Luther Burbank (LBC) 10-K 14 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 01, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-38317
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	68-0270948
Entity Address, Postal Zip Code	95401
Entity Address, Address Line One	520 Third St, Fourth Floor
Entity Address, City or Town	Santa Rosa
Entity Address, State or Province	CA
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 129.9
Entity Common Stock, Shares Outstanding		51,648,898
Amendment Flag	false
Entity Registrant Name	Luther Burbank Corp.
Entity Central Index Key	0001475348
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Auditor Firm ID	173
Auditor Name	Crowe LLP
Auditor Location	Sacramento, California

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash, cash equivalents and restricted cash	$ 138,413	$ 178,861
Available for sale debt securities, at fair value	647,317	593,734
Held to maturity debt securities, at amortized cost (fair value of $4,018 and $7,870 at December 31, 2021 and 2020, respectively)	3,829	7,467
Equity securities, at fair value	11,693	12,037
Loans receivable, net of allowance for loan losses of $35,535 and $46,214 at December 31, 2021 and 2020, respectively	6,261,885	6,003,602
Accrued interest receivable	17,761	18,795
Federal Home Loan Bank ("FHLB") stock, at cost	23,411	25,122
Premises and equipment, net	16,090	18,226
Goodwill	3,297	3,297
Prepaid expenses and other assets	56,261	44,963
Total assets	7,179,957	6,906,104
Liabilities:
Deposits	5,538,243	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	94,662	94,539
Accrued interest payable	118	1,388
Other liabilities and accrued expenses	64,297	63,553
Total liabilities	6,510,824	6,292,413
Commitments and contingencies (Note 19)
Stockholders' equity:
Preferred stock, no par value; 5,000,000 shares authorized; none issued and outstanding at December 31, 2021 and 2020	0	0
Common stock, no par value; 100,000,000 shares authorized; 51,682,398 and 52,220,266 shares issued and outstanding at December 31, 2021 and 2020, respectively	406,904	414,120
Retained earnings	262,141	192,834
Accumulated other comprehensive income, net of taxes	88	6,737
Total stockholders' equity	669,133	613,691
Total liabilities and stockholders' equity	$ 7,179,957	$ 6,906,104

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fair value of held-to-maturity securities	$ 4,018,000	$ 7,870,000
Allowance for loan losses	$ 35,535,000	$ 46,214,000
Debt Instrument [Line Items]
Debt interest rate	6.50%
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	51,682,398	52,220,266
Common stock shares outstanding (in shares)	51,682,398	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	$ 338,000	$ 461,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest and fee income:
Loans	$ 219,245	$ 230,996
Investment securities	8,451	9,856
Cash, cash equivalents and restricted cash	223	538
Total interest and fee income	227,919	241,390
Interest expense:
Deposits	35,612	73,331
FHLB advances	14,535	21,761
Junior subordinated deferrable interest debentures	1,015	1,373
Senior debt	6,298	6,302
Total interest expense	57,460	102,767
Net interest income before provision for loan losses	170,459	138,623
(Reversal of) provision for loan losses	(10,800)	10,550
Net interest income after provision for loan losses	181,259	128,073
Noninterest income:
FHLB dividends	1,558	1,650
Other income	328	870
Total noninterest income	1,886	2,520
Noninterest expense:
Compensation and related benefits	38,624	43,100
Deposit insurance premium	1,920	1,905
Professional and regulatory fees	1,976	1,844
Occupancy	4,933	4,585
Depreciation and amortization	2,561	2,685
Data processing	3,785	3,911
Marketing	1,240	1,683
FHLB advance prepayment penalty	0	10,443
Other expenses	4,106	3,778
Total noninterest expense	59,145	73,934
Income before provision for income taxes	124,000	56,659
Provision for income taxes	36,247	16,747
Net income	$ 87,753	$ 39,912
Basic earnings per common share (in dollars per share)	$ 1.70	$ 0.75
Diluted earnings per common share (in dollars per share)	1.70	0.75
Dividends per common share (in dollars per share)	$ 0.36	$ 0.23

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 87,753	$ 39,912
Unrealized (loss) gain on available for sale debt securities:
Unrealized holding (loss) gain arising during the period	(9,370)	7,457
Tax effect	2,721	(2,164)
Total other comprehensive (loss) income, net of tax	(6,649)	5,293
Comprehensive income	$ 81,104	$ 45,205

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Common StockRestricted Stock Awards	Common StockRestricted Stock Units	Retained Earnings	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities
Beginning balance (in 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	39,912				39,912
Other comprehensive income	5,293					5,293
Issuance of restricted stock awards (in shares)		261,722
Restricted stock award grants	0
Settled restricted stock units (in shares)		94,408
Settled restricted stock units	0
Shares withheld to pay taxes on stock based compensation (in shares)			(103,230)
Shares withheld to pay taxes on stock based compensation	(1,064)	$ (1,064)
Restricted stock forfeitures (in shares)				(31,219)
Restricted stock forfeitures	(30)	(39)			9
Stock based compensation expense	3,574	$ 3,574
Shares repurchased (in shares)		(4,001,169)
Shares repurchased	(36,135)	$ (36,135)
Cash dividends	(12,323)				(12,323)
Ending balance at Dec. 31, 2020	613,691	$ 414,120			192,834	6,737
Ending balance (in shares) at Dec. 31, 2020		52,220,266
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	87,753				87,753
Other comprehensive income	(6,649)					(6,649)
Issuance of restricted stock awards (in shares)		295,058
Restricted stock award grants	0
Settled restricted stock units (in shares)		68,873
Settled restricted stock units	0
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	2,601	$ 2,601
Shares repurchased (in shares)		(761,844)
Shares repurchased	(8,844)	$ (8,844)
Cash dividends	(18,460)				(18,460)
Ending balance at Dec. 31, 2021	$ 669,133	$ 406,904			$ 262,141	$ 88
Ending balance (in shares) at Dec. 31, 2021		51,682,398

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.36	$ 0.23

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 87,753	$ 39,912
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,561	2,685
(Reversal of) provision for loan losses	(10,800)	10,550
Amortization of deferred loan costs, net	19,627	16,237
Amortization of premiums on investment securities, net	2,246	3,288
Stock based compensation expense, net of forfeitures	2,529	3,535
Deferred income tax benefit	(778)	(4,483)
Change in fair value of mortgage servicing rights	684	1,058
Change in fair value of equity securities	344	(255)
Other items, net	164	100
Effect of changes in:
Accrued interest receivable	1,034	2,019
Accrued interest payable	(1,270)	(1,513)
Prepaid expenses and other assets	(5,375)	(4,882)
Other liabilities and accrued expenses	8,002	(3,248)
Net cash provided by operating activities	106,721	65,003
Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of available for sale debt securities	153,326	232,480
Proceeds from maturities and paydowns of held to maturity debt securities	3,552	2,600
Purchases of available for sale debt securities	(218,439)	(196,870)
Net decrease in loans receivable	7,678	191,875
Proceeds from sale of loans	1,731	998
Purchase of loans, including discounts/premiums	(286,917)	(20,507)
Redemption of FHLB stock, net	1,711	5,220
Purchase of premises and equipment	(434)	(1,407)
Net cash (used in) provided by investing activities	(337,792)	214,389
Cash flows from financing activities:
Net increase in deposits	273,914	29,612
Proceeds from long-term FHLB advances	350,000	136,500
Repayment of long-term FHLB advances	(405,100)	(306,955)
Net change in short-term FHLB advances	0	(1,500)
Shares withheld for taxes on vested restricted stock	(901)	(1,064)
Shares repurchased	(8,844)	(36,135)
Cash paid for dividends	(18,446)	(12,314)
Net cash provided by (used in) financing activities	190,623	(191,856)
(Decrease) increase in cash, cash equivalents and restricted cash	(40,448)	87,536
Supplemental disclosure of cash flow information:Cash paid during the period for:
Interest	58,730	104,280
Income taxes	37,524	23,047
Non-cash investing activity:
Loans transferred to held for sale	1,706	838
Cash, cash equivalents and restricted cash	$ 138,413	$ 178,861

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Luther Burbank Corporation (the ‘‘Company’’), a California corporation headquartered in Santa Rosa, is the bank holding company for its wholly-owned subsidiary, Luther Burbank Savings (the "Bank"), and its wholly-owned subsidiary, Burbank Investor Services. The Company also owns Burbank Financial Inc., a real estate investment company that provides limited loan administrative support to the Bank, 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, CA. 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 consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting standards and prevailing practices within the banking industry and include the accounts of the Company and its wholly-owned subsidiaries. The Company currently has two unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue junior subordinated deferrable interest debentures. See Note 9, “Junior Subordinated Deferrable Interest Debentures,” for additional information regarding these trusts. All intercompany accounts and transactions have been eliminated. In preparing financial statements in conformity with generally accepted accounting principles ("GAAP"), management makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions. Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions with maturities of less than three months. Net cash flows are reported for customer loan and deposit transactions, and interest-bearing deposits in other financial institutions. Restricted Cash Balances The Company may include cash collateral in connection with interest rate swaps in restricted cash within the consolidated statements of financial condition. At December 31, 2021 the Company had no cash posted as collateral. As of December 31, 2020, the Company posted $8.9 million, in cash collateral in connection with its interest rate swaps. Investment Securities The Company classifies its investment securities into three categories, available for sale, held to maturity and equity, at the time of purchase. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income (loss), net of applicable taxes. Investment securities held to maturity are measured at amortized cost, based on the Company’s positive intent and ability to hold such securities to maturity. Equity securities are carried at fair value, with unrealized holding gains and losses reported in other noninterest income within the consolidated statements of income. Interest income includes amortization/accretion of purchase premiums/discounts. Premiums and discounts are amortized, or accreted, over the life of the related investment security, or the earliest call date with respect to premiums on callable securities, as an adjustment to interest income using a method that approximates the interest method. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. An investment security is impaired when its carrying value is greater than its fair value. Investment securities that are impaired are evaluated on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether such a decline in their fair value is other than temporary. Management utilizes criteria such as the magnitude and duration of the decline and the intent and ability of the Company to retain its investment in the securities for a period of time sufficient to allow for an anticipated recovery in fair value, in addition to the reasons underlying the decline, to determine whether the loss in value is other than temporary. The term ‘‘other than temporary’’ is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other than temporary, and management does not intend to sell the security or it is more likely than not that the Company will not be required to sell the security before recovery, only the portion of the impairment loss representing credit exposure is recognized as a charge to earnings, with the balance recognized as a charge to other comprehensive (loss) income. If management intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its forecasted cost, the entire impairment loss is recognized as a charge to earnings. Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances, net of purchase premiums and discounts, deferred loan origination fees and costs and the allowance for loan losses. Interest income is accrued on the unpaid principal balance. Premiums or discounts to acquire loans are amortized over the life of the loan using a method that approximates the interest method. The Company charges fees for originating loans. These fees, net of certain related direct loan origination costs, are deferred. The net deferred fees or costs on loans held for investment are recognized as an adjustment of the loan’s yield over the contractual life of the loan using the interest method. The Company ceases to amortize deferred fees or costs on loans for which the accrual of interest has been discontinued. Other loan fees and charges representing service costs are reported in income when collected or earned. Loans Held for Sale Mortgage loans held for sale are sold with servicing rights released or retained. Realized gains and losses on sales of mortgage loans are accounted for under the specific identification method and based on the difference between the selling price and the carrying value of the related loan sold. The carrying value of mortgage loans sold servicing retained is reduced by the amount allocated to the servicing right. Concentration of Credit Risk The majority of our customers are individuals and businesses located and doing business in the state of California, with approximately half our collateral located in Los Angeles and Orange counties. The Company's exposure to credit risk is significantly affected by changes in the economy of California, and specifically, Los Angeles and Orange Counties. Allowance for Loan Losses The allowance for loan losses represents the estimated probable incurred credit losses in the Company’s loan portfolio. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower circumstances, estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The Company performs periodic and systematic detailed reviews of its loan portfolio to assess the overall collectability of its loans. The Company’s methodology for assessing the appropriateness of the allowance consists of the combined total of two key components. The first component covers loans that are impaired. All loans are evaluated for impairment on a recurring basis. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans that are reported as troubled debt restructures (“TDRs”) are considered impaired. A restructuring of a debt constitutes a TDR if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Restructured workout loans typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. Impaired loans and TDRs that are solely dependent on the operation or liquidation of collateral for repayment are measured for impairment at the fair value of the collateral less estimated costs to sell. Impaired loans, including TDRs, that are not considered collateral dependent, are measured based on the present value of loan payments expected to be received discounted at the loans’ original effective contractual interest rate. If the recorded investment in the impaired loans exceeds the value of funds to be received, an allowance is established as a component of the total allowance for loan losses unless the loans are solely dependent on the collateral for repayment, in which case the amount that exceeds the fair value of the collateral is charged off. The second element of the allowance covers probable incurred losses inherent in performing loans that have yet to be specifically identified for impairment. This component of the allowance is estimated by applying reserve factors based on average historical loss experience for the previous nine Multifamily residential and commercial real estate loans - These loans typically involve greater principal amounts than other types of loans, and repayment depends upon income generated, or expected to be generated, by the property securing the loan in amounts sufficient to cover operating expenses and debt service, which may be adversely affected by changes in the economy or local market conditions. Multifamily residential and commercial real estate loans also expose a lender to significant credit risk because the collateral securing these loans typically cannot be sold as easily as single family residential real estate. In addition, some commercial real estate loans are not fully amortizing and contain large balloon payments upon maturity. Such balloon payments may require the borrower to either sell or refinance the underlying property in order to comply with the terms of the loan agreement, which may increase the risk of default or non-payment. Single family residential real estate loans - The degree of risk in single family residential real estate lending depends primarily on the loan amount in relation to collateral value, the interest rate, and the borrower’s ability to repay in an orderly fashion. These loans generally possess a lower inherent risk of loss than other real estate portfolio segments. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers’ capacity to repay their obligations may be deteriorating. Construction and land loans - This type of lending generally possess a higher inherent risk of loss than other real estate portfolio segments. A major risk arises from the necessity to complete projects within specified costs and timelines. Trends in the construction industry significantly impact the credit quality of these loans, as demand drives construction activity. In addition, trends in real estate values significantly impact the credit quality of these loans, as property values determine the economic viability of construction projects. The total allowance is increased by the provision for loan losses, which is charged against current period operating results, and decreased by reversals of loan loss provisions as well as loan charge-offs, net of recoveries. Losses incurred upon the initial acquisition of real estate owned through foreclosure are charged to the allowance for loan losses. Accrued Interest Receivable on Loans Interest receivable is only accrued if deemed collectible. It is the Company’s policy to place a loan on non-accrual status in the event that the borrower is 90 days or more delinquent (unless the loan is well secured and in the process of collection), or earlier if the timely collection of contractual payments appears doubtful. At the time a loan is placed on non-accrual, accrued interest is reversed out of interest income. Cash payments subsequently received on non-accrual loans are recognized as income only where the future collection of the remaining principal is considered by management to be probable. Loans are restored to accrual status only when the loan is less than 90 days delinquent and not in foreclosure, and the borrower has demonstrated the ability to make future payments of principal and interest. Servicing Rights When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing assets in earnings in the period in which the changes occur, and such changes are included with other income on the consolidated statements of income. The fair values of servicing rights are calculated using model assumptions including factors such as prepayment rates, market rates and other model cash flow assumptions. Absent other changes, an increase (decrease) to the estimated life of serviced loans would generally increase (decrease) the fair value of servicing rights. The fair value of servicing rights are subject to significant fluctuation as a result of changes in estimates and when actual factors such as prepayment speeds, default rates, and losses differ from model assumptions. Servicing fee income, which is reported on the consolidated statements of income as a component of other income, is recorded for fees earned for servicing loans. The fees are typically based on a contractual percentage of the outstanding principal and are recorded as income when earned. Fair value adjustments are netted against loan servicing fee income. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Real Estate Owned ("REO") Real estate acquired as a result of loan foreclosure or a deed in lieu of foreclosure is initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of a residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Fair value is typically based on a real estate appraisal. REO is subsequently accounted for at the lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Costs after acquisition related to the development of REO are capitalized while operating costs are charged to expense. Gains or losses realized and expenses incurred in connection with the disposition of foreclosed real estate are charged to noninterest income within the consolidated statements of income. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Land is carried at cost. The Company’s policy is to depreciate buildings, furniture and equipment on the straight-line basis over the estimated useful lives of the various assets and to amortize leasehold improvements over the shorter of the asset life or lease term as follows: Leasehold improvements Lesser of term of lease or life of improvement Furniture and equipment 2 to 7 years Building 39 years The Company evaluates the recoverability of long-lived assets on an ongoing basis. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to expense as incurred. Federal Home Loan Bank Stock As a member of the FHLB, the Bank is required to own capital stock in an amount specified by the level of FHLB borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on the ultimate recovery of par value. Cash dividends are reported as noninterest income on an accrual basis. At December 31, 2021 and 2020, the Bank owned 234,108 and 251,217 shares of $100 par value FHLB stock, respectively. Goodwill Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill determined to have an indefinite useful life is not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. If the carrying amount of the goodwill exceeds its fair value, an impairment loss is recognized in the amount of the excess and the carrying value of the goodwill is reduced accordingly. Goodwill is the only intangible asset with an indefinite life on the balance sheet. Based on an evaluation performed as of December 31, 2021 and 2020, management determined that the implied fair value of goodwill exceeded its carrying value and no impairments were recognized. Bank-Owned Life Insurance (“BOLI”) Bank-owned life insurance is initially recorded at cost. Subsequently, BOLI is carried at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Increases in contract value are recorded as noninterest income and insurance proceeds received are recorded as a reduction of the contract value. Reserve for Loan Commitments The Company maintains a reserve within other liabilities associated with commitments to fund undisbursed loan commitments on outstanding loans. This reserve is determined based upon the historical loss experience of similar loans held by the Company at each period end. Any changes in this reserve amount are recognized through earnings as a component of noninterest expense. Marketing Marketing costs are expensed as incurred. Derivatives At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (‘‘fair value hedge’’), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (‘‘cash flow hedge’’), or (3) an instrument with no hedging designation (‘‘stand-alone derivative’’). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported in earnings, as noninterest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Income Taxes Income tax expense is the total of the current year income tax due and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the reported amount of assets and liabilities and their tax bases. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company uses a comprehensive model for recognizing, measuring, presenting, and disclosing in the financial statements tax positions taken or expected to be taken on a tax return. A tax position is recognized as a benefit only if it is ‘‘more likely than not’’ that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the ‘‘more likely than not’’ test, no tax benefit is recorded. The Company recognizes interest accrued and penalties related to income tax matters in tax expense. During the years ended December 31, 2021 and 2020, the Company recognized no tax related interest or penalties. Share-Based Compensation The Company has issued awards of equity instruments, such as restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), to employees and certain nonemployee directors. Compensation expense related to restricted stock is based on the fair value of the underlying stock on the award date and is amortized over the service period, defined as the vesting period, using the straight-line method. The vesting period is generally three years for employees and one year for nonemployee directors. Compensation expense is reduced for actual forfeitures as they occur. Unvested RSAs and RSUs participate with common stock in any dividends declared, but are paid only on the shares which ultimately vest. Such dividends are accrued when declared and paid at the time of vesting. Comprehensive Income Comprehensive income (loss) includes net income and other comprehensive income (loss). The only item of other comprehensive income (loss) for the Company are unrealized gains and losses on investment securities classified as available for sale, net of tax. Reclassification adjustments resulting from gains or losses on investment securities available for sale that have been realized and included in net income of the current period that also had been included in other comprehensive income as unrealized holding gains or losses in the period in which they arose have been excluded from comprehensive income (loss) of the current period to avoid double counting. Earnings Per Share ("EPS") Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the year. In determining the weighted average number of shares outstanding, vested restricted stock units are included. Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of common shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as unvested restricted stock awards and units, calculated using the treasury stock method. (Dollars in thousands, except per share amounts) Years Ended December 31, 2021 2020 Net income $ 87,753 $ 39,912 Weighted average basic common shares outstanding 51,582,890 53,000,150 Add: Dilutive effects of assumed vesting of restricted stock 186,208 146,148 Weighted average diluted common shares outstanding 51,769,098 53,146,298 Income per common share: Basic EPS $ 1.70 $ 0.75 Diluted EPS $ 1.70 $ 0.75 Anti-dilutive shares not included in calculation of diluted earnings per share 8,084 10,242 Related Party Transactions In the normal course of business, the Company may accept deposits from officers, directors and other related parties. As of December 31, 2021 and 2020, there were $26.8 million and $15.2 million, respectively, of such deposits. The Company does not permit loans to officers, directors or other related parties, with the exception of overdraft protection in limited circumstances. As of December 31, 2021 and 2020, there were no such overdraft loans outstanding. Business Segments While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. Reclassifications Certain prior balances in the consolidated financial statements have been reclassified to conform to current year presentation. These reclassifications had no effect on prior year net income or stockholders’ equity. COVID-19 Beginning in early 2020 and continuing through December 2021, the COVID-19 pandemic has caused a disruption to almost every aspect of the economy. As a result, in March 2020, the Company implemented a lending modification initiative to support our customers financially impacted by the COVID-19 pandemic and unable to make their scheduled loan payments. The program provided borrowers the opportunity to modify their existing real estate loans by temporarily deferring payments for a specified period of time. Modified loans under this program were generally downgraded from a Pass risk rating to a Watch risk rating at the time of their respective modification. Subsequent to the modification period, loan grades were adjusted, as necessary, in connection with the Company's proactive reassessment of loans impacted by the pandemic. Loan risk ratings are an integral part of the quantitative calculation of our allowance for loan losses. Further, in early 2020, we established a qualitative loan loss reserve in connection with the uncertainty related to the pandemic. This supplemental reserve has been slowly reduced as the impact of the pandemic on our loan portfolio has become less uncertain. Qualitative adjustments to our allowance specific to COVID-19 were $2.5 million and $8.4 million at December 31, 2021 and 2020, respectively. Management intends to closely monitor the level of this reserve and make any necessary adjustments as conditions related to the pandemic change. All of the loans modified for pandemic related payment deferral in 2020 and 2021 had returned to scheduled monthly payments or paid off in full by June 2021. Additionally, total criticized loans have declined to $16.7 million at December 31, 2021, as compared to $57.0 million at December 31, 2020. The decline in criticized loans from the prior year end was generally attributable to the continued performance of our loans that were initially impacted by the pandemic. During the years ended December 2021 and 2020, the Company incurred no loan losses for pandemic impacted loans. The Company's exposure to nonresidential commercial real estate remains limited, totaling $187.1 million, or 3.0% of our loan portfolio, at December 31, 2021. Adoption of New Financial Accounting Standards FASB ASU 2016-02 In February 2016, the FASB amended existing guidance that requires lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date (1) a lease liability, which is the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, l

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	INVESTMENT SECURITIES Available for Sale The following table summarizes the amortized cost and the estimated fair value of available for sale debt securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value At December 31, 2021: Government and Government Sponsored Entities: Residential mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 200,775 $ 1,225 $ (1,867) $ 200,133 Commercial MBS and CMOs 407,111 3,281 (2,646) 407,746 Agency bonds 10,587 244 — 10,831 Other asset backed securities ("ABS") 28,720 37 (150) 28,607 Total available for sale debt securities $ 647,193 $ 4,787 $ (4,663) $ 647,317 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 $88 thousand and $6.7 million, net of $36 thousand and $2.8 million in tax liabilities at December 31, 2021 and 2020, respectively. There were no sales or transfers of available for sale investment securities and no realized gains or losses on these securities for the years ended December 31, 2021 and 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: December 31, 2021 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Residential MBS and CMOs $ 118,803 $ (1,864) $ 247 $ (3) $ 119,050 $ (1,867) Commercial MBS and CMOs 157,031 (2,632) 10,608 (14) 167,639 (2,646) Other ABS 15,253 (150) — — 15,253 (150) Total available for sale debt securities $ 291,087 $ (4,646) $ 10,855 $ (17) $ 301,942 $ (4,663) At December 31, 2021, the Company held 88 residential MBS and CMOs of which 14 were in a loss position and four had been in a loss position for twelve months or more. The Company held 54 commercial MBS and CMOs of which 20 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 December 31, 2021 and 2020. As of December 31, 2021 and 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 December 31, 2021: Government Sponsored Entities: Residential MBS $ 3,761 $ 189 $ — $ 3,950 Other investments 68 — — 68 Total held to maturity investment securities $ 3,829 $ 189 $ — $ 4,018 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 December 31, 2021: December 31, 2021 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Less than one year $ — $ — One to five years — — Five to ten years 7,587 7,715 Beyond ten years 3,000 3,116 MBS, CMOs and other ABS 636,606 636,486 Total available for sale debt securities $ 647,193 $ 647,317 Held to maturity investments securities Beyond ten years $ 68 $ 68 MBS 3,761 3,950 Total held to maturity debt securities $ 3,829 $ 4,018 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 December 31, 2021 and 2020. Equity Securities Equity securities consist of investments in a qualified community reinvestment fund. At December 31, 2021 and 2020, the fair value of equity securities totaled $11.7 million and $12.0 million, respectively. Changes in fair value are recognized in other noninterest income and totaled $(344) thousand and $255 thousand during the years ended December 31, 2021 and 2020, respectively. There were no sales of equity securities during the years ended December 31, 2021 and 2020.

LOANS

LOANS	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
LOANS	LOANS Loans consist of the following: December 31, (Dollars in thousands) 2021 2020 Permanent mortgages on: Multifamily residential $ 4,210,735 $ 4,100,831 Single family residential 1,881,676 1,723,953 Commercial real estate 187,097 202,871 Construction and land loans 17,912 22,161 Total 6,297,420 6,049,816 Allowance for loan losses (35,535) (46,214) Loans held for investment, net $ 6,261,885 $ 6,003,602 Certain loans have been pledged to secure borrowing arrangements (see Note 8). During the year ended December 31, 2021, the Company purchased a pool of performing, fixed rate single family residential loans. The pool had an aggregate principal balance of $287.8 million and contained loans with a weighted average interest rate and maturity of 2.31% and 26.4 years, respectively. The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment and by impairment methodology: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land and Construction Total For the Year Ended December 31, 2021: Allowance for loan losses: Beginning balance allocated to portfolio segments $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 (Reversal of) provision for loan losses (7,216) (2,212) (1,253) (119) (10,800) Charge-offs — — — — — Recoveries — 64 — 57 121 Ending balance allocated to portfolio segments $ 26,043 $ 7,224 $ 2,094 $ 174 $ 35,535 Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 26,043 7,199 2,094 174 35,510 Ending balance $ 26,043 $ 7,224 $ 2,094 $ 174 $ 35,535 Loans: Ending balance: individually evaluated for impairment $ 505 $ 5,687 $ — $ — $ 6,192 Ending balance: collectively evaluated for impairment 4,210,230 1,875,989 187,097 17,912 6,291,228 Ending balance $ 4,210,735 $ 1,881,676 $ 187,097 $ 17,912 $ 6,297,420 For the Year Ended December 31, 2020: Allowance for loan losses: Beginning balance allocated to portfolio segments $ 23,372 $ 10,076 $ 2,341 $ 212 $ 36,001 Provision for (reversal of) loan losses 9,887 (67) 1,006 (276) 10,550 Charge-offs — (722) — — (722) Recoveries — 85 — 300 385 Ending balance allocated to portfolio segments $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 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 December 31, 2021 and 2020. The decrease in Watch, Special Mention and Substandard risk rated loans during the year ended December 31, 2021 was primarily attributable to the diminishing impact of the COVID-19 pandemic on the performance of loans. As of December 31, 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 and Construction Total As of December 31, 2021: Grade: Pass $ 4,129,767 $ 1,856,942 $ 180,950 $ 17,523 $ 6,185,182 Watch 66,062 22,946 6,147 389 95,544 Special mention 4,586 — — — 4,586 Substandard 10,320 1,788 — — 12,108 Doubtful — — — — — Total $ 4,210,735 $ 1,881,676 $ 187,097 $ 17,912 $ 6,297,420 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 Doubtful — — — — — 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 December 31, 2021 and 2020: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of December 31, 2021: Loans: Multifamily residential $ — $ — $ — $ 505 $ 4,210,230 $ 4,210,735 Single family residential 271 — — 1,788 1,879,617 1,881,676 Commercial real estate — — — — 187,097 187,097 Land and construction — — — — 17,912 17,912 Total $ 271 $ — $ — $ 2,293 $ 6,294,856 $ 6,297,420 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 and construction — — — — 22,161 22,161 Total $ 4,841 $ — $ — $ 6,313 $ 6,038,662 $ 6,049,816 The following table summarizes information related to impaired loans: (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Cash Basis Interest As of or for the year ended December 31, 2021: With no related allowance recorded: Multifamily residential $ 505 $ 582 $ — $ 802 $ 30 $ 30 Single family residential 4,847 5,033 — 4,544 164 95 5,352 5,615 — 5,346 194 125 With an allowance recorded: Single family residential 840 836 25 859 25 — 840 836 25 859 25 — Total: Multifamily residential 505 582 — 802 30 30 Single family residential 5,687 5,869 25 5,403 189 95 $ 6,192 $ 6,451 $ 25 $ 6,205 $ 219 $ 125 As of or for the year ended December 31, 2020: With no related allowance recorded: Multifamily residential $ 522 $ 599 $ — $ 532 $ 36 $ 36 Single family residential 6,174 6,500 — 5,215 104 86 6,696 7,099 — 5,747 140 122 With an allowance recorded: Single family residential 877 874 25 1,263 39 — 877 874 25 1,263 39 — Total: Multifamily residential 522 599 — 532 36 36 Single family residential 7,051 7,374 25 6,478 143 86 $ 7,573 $ 7,973 $ 25 $ 7,010 $ 179 $ 122 The following table summarizes the recorded investment related to TDRs at December 31, 2021 and 2020: December 31, (Dollars in thousands) 2021 2020 Troubled debt restructurings: Single family residential $ 1,204 $ 3,967 The Company has allocated $25 thousand of its allowance for loan losses for loans modified in TDRs at both December 31, 2021 and 2020. The Company does not have commitments to lend additional funds to borrowers with loans whose terms have been modified in TDRs. During the year ended December 31, 2021, the Company had no new TDRs. During the year ended December 31, 2020, the Company modified the terms of loans that qualified as TDRs. The following table provides detail of these modifications: (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment For the Year Ended December 31, 2020: Troubled debt restructurings: Single family residential 2 $ 2,672 $ 2,672 Terms of the two loans modified as TDRs during the year ended December 31, 2020 above included suspension of loan payments for six months and a similar 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 during the years ended December 31, 2021 or 2020, primarily due to collateral support provided by the secondary source of repayment. The Company had no troubled debt restructurings with a subsequent payment default within twelve months following the modification during the years ended December 31, 2021 and 2020. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.

NONPERFORMING ASSETS

NONPERFORMING ASSETS	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
NONPERFORMING ASSETS	NONPERFORMING ASSETS Nonperforming assets include nonperforming loans plus REO. The Company’s nonperforming assets at December 31, 2021 and 2020 are indicated below: December 31, (Dollars in thousands) 2021 2020 Non-accrual loans: Multifamily residential $ 505 $ 522 Single family residential 1,788 5,791 Total non-accrual loans 2,293 6,313 Real estate owned — — Total nonperforming assets $ 2,293 $ 6,313

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	12 Months Ended
	Dec. 31, 2021
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	MORTGAGE SERVICING RIGHTS Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and conducting foreclosure proceedings. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans are as follows: December 31, (Dollars in thousands) 2021 2020 Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 127,431 $ 216,431 Other financial institutions 58,298 103,325 Total mortgage loans serviced for others $ 185,729 $ 319,756 Custodial account balances maintained in connection with serviced loans totaled $5.0 million and $10.9 million at December 31, 2021 and 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: Years Ended December 31, (Dollars in thousands) 2021 2020 Beginning balance $ 1,599 $ 2,657 Additions — — Disposals — — Changes in fair value due to changes in assumptions — — Other changes in fair value (684) (1,058) Ending balance $ 915 $ 1,599 Fair value as of December 31, 2021 was determined using a discount rate of 10%, prepayment speeds ranging from 7.6% to 48.8% and a weighted average default rate of 5%. The weighted average prepayment speed at December 31, 2021 was 29.2%. Fair value as of December 31, 2020 was determined using a discount rate of 10%, prepayment speeds ranging from 7.4% to 55.8% and a weighted average default rate of 5%. The weighted average prepayment speed at December 31, 2020 was 28.9%.

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
PREMISES AND EQUIPMENT	PREMISES AND EQUIPMENT Premises and equipment consist of the following: December 31, (Dollars in thousands) 2021 2020 Leasehold improvements $ 15,008 $ 14,994 Furniture and equipment 10,046 11,537 Building 6,181 6,174 Land 2,429 2,429 Total 33,664 35,134 Less: accumulated depreciation (17,574) (16,908) Premises and equipment, net $ 16,090 $ 18,226 Depreciation and amortization expense for the years ended December 31, 2021 and 2020 totaled $2.6 million and $2.7 million, respectively.

DEPOSITS

DEPOSITS	12 Months Ended
	Dec. 31, 2021
Banking and Thrift, Other Disclosures [Abstract]
DEPOSITS	DEPOSITS A summary of deposits at December 31, 2021 and 2020 is as follows: December 31, (Dollars in thousands) 2021 2020 Time deposits $ 2,335,141 $ 3,057,197 Money market savings 2,294,367 1,678,942 Interest-bearing demand 176,126 151,954 Money market checking 580,325 282,897 Noninterest-bearing demand 152,284 93,339 Total $ 5,538,243 $ 5,264,329 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 December 31, 2021 and 2020, respectively. The Company utilizes brokered deposits as an additional source of funding. The Company had brokered deposits of $25.8 million and $50.0 million at December 31, 2021 and 2020, respectively. Maturities of the Company’s time deposits at December 31, 2021 are summarized as follows: Year Ending December 31, (Dollars in thousands) 2022 $ 2,155,832 2023 102,920 2024 24,895 2025 6,842 2026 44,652 $ 2,335,141

FEDERAL HOME LOAN BANK AND FEDE

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021 and 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 $583.0 million and $467.8 million as of December 31, 2021 and 2020, respectively, secure this borrowing arrangement. There were no borrowings outstanding with the FRB as of December 31, 2021 and 2020. The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: As of December 31, 2021 Outstanding Balances Minimum Interest Rate Maximum Interest Rate Weighted Average Rate (Dollars in thousands) December 31, December 31, 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 FRB totaled $1.2 billion and $1.1 billion at December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, the Bank had aggregate loan balances of $2.5 billion and $1.8 billion, respectively, available to pledge to the FHLB and FRB to increase its borrowing capacity. As of December 31, 2021 and 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 years ended December 31, 2021 and 2020, there was a maximum amount of short-term borrowings outstanding of $352.9 million and $77.8 million, respectively, and an average amount outstanding of $110.8 million and $6.7 million, respectively, with a weighted average interest rate of 0.14% and 1.43%, respectively. The following table summarizes scheduled principal payments on FHLB advances over the next five years as of December 31, 2021: Year Ending December 31, (Dollars in thousands) 2022 $ 100,000 2023 250,000 2024 200,000 2025 101,500 2026 100,000 Thereafter 147 Total $ 751,647

JUNIOR SUBORDINATED DEFERRABLE

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES The Company formed two wholly-owned trust companies (the ‘‘Trusts’’) which issued guaranteed preferred beneficial interests (the "Trust Securities") in the Company’s junior subordinated deferrable interest debentures (the "Notes"). The Company is not considered the primary beneficiary of the Trusts and therefore, the Trusts are not consolidated in the Company’s financial statements, but rather the junior subordinated debentures are shown as a liability. The Company’s investment in the common securities of the Trusts, totaling $1.9 million, is included in other assets in the consolidated statements of financial condition. The sole asset of the Trusts are the Notes that they hold. The Trusts have invested the proceeds of such Trust Securities in the Notes. Each of the Notes has an interest rate equal to the corresponding Trust Securities distribution rate. The Company has the right to defer payment of interest on the Notes at any time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the relevant Notes. During any such extension period, distributions on the Trust Securities will also be deferred, and the Company’s ability to pay dividends on its common stock will be restricted. The Company has entered into contractual arrangements which, taken collectively, fully and unconditionally guarantee payment of: (i) accrued and unpaid distributions required to be paid on the Trust Securities; (ii) the redemption price with respect to any Trust Securities called for redemption by the Trusts; and (iii) payments due upon a voluntary or involuntary dissolution, winding up or liquidation of the Trusts. The Trust Securities are mandatorily redeemable upon maturity of the Notes, or upon earlier redemption as provided in the indenture. The Company has the right to redeem the Notes purchased by the Trusts, in whole or in part, on or after the redemption date. As specified in the indenture, if the Notes are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest. The following table is a summary of the outstanding Trust Securities and Notes at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Luther Burbank Statutory Trust I $ 41,238 1.58 % $ 41,238 1.60 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 1.82 % $ 20,619 1.84 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT

SENIOR DEBT	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
SENIOR DEBT	SENIOR DEBTIn September 2014, the Company issued $95.0 million in senior unsecured term notes to qualified institutional investors. The following table summarizes information on these notes as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 338 $ 95,000 $ 461 9/30/2024 6.50 %

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for income taxes for the years ended December 31, 2021 and 2020 consists of the following: Years Ended December 31, (Dollars in thousands) 2021 2020 Federal: Current $ 24,333 $ 13,686 Deferred (980) (2,834) Total federal tax provision 23,353 10,852 State: Current 12,692 7,544 Deferred 202 (1,649) Total state tax provision 12,894 5,895 Total income tax provision $ 36,247 $ 16,747 The provision for income taxes for the years ended December 31, 2021 and 2020 differs from the statutory federal rate of 21% due to the following: Years Ended December 31, (Dollars in thousands) 2021 2020 Statutory U.S. federal income tax $ 26,040 $ 11,898 Increase resulting from: State taxes, net of federal benefit 10,180 4,658 Other 27 191 Provision for income taxes $ 36,247 $ 16,747 Deferred tax assets (liabilities) included in other assets in the accompanying consolidated statements of financial condition consist of the following: December 31, (Dollars in thousands) 2021 2020 Deferred tax assets: Allowance for loan losses $ 10,568 $ 13,740 Deferred compensation 8,199 7,831 State tax deduction 2,408 1,578 Other 612 643 Total deferred tax assets 21,787 23,792 Deferred tax liabilities: Loan fee income (8,719) (10,802) Unrealized gain on securities (36) (2,757) Federal Home Loan Bank stock dividend income deferred for tax purposes (873) (1,087) Federal depreciation (219) (853) Other (567) (419) Total deferred tax liabilities (10,414) (15,918) Net deferred tax assets $ 11,373 $ 7,874 In assessing the Company’s ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize all benefits related to these deductible differences as of December 31, 2021 and 2020. There were no unrecognized tax benefits for the years ended December 31, 2021 and 2020. Until July 1, 1996, the Bank was allowed a special bad debt deduction based on a percentage of federal taxable income or on specified experience formulas in arriving at federal taxable income. For reserves established in taxable years beginning prior to December 31, 1987, a deferred tax liability was not required to be accrued but has been included as a restriction on retained earnings because such amounts may require the recognition of a tax liability if, in the future, (1) the Bank’s retained earnings represented by these reserves is used for purposes other than to absorb losses from bad debts, including dividends or distributions in liquidation or (2) there is a change in the federal tax law. The cumulative amount of these untaxed reserves was approximately $3.1 million at both December 31, 2021 and 2020. Retained earnings at both December 31, 2021 and 2020 included approximately $930 thousand representing the tax effect of such cumulative bad debt deductions for which no deferred income taxes have been provided. In the event that these reserves are subject to realization, the tax on these reserves will be assessed and paid at the entity level. Management has determined that this portion of retained earnings will not be used in a manner that will create an income tax liability. The Company is subject to U.S. federal income tax as well as various other state income taxes. The Company is no longer subject to examination by taxing authorities for years before 2017 for California tax filings and 2018 for federal and most other state tax filings.

REGULATORY MATTERS

REGULATORY MATTERS	12 Months Ended
	Dec. 31, 2021
Banking and Thrift, Other Disclosures [Abstract]
REGULATORY MATTERS	REGULATORY MATTERS The Company is a registered bank holding company and is subject to regulation, examination, and supervision by the FRB. The Bank is subject to regulation, examination, and supervision by the FDIC and the California Department of Financial Protection and Innovation ("DFPI"). The final rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S. banks (the “Basel III Capital Rules”) became effective for the Holding Company and Bank on January 1, 2015. The Basel III Capital Rules provide for the following minimum capital to risk-weighted assets ratios as of January 1, 2015: a) 4.5% based upon common equity tier 1 capital ("CET1"); b) 6.0% based upon tier 1 capital; and c) 8.0% based upon total regulatory capital. A minimum leverage ratio (tier 1 capital as a percentage of average consolidated assets) of 4.0% is also required under the Basel III Capital Rules. The Basel III Capital Rules require institutions to retain a capital conservation buffer, composed entirely of CET1, of 2.5% above these required minimum capital ratio levels. Banking organizations that fail to maintain the minimum 2.5% capital conservation buffer could face restrictions on capital distributions or discretionary bonus payments to executive officers. Restrictions would begin phasing in where the banking organization’s capital conservation buffer was below 2.5% at the beginning of a quarter, and distributions and discretionary bonus payments would be completely prohibited if no capital conservation buffer exists. The Bank is also governed by numerous federal and state laws and regulations, including the FDIC Improvement Act of 1991, which established five categories of capital adequacy ranging from “well-capitalized” to critically undercapitalized (although these items are not utilized to represent overall financial condition). The FDIC utilizes these categories of capital adequacy to determine various matters, including, but not limited to, prompt corrective action and deposit insurance premium assessment levels. Capital levels and adequacy classifications may also be subject to qualitative judgments by the Bank’s regulators regarding, among other factors, the components of capital and risk weighting. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions and asset growth are limited, and capital restoration plans are required. As of December 31, 2021 and 2020, the Company and the Bank met all capital adequacy requirements to which they are subject. Also, as of December 31, 2021 and 2020, the Bank satisfied all criteria necessary to be categorized as “well-capitalized” under the regulatory framework for prompt corrective action. There have been no conditions or events since December 31, 2021 that management believes have changed its “well-capitalized” categorization. The Company’s and Bank’s actual capital amounts and ratios are presented as follows: Minimum Required Actual For Capital Adequacy Purposes Plus Capital Conservation Buffer For Well- Capitalized Institution (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Luther Burbank Corporation As of December 31, 2021 Tier 1 Leverage Ratio $ 727,606 10.12 % $ 287,509 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Risk-Based Ratio 665,749 17.09 % 175,296 4.50 % $ 272,683 7.00 % N/A N/A Tier 1 Risk-Based Capital Ratio 727,606 18.68 % 233,728 6.00 % 331,115 8.50 % N/A N/A Total Risk-Based Capital Ratio 764,048 19.61 % 311,638 8.00 % 409,025 10.50 % N/A N/A As of December 31, 2020 Tier 1 Leverage Ratio $ 665,514 9.45 % $ 281,564 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Risk-Based Ratio 603,657 15.75 % 172,420 4.50 % $ 268,209 7.00 % N/A N/A Tier 1 Risk-Based Capital Ratio 665,514 17.37 % 229,893 6.00 % 325,682 8.50 % N/A N/A Total Risk-Based Capital Ratio 712,837 18.60 % 306,524 8.00 % 402,313 10.50 % N/A N/A Luther Burbank Savings As of December 31, 2021 Tier 1 Leverage Ratio $ 799,457 11.13 % $ 287,407 4.00 % N/A N/A $ 359,259 5.00 % Common Equity Tier 1 Risk-Based Ratio 799,457 20.54 % 175,190 4.50 % $ 272,518 7.00 % 253,052 6.50 % Tier 1 Risk-Based Capital Ratio 799,457 20.54 % 233,587 6.00 % 330,915 8.50 % 311,449 8.00 % Total Risk-Based Capital Ratio 835,899 21.47 % 311,449 8.00 % 408,777 10.50 % 389,311 10.00 % As of December 31, 2020 Tier 1 Leverage Ratio $ 729,054 10.36 % $ 281,453 4.00 % N/A N/A $ 351,816 5.00 % Common Equity Tier 1 Risk-Based Ratio 729,054 19.04 % 172,340 4.50 % $ 268,085 7.00 % 248,936 6.50 % Tier 1 Risk-Based Capital Ratio 729,054 19.04 % 229,787 6.00 % 325,532 8.50 % 306,383 8.00 % Total Risk-Based Capital Ratio 776,377 20.27 % 306,383 8.00 % 402,128 10.50 % 382,979 10.00 % Dividends In the ordinary course of business, the Company is dependent upon dividends from the Bank to provide funds for the payment of dividends to shareholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that year combined with the retained net profits for the preceding two years. The Company has paid cash dividends of $18.4 million and $12.3 million during the years ended December 31, 2021 and 2020. Payment of stock or cash dividends in the future will depend upon the Company's earnings and financial condition, and other factors deemed relevant by the Company’s Board of Directors, as well as the Company’s legal ability to pay dividends. Accordingly, no assurance can be given that any dividends will be declared in the future.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES The Company utilizes interest rate swap and cap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of interest rate swaps and caps do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate cap or swap agreements. Fair Value Hedges of Interest Rate Risk As of December 31, 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 year ended December 31, 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 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. Any gain or loss on the derivatives, as well as any offsetting loss or gain on the hedged items attributable to the hedged risk are recognized in interest income on loans. For the years ended December 31, 2021 and 2020, the floating rate amounts recognized related to the net settlement of 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 consolidated statements of income for the years ended December 31, 2021 and 2020: Years Ended December 31, (Dollars in thousands) 2021 2020 Derivative - interest rate swaps: Interest (loss) income $ (7,570) $ (10,830) Hedged items - loans: Interest (loss) income (31) 25 Net decrease in interest income $ (7,601) $ (10,805) The following table presents the fair value of the Company’s interest rate swaps, as well as their classification in the consolidated statements of financial condition as of December 31, 2021 and 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 December 31, 2021: Interest Rate Swaps $ 650,000 Prepaid Expenses and Other Assets $ 3,108 Other Liabilities and Accrued Expenses $ — 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 December 31, 2021 and 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 Statement of Financial Condition in Which the Hedged Items are Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Dollars in thousands) As of December 31, 2021: Loans receivable, net (1) $ 646,890 $ (3,110) As of December 31, 2020: Loans receivable, net (1) $ 1,007,288 $ 7,288 (1) These amounts include the amortized cost basis of portfolio loans used to designate hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationship. At December 31, 2021 and 2020 , the amortized cost basis of the portfolio loans used in these hedging relationships were $1.0 billion and $2.0 billion, respectively; the cumulative basis adjustments associated with

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
Compensation Related Costs [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Salary Continuation Arrangements The Company has individual salary continuation agreements with certain current and former key executives and directors. These agreements are accounted for as deferred compensation arrangements and are unsecured and unfunded. Benefits under these agreements are fixed for each participant and are payable over a specific period following their retirement or at an earlier date such as termination without cause, the sale of the Company, or death. Participants vest in these agreements based on their years of service subsequent to being covered under these agreements. The accrued obligation of $17.3 million and $16.2 million as of December 31, 2021 and 2020, respectively, is included in other liabilities and accrued expenses in the accompanying consolidated statements of financial condition. The Company recognized compensation expense of $2.3 million and $2.9 million related to these agreements for the years ended December 31, 2021 and 2020, respectively. The Company has purchased insurance on the lives of the participants to help offset the cost of the benefits accrued under these agreements and provide death benefits to fund obligations in the event an employee dies prior to retirement. The cash surrender value of such policies was $18.2 million and $18.1 million at December 31, 2021 and 2020, respectively, and is reflected in prepaid expenses and other assets in the accompanying consolidated statements of financial condition. Earnings on these life insurance policies were $16 thousand and $123 thousand for the years ended December 31, 2021 and 2020, respectively. 401(k) Plan The Company maintains a 401(k) Savings Plan for substantially all employees age 18 or older who have completed at least six months of service. Employees may contribute up to the maximum statutory allowable contribution which was $19,500 for both 2021 and 2020. The Company matches 100% of employee salary contribution deferrals up to 3% of pay, plus 50% of employee salary contribution deferrals from 3% to 5% of pay. Company contributions for the years ended December 31, 2021 and 2020 were $1.1 million and $1.0 million, respectively.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION The Company’s stock based compensation consists of RSUs and RSAs granted under the Luther Burbank Corporation Omnibus Equity and Incentive Compensation Plan ("Omnibus Plan"). In connection with its IPO in December 2017, the Company granted RSUs in exchange for unvested phantom stock related to a then discontinued employee benefit plan that awarded phantom stock to certain key executives and nonemployee directors. The RSUs were granted on a per share basis, with the same vesting schedule and deferral elections that existed for the original phantom stock awards. Post IPO, the Company typically grants RSAs to nonemployee directors and certain employees on an annual basis. RSA grants vest ratably over one year for nonemployee directors and ratably over three All RSAs and RSUs are granted at the fair value of the common stock at the time of the award. RSAs and RSUs are considered fixed awards as the number of shares and fair value are known at the date of grant and the fair value at the grant date is amortized over the vesting and/or service period. Non-cash stock compensation expense recognized for RSAs and RSUs for the years ended December 31, 2021 and 2020 totaled $2.5 million and $3.5 million, respectively. The fair value of RSAs and RSUs that vested during the years ended December 31, 2021 and 2020 was $2.4 million and $3.7 million, respectively. As of December 31, 2021 and 2020, there was $2.6 million and $2.7 million, respectively, of unrecognized compensation expense related to 489,703 and 464,919 unvested shares of RSAs, respectively, which amounts are expected to be recognized over a weighted average period of 1.69 years and 1.76 years, respectively. As of December 31, 2021 and 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: Years Ended December 31, 2021 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 605,916 $ 10.93 717,999 $ 10.53 Shares granted 295,058 10.17 261,722 11.62 Shares settled (265,655) 11.02 (341,118) 10.60 Shares forfeited (54,130) 10.30 (32,687) 11.09 End of the period balance 581,189 $ 10.56 605,916 $ 10.93

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair Value Hierarchy The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon: Level 1 - Quoted market prices for identical instruments traded in active exchange markets. Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable or can be corroborated by observable market data. Level 3 - Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect the Company’s estimates of assumptions that market participants would use on pricing the asset or liability. Valuation techniques include management judgment and estimation which may be significant. Because broadly traded markets do not exist for most of the Company’s financial instruments, the fair value calculations attempt to incorporate the effect of current market conditions at a specific time. These determinations are subjective in nature, involve uncertainties and matters of significant judgment and do not include tax ramifications; therefore, the results cannot be determined with precision, substantiated by comparison to independent markets and may not be realized in an actual sale or immediate settlement of the instruments. There may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. For all of these reasons, the aggregation of the fair value calculations presented herein do not represent, and should not be construed to represent, the underlying value of the Company. Management monitors the availability of observable market data to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities, or total earnings. The following methods and assumptions were used to estimate the fair value of financial instruments: For cash, cash equivalents and restricted cash, accrued interest receivable and payable, demand deposits and short-term borrowings, the carrying amount was estimated to be fair value. The fair value of accrued interest receivable/payable balances were determined using inputs and fair value measurements commensurate with the asset or liability from which the accrued interest is generated. Fair values for available for sale and held to maturity debt securities, which include primarily debt securities issued by U.S. government sponsored agencies, were based on quoted market prices for similar securities. Fair values for equity securities, which consist of investments in a qualified community reinvestment fund, were based on quoted market prices. Loans were valued using the exit price notion. The fair value was estimated using market quotes for similar assets or the present value of future cash flows, discounted using a market rate for similar products and giving consideration to estimated prepayment risk and credit risk. The fair value of loans was determined utilizing estimates resulting in a Level 3 classification. Impaired loans were measured for impairment based on the present value of expected future cash flows discounted at the loans' effective interest rate, except that as a practical expedient, the Company may measure impairment based on a loan’s observable market price, or the fair value of the collateral (net of estimated costs to sell) if the loan is collateral dependent. The fair value of impaired loans was determined utilizing estimates resulting in a Level 3 classification. It was not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. The fair value of servicing rights was determined using a valuation model that utilizes interest rate, prepayment speed, and default rate assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data. The fair values of derivatives were based on valuation models using observable market data as of the measurement date. Fair values for fixed-rate time deposits were estimated using discounted cash flow analyses using interest rates offered at each reporting date by the Company for time deposits with similar remaining maturities. For deposits with no contractual maturity, the fair value was assumed to equal the carrying value. The fair value of FHLB advances was estimated based on discounting the future cash flows using the market rate currently offered for similar terms. The fair value of subordinated debentures was based on an indication of value provided by a third-party broker. For senior debt, the fair value was based on an indication of value provided by a third-party broker. Fair Value of Financial Instruments The carrying and estimated fair values of the Company’s financial instruments were as follows: Fair Level Measurements Using (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 As of December 31, 2021: Financial assets: Cash, cash equivalents and restricted cash $ 138,413 $ 138,413 $ 138,413 $ — $ — Debt securities: Available for sale 647,317 647,317 — 647,317 — Held to maturity 3,829 4,018 — 4,018 — Equity securities 11,693 11,693 — 11,693 — Loans receivable, net 6,261,885 6,297,548 — — 6,297,548 Accrued interest receivable 17,761 17,761 1 927 16,833 FHLB stock 23,411 N/A N/A N/A N/A Interest rate swaps 3,108 3,108 — 3,108 — Financial liabilities: Deposits $ 5,538,243 $ 5,541,417 $ 2,918,102 $ 2,623,315 $ — FHLB advances 751,647 755,981 — 755,981 — Junior subordinated deferrable interest debentures 61,857 61,545 — 61,545 — Senior debt 94,662 103,361 — 103,361 — Accrued interest payable 118 118 — 118 — 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 December 31, 2021 and 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 December 31, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 200,133 $ — $ 200,133 $ — Commercial MBS and CMOs 407,746 — 407,746 — Agency bonds 10,831 — 10,831 — Other ABS 28,607 — 28,607 — Total available for sale debt securities $ 647,317 — $ 647,317 — Equity securities $ 11,693 $ — $ 11,693 $ — Mortgage servicing rights 915 — — 915 Interest rate swaps 3,108 — 3,108 — 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 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)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES (VIE)	VARIABLE INTEREST ENTITIES ("VIE")The Company is involved with VIEs through its loan securitization activities. The Company evaluated its association with VIEs for consolidation purposes. Specifically, a VIE is to be consolidated by its primary beneficiary, the entity that has both the power to direct the activities that most significantly impact the VIE, and a variable interest that could potentially be significant to the VIE. A variable interest is a contractual, ownership or other interest whose value fluctuates with the changes in the value of the VIE's assets and liabilities. The assessment includes an evaluation of the Company's continuing involvement with the VIE and the nature and significance of its variable interests. Multifamily loan securitization With respect to the securitization transaction with Freddie Mac which settled September 27, 2017, the Company's variable interests reside with a reimbursement agreement entered into with Freddie Mac that obligates the Company to reimburse Freddie Mac for defaulted contractual principal and interest payments identified after the ultimate resolution of any defaulted loans. Such reimbursement obligations are not to exceed 10% of the original principal amount of the loans comprising the securitization pool. As part of the securitization transaction, the Company released all servicing obligations and rights to Freddie Mac who was designated as the Master Servicer. As Master Servicer, Freddie Mac appointed the Company with sub-servicing obligations, which include obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance, and otherwise administer the underlying loans. The servicing of defaulted loans and foreclosed loans was assigned to a separate third party entity, independent of the Company and Freddie Mac. Freddie Mac, in its capacity as Master Servicer, can terminate the Company in its role as sub-servicer and direct such responsibilities accordingly. In evaluating the variable interests and continuing involvement in the VIE, the Company determined that it does not have the power to make significant decisions or direct the activities that most significantly impact the economic performance of the VIE's assets and liabilities. As sub-servicer of the loans, the Company does not have the authority to make significant decisions that influence the value of the VIE's net assets and therefore, is not the primary beneficiary of the VIE. Hence, the Company determined that the VIE associated with the multifamily securitization should not be included in the consolidated financial statements of the Company.

LOAN SALE AND SECURITIZATION AC

LOAN SALE AND SECURITIZATION ACTIVITIES	12 Months Ended
	Dec. 31, 2021
Transfers and Servicing [Abstract]
LOAN SALE AND SECURITIZATION ACTIVITIES	LOAN SALE AND SECURITIZATION ACTIVITIES The Company periodically sells loans as part of its business operations and overall management of liquidity, assets and liabilities, and financial performance. The transfer of loans is executed in securitization or sale transactions. With respect to sale transactions, the Company's continuing involvement may or may not include ongoing servicing responsibilities and general representations and warranties. With respect to securitization sales, the Company executed its first and only transaction to date on September 27, 2017 with Freddie Mac. The transaction involved the sale of $626 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 December 31, 2021, the Bank’s net worth was $802.8 million which equates to its Tier 1 capital of $799.5 million plus goodwill of $3.3 million and accumulated other comprehensive income related to net unrealized gains on available for sale securities of $88 thousand. 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: Years Ended December 31, (Dollars in thousands) 2021 2020 Proceeds from loan sales $ 1,731 $ 998 Servicing fees 555 930 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 December 31, 2021: Principal balance of loans $ 12,243 $ 173,486 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	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Financial Instruments With Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments represent commitments to originate fixed and variable rate loans and loans in process, and involve, to varying degrees, credit risk and interest rate risk in excess of the amount recognized in the Company’s consolidated statements of financial condition. The Company’s exposure to credit loss in the event of nonperformance by the other party for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments to originate loans and lines of credit as it does for on-balance sheet instruments. As it relates to interest rate risk, the Company's exposure is generally limited to increases in interest rates that may result during the short period of time between the commitment and funding of fixed rate credit facilities and adjustable rate credit facilities with initial fixed rate periods. The limited timing risk associated with these credit facilities are considered within the Company's asset liability management process. Commitments to fund loans and lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have expiration dates or other termination clauses. In addition, external market forces may impact the probability of commitments being exercised; therefore, total commitments outstanding do not necessarily represent future cash requirements. At December 31, 2021 and 2020, the Company had outstanding commitments of approximately $132.8 million and $116.9 million, respectively, for loans and lines of credit. Unfunded loan commitment reserves totaled $153 thousand and $59 thousand at December 31, 2021 and 2020, respectively. Operating Leases The Company leases various office premises under long-term operating lease agreements. These leases expire between 2022 and 2030, with certain leases containing either five Years ending December 31, (Dollars in thousands) 2022 $ 3,961 2023 2,746 2024 1,727 2025 1,276 2026 1,046 Thereafter 1,148 Total $ 11,904 Rent expense under operating leases was $4.4 million for both the years ended December 31, 2021 and 2020. Sublease income earned was $566 thousand and $752 thousand for the years ended December 31, 2021 and 2020, respectively. Contingencies At present, there are no pending or threatened proceedings against the Company which, if determined adversely, would have a material effect on the Company’s business, financial position, results of operations or cash flows. In the ordinary course of operations, the Company may be party to various legal proceedings. Correspondent Banking Agreements

PARENT COMPANY ONLY FINANCIAL I

PARENT COMPANY ONLY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
PARENT COMPANY ONLY FINANCIAL INFORMATION	PARENT COMPANY ONLY FINANCIAL INFORMATION Summary parent company only financial information for the years ended December 31, 2021 and 2020 is as follows: CONDENSED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands) December 31, 2021 2020 ASSETS Cash and cash equivalents $ 20,073 $ 29,025 Investment in Bank 802,843 739,088 Investment in Burbank Financial, Inc. 333 306 Investment in Luther Burbank Statutory Trusts 1 & 2 1,857 1,857 Receivable from Bank 241 247 Other assets 348 4 Total assets $ 825,695 $ 770,527 LIABILITIES AND STOCKHOLDERS' EQUITY Junior subordinated deferrable interest debentures $ 61,857 $ 61,857 Other borrowings 94,662 94,539 Interest payable on junior subordinated deferrable interest debentures 49 49 Other liabilities and accrued expenses (6) 391 Stockholders' equity 669,133 613,691 Total liabilities and stockholders' equity $ 825,695 $ 770,527 CONDENSED STATEMENTS OF INCOME (Dollars in thousands) Years Ended December 31, 2021 2020 Net interest expense $ (7,313) $ (7,670) Dividend income from Bank 22,700 65,360 Other noninterest income 30 41 Other operating expense (308) (301) Income before income tax benefit and undistributed net income of subsidiaries 15,109 57,430 Income tax benefit 2,213 2,315 Income before undistributed net income of subsidiaries 17,322 59,745 Net equity in undistributed net income of subsidiaries 70,431 (19,833) Net income (1) $ 87,753 $ 39,912 (1) The group files a single tax return and the subsidiaries are treated, for federal, California and Oregon tax purposes, as divisions of a single corporation. The Company’s share of income tax expense is based on the amount which would be payable or receivable if separate returns were filed. Accordingly, the Company’s equity in the net income of its subsidiaries, including the Bank, are excluded from the computation of income taxes for financial statement purposes. For the years ended December 31, 2021 and 2020, the Company provided tax at the rates of 21.0%, 10.84% and 6.6% for federal, California and Oregon taxes, respectively. CONDENSED STATEMENTS OF CASH FLOWS (Dollars in thousands) Years Ended December 31, 2021 2020 Cash flows from operating activities: Net income $ 87,753 $ 39,912 Adjustments to reconcile net income to net cash provided by operating activities: Net equity in undistributed net income of subsidiaries (70,431) 19,833 Change in receivable from Bank 6 (226) Stock based compensation 2,529 3,535 Net change in other assets and liabilities (618) 314 Net cash provided by operating activities 19,239 63,368 Cash flows from financing activities: Cash paid for dividends (18,446) (12,314) Shares withheld for taxes on vested restricted stock (901) (1,064) Shares repurchased (8,844) (36,135) Net cash used in financing activities (28,191) (49,513) (Decrease) increase in cash and cash equivalents (8,952) 13,855 Cash and cash equivalents, beginning of year 29,025 15,170 Cash and cash equivalents, end of year $ 20,073 $ 29,025

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting standards and prevailing practices within the banking industry and include the accounts of the Company and its wholly-owned subsidiaries. The Company currently has two unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue junior subordinated deferrable interest debentures. See Note 9, “Junior Subordinated Deferrable Interest Debentures,” for additional information regarding these trusts. All intercompany accounts and transactions have been eliminated.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions with maturities of less than three months. Net cash flows are reported for customer loan and deposit transactions, and interest-bearing deposits in other financial institutions.
Restricted Cash Balances	Restricted Cash Balances The Company may include cash collateral in connection with interest rate swaps in restricted cash within the consolidated statements of financial condition. At December 31, 2021 the Company had no
Investment Securities	Investment Securities The Company classifies its investment securities into three categories, available for sale, held to maturity and equity, at the time of purchase. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income (loss), net of applicable taxes. Investment securities held to maturity are measured at amortized cost, based on the Company’s positive intent and ability to hold such securities to maturity. Equity securities are carried at fair value, with unrealized holding gains and losses reported in other noninterest income within the consolidated statements of income. Interest income includes amortization/accretion of purchase premiums/discounts. Premiums and discounts are amortized, or accreted, over the life of the related investment security, or the earliest call date with respect to premiums on callable securities, as an adjustment to interest income using a method that approximates the interest method. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. An investment security is impaired when its carrying value is greater than its fair value. Investment securities that are impaired are evaluated on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether such a decline in their fair value is other than temporary. Management utilizes criteria such as the magnitude and duration of the decline and the intent and ability of the Company to retain its investment in the securities for a period of time sufficient to allow for an anticipated recovery in fair value, in addition to the reasons underlying the decline, to determine whether the loss in value is other than temporary. The term ‘‘other than temporary’’ is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other than temporary, and management does not intend to sell the security or it is more likely than not that the Company will not be required to sell the security before recovery, only the portion of the impairment loss representing credit exposure is recognized as a charge to earnings, with the balance recognized as a charge to other comprehensive (loss) income. If management intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its forecasted cost, the entire impairment loss is recognized as a charge to earnings.
Loans Receivable	Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances, net of purchase premiums and discounts, deferred loan origination fees and costs and the allowance for loan losses. Interest income is accrued on the unpaid principal balance. Premiums or discounts to acquire loans are amortized over the life of the loan using a method that approximates the interest method. The Company charges fees for originating loans. These fees, net of certain related direct loan origination costs, are deferred. The net deferred fees or costs on loans held for investment are recognized as an adjustment of the loan’s yield over the contractual life of the loan using the interest method. The Company ceases to amortize deferred fees or costs on loans for which the accrual of interest has been discontinued. Other loan fees and charges representing service costs are reported in income when collected or earned.
Loans Held for Sale	Loans Held for Sale Mortgage loans held for sale are sold with servicing rights released or retained. Realized gains and losses on sales of mortgage loans are accounted for under the specific identification method and based on the difference between the selling price and the carrying value of the related loan sold. The carrying value of mortgage loans sold servicing retained is reduced by the amount allocated to the servicing right.
Concentration of Credit Risk	Concentration of Credit RiskThe majority of our customers are individuals and businesses located and doing business in the state of California, with approximately half our collateral located in Los Angeles and Orange counties. The Company's exposure to credit risk is significantly affected by changes in the economy of California, and specifically, Los Angeles and Orange Counties.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses represents the estimated probable incurred credit losses in the Company’s loan portfolio. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower circumstances, estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The Company performs periodic and systematic detailed reviews of its loan portfolio to assess the overall collectability of its loans. The Company’s methodology for assessing the appropriateness of the allowance consists of the combined total of two key components. The first component covers loans that are impaired. All loans are evaluated for impairment on a recurring basis. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans that are reported as troubled debt restructures (“TDRs”) are considered impaired. A restructuring of a debt constitutes a TDR if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Restructured workout loans typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. Impaired loans and TDRs that are solely dependent on the operation or liquidation of collateral for repayment are measured for impairment at the fair value of the collateral less estimated costs to sell. Impaired loans, including TDRs, that are not considered collateral dependent, are measured based on the present value of loan payments expected to be received discounted at the loans’ original effective contractual interest rate. If the recorded investment in the impaired loans exceeds the value of funds to be received, an allowance is established as a component of the total allowance for loan losses unless the loans are solely dependent on the collateral for repayment, in which case the amount that exceeds the fair value of the collateral is charged off. The second element of the allowance covers probable incurred losses inherent in performing loans that have yet to be specifically identified for impairment. This component of the allowance is estimated by applying reserve factors based on average historical loss experience for the previous nine Multifamily residential and commercial real estate loans - These loans typically involve greater principal amounts than other types of loans, and repayment depends upon income generated, or expected to be generated, by the property securing the loan in amounts sufficient to cover operating expenses and debt service, which may be adversely affected by changes in the economy or local market conditions. Multifamily residential and commercial real estate loans also expose a lender to significant credit risk because the collateral securing these loans typically cannot be sold as easily as single family residential real estate. In addition, some commercial real estate loans are not fully amortizing and contain large balloon payments upon maturity. Such balloon payments may require the borrower to either sell or refinance the underlying property in order to comply with the terms of the loan agreement, which may increase the risk of default or non-payment. Single family residential real estate loans - The degree of risk in single family residential real estate lending depends primarily on the loan amount in relation to collateral value, the interest rate, and the borrower’s ability to repay in an orderly fashion. These loans generally possess a lower inherent risk of loss than other real estate portfolio segments. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers’ capacity to repay their obligations may be deteriorating. Construction and land loans - This type of lending generally possess a higher inherent risk of loss than other real estate portfolio segments. A major risk arises from the necessity to complete projects within specified costs and timelines. Trends in the construction industry significantly impact the credit quality of these loans, as demand drives construction activity. In addition, trends in real estate values significantly impact the credit quality of these loans, as property values determine the economic viability of construction projects. The total allowance is increased by the provision for loan losses, which is charged against current period operating results, and decreased by reversals of loan loss provisions as well as loan charge-offs, net of recoveries. Losses incurred upon the initial acquisition of real estate owned through foreclosure are charged to the allowance for loan losses.
Accrued Interest Receivable on Loans	Accrued Interest Receivable on Loans Interest receivable is only accrued if deemed collectible. It is the Company’s policy to place a loan on non-accrual status in the event that the borrower is 90 days or more delinquent (unless the loan is well secured and in the process of collection), or earlier if the timely collection of contractual payments appears doubtful. At the time a loan is placed on non-accrual, accrued interest is reversed out of interest income. Cash payments subsequently received on non-accrual loans are recognized as income only where the future collection of the remaining principal is considered by management to be probable. Loans are restored to accrual status only when the loan is less than 90 days delinquent and not in foreclosure, and the borrower has demonstrated the ability to make future payments of principal and interest.
Servicing Rights	Servicing Rights When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing assets in earnings in the period in which the changes occur, and such changes are included with other income on the consolidated statements of income. The fair values of servicing rights are calculated using model assumptions including factors such as prepayment rates, market rates and other model cash flow assumptions. Absent other changes, an increase (decrease) to the estimated life of serviced loans would generally increase (decrease) the fair value of servicing rights. The fair value of servicing rights are subject to significant fluctuation as a result of changes in estimates and when actual factors such as prepayment speeds, default rates, and losses differ from model assumptions.
Transfers of Financial Assets	Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Real Estate Owned (REO)	Real Estate Owned ("REO") Real estate acquired as a result of loan foreclosure or a deed in lieu of foreclosure is initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of a residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Fair value is typically based on a real estate appraisal. REO is subsequently accounted for at the lower of cost or fair
Premises and Equipment	Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Land is carried at cost. The Company’s policy is to depreciate buildings, furniture and equipment on the straight-line basis over the estimated useful lives of the various assets and to amortize leasehold improvements over the shorter of the asset life or lease term as follows: Leasehold improvements Lesser of term of lease or life of improvement Furniture and equipment 2 to 7 years Building 39 years The Company evaluates the recoverability of long-lived assets on an ongoing basis. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to expense as incurred.
Federal Home Loan Bank Stock	Federal Home Loan Bank Stock As a member of the FHLB, the Bank is required to own capital stock in an amount specified by the level of FHLB borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on the ultimate recovery of par value. Cash dividends are reported as noninterest income on an accrual basis. At December 31, 2021 and 2020, the Bank owned 234,108 and 251,217 shares of $100 par value FHLB stock, respectively.
Goodwill	GoodwillGoodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill determined to have an indefinite useful life is not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. If the carrying amount of the goodwill exceeds its fair value, an impairment loss is recognized in the amount of the excess and the carrying value of the goodwill is reduced accordingly. Goodwill is the only intangible asset with an indefinite life on the balance sheet.
Bank-Owned Life Insurance (BOLI)	Bank-Owned Life Insurance (“BOLI”) Bank-owned life insurance is initially recorded at cost. Subsequently, BOLI is carried at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Increases in contract value are recorded as noninterest income and insurance proceeds received are recorded as a reduction of the contract value.
Reserve for Loan Commitments	Reserve for Loan Commitments The Company maintains a reserve within other liabilities associated with commitments to fund undisbursed loan commitments on outstanding loans. This reserve is determined based upon the historical loss experience of similar loans held by the Company at each period end. Any changes in this reserve amount are recognized through earnings as a component of noninterest expense.
Marketing	Marketing Marketing costs are expensed as incurred.
Derivatives	Derivatives At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (‘‘fair value hedge’’), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (‘‘cash flow hedge’’), or (3) an instrument with no hedging designation (‘‘stand-alone derivative’’). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported in earnings, as noninterest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.
Income Taxes	Income Taxes Income tax expense is the total of the current year income tax due and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the reported amount of assets and liabilities and their tax bases. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company uses a comprehensive model for recognizing, measuring, presenting, and disclosing in the financial statements tax positions taken or expected to be taken on a tax return. A tax position is recognized as a benefit only if it is ‘‘more likely than not’’ that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not
Share-Based Compensation	Share-Based Compensation The Company has issued awards of equity instruments, such as restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), to employees and certain nonemployee directors. Compensation expense related to restricted stock is based on the fair value of the underlying stock on the award date and is amortized over the service period, defined as the vesting period, using the straight-line method. The vesting period is generally three years for employees and one year for nonemployee directors. Compensation expense is reduced for actual forfeitures as they occur. Unvested RSAs and RSUs participate with common stock in any dividends declared, but are paid only on the shares which ultimately vest. Such dividends are accrued when declared and paid at the time of vesting.
Comprehensive Income	Comprehensive Income Comprehensive income (loss) includes net income and other comprehensive income (loss). The only item of other comprehensive income (loss) for the Company are unrealized gains and losses on investment securities classified as available for sale, net of tax. Reclassification adjustments resulting from gains or losses on investment securities available for sale that have been realized and included in net income of the current period that also had been included in other comprehensive income as unrealized holding gains or losses in the period in which they arose have been excluded from comprehensive income (loss) of the current period to avoid double counting.
Earnings Per Share (EPS)	Earnings Per Share ("EPS")Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the year. In determining the weighted average number of shares outstanding, vested restricted stock units are included. Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of common shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as unvested restricted stock awards and units, calculated using the treasury stock method.
Related Party Transactions	Related Party Transactions In the normal course of business, the Company may accept deposits from officers, directors and other related parties. As of December 31, 2021 and 2020, there were $26.8 million and $15.2 million, respectively, of such deposits. The Company does not permit loans to officers, directors or other related
Business Segments	Business Segments While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.
Reclassifications	Reclassifications Certain prior balances in the consolidated financial statements have been reclassified to conform to current year presentation. These reclassifications had no effect on prior year net income or stockholders’ equity.
Investment, Policy	COVID-19 Beginning in early 2020 and continuing through December 2021, the COVID-19 pandemic has caused a disruption to almost every aspect of the economy. As a result, in March 2020, the Company implemented a lending modification initiative to support our customers financially impacted by the COVID-19 pandemic and unable to make their scheduled loan payments. The program provided borrowers the opportunity to modify their existing real estate loans by temporarily deferring payments for a specified period of time. Modified loans under this program were generally downgraded from a Pass risk rating to a Watch risk rating at the time of their respective modification. Subsequent to the modification period, loan grades were adjusted, as necessary, in connection with the Company's proactive reassessment of loans impacted by the pandemic. Loan risk ratings are an integral part of the quantitative calculation of our allowance for loan losses. Further, in early 2020, we established a qualitative loan loss reserve in connection with the uncertainty related to the pandemic. This supplemental reserve has been slowly reduced as the impact of the pandemic on our loan portfolio has become less uncertain. Qualitative adjustments to our allowance specific to COVID-19 were $2.5 million and $8.4 million at December 31, 2021 and 2020, respectively. Management intends to closely monitor the level of this reserve and make any necessary adjustments as conditions related to the pandemic change. All of the loans modified for pandemic related payment deferral in 2020 and 2021 had returned to scheduled monthly payments or paid off in full by June 2021. Additionally, total criticized loans have declined to $16.7 million at December 31, 2021, as compared to $57.0 million at December 31, 2020. The decline in criticized loans from the prior year end was generally attributable to the continued performance of our loans that were initially impacted by the pandemic. During the years ended December 2021 and 2020, the Company incurred no loan losses for pandemic impacted loans. The Company's exposure to nonresidential commercial real estate remains limited, totaling $187.1 million, or 3.0% of our loan portfolio, at December 31, 2021.
Adoption of New Financial Accounting Standards	Adoption of New Financial Accounting Standards FASB ASU 2016-02 In February 2016, the FASB amended existing guidance that requires lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date (1) a lease liability, which is the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. These amendments are effective for 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. As a result of the adoption of ASU 2016-02, the Company expects to record a right-of-use asset of approximately $16.3 million and a corresponding lease liability of approximately $15.8 million. The adoption of this standard is not expected to materially impact the Company’s operating results. FASB ASU 2016-13 In June 2016, FASB issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss ("CECL") model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held to maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. The transition will be applied as follows: - For debt securities with other than temporary impairment ("OTTI"), the guidance will be applied prospectively. - Existing purchased credit impaired ("PCI") assets will be grandfathered and classified as purchased credit deteriorated ("PCD") assets at the date of adoption. The assets will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. - For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. These amendments are effective for PBEs that are Securities and Exchange Commission (“SEC”) filers for annual periods and interim periods within those annual periods beginning after December 15, 2019. As an emerging growth company, the Company expects to adopt this guidance on January 1, 2023. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective. Through December 31, 2021, CECL implementation activities have generally focused on capturing and validating loan data, segmenting the loan portfolio, evaluating credit loss methodologies and models, as well as evaluating model results and sensitivities. In determining an expected allowance under CECL, the Company has selected a credit loss model that utilizes an approach focused on a loan's probability of default and loss given default. As part of the process to test and refine our CECL model, the Company has completed quarterly model runs for analysis and backtesting purposes starting with the third quarter of 2018. This process has been on-going and will continue until our adoption date. Continuing implementation activities include the engagement of a third party model validation, refining qualitative factor adjustments, drafting policies and disclosures and evaluating, documenting and testing internal controls. We estimate that the adoption of the CECL standard would not currently result in a material change in our allowance for credit losses, which, if necessary, will be recorded as a cumulative-effect adjustment to retained earnings, net of tax as of January 1, 2023. The ultimate impact will depend on the portfolio and forecasts when the standard is adopted. FASB ASU 2019-12 In December 2019, FASB issued guidance that removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740 to simplify the accounting for income taxes and clarifies and amends existing guidance to provide for more consistent application. ASU 2019-12 will become effective for fiscal years beginning after December 15, 2021 and early adoption is permitted. The Company expects to adopt this guidance on January 1, 2022. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. FASB ASU 2020-04 In March 2020, the FASB issued guidance to ease the potential burden in accounting for reference rate reform. The amendments in this ASU are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The guidance permits companies to: – Simplify accounting analyses for contract modifications. – Allow hedging relationships to continue without de-designation if there are qualifying changes in the critical terms of an existing hedging relationship due to reference rate reform. – Allow a change in the systematic and rational method used to recognize in earnings the components excluded from the assessment of hedge effectiveness. – Allow a change in the designated benchmark interest rate to a different eligible benchmark interest rate in a fair value hedging relationship. – Allow for the shortcut method for a fair value hedging relationship to continue for the remainder of the hedging relationship. – Simplify the assessment of hedge ineffectiveness and provide temporary optional expedients for cash flow hedging relationships affected by reference rate reform. – Allow a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and were classified as held to maturity before January 1, 2020. These amendments are effective for all entities from the beginning of an interim period that includes the issuance date of this ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition.
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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Premises and Equipment	The Company’s policy is to depreciate buildings, furniture and equipment on the straight-line basis over the estimated useful lives of the various assets and to amortize leasehold improvements over the shorter of the asset life or lease term as follows: Leasehold improvements Lesser of term of lease or life of improvement Furniture and equipment 2 to 7 years Building 39 years Premises and equipment consist of the following: December 31, (Dollars in thousands) 2021 2020 Leasehold improvements $ 15,008 $ 14,994 Furniture and equipment 10,046 11,537 Building 6,181 6,174 Land 2,429 2,429 Total 33,664 35,134 Less: accumulated depreciation (17,574) (16,908) Premises and equipment, net $ 16,090 $ 18,226
Schedule of Earnings Per Share, Basic and Diluted	(Dollars in thousands, except per share amounts) Years Ended December 31, 2021 2020 Net income $ 87,753 $ 39,912 Weighted average basic common shares outstanding 51,582,890 53,000,150 Add: Dilutive effects of assumed vesting of restricted stock 186,208 146,148 Weighted average diluted common shares outstanding 51,769,098 53,146,298 Income per common share: Basic EPS $ 1.70 $ 0.75 Diluted EPS $ 1.70 $ 0.75 Anti-dilutive shares not included in calculation of diluted earnings per share 8,084 10,242

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities	The following table summarizes the amortized cost and the estimated fair value of available for sale debt securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value At December 31, 2021: Government and Government Sponsored Entities: Residential mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 200,775 $ 1,225 $ (1,867) $ 200,133 Commercial MBS and CMOs 407,111 3,281 (2,646) 407,746 Agency bonds 10,587 244 — 10,831 Other asset backed securities ("ABS") 28,720 37 (150) 28,607 Total available for sale debt securities $ 647,193 $ 4,787 $ (4,663) $ 647,317 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 continuous unrealized loss position: December 31, 2021 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Residential MBS and CMOs $ 118,803 $ (1,864) $ 247 $ (3) $ 119,050 $ (1,867) Commercial MBS and CMOs 157,031 (2,632) 10,608 (14) 167,639 (2,646) Other ABS 15,253 (150) — — 15,253 (150) Total available for sale debt securities $ 291,087 $ (4,646) $ 10,855 $ (17) $ 301,942 $ (4,663) 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 December 31, 2021: Government Sponsored Entities: Residential MBS $ 3,761 $ 189 $ — $ 3,950 Other investments 68 — — 68 Total held to maturity investment securities $ 3,829 $ 189 $ — $ 4,018 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 December 31, 2021: December 31, 2021 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Less than one year $ — $ — One to five years — — Five to ten years 7,587 7,715 Beyond ten years 3,000 3,116 MBS, CMOs and other ABS 636,606 636,486 Total available for sale debt securities $ 647,193 $ 647,317 Held to maturity investments securities Beyond ten years $ 68 $ 68 MBS 3,761 3,950 Total held to maturity debt securities $ 3,829 $ 4,018

LOANS (Tables)

LOANS (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of Loans Receivable	Loans consist of the following: December 31, (Dollars in thousands) 2021 2020 Permanent mortgages on: Multifamily residential $ 4,210,735 $ 4,100,831 Single family residential 1,881,676 1,723,953 Commercial real estate 187,097 202,871 Construction and land loans 17,912 22,161 Total 6,297,420 6,049,816 Allowance for loan losses (35,535) (46,214) Loans held for investment, net $ 6,261,885 $ 6,003,602
Schedule of Allowance for Loan Losses	The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment and by impairment methodology: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land and Construction Total For the Year Ended December 31, 2021: Allowance for loan losses: Beginning balance allocated to portfolio segments $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 (Reversal of) provision for loan losses (7,216) (2,212) (1,253) (119) (10,800) Charge-offs — — — — — Recoveries — 64 — 57 121 Ending balance allocated to portfolio segments $ 26,043 $ 7,224 $ 2,094 $ 174 $ 35,535 Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 26,043 7,199 2,094 174 35,510 Ending balance $ 26,043 $ 7,224 $ 2,094 $ 174 $ 35,535 Loans: Ending balance: individually evaluated for impairment $ 505 $ 5,687 $ — $ — $ 6,192 Ending balance: collectively evaluated for impairment 4,210,230 1,875,989 187,097 17,912 6,291,228 Ending balance $ 4,210,735 $ 1,881,676 $ 187,097 $ 17,912 $ 6,297,420 For the Year Ended December 31, 2020: Allowance for loan losses: Beginning balance allocated to portfolio segments $ 23,372 $ 10,076 $ 2,341 $ 212 $ 36,001 Provision for (reversal of) loan losses 9,887 (67) 1,006 (276) 10,550 Charge-offs — (722) — — (722) Recoveries — 85 — 300 385 Ending balance allocated to portfolio segments $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 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 December 31, 2021 and 2020. The decrease in Watch, Special Mention and Substandard risk rated loans during the year ended December 31, 2021 was primarily attributable to the diminishing impact of the COVID-19 pandemic on the performance of loans. As of December 31, 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 and Construction Total As of December 31, 2021: Grade: Pass $ 4,129,767 $ 1,856,942 $ 180,950 $ 17,523 $ 6,185,182 Watch 66,062 22,946 6,147 389 95,544 Special mention 4,586 — — — 4,586 Substandard 10,320 1,788 — — 12,108 Doubtful — — — — — Total $ 4,210,735 $ 1,881,676 $ 187,097 $ 17,912 $ 6,297,420 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 Doubtful — — — — — 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 December 31, 2021 and 2020: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of December 31, 2021: Loans: Multifamily residential $ — $ — $ — $ 505 $ 4,210,230 $ 4,210,735 Single family residential 271 — — 1,788 1,879,617 1,881,676 Commercial real estate — — — — 187,097 187,097 Land and construction — — — — 17,912 17,912 Total $ 271 $ — $ — $ 2,293 $ 6,294,856 $ 6,297,420 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 and construction — — — — 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: (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Cash Basis Interest As of or for the year ended December 31, 2021: With no related allowance recorded: Multifamily residential $ 505 $ 582 $ — $ 802 $ 30 $ 30 Single family residential 4,847 5,033 — 4,544 164 95 5,352 5,615 — 5,346 194 125 With an allowance recorded: Single family residential 840 836 25 859 25 — 840 836 25 859 25 — Total: Multifamily residential 505 582 — 802 30 30 Single family residential 5,687 5,869 25 5,403 189 95 $ 6,192 $ 6,451 $ 25 $ 6,205 $ 219 $ 125 As of or for the year ended December 31, 2020: With no related allowance recorded: Multifamily residential $ 522 $ 599 $ — $ 532 $ 36 $ 36 Single family residential 6,174 6,500 — 5,215 104 86 6,696 7,099 — 5,747 140 122 With an allowance recorded: Single family residential 877 874 25 1,263 39 — 877 874 25 1,263 39 — Total: Multifamily residential 522 599 — 532 36 36 Single family residential 7,051 7,374 25 6,478 143 86 $ 7,573 $ 7,973 $ 25 $ 7,010 $ 179 $ 122
Schedule of Troubled Debt Restructurings	The following table summarizes the recorded investment related to TDRs at December 31, 2021 and 2020: December 31, (Dollars in thousands) 2021 2020 Troubled debt restructurings: Single family residential $ 1,204 $ 3,967 (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment For the Year Ended December 31, 2020: Troubled debt restructurings: Single family residential 2 $ 2,672 $ 2,672

NONPERFORMING ASSETS (Tables)

NONPERFORMING ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of Nonperforming Assets	The Company’s nonperforming assets at December 31, 2021 and 2020 are indicated below: December 31, (Dollars in thousands) 2021 2020 Non-accrual loans: Multifamily residential $ 505 $ 522 Single family residential 1,788 5,791 Total non-accrual loans 2,293 6,313 Real estate owned — — Total nonperforming assets $ 2,293 $ 6,313

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2021
Transfers and Servicing [Abstract]
Schedule of Mortgage Loans Serviced for Others	The principal balances of these loans are as follows: December 31, (Dollars in thousands) 2021 2020 Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 127,431 $ 216,431 Other financial institutions 58,298 103,325 Total mortgage loans serviced for others $ 185,729 $ 319,756
Schedule of Changes in Servicing Assets	Activities for mortgage servicing rights are as follows: Years Ended December 31, (Dollars in thousands) 2021 2020 Beginning balance $ 1,599 $ 2,657 Additions — — Disposals — — Changes in fair value due to changes in assumptions — — Other changes in fair value (684) (1,058) Ending balance $ 915 $ 1,599

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Premises and Equipment	The Company’s policy is to depreciate buildings, furniture and equipment on the straight-line basis over the estimated useful lives of the various assets and to amortize leasehold improvements over the shorter of the asset life or lease term as follows: Leasehold improvements Lesser of term of lease or life of improvement Furniture and equipment 2 to 7 years Building 39 years Premises and equipment consist of the following: December 31, (Dollars in thousands) 2021 2020 Leasehold improvements $ 15,008 $ 14,994 Furniture and equipment 10,046 11,537 Building 6,181 6,174 Land 2,429 2,429 Total 33,664 35,134 Less: accumulated depreciation (17,574) (16,908) Premises and equipment, net $ 16,090 $ 18,226

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
	Dec. 31, 2021
Banking and Thrift, Other Disclosures [Abstract]
Schedule of Deposits	A summary of deposits at December 31, 2021 and 2020 is as follows: December 31, (Dollars in thousands) 2021 2020 Time deposits $ 2,335,141 $ 3,057,197 Money market savings 2,294,367 1,678,942 Interest-bearing demand 176,126 151,954 Money market checking 580,325 282,897 Noninterest-bearing demand 152,284 93,339 Total $ 5,538,243 $ 5,264,329
Schedule of Certificate Account Maturities	Maturities of the Company’s time deposits at December 31, 2021 are summarized as follows: Year Ending December 31, (Dollars in thousands) 2022 $ 2,155,832 2023 102,920 2024 24,895 2025 6,842 2026 44,652 $ 2,335,141

FEDERAL HOME LOAN BANK AND FE_2

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES (Tables)	12 Months Ended
	Dec. 31, 2021
Federal Home Loan Banks [Abstract]
Schedule of FHLB Advances	The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: As of December 31, 2021 Outstanding Balances Minimum Interest Rate Maximum Interest Rate Weighted Average Rate (Dollars in thousands) December 31, December 31, 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 December 31, 2021: Year Ending December 31, (Dollars in thousands) 2022 $ 100,000 2023 250,000 2024 200,000 2025 101,500 2026 100,000 Thereafter 147 Total $ 751,647

JUNIOR SUBORDINATED DEFERRABL_2

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Trust Securities	The following table is a summary of the outstanding Trust Securities and Notes at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Luther Burbank Statutory Trust I $ 41,238 1.58 % $ 41,238 1.60 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 1.82 % $ 20,619 1.84 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT (Tables)

SENIOR DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes information on these notes as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 338 $ 95,000 $ 461 9/30/2024 6.50 %

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Provision/(Benefit) for Income Taxes	The provision for income taxes for the years ended December 31, 2021 and 2020 consists of the following: Years Ended December 31, (Dollars in thousands) 2021 2020 Federal: Current $ 24,333 $ 13,686 Deferred (980) (2,834) Total federal tax provision 23,353 10,852 State: Current 12,692 7,544 Deferred 202 (1,649) Total state tax provision 12,894 5,895 Total income tax provision $ 36,247 $ 16,747
Schedule of Effective Income Tax Rate Reconciliation	The provision for income taxes for the years ended December 31, 2021 and 2020 differs from the statutory federal rate of 21% due to the following: Years Ended December 31, (Dollars in thousands) 2021 2020 Statutory U.S. federal income tax $ 26,040 $ 11,898 Increase resulting from: State taxes, net of federal benefit 10,180 4,658 Other 27 191 Provision for income taxes $ 36,247 $ 16,747
Schedule of Deferred Tax Assets (Liabilities)	Deferred tax assets (liabilities) included in other assets in the accompanying consolidated statements of financial condition consist of the following: December 31, (Dollars in thousands) 2021 2020 Deferred tax assets: Allowance for loan losses $ 10,568 $ 13,740 Deferred compensation 8,199 7,831 State tax deduction 2,408 1,578 Other 612 643 Total deferred tax assets 21,787 23,792 Deferred tax liabilities: Loan fee income (8,719) (10,802) Unrealized gain on securities (36) (2,757) Federal Home Loan Bank stock dividend income deferred for tax purposes (873) (1,087) Federal depreciation (219) (853) Other (567) (419) Total deferred tax liabilities (10,414) (15,918) Net deferred tax assets $ 11,373 $ 7,874

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	12 Months Ended
	Dec. 31, 2021
Banking and Thrift, Other Disclosures [Abstract]
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations	The Company’s and Bank’s actual capital amounts and ratios are presented as follows: Minimum Required Actual For Capital Adequacy Purposes Plus Capital Conservation Buffer For Well- Capitalized Institution (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Luther Burbank Corporation As of December 31, 2021 Tier 1 Leverage Ratio $ 727,606 10.12 % $ 287,509 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Risk-Based Ratio 665,749 17.09 % 175,296 4.50 % $ 272,683 7.00 % N/A N/A Tier 1 Risk-Based Capital Ratio 727,606 18.68 % 233,728 6.00 % 331,115 8.50 % N/A N/A Total Risk-Based Capital Ratio 764,048 19.61 % 311,638 8.00 % 409,025 10.50 % N/A N/A As of December 31, 2020 Tier 1 Leverage Ratio $ 665,514 9.45 % $ 281,564 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Risk-Based Ratio 603,657 15.75 % 172,420 4.50 % $ 268,209 7.00 % N/A N/A Tier 1 Risk-Based Capital Ratio 665,514 17.37 % 229,893 6.00 % 325,682 8.50 % N/A N/A Total Risk-Based Capital Ratio 712,837 18.60 % 306,524 8.00 % 402,313 10.50 % N/A N/A Luther Burbank Savings As of December 31, 2021 Tier 1 Leverage Ratio $ 799,457 11.13 % $ 287,407 4.00 % N/A N/A $ 359,259 5.00 % Common Equity Tier 1 Risk-Based Ratio 799,457 20.54 % 175,190 4.50 % $ 272,518 7.00 % 253,052 6.50 % Tier 1 Risk-Based Capital Ratio 799,457 20.54 % 233,587 6.00 % 330,915 8.50 % 311,449 8.00 % Total Risk-Based Capital Ratio 835,899 21.47 % 311,449 8.00 % 408,777 10.50 % 389,311 10.00 % As of December 31, 2020 Tier 1 Leverage Ratio $ 729,054 10.36 % $ 281,453 4.00 % N/A N/A $ 351,816 5.00 % Common Equity Tier 1 Risk-Based Ratio 729,054 19.04 % 172,340 4.50 % $ 268,085 7.00 % 248,936 6.50 % Tier 1 Risk-Based Capital Ratio 729,054 19.04 % 229,787 6.00 % 325,532 8.50 % 306,383 8.00 % Total Risk-Based Capital Ratio 776,377 20.27 % 306,383 8.00 % 402,128 10.50 % 382,979 10.00 %

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap on the Consolidated Statements of Income	The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of income for the years ended December 31, 2021 and 2020: Years Ended December 31, (Dollars in thousands) 2021 2020 Derivative - interest rate swaps: Interest (loss) income $ (7,570) $ (10,830) Hedged items - loans: Interest (loss) income (31) 25 Net decrease in interest income $ (7,601) $ (10,805)
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 their classification in the consolidated statements of financial condition as of December 31, 2021 and 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 December 31, 2021: Interest Rate Swaps $ 650,000 Prepaid Expenses and Other Assets $ 3,108 Other Liabilities and Accrued Expenses $ — 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 Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	As of December 31, 2021 and 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 Statement of Financial Condition in Which the Hedged Items are Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Dollars in thousands) As of December 31, 2021: Loans receivable, net (1) $ 646,890 $ (3,110) As of December 31, 2020: Loans receivable, net (1) $ 1,007,288 $ 7,288

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes share information about RSAs and RSUs: Years Ended December 31, 2021 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 605,916 $ 10.93 717,999 $ 10.53 Shares granted 295,058 10.17 261,722 11.62 Shares settled (265,655) 11.02 (341,118) 10.60 Shares forfeited (54,130) 10.30 (32,687) 11.09 End of the period balance 581,189 $ 10.56 605,916 $ 10.93

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	The carrying and estimated fair values of the Company’s financial instruments were as follows: Fair Level Measurements Using (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 As of December 31, 2021: Financial assets: Cash, cash equivalents and restricted cash $ 138,413 $ 138,413 $ 138,413 $ — $ — Debt securities: Available for sale 647,317 647,317 — 647,317 — Held to maturity 3,829 4,018 — 4,018 — Equity securities 11,693 11,693 — 11,693 — Loans receivable, net 6,261,885 6,297,548 — — 6,297,548 Accrued interest receivable 17,761 17,761 1 927 16,833 FHLB stock 23,411 N/A N/A N/A N/A Interest rate swaps 3,108 3,108 — 3,108 — Financial liabilities: Deposits $ 5,538,243 $ 5,541,417 $ 2,918,102 $ 2,623,315 $ — FHLB advances 751,647 755,981 — 755,981 — Junior subordinated deferrable interest debentures 61,857 61,545 — 61,545 — Senior debt 94,662 103,361 — 103,361 — Accrued interest payable 118 118 — 118 — 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 December 31, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 200,133 $ — $ 200,133 $ — Commercial MBS and CMOs 407,746 — 407,746 — Agency bonds 10,831 — 10,831 — Other ABS 28,607 — 28,607 — Total available for sale debt securities $ 647,317 — $ 647,317 — Equity securities $ 11,693 $ — $ 11,693 $ — Mortgage servicing rights 915 — — 915 Interest rate swaps 3,108 — 3,108 — 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 December 31, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Residential MBS and CMOs $ 200,133 $ — $ 200,133 $ — Commercial MBS and CMOs 407,746 — 407,746 — Agency bonds 10,831 — 10,831 — Other ABS 28,607 — 28,607 — Total available for sale debt securities $ 647,317 — $ 647,317 — Equity securities $ 11,693 $ — $ 11,693 $ — Mortgage servicing rights 915 — — 915 Interest rate swaps 3,108 — 3,108 — 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)	12 Months Ended
	Dec. 31, 2021
Transfers and Servicing [Abstract]
Schedule of Cash Flows From Loan Sale Activities	The following table provides cash flows associated with the Company's loan sale activities: Years Ended December 31, (Dollars in thousands) 2021 2020 Proceeds from loan sales $ 1,731 $ 998 Servicing fees 555 930
Schedule of Loans Transferred Through Sale or Securitization	(Dollars in thousands) Single Family Residential Multifamily Residential As of December 31, 2021: Principal balance of loans $ 12,243 $ 173,486 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)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Maturities	At December 31, 2021, minimum commitments under these non-cancellable leases before considering renewal options were: Years ending December 31, (Dollars in thousands) 2022 $ 3,961 2023 2,746 2024 1,727 2025 1,276 2026 1,046 Thereafter 1,148 Total $ 11,904

PARENT COMPANY ONLY FINANCIAL_2

PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Condensed Statements of Financial Condition	Summary parent company only financial information for the years ended December 31, 2021 and 2020 is as follows: CONDENSED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands) December 31, 2021 2020 ASSETS Cash and cash equivalents $ 20,073 $ 29,025 Investment in Bank 802,843 739,088 Investment in Burbank Financial, Inc. 333 306 Investment in Luther Burbank Statutory Trusts 1 & 2 1,857 1,857 Receivable from Bank 241 247 Other assets 348 4 Total assets $ 825,695 $ 770,527 LIABILITIES AND STOCKHOLDERS' EQUITY Junior subordinated deferrable interest debentures $ 61,857 $ 61,857 Other borrowings 94,662 94,539 Interest payable on junior subordinated deferrable interest debentures 49 49 Other liabilities and accrued expenses (6) 391 Stockholders' equity 669,133 613,691 Total liabilities and stockholders' equity $ 825,695 $ 770,527
Condensed Statements of Income	CONDENSED STATEMENTS OF INCOME (Dollars in thousands) Years Ended December 31, 2021 2020 Net interest expense $ (7,313) $ (7,670) Dividend income from Bank 22,700 65,360 Other noninterest income 30 41 Other operating expense (308) (301) Income before income tax benefit and undistributed net income of subsidiaries 15,109 57,430 Income tax benefit 2,213 2,315 Income before undistributed net income of subsidiaries 17,322 59,745 Net equity in undistributed net income of subsidiaries 70,431 (19,833) Net income (1) $ 87,753 $ 39,912 (1) The group files a single tax return and the subsidiaries are treated, for federal, California and Oregon tax purposes, as divisions of a single corporation. The Company’s share of income tax expense is based on the amount which would be payable or receivable if separate returns were filed. Accordingly, the Company’s equity in the net income of its subsidiaries, including the Bank, are excluded from the computation of income taxes for financial statement purposes. For the years ended December 31, 2021 and 2020, the Company provided tax at the rates of 21.0%, 10.84% and 6.6% for federal, California and Oregon taxes, respectively.
Condensed Statements of Cash Flows	CONDENSED STATEMENTS OF CASH FLOWS (Dollars in thousands) Years Ended December 31, 2021 2020 Cash flows from operating activities: Net income $ 87,753 $ 39,912 Adjustments to reconcile net income to net cash provided by operating activities: Net equity in undistributed net income of subsidiaries (70,431) 19,833 Change in receivable from Bank 6 (226) Stock based compensation 2,529 3,535 Net change in other assets and liabilities (618) 314 Net cash provided by operating activities 19,239 63,368 Cash flows from financing activities: Cash paid for dividends (18,446) (12,314) Shares withheld for taxes on vested restricted stock (901) (1,064) Shares repurchased (8,844) (36,135) Net cash used in financing activities (28,191) (49,513) (Decrease) increase in cash and cash equivalents (8,952) 13,855 Cash and cash equivalents, beginning of year 29,025 15,170 Cash and cash equivalents, end of year $ 20,073 $ 29,025

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2021USD ($)branchsubsidiarysegment$ / sharesRateshares	Dec. 31, 2020USD ($)shares	Jan. 01, 2022USD ($)
Class of Stock [Line Items]
Number of unconsolidated subsidiaries | subsidiary	2
Federal home loan bank stock (in shares) | shares	234,108	251,217
Federal home loan bank stock, par value (in dollars per share) | $ / shares	$ 100
Goodwill impairment loss	$ 0
Income tax examination, penalties and interest expense	$ 0	$ 0
Award vesting period	3 years
Deposits due to related parties	$ 26,800,000	15,200,000
Loans receivable, related parties	$ 0	0
Number of reportable segments | segment	1
Allowance for Loan Losses, Qualitative, COVID-19	$ 2,500,000	8,400,000
Financing Receivable, before Allowance for Credit Loss	6,297,420,000	6,049,816,000
Subsequent Event
Class of Stock [Line Items]
Operating Lease, Right-of-Use Asset			$ 16,300,000
Operating Lease, Liability			$ 15,800,000
Commercial real estate
Class of Stock [Line Items]
Financing Receivable, before Allowance for Credit Loss	187,097,000	202,871,000
Commercial real estate | Permanent mortgages
Class of Stock [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 187,097,000	202,871,000
Financing Receivable, before Allowance for Credit Loss, to Total, Percent | Rate	3.00%
Criticized
Class of Stock [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 16,700,000	57,000,000
Building
Class of Stock [Line Items]
Property, plant and equipment, useful life	39 years
Minimum
Class of Stock [Line Items]
Allowance for loan losses, reserve factors, average historical loss experience, term	9 years
Minimum | Furniture and Equipment
Class of Stock [Line Items]
Property, plant and equipment, useful life	2 years
Maximum
Class of Stock [Line Items]
Allowance for loan losses, reserve factors, average historical loss experience, term	10 years
Maximum | Furniture and Equipment
Class of Stock [Line Items]
Property, plant and equipment, useful life	7 years
Sonoma, Marin, Santa Clara, and Los Angeles Counties
Class of Stock [Line Items]
Number of full service branches | branch	10
King County, Washington
Class of Stock [Line Items]
Number of full service branches | branch	1
Interest Rate Swap | Designated as Hedging Instrument | Fair Value Hedging
Class of Stock [Line Items]
Cash collateral	$ 0	$ 8,900,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net income	$ 87,753	$ 39,912
Weighted average basic common shares outstanding (in shares)	51,582,890	53,000,150
Add: Dilutive effects of assumed vesting of restricted stock (in shares)	186,208	146,148
Weighted average diluted common shares outstanding (in shares)	51,769,098	53,146,298
Basic earnings per common share (in dollars per share)	$ 1.70	$ 0.75
Diluted earnings per common share (in dollars per share)	$ 1.70	$ 0.75
Anti-dilutive shares not included in calculation of diluted earnings per share (in shares)	8,084	10,242

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 647,193	$ 584,240
Gross Unrealized Gains	4,787	9,865
Gross Unrealized Losses	(4,663)	(371)
Estimated Fair Value	647,317	593,734
Fair value, less than 12 months	291,087	51,510
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(4,646)	(57)
Fair value, 12 months or more	10,855	50,109
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(17)	(314)
Debt Securities, Available-for-sale, Unrealized Loss Position	301,942	101,619
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(4,663)	(371)
Residential mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	200,775	213,279
Gross Unrealized Gains	1,225	3,459
Gross Unrealized Losses	(1,867)	(14)
Estimated Fair Value	200,133	216,724
Fair value, less than 12 months	118,803	14,193
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,864)	(12)
Fair value, 12 months or more	247	4,248
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(3)	(2)
Debt Securities, Available-for-sale, Unrealized Loss Position	119,050	18,441
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(1,867)	(14)
Commercial MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	407,111	355,963
Gross Unrealized Gains	3,281	6,337
Gross Unrealized Losses	(2,646)	(312)
Estimated Fair Value	407,746	361,988
Fair value, less than 12 months	157,031	33,986
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2,632)	(37)
Fair value, 12 months or more	10,608	37,194
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(14)	(275)
Debt Securities, Available-for-sale, Unrealized Loss Position	167,639	71,180
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(2,646)	(312)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,587	14,998
Gross Unrealized Gains	244	69
Gross Unrealized Losses	0	(45)
Estimated Fair Value	10,831	15,022
Fair value, less than 12 months		3,331
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		(8)
Fair value, 12 months or more		8,667
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		(37)
Debt Securities, Available-for-sale, Unrealized Loss Position		11,998
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss		$ (45)
Other asset backed securities ("ABS")
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	28,720
Gross Unrealized Gains	37
Gross Unrealized Losses	(150)
Estimated Fair Value	28,607
Fair value, less than 12 months	15,253
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(150)
Fair value, 12 months or more	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Debt Securities, Available-for-sale, Unrealized Loss Position	15,253
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (150)

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Realized Gain | $	$ 0
Equity securities, at fair value | $	11,693,000	$ 12,037,000
Cumulative effect of change in accounting principal | $	669,133,000	613,691,000	$ 614,464,000
Change in fair value of equity securities | $	$ 344,000	$ (255,000)
Residential MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	88	86
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	4	6
Debt securities, available-for-sale, unrealized loss position, number of positions	14	11
Commercial MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	54	46
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	2	6
Debt securities, available-for-sale, unrealized loss position, number of positions	20	10
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions		3
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions		1
Debt securities, available-for-sale, unrealized loss position, number of positions		2
Other asset backed securities ("ABS")
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	3
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	0
Debt securities, available-for-sale, unrealized loss position, number of positions	2
CRA Qualified Investment Fund
Debt Securities, Available-for-sale [Line Items]
Equity securities, at fair value | $	$ 11,700,000	$ 12,000,000
Change in fair value of equity securities | $	344,000	(255,000)
Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities
Debt Securities, Available-for-sale [Line Items]
Unrealized gain (loss) on available-for-sale investment securities tax liability | $	(36,000)	(2,800,000)
Cumulative effect of change in accounting principal | $	88,000	6,737,000	1,444,000
Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Cumulative effect of change in accounting principal | $	$ 262,141,000	$ 192,834,000	$ 165,236,000

INVESTMENT SECURITIES - Unreali

INVESTMENT SECURITIES - Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair value, less than 12 months	$ 291,087	$ 51,510
Fair value, 12 months or more	10,855	50,109
Fair value, total	301,942	101,619
Unrealized Losses
Less than 12 Months	(4,646)	(57)
12 Months or More	(17)	(314)
Total	(4,663)	(371)
Residential MBS and CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair value, less than 12 months	118,803	14,193
Fair value, 12 months or more	247	4,248
Fair value, total	119,050	18,441
Unrealized Losses
Less than 12 Months	(1,864)	(12)
12 Months or More	(3)	(2)
Total	(1,867)	(14)
Commercial MBS and CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair value, less than 12 months	157,031	33,986
Fair value, 12 months or more	10,608	37,194
Fair value, total	167,639	71,180
Unrealized Losses
Less than 12 Months	(2,632)	(37)
12 Months or More	(14)	(275)
Total	$ (2,646)	(312)
Agency bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair value, less than 12 months		3,331
Fair value, 12 months or more		8,667
Fair value, total		11,998
Unrealized Losses
Less than 12 Months		(8)
12 Months or More		(37)
Total		$ (45)

INVESTMENT SECURITIES - Held-to

INVESTMENT SECURITIES - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 3,829	$ 7,467
Gross Unrecognized Gains	189	403
Gross Unrecognized Losses	0	0
Estimated Fair Value	4,018	7,870
Residential MBS
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	3,761	7,391
Gross Unrecognized Gains	189	403
Gross Unrecognized Losses	0	0
Estimated Fair Value	3,950	7,794
Other investments
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	68	76
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	0	0
Estimated Fair Value	$ 68	$ 76

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Less than one year	$ 0
One to five years	0
Five to ten years	7,587
Beyond ten years	3,000
Amortized Cost	647,193	$ 584,240
Fair Value
Less than one year	0
One to five years	0
Five to ten years	7,715
Beyond ten years	3,116
Fair Value	647,317	593,734
Amortized Cost
Beyond ten years	68
Amortized Cost	3,829	7,467
Fair Value
Beyond ten years	68
Total held to maturity debt securities	4,018	$ 7,870
MBS, CMOs and other ABS
Amortized Cost
MBS, CMOs and other ABS	636,606
Fair Value
MBS, CMOs and other ABS	636,486
MBS
Amortized Cost
MBS	3,761
Fair Value
MBS	$ 3,950

LOANS - Loans Receivable (Detai

LOANS - Loans Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 6,297,420	$ 6,049,816
Allowance for loan losses	(35,535)	(46,214)	$ (36,001)
Loans held for investment, net	6,261,885	6,003,602
Multifamily residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	4,210,735	4,100,831
Allowance for loan losses	(26,043)	(33,259)	(23,372)
Multifamily residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	4,210,735	4,100,831
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,881,676	1,723,953
Allowance for loan losses	(7,224)	(9,372)	(10,076)
Financing Receivable, Purchase	$ 287,800
Financing Receivable, Purchased, Weighted Average Interest Rate	2.31%
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]
Financing Receivable, before Allowance for Credit Loss	$ 1,881,676	1,723,953
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	187,097	202,871
Allowance for loan losses	(2,094)	(3,347)	$ (2,341)
Commercial real estate | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	187,097	202,871
Construction and land loans | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 17,912	$ 22,161

LOANS - Allowance for Loan Loss

LOANS - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for loan losses:
Beginning balance allocated to portfolio segments	$ 46,214	$ 36,001
Financing Receivable, Credit Loss, Expense (Reversal)	(10,800)	10,550
Charge-offs	0	(722)
Recoveries	121	385
Ending balance allocated to portfolio segments	35,535	46,214
Ending allowance balance allocated to:
Loans individually evaluated for impairment	25	25
Loans collectively evaluated for impairment	35,510	46,189
Ending balance	35,535	46,214
Loans:
Ending balance: individually evaluated for impairment	6,192	7,573
Ending balance: collectively evaluated for impairment	6,291,228	6,042,243
Ending balance	6,297,420	6,049,816
Multifamily Residential
Allowance for loan losses:
Beginning balance allocated to portfolio segments	33,259	23,372
Financing Receivable, Credit Loss, Expense (Reversal)	(7,216)	9,887
Charge-offs	0	0
Recoveries	0	0
Ending balance allocated to portfolio segments	26,043	33,259
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0	0
Loans collectively evaluated for impairment	26,043	33,259
Ending balance	26,043	33,259
Loans:
Ending balance: individually evaluated for impairment	505	522
Ending balance: collectively evaluated for impairment	4,210,230	4,100,309
Ending balance	4,210,735	4,100,831
Single Family Residential
Allowance for loan losses:
Beginning balance allocated to portfolio segments	9,372	10,076
Financing Receivable, Credit Loss, Expense (Reversal)	(2,212)	(67)
Charge-offs	0	(722)
Recoveries	64	85
Ending balance allocated to portfolio segments	7,224	9,372
Ending allowance balance allocated to:
Loans individually evaluated for impairment	25	25
Loans collectively evaluated for impairment	7,199	9,347
Ending balance	7,224	9,372
Loans:
Ending balance: individually evaluated for impairment	5,687	7,051
Ending balance: collectively evaluated for impairment	1,875,989	1,716,902
Ending balance	1,881,676	1,723,953
Commercial Real Estate
Allowance for loan losses:
Beginning balance allocated to portfolio segments	3,347	2,341
Financing Receivable, Credit Loss, Expense (Reversal)	(1,253)	1,006
Charge-offs	0	0
Recoveries	0	0
Ending balance allocated to portfolio segments	2,094	3,347
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0	0
Loans collectively evaluated for impairment	2,094	3,347
Ending balance	2,094	3,347
Loans:
Ending balance: individually evaluated for impairment	0	0
Ending balance: collectively evaluated for impairment	187,097	202,871
Ending balance	187,097	202,871
Land and Construction
Allowance for loan losses:
Beginning balance allocated to portfolio segments	236	212
Financing Receivable, Credit Loss, Expense (Reversal)	(119)	(276)
Charge-offs	0	0
Recoveries	57	300
Ending balance allocated to portfolio segments	174	236
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0	0
Loans collectively evaluated for impairment	174	236
Ending balance	174	236
Loans:
Ending balance: individually evaluated for impairment	0	0
Ending balance: collectively evaluated for impairment	17,912	22,161
Ending balance	$ 17,912	$ 22,161

LOANS - Portfolio Allocated by

LOANS - Portfolio Allocated by Internal Risk Ratings (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 6,297,420	$ 6,049,816
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	6,185,182	5,692,704
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	95,544	300,083
Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,586	30,278
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	12,108	26,751
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Multifamily residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,210,735	4,100,831
Multifamily residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,129,767	3,883,597
Multifamily residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	66,062	177,483
Multifamily residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,586	19,547
Multifamily residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	10,320	20,204
Multifamily residential | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Single family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,881,676	1,723,953
Single family residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,856,942	1,624,331
Single family residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	22,946	85,943
Single family residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	7,132
Single family residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,788	6,547
Single family residential | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total	187,097	202,871
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	180,950	162,615
Commercial real estate | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	6,147	36,657
Commercial real estate | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	3,599
Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Commercial real estate | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Land and construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total	17,912	22,161
Land and construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	17,523	22,161
Land and construction | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	389	0
Land and construction | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Land and construction | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Land and construction | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 0	$ 0

LOANS - Aging Analysis (Details

LOANS - Aging Analysis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Non-accrual	$ 2,293	$ 6,313
Financing Receivable, before Allowance for Credit Loss	6,297,420	6,049,816
30 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	271	4,841
60 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
90 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Financial Asset, Not Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	6,294,856	6,038,662
Multifamily residential
Financing Receivable, Past Due [Line Items]
Non-accrual	505	522
Financing Receivable, before Allowance for Credit Loss	4,210,735	4,100,831
Multifamily residential | 30 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	1,820
Multifamily residential | 60 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Multifamily residential | 90 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Multifamily residential | Financial Asset, Not Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	4,210,230	4,098,489
Single family residential
Financing Receivable, Past Due [Line Items]
Non-accrual	1,788	5,791
Financing Receivable, before Allowance for Credit Loss	1,881,676	1,723,953
Single family residential | 30 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	271	338
Single family residential | 60 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Single family residential | 90 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Single family residential | Financial Asset, Not Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,879,617	1,717,824
Commercial real estate
Financing Receivable, Past Due [Line Items]
Non-accrual	0	0
Financing Receivable, before Allowance for Credit Loss	187,097	202,871
Commercial real estate | 30 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	2,683
Commercial real estate | 60 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Commercial real estate | 90 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Commercial real estate | Financial Asset, Not Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	187,097	200,188
Land and construction
Financing Receivable, Past Due [Line Items]
Non-accrual	0	0
Financing Receivable, before Allowance for Credit Loss	17,912	22,161
Land and construction | 30 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Land and construction | 60 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Land and construction | 90 Days
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Land and construction | Financial Asset, Not Past Due
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 17,912	$ 22,161

LOANS - Impaired Loans (Details

LOANS - Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Recorded Investment
With no related allowance recorded	$ 5,352	$ 6,696
With an allowance recorded	840	877
Total	6,192	7,573
Unpaid Principal Balance
With no related allowance recorded	5,615	7,099
With an allowance recorded	836	874
Total	6,451	7,973
Related Allowance	25	25
Average Recorded Investment
With no related allowance recorded	5,346	5,747
With an allowance recorded	859	1,263
Total	6,205	7,010
Interest Income
With no related allowance recorded	194	140
With an allowance recorded	25	39
Total	219	179
Cash Basis Interest
With no related allowance recorded	125	122
With an allowance recorded	0	0
Total	125	122
Multifamily residential
Recorded Investment
With no related allowance recorded	505	522
Total	505	522
Unpaid Principal Balance
With no related allowance recorded	582	599
Total	582	599
Related Allowance	0	0
Average Recorded Investment
With no related allowance recorded	802	532
Total	802	532
Interest Income
With no related allowance recorded	30	36
Total	30	36
Cash Basis Interest
With no related allowance recorded	30	36
Total	30	36
Single family residential
Recorded Investment
With no related allowance recorded	4,847	6,174
With an allowance recorded	840	877
Total	5,687	7,051
Unpaid Principal Balance
With no related allowance recorded	5,033	6,500
With an allowance recorded	836	874
Total	5,869	7,374
Related Allowance	25	25
Average Recorded Investment
With no related allowance recorded	4,544	5,215
With an allowance recorded	859	1,263
Total	5,403	6,478
Interest Income
With no related allowance recorded	164	104
With an allowance recorded	25	39
Total	189	143
Cash Basis Interest
With no related allowance recorded	95	86
With an allowance recorded	0	0
Total	$ 95	$ 86

LOANS - Troubled Debt Restructu

LOANS - Troubled Debt Restructurings (Details)	12 Months Ended
	Dec. 31, 2021USD ($)loansecurity	Dec. 31, 2020USD ($)loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts	2	2
Pre-Modification Outstanding Recorded Investment	$ 2,672,000
Post-Modification Outstanding Recorded Investment	2,672,000
Financing Receivable, Modifications, Suspension Of Loan Payments, Term		6 months
Allowance for credit loss, increase from troubled debt restructuring	0	$ 0
Impaired, troubled debt restructuring, write-down	$ 0	0
Subsequent default, number of loans | loan	0
Single family residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total recorded investment in troubled debt restructurings	$ 1,204,000	3,967,000
Related allowance	$ 25,000	$ 25,000

NONPERFORMING ASSETS (Details)

NONPERFORMING ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 2,293	$ 6,313
Real estate owned	0	0
Total nonperforming assets	2,293	6,313
Interest Income recognized on non-accrual loans	125	122
Contractual interest not accrued during the year	15	169
Multifamily residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	505	522
Single family residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	1,788	5,791
Commercial real estate
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 0	$ 0

MORTGAGE SERVICING RIGHTS - Mor

MORTGAGE SERVICING RIGHTS - Mortgage Loans Serviced for Others (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 185,729	$ 319,756
Federal Home Loan Mortgage Corporation ("Freddie Mac")
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	127,431	216,431
Other financial institutions
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 58,298	$ 103,325

MORTGAGE SERVICING RIGHTS - Nar

MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Custodial account balances maintained in connection with serviced loans	$ 5	$ 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	7.60%	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	48.80%	55.80%
Weighted Average
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Prepayment speed rate used to calculate fair value of MSRs	29.20%	28.90%

MORTGAGE SERVICING RIGHTS - M_2

MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 1,599	$ 2,657
Additions	0	0
Disposals	0	0
Changes in fair value due to changes in assumptions	0	0
Other changes in fair value	(684)	(1,058)
Ending balance	$ 915	$ 1,599

PREMISES AND EQUIPMENT (Details

PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 33,664	$ 35,134
Less: accumulated depreciation	(17,574)	(16,908)
Premises and equipment, net	16,090	18,226
Depreciation and amortization expense	2,600	2,700
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	15,008	14,994
Furniture and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	10,046	11,537
Building
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	6,181	6,174
Land
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 2,429	$ 2,429

DEPOSITS - Deposits (Details)

DEPOSITS - Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deposits [Abstract]
Time deposits	$ 2,335,141	$ 3,057,197
Money market savings	2,294,367	1,678,942
Interest-bearing demand	176,126	151,954
Money market checking	580,325	282,897
Noninterest-bearing demand	152,284	93,339
Deposits	$ 5,538,243	$ 5,264,329

DEPOSITS - Narrative (Details)

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Banking and Thrift, Other Disclosures [Abstract]
Certificates of deposit that meet or exceed FDIC insurance limit	$ 1,100	$ 1,400
Brokered deposits	$ 25.8	$ 50

DEPOSITS - Maturities (Details)

DEPOSITS - Maturities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Maturities of Time Deposits, Twelve months ending December 31,
2022	$ 2,155,832
2023	102,920
2024	24,895
2025	6,842
2026	44,652
Time Deposits	$ 2,335,141

FEDERAL HOME LOAN BANK AND FE_3

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Federal Home Loan Bank, Advances, Maximum Percentage Of Assets	40.00%
Borrowing capacity based on pledged loans to the FRB and FHLB	$ 1,200,000,000	$ 1,100,000,000
Maximum short-term debt outstanding during period	352,900,000	77,800,000
Average short-term debt outstanding during period	$ 110,800,000	$ 6,700,000
Weighted average interest rate	0.14%	1.43%
FHLB advances	$ 751,647,000	$ 806,747,000
Loans Available To Be Pledged As Collateral	2,500,000,000	1,800,000,000
FHLB of San Francisco
Short-term Debt [Line Items]
FHLB advances	751,647,000
FHLB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	2,400,000,000
Letters of credit pledged as collateral	62,600,000
FRB Advances
Short-term Debt [Line Items]
Mortgage loans pledged as collateral	583,000,000	467,800,000
Short-term Debt	$ 0	$ 0

FEDERAL HOME LOAN BANK AND FE_4

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - FHLB Advances (Details) - USD ($) $ in Thousands	Dec. 31, 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	Dec. 31, 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]
2022	100,000
2023	250,000
2024	200,000
2025	101,500
2026	100,000
Thereafter	147
Outstanding advances from FHLB	$ 751,647

JUNIOR SUBORDINATED DEFERRABL_3

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)trust	Dec. 31, 2020trust
Schedule of Investments [Line Items]
Number of wholly-owned trust companies | trust	2	2
Trusts
Schedule of Investments [Line Items]
Investment in common securities | $	$ 1.9
Trust Preferred Securities Subject to Mandatory Redemption | Trusts
Schedule of Investments [Line Items]
Interest deferment period (not exceeding)	5 years

JUNIOR SUBORDINATED DEFERRABL_4

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Schedule of Trusts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	1.58%	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	1.82%	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 ($)	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2014
Senior Unsecured Term Notes, September 2014 | Senior Unsecured Term Notes
Debt Instrument [Line Items]
Principal	$ 95,000,000	$ 95,000,000	$ 95,000,000

SENIOR DEBT - Schedule of Debt

SENIOR DEBT - Schedule of Debt (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2014
Debt Instrument [Line Items]
Fixed Interest Rate	6.50%
Senior Unsecured Term Notes, September 2014 | Senior Unsecured Term Notes
Debt Instrument [Line Items]
Principal	$ 95,000,000	$ 95,000,000	$ 95,000,000
Unamortized Debt Issuance Costs	$ 338,000	$ 461,000
Fixed Interest Rate	6.50%

INCOME TAXES - Provision_(Benef

INCOME TAXES - Provision/(Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal:
Current	$ 24,333	$ 13,686
Deferred	(980)	(2,834)
Total federal tax provision	23,353	10,852
State:
Current	12,692	7,544
Deferred	202	(1,649)
Total state tax provision	12,894	5,895
Provision (benefit) for income taxes	$ 36,247	$ 16,747

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax	$ 26,040	$ 11,898
State taxes, net of federal benefit	10,180	4,658
Other	27	191
Provision (benefit) for income taxes	$ 36,247	$ 16,747

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for loan losses	$ 10,568	$ 13,740
Deferred compensation	8,199	7,831
State tax deduction	2,408	1,578
Other	612	643
Total deferred tax assets	21,787	23,792
Deferred tax liabilities:
Loan fee income	(8,719)	(10,802)
Unrealized gain on securities	(36)	(2,757)
Federal Home Loan Bank stock dividend income deferred for tax purposes	(873)	(1,087)
Federal depreciation	(219)	(853)
Other	(567)	(419)
Total deferred tax liabilities	(10,414)	(15,918)
Net deferred tax assets	$ 11,373	$ 7,874

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Untaxed reserves for bad debt expense	3,100,000	$ 3,100,000
Retained Earnings
Income Tax Contingency [Line Items]
Untaxed reserves for bad debt expense	$ 930,000

REGULATORY MATTERS - Narrative

REGULATORY MATTERS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cash paid for dividends	$ 18,446	$ 12,314
Luther Burbank Corporation
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common Equity Tier 1 Risk-Based Ratio	7.00%	7.00%
Tier 1 Risk-Based Capital Ratio	8.50%	8.50%
Total Risk-Based Capital Ratio	10.50%	10.50%
Cash paid for dividends	$ 18,446	$ 12,314
Luther Burbank Savings
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common Equity Tier 1 Risk-Based Ratio	7.00%	7.00%
Tier 1 Risk-Based Capital Ratio	8.50%	8.50%
Total Risk-Based Capital Ratio	10.50%	10.50%

REGULATORY MATTERS - Capital Am

REGULATORY MATTERS - Capital Amounts and Ratios (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Luther Burbank Corporation
Actual
Tier 1 leverage ratio, amount	$ 727,606	$ 665,514
Tier 1 Leverage Ratio	0.1012	0.0945
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 665,749	$ 603,657
Common Equity Tier 1 Risk-Based Ratio	0.1709	0.1575
Tier 1 Risk-Based Capital Ratio, Amount	$ 727,606	$ 665,514
Tier 1 Risk-Based Capital Ratio	0.1868	0.1737
Total Risk-Based Capital Ratio, Amount	$ 764,048	$ 712,837
Total Risk-Based Capital Ratio	0.1961	0.1860
Minimum Required For Capital Adequacy Purposes
Tier 1 Leverage Ratio, Amount	$ 287,509	$ 281,564
Tier 1 Leverage Ratio	0.0400	0.0400
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 175,296	$ 172,420
Common Equity Tier 1 Risk-Based Ratio	4.50%	4.50%
Tier 1 Risk-Based Capital Ratio, Amount	$ 233,728	$ 229,893
Tier 1 Risk-Based Capital Ratio	0.0600	0.0600
Total Risk-Based Capital Ratio, Amount	$ 311,638	$ 306,524
Total Risk-Based Capital Ratio	0.0800	0.0800
Minimum Required Plus Capital Conservation Buffer
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 272,683	$ 268,209
Common Equity Tier 1 Risk-Based Ratio	7.00%	7.00%
Tier 1 Risk-Based Capital Ratio, Amount	$ 331,115	$ 325,682
Tier 1 Risk-Based Capital Ratio	8.50%	8.50%
Total Risk-Based Capital Ratio, Amount	$ 409,025	$ 402,313
Total Risk-Based Capital Ratio	10.50%	10.50%
Luther Burbank Savings
Actual
Tier 1 leverage ratio, amount	$ 799,457	$ 729,054
Tier 1 Leverage Ratio	0.1113	0.1036
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 799,457	$ 729,054
Common Equity Tier 1 Risk-Based Ratio	0.2054	0.1904
Tier 1 Risk-Based Capital Ratio, Amount	$ 799,457	$ 729,054
Tier 1 Risk-Based Capital Ratio	0.2054	0.1904
Total Risk-Based Capital Ratio, Amount	$ 835,899	$ 776,377
Total Risk-Based Capital Ratio	0.2147	0.2027
Minimum Required For Capital Adequacy Purposes
Tier 1 Leverage Ratio, Amount	$ 287,407	$ 281,453
Tier 1 Leverage Ratio	0.0400	0.0400
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 175,190	$ 172,340
Common Equity Tier 1 Risk-Based Ratio	4.50%	4.50%
Tier 1 Risk-Based Capital Ratio, Amount	$ 233,587	$ 229,787
Tier 1 Risk-Based Capital Ratio	0.0600	0.0600
Total Risk-Based Capital Ratio, Amount	$ 311,449	$ 306,383
Total Risk-Based Capital Ratio	0.0800	0.0800
Minimum Required Plus Capital Conservation Buffer
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 272,518	$ 268,085
Common Equity Tier 1 Risk-Based Ratio	7.00%	7.00%
Tier 1 Risk-Based Capital Ratio, Amount	$ 330,915	$ 325,532
Tier 1 Risk-Based Capital Ratio	8.50%	8.50%
Total Risk-Based Capital Ratio, Amount	$ 408,777	$ 402,128
Total Risk-Based Capital Ratio	10.50%	10.50%
Minimum Required For Well- Capitalized Institution
Tier 1 Leverage Ratio, Amount	$ 359,259	$ 351,816
Tier 1 Leverage Ratio	0.0500	0.0500
Common Equity Tier 1 Risk-Based Ratio, Amount	$ 253,052	$ 248,936
Common Equity Tier 1 Risk-Based Ratio	6.50%	6.50%
Tier 1 Risk-Based Capital Ratio, Amount	$ 311,449	$ 306,383
Tier 1 Risk-Based Capital Ratio	0.0800	0.0800
Total Risk-Based Capital Ratio, Amount	$ 389,311	$ 382,979
Total Risk-Based Capital Ratio	0.1000	0.1000

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)instrument	Dec. 31, 2020USD ($)
Derivative [Line Items]
Cumulative amount of last of layer fair value hedging basis adjustments	$ (3,100,000)	$ 7,300,000
Carrying amount of the last of layer hedged assets	646,900,000	1,000,000,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Closed portfolio loans used in hedging relationship	1,000,000,000	2,000,000,000
Cumulative amount of last of layer fair value hedging basis adjustments	$ (3,110,000)	7,288,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Number of instruments held | instrument	2
Term of contract	2 years
Notional amounts	$ 650,000,000	1,000,000,000
Net effect on interest income	(7,601,000)	(10,805,000)
Carrying amount of the last of layer hedged assets	646,890,000	1,007,288,000
Cash collateral	$ 0	$ 8,900,000
Derivative, Number of Instruments Matured During the Period | instrument	2
Derivative Instruments, Notional Amount Matured During the Period	$ 1,000,000,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap One
Derivative [Line Items]
Derivative Instruments, Notional Amount Matured During the Period	500,000,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap Two [Member]
Derivative [Line Items]
Derivative Instruments, Notional Amount Matured During the Period	$ 500,000,000

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Statement of Income (Details) - Interest Rate Swap - Designated as Hedging Instrument - Fair Value Hedging - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net decrease in interest income	$ (7,601)	$ (10,805)
Interest Income on Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives - interest rate swap	(7,570)	(10,830)
Hedged items - loans	$ (31)	$ 25

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Balance Sheet (Details) - Fair Value Hedging - Interest Rate Swap - Designated as Hedging Instrument - USD ($)	Dec. 31, 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]
Fair Value	3,108,000	0
Other Liabilities and Accrued Expenses
Derivatives, Fair Value [Line Items]
Fair Value	$ 0	$ 7,258,000

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITIES DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Amounts Recorded on the Balance sheet Related to Cumulative Adjustments on Fair Value Hedges (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 646,900	$ 1,000,000
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	(3,100)	7,300
Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	(3,110)	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	$ 646,890	$ 1,007,288

EMPLOYEE BENEFIT PLANS - Salary

EMPLOYEE BENEFIT PLANS - Salary Continuation Arrangements (Details) - Executives and Directors - Salary Continuation Arrangements - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Accrued obligation	$ 17,300	$ 16,200
Recognized compensation expense	2,300	2,900
Cash surrender value of bank owned life insurance	18,200	18,100
Bank owned life insurance income	$ 16	$ 123

EMPLOYEE BENEFIT PLANS - 401(k)

EMPLOYEE BENEFIT PLANS - 401(k) Plan (Details) - 401(k) Savings Plan - Qualified Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Minimum employee age	18 years
Requisite service period (at least)	6 months
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employee salary contribution (up to)	3.00%
Employer matching contribution, salary contribution deferrals, percent of match	50.00%
Employer contributions	$ 1.1	$ 1
Minimum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employee salary contribution deferrals	3.00%
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employee salary contribution deferrals	5.00%

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Common stock reserved for new awards (in shares)	3,360,000
Common stock available for grant (in shares)	1,861,344	2,102,272
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2.5	$ 3.5
Vested in period, fair value	2.4	3.7
Unrecognized compensation expense	$ 2.6	$ 2.7
Restricted stock awards or units granted (in shares)	489,703	464,919
Period of recognition for unrecognized compensation expense	1 year 8 months 8 days	1 year 9 months 3 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested (in shares)	91,486	140,997
Shares forfeited (in shares)		1,468
Non-employee directors | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Minimum | Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum | Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years

STOCK BASED COMPENSATION - Awar

STOCK BASED COMPENSATION - Awards Activity (Details) - RSUs and RSAs - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Beginning of the period balance (in shares)	605,916	717,999
Shares granted (in shares)	295,058	261,722
Shares settled (in shares)	(265,655)	(341,118)
Shares forfeited (in shares)	(54,130)	(32,687)
End of the period balance (in shares)	581,189	605,916
Weighted Average Grant Date Fair Value
Beginning of the period balance (in dollar per share)	$ 10.93	$ 10.53
Shares granted (in dollar per share)	10.17	11.62
Shares settled (in dollar per share)	11.02	10.60
Shares forfeited (in dollar per share)	10.30	11.09
End of the period balance (in dollar per share)	$ 10.56	$ 10.93

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt securities:
Available for sale	$ 647,317	$ 593,734
Held to maturity	4,018	7,870
Equity securities, at fair value	11,693	12,037
Carrying Amount
Financial assets:
Cash, cash equivalents and restricted cash	138,413	178,861
Debt securities:
Available for sale	647,317	593,734
Held to maturity	3,829	7,467
Equity securities, at fair value	11,693	12,037
Loans receivable, net	6,261,885	6,003,602
Accrued interest receivable	17,761	18,795
FHLB stock	23,411	25,122
Interest rate swaps	3,108
Financial liabilities:
Deposits	5,538,243	5,264,329
FHLB advances	751,647	806,747
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt	94,662	94,539
Accrued interest payable	118	1,388
Interest rate swaps		7,258
Fair Value
Financial assets:
Cash, cash equivalents and restricted cash	138,413	178,861
Debt securities:
Available for sale	647,317	593,734
Held to maturity	4,018	7,870
Equity securities, at fair value	11,693	12,037
Loans receivable, net	6,297,548	6,076,994
Accrued interest receivable	17,761	18,795
Interest rate swaps	3,108
Financial liabilities:
Deposits	5,541,417	5,290,316
FHLB advances	755,981	833,930
Junior subordinated deferrable interest debentures	61,545	60,526
Senior debt	103,361	102,096
Accrued interest payable	118	1,388
Interest rate swaps		7,258
Fair Value | Level 1
Financial assets:
Cash, cash equivalents and restricted cash	138,413	178,861
Debt securities:
Available for sale	0	0
Held to maturity	0	0
Equity securities, at fair value	0	0
Loans receivable, net	0	0
Accrued interest receivable	1	0
Interest rate swaps	0
Financial liabilities:
Deposits	2,918,102	2,022,133
FHLB advances	0	0
Junior subordinated deferrable interest debentures	0	0
Senior debt	0	0
Accrued interest payable	0	0
Interest rate swaps		0
Fair Value | Level 2
Financial assets:
Cash, cash equivalents and restricted cash	0	0
Debt securities:
Available for sale	647,317	593,734
Held to maturity	4,018	7,870
Equity securities, at fair value	11,693	12,037
Loans receivable, net	0	0
Accrued interest receivable	927	990
Interest rate swaps	3,108
Financial liabilities:
Deposits	2,623,315	3,268,183
FHLB advances	755,981	833,930
Junior subordinated deferrable interest debentures	61,545	60,526
Senior debt	103,361	102,096
Accrued interest payable	118	1,388
Interest rate swaps		7,258
Fair Value | Level 3
Financial assets:
Cash, cash equivalents and restricted cash	0	0
Debt securities:
Available for sale	0	0
Held to maturity	0	0
Equity securities, at fair value	0	0
Loans receivable, net	6,297,548	6,076,994
Accrued interest receivable	16,833	17,805
Interest rate swaps	0
Financial liabilities:
Deposits	0	0
FHLB advances	0	0
Junior subordinated deferrable interest debentures	0	0
Senior debt	0	0
Accrued interest payable	$ 0	0
Interest rate swaps		$ 0

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets:
Available for sale debt securities, at fair value	$ 647,317	$ 593,734
Equity securities	11,693	12,037
Mortgage servicing rights	915	1,599	$ 2,657
Financial liabilities:
Impaired loans	840	877
Single family residential
Financial liabilities:
Impaired loans	840	877
Single family residential | Permanent mortgages
Financial liabilities:
Impaired loans	0
Residential MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	200,133	216,724
Commercial MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	407,746	361,988
Agency bonds
Financial assets:
Available for sale debt securities, at fair value	10,831	15,022
Other asset backed securities ("ABS")
Financial assets:
Available for sale debt securities, at fair value	28,607
Fair Value
Financial assets:
Available for sale debt securities, at fair value	647,317	593,734
Equity securities	11,693	12,037
Interest rate swaps	3,108
Financial liabilities:
Interest rate swaps		7,258
Fair Value | Recurring Basis
Financial assets:
Available for sale debt securities, at fair value	647,317	593,734
Equity securities	11,693	12,037
Mortgage servicing rights	915	1,599
Interest rate swaps	3,108
Financial liabilities:
Interest rate swaps		7,258
Fair Value | Recurring Basis | Residential MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	200,133	216,724
Fair Value | Recurring Basis | Commercial MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	407,746	361,988
Fair Value | Recurring Basis | Agency bonds
Financial assets:
Available for sale debt securities, at fair value	10,831	15,022
Fair Value | Recurring Basis | Other asset backed securities ("ABS")
Financial assets:
Available for sale debt securities, at fair value	28,607
Level 1 | Fair Value
Financial assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Interest rate swaps	0
Financial liabilities:
Interest rate swaps		0
Level 1 | Fair Value | Recurring Basis
Financial assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Mortgage servicing rights	0	0
Interest rate swaps	0
Financial liabilities:
Interest rate swaps		0
Level 1 | Fair Value | Recurring Basis | Residential MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	0	0
Level 1 | Fair Value | Recurring Basis | Commercial MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	0	0
Level 1 | Fair Value | Recurring Basis | Agency bonds
Financial assets:
Available for sale debt securities, at fair value	0	0
Level 1 | Fair Value | Recurring Basis | Other asset backed securities ("ABS")
Financial assets:
Available for sale debt securities, at fair value	0
Level 2 | Fair Value
Financial assets:
Available for sale debt securities, at fair value	647,317	593,734
Equity securities	11,693	12,037
Interest rate swaps	3,108
Financial liabilities:
Interest rate swaps		7,258
Level 2 | Fair Value | Recurring Basis
Financial assets:
Available for sale debt securities, at fair value	647,317	593,734
Equity securities	11,693	12,037
Mortgage servicing rights	0	0
Interest rate swaps	3,108
Financial liabilities:
Interest rate swaps		7,258
Level 2 | Fair Value | Recurring Basis | Residential MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	200,133	216,724
Level 2 | Fair Value | Recurring Basis | Commercial MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	407,746	361,988
Level 2 | Fair Value | Recurring Basis | Agency bonds
Financial assets:
Available for sale debt securities, at fair value	10,831	15,022
Level 2 | Fair Value | Recurring Basis | Other asset backed securities ("ABS")
Financial assets:
Available for sale debt securities, at fair value	28,607
Level 3 | Fair Value
Financial assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Interest rate swaps	0
Financial liabilities:
Interest rate swaps		0
Level 3 | Fair Value | Recurring Basis
Financial assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Mortgage servicing rights	915	1,599
Interest rate swaps	0
Financial liabilities:
Interest rate swaps		0
Level 3 | Fair Value | Recurring Basis | Residential MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	0	0
Level 3 | Fair Value | Recurring Basis | Commercial MBS and CMOs
Financial assets:
Available for sale debt securities, at fair value	0	0
Level 3 | Fair Value | Recurring Basis | Agency bonds
Financial assets:
Available for sale debt securities, at fair value	0	$ 0
Level 3 | Fair Value | Recurring Basis | Other asset backed securities ("ABS")
Financial assets:
Available for sale debt securities, at fair value	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	$ 840	$ 877
Related allowance	25	25
Single family residential
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	840	877
Related allowance	25	$ 25
Single family residential | Permanent mortgages
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	$ 0

VARIABLE INTEREST ENTITIES (V_2

VARIABLE INTEREST ENTITIES (VIE) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Liabilities	$ 6,510,824	$ 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	$ 727	$ 959
Multifamily Loan Securitization
Variable Interest Entity [Line Items]
Maximum loss exposure as a percentage of original principal amount	10.00%

LOAN SALE AND SECURITIZATION _3

LOAN SALE AND SECURITIZATION ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 27, 2017
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Minimum net worth	$ 2,000
Actual net worth	802,800
Goodwill	3,297	$ 3,297
Accumulated other comprehensive income, net of taxes	$ 88	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Transfers and Servicing [Abstract]
Proceeds from loan sales	$ 1,731	$ 998
Servicing fees	$ 555	$ 930

LOAN SALE AND SECURITIZATION _5

LOAN SALE AND SECURITIZATION ACTIVITIES - Loans Transfered Through Loans or Securitization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 12,243	$ 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	173,486	302,333
Loans 90+ days past due	0	0
Charge-offs, net	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Leased Assets [Line Items]
Rent expense for operating leases	$ 4,400,000	$ 4,400,000
Sublease Income	566,000	752,000
Cash balances held at other institutions that exceed FDIC insured limits	25,500,000	26,000,000
Restricted cash	0	8,900,000
Line of Credit | Federal Funds
Operating Leased Assets [Line Items]
Maximum borrowing capacity	$ 50,000,000	50,000,000
Operating Lease Arrangement Type Two
Operating Leased Assets [Line Items]
Renewal term	5 years
Operating Lease Arrangement Type Three
Operating Leased Assets [Line Items]
Renewal term	10 years
Commitments to Extend Credit
Operating Leased Assets [Line Items]
Real estate loan funding commitments	$ 132,800,000	116,900,000
Unfunded Loan Commitment
Operating Leased Assets [Line Items]
Reserve recorded on real estate loan funding commitments	$ 153,000	$ 59,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Operating Lease Maturities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 3,961
2023	2,746
2024	1,727
2025	1,276
2026	1,046
Thereafter	1,148
Total	$ 11,904

PARENT COMPANY ONLY FINANCIAL_3

PARENT COMPANY ONLY FINANCIAL INFORMATION - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Total assets	$ 7,179,957	$ 6,906,104
LIABILITIES AND STOCKHOLDERS' EQUITY
Junior subordinated deferrable interest debentures	61,857	61,857
Interest payable on junior subordinated deferrable interest debentures	118	1,388
Other liabilities and accrued expenses	64,297	63,553
Total stockholders' equity	669,133	613,691	$ 614,464
Total liabilities and stockholders' equity	7,179,957	6,906,104
Luther Burbank Corporation
ASSETS
Cash, cash equivalents and restricted cash	20,073	29,025	$ 15,170
Receivable from Bank	241	247
Other assets	348	4
Total assets	825,695	770,527
LIABILITIES AND STOCKHOLDERS' EQUITY
Junior subordinated deferrable interest debentures	61,857	61,857
Other borrowings	94,662	94,539
Interest payable on junior subordinated deferrable interest debentures	49	49
Other liabilities and accrued expenses	(6)	391
Total stockholders' equity	669,133	613,691
Total liabilities and stockholders' equity	825,695	770,527
Subsidiaries | Investment in Bank
ASSETS
Investment in subsidiary	802,843	739,088
Subsidiaries | Investment in Burbank Financial, Inc.
ASSETS
Investment in subsidiary	333	306
Subsidiaries | Investment in Luther Burbank Statutory Trusts 1 & 2
ASSETS
Investment in subsidiary	$ 1,857	$ 1,857

PARENT COMPANY ONLY FINANCIAL_4

PARENT COMPANY ONLY FINANCIAL INFORMATION - Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Condensed Income Statements, Captions [Line Items]
Interest expense	$ (57,460)	$ (102,767)
Other income	328	870
Other operating expense	(4,106)	(3,778)
Income tax benefit	(36,247)	(16,747)
Net income	87,753	39,912
Luther Burbank Corporation
Condensed Income Statements, Captions [Line Items]
Interest expense	(7,313)	(7,670)
Dividend income from Bank	22,700	65,360
Other income	30	41
Other operating expense	(308)	(301)
Income before income tax benefit and undistributed net income of subsidiaries	15,109	57,430
Income tax benefit	2,213	2,315
Net income	17,322	59,745
Income (Loss) from Subsidiaries, Net of Tax	70,431	(19,833)
Net income	$ 87,753	$ 39,912

PARENT COMPANY ONLY FINANCIAL_5

PARENT COMPANY ONLY FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 87,753	$ 39,912
Adjustments to reconcile net income to net cash provided by operating activities:
Stock based compensation	2,529	3,535
Net cash provided by operating activities	106,721	65,003
Cash flows from financing activities:
Cash paid for dividends	(18,446)	(12,314)
Shares withheld for taxes on vested restricted stock	(901)	(1,064)
Shares repurchased	(8,844)	(36,135)
Net cash provided by (used in) financing activities	190,623	(191,856)
Increase (decrease) in cash and cash equivalents	(40,448)	87,536
Luther Burbank Corporation
Cash flows from operating activities:
Net income	87,753	39,912
Adjustments to reconcile net income to net cash provided by operating activities:
Income (Loss) from Subsidiaries, Net of Tax	(70,431)	19,833
Change in receivable from Bank	6	(226)
Stock based compensation	2,529	3,535
Net change in other assets and liabilities	(618)	314
Net cash provided by operating activities	19,239	63,368
Cash flows from financing activities:
Cash paid for dividends	(18,446)	(12,314)
Shares withheld for taxes on vested restricted stock	(901)	(1,064)
Shares repurchased	(8,844)	(36,135)
Net cash provided by (used in) financing activities	(28,191)	(49,513)
Increase (decrease) in cash and cash equivalents	(8,952)	13,855
Cash and cash equivalents, beginning of period	29,025	15,170
Cash and cash equivalents, end of period	$ 20,073	$ 29,025