Luther Burbank (LBC) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		51,074,605
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	Q3

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 256,658	$ 138,413
Available for sale debt securities, at fair value	640,473	647,317
Held to maturity debt securities, at amortized cost (fair value of $2,845 and $4,018 at September 30, 2022 and December 31, 2021, respectively)	3,135	3,829
Equity securities, at fair value	10,317	11,693
Loans receivable, net of allowance for loan losses of $36,035 and $35,535 at September 30, 2022 and December 31, 2021, respectively	6,818,420	6,261,885
Accrued interest receivable	21,011	17,761
Federal Home Loan Bank ("FHLB") stock, at cost	32,694	23,411
Premises and equipment, net	14,260	16,090
Goodwill	3,297	3,297
Prepaid expenses and other assets	121,319	56,261
Total assets	7,921,584	7,179,957
Liabilities:
Deposits	5,794,380	5,538,243
FHLB advances	1,201,647	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 $246 and $338 at September 30, 2022 and December 31, 2021, respectively)	94,754	94,662
Accrued interest payable	950	118
Other liabilities and accrued expenses	91,327	64,297
Total liabilities	7,244,915	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 September 30, 2022 and December 31, 2021, respectively	0	0
Common stock, no par value; 100,000,000 shares authorized; 51,074,605 and 51,682,398 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	398,325	406,904
Retained earnings	310,160	262,141
Accumulated other comprehensive (loss) income, net of taxes	(31,816)	88
Total stockholders' equity	676,669	669,133
Total liabilities and stockholders' equity	$ 7,921,584	$ 7,179,957

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fair value of held-to-maturity securities	$ 2,845,000	$ 4,018,000
Allowance for loan losses	$ 36,035,000	$ 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)	51,074,605	51,682,398
Common stock shares outstanding (in shares)	51,074,605	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	$ 246,000	$ 338,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest and fee income:
Loans	$ 62,366	$ 55,757	$ 172,911	$ 164,006
Investment securities	4,127	2,213	9,290	6,287
Cash, cash equivalents and restricted cash	547	78	812	162
Total interest and fee income	67,040	58,048	183,013	170,455
Interest expense:
Deposits	14,085	7,535	27,018	28,890
FHLB advances	5,346	3,573	12,071	11,345
Junior subordinated deferrable interest debentures	560	250	1,220	763
Senior debt	1,575	1,574	4,724	4,723
Total interest expense	21,566	12,932	45,033	45,721
Net interest income before provision for loan losses	45,474	45,116	137,980	124,734
Provision for (reversal of) loan losses	500	(4,000)	500	(9,000)
Net interest income after provision for loan losses	44,974	49,116	137,480	133,734
Noninterest income:
FHLB dividends	363	407	1,059	1,145
Other income	(94)	24	(370)	105
Total noninterest income	269	431	689	1,250
Noninterest expense:
Compensation and related benefits	8,857	9,596	26,146	28,617
Deposit insurance premium	508	492	1,468	1,431
Professional and regulatory fees	639	445	1,812	1,543
Occupancy	1,199	1,263	3,590	3,735
Depreciation and amortization	806	625	2,155	1,958
Data processing	1,044	883	3,039	2,729
Marketing	1,211	380	2,194	907
Other expenses	1,112	951	3,809	2,999
Total noninterest expense	15,376	14,635	44,213	43,919
Income before provision for income taxes	29,867	34,912	93,956	91,065
Provision for income taxes	8,865	10,169	27,447	26,695
Net income	$ 21,002	$ 24,743	$ 66,509	$ 64,370
Basic earnings per common share (in usd per share)	$ 0.41	$ 0.48	$ 1.31	$ 1.25
Diluted earnings per common share (in usd per share)	0.41	0.48	1.30	1.24
Dividends per common share (in usd per share)	$ 0.12	$ 0.12	$ 0.36	$ 0.24

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 21,002	$ 24,743	$ 66,509	$ 64,370
Unrealized loss on available for sale debt securities:
Unrealized holding loss arising during the period	(14,855)	(2,482)	(44,970)	(5,785)
Tax effect	4,334	722	13,066	1,681
Total other comprehensive loss, net of tax	(10,521)	(1,760)	(31,904)	(4,104)
Comprehensive income	$ 10,481	$ 22,983	$ 34,605	$ 60,266

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	64,370		64,370
Other comprehensive loss	(4,104)			(4,104)
Issuance of restricted stock awards (in shares)		289,473
Settled restricted stock units (in shares)		68,873
Shares withheld to pay taxes on stock based compensation (in shares)		(85,825)
Shares withheld to pay taxes on stock based compensation	(901)	$ (901)
Restricted stock forfeitures (in shares)		(54,130)
Restricted stock forfeitures	(58)	$ (72)	14
Stock based compensation expense	1,952	$ 1,952
Shares repurchased (in shares)		(756,053)
Shares repurchased	(8,768)	$ (8,768)
Cash dividends	(12,246)		(12,246)
Ending balance (shares) at Sep. 30, 2021		51,682,604
Ending balance at Sep. 30, 2021	653,936	$ 406,331	244,972	2,633
Beginning balance (shares) at Jun. 30, 2021		51,861,704
Beginning balance at Jun. 30, 2021	638,699	$ 407,860	226,446	4,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,743		24,743
Other comprehensive loss	(1,760)			(1,760)
Restricted stock forfeitures (in shares)		(1,332)
Restricted stock forfeitures	(5)	$ (5)	0
Stock based compensation expense	650	$ 650
Shares repurchased (in shares)		(177,768)
Shares repurchased	(2,174)	$ (2,174)
Cash dividends	(6,217)		(6,217)
Ending balance (shares) at Sep. 30, 2021		51,682,604
Ending balance at Sep. 30, 2021	653,936	$ 406,331	244,972	2,633
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	66,509		66,509
Other comprehensive loss	(31,904)			(31,904)
Issuance of restricted stock awards (in shares)		218,048
Settled restricted stock units (in shares)		10,261
Shares withheld to pay taxes on stock based compensation (in shares)		(66,190)
Shares withheld to pay taxes on stock based compensation	(926)	$ (926)
Restricted stock forfeitures (in shares)		(37,839)
Restricted stock forfeitures	(57)	$ (71)	14
Stock based compensation expense	2,152	$ 2,152
Shares repurchased (in shares)		(732,073)
Shares repurchased	(9,734)	$ (9,734)
Cash dividends	(18,504)		(18,504)
Ending balance (shares) at Sep. 30, 2022		51,074,605
Ending balance at Sep. 30, 2022	676,669	$ 398,325	310,160	(31,816)
Beginning balance (shares) at Jun. 30, 2022		51,063,498
Beginning balance at Jun. 30, 2022	671,622	$ 397,620	295,297	(21,295)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,002		21,002
Other comprehensive loss	(10,521)			(10,521)
Issuance of restricted stock awards (in shares)		11,373
Settled restricted stock units (in shares)		3,502
Shares withheld to pay taxes on stock based compensation (in shares)		(3,768)
Shares withheld to pay taxes on stock based compensation	(51)	$ (51)
Stock based compensation expense	756	$ 756
Cash dividends	(6,139)		(6,139)
Ending balance (shares) at Sep. 30, 2022		51,074,605
Ending balance at Sep. 30, 2022	$ 676,669	$ 398,325	$ 310,160	$ (31,816)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends (in usd per share)	$ 0.12	$ 0.12	$ 0.36	$ 0.24

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 66,509	$ 64,370
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,155	1,958
Provision for (reversal of) loan losses	500	(9,000)
Amortization of deferred loan costs, net	11,173	15,035
Amortization of premiums on investment securities, net	552	1,698
Stock based compensation expense, net of forfeitures	2,081	1,880
Change in fair value of mortgage servicing rights	190	639
Change in fair value of equity securities	1,376	233
Other items, net	217	125
Effect of changes in:
Accrued interest receivable	(3,250)	(94)
Accrued interest payable	832	(1,211)
Prepaid expenses and other assets	(12,653)	(1,920)
Other liabilities and accrued expenses	11,483	11,804
Net cash provided by operating activities	81,165	85,517
Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of available for sale debt securities	108,908	109,718
Proceeds from maturities and paydowns of held to maturity debt securities	684	3,234
Purchases of available for sale debt securities	(147,578)	(176,200)
Net increase in loans receivable	(592,313)	(31,251)
Proceeds from sale of loans	0	1,731
Purchase of loans, including discounts/premiums	0	(286,917)
(Purchase) redemption of FHLB stock, net	9,283	(1,711)
Purchase of premises and equipment	(325)	(191)
Net cash used in investing activities	(639,907)	(378,165)
Cash flows from financing activities:
Net increase in deposits	256,137	322,827
Proceeds from long-term FHLB advances	350,000	350,000
Repayment of long-term FHLB advances	(100,000)	(405,100)
Net change in short-term FHLB advances	200,000	0
Shares withheld for taxes on vested restricted stock	(926)	(901)
Shares repurchased	(9,734)	(8,768)
Cash paid for dividends	(18,490)	(12,232)
Net cash provided by financing activities	676,987	245,826
Increase (decrease) in cash, cash equivalents and restricted cash	118,245	(46,822)
Cash, cash equivalents and restricted cash, beginning of period	138,413	178,861
Cash, cash equivalents and restricted cash, end of period	256,658	132,039
Supplemental disclosure of cash flow information: Cash paid during the period for:
Interest	44,201	46,932
Income taxes	21,987	25,901
Non-cash investing activity:
Lease liabilities arising from obtaining right-of-use assets	15,707	0
Loans transferred to held for sale	$ 0	$ 1,706

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 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 the Bank's 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 executive offices in Santa Rosa and 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 and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 21,002 $ 24,743 $ 66,509 $ 64,370 Weighted average basic common shares outstanding 50,738,479 51,333,283 50,956,972 51,680,782 Add: Dilutive effects of assumed vesting of restricted stock 155,079 211,630 114,774 153,980 Weighted average diluted common shares outstanding 50,893,558 51,544,913 51,071,746 51,834,762 Income per common share: Basic EPS $ 0.41 $ 0.48 $ 1.31 $ 1.25 Diluted EPS $ 0.41 $ 0.48 $ 1.30 $ 1.24 Anti-dilutive shares not included in calculation of diluted earnings per share — — 2,493 6,291 Adoption of New Financial Accounting Standards FASB ASU 2016-13 In June 2016, the Financial Accounting Standards Board ("FASB") issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss ("CECL") model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held to maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. The transition will be applied as follows: - For debt securities with other than temporary impairment ("OTTI"), the guidance will be applied prospectively. - Existing purchased credit impaired ("PCI") assets will be grandfathered and classified as purchased credit deteriorated ("PCD") assets at the date of adoption. The assets will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. - For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. These amendments are effective for PBEs that are SEC filers for annual periods and interim periods within those annual periods beginning after December 15, 2019. As an emerging growth company, the Company expects to adopt this guidance on January 1, 2023. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Sep. 30, 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 September 30, 2022: Government and Government Sponsored Entities: Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 404,141 $ 551 $ (23,840) $ 380,852 Residential MBS and CMOs 214,557 44 (21,060) 193,541 Agency bonds 39,963 210 (84) 40,089 Other asset backed securities ("ABS") 26,658 — (667) 25,991 Total available for sale debt securities $ 685,319 $ 805 $ (45,651) $ 640,473 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 $(31.8) million and $88 thousand, net of $13.0 million and $(36) thousand in tax assets (liabilities), at September 30, 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 or nine months ended September 30, 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: September 30, 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 $ 204,498 $ (7,168) $ 99,631 $ (16,672) $ 304,129 $ (23,840) Residential MBS and CMOs 125,321 (9,554) 62,127 (11,506) 187,448 (21,060) Agency bonds 14,846 (84) — — 14,846 (84) Other ABS 16,251 (378) 9,739 (289) 25,990 (667) Total available for sale debt securities $ 360,916 $ (17,184) $ 171,497 $ (28,467) $ 532,413 $ (45,651) At September 30, 2022, the Company held 89 residential MBS and CMOs of which 82 were in a loss position and nine had been in a loss position for twelve months or more. The Company held 60 commercial MBS and CMOs of which 46 were in a loss position and 13 had been in a loss position for twelve months or more. The Company held five agency bonds of which one was in a loss position and none had been in a loss position for twelve months or more. The Company held three other ABS of which all three were in a loss position and one 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 September 30, 2022 or December 31, 2021. As of September 30, 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 September 30, 2022: Government Sponsored Entities: Residential MBS $ 3,072 $ — $ (290) $ 2,782 Other investments 63 — — 63 Total held to maturity investment securities $ 3,135 $ — $ (290) $ 2,845 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 September 30, 2022: Government Sponsored Entities: Residential MBS $ 2,782 $ (290) $ — $ — $ 2,782 $ (290) At September 30, 2022, the Company had seven held to maturity residential MBS of which all seven 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 September 30, 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 September 30, 2022. The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of September 30, 2022: September 30, 2022 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 39,963 $ 40,089 MBS, CMOs and other ABS 645,356 600,384 Total available for sale debt securities $ 685,319 $ 640,473 Held to maturity investments securities Five to ten years $ 63 $ 63 MBS 3,072 2,782 Total held to maturity debt securities $ 3,135 $ 2,845 The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. As such, mortgage backed securities, collateralized mortgage obligations and other asset backed securities are not included in the maturity categories above and instead are shown separately. No securities were pledged as of September 30, 2022 or December 31, 2021. Equity Securities Equity securities consist of investments in a qualified community reinvestment fund. At September 30, 2022 and December 31, 2021, the fair value of equity securities totaled $10.3 million and $11.7 million, respectively. Changes in fair value are recognized in other noninterest income and totaled $(455) thousand and $(1.4) million during the three and nine months ended September 30, 2022, respectively, compared to $(55) thousand and $(233) thousand during the three and nine months ended September 30, 2021, respectively. There were no sales of equity securities during the three or nine months ended September 30, 2022 or 2021.

LOANS

LOANS	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
LOANS	LOANS Loans consist of the following: (Dollars in thousands) September 30, December 31, Permanent mortgages on: Multifamily residential $ 4,495,363 $ 4,210,735 Single family residential 2,159,384 1,881,676 Commercial real estate 181,971 187,097 Land and construction loans 17,737 17,912 Total 6,854,455 6,297,420 Allowance for loan losses (36,035) (35,535) Loans held for investment, net $ 6,818,420 $ 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 September 30, 2022 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 26,007 $ 7,625 $ 1,673 $ 230 $ 35,535 Provision for (reversal of) loan losses 197 532 (130) (99) 500 Charge-offs — — — — — Recoveries — — — — — Ending balance allocated to portfolio segments $ 26,204 $ 8,157 $ 1,543 $ 131 $ 36,035 Three months ended September 30, 2021 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 30,114 $ 8,332 $ 2,705 $ 184 $ 41,335 Reversal of provision for loan losses (2,933) (747) (283) (37) (4,000) Charge-offs — — — — — Recoveries — — — — — Ending balance allocated to portfolio segments $ 27,181 $ 7,585 $ 2,422 $ 147 $ 37,335 Nine months ended September 30, 2022 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 26,043 $ 7,224 $ 2,094 $ 174 $ 35,535 Provision for (reversal of) loan losses 161 933 (551) (43) 500 Charge-offs — — — — — Recoveries — — — — — Ending balance allocated to portfolio segments $ 26,204 $ 8,157 $ 1,543 $ 131 $ 36,035 Nine months ended September 30, 2021 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 Reversal of provision for loan losses (6,078) (1,851) (925) (146) (9,000) Charge-offs — — — — — Recoveries — 64 — 57 121 Ending balance allocated to portfolio segments $ 27,181 $ 7,585 $ 2,422 $ 147 $ 37,335 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 September 30, 2022: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 26,204 8,132 1,543 131 36,010 Ending balance $ 26,204 $ 8,157 $ 1,543 $ 131 $ 36,035 Loans: Ending balance: individually evaluated for impairment $ 843 $ 6,434 $ — $ — $ 7,277 Ending balance: collectively evaluated for impairment 4,494,520 2,152,950 181,971 17,737 6,847,178 Ending balance $ 4,495,363 $ 2,159,384 $ 181,971 $ 17,737 $ 6,854,455 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 September 30, 2022 and December 31, 2021. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of September 30, 2022: Grade: Pass $ 4,442,276 $ 2,141,123 $ 177,805 $ 17,737 $ 6,778,941 Watch 32,912 15,274 3,208 — 51,394 Special mention 2,473 — 958 — 3,431 Substandard 17,702 2,987 — — 20,689 Total $ 4,495,363 $ 2,159,384 $ 181,971 $ 17,737 $ 6,854,455 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 September 30, 2022 and December 31, 2021: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of September 30, 2022: Loans: Multifamily residential $ — $ — $ — $ 843 $ 4,494,520 $ 4,495,363 Single family residential — — — 2,987 2,156,397 2,159,384 Commercial real estate — — — — 181,971 181,971 Land and construction — — — — 17,737 17,737 Total $ — $ — $ — $ 3,830 $ 6,850,625 $ 6,854,455 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 September 30, 2022 and December 31, 2021: As of September 30, 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 $ 843 $ 919 $ — $ 505 $ 582 $ — Single family residential 5,623 5,818 — 4,847 5,033 — 6,466 6,737 — 5,352 5,615 — With an allowance recorded: Single family residential 811 808 25 840 836 25 811 808 25 840 836 25 Total: Multifamily residential 843 919 — 505 582 — Single family residential 6,434 6,626 25 5,687 5,869 25 $ 7,277 $ 7,545 $ 25 $ 6,192 $ 6,451 $ 25 The following tables summarize information related to impaired loans for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, 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 $ 847 $ 13 $ 13 $ 664 $ 8 $ 8 Single family residential 6,791 60 32 3,274 32 — 7,638 73 45 3,938 40 8 With an allowance recorded: Single family residential 815 7 — 854 6 — 815 7 — 854 6 — Total: Multifamily residential 847 13 13 664 8 8 Single family residential 7,606 67 32 4,128 38 — $ 8,453 $ 80 $ 45 $ 4,792 $ 46 $ 8 Nine Months Ended September 30, 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 $ 712 $ 38 $ 38 $ 891 $ 22 $ 22 Single family residential 5,935 140 61 4,781 143 85 6,647 178 99 5,672 165 107 With an allowance recorded: Single family residential 825 20 — 863 19 — 825 20 — 863 19 — Total: Multifamily residential 712 38 38 891 22 22 Single family residential 6,760 160 61 5,644 162 85 $ 7,472 $ 198 $ 99 $ 6,535 $ 184 $ 107 The following table summarizes the recorded investment related to troubled debt restructurings ("TDRs") at September 30, 2022 and December 31, 2021: (Dollars in thousands) September 30, December 31, Troubled debt restructurings: Single family residential $ 1,222 $ 1,204 The Company has allocated $25 thousand of its allowance for loan losses for loans modified in TDRs at both September 30, 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 nine months ended September 30, 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 or nine months ended September 30, 2021. The Company had no TDRs with a subsequent payment default within twelve months following the modification during the three or nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
NONPERFORMING ASSETS	NONPERFORMING ASSETS Nonperforming assets include nonperforming loans plus real estate owned. The Company’s nonperforming assets at September 30, 2022 and December 31, 2021 are indicated below: (Dollars in thousands) September 30, December 31, Non-accrual loans: Multifamily residential $ 843 $ 505 Single family residential 2,987 1,788 Total non-accrual loans 3,830 2,293 Real estate owned — — Total nonperforming assets $ 3,830 $ 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 and nine months ended September 30, 2022 totaling $45 thousand and $99 thousand, respectively, compared to $8 thousand and $107 thousand during the three and nine months ended September 30, 2021. Contractual interest not recorded on nonperforming loans during the three and nine months ended September 30, 2022 totaled $6 thousand and $30 thousand, respectively, compared to $5 thousand and $21 thousand for the three and nine months ended September 30, 2021, respectively.

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	9 Months Ended
	Sep. 30, 2022
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	MORTGAGE SERVICING RIGHTS Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and conducting foreclosure proceedings. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans are as follows: (Dollars in thousands) September 30, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 85,677 $ 127,431 Other financial institutions 42,770 58,298 Total mortgage loans serviced for others $ 128,447 $ 185,729 Custodial account balances maintained in connection with serviced loans totaled $1.4 million and $5.0 million at September 30, 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 September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Beginning balance $ 779 $ 1,192 $ 915 $ 1,599 Additions — — — — Disposals — — — — Changes in fair value due to changes in assumptions — — — — Other changes in fair value (54) (232) (190) (639) Ending balance $ 725 $ 960 $ 725 $ 960

LEASES

LEASES	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
LEASES	LEASES The Company leases various office premises under long-term operating lease agreements. These leases expire between 2023 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 is 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 and nine months ended September 30, 2022 is as follows: (Dollars in thousands) September 30, 2022 Operating lease right-of-use assets included in prepaid expenses and other assets $ 12,803 Operating lease liabilities included in other liabilities and accrued expenses 12,984 Weighted average remaining lease term (years) of operating leases 4.8 Weighted average discount rate of operating leases 2.47 % (Dollars in thousands) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease costs included in occupancy expense $ 911 $ 2,750 Cash paid for amounts included in the measurement of operating lease liabilities 1,019 3,071 At September 30, 2022, future undiscounted lease payments with initial terms of one year or more are as follows: (Dollars in thousands) October 1 - December 31, 2022 $ 979 2023 3,357 2024 2,661 2025 2,238 2026 2,051 Thereafter 2,572 Total undiscounted lease payments 13,858 Less: Imputed interest (874) Net lease liabilities $ 12,984

DEPOSITS

DEPOSITS	9 Months Ended
	Sep. 30, 2022
Deposits [Abstract]
DEPOSITS	DEPOSITS A summary of deposits at September 30, 2022 and December 31, 2021 is as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Time deposits $ 2,614,401 $ 2,335,141 Money market savings 2,156,210 2,294,367 Money market checking 706,092 580,325 Interest-bearing demand 169,019 176,126 Noninterest-bearing demand 148,658 152,284 Total $ 5,794,380 $ 5,538,243 The Company had time deposits that met or exceeded the Federal Deposit Insurance Corporation ("FDIC") insurance limit of $250 thousand of $1.1 billion at both September 30, 2022 and December 31, 2021. The Company utilizes brokered deposits as an additional source of funding. The Company had brokered deposits of $340.5 million and $25.8 million at September 30, 2022 and December 31, 2021, respectively. The increase in brokered deposits was utilized to fund loan growth during the nine months ended September 30, 2022. Maturities of the Company’s time deposits at September 30, 2022 are summarized as follows: (Dollars in thousands) October 1 - December 31, 2022 $ 591,162 2023 1,766,304 2024 215,150 2025 7,623 2026 26,674 Thereafter 7,488 Total $ 2,614,401

FEDERAL HOME LOAN BANK AND FEDE

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	9 Months Ended
	Sep. 30, 2022
Advance from Federal Home Loan Bank [Abstract]
FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES The Bank may borrow from the FHLB, on either a short-term or long-term basis, up to 40% of its assets, provided that adequate collateral has been pledged. As of September 30, 2022 and December 31, 2021, the Bank had pledged various mortgage loans totaling approximately $3.1 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 $596.5 million and $583.0 million as of September 30, 2022 and December 31, 2021, respectively, secure this borrowing arrangement. There were no borrowings outstanding with the FRB as of September 30, 2022 or December 31, 2021. The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: Outstanding Balances As of September 30, 2022 (Dollars in thousands) September 30, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate short-term $ 200,000 $ — 2.81 % 3.16 % 2.99 % October 2022 to November 2022 Fixed rate long-term (1) 1,001,647 751,647 0.38 % 7.33 % 2.21 % March 2023 to March 2030 $ 1,201,647 $ 751,647 (1) Included in total fixed rate long-term advances is a $200.0 million advance which matures in September 2025 and contains an FHLB quarterly call provision beginning in September 2023. The Bank's available borrowing capacity based on pledged loans to the FHLB and the FRB totaled $973.1 million and $1.2 billion at September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022 and December 31, 2021, the Bank had aggregate loan balances of $2.1 billion and $2.5 billion, respectively available to pledge to the FHLB and FRB to increase its borrowing capacity. As of September 30, 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 and nine months ended September 30, 2022, there was a maximum amount of short-term borrowings outstanding of $406.9 million for both periods, an average amount outstanding of $265.3 million and $128.2 million, respectively, with a weighted average interest rate of 2.52% and 2.04%, respectively. During the three and nine months September 30, 2021, there was a maximum amount of short-term borrowings outstanding of $306.2 million and $352.9 million, respectively, an average amount outstanding of $113.4 million and $148.2 million, respectively, with a weighted average interest rate of 0.15% and 0.14%, respectively. The following table summarizes scheduled principal payments on FHLB advances over the next five years as of September 30, 2022: (Dollars in thousands) October 1 - December 31, 2022 $ 200,000 2023 250,000 2024 350,000 2025 301,500 2026 100,000 Thereafter 147 $ 1,201,647

JUNIOR SUBORDINATED DEFERRABLE

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021: September 30, 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 4.67 % $ 41,238 1.58 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 4.91 % $ 20,619 1.82 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT

SENIOR DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
SENIOR DEBT	SENIOR DEBT In September 2014, the Company issued $95 million in senior unsecured term notes to qualified institutional investors. The following table summarizes information on these notes as of September 30, 2022 and December 31, 2021: September 30, 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 $ 246 $ 95,000 $ 338 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 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 September 30, 2022, the Company held seven interest rate swaps with a total notional amount of $1.3 billion. During the nine months ended September 30, 2022, the Company entered into five new swap agreements with an aggregate notional amount of $600.0 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 nine months ended September 30, 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 and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Derivative - interest rate swaps: Interest income (loss) $ 2,971 $ (720) $ 3,404 $ (7,439) Hedged items - loans: Interest loss (77) (1) (125) (30) Net increase (decrease) in interest income $ 2,894 $ (721) $ 3,279 $ (7,469) 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 September 30, 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 September 30, 2022: Interest Rate Swaps $ 1,250,000 Prepaid Expenses and Other Assets $ 27,088 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 September 30, 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 (1) Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Dollars in thousands) As of September 30, 2022: Loans receivable, net $ 1,222,785 $ (27,215) As of December 31, 2021: Loans receivable, net $ 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 September 30, 2022 and December 31, 2021, the amortized cost basis of the portfolio loans used in these hedging relationships were $2.5 billion and $1.0 billion, respectively.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 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 for the three and nine months ended September 30, 2022 totaled $756 thousand and $2.1 million, respectively, compared with $645 thousand and $1.9 million for the three and nine months ended September 30, 2021, respectively. The fair value of RSAs and/or RSUs that vested during the three and nine months ended September 30, 2022 totaled $90 thousand and $2.7 million, respectively, compared to $2.4 million for the nine months ended September 30, 2021. No RSAs or RSUs vested during the three months ended September 30, 2021. As of September 30, 2022 and December 31, 2021, there was $3.0 million and $2.6 million, respectively, of unrecognized compensation expense related to 415,337 and 489,703 unvested RSAs, respectively, which amounts were expected to be expensed over a weighted average period of 1.81 years and 1.69 years, respectively. As of September 30, 2022 and December 31, 2021, 81,225 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: Nine Months Ended September 30, 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 218,048 13.78 289,473 10.11 Shares settled (264,836) 10.49 (265,655) 11.02 Shares forfeited (37,839) 11.97 (54,130) 10.30 End of the period balance 496,562 $ 11.90 575,604 $ 10.53

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2022: Financial assets: Cash and cash equivalents $ 256,658 $ 256,658 $ 256,658 $ — $ — Debt securities: Available for sale 640,473 640,473 — 640,473 — Held to maturity 3,135 2,845 — 2,845 — Equity securities 10,317 10,317 — 10,317 — Loans receivable, net 6,818,420 6,597,158 — — 6,597,158 Accrued interest receivable 21,011 21,011 88 1,969 18,954 FHLB stock 32,694 N/A N/A N/A N/A Interest rate swaps 27,088 27,088 — 27,088 — Financial liabilities: Deposits $ 5,794,380 $ 5,741,314 $ 2,919,979 $ 2,821,335 $ — FHLB advances 1,201,647 1,157,828 — 1,157,828 — Junior subordinated deferrable interest debentures 61,857 55,966 — 55,966 — Senior debt 94,754 93,486 — 93,486 — Accrued interest payable 950 950 — 950 — 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 September 30, 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 September 30, 2022: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 380,852 $ — $ 380,852 $ — Residential MBS and CMOs 193,541 — 193,541 — Agency bonds 40,089 — 40,089 — Other ABS 25,991 — 25,991 — Total available for sale debt securities $ 640,473 $ — $ 640,473 $ — Equity securities $ 10,317 $ — $ 10,317 $ — Mortgage servicing rights 725 — — 725 Interest rate swaps 27,088 — 27,088 — 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 and nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2022, the Bank’s net worth was $820.4 million which equates to its Tier 1 capital of $848.9 million plus goodwill of $3.3 million and accumulated other comprehensive loss related to net unrealized losses on available for sale securities of $31.8 million. General representations and warranties associated with loan sales and the securitization transaction require the Company to uphold various assertions that pertain to the underlying loans at the time of the transaction, including, but not limited to, compliance with relevant laws and regulations, absence of fraud, enforcement of liens, no environmental damages, and maintenance of relevant environmental insurance. Such representations and warranties are limited to those that do not meet the quality represented at the transaction date and do not pertain to a decline in value or future payment defaults. In circumstances where the Company breaches its representations and warranties, the Company would generally be required to cure such instances through a repurchase or substitution of the subject loan(s). With respect to the securitization transaction, the Company also has continuing involvement through a reimbursement agreement executed with Freddie Mac. To the extent the ultimate resolution of defaulted loans results in contractual principal and interest payments that are deficient, the Company is obligated to reimburse Freddie Mac for such amounts, not to exceed 10% of the original principal amount of the loans comprising the securitization pool at the closing date of September 27, 2017. The following table provides cash flows associated with the Company's loan sale activities: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Proceeds from loan sales $ — $ 1,731 $ — $ 1,731 Servicing fees 75 128 261 445 The following table provides information about the loans transferred through sales or securitization and not recorded in the consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations: (Dollars in thousands) Single Family Residential Multifamily Residential As of September 30, 2022: Principal balance of loans $ 11,091 $ 117,356 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	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021, the Company had outstanding commitments of approximately $77.7 million and $132.8 million, respectively, for loans and lines of credit. Unfunded commitment reserves totaled $113 thousand and $153 thousand at September 30, 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)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting	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 and nine months ended September 30, 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	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	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	FASB ASU 2016-13 In June 2016, the Financial Accounting Standards Board ("FASB") issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss ("CECL") model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held to maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. The transition will be applied as follows: - For debt securities with other than temporary impairment ("OTTI"), the guidance will be applied prospectively. - Existing purchased credit impaired ("PCI") assets will be grandfathered and classified as purchased credit deteriorated ("PCD") assets at the date of adoption. The assets will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. - For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. These amendments are effective for PBEs that are SEC filers for annual periods and interim periods within those annual periods beginning after December 15, 2019. As an emerging growth company, the Company expects to adopt this guidance on January 1, 2023. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective.
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 is 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.
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.
Fair Value Measurements	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.

NATURE OF OPERATIONS (Tables)

NATURE OF OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	(Dollars in thousands, except share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 21,002 $ 24,743 $ 66,509 $ 64,370 Weighted average basic common shares outstanding 50,738,479 51,333,283 50,956,972 51,680,782 Add: Dilutive effects of assumed vesting of restricted stock 155,079 211,630 114,774 153,980 Weighted average diluted common shares outstanding 50,893,558 51,544,913 51,071,746 51,834,762 Income per common share: Basic EPS $ 0.41 $ 0.48 $ 1.31 $ 1.25 Diluted EPS $ 0.41 $ 0.48 $ 1.30 $ 1.24 Anti-dilutive shares not included in calculation of diluted earnings per share — — 2,493 6,291

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022: Government and Government Sponsored Entities: Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 404,141 $ 551 $ (23,840) $ 380,852 Residential MBS and CMOs 214,557 44 (21,060) 193,541 Agency bonds 39,963 210 (84) 40,089 Other asset backed securities ("ABS") 26,658 — (667) 25,991 Total available for sale debt securities $ 685,319 $ 805 $ (45,651) $ 640,473 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: September 30, 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 $ 204,498 $ (7,168) $ 99,631 $ (16,672) $ 304,129 $ (23,840) Residential MBS and CMOs 125,321 (9,554) 62,127 (11,506) 187,448 (21,060) Agency bonds 14,846 (84) — — 14,846 (84) Other ABS 16,251 (378) 9,739 (289) 25,990 (667) Total available for sale debt securities $ 360,916 $ (17,184) $ 171,497 $ (28,467) $ 532,413 $ (45,651) 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 September 30, 2022: Government Sponsored Entities: Residential MBS $ 3,072 $ — $ (290) $ 2,782 Other investments 63 — — 63 Total held to maturity investment securities $ 3,135 $ — $ (290) $ 2,845 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 September 30, 2022: Government Sponsored Entities: Residential MBS $ 2,782 $ (290) $ — $ — $ 2,782 $ (290)
Schedule of Debt Maturities of Available-for-sale and Held-to-maturity Securities	The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of September 30, 2022: September 30, 2022 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 39,963 $ 40,089 MBS, CMOs and other ABS 645,356 600,384 Total available for sale debt securities $ 685,319 $ 640,473 Held to maturity investments securities Five to ten years $ 63 $ 63 MBS 3,072 2,782 Total held to maturity debt securities $ 3,135 $ 2,845

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Loans Receivable	Loans consist of the following: (Dollars in thousands) September 30, December 31, Permanent mortgages on: Multifamily residential $ 4,495,363 $ 4,210,735 Single family residential 2,159,384 1,881,676 Commercial real estate 181,971 187,097 Land and construction loans 17,737 17,912 Total 6,854,455 6,297,420 Allowance for loan losses (36,035) (35,535) Loans held for investment, net $ 6,818,420 $ 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 September 30, 2022 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 26,007 $ 7,625 $ 1,673 $ 230 $ 35,535 Provision for (reversal of) loan losses 197 532 (130) (99) 500 Charge-offs — — — — — Recoveries — — — — — Ending balance allocated to portfolio segments $ 26,204 $ 8,157 $ 1,543 $ 131 $ 36,035 Three months ended September 30, 2021 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 30,114 $ 8,332 $ 2,705 $ 184 $ 41,335 Reversal of provision for loan losses (2,933) (747) (283) (37) (4,000) Charge-offs — — — — — Recoveries — — — — — Ending balance allocated to portfolio segments $ 27,181 $ 7,585 $ 2,422 $ 147 $ 37,335 Nine months ended September 30, 2022 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 26,043 $ 7,224 $ 2,094 $ 174 $ 35,535 Provision for (reversal of) loan losses 161 933 (551) (43) 500 Charge-offs — — — — — Recoveries — — — — — Ending balance allocated to portfolio segments $ 26,204 $ 8,157 $ 1,543 $ 131 $ 36,035 Nine months ended September 30, 2021 Allowance for loan losses: Beginning balance allocated to portfolio segments $ 33,259 $ 9,372 $ 3,347 $ 236 $ 46,214 Reversal of provision for loan losses (6,078) (1,851) (925) (146) (9,000) Charge-offs — — — — — Recoveries — 64 — 57 121 Ending balance allocated to portfolio segments $ 27,181 $ 7,585 $ 2,422 $ 147 $ 37,335 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 September 30, 2022: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ 25 $ — $ — $ 25 Loans collectively evaluated for impairment 26,204 8,132 1,543 131 36,010 Ending balance $ 26,204 $ 8,157 $ 1,543 $ 131 $ 36,035 Loans: Ending balance: individually evaluated for impairment $ 843 $ 6,434 $ — $ — $ 7,277 Ending balance: collectively evaluated for impairment 4,494,520 2,152,950 181,971 17,737 6,847,178 Ending balance $ 4,495,363 $ 2,159,384 $ 181,971 $ 17,737 $ 6,854,455 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 September 30, 2022 and December 31, 2021. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Land, Construction and NM Total As of September 30, 2022: Grade: Pass $ 4,442,276 $ 2,141,123 $ 177,805 $ 17,737 $ 6,778,941 Watch 32,912 15,274 3,208 — 51,394 Special mention 2,473 — 958 — 3,431 Substandard 17,702 2,987 — — 20,689 Total $ 4,495,363 $ 2,159,384 $ 181,971 $ 17,737 $ 6,854,455 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 September 30, 2022 and December 31, 2021: (Dollars in thousands) 30 Days 60 Days 90+ Days Non-accrual Current Total As of September 30, 2022: Loans: Multifamily residential $ — $ — $ — $ 843 $ 4,494,520 $ 4,495,363 Single family residential — — — 2,987 2,156,397 2,159,384 Commercial real estate — — — — 181,971 181,971 Land and construction — — — — 17,737 17,737 Total $ — $ — $ — $ 3,830 $ 6,850,625 $ 6,854,455 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 September 30, 2022 and December 31, 2021: As of September 30, 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 $ 843 $ 919 $ — $ 505 $ 582 $ — Single family residential 5,623 5,818 — 4,847 5,033 — 6,466 6,737 — 5,352 5,615 — With an allowance recorded: Single family residential 811 808 25 840 836 25 811 808 25 840 836 25 Total: Multifamily residential 843 919 — 505 582 — Single family residential 6,434 6,626 25 5,687 5,869 25 $ 7,277 $ 7,545 $ 25 $ 6,192 $ 6,451 $ 25 The following tables summarize information related to impaired loans for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, 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 $ 847 $ 13 $ 13 $ 664 $ 8 $ 8 Single family residential 6,791 60 32 3,274 32 — 7,638 73 45 3,938 40 8 With an allowance recorded: Single family residential 815 7 — 854 6 — 815 7 — 854 6 — Total: Multifamily residential 847 13 13 664 8 8 Single family residential 7,606 67 32 4,128 38 — $ 8,453 $ 80 $ 45 $ 4,792 $ 46 $ 8 Nine Months Ended September 30, 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 $ 712 $ 38 $ 38 $ 891 $ 22 $ 22 Single family residential 5,935 140 61 4,781 143 85 6,647 178 99 5,672 165 107 With an allowance recorded: Single family residential 825 20 — 863 19 — 825 20 — 863 19 — Total: Multifamily residential 712 38 38 891 22 22 Single family residential 6,760 160 61 5,644 162 85 $ 7,472 $ 198 $ 99 $ 6,535 $ 184 $ 107
Schedule of Troubled Debt Restructurings	The following table summarizes the recorded investment related to troubled debt restructurings ("TDRs") at September 30, 2022 and December 31, 2021: (Dollars in thousands) September 30, December 31, Troubled debt restructurings: Single family residential $ 1,222 $ 1,204 During the nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Nonperforming Assets	The Company’s nonperforming assets at September 30, 2022 and December 31, 2021 are indicated below: (Dollars in thousands) September 30, December 31, Non-accrual loans: Multifamily residential $ 843 $ 505 Single family residential 2,987 1,788 Total non-accrual loans 3,830 2,293 Real estate owned — — Total nonperforming assets $ 3,830 $ 2,293

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	9 Months Ended
	Sep. 30, 2022
Transfers and Servicing [Abstract]
Schedule of Mortgage Loans Serviced for Others	The principal balances of these loans are as follows: (Dollars in thousands) September 30, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 85,677 $ 127,431 Other financial institutions 42,770 58,298 Total mortgage loans serviced for others $ 128,447 $ 185,729
Schedule of Changes in Servicing Assets	Activities for mortgage servicing rights are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Beginning balance $ 779 $ 1,192 $ 915 $ 1,599 Additions — — — — Disposals — — — — Changes in fair value due to changes in assumptions — — — — Other changes in fair value (54) (232) (190) (639) Ending balance $ 725 $ 960 $ 725 $ 960

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Supplemental Lease Information	Supplemental lease information as of or for the three and nine months ended September 30, 2022 is as follows: (Dollars in thousands) September 30, 2022 Operating lease right-of-use assets included in prepaid expenses and other assets $ 12,803 Operating lease liabilities included in other liabilities and accrued expenses 12,984 Weighted average remaining lease term (years) of operating leases 4.8 Weighted average discount rate of operating leases 2.47 % (Dollars in thousands) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease costs included in occupancy expense $ 911 $ 2,750 Cash paid for amounts included in the measurement of operating lease liabilities 1,019 3,071
Schedule of Future Undiscounted Lease Payments	At September 30, 2022, future undiscounted lease payments with initial terms of one year or more are as follows: (Dollars in thousands) October 1 - December 31, 2022 $ 979 2023 3,357 2024 2,661 2025 2,238 2026 2,051 Thereafter 2,572 Total undiscounted lease payments 13,858 Less: Imputed interest (874) Net lease liabilities $ 12,984

DEPOSITS (Tables)

DEPOSITS (Tables)	9 Months Ended
	Sep. 30, 2022
Deposits [Abstract]
Schedule of Deposits	A summary of deposits at September 30, 2022 and December 31, 2021 is as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Time deposits $ 2,614,401 $ 2,335,141 Money market savings 2,156,210 2,294,367 Money market checking 706,092 580,325 Interest-bearing demand 169,019 176,126 Noninterest-bearing demand 148,658 152,284 Total $ 5,794,380 $ 5,538,243
Schedule of Certificate Account Maturities	Maturities of the Company’s time deposits at September 30, 2022 are summarized as follows: (Dollars in thousands) October 1 - December 31, 2022 $ 591,162 2023 1,766,304 2024 215,150 2025 7,623 2026 26,674 Thereafter 7,488 Total $ 2,614,401

FEDERAL HOME LOAN BANK AND FE_2

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES (Tables)	9 Months Ended
	Sep. 30, 2022
Advance from Federal Home Loan Bank [Abstract]
Schedule of FHLB Advances	The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: Outstanding Balances As of September 30, 2022 (Dollars in thousands) September 30, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate short-term $ 200,000 $ — 2.81 % 3.16 % 2.99 % October 2022 to November 2022 Fixed rate long-term (1) 1,001,647 751,647 0.38 % 7.33 % 2.21 % March 2023 to March 2030 $ 1,201,647 $ 751,647 (1) Included in total fixed rate long-term advances is a $200.0 million advance which matures in September 2025 and contains an FHLB quarterly call provision beginning in September 2023. The following table summarizes scheduled principal payments on FHLB advances over the next five years as of September 30, 2022: (Dollars in thousands) October 1 - December 31, 2022 $ 200,000 2023 250,000 2024 350,000 2025 301,500 2026 100,000 Thereafter 147 $ 1,201,647

JUNIOR SUBORDINATED DEFERRABL_2

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Trust Securities	The following table is a summary of the outstanding Trust Securities and Notes at September 30, 2022 and December 31, 2021: September 30, 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 4.67 % $ 41,238 1.58 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 4.91 % $ 20,619 1.82 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT (Tables)

SENIOR DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes information on these notes as of September 30, 2022 and December 31, 2021: September 30, 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 $ 246 $ 95,000 $ 338 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Derivative - interest rate swaps: Interest income (loss) $ 2,971 $ (720) $ 3,404 $ (7,439) Hedged items - loans: Interest loss (77) (1) (125) (30) Net increase (decrease) in interest income $ 2,894 $ (721) $ 3,279 $ (7,469)
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 September 30, 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 September 30, 2022: Interest Rate Swaps $ 1,250,000 Prepaid Expenses and Other Assets $ 27,088 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 September 30, 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 (1) Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Dollars in thousands) As of September 30, 2022: Loans receivable, net $ 1,222,785 $ (27,215) As of December 31, 2021: Loans receivable, net $ 646,890 $ (3,110)

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes share information about RSAs and RSUs: Nine Months Ended September 30, 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 218,048 13.78 289,473 10.11 Shares settled (264,836) 10.49 (265,655) 11.02 Shares forfeited (37,839) 11.97 (54,130) 10.30 End of the period balance 496,562 $ 11.90 575,604 $ 10.53

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022: Financial assets: Cash and cash equivalents $ 256,658 $ 256,658 $ 256,658 $ — $ — Debt securities: Available for sale 640,473 640,473 — 640,473 — Held to maturity 3,135 2,845 — 2,845 — Equity securities 10,317 10,317 — 10,317 — Loans receivable, net 6,818,420 6,597,158 — — 6,597,158 Accrued interest receivable 21,011 21,011 88 1,969 18,954 FHLB stock 32,694 N/A N/A N/A N/A Interest rate swaps 27,088 27,088 — 27,088 — Financial liabilities: Deposits $ 5,794,380 $ 5,741,314 $ 2,919,979 $ 2,821,335 $ — FHLB advances 1,201,647 1,157,828 — 1,157,828 — Junior subordinated deferrable interest debentures 61,857 55,966 — 55,966 — Senior debt 94,754 93,486 — 93,486 — Accrued interest payable 950 950 — 950 — 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 September 30, 2022: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 380,852 $ — $ 380,852 $ — Residential MBS and CMOs 193,541 — 193,541 — Agency bonds 40,089 — 40,089 — Other ABS 25,991 — 25,991 — Total available for sale debt securities $ 640,473 $ — $ 640,473 $ — Equity securities $ 10,317 $ — $ 10,317 $ — Mortgage servicing rights 725 — — 725 Interest rate swaps 27,088 — 27,088 — 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 September 30, 2022: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 380,852 $ — $ 380,852 $ — Residential MBS and CMOs 193,541 — 193,541 — Agency bonds 40,089 — 40,089 — Other ABS 25,991 — 25,991 — Total available for sale debt securities $ 640,473 $ — $ 640,473 $ — Equity securities $ 10,317 $ — $ 10,317 $ — Mortgage servicing rights 725 — — 725 Interest rate swaps 27,088 — 27,088 — 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Proceeds from loan sales $ — $ 1,731 $ — $ 1,731 Servicing fees 75 128 261 445
Schedule of Loans Transfered Through Sale or Securitization	The following table provides information about the loans transferred through sales or securitization and not recorded in the consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations: (Dollars in thousands) Single Family Residential Multifamily Residential As of September 30, 2022: Principal balance of loans $ 11,091 $ 117,356 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)	Sep. 30, 2022 branch
Sonoma, Marin, Santa Clara, and Los Angeles Counties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of full service branches	10
King County, Washington
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of full service branches	1

NATURE OF OPERATIONS - Earnings

NATURE OF OPERATIONS - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Net income	$ 21,002	$ 24,743	$ 66,509	$ 64,370
Weighted average common shares outstanding - basic (in shares)	50,738,479	51,333,283	50,956,972	51,680,782
Add: Dilutive effects of assumed vesting of restricted stock (in shares)	155,079	211,630	114,774	153,980
Weighted average common shares outstanding - diluted (in shares)	50,893,558	51,544,913	51,071,746	51,834,762
Basic earnings per common share (in usd per share)	$ 0.41	$ 0.48	$ 1.31	$ 1.25
Diluted earnings per common share (in usd per share)	$ 0.41	$ 0.48	$ 1.30	$ 1.24
Anti-dilutive shares not included in calculation of diluted earnings per share (in shares)	0	0	2,493	6,291

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 685,319	$ 647,193
Gross Unrealized Gains	805	4,787
Gross Unrealized Losses	(45,651)	(4,663)
Estimated Fair Value	640,473	647,317
Fair Value
Less than 12 Months	360,916	291,087
12 Months or More	171,497	10,855
Total	532,413	301,942
Unrealized Losses
Less than 12 Months	(17,184)	(4,646)
12 Months or More	(28,467)	(17)
Total	(45,651)	(4,663)
Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	404,141	407,111
Gross Unrealized Gains	551	3,281
Gross Unrealized Losses	(23,840)	(2,646)
Estimated Fair Value	380,852	407,746
Fair Value
Less than 12 Months	204,498	157,031
12 Months or More	99,631	10,608
Total	304,129	167,639
Unrealized Losses
Less than 12 Months	(7,168)	(2,632)
12 Months or More	(16,672)	(14)
Total	(23,840)	(2,646)
Residential MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	214,557	200,775
Gross Unrealized Gains	44	1,225
Gross Unrealized Losses	(21,060)	(1,867)
Estimated Fair Value	193,541	200,133
Fair Value
Less than 12 Months	125,321	118,803
12 Months or More	62,127	247
Total	187,448	119,050
Unrealized Losses
Less than 12 Months	(9,554)	(1,864)
12 Months or More	(11,506)	(3)
Total	(21,060)	(1,867)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	39,963	10,587
Gross Unrealized Gains	210	244
Gross Unrealized Losses	(84)	0
Estimated Fair Value	40,089	10,831
Fair Value
Less than 12 Months	14,846
12 Months or More	0
Total	14,846
Unrealized Losses
Less than 12 Months	(84)
12 Months or More	0
Total	(84)
Other ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,658	28,720
Gross Unrealized Gains	0	37
Gross Unrealized Losses	(667)	(150)
Estimated Fair Value	25,991	28,607
Fair Value
Less than 12 Months	16,251	15,253
12 Months or More	9,739	0
Total	25,990	15,253
Unrealized Losses
Less than 12 Months	(378)	(150)
12 Months or More	(289)	0
Total	$ (667)	$ (150)

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) security	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Securities, Available-for-sale [Line Items]
Cumulative effect of change in accounting principal | $	$ 676,669,000	$ 653,936,000	$ 676,669,000	$ 653,936,000	$ 671,622,000	$ 669,133,000	$ 638,699,000	$ 613,691,000
Debt securities, available-for-sale, realized gain | $	0	0	0	0
Debt securities, available-for-sale, realized loss | $	0	0	0	0
Equity securities, at fair value | $	$ 10,317,000		$ 10,317,000			$ 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	60		60			54
Debt securities, available-for-sale, unrealized loss position, number of positions	46		46			20
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	13		13			2
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	89		89			88
Debt securities, available-for-sale, unrealized loss position, number of positions	82		82			14
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	9		9			4
Held-to-maturity securities, number of positions	7		7
Held-to-maturity securities, unrealized loss position, number of positions	7		7
Held-to-maturity Securities, Unrealized Loss Position 12 Months or More, Number of Positions	0		0
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	5		5
Debt securities, available-for-sale, unrealized loss position, number of positions	1		1
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	0		0
Other ABS
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions	3		3			3
Debt securities, available-for-sale, unrealized loss position, number of positions	3		3			2
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions	1		1			0
CRA Qualified Investment Fund
Debt Securities, Available-for-sale [Line Items]
Equity securities, at fair value | $	$ 10,300,000		$ 10,300,000			$ 11,700,000
Equity Securities, FV-NI, Realized Gain (Loss) | $	(455,000)	(55,000)	(1,400,000)	(233,000)
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 | $	(31,816,000)	$ 2,633,000	(31,816,000)	$ 2,633,000	$ (21,295,000)	88,000	$ 4,393,000	$ 6,737,000
Unrealized gain on available-for-sale investment securities tax liability | $	$ (13,000,000)		$ (13,000,000)			$ 36,000

INVESTMENT SECURITIES - Held-to

INVESTMENT SECURITIES - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 3,135	$ 3,829
Gross Unrecognized Gains	0	189
Gross Unrecognized Losses	(290)	0
Estimated Fair Value	2,845	4,018
Residential MBS and CMOs
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	3,072	3,761
Gross Unrecognized Gains	0	189
Gross Unrecognized Losses	(290)	0
Estimated Fair Value	2,782	3,950
Fair Value
Less than 12 Months	2,782
12 Months or More	0
Total	2,782
Unrealized Losses
Less than 12 Months	(290)
12 Months or More	0
Total	(290)
Other investments
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	63	68
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	0	0
Estimated Fair Value	$ 63	$ 68

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Five to ten years	$ 39,963
Amortized Cost	685,319	$ 647,193
Fair Value
Five to ten years	40,089
Fair Value	640,473	647,317
Amortized Cost
Five to ten years	63
Amortized Cost	3,135	3,829
Fair Value
Five to ten years	63
Estimated Fair Value	2,845	$ 4,018
MBS, CMOs and other ABS
Amortized Cost
MBS, CMOs and other ABS	645,356
Fair Value
MBS, CMOs and other ABS	600,384
MBS
Amortized Cost
MBS	3,072
Fair Value
MBS	$ 2,782

LOANS - Loans Receivable (Detai

LOANS - Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 6,854,455		$ 6,297,420
Allowance for loan losses	(36,035)	$ (35,535)	(35,535)	$ (37,335)	$ (41,335)	$ (46,214)
Loans held for investment, net	6,818,420		6,261,885
Multifamily residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,495,363		4,210,735
Allowance for loan losses	(26,204)	(26,007)	(26,043)	(27,181)	(30,114)	(33,259)
Multifamily residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,495,363		4,210,735
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	2,159,384		1,881,676
Allowance for loan losses	(8,157)	(7,625)	(7,224)	(7,585)	(8,332)	(9,372)
Single family residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	2,159,384		1,881,676
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	181,971		187,097
Allowance for loan losses	(1,543)	$ (1,673)	(2,094)	$ (2,422)	$ (2,705)	$ (3,347)
Commercial real estate | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	181,971		187,097
Land and construction loans | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 17,737		$ 17,912

LOANS - Allowance for Loan Loss

LOANS - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	$ 35,535	$ 41,335	$ 35,535	$ 46,214
Provision for (reversal of) loan losses	500	(4,000)	500	(9,000)
Charge-offs	0	0	0	0
Recoveries	0	0	0	121
Ending balance allocated to portfolio segments	36,035	37,335	36,035	37,335
Ending allowance balance allocated to:
Loans individually evaluated for impairment	25		25		$ 25
Loans collectively evaluated for impairment	36,010		36,010		35,510
Ending balance	36,035	37,335	36,035	37,335	35,535
Loans:
Ending balance: individually evaluated for impairment	7,277		7,277		6,192
Ending balance: collectively evaluated for impairment	6,847,178		6,847,178		6,291,228
Ending balance	6,854,455		6,854,455		6,297,420
Multifamily residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	26,007	30,114	26,043	33,259
Provision for (reversal of) loan losses	197	(2,933)	161	(6,078)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance allocated to portfolio segments	26,204	27,181	26,204	27,181
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0		0		0
Loans collectively evaluated for impairment	26,204		26,204		26,043
Ending balance	26,204	27,181	26,204	27,181	26,043
Loans:
Ending balance: individually evaluated for impairment	843		843		505
Ending balance: collectively evaluated for impairment	4,494,520		4,494,520		4,210,230
Ending balance	4,495,363		4,495,363		4,210,735
Single family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	7,625	8,332	7,224	9,372
Provision for (reversal of) loan losses	532	(747)	933	(1,851)
Charge-offs	0	0	0	0
Recoveries	0	0	0	64
Ending balance allocated to portfolio segments	8,157	7,585	8,157	7,585
Ending allowance balance allocated to:
Loans individually evaluated for impairment	25		25		25
Loans collectively evaluated for impairment	8,132		8,132		7,199
Ending balance	8,157	7,585	8,157	7,585	7,224
Loans:
Ending balance: individually evaluated for impairment	6,434		6,434		5,687
Ending balance: collectively evaluated for impairment	2,152,950		2,152,950		1,875,989
Ending balance	2,159,384		2,159,384		1,881,676
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	1,673	2,705	2,094	3,347
Provision for (reversal of) loan losses	(130)	(283)	(551)	(925)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance allocated to portfolio segments	1,543	2,422	1,543	2,422
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0		0		0
Loans collectively evaluated for impairment	1,543		1,543		2,094
Ending balance	1,543	2,422	1,543	2,422	2,094
Loans:
Ending balance: individually evaluated for impairment	0		0		0
Ending balance: collectively evaluated for impairment	181,971		181,971		187,097
Ending balance	181,971		181,971		187,097
Land and Construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance allocated to portfolio segments	230	184	174	236
Provision for (reversal of) loan losses	(99)	(37)	(43)	(146)
Charge-offs	0	0	0	0
Recoveries	0	0	0	57
Ending balance allocated to portfolio segments	131	147	131	147
Ending allowance balance allocated to:
Loans individually evaluated for impairment	0		0		0
Loans collectively evaluated for impairment	131		131		174
Ending balance	131	$ 147	131	$ 147	174
Loans:
Ending balance: individually evaluated for impairment	0		0		0
Ending balance: collectively evaluated for impairment	17,737		17,737		17,912
Ending balance	$ 17,737		$ 17,737		$ 17,912

LOANS - Portfolio Allocated by

LOANS - Portfolio Allocated by Internal Risk Ratings (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	$ 6,854,455	$ 6,297,420
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	6,778,941	6,185,182
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	51,394	95,544
Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	3,431	4,586
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	20,689	12,108
Multifamily residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	4,495,363	4,210,735
Multifamily residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	4,442,276	4,129,767
Multifamily residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	32,912	66,062
Multifamily residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	2,473	4,586
Multifamily residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	17,702	10,320
Single family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	2,159,384	1,881,676
Single family residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	2,141,123	1,856,942
Single family residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	15,274	22,946
Single family residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	0
Single family residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	2,987	1,788
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	181,971	187,097
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	177,805	180,950
Commercial real estate | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	3,208	6,147
Commercial real estate | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	958	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	17,737	17,912
Land and Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	17,737	17,523
Land and Construction | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans held for investment, gross	0	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	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	$ 6,854,455	$ 6,297,420
Non-accrual	3,830	2,293
30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	271
60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	6,850,625	6,294,856
Multifamily residential
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	4,495,363	4,210,735
Non-accrual	843	505
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	0	0
Multifamily residential | 90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Multifamily residential | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	4,494,520	4,210,230
Single family residential
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	2,159,384	1,881,676
Non-accrual	2,987	1,788
Single family residential | 30 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	271
Single family residential | 60 Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Single family residential | 90+ Days
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Single family residential | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	2,156,397	1,879,617
Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	181,971	187,097
Non-accrual	0	0
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	181,971	187,097
Land and Construction
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	17,737	17,912
Non-accrual	0	0
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	$ 17,737	$ 17,912

LOANS - Impaired Loans (Details

LOANS - Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Recorded Investment
With no related allowance recorded	$ 6,466		$ 6,466		$ 5,352
With an allowance recorded	811		811		840
Total	7,277		7,277		6,192
Unpaid Principal Balance
With no related allowance recorded	6,737		6,737		5,615
With an allowance recorded	808		808		836
Total	7,545		7,545		6,451
Related Allowance	25		25		25
Average Recorded Investment
With no related allowance recorded	7,638	$ 3,938	6,647	$ 5,672
With an allowance recorded	815	854	825	863
Total	8,453	4,792	7,472	6,535
Interest Income
With no related allowance recorded	73	40	178	165
With an allowance recorded	7	6	20	19
Total	80	46	198	184
Cash Basis Interest
With no related allowance recorded	45	8	99	107
With an allowance recorded	0	0	0	0
Total	45	8	99	107
Multifamily residential
Recorded Investment
With no related allowance recorded	843		843		505
Total	843		843		505
Unpaid Principal Balance
With no related allowance recorded	919		919		582
Total	919		919		582
Related Allowance	0		0		0
Average Recorded Investment
With no related allowance recorded	847	664	712	891
Total	847	664	712	891
Interest Income
With no related allowance recorded	13	8	38	22
Total	13	8	38	22
Cash Basis Interest
With no related allowance recorded	13	8	38	22
Total	13	8	38	22
Single family residential
Recorded Investment
With no related allowance recorded	5,623		5,623		4,847
With an allowance recorded	811		811		840
Total	6,434		6,434		5,687
Unpaid Principal Balance
With no related allowance recorded	5,818		5,818		5,033
With an allowance recorded	808		808		836
Total	6,626		6,626		5,869
Related Allowance	25		25		$ 25
Average Recorded Investment
With no related allowance recorded	6,791	3,274	5,935	4,781
With an allowance recorded	815	854	825	863
Total	7,606	4,128	6,760	5,644
Interest Income
With no related allowance recorded	60	32	140	143
With an allowance recorded	7	6	20	19
Total	67	38	160	162
Cash Basis Interest
With no related allowance recorded	32	0	61	85
With an allowance recorded	0	0	0	0
Total	$ 32	$ 0	$ 61	$ 85

LOANS - Troubled Debt Restructu

LOANS - Troubled Debt Restructurings (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 loan	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 loan	Dec. 31, 2021 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | loan		0	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	0	0
Single family residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment	$ 1,222,000		$ 1,222,000		$ 1,204,000
Related allowance	$ 25,000		$ 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 - Schedule

NONPERFORMING ASSETS - Schedule of Nonperforming Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	$ 3,830	$ 2,293
Real estate owned	0	0
Total nonperforming assets	3,830	2,293
Multifamily residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	843	505
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	$ 2,987	$ 1,788

NONPERFORMING ASSETS - Narrativ

NONPERFORMING ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Receivables [Abstract]
Interest income recognized on non-accrual loans	$ 45	$ 8	$ 99	$ 107
Contractual interest not accrued during the quarter	$ 6	$ 5	$ 30	$ 21

MORTGAGE SERVICING RIGHTS - Mor

MORTGAGE SERVICING RIGHTS - Mortgage Loans Serviced for Others (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 128,447	$ 185,729
Federal Home Loan Mortgage Corporation ("Freddie Mac")
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	85,677	127,431
Other financial institutions
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 42,770	$ 58,298

MORTGAGE SERVICING RIGHTS - Nar

MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 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	$ 1.4	$ 5
Discount rate used to calculate fair value of MSRs	10%	10%
Default rate used to calculate fair value of MSRs	5%	5%
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	5.10%	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	49.70%	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	29.90%	29.20%

MORTGAGE SERVICING RIGHTS - M_2

MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 779	$ 1,192	$ 915	$ 1,599
Additions	0	0	0	0
Disposals	0	0	0	0
Changes in fair value due to changes in assumptions	0	0	0	0
Other changes in fair value	(54)	(232)	(190)	(639)
Ending balance	$ 725	$ 960	$ 725	$ 960

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Sep. 30, 2022
Leases [Abstract]
Renewal term	5 years

LEASES - Supplemental Lease Inf

LEASES - Supplemental Lease Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Leases [Abstract]
Operating lease right-of-use assets included in prepaid expenses and other assets	$ 12,803	$ 12,803
Operating lease liabilities included in other liabilities and accrued expenses	$ 12,984	$ 12,984
Weighted average remaining lease term (years) of operating leases	4 years 9 months 18 days	4 years 9 months 18 days
Weighted average discount rate of operating leases	2.47%	2.47%
Operating lease costs included in occupancy expense	$ 911	$ 2,750
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,019	$ 3,071

LEASES - Schedule of Lease Paym

LEASES - Schedule of Lease Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
October 1 - December 31, 2022	$ 979
2023	3,357
2024	2,661
2025	2,238
2026	2,051
Thereafter	2,572
Total undiscounted lease payments	13,858
Less: Imputed interest	874
Net lease liabilities	$ 12,984

DEPOSITS - Deposits (Details)

DEPOSITS - Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deposits, by Type [Abstract]
Time deposits	$ 2,614,401	$ 2,335,141
Money market savings	2,156,210	2,294,367
Money market checking	706,092	580,325
Interest-bearing demand	169,019	176,126
Noninterest-bearing demand	148,658	152,284
Deposits	$ 5,794,380	$ 5,538,243

DEPOSITS - Narrative (Details)

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Deposits [Abstract]
Certificates of deposit that meet or exceed FDIC insurance limit	$ 1,100	$ 1,100
Brokered deposits	$ 340.5	$ 25.8

DEPOSITS - Maturities (Details)

DEPOSITS - Maturities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Maturities of Time Deposits, Twelve months ending March 31,
October 1 - December 31, 2022	$ 591,162
2023	1,766,304
2024	215,150
2025	7,623
2026	26,674
Thereafter	7,488
Time Deposits	$ 2,614,401

FEDERAL HOME LOAN BANK AND FE_3

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Short-term Debt [Line Items]
FHLB advances, maximum percentage of assets	40%		40%
Loans held for investment, gross	$ 6,854,455,000		$ 6,854,455,000		$ 6,297,420,000
Borrowing capacity based on pledged loans to the FRB and FHLB	973,100,000		973,100,000		1,200,000,000
Loans available to be pledged as collateral	2,100,000,000		2,100,000,000		2,500,000,000
Maximum short-term debt outstanding during period	406,900,000	$ 352,900,000	406,900,000	$ 306,200,000
Average short-term debt outstanding during period	$ 265,300,000	$ 113,400,000	$ 128,200,000	$ 148,200,000
Weighted average interest rate	2.52%	0.15%	2.04%	0.14%
FHLB Advances
Short-term Debt [Line Items]
Letters of credit pledged as collateral	$ 62,600,000		$ 62,600,000		62,600,000
FHLB Advances | Asset Pledged as Collateral
Short-term Debt [Line Items]
Loans held for investment, gross	3,100,000,000		3,100,000,000		2,400,000,000
FRB Advances
Short-term Debt [Line Items]
Borrowings outstanding	0		0		0
FRB Advances | Asset Pledged as Collateral
Short-term Debt [Line Items]
Loans held for investment, gross	$ 596,500,000		$ 596,500,000		$ 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	Sep. 30, 2022	Dec. 31, 2021
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 1,201,647	$ 751,647
FHLB of San Francisco
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	1,201,647	751,647
FHLB of San Francisco | Fixed rate short-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 200,000	0
FHLB of San Francisco | Fixed rate short-term | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.81%
FHLB of San Francisco | Fixed rate short-term | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	3.16%
FHLB of San Francisco | Fixed rate short-term | Weighted Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	2.99%
FHLB of San Francisco | Fixed rate long-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 1,001,647	$ 751,647
FHLB of San Francisco | Fixed rate long-term | September 2025
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 200,000
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	2.21%

FEDERAL HOME LOAN BANK AND FE_5

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Schedule of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
Outstanding advances from FHLB	$ 1,201,647	$ 751,647
FHLB of San Francisco
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
October 1 - December 31, 2022	200,000
2023	250,000
2024	350,000
2025	301,500
2026	100,000
Thereafter	147
Outstanding advances from FHLB	$ 1,201,647	$ 751,647

JUNIOR SUBORDINATED DEFERRABL_3

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) trust
Investment Holdings [Line Items]
Number of wholly-owned trust companies | trust	2
Trusts
Investment Holdings [Line Items]
Investment in common securities | $	$ 1.9
Trust Preferred Securities Subject to Mandatory Redemption | Trusts
Investment Holdings [Line Items]
Interest deferment period (not exceeding)	5 years

JUNIOR SUBORDINATED DEFERRABL_4

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Schedule of Trusts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 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	4.67%	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	4.91%	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 ($)	Sep. 30, 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 ($)	Sep. 30, 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	$ 246,000	$ 338,000
Fixed Interest Rate	6.50%

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - Designated as Hedging Instrument	9 Months Ended
	Sep. 30, 2021 USD ($) instrument	Sep. 30, 2022 USD ($) instrument	Dec. 31, 2021 USD ($)
Interest Rate Swap
Derivative [Line Items]
Closed portfolio loans used in hedging relationship		$ 2,500,000,000	$ 1,000,000,000
Fair Value Hedging | Interest Rate Swap
Derivative [Line Items]
Notional amounts		$ 1,250,000,000	$ 650,000,000
Fair Value Hedging | Interest Rate Swap | Three Derivative Instruments Held
Derivative [Line Items]
Number of agreements entered into | instrument		7
Notional amounts		$ 1,300,000,000
Fair Value Hedging | Interest Rate Swap | One Derivative Instrument Held
Derivative [Line Items]
Notional amounts		$ 600,000,000
Fair Value Hedging | 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 | Interest Rate Swap One | Two Derivative Instruments Held
Derivative [Line Items]
Notional amount matured during the period	500,000,000
Fair Value Hedging | 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net increase (decrease) in interest income	$ 2,894	$ (721)	$ 3,279	$ (7,469)
Interest Income on Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative - interest rate swap, interest income	2,971	(720)	3,404	(7,439)
Hedged items - loans, interest income	$ (77)	$ (1)	$ (125)	$ (30)

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Balance Sheet (Details) - Interest Rate Swap - Designated as Hedging Instrument - Fair Value Hedging - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,250,000,000	$ 650,000,000
Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	27,088,000	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) - Interest Rate Swap - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	$ (27,215)	$ (3,110)
Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 1,222,785	$ 646,890

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 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		3,360,000
Common stock available for grant (in shares)	1,681,135		1,681,135		1,861,344
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 756	$ 645	$ 2,100	$ 1,900
Fair value of awards vested	90	$ 0	2,700	$ 2,400
Unrecognized compensation expense	$ 3,000		$ 3,000		$ 2,600
Restricted stock awards or units granted (in shares)	415,337		415,337		489,703
Period of recognition for unrecognized compensation expense			1 year 9 months 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)	81,225		81,225		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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Number of Shares
Beginning of the period balance (in shares)	581,189	605,916
Shares granted (in shares)	218,048	289,473
Shares settled (in shares)	(264,836)	(265,655)
Shares forfeited (in shares)	(37,839)	(54,130)
End of the period balance (in shares)	496,562	575,604
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)	13.78	10.11
Shares settled (in usd per share)	10.49	11.02
Shares forfeited (in usd per share)	11.97	10.30
End of the period balance (in usd per share)	$ 11.90	$ 10.53

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt securities:
Available for sale debt securities, at fair value	$ 640,473	$ 647,317
Held to maturity	2,845	4,018
Equity securities	10,317	11,693
Carrying Amount
Financial assets:
Cash and cash equivalents	256,658	138,413
Debt securities:
Available for sale debt securities, at fair value	640,473	647,317
Held to maturity	3,135	3,829
Equity securities	10,317	11,693
Loans receivable, net	6,818,420	6,261,885
Accrued interest receivable	21,011	17,761
FHLB stock	32,694	23,411
Interest rate swaps	27,088	3,108
Financial liabilities:
Deposits	5,794,380	5,538,243
FHLB advances	1,201,647	751,647
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt	94,754	94,662
Accrued interest payable	950	118
Fair Value
Financial assets:
Cash and cash equivalents	256,658	138,413
Debt securities:
Available for sale debt securities, at fair value	640,473	647,317
Held to maturity	2,845	4,018
Equity securities	10,317	11,693
Loans receivable, net	6,597,158	6,297,548
Accrued interest receivable	21,011	17,761
Interest rate swaps	27,088	3,108
Financial liabilities:
Deposits	5,741,314	5,541,417
FHLB advances	1,157,828	755,981
Junior subordinated deferrable interest debentures	55,966	61,545
Senior debt	93,486	103,361
Accrued interest payable	950	118
Fair Value | Level 1
Financial assets:
Cash and cash equivalents	256,658	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	88	1
Interest rate swaps	0	0
Financial liabilities:
Deposits	2,919,979	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	640,473	647,317
Held to maturity	2,845	4,018
Equity securities	10,317	11,693
Loans receivable, net	0	0
Accrued interest receivable	1,969	927
Interest rate swaps	27,088	3,108
Financial liabilities:
Deposits	2,821,335	2,623,315
FHLB advances	1,157,828	755,981
Junior subordinated deferrable interest debentures	55,966	61,545
Senior debt	93,486	103,361
Accrued interest payable	950	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	6,597,158	6,297,548
Accrued interest receivable	18,954	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	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Financial assets:
Available for sale debt securities, at fair value	$ 640,473		$ 647,317
Equity securities	10,317		11,693
Mortgage servicing rights	725	$ 779	915	$ 960	$ 1,192	$ 1,599
Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Financial assets:
Available for sale debt securities, at fair value	380,852		407,746
Residential MBS
Financial assets:
Available for sale debt securities, at fair value	193,541		200,133
Agency bonds
Financial assets:
Available for sale debt securities, at fair value	40,089		10,831
Other ABS
Financial assets:
Available for sale debt securities, at fair value	25,991		28,607
Fair Value
Financial assets:
Available for sale debt securities, at fair value	640,473		647,317
Equity securities	10,317		11,693
Interest rate swaps	27,088		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	640,473		647,317
Equity securities	10,317		11,693
Interest rate swaps	27,088		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	640,473		647,317
Equity securities	10,317		11,693
Mortgage servicing rights	725		915
Interest rate swaps	27,088		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	640,473		647,317
Equity securities	10,317		11,693
Mortgage servicing rights	0		0
Interest rate swaps	27,088		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	725		915
Interest rate swaps	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	380,852		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	380,852		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 | Residential MBS
Financial assets:
Available for sale debt securities, at fair value	193,541		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	193,541		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 | Agency bonds
Financial assets:
Available for sale debt securities, at fair value	40,089		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	40,089		10,831
Fair Value | Recurring Basis | Agency bonds | 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	25,991		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	25,991		28,607
Fair Value | Recurring Basis | Other ABS | Level 3
Financial assets:
Available for sale debt securities, at fair value	$ 0		$ 0

VARIABLE INTEREST ENTITIES (V_2

VARIABLE INTEREST ENTITIES (VIE) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Liabilities	$ 7,244,915	$ 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%
Maximum loss exposure	$ 62,600
Liabilities	$ 471	$ 727

LOAN SALE AND SECURITIZATION _3

LOAN SALE AND SECURITIZATION ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 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	820,400
Tier 1 Leverage Ratio	848,900
Goodwill	3,297	$ 3,297
Accumulated other comprehensive (loss) income, net of taxes	$ (31,816)	$ 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%
Loans receivable | Multifamily residential | Permanent mortgages
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Amount of loans sold			$ 626,000

LOAN SALE AND SECURITIZATION _4

LOAN SALE AND SECURITIZATION ACTIVITIES - Cash Flow from Sale of Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Transfers and Servicing [Abstract]
Proceeds from loan sales	$ 0	$ 1,731	$ 0	$ 1,731
Servicing fees	$ 75	$ 128	$ 261	$ 445

LOAN SALE AND SECURITIZATION _5

LOAN SALE AND SECURITIZATION ACTIVITIES - Loans Transferred Through Loans or Securitization (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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	$ 11,091	$ 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	117,356	173,486
Loans 90+ days past due	0	0
Charge-offs, net	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Operating Leased Assets [Line Items]
Cash balances held at other institutions that exceed FDIC insured limits	$ 24,700,000	$ 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	77,700,000	132,800,000
Unfunded Loan Commitment
Operating Leased Assets [Line Items]
Reserve recorded on real estate loan funding commitments	$ 113,000	$ 153,000