest rate swap $ 8 $ — $ 8 $ — 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 September 30, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 190,539 $ — $ 190,539 $ — Commercial MBS and CMOs 421,917 — 421,917 — Agency bonds 11,174 — 11,174 — Other ABS 29,180 — 29,180 — Total available for sale debt securities $ 652,810 $ — $ 652,810 $ — Equity securities $ 11,804 $ — $ 11,804 $ — Mortgage servicing rights 960 — — 960 Interest rate swap 204 — 204 — Financial Liabilities: Interest rate swap $ 8 $ — $ 8 $ — 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 $ —

LOAN SALE AND SECURITIZATION _2

LOAN SALE AND SECURITIZATION ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Proceeds from loan sales $ 1,731 $ — $ 1,731 $ — Servicing fees 128 214 445 730
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 September 30, 2021: Principal balance of loans $ 13,620 $ 190,438 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)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Maturities	At September 30, 2021, minimum commitments under these non-cancellable leases, before considering renewal options, were: (Dollars in thousands) October 1 - December 31, 2021 $ 1,005 2022 3,836 2023 2,589 2024 1,567 2025 1,112 Thereafter 1,918 Total $ 12,027

NATURE OF OPERATIONS - Narrativ

NATURE OF OPERATIONS - Narrative (Details)	Sep. 30, 2021branch
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

NATURE OF OPERATIONS - Earnings

NATURE OF OPERATIONS - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Net income	$ 24,743	$ 14,317	$ 64,370	$ 31,211
Weighted average common shares outstanding - basic (in shares)	51,333,283	52,001,097	51,680,782	53,359,460
Add: Dilutive effects of assumed vesting of restricted stock (in shares)	211,630	156,106	153,980	118,309
Weighted average common shares outstanding - diluted (in shares)	51,544,913	52,157,203	51,834,762	53,477,769
Basic earnings per common share (in usd per share)	$ 0.48	$ 0.28	$ 1.25	$ 0.58
Diluted earnings per common share (in usd per share)	$ 0.48	$ 0.27	$ 1.24	$ 0.58
Anti-dilutive shares not included in calculation of diluted earnings per share (in shares)	0	26	6,291	17,623

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 649,101	$ 584,240
Gross Unrealized Gains	6,438	9,865
Gross Unrealized Losses	(2,729)	(371)
Estimated Fair Value	652,810	593,734
Fair Value
Less than 12 Months	242,906	51,510
12 Months or More	12,004	50,109
Total	254,910	101,619
Unrealized Losses
Less than 12 Months	(2,714)	(57)
12 Months or More	(15)	(314)
Total	(2,729)	(371)
Residential mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	190,037	213,279
Gross Unrealized Gains	1,638	3,459
Gross Unrealized Losses	(1,136)	(14)
Estimated Fair Value	190,539	216,724
Fair Value
Less than 12 Months	88,252	14,193
12 Months or More	310	4,248
Total	88,562	18,441
Unrealized Losses
Less than 12 Months	(1,133)	(12)
12 Months or More	(3)	(2)
Total	(1,136)	(14)
Commercial MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	418,930	355,963
Gross Unrealized Gains	4,508	6,337
Gross Unrealized Losses	(1,521)	(312)
Estimated Fair Value	421,917	361,988
Fair Value
Less than 12 Months	130,803	33,986
12 Months or More	11,694	37,194
Total	142,497	71,180
Unrealized Losses
Less than 12 Months	(1,509)	(37)
12 Months or More	(12)	(275)
Total	(1,521)	(312)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,914	14,998
Gross Unrealized Gains	260	69
Gross Unrealized Losses	0	(45)
Estimated Fair Value	11,174	15,022
Fair Value
Less than 12 Months		3,331
12 Months or More		8,667
Total		11,998
Unrealized Losses
Less than 12 Months		(8)
12 Months or More		(37)
Total		$ (45)
Other ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	29,220
Gross Unrealized Gains	32
Gross Unrealized Losses	(72)
Estimated Fair Value	29,180
Fair Value
Less than 12 Months	23,851
12 Months or More	0
Total	23,851
Unrealized Losses
Less than 12 Months	(72)
12 Months or More	0
Total	$ (72)

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)security	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)security	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)security
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, realized gain | $	$ 0	$ 0	$ 0	$ 0
Debt securities, available-for-sale, realized loss | $	0	0	0	0
Equity securities, at fair value | $	$ 11,804,000		$ 11,804,000		$ 12,037,000
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	88		88		86
Debt securities, available-for-sale, unrealized loss position, number of positions	11		11		11
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	5		5		6
Commercial MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	53		53		46
Debt securities, available-for-sale, unrealized loss position, number of positions	14		14		10
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	2		2		6
Agency bonds
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					2
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions					1
Other ABS
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	0		0
CRA Qualified Investment Fund
Debt Securities, Available-for-sale [Line Items]
Equity securities, at fair value | $	$ 11,800,000		$ 11,800,000		$ 12,000,000
Changes in fair value (loss) recorded in income | $	(55,000)		(233,000)
Changes in fair value (gain) recorded in income | $		$ 0		$ 288,000
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 | $	$ 1,100,000		$ 1,100,000		$ 2,800,000

INVESTMENT SECURITIES - Held-to

INVESTMENT SECURITIES - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 4,155	$ 7,467
Gross Unrecognized Gains	222	403
Gross Unrecognized Losses	0	0
Estimated Fair Value	4,377	7,870
Residential MBS
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	4,085	7,391
Gross Unrecognized Gains	222	403
Gross Unrecognized Losses	0	0
Estimated Fair Value	4,307	7,794
Other investments
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	70	76
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	0	0
Estimated Fair Value	$ 70	$ 76

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Amortized Cost
Five to ten years	$ 7,914
Beyond ten years	3,000
Amortized Cost	649,101	$ 584,240
Fair Value
Five to ten years	8,056
Beyond ten years	3,118
Fair Value	652,810	593,734
Amortized Cost
Held-to-maturity investment securities beyond ten years	70
Amortized Cost	4,155	7,467
Fair Value
Beyond ten years	70
Total held to maturity debt securities	4,377	$ 7,870
MBS, CMOs and other ABS
Amortized Cost
MBS, CMOs and other ABS	638,187
Fair Value
MBS, CMOs and other ABS	641,636
MBS
Amortized Cost
MBS	4,085
Fair Value
MBS	$ 4,307

LOANS - Loans Receivable (Detai

LOANS - Loans Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 6,343,861		$ 6,049,816
Allowance for loan losses	(37,335)	$ (41,335)	(46,214)	$ (46,063)	$ (45,985)	$ (36,001)
Loans held for investment, net	6,306,526		6,003,602
Multifamily residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,226,685		4,100,831
Allowance for loan losses	(27,181)	(30,114)	(33,259)	(31,673)	(30,837)	(23,372)
Multifamily residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,226,685		4,100,831
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	1,908,297		1,723,953
Allowance for loan losses	(7,585)	(8,332)	(9,372)	(10,617)	(11,628)	(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	$ 1,908,297		1,723,953
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	193,224		202,871
Allowance for loan losses	(2,422)	(2,705)	(3,347)	(3,552)	(3,305)	(2,341)
Commercial real estate | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	193,224		202,871
Construction and land loans | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	15,655		22,061
Land, Construction and NM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	15,655		22,161
Allowance for loan losses	(147)	$ (184)	(236)	$ (221)	$ (215)	$ (212)
Land, Construction and NM | Non-Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 0		$ 100

LOANS - Allowance for Loan Loss

LOANS - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	$ 41,335	$ 45,985	$ 46,214	$ 36,001
(Reversal of) provision for loan losses	(4,000)	0	(9,000)	10,550
Charge-offs	0	0	0	(722)
Recoveries	0	78	121	234
Ending balance allocated to portfolio segments	37,335	46,063	37,335	46,063
Ending allowance balance allocated to:
Loans individually evaluated for impairment	25		25		$ 25
Loans collectively evaluated for impairment	37,310		37,310		46,189
Ending balance	37,335	46,063	37,335	46,063	46,214
Loans:
Ending balance: individually evaluated for impairment	4,578		4,578		7,573
Ending balance: collectively evaluated for impairment	6,339,283		6,339,283		6,042,243
Ending balance	6,343,861		6,343,861		6,049,816
Multifamily residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	30,114	30,837	33,259	23,372
(Reversal of) provision for loan losses	(2,933)	836	(6,078)	8,301
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance allocated to portfolio segments	27,181	31,673	27,181	31,673
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0		0		0
Loans collectively evaluated for impairment	27,181		27,181		33,259
Ending balance	27,181	31,673	27,181	31,673	33,259
Loans:
Ending balance: individually evaluated for impairment	510		510		522
Ending balance: collectively evaluated for impairment	4,226,175		4,226,175		4,100,309
Ending balance	4,226,685		4,226,685		4,100,831
Single family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	8,332	11,628	9,372	10,076
(Reversal of) provision for loan losses	(747)	(1,014)	(1,851)	1,254
Charge-offs	0	0	0	(722)
Recoveries	0	3	64	9
Ending balance allocated to portfolio segments	7,585	10,617	7,585	10,617
Ending allowance balance allocated to:
Loans individually evaluated for impairment	25		25		25
Loans collectively evaluated for impairment	7,560		7,560		9,347
Ending balance	7,585	10,617	7,585	10,617	9,372
Loans:
Ending balance: individually evaluated for impairment	4,068		4,068		7,051
Ending balance: collectively evaluated for impairment	1,904,229		1,904,229		1,716,902
Ending balance	1,908,297		1,908,297		1,723,953
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	2,705	3,305	3,347	2,341
(Reversal of) provision for loan losses	(283)	247	(925)	1,211
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance allocated to portfolio segments	2,422	3,552	2,422	3,552
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0		0		0
Loans collectively evaluated for impairment	2,422		2,422		3,347
Ending balance	2,422	3,552	2,422	3,552	3,347
Loans:
Ending balance: individually evaluated for impairment	0		0		0
Ending balance: collectively evaluated for impairment	193,224		193,224		202,871
Ending balance	193,224		193,224		202,871
Land, Construction and NM
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	184	215	236	212
(Reversal of) provision for loan losses	(37)	(69)	(146)	(216)
Charge-offs	0	0	0	0
Recoveries	0	75	57	225
Ending balance allocated to portfolio segments	147	221	147	221
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0		0		0
Loans collectively evaluated for impairment	147		147		236
Ending balance	147	$ 221	147	$ 221	236
Loans:
Ending balance: individually evaluated for impairment	0		0		0
Ending balance: collectively evaluated for impairment	15,655		15,655		22,161
Ending balance	$ 15,655		$ 15,655		$ 22,161

LOANS - Portfolio Allocated by

LOANS - Portfolio Allocated by Internal Risk Ratings (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	$ 6,343,861	$ 6,049,816
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	6,194,166	5,692,704
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	128,461	300,083
Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	5,520	30,278
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	15,714	26,751
Multifamily residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	4,226,685	4,100,831
Multifamily residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	4,121,766	3,883,597
Multifamily residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	85,238	177,483
Multifamily residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	4,988	19,547
Multifamily residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	14,693	20,204
Single family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,908,297	1,723,953
Single family residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,872,319	1,624,331
Single family residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	34,425	85,943
Single family residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	532	7,132
Single family residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,021	6,547
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	193,224	202,871
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	184,817	162,615
Commercial real estate | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	8,407	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	15,655	22,161
Land, Construction and NM | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	15,264	22,161
Land, Construction and NM | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	391	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	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Non-accrual	$ 643	$ 6,313
Loans held for investment, gross	6,343,861	6,049,816
30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	1,259	4,841
60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	6,341,959	6,038,662
Multifamily residential
Financing Receivable, Past Due [Line Items]
Non-accrual	510	522
Loans held for investment, gross	4,226,685	4,100,831
Multifamily residential | 30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	1,820
Multifamily residential | 60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Multifamily residential | 90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Multifamily residential | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	4,226,175	4,098,489
Single family residential
Financing Receivable, Past Due [Line Items]
Non-accrual	133	5,791
Loans held for investment, gross	1,908,297	1,723,953
Single family residential | 30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	1,259	338
Single family residential | 60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Single family residential | 90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Single family residential | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	1,906,905	1,717,824
Commercial real estate
Financing Receivable, Past Due [Line Items]
Non-accrual	0	0
Loans held for investment, gross	193,224	202,871
Commercial real estate | 30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	2,683
Commercial real estate | 60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Commercial real estate | 90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Commercial real estate | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	193,224	200,188
Land, Construction and NM
Financing Receivable, Past Due [Line Items]
Non-accrual	0	0
Loans held for investment, gross	15,655	22,161
Land, Construction and NM | 30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Land, Construction and NM | 60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Land, Construction and NM | 90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Land, Construction and NM | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	$ 15,655	$ 22,161

LOANS - Impaired Loans (Details

LOANS - Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Recorded Investment
With no related allowance recorded	$ 3,729		$ 3,729		$ 6,696
With an allowance recorded	849		849		877
Total	4,578		4,578		7,573
Unpaid Principal Balance
With no related allowance recorded	4,015		4,015		7,099
With an allowance recorded	846		846		874
Total	4,861		4,861		7,973
Related Allowance	25		25		25
Average Recorded Investment
With no related allowance recorded	3,938	$ 5,254	5,672	$ 5,292
With an allowance recorded	854	890	863	1,377
Total	4,792	6,144	6,535	6,669
Interest Income
With no related allowance recorded	40	26	165	87
With an allowance recorded	6	10	19	30
Total	46	36	184	117
Cash Basis Interest
With no related allowance recorded	8	22	107	73
With an allowance recorded	0	0	0	0
Total	8	22	107	73
Multifamily residential
Recorded Investment
With no related allowance recorded	510		510		522
Total	510		510		522
Unpaid Principal Balance
With no related allowance recorded	586		586		599
Total	586		586		599
Related Allowance	0		0		0
Average Recorded Investment
With no related allowance recorded	664	530	891	535
Total	664	530	891	535
Interest Income
With no related allowance recorded	8	8	22	25
Total	8	8	22	25
Cash Basis Interest
With no related allowance recorded	8	8	22	25
Total	8	8	22	25
Single family residential
Recorded Investment
With no related allowance recorded	3,219		3,219		6,174
With an allowance recorded	849		849		877
Total	4,068		4,068		7,051
Unpaid Principal Balance
With no related allowance recorded	3,429		3,429		6,500
With an allowance recorded	846		846		874
Total	4,275		4,275		7,374
Related Allowance	25		25		$ 25
Average Recorded Investment
With no related allowance recorded	3,274	4,724	4,781	4,757
With an allowance recorded	854	890	863	1,377
Total	4,128	5,614	5,644	6,134
Interest Income
With no related allowance recorded	32	18	143	62
With an allowance recorded	6	10	19	30
Total	38	28	162	92
Cash Basis Interest
With no related allowance recorded	0	14	85	48
With an allowance recorded	0	0	0	0
Total	$ 0	$ 14	$ 85	$ 48

LOANS - Troubled Debt Restructu

LOANS - Troubled Debt Restructurings (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)loan	Sep. 30, 2020loan	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)loan	Dec. 31, 2020USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | loan	0		0	2
Pre-Modification Outstanding Recorded Investment				$ 2,672,000
Post-Modification Outstanding Recorded Investment				$ 2,672,000
Modifications, suspension of loan payments, term				6 months
Allowance for credit loss, increase from troubled debt restructuring				$ 0
Impaired, troubled debt restructuring, write-down				$ 0
Subsequent default, number of loans | loan	0	0	0	0
Single family residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	$ 1,220,000		$ 1,220,000		$ 3,967,000
Related allowance	$ 25,000		$ 25,000		$ 25,000

NONPERFORMING ASSETS (Details)

NONPERFORMING ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 643		$ 643		$ 6,313
Real estate owned	0		0		0
Total nonperforming assets	643		643		6,313
Interest income recognized on non-accrual loans	8	$ 22	107	$ 73
Contractual interest not accrued during the quarter	5	$ 47	21	$ 137
Multifamily residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	510		510		522
Single family residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 133		$ 133		$ 5,791

MORTGAGE SERVICING RIGHTS - Mor

MORTGAGE SERVICING RIGHTS - Mortgage Loans Serviced for Others (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 204,058	$ 319,756
Federal Home Loan Mortgage Corporation ("Freddie Mac")
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	134,450	216,431
Other financial institutions
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 69,608	$ 103,325

MORTGAGE SERVICING RIGHTS - Nar

MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 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	$ 6.1	$ 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	7.80%	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	66.30%	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	30.10%	28.90%

MORTGAGE SERVICING RIGHTS - M_2

MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 1,192	$ 2,028	$ 1,599	$ 2,657
Additions	0	0	0	0
Disposals	0	0	0	0
Changes in fair value due to changes in assumptions	0	0	0	0
Other changes in fair value	(232)	(178)	(639)	(807)
Ending balance	$ 960	$ 1,850	$ 960	$ 1,850

DEPOSITS - Deposits (Details)

DEPOSITS - Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deposits, by Type [Abstract]
Time deposits	$ 2,511,528	$ 3,057,197
Money market savings	2,186,222	1,678,942
Interest-bearing demand	167,919	151,954
Money market checking	598,248	282,897
Noninterest-bearing demand	123,239	93,339
Deposits	$ 5,587,156	$ 5,264,329

DEPOSITS - Narrative (Details)

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Deposits [Abstract]
Certificates of deposit with a denomination of $100,000 or More	$ 2,000	$ 2,600
Certificates of deposit that meet or exceed FDIC insurance limit	1,100	1,400
Brokered deposits	$ 134.7	$ 50

DEPOSITS - Maturities (Details)

DEPOSITS - Maturities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Maturities of Time Deposits, Twelve months ending March 31,
October 1 - December 31, 2021	$ 551,350
2022	1,890,167
2023	20,834
2024	19,227
2025	7,278
Thereafter	22,672
Time Deposits	$ 2,511,528

FEDERAL HOME LOAN BANK AND FE_3

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Short-term Debt [Line Items]
FHLB advances, maximum percentage of assets	40.00%		40.00%
Borrowing capacity based on pledged loans to the FRB and FHLB	$ 1,200,000,000		$ 1,200,000,000		$ 1,100,000,000
Loans available to be pledged as collateral	2,400,000,000		2,400,000,000		1,800,000,000
Maximum short-term debt outstanding during period	306,200,000	$ 0	352,900,000	$ 77,800,000
Average short-term debt outstanding during period	$ 113,400,000		$ 148,200,000	$ 9,200,000
Weighted average interest rate	0.15%		0.14%	1.45%
FHLB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	$ 2,400,000,000		$ 2,400,000,000		2,400,000,000
Letters of credit pledged as collateral	62,600,000		62,600,000		62,600,000
FRB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	564,800,000		564,800,000		467,800,000
Borrowings outstanding	$ 0		$ 0		$ 0

FEDERAL HOME LOAN BANK AND FE_4

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - FHLB Advances (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 751,647	$ 806,747
FHLB of San Francisco
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	751,647
FHLB of San Francisco | Fixed rate long-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 751,647	$ 806,747
FHLB of San Francisco | Fixed rate long-term | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	0.38%
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	1.68%

FEDERAL HOME LOAN BANK AND FE_5

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Schedule of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
Outstanding advances from FHLB	$ 751,647	$ 806,747
FHLB of San Francisco
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
October 1 - December 31, 2021	0
2022	100,000
2023	250,000
2024	200,000
2025	101,500
Thereafter	100,147
Outstanding advances from FHLB	$ 751,647

JUNIOR SUBORDINATED DEFERRABL_3

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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	1.50%	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	1.74%	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 ($)	Sep. 30, 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 ($)	Sep. 30, 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	$ 369,000	$ 461,000
Fixed Interest Rate	6.50%

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details)	9 Months Ended
	Sep. 30, 2021USD ($)instrument	Dec. 31, 2020USD ($)
Derivative [Line Items]
Cumulative amount of last-of-layer fair value hedging basis adjustments	$ (196,000)	$ 7,300,000
Carrying amount of the last-of-layer hedged assets	649,800,000	1,000,000,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Closed portfolio loans used in hedging relationship	1,200,000,000	2,000,000,000
Cumulative amount of last-of-layer fair value hedging basis adjustments	$ (196,000)	7,288,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Number of agreements entered into | instrument	2
Term of contract	2 years
Notional amounts	$ 650,000,000	1,000,000,000
Number of instruments matured during the period | instrument	2
Notional amount matured during the period	$ 1,000,000,000
Carrying amount of the last-of-layer hedged assets	649,804,000	1,007,288,000
Cash collateral	290,000	$ 8,900,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap One
Derivative [Line Items]
Notional amount matured during the period	500,000,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap Two
Derivative [Line Items]
Notional amount matured during the period	$ 500,000,000

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net decrease in interest income	$ (721)	$ (3,453)	$ (7,469)	$ (7,343)
Interest Income on Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative - interest rate swap, interest income	(720)	(3,437)	(7,439)	(7,383)
Hedged items - loans, interest income	$ (1)	$ (16)	$ (30)	$ 40

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Balance Sheet (Details) - Interest Rate Swap - Designated as Hedging Instrument - Fair Value Hedging - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Notional Amount	$ 650,000,000	$ 1,000,000,000
Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	204,000	0
Other Liabilities and Accrued Expenses
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 8,000	$ 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	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 649,800	$ 1,000,000
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	(196)	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	(196)	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	$ 649,804	$ 1,007,288

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 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		3,360,000
Common stock available for grant (in shares)		1,866,929		1,866,929		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		$ 645,000	$ 926,000	$ 1,900,000	$ 2,700,000
Fair value of awards vested		0		2,400,000	$ 2,500,000
Unrecognized compensation expense		$ 3,100,000		$ 3,100,000		$ 2,700,000
Restricted stock awards or units granted (in shares)		484,118		484,118		464,919
Period of recognition for unrecognized compensation expense				1 year 9 months 3 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		91,486		140,997
Forfeited (in shares)					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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Number of Shares
Beginning of the period balance (in shares)	605,916	717,999
Shares granted (in shares)	289,473	261,722
Shares settled (in shares)	(265,655)	(235,398)
Shares forfeited (in shares)	(54,130)	(31,129)
End of the period balance (in shares)	575,604	713,194
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)	10.11	11.62
Shares settled (in usd per share)	11.02	10.54
Shares forfeited (in usd per share)	10.30	11.07
End of the period balance (in usd per share)	$ 10.53	$ 10.90

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt securities:
Available for sale debt securities, at fair value	$ 652,810	$ 593,734
Held to maturity	4,377	7,870
Equity securities	11,804	12,037
Carrying Amount
Financial assets:
Cash, cash equivalents and restricted cash	132,039	178,861
Debt securities:
Available for sale debt securities, at fair value	652,810	593,734
Held to maturity	4,155	7,467
Equity securities	11,804	12,037
Loans receivable, net	6,306,526	6,003,602
Accrued interest receivable	18,889	18,795
FHLB stock	23,411	25,122
Interest rate swap	204
Financial liabilities:
Deposits	5,587,156	5,264,329
FHLB advances	751,647	806,747
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt	94,631	94,539
Accrued interest payable	177	1,388
Interest rate swap	8	7,258
Fair Value
Financial assets:
Cash, cash equivalents and restricted cash	132,039	178,861
Debt securities:
Available for sale debt securities, at fair value	652,810	593,734
Held to maturity	4,377	7,870
Equity securities	11,804	12,037
Loans receivable, net	6,351,672	6,076,994
Accrued interest receivable	18,889	18,795
Interest rate swap	204
Financial liabilities:
Deposits	5,597,617	5,290,316
FHLB advances	764,825	833,930
Junior subordinated deferrable interest debentures	61,614	60,526
Senior debt	107,469	102,096
Accrued interest payable	177	1,388
Interest rate swap	8	7,258
Fair Value | Level 1
Financial assets:
Cash, cash equivalents and restricted cash	132,039	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	4	0
Interest rate swap	0
Financial liabilities:
Deposits	2,790,610	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 swap	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	652,810	593,734
Held to maturity	4,377	7,870
Equity securities	11,804	12,037
Loans receivable, net	0	0
Accrued interest receivable	933	990
Interest rate swap	204
Financial liabilities:
Deposits	2,807,007	3,268,183
FHLB advances	764,825	833,930
Junior subordinated deferrable interest debentures	61,614	60,526
Senior debt	107,469	102,096
Accrued interest payable	177	1,388
Interest rate swap	8	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	6,351,672	6,076,994
Accrued interest receivable	17,952	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 swap	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Financial assets:
Available for sale debt securities, at fair value	$ 652,810		$ 593,734
Equity securities	11,804		12,037
Mortgage servicing rights	960	$ 1,192	1,599	$ 1,850	$ 2,028	$ 2,657
Financial liabilities:
Impaired loans	849		877
With no related allowance recorded	3,729		6,696
Residential MBS
Financial assets:
Available for sale debt securities, at fair value	190,539		216,724
Commercial MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	421,917		361,988
Other ABS
Financial assets:
Available for sale debt securities, at fair value	29,180
Agency bonds
Financial assets:
Available for sale debt securities, at fair value	11,174		15,022
Fair Value
Financial assets:
Available for sale debt securities, at fair value	652,810		593,734
Equity securities	11,804		12,037
Interest rate swap	204
Financial liabilities:
Interest rate swap	8		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 swap	0		0
Fair Value | Level 2
Financial assets:
Available for sale debt securities, at fair value	652,810		593,734
Equity securities	11,804		12,037
Interest rate swap	204
Financial liabilities:
Interest rate swap	8		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 swap	0		0
Fair Value | Recurring Basis
Financial assets:
Available for sale debt securities, at fair value	652,810		593,734
Equity securities	11,804		12,037
Mortgage servicing rights	960		1,599
Interest rate swap	204
Financial liabilities:
Interest rate swap	8		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 swap	0		0
Fair Value | Recurring Basis | Level 2
Financial assets:
Available for sale debt securities, at fair value	652,810		593,734
Equity securities	11,804		12,037
Mortgage servicing rights	0		0
Interest rate swap	204
Financial liabilities:
Interest rate swap	8		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	960		1,599
Interest rate swap	0
Financial liabilities:
Interest rate swap	0		0
Fair Value | Recurring Basis | Residential MBS
Financial assets:
Available for sale debt securities, at fair value	190,539		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	190,539		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	421,917		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	421,917		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	29,180
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	29,180
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	11,174		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	11,174		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	849		877
With no related allowance recorded	$ 3,219		$ 6,174

VARIABLE INTEREST ENTITIES (V_2

VARIABLE INTEREST ENTITIES (VIE) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Liabilities	$ 6,566,850	$ 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	$ 763	$ 959

LOAN SALE AND SECURITIZATION _3

LOAN SALE AND SECURITIZATION ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 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	787,800
Tier 1 Leverage Ratio	781,800
Goodwill	3,297	$ 3,297
Accumulated other comprehensive income, net of taxes	$ 2,633	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Transfers and Servicing [Abstract]
Proceeds from loan sales	$ 1,731	$ 0	$ 1,731	$ 0
Servicing fees	$ 128	$ 214	$ 445	$ 730

LOAN SALE AND SECURITIZATION _5

LOAN SALE AND SECURITIZATION ACTIVITIES - Loans Transferred Through Loans or Securitization (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 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		$ 13,620	$ 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		190,438	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Operating Leased Assets [Line Items]
Rent expense for operating leases	$ 1,100	$ 1,100	$ 3,500	$ 3,200
Sublease income	145	$ 185	558	$ 558
Cash balances held at other institutions that exceed FDIC insured limits	25,600		25,600		$ 26,000
Restricted cash	$ 290		$ 290		8,900
Operating Lease Arrangement Type One
Operating Leased Assets [Line Items]
Renewal term	3 years		3 years
Operating Lease Arrangement Type Two
Operating Leased Assets [Line Items]
Renewal term	5 years		5 years
Operating Lease Arrangement Type Three
Operating Leased Assets [Line Items]
Renewal term	10 years		10 years
Commitments to Extend Credit
Operating Leased Assets [Line Items]
Real estate loan funding commitments	$ 118,000		$ 118,000		116,900
Unfunded Loan Commitment
Operating Leased Assets [Line Items]
Reserve recorded on real estate loan funding commitments	$ 147		$ 147		$ 59

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Operating Lease Maturities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
October 1 - December 31, 2021	$ 1,005
2022	3,836
2023	2,589
2024	1,567
2025	1,112
Thereafter	1,918
Total	$ 12,027