Luther Burbank (LBC) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38317
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	68-0270948
Entity Address, Address Line One	520 Third St, Fourth Floor
Entity Address, City or Town	Santa Rosa
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95401
City Area Code	844
Local Phone Number	446-8201
Title of 12(b) Security	Common stock, no par value
Trading Symbol	LBC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding (in shares)		51,125,410
Amendment Flag	false
Entity Registrant Name	Luther Burbank Corp.
Entity Central Index Key	0001475348
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 147,963	$ 138,413
Available for sale debt securities, at fair value	624,859	647,317
Held to maturity debt securities, at amortized cost (fair value of $3,802 and $4,018 at March 31, 2022 and December 31, 2021, respectively)	3,798	3,829
Equity securities, at fair value	11,116	11,693
Loans receivable, net of allowance for loan losses of $33,035 and $35,535 at March 31, 2022 and December 31, 2021, respectively	6,333,283	6,261,885
Accrued interest receivable	18,014	17,761
Federal Home Loan Bank ("FHLB") stock, at cost	22,563	23,411
Premises and equipment, net	15,590	16,090
Goodwill	3,297	3,297
Prepaid expenses and other assets	80,343	56,261
Total assets	7,260,826	7,179,957
Liabilities:
Deposits	5,601,247	5,538,243
FHLB advances	751,647	751,647
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt
$95,000 face amount, 6.5% interest rate, due September 30, 2024 (less debt issuance costs of $307 and $338 at March 31, 2022 and December 31, 2021, respectively)	94,693	94,662
Accrued interest payable	153	118
Other liabilities and accrued expenses	83,229	64,297
Total liabilities	6,592,826	6,510,824
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, no par value; 5,000,000 shares authorized; none issued and outstanding at March 31, 2022 and December 31, 2021, respectively	0	0
Common stock, no par value; 100,000,000 shares authorized; 51,403,914 and 51,682,398 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	401,102	406,904
Retained earnings	278,856	262,141
Accumulated other comprehensive income (loss), net of taxes	(11,958)	88
Total stockholders' equity	668,000	669,133
Total liabilities and stockholders' equity	$ 7,260,826	$ 7,179,957

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fair value of held-to-maturity securities	$ 3,802,000	$ 4,018,000
Allowance for loan losses	$ 33,035,000	$ 35,535,000
Debt Instrument [Line Items]
Preferred stock shares authorized (in shares)	5,000,000	5,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	51,403,914	51,682,398
Common stock shares outstanding (in shares)	51,403,914	51,682,398
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	$ 307,000	$ 338,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest and fee income:
Loans	$ 53,633	$ 54,058
Investment securities	2,301	1,982
Cash, cash equivalents and restricted cash	66	51
Total interest and fee income	56,000	56,091
Interest expense:
Deposits	6,020	11,606
FHLB advances	3,097	3,933
Junior subordinated deferrable interest debentures	275	258
Senior debt	1,574	1,575
Total interest expense	10,966	17,372
Net interest income before provision for loan losses	45,034	38,719
Reversal of provision for loan losses	(2,500)	(2,500)
Net interest income after provision for loan losses	47,534	41,219
Noninterest income:
FHLB dividends	354	367
Other income	(296)	(58)
Total noninterest income	58	309
Noninterest expense:
Compensation and related benefits	10,219	10,380
Deposit insurance premium	481	472
Professional and regulatory fees	539	484
Occupancy	1,194	1,215
Depreciation and amortization	603	655
Data processing	988	973
Marketing	458	292
Other expenses	1,030	933
Total noninterest expense	15,512	15,404
Income before provision for income taxes	32,080	26,124
Provision for income taxes	9,140	7,713
Net income	$ 22,940	$ 18,411
Basic earnings per common share (in usd per share)	$ 0.45	$ 0.35
Diluted earnings per common share (in usd per share)	0.45	0.35
Dividends per common share (in usd per share)	$ 0.12	$ 0.06

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 22,940	$ 18,411
Unrealized loss on available for sale debt securities:
Unrealized holding loss arising during the period	(16,965)	(3,815)
Tax effect	4,919	1,109
Total other comprehensive loss, net of tax	(12,046)	(2,706)
Comprehensive income	$ 10,894	$ 15,705

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities
Beginning balance (shares) at Dec. 31, 2020		52,220,266
Beginning balance at Dec. 31, 2020	$ 613,691	$ 414,120	$ 192,834	$ 6,737
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,411		18,411
Other comprehensive income (loss)	(2,706)			(2,706)
Issuance of restricted stock awards (in shares)		283,078
Settled restricted stock units (in shares)		68,873
Shares withheld to pay taxes on stock based compensation (in shares)		(85,825)
Shares withheld to pay taxes on stock based compensation	(901)	$ (901)
Restricted stock forfeitures (in shares)		(52,798)
Restricted stock forfeitures	(54)	$ (67)	13
Stock based compensation expense	651	$ 651
Shares repurchased (in shares)		(201,682)
Shares repurchased	(2,101)	$ (2,101)
Cash dividends	(3,022)		(3,022)
Ending balance (shares) at Mar. 31, 2021		52,231,912
Ending balance at Mar. 31, 2021	623,969	$ 411,702	208,236	4,031
Beginning balance (shares) at Dec. 31, 2021		51,682,398
Beginning balance at Dec. 31, 2021	669,133	$ 406,904	262,141	88
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,940		22,940
Other comprehensive income (loss)	(12,046)			(12,046)
Issuance of restricted stock awards (in shares)		206,675
Settled restricted stock units (in shares)		6,759
Shares withheld to pay taxes on stock based compensation (in shares)		(62,422)
Shares withheld to pay taxes on stock based compensation	(875)	$ (875)
Restricted stock forfeitures (in shares)		(4,100)
Restricted stock forfeitures	(2)	$ (4)	2
Stock based compensation expense	714	$ 714
Shares repurchased (in shares)		(425,396)
Shares repurchased	(5,637)	$ (5,637)
Cash dividends	(6,227)		(6,227)
Ending balance (shares) at Mar. 31, 2022		51,403,914
Ending balance at Mar. 31, 2022	$ 668,000	$ 401,102	$ 278,856	$ (11,958)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends (in usd per share)	$ 0.12	$ 0.06

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 22,940	$ 18,411
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	603	655
Reversal of provision for loan losses	(2,500)	(2,500)
Amortization of deferred loan costs, net	4,792	4,626
Amortization of premiums on investment securities, net	337	657
Stock based compensation expense, net of forfeitures	710	584
Change in fair value of mortgage servicing rights	104	171
Change in fair value of equity securities	577	211
Other items, net	44	55
Effect of changes in:
Accrued interest receivable	(253)	(386)
Accrued interest payable	35	(654)
Prepaid expenses and other assets	4,293	1,773
Other liabilities and accrued expenses	3,140	1,800
Net cash provided by operating activities	34,822	25,403
Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of available for sale debt securities	38,296	39,735
Proceeds from maturities and paydowns of held to maturity debt securities	29	1,741
Purchases of available for sale debt securities	(33,140)	(90,113)
Net (increase) decrease in loans receivable	(81,469)	57,275
Purchase of loans, including discounts/premiums	0	(286,917)
Redemption of FHLB stock, net	848	0
Purchase of premises and equipment	(103)	(112)
Net cash used in investing activities	(75,539)	(278,391)
Cash flows from financing activities:
Net increase in deposits	63,004	127,579
Proceeds from long-term FHLB advances	100,000	0
Repayment of long-term FHLB advances	(100,000)	(100,000)
Net change in short-term FHLB advances	0	134,200
Shares withheld for taxes on vested restricted stock	(875)	(901)
Shares repurchased	(5,637)	(2,101)
Cash paid for dividends	(6,225)	(3,009)
Net cash provided by financing activities	50,267	155,768
Increase (decrease) in cash, cash equivalents and restricted cash	9,550	(97,220)
Cash, cash equivalents and restricted cash, beginning of period	138,413	178,861
Cash, cash equivalents and restricted cash, end of period	147,963	81,641
Supplemental disclosure of cash flow information: Cash paid during the period for:
Interest	10,931	18,026
Income taxes	6	8
Non-cash investing activity:
Lease liabilities arising from obtaining right-of-use assets	$ 16,255	$ 0

NATURE OF OPERATIONS

NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Organization Luther Burbank Corporation (the ‘‘Company’’), a California corporation headquartered in Santa Rosa, is the bank holding company for its wholly-owned subsidiary, Luther Burbank Savings (the "Bank"), and its wholly-owned subsidiary, Burbank Investor Services. The Company also owns Burbank Financial Inc., a real estate investment company 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, California. It has ten full service branches in California located in Sonoma, Marin, Santa Clara, and Los Angeles Counties and one full service branch in Washington located in King County. Additionally, there are several loan production offices located throughout California, as well as a loan production office in Clackamas County, Oregon. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all footnotes as would be necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows for the interim periods presented. These unaudited consolidated financial statements have been prepared on a basis consistent with, and should be read in conjunction with, the audited consolidated financial statements as of and for the year ended December 31, 2021, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”), under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2022. The Company’s accounting and reporting policies conform to GAAP and to general practices within the banking industry. Use of Estimates Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the unaudited consolidated financial statements and the disclosures provided, and actual results could differ. Earnings Per Share ("EPS") Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the period. In determining the weighted average number of shares outstanding, vested restricted stock units are included. Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of common shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as restricted stock awards and units, calculated using the treasury stock method. (Dollars in thousands, except share amounts) Three Months Ended March 31, 2022 2021 Net income $ 22,940 $ 18,411 Weighted average basic common shares outstanding 51,337,488 51,982,731 Add: Dilutive effects of assumed vesting of restricted stock 76,931 115,507 Weighted average diluted common shares outstanding 51,414,419 52,098,238 Income per common share: Basic EPS $ 0.45 $ 0.35 Diluted EPS $ 0.45 $ 0.35 Anti-dilutive shares not included in calculation of diluted earnings per share 20 3,695 Adoption of New Financial Accounting Standards FASB ASU 2016-02 On January 1, 2022, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” and subsequent amendments thereto, which requires the Company to recognize most leases on the balance sheet. The Company adopted the standard under a modified retrospective approach as of the date of adoption and elected to apply several of the available practical expedients, including carryover of historical lease determination and lease classification conclusions and accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component. Adoption of the leasing standard resulted in the recognition of operating right-of-use assets of $15.8 million, and operating lease liabilities of $16.3 million as of January 1, 2022. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of adoption. There was no material impact to the timing of expense or income recognition in the Company’s unaudited consolidated statements of income. Prior periods were not restated and continue to be presented under legacy GAAP. Disclosures about the Company’s leasing activities are presented in Note 6. FASB ASU 2022-01 In March 2022, the Financial Accounting Standards Board (“FASB”) issued guidance under the of the last-of-layer hedging method in Accounting Standards Codification ("ASC") 815 to expand the current single-layer method to allow multiple layers of a single closed portfolio to be hedged. To reflect the expansion, the last-of-layer method will be renamed the portfolio layer method. The amendments also expand the scope of and provide additional guidance specific to the portfolio layer method for hedge accounting. ASU 2022-01 will become effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption permitted. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	INVESTMENT SECURITIES Available for Sale The following table summarizes the amortized cost and the estimated fair value of available for sale debt securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value At March 31, 2022: Government and Government Sponsored Entities: Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 414,904 $ 1,895 $ (10,196) $ 406,603 Residential MBS and CMOs 188,493 477 (8,624) 180,346 Agency bonds 10,275 225 — 10,500 Other asset backed securities ("ABS") 28,028 — (618) 27,410 Total available for sale debt securities $ 641,700 $ 2,597 $ (19,438) $ 624,859 At December 31, 2021: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 407,111 $ 3,281 $ (2,646) $ 407,746 Residential MBS and CMOs 200,775 1,225 (1,867) 200,133 Agency bonds 10,587 244 — 10,831 Other ABS 28,720 37 (150) 28,607 Total available for sale debt securities $ 647,193 $ 4,787 $ (4,663) $ 647,317 Net unrealized gains (losses) on available for sale investment securities are recorded as accumulated other comprehensive income (loss) within stockholders’ equity and totaled $(12.0) million and $88 thousand, net of $4.9 million and $(36) thousand in tax assets (liabilities), at March 31, 2022 and December 31, 2021, respectively. There were no sales or transfers of available for sale investment securities and no realized gains or losses on these securities during the three months ended March 31, 2022 or 2021. The following tables summarize the gross unrealized losses and fair value of available for sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: March 31, 2022 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: Commercial MBS and CMOs $ 152,363 $ (6,982) $ 46,724 $ (3,214) $ 199,087 $ (10,196) Residential MBS and CMOs 115,227 (6,427) 19,497 (2,197) 134,724 (8,624) Agency bonds — — — — — — Other ABS 27,411 (618) — — 27,411 (618) Total available for sale debt securities $ 295,001 $ (14,027) $ 66,221 $ (5,411) $ 361,222 $ (19,438) At March 31, 2022, the Company held 86 residential MBS and CMOs of which 27 were in a loss position and five had been in a loss position for twelve months or more. The Company held 57 commercial MBS and CMOs of which 29 were in a loss position and five had been in a loss position for twelve months or more. The Company held three other ABS of which three were in a loss position and none had been in a loss position for twelve months or more. 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: Commercial MBS and CMOs $ 157,031 $ (2,632) $ 10,608 $ (14) $ 167,639 $ (2,646) Residential MBS and CMOs 118,803 (1,864) 247 (3) 119,050 (1,867) 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. The unrealized losses on the Company’s investments were caused by interest rate changes. In addition, the contractual cash flows of these investments are guaranteed by the U.S. government or agencies sponsored by the U.S. government. Accordingly, it is expected that the securities will not be settled at a price less than amortized cost. Because the decline in market value is attributable to changes in interest rates but not credit quality, and because the Company has the ability and intent to hold those investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2022 or December 31, 2021. As of March 31, 2022 and December 31, 2021, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders' equity, other than the U.S. government and its agencies. Held to Maturity The following table summarizes the amortized cost and estimated fair value of held to maturity investment securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value As of March 31, 2022: Government Sponsored Entities: Residential MBS $ 3,731 $ 18 $ (14) $ 3,735 Other investments 67 — — 67 Total held to maturity investment securities $ 3,798 $ 18 $ (14) $ 3,802 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 The following table summarizes the gross unrecognized losses and fair value of held to maturity investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrecognized loss position: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses As of March 31, 2022: Government Sponsored Entities: Residential MBS $ 1,992 $ (14) $ — $ — $ 1,992 $ (14) At March 31, 2022, the Company had seven held to maturity residential MBS of which five were in a loss position and none had been in a loss position for twelve months or more. The unrecognized losses on the Company’s held to maturity investments at March 31, 2022 were caused by interest rate changes. In addition, the contractual cash flows of these investments are guaranteed by agencies sponsored by the U.S. government. Accordingly, it is expected that the securities will not be settled at a price less than amortized cost. Because the decline in market value is attributable to changes in interest rates but not credit quality, and because the Company has the ability and intent to hold those investments until maturity, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2022. The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of March 31, 2022: March 31, 2022 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 10,275 $ 10,500 MBS, CMOs and other ABS 631,425 614,359 Total available for sale debt securities $ 641,700 $ 624,859 Held to maturity investments securities Five to ten years $ 67 $ 67 MBS 3,731 3,735 Total held to maturity debt securities $ 3,798 $ 3,802 The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. As such, mortgage backed securities, collateralized mortgage obligations and other asset backed securities are not included in the maturity categories above and instead are shown separately. No securities were pledged as of March 31, 2022 or December 31, 2021. Equity Securities Equity securities consist of investments in a qualified community reinvestment fund. At March 31, 2022 and December 31, 2021, the fair value of equity securities totaled $11.1 million and $11.7 million, respectively. Changes in fair value are recognized in other noninterest income and totaled $(577) thousand and $(211) thousand during the three months ended March 31, 2022 and 2021, respectively. There were no sales of equity securities during the three months ended March 31, 2022 or 2021.

LOANS

LOANS	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
LOANS	LOANS Loans consist of the following: (Dollars in thousands) March 31, December 31, Permanent mortgages on: Multifamily residential $ 4,232,227 $ 4,210,735 Single family residential 1,916,220 1,881,676 Commercial real estate 194,354 187,097 Construction and land loans 23,517 17,912 Total 6,366,318 6,297,420 Allowance for loan losses (33,035) (35,535) Loans held for investment, net $ 6,333,283 $ 6,261,885 Certain loans have been pledged to secure borrowing arrangements (see Note 8). The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land and Construction Total Three months ended March 31, 2022 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 26,043 $ 7,224 $ 2,094 $ 174 $ 35,535 (Reversal of) provision for loan losses (1,892) (427) (212) 31 (2,500) Charge-offs — — — — — Recoveries — — — — — Ending balance allocated to portfolio segments $ 24,151 $ 6,797 $ 1,882 $ 205 $ 33,035 Three months ended March 31, 2021 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 (Reversal of) provision for loan losses (2,421) 442 (476) (45) (2,500) Charge-offs — — — — — Recoveries — 2 — 50 52 Ending balance allocated to portfolio segments $ 30,838 $ 9,816 $ 2,871 $ 241 $ 43,766 The following table summarizes the allocation of the allowance for loan losses by impairment methodology: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land and Construction Total As of March 31, 2022: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 24,151 6,772 1,882 205 33,010 Ending balance $ 24,151 $ 6,797 $ 1,882 $ 205 $ 33,035 Loans: Ending balance: individually evaluated for impairment $ 500 $ 5,643 $ — $ — $ 6,143 Ending balance: collectively evaluated for impairment 4,231,727 1,910,577 194,354 23,517 6,360,175 Ending balance $ 4,232,227 $ 1,916,220 $ 194,354 $ 23,517 $ 6,366,318 As of December 31, 2021: 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 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 March 31, 2022 and December 31, 2021. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of March 31, 2022: Grade: Pass $ 4,165,085 $ 1,897,046 $ 188,236 $ 22,982 $ 6,273,349 Watch 50,535 16,071 5,150 535 72,291 Special mention 4,610 1,326 968 — 6,904 Substandard 11,997 1,777 — — 13,774 Total $ 4,232,227 $ 1,916,220 $ 194,354 $ 23,517 $ 6,366,318 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 Total $ 4,210,735 $ 1,881,676 $ 187,097 $ 17,912 $ 6,297,420 The following table summarizes an aging analysis of the loan portfolio by the time past due at March 31, 2022 and December 31, 2021: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of March 31, 2022: Loans: Multifamily residential $ — $ 362 $ — $ 500 $ 4,231,365 $ 4,232,227 Single family residential 1,170 1,326 — 1,777 1,911,947 1,916,220 Commercial real estate — — — — 194,354 194,354 Land and construction — — — — 23,517 23,517 Total $ 1,170 $ 1,688 $ — $ 2,277 $ 6,361,183 $ 6,366,318 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 The following table summarizes information related to impaired loans at March 31, 2022 and December 31, 2021: As of March 31, 2022 As of December 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Multifamily residential $ 500 $ 577 $ — $ 505 $ 582 $ — Single family residential 4,813 5,004 — 4,847 5,033 — 5,313 5,581 — 5,352 5,615 — With an allowance recorded: Single family residential 830 827 25 840 836 25 830 827 25 840 836 25 Total: Multifamily residential 500 577 — 505 582 — Single family residential 5,643 5,831 25 5,687 5,869 25 $ 6,143 $ 6,408 $ 25 $ 6,192 $ 6,451 $ 25 The following table summarizes information related to impaired loans for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Average Recorded Investment Interest Income Cash Basis Interest Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 503 $ 8 $ 8 $ 1,566 $ 5 $ 5 Single family residential 4,830 43 19 5,790 61 57 5,333 51 27 7,356 66 62 With an allowance recorded: Single family residential 835 6 — 871 7 — 835 6 — 871 7 — Total: Multifamily residential 503 8 8 1,566 5 5 Single family residential 5,665 49 19 6,661 68 57 $ 6,168 $ 57 $ 27 $ 8,227 $ 73 $ 62 The following table summarizes the recorded investment related to troubled debt restructurings ("TDRs") at March 31, 2022 and December 31, 2021: (Dollars in thousands) March 31, December 31, Troubled debt restructurings: Single family residential $ 1,607 $ 1,204 The Company has allocated $25 thousand of its allowance for loan losses for loans modified in TDRs at both March 31, 2022 and December 31, 2021. The Company does not have commitments to lend additional funds to borrowers with loans whose terms have been modified in TDRs. During the three months ended March 31, 2022, the Company modified the terms of one loan that qualified as a TDR. The following table provides details of this modification: (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled debt restructurings: Single family residential 1 $ 405 $ 412 Terms of the modification above included suspension of loan payments for six months and a similar extension of the loan term. The TDR above resulted in no increase to the allowance for loan losses and no charge-offs primarily due to collateral support provided by the secondary source of repayment. There were no new TDRs during the three months ended March 31, 2021. The Company had no TDRs with a subsequent payment default within twelve months following the modification during the three months ended March 31, 2022 and 2021. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.

NONPERFORMING ASSETS

NONPERFORMING ASSETS	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
NONPERFORMING ASSETS	NONPERFORMING ASSETS Nonperforming assets include nonperforming loans plus real estate owned. The Company’s nonperforming assets at March 31, 2022 and December 31, 2021 are indicated below: (Dollars in thousands) March 31, December 31, Non-accrual loans: Multifamily residential $ 500 $ 505 Single family residential 1,777 1,788 Total non-accrual loans 2,277 2,293 Real estate owned — — Total nonperforming assets $ 2,277 $ 2,293 Interest income on non-accrual loans is subsequently recognized on a cash basis as long as the remaining unpaid principal amount of the loans are deemed to be fully collectible. If there is doubt regarding the collectability of the loan, then any interest payments received are applied to principal. Interest income was recognized on a cash basis on non-accrual loans during the three months ended March 31, 2022 and 2021 totaling $27 thousand and $62 thousand, respectively. Contractual interest not recorded on nonperforming loans during the three months ended March 31, 2022 and 2021 totaled $7 thousand and $16 thousand, respectively.

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	3 Months Ended
	Mar. 31, 2022
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	MORTGAGE SERVICING RIGHTSServicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and conducting foreclosure proceedings. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans are as follows: (Dollars in thousands) March 31, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 105,741 $ 127,431 Other financial institutions 57,249 58,298 Total mortgage loans serviced for others $ 162,990 $ 185,729 Custodial account balances maintained in connection with serviced loans totaled $1.3 million and $5.0 million at March 31, 2022 and December 31, 2021, respectively. The Company measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. Activities for mortgage servicing rights are as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Beginning balance $ 915 $ 1,599 Additions — — Disposals — — Changes in fair value due to changes in assumptions — — Other changes in fair value (104) (171) Ending balance $ 811 $ 1,428

LEASES

LEASES	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
LEASES	LEASES The Company leases various office premises under long-term operating lease agreements. These leases expire between 2022 and 2030, with certain leases containing five year renewal options. The Company includes lease extension options in the lease term if it is reasonably certain the Company will exercise the option, when considering the economic incentive to do so. Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. All of the Company’s leases are classified as operating leases and prior to the adoption of ASU 2016-02 on January 1, 2022, were not recognized on the Company's consolidated statements of financial condition. Upon adoption of the new lease standard on January 1, 2022, the Company recorded operating lease right-of-use assets and operating lease liabilities on the Company's consolidated statements of financial condition. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its incremental borrowing rate at lease commencement to discount lease payments when the rate implicit in the lease is not readily determinable. The Company's incremental borrowing rate was based on the FHLB advance rate based on the lease term and other factors. In addition, the Company has elected to account for any non-lease components in its leases as part of the associated lease component. The Company also has elected to not recognize short-term leases with an original term of 12 months or less on the Company's consolidated statements of financial condition. Supplemental lease information as of or for the three months ended March 31, 2022 is as follows: (Dollars in thousands) Balance sheet: Operating lease right-of-use assets included in prepaid expenses and other assets $ 14,940 Operating lease liabilities included in other liabilities and accrued expenses $ 15,337 Income statement: Operating lease costs included in occupancy expense $ 929 Weighted average remaining lease term (years) of operating leases 4.9 Weighted average discount rate of operating leases 1.67 % Cash paid for amounts included in the measurement of operating lease liabilities $ 1,033 At March 31, 2022, future undiscounted lease payments with initial terms of one year or more are as follows: (Dollars in thousands) April 1 - December 31, 2022 $ 2,919 2023 3,560 2024 2,737 2025 2,311 2026 2,108 Thereafter 2,418 Total undiscounted lease payments 16,053 Less: Imputed interest (716) Net lease liabilities $ 15,337

DEPOSITS

DEPOSITS	3 Months Ended
	Mar. 31, 2022
Deposits [Abstract]
DEPOSITS	DEPOSITS A summary of deposits at March 31, 2022 and December 31, 2021 is as follows: (Dollars in thousands) March 31, December 31, Money market savings $ 2,443,522 $ 2,294,367 Time deposits 2,209,375 2,335,141 Money market checking 612,201 580,325 Interest-bearing demand 172,242 176,126 Noninterest-bearing demand 163,907 152,284 Total $ 5,601,247 $ 5,538,243 The Company had time deposits that met or exceeded the FDIC insurance limit of $250 thousand of $961.8 million and $1.1 billion at March 31, 2022 and December 31, 2021, respectively. The Company utilizes brokered deposits as an additional source of funding. The Company had brokered deposits of $76.0 million and $25.8 million at March 31, 2022 and December 31, 2021, respectively. Maturities of the Company’s time deposits at March 31, 2022 are summarized as follows: (Dollars in thousands) April 1 - December 31, 2022 $ 1,787,146 2023 335,529 2024 26,210 2025 9,469 2026 44,225 Thereafter 6,796 Total $ 2,209,375

FEDERAL HOME LOAN BANK AND FEDE

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	3 Months Ended
	Mar. 31, 2022
Advances from Federal Home Loan Banks [Abstract]
FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES The Bank may borrow from the FHLB, on either a short-term or long-term basis, up to 40% of its assets, provided that adequate collateral has been pledged. As of March 31, 2022 and December 31, 2021, the Bank had pledged various mortgage loans totaling approximately $2.3 billion and $2.4 billion, respectively, as well as the FHLB stock held by the Bank, to secure these borrowing arrangements. The Bank has access to the Loan and Discount Window of the Federal Reserve Bank of San Francisco ("FRB"). Advances under this window are subject to the Bank providing qualifying collateral. Various mortgage loans totaling approximately $570.9 million and $583.0 million as of March 31, 2022 and December 31, 2021, respectively, secure this borrowing arrangement. There were no borrowings outstanding with the FRB as of March 31, 2022 or December 31, 2021. The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: Outstanding Balances As of March 31, 2022 (Dollars in thousands) March 31, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate long-term 751,647 751,647 0.38 % 7.33 % 1.75 % March 2023 to March 2030 The Bank's available borrowing capacity based on pledged loans to the FHLB and the FRB totaled $1.0 billion and $1.2 billion at March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, the Bank had aggregate loan balances of $2.7 billion and $2.5 billion, respectively, available to pledge to the FHLB and FRB to increase its borrowing capacity. As of March 31, 2022 and December 31, 2021, the Bank pledged as collateral a $62.6 million FHLB letter of credit to Freddie Mac related to our multifamily securitization reimbursement obligation. Short-term borrowings are borrowings with original maturities of 90 days or less. During the three months ended March 31, 2022, there was a maximum amount of short-term borrowings outstanding of $135.3 million and an average amount outstanding of $21.7 million with a weighted average interest rate of 0.34%. During the three months ended March 31, 2021, there was a maximum amount of short-term borrowings outstanding of $203.6 million and an average amount outstanding of $88.8 million, with a weighted average interest rate of 0.14%. The following table summarizes scheduled principal payments on FHLB advances over the next five years as of March 31, 2022: (Dollars in thousands) April 1 - December 31, 2022 $ — 2023 250,000 2024 300,000 2025 101,500 2026 100,000 Thereafter 147 $ 751,647

JUNIOR SUBORDINATED DEFERRABLE

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES The Company formed two wholly-owned trust companies (the ‘‘Trusts’’) which issued guaranteed preferred beneficial interests (the "Trust Securities") in the Company’s junior subordinated deferrable interest debentures (the "Notes"). The Company is not considered the primary beneficiary of the Trusts and therefore, the Trusts are not consolidated in the Company’s financial statements, but rather the junior subordinated debentures are shown as a liability. The Company’s investment in the common securities of the Trusts, totaling $1.9 million, is included in other assets in the consolidated statements of financial condition. The sole asset of the Trusts are the Notes that they hold. The Trusts have invested the proceeds of such Trust Securities in the Notes. Each of the Notes has an interest rate equal to the corresponding Trust Securities distribution rate. The Company has the right to defer payment of interest on the Notes at any time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the relevant Notes. During any such extension period, distributions on the Trust Securities will also be deferred, and the Company’s ability to pay dividends on its common stock will be restricted. The Company has entered into contractual arrangements which, taken collectively, fully and unconditionally guarantee payment of: (i) accrued and unpaid distributions required to be paid on the Trust Securities; (ii) the redemption price with respect to any Trust Securities called for redemption by the Trusts; and (iii) payments due upon a voluntary or involuntary dissolution, winding up or liquidation of the Trusts. The Trust Securities are mandatorily redeemable upon maturity of the Notes, or upon earlier redemption as provided in the indenture. The Company has the right to redeem the Notes purchased by the Trusts, in whole or in part, on or after the redemption date. As specified in the indenture, if the Notes are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest. The following table is a summary of the outstanding Trust Securities and Notes at March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Luther Burbank Statutory Trust I $ 41,238 2.21 % $ 41,238 1.58 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 2.45 % $ 20,619 1.82 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT

SENIOR DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
SENIOR DEBT	SENIOR DEBTIn September 2014, the Company issued $95 million in senior unsecured term notes to qualified institutional investors. The following table summarizes information on these notes as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 307 $ 95,000 $ 338 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES From time to time, the Company utilizes interest rate swaps and other derivative financial instruments as part of its asset liability management strategy to manage interest rate risk positions. Fair Value Hedges of Interest Rate Risk As of March 31, 2022, the Company held three two-year interest rate swaps with a total notional amount of $750 million. During the three months ended March 31, 2022, the Company entered into a new two-year swap agreement with a notional amount of $100.0 million. The other two 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. Additionally, during the three months ended March 31, 2021, the Company also held two separate, two-year interest rate swaps with a total notional amount of $1.0 billion. 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. The following table presents the effect of the Company’s interest rate swaps on the unaudited consolidated statements of income for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, (Dollars in thousands) 2022 2021 Derivative - interest rate swaps: Interest loss $ (65) $ (3,416) Hedged items - loans: Interest loss (13) (15) Net decrease in interest income $ (78) $ (3,431) 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 March 31, 2022 and December 31, 2021: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives (Dollars in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: As of March 31, 2022: Interest Rate Swaps $ 750,000 Prepaid Expenses and Other Assets $ 10,874 Other Liabilities and Accrued Expenses $ — As of December 31, 2021: Interest Rate Swaps $ 650,000 Prepaid Expenses and Other Assets $ 3,108 Other Liabilities and Accrued Expenses $ — As of March 31, 2022 and December 31, 2021, the following amounts were recorded in the consolidated statements of financial condition related to cumulative basis adjustments for its fair value hedges: Line Item in the Consolidated Statements of Financial Condition in Which the Hedged Items are Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Dollars in thousands) As of March 31, 2022: Loans receivable, net (1) $ 739,111 $ (10,889) As of December 31, 2021: Loans receivable, net (1) $ 646,890 $ (3,110) (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 March 31, 2022 and December 31, 2021, the amortized cost basis of the portfolio loans used in these hedging relationships were $1.1 billion and $1.0 billion, respectively; the cumulative basis adjustments associated with these hedging relationships were $(10.9) million and $(3.1) million, respectively, and the amount of the designated hedged items were $739.1 million and $646.9 million, respectively.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION The Company’s stock based compensation consists of restricted stock awards ("RSAs") and restricted stock units ("RSUs") granted under the Luther Burbank Corporation Omnibus Equity and Incentive Compensation Plan ("Omnibus Plan"). In connection with its initial public offering ("IPO") in December 2017, the Company granted RSUs in exchange for unvested phantom stock awards 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 after 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 three months ended March 31, 2022 totaled $710 thousand compared with $584 thousand for the three months ended March 31, 2021. The fair value of RSAs and RSUs that vested during the three months ended March 31, 2022 and 2021 totaled $2.6 million and $2.4 million, respectively. As of March 31, 2022 and December 31, 2021, there was $4.7 million and $2.6 million, respectively, of unrecognized compensation expense related to 445,331 and 489,703 unvested RSAs, respectively, which amounts were expected to be expensed over a weighted average period of 2.06 years and 1.69 years, respectively. As of March 31, 2022 and December 31, 2021, 84,727 and 91,486 shares, respectively, of RSUs were vested and remain unsettled per the original deferral elections. The following table summarizes share information about RSAs and RSUs: Three Months Ended March 31, 2022 2021 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 581,189 $ 10.56 605,916 $ 10.93 Shares granted 206,675 13.81 283,078 10.07 Shares settled (253,706) 10.45 (265,655) 11.02 Shares forfeited (4,100) 11.93 (52,798) 10.26 End of the period balance 530,058 $ 11.87 570,541 $ 10.52

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair Value Hierarchy The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon: Level 1 - Quoted market prices for identical instruments traded in active exchange markets. Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable or can be corroborated by observable market data. Level 3 - Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect the Company’s estimates of assumptions that market participants would use on pricing the asset or liability. Valuation techniques include management judgment and estimation which may be significant. Because broadly traded markets do not exist for most of the Company’s financial instruments, the fair value calculations attempt to incorporate the effect of current market conditions at a specific time. These determinations are subjective in nature, involve uncertainties and matters of significant judgment and do not include tax ramifications; therefore, the results cannot be determined with precision, substantiated by comparison to independent markets and may not be realized in an actual sale or immediate settlement of the instruments. There may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. For all of these reasons, the aggregation of the fair value calculations presented herein do not represent, and should not be construed to represent, the underlying value of the Company. Management monitors the availability of observable market data to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities, or total earnings. The following methods and assumptions were used to estimate the fair value of financial instruments: For cash, cash equivalents and restricted cash, accrued interest receivable and payable, demand deposits and short-term borrowings, the carrying amount was estimated to be fair value. The fair value of accrued interest receivable/payable balances were determined using inputs and fair value measurements commensurate with the asset or liability from which the accrued interest is generated. Fair values for available for sale and held to maturity debt securities, which include primarily debt securities issued by U.S. government sponsored agencies, were based on quoted market prices for similar securities. Fair values for equity securities, which consist of investments in a qualified community reinvestment fund, were based on quoted market prices. Loans were valued using the exit price notion. The fair value was estimated using market quotes for similar assets or the present value of future cash flows, discounted using a market rate for similar products and giving consideration to estimated prepayment risk and credit risk. The fair value of loans was determined utilizing estimates resulting in a Level 3 classification. Impaired loans were measured for impairment based on the present value of expected future cash flows discounted at the loans' effective interest rate, except that as a practical expedient, the Company may measure impairment based on a loan’s observable market price, or the fair value of the collateral (net of estimated costs to sell) if the loan is collateral dependent. The fair value of impaired loans was determined utilizing estimates resulting in a Level 3 classification. It was not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. The fair value of servicing rights was determined using a valuation model that utilizes interest rate, prepayment speed, and default rate assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data. The fair values of derivatives were based on valuation models using observable market data as of the measurement date. Fair values for fixed-rate time deposits were estimated using discounted cash flow analyses using interest rates offered at each reporting date by the Company for time deposits with similar remaining maturities. For deposits with no contractual maturity, the fair value was assumed to equal the carrying value. The fair value of FHLB advances was estimated based on discounting the future cash flows using the market rate currently offered for similar terms. The fair value of subordinated debentures was based on an indication of value provided by a third-party broker. For senior debt, the fair value was based on an indication of value provided by a third-party broker. Fair Value of Financial Instruments The carrying and estimated fair values of the Company’s financial instruments were as follows: Fair Level Measurements Using (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 As of March 31, 2022: Financial assets: Cash and cash equivalents $ 147,963 $ 147,963 $ 147,963 $ — $ — Debt securities: Available for sale 624,859 624,859 — 624,859 — Held to maturity 3,798 3,802 — 3,802 — Equity securities 11,116 11,116 — 11,116 — Loans receivable, net 6,333,283 6,354,197 — — 6,354,197 Accrued interest receivable 18,014 18,014 5 933 17,076 FHLB stock 22,563 N/A N/A N/A N/A Interest rate swaps 10,874 10,874 — 10,874 — Financial liabilities: Deposits $ 5,601,247 $ 5,583,142 $ 3,106,872 $ 2,476,270 $ — FHLB advances 751,647 733,659 — 733,659 — Junior subordinated deferrable interest debentures 61,857 59,519 — 59,519 — Senior debt 94,693 96,818 — 96,818 — Accrued interest payable 153 153 — 153 — As of December 31, 2021: Financial assets: Cash and cash equivalents $ 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 — These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. Assets and Liabilities Recorded at Fair Value The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis as of March 31, 2022 and December 31, 2021. Recurring Basis The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis: (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 As of March 31, 2022: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 406,603 $ — $ 406,603 $ — Residential MBS and CMOs 180,346 — 180,346 — Agency bonds 10,500 — 10,500 — Other ABS 27,410 — 27,410 — Total available for sale debt securities $ 624,859 $ — $ 624,859 $ — Equity securities $ 11,116 $ — $ 11,116 $ — Mortgage servicing rights 811 — — 811 Interest rate swaps 10,874 — 10,874 — As of December 31, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 407,746 $ — $ 407,746 $ — Residential MBS and CMOs 200,133 — 200,133 — 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 — There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2022 or 2021. Non-recurring Basis The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include assets that are measured at the lower of cost or market value that were recognized at fair value which was below cost at the reporting date.

VARIABLE INTEREST ENTITIES (VIE

VARIABLE INTEREST ENTITIES (VIE)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES (VIE)	VARIABLE INTEREST ENTITIES ("VIE")The Company is involved with VIEs through its loan securitization activities. The Company evaluated its association with VIEs for consolidation purposes. Specifically, a VIE is to be consolidated by its primary beneficiary, the entity that has both the power to direct the activities that most significantly impact the VIE, and a variable interest that could potentially be significant to the VIE. A variable interest is a contractual, ownership or other interest whose value fluctuates with the changes in the value of the VIE's assets and liabilities. The assessment includes an evaluation of the Company's continuing involvement with the VIE and the nature and significance of its variable interests. Multifamily loan securitization With respect to the securitization transaction with Freddie Mac which settled September 27, 2017, the Company's variable interests reside with a reimbursement agreement entered into with Freddie Mac that obligates the Company to reimburse Freddie Mac for defaulted contractual principal and interest payments identified after the ultimate resolution of any defaulted loans. Such reimbursement obligations are not to exceed 10% of the original principal amount of the loans comprising the securitization pool. As part of the securitization transaction, the Company released all servicing obligations and rights to Freddie Mac who was designated as the Master Servicer. As Master Servicer, Freddie Mac appointed the Company with sub-servicing obligations, which include obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance, and otherwise administer the underlying loans. The servicing of defaulted loans and foreclosed loans was assigned to a separate third party entity, independent of the Company and Freddie Mac. Freddie Mac, in its capacity as Master Servicer, can terminate the Company in its role as sub-servicer and direct such responsibilities accordingly. In evaluating the variable interests and continuing involvement in the VIE, the Company determined that it does not have the power to make significant decisions or direct the activities that most significantly impact the economic performance of the VIE's assets and liabilities. As sub-servicer of the loans, the Company does not have the authority to make significant decisions that influence the value of the VIE's net assets and therefore, is not the primary beneficiary of the VIE. Hence, the Company determined that the VIE associated with the multifamily securitization should not be included in the consolidated financial statements of the Company.

LOAN SALE AND SECURITIZATION AC

LOAN SALE AND SECURITIZATION ACTIVITIES	3 Months Ended
	Mar. 31, 2022
Transfers and Servicing [Abstract]
LOAN SALE AND SECURITIZATION ACTIVITIES	LOAN SALE AND SECURITIZATION ACTIVITIES The Company periodically sells loans as part of its business operations and overall management of liquidity, assets and liabilities, and financial performance. The transfer of loans is executed in securitization or sale transactions. With respect to sale transactions, the Company's continuing involvement may or may not include ongoing servicing responsibilities and general representations and warranties. With respect to securitization sales, the Company executed its first and only transaction to date on September 27, 2017 with Freddie Mac. The transaction involved the sale of $626.0 million in originated multifamily loans through a Freddie Mac sponsored transaction. The Company's continuing involvement includes sub-servicing responsibilities, general representations and warranties, and a limited reimbursement obligation. As sub-servicer for Freddie Mac, the Bank is required to maintain a minimum net worth in accordance with GAAP of not less than $2.0 million. If the Bank's capital were to fall below this threshold, Freddie Mac would have the authority to terminate and assume the Bank’s sub-servicing duties. At March 31, 2022, the Bank’s net worth was $807.4 million which equates to its Tier 1 capital of $816.1 million plus goodwill of $3.3 million and accumulated other comprehensive loss related to net unrealized losses on available for sale securities of $12.0 million. General representations and warranties associated with loan sales and the securitization transaction require the Company to uphold various assertions that pertain to the underlying loans at the time of the transaction, including, but not limited to, compliance with relevant laws and regulations, absence of fraud, enforcement of liens, no environmental damages, and maintenance of relevant environmental insurance. Such representations and warranties are limited to those that do not meet the quality represented at the transaction date and do not pertain to a decline in value or future payment defaults. In circumstances where the Company breaches its representations and warranties, the Company would generally be required to cure such instances through a repurchase or substitution of the subject loan(s). With respect to the securitization transaction, the Company also has continuing involvement through a reimbursement agreement executed with Freddie Mac. To the extent the ultimate resolution of defaulted loans results in contractual principal and interest payments that are deficient, the Company is obligated to reimburse Freddie Mac for such amounts, not to exceed 10% of the original principal amount of the loans comprising the securitization pool at the closing date of September 27, 2017. The following table provides cash flows associated with the Company's loan sale activities: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Servicing fees 97 171 The following table provides information about the loans transferred through sales or securitization and not recorded in the consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations: (Dollars in thousands) Single Family Residential Multifamily Residential As of March 31, 2022: Principal balance of loans $ 11,882 $ 151,108 Loans 90+ days past due — — Charge-offs, net — — As of December 31, 2021: Principal balance of loans $ 12,243 $ 173,486 Loans 90+ days past due — — Charge-offs, net — —

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments represent commitments to originate fixed and variable rate loans and loans in process, and involve, to varying degrees, credit risk and interest rate risk in excess of the amount recognized in the Company’s consolidated statements of financial condition. The Company’s exposure to credit loss in the event of nonperformance by the other party for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments to originate loans and lines of credit as it does for on-balance sheet instruments. As it relates to interest rate risk, the Company's exposure is generally limited to increases in interest rates that may result during the short period of time between the commitment and funding of fixed rate credit facilities and adjustable rate credit facilities with initial fixed rate periods. The limited timing risk associated with these credit facilities are considered within the Company's asset liability management process. Commitments to fund loans and lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have expiration dates or other termination clauses. In addition, external market forces may impact the probability of commitments being exercised; therefore, total commitments outstanding do not necessarily represent future cash requirements. At March 31, 2022 and December 31, 2021, the Company had outstanding commitments of approximately $134.0 million and $132.8 million, respectively, for loans and lines of credit. Unfunded commitment reserves totaled $155 thousand and $153 thousand at March 31, 2022 and December 31, 2021, respectively. Contingencies At present, there are no pending or threatened proceedings against the Company which, if determined adversely, would have a material effect on the Company’s business, financial position, results of operations or cash flows. In the ordinary course of operations, the Company may be party to various legal proceedings. Correspondent Banking Agreements

NATURE OF OPERATIONS (Policies)

NATURE OF OPERATIONS (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all footnotes as would be necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in stockholders’ equity and cash flows for the interim periods presented. These unaudited consolidated financial statements have been prepared on a basis consistent with, and should be read in conjunction with, the audited consolidated financial statements as of and for the year ended December 31, 2021, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”), under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2022.
Use of Estimates	Use of EstimatesManagement is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the unaudited consolidated financial statements and the disclosures provided, and actual results could differ.
Earnings Per Share	Earnings Per Share ("EPS")Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the period. In determining the weighted average number of shares outstanding, vested restricted stock units are included. Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of common shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as restricted stock awards and units, calculated using the treasury stock method.
New Financial Accounting Standards	Adoption of New Financial Accounting Standards FASB ASU 2016-02 On January 1, 2022, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” and subsequent amendments thereto, which requires the Company to recognize most leases on the balance sheet. The Company adopted the standard under a modified retrospective approach as of the date of adoption and elected to apply several of the available practical expedients, including carryover of historical lease determination and lease classification conclusions and accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component. Adoption of the leasing standard resulted in the recognition of operating right-of-use assets of $15.8 million, and operating lease liabilities of $16.3 million as of January 1, 2022. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of adoption. There was no material impact to the timing of expense or income recognition in the Company’s unaudited consolidated statements of income. Prior periods were not restated and continue to be presented under legacy GAAP. Disclosures about the Company’s leasing activities are presented in Note 6. FASB ASU 2022-01 In March 2022, the Financial Accounting Standards Board (“FASB”) issued guidance under the of the last-of-layer hedging method in Accounting Standards Codification ("ASC") 815 to expand the current single-layer method to allow multiple layers of a single closed portfolio to be hedged. To reflect the expansion, the last-of-layer method will be renamed the portfolio layer method. The amendments also expand the scope of and provide additional guidance specific to the portfolio layer method for hedge accounting. ASU 2022-01 will become effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption permitted. 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.
Derivatives	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.
Leases	The Company includes lease extension options in the lease term if it is reasonably certain the Company will exercise the option, when considering the economic incentive to do so. Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. All of the Company’s leases are classified as operating leases and prior to the adoption of ASU 2016-02 on January 1, 2022, were not recognized on the Company's consolidated statements of financial condition. Upon adoption of the new lease standard on January 1, 2022, the Company recorded operating lease right-of-use assets and operating lease liabilities on the Company's consolidated statements of financial condition. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term.The Company uses its incremental borrowing rate at lease commencement to discount lease payments when the rate implicit in the lease is not readily determinable. The Company's incremental borrowing rate was based on the FHLB advance rate based on the lease term and other factors. In addition, the Company has elected to account for any non-lease components in its leases as part of the associated lease component. The Company also has elected to not recognize short-term leases with an original term of 12 months or less on the Company's consolidated statements of financial condition.

NATURE OF OPERATIONS (Tables)

NATURE OF OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	(Dollars in thousands, except share amounts) Three Months Ended March 31, 2022 2021 Net income $ 22,940 $ 18,411 Weighted average basic common shares outstanding 51,337,488 51,982,731 Add: Dilutive effects of assumed vesting of restricted stock 76,931 115,507 Weighted average diluted common shares outstanding 51,414,419 52,098,238 Income per common share: Basic EPS $ 0.45 $ 0.35 Diluted EPS $ 0.45 $ 0.35 Anti-dilutive shares not included in calculation of diluted earnings per share 20 3,695

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Debt Securities, Available-for-sale	The following table summarizes the amortized cost and the estimated fair value of available for sale debt securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value At March 31, 2022: Government and Government Sponsored Entities: Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 414,904 $ 1,895 $ (10,196) $ 406,603 Residential MBS and CMOs 188,493 477 (8,624) 180,346 Agency bonds 10,275 225 — 10,500 Other asset backed securities ("ABS") 28,028 — (618) 27,410 Total available for sale debt securities $ 641,700 $ 2,597 $ (19,438) $ 624,859 At December 31, 2021: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 407,111 $ 3,281 $ (2,646) $ 407,746 Residential MBS and CMOs 200,775 1,225 (1,867) 200,133 Agency bonds 10,587 244 — 10,831 Other ABS 28,720 37 (150) 28,607 Total available for sale debt securities $ 647,193 $ 4,787 $ (4,663) $ 647,317 The following tables summarize the gross unrealized losses and fair value of available for sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: March 31, 2022 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: Commercial MBS and CMOs $ 152,363 $ (6,982) $ 46,724 $ (3,214) $ 199,087 $ (10,196) Residential MBS and CMOs 115,227 (6,427) 19,497 (2,197) 134,724 (8,624) Agency bonds — — — — — — Other ABS 27,411 (618) — — 27,411 (618) Total available for sale debt securities $ 295,001 $ (14,027) $ 66,221 $ (5,411) $ 361,222 $ (19,438) 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: Commercial MBS and CMOs $ 157,031 $ (2,632) $ 10,608 $ (14) $ 167,639 $ (2,646) Residential MBS and CMOs 118,803 (1,864) 247 (3) 119,050 (1,867) 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)
Schedule of Held-to-maturity Securities	The following table summarizes the amortized cost and estimated fair value of held to maturity investment securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value As of March 31, 2022: Government Sponsored Entities: Residential MBS $ 3,731 $ 18 $ (14) $ 3,735 Other investments 67 — — 67 Total held to maturity investment securities $ 3,798 $ 18 $ (14) $ 3,802 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 The following table summarizes the gross unrecognized losses and fair value of held to maturity investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrecognized loss position: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses As of March 31, 2022: Government Sponsored Entities: Residential MBS $ 1,992 $ (14) $ — $ — $ 1,992 $ (14)
Schedule of Debt Maturities of Available-for-sale and Held-to-maturity Securities	The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of March 31, 2022: March 31, 2022 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 10,275 $ 10,500 MBS, CMOs and other ABS 631,425 614,359 Total available for sale debt securities $ 641,700 $ 624,859 Held to maturity investments securities Five to ten years $ 67 $ 67 MBS 3,731 3,735 Total held to maturity debt securities $ 3,798 $ 3,802

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Loans Receivable	Loans consist of the following: (Dollars in thousands) March 31, December 31, Permanent mortgages on: Multifamily residential $ 4,232,227 $ 4,210,735 Single family residential 1,916,220 1,881,676 Commercial real estate 194,354 187,097 Construction and land loans 23,517 17,912 Total 6,366,318 6,297,420 Allowance for loan losses (33,035) (35,535) Loans held for investment, net $ 6,333,283 $ 6,261,885
Schedule Allowance for Loan Losses	The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land and Construction Total Three months ended March 31, 2022 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 26,043 $ 7,224 $ 2,094 $ 174 $ 35,535 (Reversal of) provision for loan losses (1,892) (427) (212) 31 (2,500) Charge-offs — — — — — Recoveries — — — — — Ending balance allocated to portfolio segments $ 24,151 $ 6,797 $ 1,882 $ 205 $ 33,035 Three months ended March 31, 2021 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 (Reversal of) provision for loan losses (2,421) 442 (476) (45) (2,500) Charge-offs — — — — — Recoveries — 2 — 50 52 Ending balance allocated to portfolio segments $ 30,838 $ 9,816 $ 2,871 $ 241 $ 43,766 The following table summarizes the allocation of the allowance for loan losses by impairment methodology: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land and Construction Total As of March 31, 2022: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 24,151 6,772 1,882 205 33,010 Ending balance $ 24,151 $ 6,797 $ 1,882 $ 205 $ 33,035 Loans: Ending balance: individually evaluated for impairment $ 500 $ 5,643 $ — $ — $ 6,143 Ending balance: collectively evaluated for impairment 4,231,727 1,910,577 194,354 23,517 6,360,175 Ending balance $ 4,232,227 $ 1,916,220 $ 194,354 $ 23,517 $ 6,366,318 As of December 31, 2021: 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
Schedule of Loan Portfolio by Internal Risk Indicators	The following table summarizes the loan portfolio allocated by management’s internal risk ratings at March 31, 2022 and December 31, 2021. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of March 31, 2022: Grade: Pass $ 4,165,085 $ 1,897,046 $ 188,236 $ 22,982 $ 6,273,349 Watch 50,535 16,071 5,150 535 72,291 Special mention 4,610 1,326 968 — 6,904 Substandard 11,997 1,777 — — 13,774 Total $ 4,232,227 $ 1,916,220 $ 194,354 $ 23,517 $ 6,366,318 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 Total $ 4,210,735 $ 1,881,676 $ 187,097 $ 17,912 $ 6,297,420
Schedule or Past Due Loans Receivable	The following table summarizes an aging analysis of the loan portfolio by the time past due at March 31, 2022 and December 31, 2021: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of March 31, 2022: Loans: Multifamily residential $ — $ 362 $ — $ 500 $ 4,231,365 $ 4,232,227 Single family residential 1,170 1,326 — 1,777 1,911,947 1,916,220 Commercial real estate — — — — 194,354 194,354 Land and construction — — — — 23,517 23,517 Total $ 1,170 $ 1,688 $ — $ 2,277 $ 6,361,183 $ 6,366,318 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
Schedule of Impaired Loans Receivables	The following table summarizes information related to impaired loans at March 31, 2022 and December 31, 2021: As of March 31, 2022 As of December 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Multifamily residential $ 500 $ 577 $ — $ 505 $ 582 $ — Single family residential 4,813 5,004 — 4,847 5,033 — 5,313 5,581 — 5,352 5,615 — With an allowance recorded: Single family residential 830 827 25 840 836 25 830 827 25 840 836 25 Total: Multifamily residential 500 577 — 505 582 — Single family residential 5,643 5,831 25 5,687 5,869 25 $ 6,143 $ 6,408 $ 25 $ 6,192 $ 6,451 $ 25 The following table summarizes information related to impaired loans for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Average Recorded Investment Interest Income Cash Basis Interest Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 503 $ 8 $ 8 $ 1,566 $ 5 $ 5 Single family residential 4,830 43 19 5,790 61 57 5,333 51 27 7,356 66 62 With an allowance recorded: Single family residential 835 6 — 871 7 — 835 6 — 871 7 — Total: Multifamily residential 503 8 8 1,566 5 5 Single family residential 5,665 49 19 6,661 68 57 $ 6,168 $ 57 $ 27 $ 8,227 $ 73 $ 62
Schedule of Troubled Debt Restructurings	The following table summarizes the recorded investment related to troubled debt restructurings ("TDRs") at March 31, 2022 and December 31, 2021: (Dollars in thousands) March 31, December 31, Troubled debt restructurings: Single family residential $ 1,607 $ 1,204 During the three months ended March 31, 2022, the Company modified the terms of one loan that qualified as a TDR. The following table provides details of this modification: (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled debt restructurings: Single family residential 1 $ 405 $ 412

NONPERFORMING ASSETS (Tables)

NONPERFORMING ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Nonperforming Assets	The Company’s nonperforming assets at March 31, 2022 and December 31, 2021 are indicated below: (Dollars in thousands) March 31, December 31, Non-accrual loans: Multifamily residential $ 500 $ 505 Single family residential 1,777 1,788 Total non-accrual loans 2,277 2,293 Real estate owned — — Total nonperforming assets $ 2,277 $ 2,293

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	3 Months Ended
	Mar. 31, 2022
Transfers and Servicing [Abstract]
Schedule of Mortgage Loans Serviced for Others	The principal balances of these loans are as follows: (Dollars in thousands) March 31, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 105,741 $ 127,431 Other financial institutions 57,249 58,298 Total mortgage loans serviced for others $ 162,990 $ 185,729
Schedule of Changes in Servicing Assets	Activities for mortgage servicing rights are as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Beginning balance $ 915 $ 1,599 Additions — — Disposals — — Changes in fair value due to changes in assumptions — — Other changes in fair value (104) (171) Ending balance $ 811 $ 1,428

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Supplemental Lease Information	Supplemental lease information as of or for the three months ended March 31, 2022 is as follows: (Dollars in thousands) Balance sheet: Operating lease right-of-use assets included in prepaid expenses and other assets $ 14,940 Operating lease liabilities included in other liabilities and accrued expenses $ 15,337 Income statement: Operating lease costs included in occupancy expense $ 929 Weighted average remaining lease term (years) of operating leases 4.9 Weighted average discount rate of operating leases 1.67 % Cash paid for amounts included in the measurement of operating lease liabilities $ 1,033
Schedule of Future Undiscounted Lease Payments	At March 31, 2022, future undiscounted lease payments with initial terms of one year or more are as follows: (Dollars in thousands) April 1 - December 31, 2022 $ 2,919 2023 3,560 2024 2,737 2025 2,311 2026 2,108 Thereafter 2,418 Total undiscounted lease payments 16,053 Less: Imputed interest (716) Net lease liabilities $ 15,337

DEPOSITS (Tables)

DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2022
Deposits [Abstract]
Schedule of Deposits	A summary of deposits at March 31, 2022 and December 31, 2021 is as follows: (Dollars in thousands) March 31, December 31, Money market savings $ 2,443,522 $ 2,294,367 Time deposits 2,209,375 2,335,141 Money market checking 612,201 580,325 Interest-bearing demand 172,242 176,126 Noninterest-bearing demand 163,907 152,284 Total $ 5,601,247 $ 5,538,243
Schedule of Certificate Account Maturities	Maturities of the Company’s time deposits at March 31, 2022 are summarized as follows: (Dollars in thousands) April 1 - December 31, 2022 $ 1,787,146 2023 335,529 2024 26,210 2025 9,469 2026 44,225 Thereafter 6,796 Total $ 2,209,375

FEDERAL HOME LOAN BANK AND FE_2

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES (Tables)	3 Months Ended
	Mar. 31, 2022
Advances from Federal Home Loan Banks [Abstract]
Schedule of FHLB Advances	The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: Outstanding Balances As of March 31, 2022 (Dollars in thousands) March 31, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate long-term 751,647 751,647 0.38 % 7.33 % 1.75 % March 2023 to March 2030 The following table summarizes scheduled principal payments on FHLB advances over the next five years as of March 31, 2022: (Dollars in thousands) April 1 - December 31, 2022 $ — 2023 250,000 2024 300,000 2025 101,500 2026 100,000 Thereafter 147 $ 751,647

JUNIOR SUBORDINATED DEFERRABL_2

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Trust Securities	The following table is a summary of the outstanding Trust Securities and Notes at March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Luther Burbank Statutory Trust I $ 41,238 2.21 % $ 41,238 1.58 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 2.45 % $ 20,619 1.82 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT (Tables)

SENIOR DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes information on these notes as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 307 $ 95,000 $ 338 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap on the Consolidated Statements of Income	The following table presents the effect of the Company’s interest rate swaps on the unaudited consolidated statements of income for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, (Dollars in thousands) 2022 2021 Derivative - interest rate swaps: Interest loss $ (65) $ (3,416) Hedged items - loans: Interest loss (13) (15) Net decrease in interest income $ (78) $ (3,431)
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 March 31, 2022 and December 31, 2021: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives (Dollars in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: As of March 31, 2022: Interest Rate Swaps $ 750,000 Prepaid Expenses and Other Assets $ 10,874 Other Liabilities and Accrued Expenses $ — As of December 31, 2021: Interest Rate Swaps $ 650,000 Prepaid Expenses and Other Assets $ 3,108 Other Liabilities and Accrued Expenses $ —
Schedule of Amounts Recorded on the Balance Sheet Related to Cumulative Adjustments on Fair Value Hedges	As of March 31, 2022 and December 31, 2021, the following amounts were recorded in the consolidated statements of financial condition related to cumulative basis adjustments for its fair value hedges: Line Item in the Consolidated Statements of Financial Condition in Which the Hedged Items are Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Dollars in thousands) As of March 31, 2022: Loans receivable, net (1) $ 739,111 $ (10,889) As of December 31, 2021: Loans receivable, net (1) $ 646,890 $ (3,110)

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes share information about RSAs and RSUs: Three Months Ended March 31, 2022 2021 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 581,189 $ 10.56 605,916 $ 10.93 Shares granted 206,675 13.81 283,078 10.07 Shares settled (253,706) 10.45 (265,655) 11.02 Shares forfeited (4,100) 11.93 (52,798) 10.26 End of the period balance 530,058 $ 11.87 570,541 $ 10.52

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	The carrying and estimated fair values of the Company’s financial instruments were as follows: Fair Level Measurements Using (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 As of March 31, 2022: Financial assets: Cash and cash equivalents $ 147,963 $ 147,963 $ 147,963 $ — $ — Debt securities: Available for sale 624,859 624,859 — 624,859 — Held to maturity 3,798 3,802 — 3,802 — Equity securities 11,116 11,116 — 11,116 — Loans receivable, net 6,333,283 6,354,197 — — 6,354,197 Accrued interest receivable 18,014 18,014 5 933 17,076 FHLB stock 22,563 N/A N/A N/A N/A Interest rate swaps 10,874 10,874 — 10,874 — Financial liabilities: Deposits $ 5,601,247 $ 5,583,142 $ 3,106,872 $ 2,476,270 $ — FHLB advances 751,647 733,659 — 733,659 — Junior subordinated deferrable interest debentures 61,857 59,519 — 59,519 — Senior debt 94,693 96,818 — 96,818 — Accrued interest payable 153 153 — 153 — As of December 31, 2021: Financial assets: Cash and cash equivalents $ 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 —
Schedule of Fair Value of Assets Measured on a Recurring Basis	The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis: (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 As of March 31, 2022: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 406,603 $ — $ 406,603 $ — Residential MBS and CMOs 180,346 — 180,346 — Agency bonds 10,500 — 10,500 — Other ABS 27,410 — 27,410 — Total available for sale debt securities $ 624,859 $ — $ 624,859 $ — Equity securities $ 11,116 $ — $ 11,116 $ — Mortgage servicing rights 811 — — 811 Interest rate swaps 10,874 — 10,874 — As of December 31, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 407,746 $ — $ 407,746 $ — Residential MBS and CMOs 200,133 — 200,133 — 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 —
Schedule of Fair Value of Liabilities Measured on a Recurring Basis	The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis: (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 As of March 31, 2022: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 406,603 $ — $ 406,603 $ — Residential MBS and CMOs 180,346 — 180,346 — Agency bonds 10,500 — 10,500 — Other ABS 27,410 — 27,410 — Total available for sale debt securities $ 624,859 $ — $ 624,859 $ — Equity securities $ 11,116 $ — $ 11,116 $ — Mortgage servicing rights 811 — — 811 Interest rate swaps 10,874 — 10,874 — As of December 31, 2021: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 407,746 $ — $ 407,746 $ — Residential MBS and CMOs 200,133 — 200,133 — 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 —

LOAN SALE AND SECURITIZATION _2

LOAN SALE AND SECURITIZATION ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Transfers and Servicing [Abstract]
Schedule of Cash Flows From Loan Sale Activities	The following table provides cash flows associated with the Company's loan sale activities: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Servicing fees 97 171
Schedule of Loans Transfered Through Sale or Securitization	The following table provides information about the loans transferred through sales or securitization and not recorded in the consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations: (Dollars in thousands) Single Family Residential Multifamily Residential As of March 31, 2022: Principal balance of loans $ 11,882 $ 151,108 Loans 90+ days past due — — Charge-offs, net — — As of December 31, 2021: Principal balance of loans $ 12,243 $ 173,486 Loans 90+ days past due — — Charge-offs, net — —

NATURE OF OPERATIONS - Narrativ

NATURE OF OPERATIONS - Narrative (Details) $ in Thousands	Mar. 31, 2022USD ($)branch	Jan. 01, 2022USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets included in prepaid expenses and other assets	$ 14,940
Operating lease liabilities included in other liabilities and accrued expenses	$ 15,337
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets included in prepaid expenses and other assets		$ 15,800
Operating lease liabilities included in other liabilities and accrued expenses		$ 16,300
Sonoma, Marin, Santa Clara, and Los Angeles Counties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of full service branches | branch	10
King County, Washington
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of full service branches | branch	1

NATURE OF OPERATIONS - Earnings

NATURE OF OPERATIONS - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Net income	$ 22,940	$ 18,411
Weighted average common shares outstanding - basic (in shares)	51,337,488	51,982,731
Add: Dilutive effects of assumed vesting of restricted stock (in shares)	76,931	115,507
Weighted average common shares outstanding - diluted (in shares)	51,414,419	52,098,238
Basic earnings per common share (in usd per share)	$ 0.45	$ 0.35
Diluted earnings per common share (in usd per share)	$ 0.45	$ 0.35
Anti-dilutive shares not included in calculation of diluted earnings per share (in shares)	20	3,695

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 641,700	$ 647,193
Gross Unrealized Gains	2,597	4,787
Gross Unrealized Losses	(19,438)	(4,663)
Estimated Fair Value	624,859	647,317
Fair Value
Less than 12 Months	295,001	291,087
12 Months or More	66,221	10,855
Total	361,222	301,942
Unrealized Losses
Less than 12 Months	(14,027)	(4,646)
12 Months or More	(5,411)	(17)
Total	(19,438)	(4,663)
Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	414,904	407,111
Gross Unrealized Gains	1,895	3,281
Gross Unrealized Losses	(10,196)	(2,646)
Estimated Fair Value	406,603	407,746
Fair Value
Less than 12 Months	152,363	157,031
12 Months or More	46,724	10,608
Total	199,087	167,639
Unrealized Losses
Less than 12 Months	(6,982)	(2,632)
12 Months or More	(3,214)	(14)
Total	(10,196)	(2,646)
Residential MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	188,493	200,775
Gross Unrealized Gains	477	1,225
Gross Unrealized Losses	(8,624)	(1,867)
Estimated Fair Value	180,346	200,133
Fair Value
Less than 12 Months	115,227	118,803
12 Months or More	19,497	247
Total	134,724	119,050
Unrealized Losses
Less than 12 Months	(6,427)	(1,864)
12 Months or More	(2,197)	(3)
Total	(8,624)	(1,867)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,275	10,587
Gross Unrealized Gains	225	244
Gross Unrealized Losses	0	0
Estimated Fair Value	10,500	10,831
Fair Value
Less than 12 Months	0
12 Months or More	0
Total	0
Unrealized Losses
Less than 12 Months	0
12 Months or More	0
Total	0
Other ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	28,028	28,720
Gross Unrealized Gains	0	37
Gross Unrealized Losses	(618)	(150)
Estimated Fair Value	27,410	28,607
Fair Value
Less than 12 Months	27,411	15,253
12 Months or More	0	0
Total	27,411	15,253
Unrealized Losses
Less than 12 Months	(618)	(150)
12 Months or More	0	0
Total	$ (618)	$ (150)

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)security	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)
Debt Securities, Available-for-sale [Line Items]
Cumulative effect of change in accounting principal | $	$ 668,000,000	$ 623,969,000	$ 669,133,000	$ 613,691,000
Debt securities, available-for-sale, realized gain | $	0	0
Debt securities, available-for-sale, realized loss | $	0	0
Equity securities, at fair value | $	$ 11,116,000		$ 11,693,000
Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	57		54
Debt securities, available-for-sale, unrealized loss position, number of positions	29		20
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	5		2
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	86		88
Debt securities, available-for-sale, unrealized loss position, number of positions	27		14
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	5		4
Held-to-maturity securities, number of positions	7
Held-to-maturity securities, unrealized loss position, number of positions	5
Held-to-maturity Securities, Unrealized Loss Position 12 Months or More, Number of Positions	0
Other ABS
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	3		3
Debt securities, available-for-sale, unrealized loss position, number of positions	3		2
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	0		0
CRA Qualified Investment Fund
Debt Securities, Available-for-sale [Line Items]
Equity securities, at fair value | $	$ 11,100,000		$ 11,700,000
Equity Securities, FV-NI, Realized Gain (Loss) | $	(577,000)	(211,000)
Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities
Debt Securities, Available-for-sale [Line Items]
Cumulative effect of change in accounting principal | $	(11,958,000)	4,031,000	88,000	6,737,000
Unrealized gain on available-for-sale investment securities tax liability | $	(4,900,000)		36,000
Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Cumulative effect of change in accounting principal | $	$ 278,856,000	$ 208,236,000	$ 262,141,000	$ 192,834,000

INVESTMENT SECURITIES - Held-to

INVESTMENT SECURITIES - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
Five to ten years	$ 10,275
Amortized Cost	641,700	$ 647,193
Fair Value
Five to ten years	10,500
Fair Value	624,859	647,317
MBS, CMOs and other ABS
Amortized Cost
MBS, CMOs and other ABS	631,425
Fair Value
MBS, CMOs and other ABS	614,359
Residential MBS and CMOs
Amortized Cost
Amortized Cost	188,493	200,775
Fair Value
Fair Value	$ 180,346	$ 200,133

INVESTMENT SECURITIES - Continu

INVESTMENT SECURITIES - Continuous Unrealized Loss Positions (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 3,798	$ 3,829
Gross Unrecognized Gains	18	189
Gross Unrecognized Losses	(14)	0
Estimated Fair Value	3,802	4,018
Residential MBS
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	3,731	3,761
Gross Unrecognized Gains	18	189
Gross Unrecognized Losses	(14)	0
Estimated Fair Value	3,735	3,950
Less than 12 Months	1,992
Less than 12 Months	(14)
12 Months or More	0
12 Months or More	0
Total	1,992
Total	(14)
Other investments
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	67	68
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	0	0
Estimated Fair Value	$ 67	$ 68

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
Five to ten years	$ 67
Amortized Cost	3,798	$ 3,829
Fair Value
Five to ten years	67
Estimated Fair Value	3,802	4,018
MBS
Amortized Cost
MBS	3,731
Fair Value
MBS	3,735
Residential MBS and CMOs
Amortized Cost
Amortized Cost	3,731	3,761
Fair Value
Estimated Fair Value	3,735	$ 3,950
Fair Value
Less than 12 Months	1,992
12 Months or More	0
Total	1,992
Unrecognized Losses
Less than 12 Months	(14)
12 Months or More	0
Total	$ (14)

LOANS - Loans Receivable (Detai

LOANS - Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 6,366,318	$ 6,297,420
Allowance for loan losses	(33,035)	(35,535)	$ (43,766)	$ (46,214)
Loans held for investment, net	6,333,283	6,261,885
Multifamily residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,232,227	4,210,735
Allowance for loan losses	(24,151)	(26,043)	(30,838)	(33,259)
Multifamily residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,232,227	4,210,735
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	1,916,220	1,881,676
Allowance for loan losses	(6,797)	(7,224)	(9,816)	(9,372)
Single family residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	1,916,220	1,881,676
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	194,354	187,097
Allowance for loan losses	(1,882)	(2,094)	(2,871)	(3,347)
Commercial real estate | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	194,354	187,097
Construction and land loans | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	23,517	17,912
Land and Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	23,517	17,912
Allowance for loan losses	$ (205)	$ (174)	$ (241)	$ (236)

LOANS - Allowance for Loan Loss

LOANS - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	$ 35,535	$ 46,214
Reversal of provision for loan losses	(2,500)	(2,500)
Charge-offs	0	0
Recoveries	0	52
Ending balance allocated to portfolio segments	33,035	43,766
Ending allowance balance allocated to:
Loans individually evaluated for impairment	25		$ 25
Loans collectively evaluated for impairment	33,010		35,510
Ending balance	33,035	43,766	35,535
Loans:
Ending balance: individually evaluated for impairment	6,143		6,192
Ending balance: collectively evaluated for impairment	6,360,175		6,291,228
Ending balance	6,366,318		6,297,420
Multifamily residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	26,043	33,259
Reversal of provision for loan losses	(1,892)	(2,421)
Charge-offs	0	0
Recoveries	0	0
Ending balance allocated to portfolio segments	24,151	30,838
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0		0
Loans collectively evaluated for impairment	24,151		26,043
Ending balance	24,151	30,838	26,043
Loans:
Ending balance: individually evaluated for impairment	500		505
Ending balance: collectively evaluated for impairment	4,231,727		4,210,230
Ending balance	4,232,227		4,210,735
Single family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	7,224	9,372
Reversal of provision for loan losses	(427)	442
Charge-offs	0	0
Recoveries	0	2
Ending balance allocated to portfolio segments	6,797	9,816
Ending allowance balance allocated to:
Loans individually evaluated for impairment	25		25
Loans collectively evaluated for impairment	6,772		7,199
Ending balance	6,797	9,816	7,224
Loans:
Ending balance: individually evaluated for impairment	5,643		5,687
Ending balance: collectively evaluated for impairment	1,910,577		1,875,989
Ending balance	1,916,220		1,881,676
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	2,094	3,347
Reversal of provision for loan losses	(212)	(476)
Charge-offs	0	0
Recoveries	0	0
Ending balance allocated to portfolio segments	1,882	2,871
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0		0
Loans collectively evaluated for impairment	1,882		2,094
Ending balance	1,882	2,871	2,094
Loans:
Ending balance: individually evaluated for impairment	0		0
Ending balance: collectively evaluated for impairment	194,354		187,097
Ending balance	194,354		187,097
Land and Construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	174	236
Reversal of provision for loan losses	31	(45)
Charge-offs	0	0
Recoveries	0	50
Ending balance allocated to portfolio segments	205	241
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0		0
Loans collectively evaluated for impairment	205		174
Ending balance	205	$ 241	174
Loans:
Ending balance: individually evaluated for impairment	0		0
Ending balance: collectively evaluated for impairment	23,517		17,912
Ending balance	$ 23,517		$ 17,912

LOANS - Portfolio Allocated by

LOANS - Portfolio Allocated by Internal Risk Ratings (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	$ 6,366,318	$ 6,297,420
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	6,273,349	6,185,182
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	72,291	95,544
Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	6,904	4,586
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	13,774	12,108
Multifamily residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	4,232,227	4,210,735
Multifamily residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	4,165,085	4,129,767
Multifamily residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	50,535	66,062
Multifamily residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	4,610	4,586
Multifamily residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	11,997	10,320
Single family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,916,220	1,881,676
Single family residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,897,046	1,856,942
Single family residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	16,071	22,946
Single family residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,326	0
Single family residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	1,777	1,788
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	194,354	187,097
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	188,236	180,950
Commercial real estate | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	5,150	6,147
Commercial real estate | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	968	0
Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	0
Land and Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	23,517	17,912
Land and Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	22,982	17,523
Land and Construction | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	535	389
Land and Construction | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	0
Land and Construction | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	$ 0	$ 0

LOANS - Aging Analysis (Details

LOANS - Aging Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Non-accrual	$ 2,277	$ 2,293
Loans held for investment, gross	6,366,318	6,297,420
30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	1,170	271
60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	1,688	0
90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	6,361,183	6,294,856
Multifamily residential
Financing Receivable, Past Due [Line Items]
Non-accrual	500	505
Loans held for investment, gross	4,232,227	4,210,735
Multifamily residential | 30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Multifamily residential | 60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	362	0
Multifamily residential | 90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Multifamily residential | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	4,231,365	4,210,230
Single family residential
Financing Receivable, Past Due [Line Items]
Non-accrual	1,777	1,788
Loans held for investment, gross	1,916,220	1,881,676
Single family residential | 30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	1,170	271
Single family residential | 60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	1,326	0
Single family residential | 90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Single family residential | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	1,911,947	1,879,617
Commercial real estate
Financing Receivable, Past Due [Line Items]
Non-accrual	0	0
Loans held for investment, gross	194,354	187,097
Commercial real estate | 30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Commercial real estate | 60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Commercial real estate | 90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Commercial real estate | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	194,354	187,097
Land and Construction
Financing Receivable, Past Due [Line Items]
Non-accrual	0	0
Loans held for investment, gross	23,517	17,912
Land and Construction | 30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Land and Construction | 60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Land and Construction | 90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Land and Construction | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	$ 23,517	$ 17,912

LOANS - Impaired Loans (Details

LOANS - Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Recorded Investment
With no related allowance recorded	$ 5,313		$ 5,352
With an allowance recorded	830		840
Total	6,143		6,192
Unpaid Principal Balance
With no related allowance recorded	5,581		5,615
With an allowance recorded	827		836
Total	6,408		6,451
Related Allowance	25		25
Average Recorded Investment
With no related allowance recorded	5,333	$ 7,356
With an allowance recorded	835	871
Total	6,168	8,227
Interest Income
With no related allowance recorded	51	66
With an allowance recorded	6	7
Total	57	73
Cash Basis Interest
With no related allowance recorded	27	62
With an allowance recorded	0	0
Total	27	62
Multifamily residential
Recorded Investment
With no related allowance recorded	500		505
Total	500		505
Unpaid Principal Balance
With no related allowance recorded	577		582
Total	577		582
Related Allowance	0		0
Average Recorded Investment
With no related allowance recorded	503	1,566
Total	503	1,566
Interest Income
With no related allowance recorded	8	5
Total	8	5
Cash Basis Interest
With no related allowance recorded	8	5
Total	8	5
Single family residential
Recorded Investment
With no related allowance recorded	4,813		4,847
With an allowance recorded	830		840
Total	5,643		5,687
Unpaid Principal Balance
With no related allowance recorded	5,004		5,033
With an allowance recorded	827		836
Total	5,831		5,869
Related Allowance	25		$ 25
Average Recorded Investment
With no related allowance recorded	4,830	5,790
With an allowance recorded	835	871
Total	5,665	6,661
Interest Income
With no related allowance recorded	43	61
With an allowance recorded	6	7
Total	49	68
Cash Basis Interest
With no related allowance recorded	19	57
With an allowance recorded	0	0
Total	$ 19	$ 57

LOANS - Troubled Debt Restructu

LOANS - Troubled Debt Restructurings (Details)	3 Months Ended
	Mar. 31, 2022USD ($)loan	Mar. 31, 2021USD ($)loan	Dec. 31, 2021USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | loan	1	0
Modifications, suspension of loan payments, term		6 months
Allowance for credit loss, increase from troubled debt restructuring		$ 0
Impaired, troubled debt restructuring, write-down		$ 0
Subsequent default, number of loans | loan	0	0
Single family residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	$ 1,607,000		$ 1,204,000
Related allowance	$ 25,000		$ 25,000
Number of Contracts | loan	1
Pre-Modification Outstanding Recorded Investment	$ 405,000
Post-Modification Outstanding Recorded Investment	$ 412,000

NONPERFORMING ASSETS (Details)

NONPERFORMING ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 2,277		$ 2,293
Real estate owned	0		0
Total nonperforming assets	2,277		2,293
Interest income recognized on non-accrual loans	27	$ 62
Contractual interest not accrued during the quarter	7	$ 16
Multifamily residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	500		505
Single family residential
Financing Receivable, Past Due [Line Items]
Total non-accrual loans	$ 1,777		$ 1,788

MORTGAGE SERVICING RIGHTS - Mor

MORTGAGE SERVICING RIGHTS - Mortgage Loans Serviced for Others (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 162,990	$ 185,729
Federal Home Loan Mortgage Corporation ("Freddie Mac")
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	105,741	127,431
Other financial institutions
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 57,249	$ 58,298

MORTGAGE SERVICING RIGHTS - Nar

MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
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	$ 1.3	$ 5
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	5.60%	7.60%
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	48.40%	48.80%
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	27.70%	29.20%

MORTGAGE SERVICING RIGHTS - M_2

MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 915	$ 1,599
Additions	0	0
Disposals	0	0
Changes in fair value due to changes in assumptions	0	0
Other changes in fair value	(104)	(171)
Ending balance	$ 811	$ 1,428

LEASES (Details)

LEASES (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Leases [Abstract]
Renewal term	5 years
Operating lease right-of-use assets included in prepaid expenses and other assets	$ 14,940
Operating lease liabilities included in other liabilities and accrued expenses	15,337
Operating lease costs included in occupancy expense	$ 929
Weighted average remaining lease term (years) of operating leases	4 years 10 months 24 days
Weighted average discount rate of operating leases	1.67%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,033
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
April 1 - December 31, 2022	2,919
2023	3,560
2024	2,737
2025	2,311
2026	2,108
Thereafter	2,418
Total undiscounted lease payments	16,053
Less: Imputed interest	(716)
Net lease liabilities	$ 15,337

DEPOSITS - Deposits (Details)

DEPOSITS - Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deposits, by Type [Abstract]
Time deposits	$ 2,209,375	$ 2,335,141
Money market savings	2,443,522	2,294,367
Interest-bearing demand	172,242	176,126
Money market checking	612,201	580,325
Noninterest-bearing demand	163,907	152,284
Deposits	$ 5,601,247	$ 5,538,243

DEPOSITS - Narrative (Details)

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Certificates of deposit that meet or exceed FDIC insurance limit	$ 961.8	$ 1,100
Brokered deposits	$ 76	$ 25.8

DEPOSITS - Maturities (Details)

DEPOSITS - Maturities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Maturities of Time Deposits, Twelve months ending March 31,
April 1 - December 31, 2022	$ 1,787,146
2023	335,529
2024	26,210
2025	9,469
2026	44,225
Thereafter	6,796
Time Deposits	$ 2,209,375

FEDERAL HOME LOAN BANK AND FE_3

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Short-term Debt [Line Items]
FHLB advances, maximum percentage of assets	40.00%
Loans held for investment, gross	$ 6,366,318,000		$ 6,297,420,000
Borrowing capacity based on pledged loans to the FRB and FHLB	1,000,000,000		1,200,000,000
Loans available to be pledged as collateral	2,700,000,000		2,500,000,000
Maximum short-term debt outstanding during period	135,300,000	$ 203,600,000
Average short-term debt outstanding during period	$ 21,700,000
Weighted average interest rate	0.34%
FHLB Advances
Short-term Debt [Line Items]
Letters of credit pledged as collateral	$ 62,600,000		62,600,000
FHLB Advances | Asset Pledged as Collateral
Short-term Debt [Line Items]
Loans held for investment, gross	2,300,000,000		2,400,000,000
FRB Advances
Short-term Debt [Line Items]
Borrowings outstanding	0		0
FRB Advances | Asset Pledged as Collateral
Short-term Debt [Line Items]
Loans held for investment, gross	$ 570,900,000		$ 583,000,000

FEDERAL HOME LOAN BANK AND FE_4

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - FHLB Advances (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 751,647	$ 751,647
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	$ 751,647
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	1.75%

FEDERAL HOME LOAN BANK AND FE_5

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Schedule of Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
Outstanding advances from FHLB	$ 751,647	$ 751,647
FHLB of San Francisco
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
April 1 - December 31, 2022	0
2023	250,000
2024	300,000
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	3 Months Ended
	Mar. 31, 2022USD ($)trust
Investment Holdings [Line Items]
Number of wholly-owned trust companies | trust	2
Trusts
Investment Holdings [Line Items]
Investment in common securities | $	$ 1.9
Trust Preferred Securities Subject to Mandatory Redemption | Trusts
Investment Holdings [Line Items]
Interest deferment period (not exceeding)	5 years

JUNIOR SUBORDINATED DEFERRABL_4

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Schedule of Trusts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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	2.21%	1.58%
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	2.45%	1.82%
Trust Preferred Securities Subject to Mandatory Redemption | Luther Burbank Statutory Trust II | Trusts | LIBOR
Debt Instrument [Line Items]
Rate Index (Quarterly Reset)	1.62%

SENIOR DEBT - Narrative (Detail

SENIOR DEBT - Narrative (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2014
Senior Unsecured Term Notes, September 2014 | Senior Unsecured Term Notes
Debt Instrument [Line Items]
Principal	$ 95,000,000	$ 95,000,000	$ 95,000,000

SENIOR DEBT - Schedule of Debt

SENIOR DEBT - Schedule of Debt (Details) - Senior Unsecured Term Notes, September 2014 - Senior Unsecured Term Notes - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2014
Debt Instrument [Line Items]
Principal	$ 95,000,000	$ 95,000,000	$ 95,000,000
Unamortized Debt Issuance Costs	$ 307,000	$ 338,000
Fixed Interest Rate	6.50%

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)instrument	Mar. 31, 2021USD ($)instrument	Dec. 31, 2021USD ($)
Derivative [Line Items]
Cumulative amount of last-of-layer fair value hedging basis adjustments	$ (10,900,000)		$ (3,100,000)
Carrying amount of the last-of-layer hedged assets	739,100,000		646,900,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Closed portfolio loans used in hedging relationship	1,100,000,000		1,000,000,000
Cumulative amount of last-of-layer fair value hedging basis adjustments	(10,889,000)		(3,110,000)
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Notional amounts	750,000,000		650,000,000
Carrying amount of the last-of-layer hedged assets	$ 739,111,000		$ 646,890,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap | Three Derivative Instruments Held
Derivative [Line Items]
Number of agreements entered into | instrument	3
Term of contract	2 years
Notional amounts	$ 750,000,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap | One Derivative Instrument Held
Derivative [Line Items]
Term of contract	2 years
Notional amounts	$ 100,000,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap | Two Derivative Instruments Held
Derivative [Line Items]
Number of agreements entered into | instrument	2
Term of contract		2 years
Number of instruments matured during the period | instrument		2
Notional amount matured during the period		$ 1,000,000,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap One | Two Derivative Instruments Held
Derivative [Line Items]
Notional amount matured during the period		500,000,000
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap Two | Two Derivative Instruments Held
Derivative [Line Items]
Notional amount matured during the period		$ 500,000,000

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Statement of Income (Details) - Interest Rate Swap - Designated as Hedging Instrument - Fair Value Hedging - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net decrease in interest income	$ (78)	$ (3,431)
Interest Income on Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative - interest rate swap, interest income	(65)	(3,416)
Hedged items - loans, interest income	$ (13)	$ (15)

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Balance Sheet (Details) - Interest Rate Swap - Designated as Hedging Instrument - Fair Value Hedging - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Notional Amount	$ 750,000,000	$ 650,000,000
Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	10,874,000	3,108,000
Other Liabilities and Accrued Expenses
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 0	$ 0

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Amounts Recorded on the Balance Sheet Related to Cumulative Adjustments on Fair Value Hedges (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 739,100	$ 646,900
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	(10,900)	(3,100)
Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	(10,889)	(3,110)
Interest Rate Swap | Designated as Hedging Instrument | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 739,111	$ 646,890

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for new awards (in shares)	3,360,000
Common stock available for grant (in shares)	1,658,769		1,861,344
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 710	$ 584
Fair value of awards vested	2,600	$ 2,400
Unrecognized compensation expense	$ 4,700		$ 2,600
Restricted stock awards or units granted (in shares)	445,331		489,703
Period of recognition for unrecognized compensation expense	2 years 21 days	1 year 8 months 8 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested (in shares)	84,727		91,486
Non-employee directors | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Minimum | Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum | Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

STOCK BASED COMPENSATION - Awar

STOCK BASED COMPENSATION - Awards Activity (Details) - RSUs and RSAs - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Number of Shares
Beginning of the period balance (in shares)	581,189	605,916
Shares granted (in shares)	206,675	283,078
Shares settled (in shares)	(253,706)	(265,655)
Shares forfeited (in shares)	(4,100)	(52,798)
End of the period balance (in shares)	530,058	570,541
Weighted Average Grant Date Fair Value
Beginning of the period balance (in usd per share)	$ 10.56	$ 10.93
Shares granted (in usd per share)	13.81	10.07
Shares settled (in usd per share)	10.45	11.02
Shares forfeited (in usd per share)	11.93	10.26
End of the period balance (in usd per share)	$ 11.87	$ 10.52

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt securities:
Available for sale debt securities, at fair value	$ 624,859	$ 647,317
Held to maturity	3,802	4,018
Equity securities	11,116	11,693
Carrying Amount
Financial assets:
Cash and cash equivalents	147,963	138,413
Debt securities:
Available for sale debt securities, at fair value	624,859	647,317
Held to maturity	3,798	3,829
Equity securities	11,116	11,693
Loans receivable, net	6,333,283	6,261,885
Accrued interest receivable	18,014	17,761
FHLB stock	22,563	23,411
Interest rate swaps	10,874	3,108
Financial liabilities:
Deposits	5,601,247	5,538,243
FHLB advances	751,647	751,647
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt	94,693	94,662
Accrued interest payable	153	118
Fair Value
Financial assets:
Cash and cash equivalents	147,963	138,413
Debt securities:
Available for sale debt securities, at fair value	624,859	647,317
Held to maturity	3,802	4,018
Equity securities	11,116	11,693
Loans receivable, net	6,354,197	6,297,548
Accrued interest receivable	18,014	17,761
Interest rate swaps	10,874	3,108
Financial liabilities:
Deposits	5,583,142	5,541,417
FHLB advances	733,659	755,981
Junior subordinated deferrable interest debentures	59,519	61,545
Senior debt	96,818	103,361
Accrued interest payable	153	118
Fair Value | Level 1
Financial assets:
Cash and cash equivalents	147,963	138,413
Debt securities:
Available for sale debt securities, at fair value	0	0
Held to maturity	0	0
Equity securities	0	0
Loans receivable, net	0	0
Accrued interest receivable	5	1
Interest rate swaps	0	0
Financial liabilities:
Deposits	3,106,872	2,918,102
FHLB advances	0	0
Junior subordinated deferrable interest debentures	0	0
Senior debt	0	0
Accrued interest payable	0	0
Fair Value | Level 2
Financial assets:
Cash and cash equivalents	0	0
Debt securities:
Available for sale debt securities, at fair value	624,859	647,317
Held to maturity	3,802	4,018
Equity securities	11,116	11,693
Loans receivable, net	0	0
Accrued interest receivable	933	927
Interest rate swaps	10,874	3,108
Financial liabilities:
Deposits	2,476,270	2,623,315
FHLB advances	733,659	755,981
Junior subordinated deferrable interest debentures	59,519	61,545
Senior debt	96,818	103,361
Accrued interest payable	153	118
Fair Value | Level 3
Financial assets:
Cash and cash equivalents	0	0
Debt securities:
Available for sale debt securities, at fair value	0	0
Held to maturity	0	0
Equity securities	0	0
Loans receivable, net	6,354,197	6,297,548
Accrued interest receivable	17,076	16,833
Interest rate swaps	0	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

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Available for sale debt securities, at fair value	$ 624,859	$ 647,317
Equity securities	11,116	11,693
Mortgage servicing rights	811	915	$ 1,428	$ 1,599
Financial liabilities:
Impaired loans	830	840
With no related allowance recorded	5,313	5,352
Residential MBS
Financial assets:
Available for sale debt securities, at fair value	180,346	200,133
Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Financial assets:
Available for sale debt securities, at fair value	406,603	407,746
Other ABS
Financial assets:
Available for sale debt securities, at fair value	27,410	28,607
Agency bonds
Financial assets:
Available for sale debt securities, at fair value	10,500	10,831
Fair Value
Financial assets:
Available for sale debt securities, at fair value	624,859	647,317
Equity securities	11,116	11,693
Interest rate swaps	10,874	3,108
Fair Value | Level 1
Financial assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Interest rate swaps	0	0
Fair Value | Level 2
Financial assets:
Available for sale debt securities, at fair value	624,859	647,317
Equity securities	11,116	11,693
Interest rate swaps	10,874	3,108
Fair Value | Level 3
Financial assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Interest rate swaps	0	0
Fair Value | Recurring Basis
Financial assets:
Available for sale debt securities, at fair value	624,859	647,317
Equity securities	11,116	11,693
Mortgage servicing rights	811	915
Interest rate swaps	10,874	3,108
Fair Value | Recurring Basis | Level 1
Financial assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Mortgage servicing rights	0	0
Interest rate swaps	0	0
Fair Value | Recurring Basis | Level 2
Financial assets:
Available for sale debt securities, at fair value	624,859	647,317
Equity securities	11,116	11,693
Mortgage servicing rights	0	0
Interest rate swaps	10,874	3,108
Fair Value | Recurring Basis | Level 3
Financial assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Mortgage servicing rights	811	915
Interest rate swaps	0	0
Fair Value | Recurring Basis | Residential MBS
Financial assets:
Available for sale debt securities, at fair value	180,346	200,133
Fair Value | Recurring Basis | Residential MBS | Level 1
Financial assets:
Available for sale debt securities, at fair value	0	0
Fair Value | Recurring Basis | Residential MBS | Level 2
Financial assets:
Available for sale debt securities, at fair value	180,346	200,133
Fair Value | Recurring Basis | Residential MBS | Level 3
Financial assets:
Available for sale debt securities, at fair value	0	0
Fair Value | Recurring Basis | Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Financial assets:
Available for sale debt securities, at fair value	406,603	407,746
Fair Value | Recurring Basis | Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") | Level 1
Financial assets:
Available for sale debt securities, at fair value	0	0
Fair Value | Recurring Basis | Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") | Level 2
Financial assets:
Available for sale debt securities, at fair value	406,603	407,746
Fair Value | Recurring Basis | Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") | Level 3
Financial assets:
Available for sale debt securities, at fair value	0	0
Fair Value | Recurring Basis | Other ABS
Financial assets:
Available for sale debt securities, at fair value	27,410	28,607
Fair Value | Recurring Basis | Other ABS | Level 1
Financial assets:
Available for sale debt securities, at fair value	0	0
Fair Value | Recurring Basis | Other ABS | Level 2
Financial assets:
Available for sale debt securities, at fair value	27,410	28,607
Fair Value | Recurring Basis | Other ABS | Level 3
Financial assets:
Available for sale debt securities, at fair value	0	0
Fair Value | Recurring Basis | Agency bonds
Financial assets:
Available for sale debt securities, at fair value	10,500	10,831
Fair Value | Recurring Basis | Agency bonds | Level 1
Financial assets:
Available for sale debt securities, at fair value	0	0
Fair Value | Recurring Basis | Agency bonds | Level 2
Financial assets:
Available for sale debt securities, at fair value	10,500	10,831
Fair Value | Recurring Basis | Agency bonds | Level 3
Financial assets:
Available for sale debt securities, at fair value	0	0
Single family residential
Financial liabilities:
Impaired loans	830	840
With no related allowance recorded	$ 4,813	$ 4,847

VARIABLE INTEREST ENTITIES (V_2

VARIABLE INTEREST ENTITIES (VIE) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Liabilities	$ 6,592,826	$ 6,510,824
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	$ 615	$ 727

LOAN SALE AND SECURITIZATION _3

LOAN SALE AND SECURITIZATION ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	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	807,400
Tier 1 Leverage Ratio	816,100
Goodwill	3,297	$ 3,297
Accumulated other comprehensive income (loss), net of taxes	$ (11,958)	$ 88
Multifamily Loan Securitization
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Maximum loss exposure as a percentage of original principal amount	10.00%
Loans receivable | Multifamily residential | Permanent mortgages
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Amount of loans sold			$ 626,000

LOAN SALE AND SECURITIZATION _4

LOAN SALE AND SECURITIZATION ACTIVITIES - Cash Flow from Sale of Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Transfers and Servicing [Abstract]
Servicing fees	$ 97	$ 171

LOAN SALE AND SECURITIZATION _5

LOAN SALE AND SECURITIZATION ACTIVITIES - Loans Transferred Through Loans or Securitization (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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	$ 11,882	$ 12,243
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	151,108	173,486
Loans 90+ days past due	0	0
Charge-offs, net	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Operating Leased Assets [Line Items]
Cash balances held at other institutions that exceed FDIC insured limits	$ 25,700,000	$ 25,500,000
Federal Funds | Line of Credit
Operating Leased Assets [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	50,000,000	50,000,000
Commitments to Extend Credit
Operating Leased Assets [Line Items]
Real estate loan funding commitments	134,000,000	132,800,000
Unfunded Loan Commitment
Operating Leased Assets [Line Items]
Reserve recorded on real estate loan funding commitments	$ 155,000	$ 153,000