Luther Burbank (LBC) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding (in shares)		51,027,878
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	2023
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 516,913	$ 185,895
Available for sale debt securities, at fair value	593,427	607,348
Held to maturity debt securities, at amortized cost (fair value of $2,891 and $2,874 at March 31, 2023 and December 31, 2022, respectively)	3,080	3,108
Equity securities, at fair value	10,506	10,340
Loans, net	6,987,565	6,973,760
Accrued interest receivable	23,873	24,306
Federal Home Loan Bank ("FHLB") stock, at cost	46,007	32,694
Premises and equipment, net	13,333	13,661
Goodwill	3,297	3,297
Prepaid expenses and other assets	104,456	120,223
Total assets	8,302,457	7,974,632
Liabilities:
Deposits	5,649,494	5,839,340
FHLB advances	1,701,647	1,208,147
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 $184 and $215 at March 31, 2023 and December 31, 2022, respectively)	94,816	94,785
Accrued interest payable	7,430	3,964
Other liabilities and accrued expenses	91,052	84,003
Total liabilities	7,606,296	7,292,096
Commitments and contingencies (Note 17)
Stockholders' equity:
Preferred stock, no par value; 5,000,000 shares authorized; none issued and outstanding at March 31, 2023 and December 31, 2022, respectively	0	0
Common stock, no par value; 100,000,000 shares authorized; 51,030,877 and 51,073,272 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	398,363	398,988
Retained earnings	331,069	317,711
Accumulated other comprehensive loss, net of taxes	(33,271)	(34,163)
Total stockholders' equity	696,161	682,536
Total liabilities and stockholders' equity	$ 8,302,457	$ 7,974,632

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fair value of held-to-maturity securities	$ 2,891,000	$ 2,874,000
Allowance for credit losses on loans	$ 35,914,000	$ 36,685,000
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)	51,030,877	51,073,272
Common stock shares outstanding (in shares)	51,030,877	51,073,272
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	$ 184,000	$ 215,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest and fee income:
Loans	$ 74,604	$ 53,633
Investment securities	5,488	2,301
Cash and cash equivalents	3,303	66
Total interest and fee income	83,395	56,000
Interest expense:
Deposits	37,607	6,020
FHLB advances	9,262	3,097
Junior subordinated deferrable interest debentures	966	275
Senior debt	1,574	1,574
Total interest expense	49,409	10,966
Net interest income before provision for credit losses	33,986	45,034
Reversal of provision for credit losses	(795)	(2,500)
Net interest income after provision for credit losses	34,781	47,534
Noninterest income:
FHLB dividends	577	354
Other income	658	(296)
Total noninterest income	1,235	58
Noninterest expense:
Compensation and related benefits	10,671	10,219
Deposit insurance premium	884	481
Professional and regulatory fees	436	539
Occupancy	1,184	1,194
Depreciation and amortization	649	603
Data processing	862	988
Marketing	739	458
Other expenses	1,509	1,030
Total noninterest expense	16,934	15,512
Income before provision for income taxes	19,082	32,080
Provision for income taxes	5,640	9,140
Net income	$ 13,442	$ 22,940
Basic earnings per common share (in usd per share)	$ 0.26	$ 0.45
Diluted earnings per common share (in usd per share)	0.26	0.45
Dividends per common share (in usd per share)	$ 0	$ 0.12

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 13,442	$ 22,940
Unrealized gain (loss) on available for sale debt securities:
Unrealized holding gain (loss) arising during the period	1,257	(16,965)
Tax effect	(365)	4,919
Total other comprehensive income (loss), net of tax	892	(12,046)
Comprehensive income	$ 14,334	$ 10,894

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Stock	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	[1]	Accumulated Other Comprehensive (Loss) Income (Net of Taxes) Available for Sale Securities
Beginning balance (shares) at Dec. 31, 2021				51,682,398
Beginning balance at Dec. 31, 2021	$ 669,133			$ 406,904	$ 262,141			$ 88
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,940				22,940
Other comprehensive loss	(12,046)							(12,046)
Issuance of restricted stock awards (in shares)				206,675
Settled restricted stock units (in shares)				6,759
Shares withheld to pay taxes on stock based compensation (in shares)				(62,422)
Shares withheld to pay taxes on stock based compensation	(875)			$ (875)
Restricted stock forfeitures (in shares)				(4,100)
Restricted stock forfeitures	(2)			$ (4)	2
Stock based compensation expense	714			$ 714
Shares repurchased (in shares)				(425,396)
Shares repurchased	(5,637)			$ (5,637)
Cash dividends	(6,227)				(6,227)
Ending balance (shares) at Mar. 31, 2022				51,403,914
Ending balance at Mar. 31, 2022	668,000			$ 401,102	278,856			(11,958)
Beginning balance (shares) at Dec. 31, 2022				51,073,272
Beginning balance at Dec. 31, 2022	682,536	$ (84)		$ 398,988	317,711	$ (84)		(34,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,442				13,442
Other comprehensive loss	892							892
Issuance of restricted stock awards (in shares)				42,034
Settled restricted stock units (in shares)				15,426
Shares withheld to pay taxes on stock based compensation (in shares)				(99,855)
Shares withheld to pay taxes on stock based compensation	(1,098)			$ (1,098)
Stock based compensation expense	473			$ 473
Ending balance (shares) at Mar. 31, 2023				51,030,877
Ending balance at Mar. 31, 2023	$ 696,161			$ 398,363	$ 331,069			$ (33,271)
[1] (1) Represents the impact of the adoption of Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments, and the related amendments which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology.

CONSOLIDATED STATEMENTS OF CH_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 13,442	$ 22,940
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	649	603
Reversal of provision for credit losses	(795)	(2,500)
Amortization of deferred loan costs, net	1,373	4,792
Amortization of premiums on investment securities, net	1	337
Stock based compensation expense, net of forfeitures	473	710
Change in fair value of mortgage servicing rights	19	104
Change in fair value of equity securities	(166)	577
Other items, net	(31)	44
Effect of changes in:
Accrued interest receivable	433	(253)
Accrued interest payable	3,466	35
Prepaid expenses and other assets	5,652	4,293
Other liabilities and accrued expenses	(8,757)	3,140
Net cash provided by operating activities	15,759	34,822
Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of available for sale debt securities	15,178	38,296
Proceeds from maturities and paydowns of held to maturity debt securities	27	29
Purchases of available for sale debt securities	0	(33,140)
Net decrease (increase) in loans receivable	11,132	(81,469)
(Purchase) redemption of FHLB stock, net	13,313	(848)
Purchase of premises and equipment	(321)	(103)
Net cash provided by (used in) investing activities	12,703	(75,539)
Cash flows from financing activities:
Net (decrease) increase in deposits	(189,846)	63,004
Proceeds from long-term FHLB advances	450,000	100,000
Repayment of long-term FHLB advances	(50,000)	(100,000)
Net change in short-term FHLB advances	93,500	0
Shares withheld for taxes on vested restricted stock	(1,098)	(875)
Shares repurchased	0	(5,637)
Cash paid for dividends	0	(6,225)
Net cash provided by financing activities	302,556	50,267
Increase in cash and cash equivalents	331,018	9,550
Cash and cash equivalents, beginning of period	185,895	138,413
Cash and cash equivalents, end of period	516,913	147,963
Supplemental disclosure of cash flow information: Cash paid during the period for:
Interest	45,943	10,931
Income taxes	11	6
Non-cash investing activity:
Lease liabilities arising from obtaining right-of-use assets	$ 0	$ 16,255

NATURE OF OPERATIONS

NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2023
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, and an administrative office in Irvine, 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. On November 13, 2022, the Company entered into an Agreement and Plan of Reorganization (the “Merger Agreement”) with Washington Federal, Inc. (“WAFD”), pursuant to which the Company will merge with and into WAFD (the “Corporate Merger”), with WAFD surviving the Corporate Merger. Promptly following the Corporate Merger, the Company’s wholly-owned bank subsidiary, Luther Burbank Savings, will be merged with and into Washington Federal Bank, dba WaFd Bank, the wholly-owned bank subsidiary of WAFD (“WAFD Bank”), with WAFD Bank as the surviving institution. Closing of the transaction, which is expected to occur in 2023, is contingent upon shareholder approval and receipt of all necessary regulatory approvals, along with the satisfaction of other customary closing conditions. 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, 2022, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (the “SEC”), under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. The results of operations for the three months ended March 31, 2023 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, 2023. The Company’s accounting and reporting policies conform to GAAP and to general practices within the banking industry. Use of Estimates Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the unaudited consolidated financial statements and the disclosures provided, and actual results could differ. Earnings Per Share ("EPS") Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the period. In determining the weighted average number of shares outstanding, vested restricted stock units are included. Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of common shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as restricted stock awards and units, calculated using the treasury stock method. (Dollars in thousands, except share amounts) Three Months Ended March 31, 2023 2022 Net income $ 13,442 $ 22,940 Weighted average basic common shares outstanding 50,871,173 51,337,488 Add: Dilutive effects of assumed vesting of restricted stock 32,272 76,931 Weighted average diluted common shares outstanding 50,903,445 51,414,419 Income per common share: Basic EPS $ 0.26 $ 0.45 Diluted EPS $ 0.26 $ 0.45 Anti-dilutive shares not included in calculation of diluted earnings per share 19,913 20 Recently Adopted Financial Accounting Standards FASB ASU 2016-13 On January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology. The measurement of expected losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans, held to maturity (“HTM”) debt securities and off-balance sheet exposures (loan commitments, financial guarantees, standby letters of credit and other similar instruments). In addition, CECL modifies the other-than-temporary impairment ("OTTI") model for available for sale (“AFS”) debt securities to require an allowance for credit losses instead of a direct write down, which allows for reversal of credit losses in future periods based on improvements in credit quality. As permitted under ASC 326, the Company elected to maintain the same loan segments that it previously identified prior to adoption of CECL. The Company adopted CECL using the modified retrospective method for all financial assets measured at cost, including loans, HTM debt securities and off-balance sheet credit exposures. Results for reporting periods beginning January 1, 2023 are reported under ASU 2016-13, while prior period results continue to be reported under the incurred loss model which was the previously applicable GAAP. The Company recorded an increase to its ACL of $119 thousand as a cumulative effect adjustment of adopting ASU 2016-13, with a corresponding decrease in retained earnings, net of $35 thousand in taxes, of $84 thousand. The transition adjustment reflects the results of our model in estimating lifetime expected credit losses on loans, unfunded commitments and other off-balance sheet credit exposures. The following table illustrates the impact on the ACL due to the Company’s transition from the incurred loss methodology to the CECL methodology as of January 1, 2023: (Dollars in thousands) Pre-CECL Adoption Impact of CECL Adoption As Reported Under CECL Assets: ACL - Loans Multifamily residential $ 26,417 $ 2,882 $ 29,299 Single family residential 8,564 (2,472) 6,092 Commercial real estate 1,539 (784) 755 Construction and land 165 282 447 Total $ 36,685 $ (92) $ 36,593 Liabilities: ACL - Off-Balance Sheet Credit Exposures $ 563 $ 211 $ 774 At adoption of CECL and continuing through March 31, 2023, the Company has not recorded an ACL on AFS or HTM investment securities as these investment portfolios consisted primarily of debt securities explicitly or implicitly backed by the U.S. government. Refer to Note 2, Investment Securities, for more information. The Company elected to account for accrued interest receivable separately from the amortized cost of loans and investment securities. The following accounting policies have been updated in connection with the adoption of the CECL methodology: Allowance for Credit Losses on Loans The ACL on loans represents the Company’s estimate of expected lifetime credit losses for its loans at the time of origination or acquisition and is maintained at a level deemed appropriate by management to provide for expected lifetime credit losses in the portfolio as of the date of the consolidated statements of financial condition. The ACL on loans is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. Amortized cost does not include accrued interest, which management elected to exclude from the estimate of expected credit losses. The ACL on loans is increased by the provision for credit losses on loans, which is charged against current period operating results, and decreased by reversals of loan loss provisions as well as loan charge-offs, net of recoveries. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. The Company’s ACL model utilizes an expected cash flow model to measure credit losses on an individual loan basis, which are then aggregated at the portfolio segment level and supplemented by a qualitative reserve that is applied to each portfolio segment level. Loans are segmented based on collateral type and consist of the following segments: Multifamily residential and commercial real estate loans - These loans typically involve greater principal amounts than other types of loans, and repayment depends upon income generated, or expected to be generated, by the property securing the loan in amounts sufficient to cover operating expenses and debt service, which may be adversely affected by changes in the economy or local market conditions. Multifamily residential and commercial real estate loans also expose a lender to significant credit risk because the collateral securing these loans typically cannot be sold as easily as single family residential real estate. In addition, some commercial real estate loans are not fully amortizing and contain large balloon payments upon maturity. Such balloon payments may require the borrower to either sell or refinance the underlying property in order to comply with the terms of the loan agreement, which may increase the risk of default or non-payment. Single family residential real estate loans - The degree of risk in single family residential real estate lending depends primarily on the loan amount in relation to collateral value, the interest rate, and the borrower’s ability to repay in an orderly fashion. These loans generally possess a lower inherent risk of loss than other real estate portfolio segments. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers’ capacity to repay their obligations may be deteriorating. Construction and land loans - This type of lending generally possess a higher inherent risk of loss than other real estate portfolio segments. A major risk arises from the necessity to complete projects within specified costs and time lines. Trends in the construction industry significantly impact the credit quality of these loans, as demand drives construction activity. In addition, trends in real estate values significantly impact the credit quality of these loans, as property values determine the economic viability of construction projects. The Company’s ACL model methodology incorporates assumptions for the probability of default ("PD"), loss given default ("LGD"), and prepayments and curtailments over the contractual terms of the loans. Under the methodology, the ACL reflects the difference between the amortized cost basis and the net expected cash flows of a loan. In determining the PD, the model utilizes both macroeconomic and individual loan characteristics, such as loan-to-value, debt service coverage, seasoning, performance, collateral type, geography and credit score. For each period in a loan’s expected life, the model combines loan characteristics with forecasted economic conditions to determine the likely performance of a loan. With respect to LGD, the model estimates loss severity for secured loans primarily based on the loan type and value of collateral. Collateral values are estimated based on a third-party proprietary database that considers actual historical loan sales. The use of reasonable and supportable forecasts requires significant judgment. The ACL model leverages projections provided by reputable, well-recognized independent economic advisory companies and incorporates a forecast of macroeconomic factors which is updated quarterly. In addition, the ACL model incorporates two years of projected property type performance, such as property value growth and net operating income growth, also updated quarterly. For periods beyond the initial two years for property type performance, forecasts revert to a historical mean over the following three years and subsequently, to the U.S. historical average beyond that. In calculating its ACL, management considers whether qualitative adjustments to the quantitative model, previously described, are needed. Qualitative adjustments may be related to and include, but are not limited to factors such as: differences in segment-specific risk characteristics, periods wherein current conditions and reasonable and supportable forecasts of economic conditions differ from the conditions that existed at the time of the estimated loss calculation, model limitations identified through back-testing and management’s overall assessment of the adequacy of the ACL. Qualitative internal and external risk factors that are periodically evaluated by management include, but are not limited to, the following: • Changes in the nature and volume of loans; • Changes in economic conditions and forecasts; • Changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of criticized and classified loans; • The existence and effect of loan concentrations; • Changes in lending policies and procedures; • Changes in the experience, ability and depth of lending management and other relevant staff; • Changes in the quality of our systematic loan review processes; and • The effect of other external factors, such as legal and regulatory requirements on the level of estimated credit losses in the portfolio. Generally, the measurement of the ACL is performed by collectively evaluating loans with similar risk characteristics. Loans that do not share similar risk characteristics are evaluated individually for credit loss and are not included in the evaluation process discussed above. Individually evaluated loans may consist of loans that are classified as collateral dependent, or of loans that management has determined to not share risk characteristics with collectively evaluated loans. Collateral dependent loans represent loans where management has determined that foreclosure is probable, or where a borrower is experiencing financial difficulty at the reporting date and loan repayment is expected to be provided generally through the operation or sale of the collateral. Expected credit losses for collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs, as appropriate. Loans with terms that have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are evaluated for an ACL utilizing one of the methodologies above. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company makes commitments to extend credit to meet the financing needs of customers in the form of loans or lines of credit. The Company maintains an ACL on unfunded commitments and other off-balance sheet credit exposures in other liabilities and accrued expenses in the consolidated statements of financial condition. This ACL is estimated over a commitment's contractual period and is determined in a manner consistent with the ACL for loans, which includes consideration of the likelihood that funding will occur. Adjustments to the ACL for off-balance sheet credit exposures are included in the provision for credit losses in the unaudited consolidated statements of income. Allowance for Credit Losses on Held to Maturity Securities The Company measures expected credit losses on HTM investment securities on a collective basis by major security type. Accrued interest receivable on HTM investment securities is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Because substantially all of the Company’s HTM investment securities are either explicitly or implicitly guaranteed by U.S. Government entities or its agencies, the Company does not anticipate any credit related losses in this investment portfolio. Changes in the ACL on HTM securities, if any, are recorded in the provision for credit losses in the unaudited consolidated statements of income. Losses are charged against the ACL when management believes the uncollectibility of a HTM security is confirmed. Allowance for Credit Losses on Available for Sale Securities For AFS investment securities in an unrealized loss position, the Company initially assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost is written down to fair value through income. For AFS investment securities that do not meet this criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. If a credit loss exists, an allowance for credit loss is recorded to the extent that the fair value is less than the amortized cost basis. Because substantially all of the Company’s AFS investment securities are either explicitly or implicitly guaranteed by U.S. Government entities or its agencies, the Company does not anticipate any credit related losses in this investment portfolio. Any impairment that has not been recorded through an ACL on AFS securities is recognized in other comprehensive income. Changes in the ACL on AFS securities, if any, are recorded in the provision for credit losses in the unaudited consolidated statements of income. Losses are charged against the ACL when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on AFS securities is excluded from the estimate of credit losses. FASB ASU 2022-02

INVESTMENT SECURITIES

INVESTMENT SECURITIES	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	INVESTMENT SECURITIES Available for Sale The following table summarizes the amortized cost and the estimated fair value of available for sale debt securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value At March 31, 2023: Government and Government Sponsored Entities: Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 358,558 $ 217 $ (25,050) $ 333,725 Residential MBS and CMOs 216,656 12 (21,125) 195,543 Agency bonds 41,196 88 (124) 41,160 Other asset backed securities ("ABS") 23,916 — (917) 22,999 Total available for sale debt securities $ 640,326 $ 317 $ (47,216) $ 593,427 At December 31, 2022: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 365,207 $ 265 $ (24,736) $ 340,736 Residential MBS and CMOs 221,994 22 (22,632) 199,384 Agency bonds 42,540 189 (99) 42,630 Other ABS 25,763 — (1,165) 24,598 Total available for sale debt securities $ 655,504 $ 476 $ (48,632) $ 607,348 Net unrealized losses on available for sale investment securities are recorded as accumulated other comprehensive loss within stockholders’ equity and totaled $33.3 million and $34.2 million, net of $13.6 million and $14.0 million in tax assets, at March 31, 2023 and December 31, 2022, respectively. There were no sales or transfers of available for sale investment securities and no realized gains or losses on these securities during the three months ended March 31, 2023 or 2022. The following tables summarize the gross unrealized losses and fair value of available for sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: March 31, 2023 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 $ 146,394 $ (2,205) $ 150,521 $ (22,845) $ 296,915 $ (25,050) Residential MBS and CMOs 69,012 (2,781) 121,213 (18,344) 190,225 (21,125) Agency bonds 31,218 (124) — — 31,218 (124) Other ABS — — 22,999 (917) 22,999 (917) Total available for sale debt securities $ 246,624 $ (5,110) $ 294,733 $ (42,106) $ 541,357 $ (47,216) At March 31, 2023, the Company held 58 commercial MBS and CMOs of which 51 were in a loss position and 26 had been in a loss position for twelve months or more. The Company held 89 residential MBS and CMOs of which 86 were in a loss position and 27 had been in a loss position for twelve months or more. The Company held six agency bonds of which three were in a loss position for less than twelve months. The Company held three other ABS of which all three were in a loss position for twelve months or more. December 31, 2022 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Commercial MBS and CMOs $ 188,155 $ (6,165) $ 109,255 $ (18,571) $ 297,410 $ (24,736) Residential MBS and CMOs 94,137 (5,912) 99,831 (16,720) 193,968 (22,632) Agency bonds 14,345 (99) — — 14,345 (99) Other ABS 10,804 (580) 13,794 (585) 24,598 (1,165) Total available for sale debt securities $ 307,441 $ (12,756) $ 222,880 $ (35,876) $ 530,321 $ (48,632) At December 31, 2022, the Company held 58 commercial MBS and CMOs of which 50 were in a loss position and 15 had been in a loss position for twelve months or more. The Company held 90 residential MBS and CMOs of which 86 were in a loss position and 14 had been in a loss position for twelve months or more. The Company held six agency bonds of which one was in a loss position for less than twelve months. The Company held three other ABS of which three were in a loss position and two 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 securities to be other-than-temporarily impaired at March 31, 2023 or December 31, 2022. Additionally, the Company had no ACL recorded for available for sale investment securities at March 31, 2023. As of March 31, 2023 and December 31, 2022, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders' equity, other than the U.S. government and its agencies. Held to Maturity The following table summarizes the amortized cost and estimated fair value of held to maturity investment securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value As of March 31, 2023: Government Sponsored Entities: Residential MBS $ 3,022 $ — $ (189) $ 2,833 Other investments 58 — — 58 Total held to maturity investment securities $ 3,080 $ — $ (189) $ 2,891 As of December 31, 2022: Government Sponsored Entities: Residential MBS $ 3,047 $ — $ (234) $ 2,813 Other investments 61 — — 61 Total held to maturity investment securities $ 3,108 $ — $ (234) $ 2,874 The following table summarizes the gross unrecognized losses and fair value of held to maturity investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrecognized loss position: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses As of March 31, 2023: Government Sponsored Entities: Residential MBS $ 1,652 $ (100) $ 1,181 $ (89) $ 2,833 $ (189) As of December 31, 2022: Government Sponsored Entities: Residential MBS $ 2,813 $ (234) $ — $ — $ 2,813 $ (234) At March 31, 2023, the Company had seven held to maturity residential MBS of which all seven were in a loss position and three had been in a loss position for twelve months or more. At December 31, 2022, the Company had seven held to maturity residential MBS of which all seven were in a loss position for less than twelve months. The unrecognized losses on the Company’s held to maturity investments at March 31, 2023 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 securities to be other-than-temporarily impaired at March 31, 2023 or December 31, 2022. Additionally, the Company had no ACL recorded for held to maturity investment securities at March 31, 2023. The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of March 31, 2023: March 31, 2023 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 37,479 $ 37,421 Beyond ten years 3,717 3,739 MBS, CMOs and other ABS 599,130 552,267 Total available for sale debt securities $ 640,326 $ 593,427 Held to maturity investments securities Five to ten years $ 58 $ 58 MBS 3,022 2,833 Total held to maturity debt securities $ 3,080 $ 2,891 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. As of March 31, 2023, securities with an amortized cost totaling $612.3 million were pledged to the FHLB and Federal Reserve Bank of San Francisco ("FRB") to secure borrowing arrangements. See Note 9 for additional information. No securities were pledged as of December 31, 2022. Equity Securities Equity securities consist of investments in a qualified community reinvestment fund. At March 31, 2023 and December 31, 2022, the fair value of equity securities totaled $10.5 million and $10.3 million, respectively. Changes in fair value are recognized in other noninterest income and totaled $166 thousand and $(577) thousand during the three months ended March 31, 2023 and 2022, respectively. There were no sales of

LOANS

LOANS	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
LOANS	LOANS Loans consist of the following: (Dollars in thousands) March 31, December 31, Mortgages on: Multifamily residential $ 4,522,072 $ 4,532,312 Single family residential 2,308,485 2,283,628 Commercial real estate 168,049 172,258 Construction and land 24,873 22,247 Total 7,023,479 7,010,445 Allowance for credit losses on loans (35,914) (36,685) Loans, net $ 6,987,565 $ 6,973,760 Certain loans have been pledged to secure borrowing arrangements (see Note 9). Prior to the Company’s adoption of CECL on January 1, 2023, the Company maintained an allowance for loan losses ("ALLL") in accordance with the probable incurred loss model. The probable incurred loss model was reflective of estimates for loan losses incurred and inherent in the loan portfolio as of the balance sheet date, and did not reflect current estimates of future expected credit losses over the lives of the Company’s loans, as now required by CECL. The following table summarizes activity in and the allocation of the allowance for credit losses by portfolio segment during the three months ended March 31, 2023: Allowance for Credit Losses (Dollars in thousands) Beginning Balance Impact of CECL Adoption Charge-Offs Recoveries Provision Ending Balance Multifamily residential $ 26,417 $ 2,882 $ — $ — $ (2,007) $ 27,292 Single family residential 8,564 (2,472) — — 1,339 7,431 Commercial real estate 1,539 (784) — — 22 777 Construction and land 165 282 — — (33) 414 Allowance for credit losses on loans 36,685 (92) — — (679) 35,914 Allowance for credit losses on off-balance sheet credit exposures 563 211 — — (116) 658 Total $ 37,248 $ 119 $ — $ — $ (795) $ 36,572 The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment during the three months ended March 31, 2022: Allowance for Loan Losses (Dollars in thousands) Beginning Balance Charge-Offs Recoveries Provision Ending Balance Multifamily residential $ 26,043 $ — $ — $ (1,892) $ 24,151 Single family residential 7,224 — — (427) 6,797 Commercial real estate 2,094 — — (212) 1,882 Construction and land 174 — — 31 205 Allowance for loan losses $ 35,535 $ — $ — $ (2,500) $ 33,035 The Company assigns a risk rating to all loans and periodically performs detailed reviews of 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 presents the internal risk ratings for total loans by portfolio segment of loan and origination year as of March 31, 2023, as well as gross charge-offs for the three months ended March 31, 2023: (Dollars in thousands) Loans by Origination Year 2023 2022 2021 2020 2019 Prior Total Multifamily residential Pass $ 23,568 $ 1,183,333 $ 1,216,122 $ 720,962 $ 429,745 $ 887,435 $ 4,461,165 Watch — 691 12,054 4,833 6,358 18,619 42,555 Special Mention — — — — 1,731 — 1,731 Substandard — — — 3,584 3,875 9,162 16,621 Total $ 23,568 $ 1,184,024 $ 1,228,176 $ 729,379 $ 441,709 $ 915,216 $ 4,522,072 Year to date gross charge-offs $ — $ — $ — $ — $ — $ — $ — Single family residential Pass $ 65,714 $ 835,490 $ 732,585 $ 167,821 $ 142,040 $ 350,157 $ 2,293,807 Watch — 1,418 1,151 — 3,869 6,510 12,948 Special Mention — — — — — — — Substandard — — — — — 1,730 1,730 Total $ 65,714 $ 836,908 $ 733,736 $ 167,821 $ 145,909 $ 358,397 $ 2,308,485 Year to date gross charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ — $ 24,186 $ 1,942 $ 11,607 $ 24,216 $ 104,546 $ 166,497 Watch — — — — — 604 604 Special Mention — — — — 948 — 948 Substandard — — — — — — — Total $ — $ 24,186 $ 1,942 $ 11,607 $ 25,164 $ 105,150 $ 168,049 Year to date gross charge-offs $ — $ — $ — $ — $ — $ — $ — Construction and land Pass $ — $ 6,528 $ 18,345 $ — $ — $ — $ 24,873 Watch — — — — — — — Special Mention — — — — — — — Substandard — — — — — — — Total $ — $ 6,528 $ 18,345 $ — $ — $ — $ 24,873 Year to date gross charge-offs $ — $ — $ — $ — $ — $ — $ — Total loans Pass $ 89,282 $ 2,049,537 $ 1,968,994 $ 900,390 $ 596,001 $ 1,342,138 $ 6,946,342 Watch — 2,109 13,205 4,833 10,227 25,733 56,107 Special Mention — — — — 2,679 — 2,679 Substandard — — — 3,584 3,875 10,892 18,351 Total $ 89,282 $ 2,051,646 $ 1,982,199 $ 908,807 $ 612,782 $ 1,378,763 $ 7,023,479 Year to date gross charge-offs $ — $ — $ — $ — $ — $ — $ — The following table summarizes the loan portfolio allocated by management’s internal risk ratings at December 31, 2022. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Construction and Land Total Grade: Pass $ 4,469,443 $ 2,269,325 $ 169,711 $ 22,247 $ 6,930,726 Watch 44,436 11,341 1,594 — 57,371 Special mention 2,460 — 953 — 3,413 Substandard 15,973 2,962 — — 18,935 Total $ 4,532,312 $ 2,283,628 $ 172,258 $ 22,247 $ 7,010,445 The following table summarizes an aging analysis of the loan portfolio by the time past due as of the dates indicated below: (Dollars in thousands) 30-59 Days 60-89 Days 90+ Days Total Past Due Current Total As of March 31, 2023: Loans: Multifamily residential $ 5,531 $ — $ 3,121 $ 8,652 $ 4,513,420 $ 4,522,072 Single family residential 1,665 — — 1,665 2,306,820 2,308,485 Commercial real estate — — — — 168,049 168,049 Construction and land — — — — 24,873 24,873 Total $ 7,196 $ — $ 3,121 $ 10,317 $ 7,013,162 $ 7,023,479 As of December 31, 2022: Loans: Multifamily residential $ — $ — $ 3,023 $ 3,023 $ 4,529,289 $ 4,532,312 Single family residential — — 104 104 2,283,524 2,283,628 Commercial real estate — — — — 172,258 172,258 Construction and land — — — — 22,247 22,247 Total $ — $ — $ 3,127 $ 3,127 $ 7,007,318 $ 7,010,445 As of both March 31, 2023 and December 31, 2022, there were no loans that were past due over 89 days and still accruing interest. Loans that have been classified as collateral dependent are loans where substantially all repayment of the loan is expected to come from the operation of or eventual liquidation of the collateral. Collateral dependent loans are evaluated individually for purposes of measuring the ACL, which is determined based on the estimated fair value of the collateral. Estimates for costs to sell are included in the determination of the ACL when liquidation of the collateral is anticipated. In cases where the loan is well secured and the estimated value of the collateral exceeds the amortized cost of the loan, no ACL is recorded. The following table presents the amortized cost basis of collateral dependent loans by loan type at March 31, 2023. Amortized Cost by Collateral Type Allowance for Credit Losses (Dollars in thousands) Residential Office Industrial Multifamily residential $ 3,504 $ — $ — $ — Single family residential 1,466 — — — Total $ 4,970 $ — $ — $ — The following table summarizes information related to impaired loans at December 31, 2022: (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Multifamily residential $ 485 $ 562 $ — Single family residential 5,580 5,779 — 6,065 6,341 — With an allowance recorded: Multifamily residential 3,024 3,002 600 Single family residential 801 798 25 3,825 3,800 625 Total: Multifamily residential 3,509 3,564 600 Single family residential 6,381 6,577 25 $ 9,890 $ 10,141 $ 625 The following table summarizes information related to impaired loans for the three months ended March 31, 2022: (Dollars in thousands) Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 503 $ 8 $ 8 Single family residential 4,830 43 19 5,333 51 27 With an allowance recorded: Single family residential 835 6 — 835 6 — Total: Multifamily residential 503 8 8 Single family residential 5,665 49 19 $ 6,168 $ 57 $ 27 The following table summarizes the allocation of the allowance for loan losses by impairment methodology as of December 31, 2022: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Construction and Land Total Ending allowance balance allocated to: Loans individually evaluated for impairment $ 600 $ 25 $ — $ — $ 625 Loans collectively evaluated for impairment 25,817 8,539 1,539 165 36,060 Ending balance $ 26,417 $ 8,564 $ 1,539 $ 165 $ 36,685 Loans: Ending balance: individually evaluated for impairment $ 3,509 $ 6,381 $ — $ — $ 9,890 Ending balance: collectively evaluated for impairment 4,528,803 2,277,247 172,258 22,247 7,000,555 Ending balance $ 4,532,312 $ 2,283,628 $ 172,258 $ 22,247 $ 7,010,445 The following table summarizes the population of loans with active payment modifications for borrowers experiencing financial difficulty as of March 31, 2023: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Construction and Land Total Loan modifications $ — $ 1,200 $ — $ — $ 1,200 % of loan modifications to total loan category — 0.05 % — — 0.02 % Weighted average interest rate reductions — % 0.20 % — % — % 0.20 % Weighted average term extension — 6 months — — 6 months The Company had no modified loans with a subsequent payment default within the twelve months following their modification during the quarter ended March 31, 2023. A loan is considered to be in default once it is 90 days contractually past due under the modified terms. The following table summarizes the recorded investment related to troubled debt restructurings ("TDRs") at December 31, 2022: (Dollars in thousands) Troubled debt restructurings: Single family residential $ 1,211 The Company had allocated $25 thousand of its allowance for loan losses for loans modified in TDRs at December 31, 2022. The Company does not have commitments to lend additional funds to borrowers with loans whose terms have been modified in TDRs. During the three months ended March 31, 2022, the Company modified the terms of one loan that qualified as a TDR. The following table provides details of this modification: (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled debt restructurings: Single family residential 1 $ 405 $ 412 Terms of the modification above included suspension of loan payments for six months and a similar extension of the loan term. The TDR above resulted in no increase to the allowance for loan losses and no charge-offs primarily due to collateral support provided by the secondary source of repayment. The Company had no TDRs with a subsequent payment default within the twelve months following their modification during the three months ended March 31, 2022. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.

NONPERFORMING ASSETS

NONPERFORMING ASSETS	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
NONPERFORMING ASSETS	NONPERFORMING ASSETS Nonperforming assets include nonperforming loans plus real estate owned. The following table presents the composition of non-accrual loans as of the dates indicated below: March 31, 2023 December 31, 2022 (Dollars in thousands) Non-Accrual Loans with No ACL Non-Accrual Loans Non-Accrual Loans with No ALLL Non-Accrual Loans Multifamily residential $ 3,504 $ 3,504 $ 3,509 $ 3,509 Single family residential 1,466 1,466 2,962 2,962 Commercial real estate — — — — Construction and land — — — — Total $ 4,970 $ 4,970 $ 6,471 $ 6,471 The allowance for non-accrual loans is based on the CECL cash flow methodology discussed in Note 1, “Summary of Significant Accounting Policies", unless the loan is considered collateral dependent. The allowance for collateral dependent loans is determined based on the estimated fair value of the underlying collateral. Interest income on non-accrual loans is subsequently recognized on a cash basis as long as the remaining unpaid principal amount of the loans are deemed to be fully collectible. If there is doubt regarding the collectability of the loan, then any interest payments received are applied to principal. Interest income was recognized on a cash basis on non-accrual loans during the three months ended March 31, 2023 and 2022 totaling $28 thousand and $27 thousand, respectively. Contractual interest not recorded on nonperforming loans during the three months ended March 31, 2023 and 2022 totaled $118 thousand and $7 thousand, respectively.

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
MORTGAGE SERVICING RIGHTS	MORTGAGE SERVICING RIGHTS Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and conducting foreclosure proceedings. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans are as follows: (Dollars in thousands) March 31, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 78,312 $ 80,478 Other financial institutions 37,220 37,503 Total mortgage loans serviced for others $ 115,532 $ 117,981 Custodial account balances maintained in connection with serviced loans totaled $1.6 million and $234 thousand at March 31, 2023 and December 31, 2022, respectively. The Company measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. Activities for mortgage servicing rights are as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Beginning balance $ 688 $ 915 Additions — — Disposals — — Changes in fair value due to changes in assumptions — — Other changes in fair value (19) (104) Ending balance $ 669 $ 811

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company leases various office premises under long-term operating lease agreements. These leases expire between 2023 and 2033, 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. The Company records 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 selected a FHLB advance rate at lease inception based on the lease term and other factors, as a reasonable incremental borrowing rate. 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 March 31, 2023 and December 31, 2022 is as follows: (Dollars in thousands) March 31, December 31, Operating lease right-of-use assets included in prepaid expenses and other assets $ 12,478 $ 13,244 Operating lease liabilities included in other liabilities and accrued expenses 12,478 13,316 Weighted average remaining lease term (years) of operating leases 5.0 5.1 Weighted average discount rate of operating leases 2.73 % 2.69 % Supplemental lease information for the three months ended March 31, 2023 and 2022 is as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Operating lease costs included in occupancy expense $ 904 $ 929 Cash paid for amounts included in the measurement of operating lease liabilities 976 1,033 At March 31, 2023, future undiscounted lease payments with initial terms of one year or more are as follows: (Dollars in thousands) April 1 - December 31, 2023 $ 2,537 2024 2,803 2025 2,388 2026 2,203 2027 1,964 Thereafter 1,640 Total undiscounted lease payments 13,535 Less: Imputed interest (1,057) Net lease liabilities $ 12,478

QUALIFIED AFFORABLE HOUSING PRO

QUALIFIED AFFORABLE HOUSING PROJECT INVESTMENTS	3 Months Ended
	Mar. 31, 2023
Federal Home Loan Banks [Abstract]
QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS	QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTSThe Company is invested in qualified affordable housing projects that are expected to provide federal and state tax credits in the future. The investments are accounted for using the proportional amortization method. As of March 31, 2023 and December 31, 2022, the Company was committed to invest $18.0 million and $17.9 million, respectively, of which $5.2 million and $4.8 million, respectively, had been funded and was included in prepaid expenses and other assets in the consolidated statements of financial condition. The total unfunded commitments related to the investments totaled $12.8 million and $13.1 million at March 31, 2023 and December 31, 2022, respectively, and were included in other liabilities and accrued expenses in the consolidated statements of financial condition. During the three months ended March 31, 2023 and 2022, the Company recognized amortization expense of $364 thousand and $136 thousand, respectively, and tax benefits related to the investments of $119 thousand and $196 thousand, respectively. Amortization expense and tax benefits are included in the provision for income taxes in the unaudited consolidated statements of income.

DEPOSITS

DEPOSITS	3 Months Ended
	Mar. 31, 2023
Deposits [Abstract]
DEPOSITS	DEPOSITS A summary of deposits at March 31, 2023 and December 31, 2022 is as follows: (Dollars in thousands) March 31, 2023 December 31, 2022 Time deposits $ 3,405,641 $ 3,134,373 Money market savings 1,271,147 1,718,008 Money market checking 754,080 728,231 Interest-bearing demand 143,870 158,068 Noninterest-bearing demand 74,756 100,660 Total $ 5,649,494 $ 5,839,340 The Company had time deposits that met or exceeded the Federal Deposit Insurance Corporation ("FDIC") insurance limit of $250 thousand of $1.4 billion and $1.3 billion at March 31, 2023 and December 31, 2022, respectively. The Company utilizes brokered deposits as an additional source of funding. The Company had brokered deposits of $543.4 million and $455.8 million at March 31, 2023 and December 31, 2022, respectively. The increase in brokered deposits was utilized to partially offset retail deposit declines during the three months ended March 31, 2023. Maturities of the Company’s time deposits at March 31, 2023 are summarized as follows: (Dollars in thousands) April 1 - December 31, 2023 $ 2,462,856 2024 919,568 2025 7,357 2026 10,450 2027 4,537 Thereafter 873 Total $ 3,405,641

FEDERAL HOME LOAN BANK AND FEDE

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the Bank had pledged various mortgage loans and securities to secure these borrowing arrangements totaling approximately $4.3 billion and $258.3 million, respectively, compared to pledged mortgage loans totaling approximately $4.2 billion as of December 31, 2022. Additionally, the FHLB stock held by the Bank as of both dates further secure these arrangements. The Bank has access to the Loan and Discount Window of the FRB and the FRB's new Bank Term Funding Program ("BTFP"). Advances under these programs are subject to the Bank providing qualifying collateral. Mortgage loans totaling approximately $2.5 billion and $904.9 million as of March 31, 2023 and December 31, 2022, respectively, secure the discount window borrowing arrangement. Securities with a current par value totaling $354.0 million secure the BFTP as of March 31, 2023. No securities were pledged to secure FRB borrowings as of December 31, 2022. There were no borrowings outstanding with the FRB as of March 31, 2023 or December 31, 2022. The following table discloses the Bank’s outstanding advances from the FHLB of San Francisco: Outstanding Balances As of March 31, 2023 (Dollars in thousands) March 31, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate short-term $ 150,000 $ 56,500 5.27 % 5.27 % 5.27 % June 2023 Fixed rate long-term (1) 1,551,647 1,151,647 0.38 % 7.33 % 3.15 % May 2023 to March 2030 $ 1,701,647 $ 1,208,147 (1) Included in total fixed rate long-term advances is a $200.0 million advance which matures in September 2025 and contains a FHLB quarterly call provision beginning in September 2023. The Bank's available borrowing capacity based on loans and securities pledged to the FHLB and the FRB totaled $2.3 billion and $1.7 billion at March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, the Bank had aggregate loan balances of $17.8 million and $1.1 billion, respectively available to pledge to the FHLB and FRB to increase its borrowing capacity. As of March 31, 2023 and December 31, 2022, the Bank pledged as collateral a $62.6 million FHLB letter of credit to Freddie Mac related to our multifamily securitization reimbursement obligation. Short-term borrowings are borrowings with original maturities of 90 days or less. During the three months ended March 31, 2023, there was a maximum amount of short-term borrowings outstanding of $150.0 million, an average amount outstanding of $49.0 million, with a weighted average interest rate of 5.05%. During the three months ended March 31, 2022, there was a maximum amount of short-term borrowings outstanding of $135.3 million, an average amount outstanding of $21.7 million, with a weighted average interest rate of 0.34%. The following table summarizes scheduled principal payments on FHLB advances over the next five years as of March 31, 2023: (Dollars in thousands) April 1 - December 31, 2023 $ 350,000 2024 500,000 2025 751,500 2026 100,000 2027 — Thereafter 147 $ 1,701,647

JUNIOR SUBORDINATED DEFERRABLE

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES	JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES The Company formed two wholly-owned trust companies (the ‘‘Trusts’’) which issued guaranteed preferred beneficial interests (the "Trust Securities") in the Company’s junior subordinated deferrable interest debentures (the "Notes"). The Company is not considered the primary beneficiary of the Trusts and therefore, the Trusts are not consolidated in the Company’s financial statements, but rather the junior subordinated debentures are shown as a liability. The Company’s investment in the common securities of the Trusts, totaling $1.9 million, is included in other assets in the consolidated statements of financial condition. The sole asset of the Trusts are the Notes that they hold. The Trusts have invested the proceeds of such Trust Securities in the Notes. Each of the Notes has an interest rate equal to the corresponding Trust Securities distribution rate. The Company has the right to defer payment of interest on the Notes at any time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the relevant Notes. During any such extension period, distributions on the Trust Securities will also be deferred, and the Company’s ability to pay dividends on its common stock will be restricted. The Company has entered into contractual arrangements which, taken collectively, fully and unconditionally guarantee payment of: (i) accrued and unpaid distributions required to be paid on the Trust Securities; (ii) the redemption price with respect to any Trust Securities called for redemption by the Trusts; and (iii) payments due upon a voluntary or involuntary dissolution, winding up or liquidation of the Trusts. The Trust Securities are mandatorily redeemable upon maturity of the Notes, or upon earlier redemption as provided in the indenture. The Company has the right to redeem the Notes purchased by the Trusts, in whole or in part, on or after the redemption date. As specified in the indenture, if the Notes are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest. The following table is a summary of the outstanding Trust Securities and Notes at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Luther Burbank Statutory Trust I $ 41,238 6.25 % $ 41,238 6.15 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 6.49 % $ 20,619 6.39 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT

SENIOR DEBT	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 184 $ 95,000 $ 215 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES From time to time, the Company utilizes interest rate swaps and other derivative financial instruments as part of its asset liability management strategy to manage interest rate risk positions. Fair Value Hedges of Interest Rate Risk As of March 31, 2023, the Company held 11 interest rate swaps with a total notional amount of $1.8 billion, two of which, with an aggregate notional amount of $400 million, have effective dates in April and June 2023. 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. All outstanding swaps are designated as fair value hedges and involve the payment of a fixed rate amount to a counterparty in exchange for the Company receiving a variable rate payment over the life of the swaps without the exchange of the underlying notional amount. Any gain or loss on the derivatives, as well as any offsetting loss or gain on the hedged items attributable to the hedged risk are recognized in interest income on loans. The following table presents the effect of the Company’s interest rate swaps on the unaudited consolidated statements of income for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, (Dollars in thousands) 2023 2022 Derivative - interest rate swaps: Interest income (loss) $ 8,164 $ (65) Hedged items - loans: Interest income (loss) 62 (13) Net increase (decrease) in interest income $ 8,226 $ (78) The following table presents the fair value of the Company’s interest rate swaps, as well as their classification in the consolidated statements of financial condition as of March 31, 2023 and December 31, 2022: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives (Dollars in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: As of March 31, 2023: Interest Rate Swaps $ 1,800,000 Prepaid Expenses and Other Assets $ 11,763 Other Liabilities and Accrued Expenses $ 18,053 As of December 31, 2022: Interest Rate Swaps $ 1,850,000 Prepaid Expenses and Other Assets $ 21,323 Other Liabilities and Accrued Expenses $ 2,136 As of March 31, 2023 and December 31, 2022, 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 March 31, 2023: Loans receivable, net $ 1,806,180 $ 6,180 As of December 31, 2022: Loans receivable, net $ 1,430,641 $ (19,359) (1) These amounts include the amortized cost basis of portfolio loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At March 31, 2023 and December 31, 2022, the amortized cost basis of the portfolio loans used in these hedging relationships were $4.5 billion and $3.9 billion, respectively. As of March 31, 2023 , the Company had $8.7 million

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 totaled $473 thousand and $710 thousand, respectively. The fair value of RSAs that vested during the three months ended March 31, 2023 and 2022 totaled $2.7 million and $2.6 million, respectively. As of both March 31, 2023 and December 31, 2022, there was $2.4 million of unrecognized compensation expense related to 232,459 and 414,004 unvested RSAs, respectively, which amounts were expected to be expensed over a weighted average period of 1.50 years and 1.74 years, respectively. As of March 31, 2023 and December 31, 2022, 65,799 and 81,225 shares, respectively, of RSUs were vested and remain unsettled per the original deferral elections. There were no unvested RSUs at March 31, 2023 or December 31, 2022. The following table summarizes share information about RSAs and RSUs: Three Months Ended March 31, 2023 2022 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 495,229 $ 11.89 581,189 $ 10.56 Shares granted 42,034 11.24 206,675 13.81 Shares settled (239,005) 11.81 (253,706) 10.45 Shares forfeited — — (4,100) 11.93 End of the period balance 298,258 $ 11.87 530,058 $ 11.87

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
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 and cash equivalents, 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. The fair value of collateral dependent loans were measured based on the fair value of the collateral at the reporting date, adjusted for selling costs. The fair value of collateral dependent loans was determined utilizing estimates resulting in a Level 3 classification. It was not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. The fair value of servicing rights was determined using a valuation model that utilizes interest rate, prepayment speed, and default rate assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data. The fair values of derivatives were based on valuation models using observable market data as of the measurement date. Fair values for fixed-rate time deposits were estimated using discounted cash flow analyses using interest rates offered at each reporting date by the Company for time deposits with similar remaining maturities. For deposits with no contractual maturity, the fair value was assumed to equal the carrying value. The fair value of FHLB advances was estimated based on discounting the future cash flows using the market rate currently offered for similar terms. The fair value of subordinated debentures was based on an indication of value provided by a third-party broker. For senior debt, the fair value was based on an indication of value provided by a third-party broker. Fair Value of Financial Instruments The carrying and estimated fair values of the Company’s financial instruments were as follows: Fair Level Measurements Using (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 As of March 31, 2023: Financial assets: Cash and cash equivalents $ 516,913 $ 516,913 $ 516,913 $ — $ — Debt securities: Available for sale 593,427 593,427 — 593,427 — Held to maturity 3,080 2,891 — 2,891 — Equity securities 10,506 10,506 — 10,506 — Loans receivable, net 6,987,565 6,662,388 — — 6,662,388 Accrued interest receivable 23,873 23,873 580 2,027 21,266 FHLB stock 46,007 N/A N/A N/A N/A Interest rate swaps 11,763 11,763 — 11,763 — Financial liabilities: Deposits $ 5,649,494 $ 5,618,781 $ 2,013,853 $ 3,604,928 $ — FHLB advances 1,701,647 1,670,831 — 1,670,831 — Junior subordinated deferrable interest debentures 61,857 57,653 — 57,653 — Senior debt 94,816 93,128 — 93,128 — Accrued interest payable 7,430 7,430 — 7,430 — Interest rate swaps 18,053 18,053 — 18,053 — As of December 31, 2022: Financial assets: Cash and cash equivalents $ 185,895 $ 185,895 $ 185,895 $ — $ — Debt securities: Available for sale 607,348 607,348 — 607,348 — Held to maturity 3,108 2,874 — 2,874 — Equity securities 10,340 10,340 — 10,340 — Loans receivable, net 6,973,760 6,743,783 — — 6,743,783 Accrued interest receivable 24,306 24,306 58 4,171 20,077 FHLB stock 32,694 N/A N/A N/A N/A Interest rate swaps 21,323 21,323 — 21,323 — Financial liabilities: Deposits $ 5,839,340 $ 5,789,929 $ 2,449,966 $ 3,339,963 $ — FHLB advances 1,208,147 1,153,511 — 1,153,511 — Junior subordinated deferrable interest debentures 61,857 56,967 — 56,967 — Senior debt 94,785 94,652 — 94,652 — Accrued interest payable 3,964 3,964 — 3,964 — Interest rate swaps 2,136 2,136 — 2,136 — These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. Assets and Liabilities Recorded at Fair Value The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis as of March 31, 2023 and December 31, 2022. Recurring Basis The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis: (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 As of March 31, 2023: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 333,725 $ — $ 333,725 $ — Residential MBS and CMOs 195,543 — 195,543 — Agency bonds 41,160 — 41,160 — Other ABS 22,999 — 22,999 — Total available for sale debt securities $ 593,427 $ — $ 593,427 $ — Equity securities $ 10,506 $ — $ 10,506 $ — Mortgage servicing rights 669 — — 669 Interest rate swaps 11,763 — 11,763 — Financial Liabilities: Interest rate swaps $ 18,053 $ — $ 18,053 $ — As of December 31, 2022: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 340,736 $ — $ 340,736 $ — Residential MBS and CMOs 199,384 — 199,384 — Agency bonds 42,630 — 42,630 — Other ABS 24,598 — 24,598 — Total available for sale debt securities $ 607,348 $ — $ 607,348 $ — Equity securities $ 10,340 $ — $ 10,340 $ — Mortgage servicing rights 688 — — 688 Interest rate swaps 21,323 — 21,323 — Financial Liabilities: Interest rate swaps $ 2,136 $ — $ 2,136 $ — There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2023 or 2022. Non-recurring Basis The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include assets that are measured at the lower of cost or market value that were recognized at fair value which was below cost at the reporting date.

VARIABLE INTEREST ENTITIES (VIE

VARIABLE INTEREST ENTITIES (VIE)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES (VIE)	VARIABLE INTEREST ENTITIES ("VIE") The Company is involved with VIEs through its loan securitization activities. The Company evaluated its association with VIEs for consolidation purposes. Specifically, a VIE is to be consolidated by its primary beneficiary, the entity that has both the power to direct the activities that most significantly impact the VIE, and a variable interest that could potentially be significant to the VIE. A variable interest is a contractual, ownership or other interest whose value fluctuates with the changes in the value of the VIE's assets and liabilities. The assessment includes an evaluation of the Company's continuing involvement with the VIE and the nature and significance of its variable interests. Multifamily loan securitization With respect to the securitization transaction with Freddie Mac which settled September 27, 2017, the Company's variable interests reside with a reimbursement agreement entered into with Freddie Mac that obligates the Company to reimburse Freddie Mac for defaulted contractual principal and interest payments identified after the ultimate resolution of any defaulted loans. Such reimbursement obligations are not to exceed 10% of the original principal amount of the loans comprising the securitization pool. As part of the securitization transaction, the Company released all servicing obligations and rights to Freddie Mac who was designated as the Master Servicer. As Master Servicer, Freddie Mac appointed the Company with sub-servicing obligations, which include obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance, and otherwise administer the underlying loans. The servicing of defaulted loans and foreclosed loans was assigned to a separate third party entity, independent of the Company and Freddie Mac. Freddie Mac, in its capacity as Master Servicer, can terminate the Company in its role as sub-servicer and direct such responsibilities accordingly. In evaluating the variable interests and continuing involvement in the VIE, the Company determined that it does not have the power to make significant decisions or direct the activities that most significantly impact the economic performance of the VIE's assets and liabilities. As sub-servicer of the loans, the Company does not have the authority to make significant decisions that influence the value of the VIE's net assets and therefore, is not the primary beneficiary of the VIE. Hence, the Company determined that the VIE associated with the multifamily securitization should not be included in the consolidated financial statements of the Company.

LOAN SALE AND SECURITIZATION AC

LOAN SALE AND SECURITIZATION ACTIVITIES	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
LOAN SALE AND SECURITIZATION ACTIVITIES	LOAN SALE AND SECURITIZATION ACTIVITIES The Company periodically sells loans as part of its business operations and overall management of liquidity, assets and liabilities, and financial performance. The transfer of loans is executed in securitization or sale transactions. With respect to sale transactions, the Company's continuing involvement may or may not include ongoing servicing responsibilities and general representations and warranties. With respect to securitization sales, the Company executed its first and only transaction to date on September 27, 2017 with Freddie Mac. The transaction involved the sale of $626.0 million in originated multifamily loans through a Freddie Mac sponsored transaction. The Company's continuing involvement includes sub-servicing responsibilities, general representations and warranties, and a limited reimbursement obligation. As sub-servicer for Freddie Mac, the Bank is required to maintain a minimum net worth in accordance with GAAP of not less than $2.0 million. If the Bank's capital were to fall below this threshold, Freddie Mac would have the authority to terminate and assume the Bank’s sub-servicing duties. At March 31, 2023, the Bank’s net worth was $838.6 million which equates to its Tier 1 capital of $868.5 million plus goodwill of $3.3 million and accumulated other comprehensive loss related to net unrealized losses on available for sale securities of $33.3 million. General representations and warranties associated with loan sales and the securitization transaction require the Company to uphold various assertions that pertain to the underlying loans at the time of the transaction, including, but not limited to, compliance with relevant laws and regulations, absence of fraud, enforcement of liens, no environmental damages, and maintenance of relevant environmental insurance. Such representations and warranties are limited to those that do not meet the quality represented at the transaction date and do not pertain to a decline in value or future payment defaults. In circumstances where the Company breaches its representations and warranties, the Company would generally be required to cure such instances through a repurchase or substitution of the subject loan(s). With respect to the securitization transaction, the Company also has continuing involvement through a reimbursement agreement executed with Freddie Mac. To the extent the ultimate resolution of defaulted loans results in contractual principal and interest payments that are deficient, the Company is obligated to reimburse Freddie Mac for such amounts, not to exceed 10% of the original principal amount of the loans comprising the securitization pool at the closing date of September 27, 2017. The following table provides cash flows associated with the Company's loan sale activities: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Proceeds from loan sales $ — $ — Servicing fees 64 97 The following table provides information about the loans transferred through sales or securitization and not recorded in the consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations: (Dollars in thousands) Single Family Residential Multifamily Residential As of March 31, 2023: Principal balance of loans $ 10,907 $ 104,625 Loans 90+ days past due — — Charge-offs, net — — As of December 31, 2022: Principal balance of loans $ 11,000 $ 106,981 Loans 90+ days past due — — Charge-offs, net — —

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments represent commitments to originate fixed and variable rate loans and loans in process, and involve, to varying degrees, credit risk and interest rate risk in excess of the amount recognized in the Company’s consolidated statements of financial condition. The Company’s exposure to credit loss in the event of nonperformance by the other party for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments to originate loans and lines of credit as it does for on-balance sheet instruments. As it relates to interest rate risk, the Company's exposure is generally limited to increases in interest rates that may result during the short period of time between the commitment and funding of fixed rate credit facilities and adjustable rate credit facilities with initial fixed rate periods. The limited timing risk associated with these credit facilities are considered within the Company's asset liability management process. Commitments to fund loans and lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have expiration dates or other termination clauses. In addition, external market forces may impact the probability of commitments being exercised; therefore, total commitments outstanding do not necessarily represent future cash requirements. At March 31, 2023 and December 31, 2022, the Company had outstanding commitments of approximately $36.7 million and $37.7 million, respectively, for loans. Unfunded commitment reserves totaled $389 thousand and $125 thousand at March 31, 2023 and December 31, 2022, respectively. The Company adopted the CECL accounting standard on January 1, 2023. Upon adoption, the Company increased the allowance for unfunded loan commitments by $330 thousand, which represented the difference between the allowance calculated under the CECL methodology as of January 1, 2023 and the incurred loss methodology as of December 31, 2022. The $330 thousand increase in the allowance for unfunded loan commitments was primarily due to higher lifetime expected losses on unfunded commitments on construction loans under the CECL methodology. 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, as well as in connection with the pending merger with WAFD, the Company may be party to various legal proceedings. Correspondent Banking Agreements

NATURE OF OPERATIONS (Policies)

NATURE OF OPERATIONS (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 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.
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 On January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology. The measurement of expected losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans, held to maturity (“HTM”) debt securities and off-balance sheet exposures (loan commitments, financial guarantees, standby letters of credit and other similar instruments). In addition, CECL modifies the other-than-temporary impairment ("OTTI") model for available for sale (“AFS”) debt securities to require an allowance for credit losses instead of a direct write down, which allows for reversal of credit losses in future periods based on improvements in credit quality. As permitted under ASC 326, the Company elected to maintain the same loan segments that it previously identified prior to adoption of CECL. The Company adopted CECL using the modified retrospective method for all financial assets measured at cost, including loans, HTM debt securities and off-balance sheet credit exposures. Results for reporting periods beginning January 1, 2023 are reported under ASU 2016-13, while prior period results continue to be reported under the incurred loss model which was the previously applicable GAAP. The Company recorded an increase to its ACL of $119 thousand as a cumulative effect adjustment of adopting ASU 2016-13, with a corresponding decrease in retained earnings, net of $35 thousand in taxes, of $84 thousand. The transition adjustment reflects the results of our model in estimating lifetime expected credit losses on loans, unfunded commitments and other off-balance sheet credit exposures.
Loans and Leases Receivable, Allowance for Loan Losses Policy	The ACL on loans represents the Company’s estimate of expected lifetime credit losses for its loans at the time of origination or acquisition and is maintained at a level deemed appropriate by management to provide for expected lifetime credit losses in the portfolio as of the date of the consolidated statements of financial condition. The ACL on loans is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. Amortized cost does not include accrued interest, which management elected to exclude from the estimate of expected credit losses. The ACL on loans is increased by the provision for credit losses on loans, which is charged against current period operating results, and decreased by reversals of loan loss provisions as well as loan charge-offs, net of recoveries. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. The Company’s ACL model utilizes an expected cash flow model to measure credit losses on an individual loan basis, which are then aggregated at the portfolio segment level and supplemented by a qualitative reserve that is applied to each portfolio segment level. Loans are segmented based on collateral type and consist of the following segments: Multifamily residential and commercial real estate loans - These loans typically involve greater principal amounts than other types of loans, and repayment depends upon income generated, or expected to be generated, by the property securing the loan in amounts sufficient to cover operating expenses and debt service, which may be adversely affected by changes in the economy or local market conditions. Multifamily residential and commercial real estate loans also expose a lender to significant credit risk because the collateral securing these loans typically cannot be sold as easily as single family residential real estate. In addition, some commercial real estate loans are not fully amortizing and contain large balloon payments upon maturity. Such balloon payments may require the borrower to either sell or refinance the underlying property in order to comply with the terms of the loan agreement, which may increase the risk of default or non-payment. Single family residential real estate loans - The degree of risk in single family residential real estate lending depends primarily on the loan amount in relation to collateral value, the interest rate, and the borrower’s ability to repay in an orderly fashion. These loans generally possess a lower inherent risk of loss than other real estate portfolio segments. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers’ capacity to repay their obligations may be deteriorating. Construction and land loans - This type of lending generally possess a higher inherent risk of loss than other real estate portfolio segments. A major risk arises from the necessity to complete projects within specified costs and time lines. Trends in the construction industry significantly impact the credit quality of these loans, as demand drives construction activity. In addition, trends in real estate values significantly impact the credit quality of these loans, as property values determine the economic viability of construction projects. The Company’s ACL model methodology incorporates assumptions for the probability of default ("PD"), loss given default ("LGD"), and prepayments and curtailments over the contractual terms of the loans. Under the methodology, the ACL reflects the difference between the amortized cost basis and the net expected cash flows of a loan. In determining the PD, the model utilizes both macroeconomic and individual loan characteristics, such as loan-to-value, debt service coverage, seasoning, performance, collateral type, geography and credit score. For each period in a loan’s expected life, the model combines loan characteristics with forecasted economic conditions to determine the likely performance of a loan. With respect to LGD, the model estimates loss severity for secured loans primarily based on the loan type and value of collateral. Collateral values are estimated based on a third-party proprietary database that considers actual historical loan sales. The use of reasonable and supportable forecasts requires significant judgment. The ACL model leverages projections provided by reputable, well-recognized independent economic advisory companies and incorporates a forecast of macroeconomic factors which is updated quarterly. In addition, the ACL model incorporates two years of projected property type performance, such as property value growth and net operating income growth, also updated quarterly. For periods beyond the initial two years for property type performance, forecasts revert to a historical mean over the following three years and subsequently, to the U.S. historical average beyond that. In calculating its ACL, management considers whether qualitative adjustments to the quantitative model, previously described, are needed. Qualitative adjustments may be related to and include, but are not limited to factors such as: differences in segment-specific risk characteristics, periods wherein current conditions and reasonable and supportable forecasts of economic conditions differ from the conditions that existed at the time of the estimated loss calculation, model limitations identified through back-testing and management’s overall assessment of the adequacy of the ACL. Qualitative internal and external risk factors that are periodically evaluated by management include, but are not limited to, the following: • Changes in the nature and volume of loans; • Changes in economic conditions and forecasts; • Changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of criticized and classified loans; • The existence and effect of loan concentrations; • Changes in lending policies and procedures; • Changes in the experience, ability and depth of lending management and other relevant staff; • Changes in the quality of our systematic loan review processes; and • The effect of other external factors, such as legal and regulatory requirements on the level of estimated credit losses in the portfolio. Generally, the measurement of the ACL is performed by collectively evaluating loans with similar risk characteristics. Loans that do not share similar risk characteristics are evaluated individually for credit loss and are not included in the evaluation process discussed above. Individually evaluated loans may consist of loans that are classified as collateral dependent, or of loans that management has determined to not share risk characteristics with collectively evaluated loans. Collateral dependent loans represent loans where management has determined that foreclosure is probable, or where a borrower is experiencing financial difficulty at the reporting date and loan repayment is expected to be provided generally through the operation or sale of the collateral. Expected credit losses for collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs, as appropriate. Loans with terms that have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are evaluated for an ACL utilizing one of the methodologies above.
Credit Loss, Financial Instrument	Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company makes commitments to extend credit to meet the financing needs of customers in the form of loans or lines of credit. The Company maintains an ACL on unfunded commitments and other off-balance sheet credit exposures in other liabilities and accrued expenses in the consolidated statements of financial condition. This ACL is estimated over a commitment's contractual period and is determined in a manner consistent with the ACL for loans, which includes consideration of the likelihood that funding will occur. Adjustments to the ACL for off-balance sheet credit exposures are included in the provision for credit losses in the unaudited consolidated statements of income. Allowance for Credit Losses on Held to Maturity Securities The Company measures expected credit losses on HTM investment securities on a collective basis by major security type. Accrued interest receivable on HTM investment securities is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Because substantially all of the Company’s HTM investment securities are either explicitly or implicitly guaranteed by U.S. Government entities or its agencies, the Company does not anticipate any credit related losses in this investment portfolio. Changes in the ACL on HTM securities, if any, are recorded in the provision for credit losses in the unaudited consolidated statements of income. Losses are charged against the ACL when management believes the uncollectibility of a HTM security is confirmed. Allowance for Credit Losses on Available for Sale Securities
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. The Company records 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 selected a FHLB advance rate at lease inception based on the lease term and other factors, as a reasonable incremental borrowing rate. 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 and cash equivalents, 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. The fair value of collateral dependent loans were measured based on the fair value of the collateral at the reporting date, adjusted for selling costs. The fair value of collateral dependent 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)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	(Dollars in thousands, except share amounts) Three Months Ended March 31, 2023 2022 Net income $ 13,442 $ 22,940 Weighted average basic common shares outstanding 50,871,173 51,337,488 Add: Dilutive effects of assumed vesting of restricted stock 32,272 76,931 Weighted average diluted common shares outstanding 50,903,445 51,414,419 Income per common share: Basic EPS $ 0.26 $ 0.45 Diluted EPS $ 0.26 $ 0.45 Anti-dilutive shares not included in calculation of diluted earnings per share 19,913 20

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Debt Securities, Available-for-sale	The following table summarizes the amortized cost and the estimated fair value of available for sale debt securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value At March 31, 2023: Government and Government Sponsored Entities: Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs") $ 358,558 $ 217 $ (25,050) $ 333,725 Residential MBS and CMOs 216,656 12 (21,125) 195,543 Agency bonds 41,196 88 (124) 41,160 Other asset backed securities ("ABS") 23,916 — (917) 22,999 Total available for sale debt securities $ 640,326 $ 317 $ (47,216) $ 593,427 At December 31, 2022: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 365,207 $ 265 $ (24,736) $ 340,736 Residential MBS and CMOs 221,994 22 (22,632) 199,384 Agency bonds 42,540 189 (99) 42,630 Other ABS 25,763 — (1,165) 24,598 Total available for sale debt securities $ 655,504 $ 476 $ (48,632) $ 607,348 The following tables summarize the gross unrealized losses and fair value of available for sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: March 31, 2023 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 $ 146,394 $ (2,205) $ 150,521 $ (22,845) $ 296,915 $ (25,050) Residential MBS and CMOs 69,012 (2,781) 121,213 (18,344) 190,225 (21,125) Agency bonds 31,218 (124) — — 31,218 (124) Other ABS — — 22,999 (917) 22,999 (917) Total available for sale debt securities $ 246,624 $ (5,110) $ 294,733 $ (42,106) $ 541,357 $ (47,216) December 31, 2022 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government and Government Sponsored Entities: Commercial MBS and CMOs $ 188,155 $ (6,165) $ 109,255 $ (18,571) $ 297,410 $ (24,736) Residential MBS and CMOs 94,137 (5,912) 99,831 (16,720) 193,968 (22,632) Agency bonds 14,345 (99) — — 14,345 (99) Other ABS 10,804 (580) 13,794 (585) 24,598 (1,165) Total available for sale debt securities $ 307,441 $ (12,756) $ 222,880 $ (35,876) $ 530,321 $ (48,632)
Schedule of Held-to-maturity Securities	The following table summarizes the amortized cost and estimated fair value of held to maturity investment securities as of the dates indicated: (Dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value As of March 31, 2023: Government Sponsored Entities: Residential MBS $ 3,022 $ — $ (189) $ 2,833 Other investments 58 — — 58 Total held to maturity investment securities $ 3,080 $ — $ (189) $ 2,891 As of December 31, 2022: Government Sponsored Entities: Residential MBS $ 3,047 $ — $ (234) $ 2,813 Other investments 61 — — 61 Total held to maturity investment securities $ 3,108 $ — $ (234) $ 2,874 The following table summarizes the gross unrecognized losses and fair value of held to maturity investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrecognized loss position: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses As of March 31, 2023: Government Sponsored Entities: Residential MBS $ 1,652 $ (100) $ 1,181 $ (89) $ 2,833 $ (189) As of December 31, 2022: Government Sponsored Entities: Residential MBS $ 2,813 $ (234) $ — $ — $ 2,813 $ (234)
Schedule of Debt Maturities of Available-for-sale and Held-to-maturity Securities	The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of March 31, 2023: March 31, 2023 (Dollars in thousands) Amortized Cost Fair Value Available for sale debt securities Five to ten years $ 37,479 $ 37,421 Beyond ten years 3,717 3,739 MBS, CMOs and other ABS 599,130 552,267 Total available for sale debt securities $ 640,326 $ 593,427 Held to maturity investments securities Five to ten years $ 58 $ 58 MBS 3,022 2,833 Total held to maturity debt securities $ 3,080 $ 2,891

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Loans Receivable	Loans consist of the following: (Dollars in thousands) March 31, December 31, Mortgages on: Multifamily residential $ 4,522,072 $ 4,532,312 Single family residential 2,308,485 2,283,628 Commercial real estate 168,049 172,258 Construction and land 24,873 22,247 Total 7,023,479 7,010,445 Allowance for credit losses on loans (35,914) (36,685) Loans, net $ 6,987,565 $ 6,973,760
Schedule Allowance for Loan Losses	The following table summarizes activity in and the allocation of the allowance for credit losses by portfolio segment during the three months ended March 31, 2023: Allowance for Credit Losses (Dollars in thousands) Beginning Balance Impact of CECL Adoption Charge-Offs Recoveries Provision Ending Balance Multifamily residential $ 26,417 $ 2,882 $ — $ — $ (2,007) $ 27,292 Single family residential 8,564 (2,472) — — 1,339 7,431 Commercial real estate 1,539 (784) — — 22 777 Construction and land 165 282 — — (33) 414 Allowance for credit losses on loans 36,685 (92) — — (679) 35,914 Allowance for credit losses on off-balance sheet credit exposures 563 211 — — (116) 658 Total $ 37,248 $ 119 $ — $ — $ (795) $ 36,572 The following table summarizes activity in and the allocation of the allowance for loan losses by portfolio segment during the three months ended March 31, 2022: Allowance for Loan Losses (Dollars in thousands) Beginning Balance Charge-Offs Recoveries Provision Ending Balance Multifamily residential $ 26,043 $ — $ — $ (1,892) $ 24,151 Single family residential 7,224 — — (427) 6,797 Commercial real estate 2,094 — — (212) 1,882 Construction and land 174 — — 31 205 Allowance for loan losses $ 35,535 $ — $ — $ (2,500) $ 33,035
Schedule of Loan Portfolio by Internal Risk Indicators	The following table presents the internal risk ratings for total loans by portfolio segment of loan and origination year as of March 31, 2023, as well as gross charge-offs for the three months ended March 31, 2023: (Dollars in thousands) Loans by Origination Year 2023 2022 2021 2020 2019 Prior Total Multifamily residential Pass $ 23,568 $ 1,183,333 $ 1,216,122 $ 720,962 $ 429,745 $ 887,435 $ 4,461,165 Watch — 691 12,054 4,833 6,358 18,619 42,555 Special Mention — — — — 1,731 — 1,731 Substandard — — — 3,584 3,875 9,162 16,621 Total $ 23,568 $ 1,184,024 $ 1,228,176 $ 729,379 $ 441,709 $ 915,216 $ 4,522,072 Year to date gross charge-offs $ — $ — $ — $ — $ — $ — $ — Single family residential Pass $ 65,714 $ 835,490 $ 732,585 $ 167,821 $ 142,040 $ 350,157 $ 2,293,807 Watch — 1,418 1,151 — 3,869 6,510 12,948 Special Mention — — — — — — — Substandard — — — — — 1,730 1,730 Total $ 65,714 $ 836,908 $ 733,736 $ 167,821 $ 145,909 $ 358,397 $ 2,308,485 Year to date gross charge-offs $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ — $ 24,186 $ 1,942 $ 11,607 $ 24,216 $ 104,546 $ 166,497 Watch — — — — — 604 604 Special Mention — — — — 948 — 948 Substandard — — — — — — — Total $ — $ 24,186 $ 1,942 $ 11,607 $ 25,164 $ 105,150 $ 168,049 Year to date gross charge-offs $ — $ — $ — $ — $ — $ — $ — Construction and land Pass $ — $ 6,528 $ 18,345 $ — $ — $ — $ 24,873 Watch — — — — — — — Special Mention — — — — — — — Substandard — — — — — — — Total $ — $ 6,528 $ 18,345 $ — $ — $ — $ 24,873 Year to date gross charge-offs $ — $ — $ — $ — $ — $ — $ — Total loans Pass $ 89,282 $ 2,049,537 $ 1,968,994 $ 900,390 $ 596,001 $ 1,342,138 $ 6,946,342 Watch — 2,109 13,205 4,833 10,227 25,733 56,107 Special Mention — — — — 2,679 — 2,679 Substandard — — — 3,584 3,875 10,892 18,351 Total $ 89,282 $ 2,051,646 $ 1,982,199 $ 908,807 $ 612,782 $ 1,378,763 $ 7,023,479 Year to date gross charge-offs $ — $ — $ — $ — $ — $ — $ — The following table summarizes the loan portfolio allocated by management’s internal risk ratings at December 31, 2022. (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Construction and Land Total Grade: Pass $ 4,469,443 $ 2,269,325 $ 169,711 $ 22,247 $ 6,930,726 Watch 44,436 11,341 1,594 — 57,371 Special mention 2,460 — 953 — 3,413 Substandard 15,973 2,962 — — 18,935 Total $ 4,532,312 $ 2,283,628 $ 172,258 $ 22,247 $ 7,010,445
Schedule or Past Due Loans Receivable	The following table summarizes an aging analysis of the loan portfolio by the time past due as of the dates indicated below: (Dollars in thousands) 30-59 Days 60-89 Days 90+ Days Total Past Due Current Total As of March 31, 2023: Loans: Multifamily residential $ 5,531 $ — $ 3,121 $ 8,652 $ 4,513,420 $ 4,522,072 Single family residential 1,665 — — 1,665 2,306,820 2,308,485 Commercial real estate — — — — 168,049 168,049 Construction and land — — — — 24,873 24,873 Total $ 7,196 $ — $ 3,121 $ 10,317 $ 7,013,162 $ 7,023,479 As of December 31, 2022: Loans: Multifamily residential $ — $ — $ 3,023 $ 3,023 $ 4,529,289 $ 4,532,312 Single family residential — — 104 104 2,283,524 2,283,628 Commercial real estate — — — — 172,258 172,258 Construction and land — — — — 22,247 22,247 Total $ — $ — $ 3,127 $ 3,127 $ 7,007,318 $ 7,010,445
Schedule Of Collateral Dependent Loans By Collateral Type	The following table presents the amortized cost basis of collateral dependent loans by loan type at March 31, 2023. Amortized Cost by Collateral Type Allowance for Credit Losses (Dollars in thousands) Residential Office Industrial Multifamily residential $ 3,504 $ — $ — $ — Single family residential 1,466 — — — Total $ 4,970 $ — $ — $ —
Schedule of Impaired Loans Receivables	The following table summarizes information related to impaired loans at December 31, 2022: (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Multifamily residential $ 485 $ 562 $ — Single family residential 5,580 5,779 — 6,065 6,341 — With an allowance recorded: Multifamily residential 3,024 3,002 600 Single family residential 801 798 25 3,825 3,800 625 Total: Multifamily residential 3,509 3,564 600 Single family residential 6,381 6,577 25 $ 9,890 $ 10,141 $ 625 The following table summarizes information related to impaired loans for the three months ended March 31, 2022: (Dollars in thousands) Average Recorded Investment Interest Income Cash Basis Interest With no related allowance recorded: Multifamily residential $ 503 $ 8 $ 8 Single family residential 4,830 43 19 5,333 51 27 With an allowance recorded: Single family residential 835 6 — 835 6 — Total: Multifamily residential 503 8 8 Single family residential 5,665 49 19 $ 6,168 $ 57 $ 27 The following table summarizes the allocation of the allowance for loan losses by impairment methodology as of December 31, 2022: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Construction and Land Total Ending allowance balance allocated to: Loans individually evaluated for impairment $ 600 $ 25 $ — $ — $ 625 Loans collectively evaluated for impairment 25,817 8,539 1,539 165 36,060 Ending balance $ 26,417 $ 8,564 $ 1,539 $ 165 $ 36,685 Loans: Ending balance: individually evaluated for impairment $ 3,509 $ 6,381 $ — $ — $ 9,890 Ending balance: collectively evaluated for impairment 4,528,803 2,277,247 172,258 22,247 7,000,555 Ending balance $ 4,532,312 $ 2,283,628 $ 172,258 $ 22,247 $ 7,010,445
Schedule of Modified Loans	The following table summarizes the population of loans with active payment modifications for borrowers experiencing financial difficulty as of March 31, 2023: (Dollars in thousands) Multifamily Residential Single Family Residential Commercial Real Estate Construction and Land Total Loan modifications $ — $ 1,200 $ — $ — $ 1,200 % of loan modifications to total loan category — 0.05 % — — 0.02 % Weighted average interest rate reductions — % 0.20 % — % — % 0.20 % Weighted average term extension — 6 months — — 6 months
Schedule of Troubled Debt Restructurings	The following table summarizes the recorded investment related to troubled debt restructurings ("TDRs") at December 31, 2022: (Dollars in thousands) Troubled debt restructurings: Single family residential $ 1,211 During the three months ended March 31, 2022, the Company modified the terms of one loan that qualified as a TDR. The following table provides details of this modification: (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled debt restructurings: Single family residential 1 $ 405 $ 412

NONPERFORMING ASSETS (Tables)

NONPERFORMING ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Nonperforming Assets	The following table presents the composition of non-accrual loans as of the dates indicated below: March 31, 2023 December 31, 2022 (Dollars in thousands) Non-Accrual Loans with No ACL Non-Accrual Loans Non-Accrual Loans with No ALLL Non-Accrual Loans Multifamily residential $ 3,504 $ 3,504 $ 3,509 $ 3,509 Single family residential 1,466 1,466 2,962 2,962 Commercial real estate — — — — Construction and land — — — — Total $ 4,970 $ 4,970 $ 6,471 $ 6,471

MORTGAGE SERVICING RIGHTS (Tabl

MORTGAGE SERVICING RIGHTS (Tables)	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
Schedule of Mortgage Loans Serviced for Others	The principal balances of these loans are as follows: (Dollars in thousands) March 31, December 31, Mortgage loans serviced for: Federal Home Loan Mortgage Corporation ("Freddie Mac") $ 78,312 $ 80,478 Other financial institutions 37,220 37,503 Total mortgage loans serviced for others $ 115,532 $ 117,981
Schedule of Changes in Servicing Assets	Activities for mortgage servicing rights are as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Beginning balance $ 688 $ 915 Additions — — Disposals — — Changes in fair value due to changes in assumptions — — Other changes in fair value (19) (104) Ending balance $ 669 $ 811

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Supplemental Lease Information	Supplemental lease information as of March 31, 2023 and December 31, 2022 is as follows: (Dollars in thousands) March 31, December 31, Operating lease right-of-use assets included in prepaid expenses and other assets $ 12,478 $ 13,244 Operating lease liabilities included in other liabilities and accrued expenses 12,478 13,316 Weighted average remaining lease term (years) of operating leases 5.0 5.1 Weighted average discount rate of operating leases 2.73 % 2.69 % Supplemental lease information for the three months ended March 31, 2023 and 2022 is as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Operating lease costs included in occupancy expense $ 904 $ 929 Cash paid for amounts included in the measurement of operating lease liabilities 976 1,033
Schedule of Future Undiscounted Lease Payments	At March 31, 2023, future undiscounted lease payments with initial terms of one year or more are as follows: (Dollars in thousands) April 1 - December 31, 2023 $ 2,537 2024 2,803 2025 2,388 2026 2,203 2027 1,964 Thereafter 1,640 Total undiscounted lease payments 13,535 Less: Imputed interest (1,057) Net lease liabilities $ 12,478

DEPOSITS (Tables)

DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2023
Deposits [Abstract]
Schedule of Deposits	A summary of deposits at March 31, 2023 and December 31, 2022 is as follows: (Dollars in thousands) March 31, 2023 December 31, 2022 Time deposits $ 3,405,641 $ 3,134,373 Money market savings 1,271,147 1,718,008 Money market checking 754,080 728,231 Interest-bearing demand 143,870 158,068 Noninterest-bearing demand 74,756 100,660 Total $ 5,649,494 $ 5,839,340
Schedule of Certificate Account Maturities	Maturities of the Company’s time deposits at March 31, 2023 are summarized as follows: (Dollars in thousands) April 1 - December 31, 2023 $ 2,462,856 2024 919,568 2025 7,357 2026 10,450 2027 4,537 Thereafter 873 Total $ 3,405,641

FEDERAL HOME LOAN BANK AND FE_2

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 (Dollars in thousands) March 31, December 31, Minimum Interest Rate Maximum Interest Rate Weighted Average Rate Maturity Dates Fixed rate short-term $ 150,000 $ 56,500 5.27 % 5.27 % 5.27 % June 2023 Fixed rate long-term (1) 1,551,647 1,151,647 0.38 % 7.33 % 3.15 % May 2023 to March 2030 $ 1,701,647 $ 1,208,147 (1) Included in total fixed rate long-term advances is a $200.0 million advance which matures in September 2025 and contains a 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 March 31, 2023: (Dollars in thousands) April 1 - December 31, 2023 $ 350,000 2024 500,000 2025 751,500 2026 100,000 2027 — Thereafter 147 $ 1,701,647

JUNIOR SUBORDINATED DEFERRABL_2

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Trust Securities	The following table is a summary of the outstanding Trust Securities and Notes at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Date Maturity Rate Index Issuer Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Luther Burbank Statutory Trust I $ 41,238 6.25 % $ 41,238 6.15 % 3/1/2006 6/15/2036 3 month LIBOR + 1.38% Luther Burbank Statutory Trust II $ 20,619 6.49 % $ 20,619 6.39 % 3/1/2007 6/15/2037 3 month LIBOR + 1.62%

SENIOR DEBT (Tables)

SENIOR DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes information on these notes as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (Dollars in thousands) Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Maturity Date Fixed Interest Rate Senior Unsecured Term Notes $ 95,000 $ 184 $ 95,000 $ 215 9/30/2024 6.50 %

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap on the Consolidated Statements of Income	The following table presents the effect of the Company’s interest rate swaps on the unaudited consolidated statements of income for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, (Dollars in thousands) 2023 2022 Derivative - interest rate swaps: Interest income (loss) $ 8,164 $ (65) Hedged items - loans: Interest income (loss) 62 (13) Net increase (decrease) in interest income $ 8,226 $ (78)
Schedule of Interest Rate Swap on Consolidated Balance Sheet	The following table presents the fair value of the Company’s interest rate swaps, as well as their classification in the consolidated statements of financial condition as of March 31, 2023 and December 31, 2022: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives (Dollars in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: As of March 31, 2023: Interest Rate Swaps $ 1,800,000 Prepaid Expenses and Other Assets $ 11,763 Other Liabilities and Accrued Expenses $ 18,053 As of December 31, 2022: Interest Rate Swaps $ 1,850,000 Prepaid Expenses and Other Assets $ 21,323 Other Liabilities and Accrued Expenses $ 2,136
Schedule of Amounts Recorded on the Balance Sheet Related to Cumulative Adjustments on Fair Value Hedges	As of March 31, 2023 and December 31, 2022, 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 March 31, 2023: Loans receivable, net $ 1,806,180 $ 6,180 As of December 31, 2022: Loans receivable, net $ 1,430,641 $ (19,359)

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes share information about RSAs and RSUs: Three Months Ended March 31, 2023 2022 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of the period balance 495,229 $ 11.89 581,189 $ 10.56 Shares granted 42,034 11.24 206,675 13.81 Shares settled (239,005) 11.81 (253,706) 10.45 Shares forfeited — — (4,100) 11.93 End of the period balance 298,258 $ 11.87 530,058 $ 11.87

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	The carrying and estimated fair values of the Company’s financial instruments were as follows: Fair Level Measurements Using (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 As of March 31, 2023: Financial assets: Cash and cash equivalents $ 516,913 $ 516,913 $ 516,913 $ — $ — Debt securities: Available for sale 593,427 593,427 — 593,427 — Held to maturity 3,080 2,891 — 2,891 — Equity securities 10,506 10,506 — 10,506 — Loans receivable, net 6,987,565 6,662,388 — — 6,662,388 Accrued interest receivable 23,873 23,873 580 2,027 21,266 FHLB stock 46,007 N/A N/A N/A N/A Interest rate swaps 11,763 11,763 — 11,763 — Financial liabilities: Deposits $ 5,649,494 $ 5,618,781 $ 2,013,853 $ 3,604,928 $ — FHLB advances 1,701,647 1,670,831 — 1,670,831 — Junior subordinated deferrable interest debentures 61,857 57,653 — 57,653 — Senior debt 94,816 93,128 — 93,128 — Accrued interest payable 7,430 7,430 — 7,430 — Interest rate swaps 18,053 18,053 — 18,053 — As of December 31, 2022: Financial assets: Cash and cash equivalents $ 185,895 $ 185,895 $ 185,895 $ — $ — Debt securities: Available for sale 607,348 607,348 — 607,348 — Held to maturity 3,108 2,874 — 2,874 — Equity securities 10,340 10,340 — 10,340 — Loans receivable, net 6,973,760 6,743,783 — — 6,743,783 Accrued interest receivable 24,306 24,306 58 4,171 20,077 FHLB stock 32,694 N/A N/A N/A N/A Interest rate swaps 21,323 21,323 — 21,323 — Financial liabilities: Deposits $ 5,839,340 $ 5,789,929 $ 2,449,966 $ 3,339,963 $ — FHLB advances 1,208,147 1,153,511 — 1,153,511 — Junior subordinated deferrable interest debentures 61,857 56,967 — 56,967 — Senior debt 94,785 94,652 — 94,652 — Accrued interest payable 3,964 3,964 — 3,964 — Interest rate swaps 2,136 2,136 — 2,136 —
Schedule of Fair Value of Assets Measured on a Recurring Basis	The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis: (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 As of March 31, 2023: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 333,725 $ — $ 333,725 $ — Residential MBS and CMOs 195,543 — 195,543 — Agency bonds 41,160 — 41,160 — Other ABS 22,999 — 22,999 — Total available for sale debt securities $ 593,427 $ — $ 593,427 $ — Equity securities $ 10,506 $ — $ 10,506 $ — Mortgage servicing rights 669 — — 669 Interest rate swaps 11,763 — 11,763 — Financial Liabilities: Interest rate swaps $ 18,053 $ — $ 18,053 $ — As of December 31, 2022: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 340,736 $ — $ 340,736 $ — Residential MBS and CMOs 199,384 — 199,384 — Agency bonds 42,630 — 42,630 — Other ABS 24,598 — 24,598 — Total available for sale debt securities $ 607,348 $ — $ 607,348 $ — Equity securities $ 10,340 $ — $ 10,340 $ — Mortgage servicing rights 688 — — 688 Interest rate swaps 21,323 — 21,323 — Financial Liabilities: Interest rate swaps $ 2,136 $ — $ 2,136 $ —
Schedule of Fair Value of Liabilities Measured on a Recurring Basis	The Company is required or permitted to record the following assets and liabilities at fair value on a recurring basis: (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 As of March 31, 2023: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 333,725 $ — $ 333,725 $ — Residential MBS and CMOs 195,543 — 195,543 — Agency bonds 41,160 — 41,160 — Other ABS 22,999 — 22,999 — Total available for sale debt securities $ 593,427 $ — $ 593,427 $ — Equity securities $ 10,506 $ — $ 10,506 $ — Mortgage servicing rights 669 — — 669 Interest rate swaps 11,763 — 11,763 — Financial Liabilities: Interest rate swaps $ 18,053 $ — $ 18,053 $ — As of December 31, 2022: Financial Assets: Available for sale debt securities: Government and Government Sponsored Entities: Commercial MBS and CMOs $ 340,736 $ — $ 340,736 $ — Residential MBS and CMOs 199,384 — 199,384 — Agency bonds 42,630 — 42,630 — Other ABS 24,598 — 24,598 — Total available for sale debt securities $ 607,348 $ — $ 607,348 $ — Equity securities $ 10,340 $ — $ 10,340 $ — Mortgage servicing rights 688 — — 688 Interest rate swaps 21,323 — 21,323 — Financial Liabilities: Interest rate swaps $ 2,136 $ — $ 2,136 $ —

LOAN SALE AND SECURITIZATION _2

LOAN SALE AND SECURITIZATION ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
Schedule of Cash Flows From Loan Sale Activities	The following table provides cash flows associated with the Company's loan sale activities: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Proceeds from loan sales $ — $ — Servicing fees 64 97
Schedule of Loans Transfered Through Sale or Securitization	The following table provides information about the loans transferred through sales or securitization and not recorded in the consolidated statements of financial condition, for which the Company's continuing involvement includes sub-servicing or servicing responsibilities and/or reimbursement obligations: (Dollars in thousands) Single Family Residential Multifamily Residential As of March 31, 2023: Principal balance of loans $ 10,907 $ 104,625 Loans 90+ days past due — — Charge-offs, net — — As of December 31, 2022: Principal balance of loans $ 11,000 $ 106,981 Loans 90+ days past due — — Charge-offs, net — —

NATURE OF OPERATIONS - Narrativ

NATURE OF OPERATIONS - Narrative (Details) $ in Thousands		Mar. 31, 2023 USD ($) branch	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans		$ 35,914		$ 36,685
Cumulative effect of change in accounting principal		(696,161)		(682,536)	$ (668,000)	$ (669,133)
Allowance for Credit Losses		35,914	$ 36,685	36,685	33,035	35,535
ACL - Off-Balance Sheet Credit Exposures		658	563	563
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principal		(331,069)		(317,711)	(278,856)	(262,141)
Accounting Standards Update 2022-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans			119
Accounting Standards Update 2022-13 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principal			119
Effect of change in accounting principal, tax			35
Cumulative effect of change in accounting principal, net of tax			(84)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principal	[1]			84
Allowance for Credit Losses			(92)
ACL - Off-Balance Sheet Credit Exposures			211
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principal	[1]			84
Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses			36,593
ACL - Off-Balance Sheet Credit Exposures			774
Multifamily residential
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses		27,292	26,417	26,417	24,151	26,043
Multifamily residential | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses			2,882
Multifamily residential | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses			29,299
Single family residential
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses		7,431	8,564	8,564	6,797	7,224
Single family residential | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses			(2,472)
Single family residential | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses			6,092
Commercial real estate
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses		777	1,539	1,539	1,882	2,094
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses			(784)
Commercial real estate | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses			755
Construction and land
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses		$ 414	165	165	$ 205	$ 174
Construction and land | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses			282
ACL - Off-Balance Sheet Credit Exposures				$ 211
Construction and land | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Losses			$ 447
Sonoma, Marin, Santa Clara, and Los Angeles Counties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of full service branches | branch		10
King County, Washington
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of full service branches | branch		1
[1] (1) Represents the impact of the adoption of Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments, and the related amendments which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology.

NATURE OF OPERATIONS - Earnings

NATURE OF OPERATIONS - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Net income	$ 13,442	$ 22,940
Weighted average common shares outstanding - basic (in shares)	50,871,173	51,337,488
Add: Dilutive effects of assumed vesting of restricted stock (in shares)	32,272	76,931
Weighted average common shares outstanding - diluted (in shares)	50,903,445	51,414,419
Basic earnings per common share (in usd per share)	$ 0.26	$ 0.45
Diluted earnings per common share (in usd per share)	$ 0.26	$ 0.45
Anti-dilutive shares not included in calculation of diluted earnings per share (in shares)	19,913	20

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 640,326	$ 655,504
Gross Unrealized Gains	317	476
Gross Unrealized Losses	(47,216)	(48,632)
Estimated Fair Value	593,427	607,348
Fair Value
Less than 12 Months	246,624	307,441
12 Months or More	294,733	222,880
Total	541,357	530,321
Unrealized Losses
Less than 12 Months	(5,110)	(12,756)
12 Months or More	(42,106)	(35,876)
Total	(47,216)	(48,632)
Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	358,558	365,207
Gross Unrealized Gains	217	265
Gross Unrealized Losses	(25,050)	(24,736)
Estimated Fair Value	333,725	340,736
Fair Value
Less than 12 Months	146,394	188,155
12 Months or More	150,521	109,255
Total	296,915	297,410
Unrealized Losses
Less than 12 Months	(2,205)	(6,165)
12 Months or More	(22,845)	(18,571)
Total	(25,050)	(24,736)
Residential MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	216,656	221,994
Gross Unrealized Gains	12	22
Gross Unrealized Losses	(21,125)	(22,632)
Estimated Fair Value	195,543	199,384
Fair Value
Less than 12 Months	69,012	94,137
12 Months or More	121,213	99,831
Total	190,225	193,968
Unrealized Losses
Less than 12 Months	(2,781)	(5,912)
12 Months or More	(18,344)	(16,720)
Total	(21,125)	(22,632)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	41,196	42,540
Gross Unrealized Gains	88	189
Gross Unrealized Losses	(124)	(99)
Estimated Fair Value	41,160	42,630
Fair Value
Less than 12 Months	31,218	14,345
12 Months or More	0	0
Total	31,218	14,345
Unrealized Losses
Less than 12 Months	(124)	(99)
12 Months or More	0	0
Total	(124)	(99)
Other ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	23,916	25,763
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(917)	(1,165)
Estimated Fair Value	22,999	24,598
Fair Value
Less than 12 Months	0	10,804
12 Months or More	22,999	13,794
Total	22,999	24,598
Unrealized Losses
Less than 12 Months	0	(580)
12 Months or More	(917)	(585)
Total	$ (917)	$ (1,165)

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) security	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Cumulative effect of change in accounting principal | $	$ 696,161,000	$ 668,000,000	$ 682,536,000	$ 669,133,000
Debt securities, available-for-sale, realized gain | $	0	0
Debt securities, available-for-sale, realized loss | $	0	0
Debt securities, available-for-sale, amortized cost | $	640,326,000		655,504,000
Equity securities, at fair value | $	10,506,000		$ 10,340,000
Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost | $	$ 612,300,000
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 | security	58		58
Debt securities, available-for-sale, unrealized loss position, number of positions | security	51		50
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions | security	26		15
Debt securities, available-for-sale, amortized cost | $	$ 358,558,000		$ 365,207,000
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions | security	89		90
Debt securities, available-for-sale, unrealized loss position, number of positions | security	86		86
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions | security	27		14
Held-to-maturity securities, number of positions | security	7		7
Held-to-maturity securities, unrealized loss position, number of positions | security	7		7
Held-to-maturity securities, unrealized loss position 12 months or more, number of positions | security	3
Debt securities, available-for-sale, amortized cost | $	$ 216,656,000		$ 221,994,000
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions | security	6		6
Debt securities, available-for-sale, unrealized loss position, number of positions | security	3		1
Debt securities, available-for-sale, amortized cost | $	$ 41,196,000		$ 42,540,000
Other ABS
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, number of positions | security	3		3
Debt securities, available-for-sale, unrealized loss position, number of positions | security	3		3
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions | security			2
Debt securities, available-for-sale, amortized cost | $	$ 23,916,000		$ 25,763,000
CRA Qualified Investment Fund
Debt Securities, Available-for-sale [Line Items]
Equity securities, at fair value | $	10,500,000		10,300,000
Changes in fair value | $	166,000	(577,000)
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 | $	(33,271,000)	$ (11,958,000)	(34,163,000)	$ 88,000
Unrealized gain on available-for-sale investment securities tax liability | $	$ (13,600,000)		$ (14,000,000)

INVESTMENT SECURITIES - Held-to

INVESTMENT SECURITIES - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 3,080	$ 3,108
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(189)	(234)
Estimated Fair Value	2,891	2,874
Residential MBS and CMOs
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	3,022	3,047
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(189)	(234)
Estimated Fair Value	2,833	2,813
Fair Value
Less than 12 Months	1,652	2,813
12 Months or More	1,181	0
Total	2,833	2,813
Unrealized Losses
Less than 12 Months	(100)	(234)
12 Months or More	(89)	0
Total	(189)	(234)
Other investments
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	58	61
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	0	0
Estimated Fair Value	$ 58	$ 61

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Five to ten years	$ 37,479
Beyond ten years	3,717
Amortized Cost	640,326	$ 655,504
Fair Value
Five to ten years	37,421
Beyond ten years	3,739
Fair Value	593,427	607,348
Amortized Cost
Five to ten years	58
Amortized Cost	3,080	3,108
Fair Value
Five to ten years	58
Estimated Fair Value	2,891	$ 2,874
MBS, CMOs and other ABS
Amortized Cost
MBS, CMOs and other ABS	599,130
Fair Value
MBS, CMOs and other ABS	552,267
MBS
Amortized Cost
MBS	3,022
Fair Value
MBS	$ 2,833

LOANS - Loans Receivable (Detai

LOANS - Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 7,023,479		$ 7,010,445
Allowance for credit losses on loans	(35,914)	$ (36,685)	(36,685)	$ (33,035)	$ (35,535)
Loans, net	6,987,565		6,973,760
Multifamily residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,522,072		4,532,312
Allowance for credit losses on loans	(27,292)	(26,417)	(26,417)	(24,151)	(26,043)
Multifamily residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	4,522,072		4,532,312
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	2,308,485		2,283,628
Allowance for credit losses on loans	(7,431)	(8,564)	(8,564)	(6,797)	(7,224)
Single family residential | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	2,308,485		2,283,628
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	168,049		172,258
Allowance for credit losses on loans	(777)	$ (1,539)	(1,539)	$ (1,882)	$ (2,094)
Commercial real estate | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	168,049		172,258
Construction and land | Permanent mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, gross	$ 24,873		$ 22,247

LOANS - Allowance for Loan Loss

LOANS - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 36,685	$ 35,535
Charge-Offs	0	0
Recoveries	0	0
Provision	(679)	(2,500)
Ending Balance	35,914	33,035
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Beginning Balance	563
Charge-Offs	0
Recoveries	0
Provision	(116)
Ending Balance	658
Financing Receivable and Off-Balance Sheet, Credit Loss [Roll Forward]
Beginning Balance	37,248
Charge-Offs	0
Recoveries	0
Provision	(795)
Ending Balance	36,572
Multifamily residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	26,417	26,043
Charge-Offs	0	0
Recoveries	0	0
Provision	(2,007)	(1,892)
Ending Balance	27,292	24,151
Single family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	8,564	7,224
Charge-Offs	0	0
Recoveries	0	0
Provision	1,339	(427)
Ending Balance	7,431	6,797
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	1,539	2,094
Charge-Offs	0	0
Recoveries	0	0
Provision	22	(212)
Ending Balance	777	1,882
Construction and land
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	165	174
Charge-Offs	0	0
Recoveries	0	0
Provision	(33)	31
Ending Balance	414	$ 205
Construction and land | Cumulative Effect, Period of Adoption, Adjustment
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Beginning Balance	211
Financing Receivable and Off-Balance Sheet, Credit Loss [Roll Forward]
Beginning Balance	$ 119

LOANS - Allowance for Loan Lo_2

LOANS - Allowance for Loan Losses by Impairment Methodology (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans individually evaluated for impairment			$ 625
Loans collectively evaluated for impairment			36,060
Allowance for Credit Losses	$ 35,914	$ 36,685	36,685	$ 33,035	$ 35,535
Ending balance: individually evaluated for impairment			9,890
Ending balance: collectively evaluated for impairment			7,000,555
Ending balance			7,010,445
Multifamily residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans individually evaluated for impairment			600
Loans collectively evaluated for impairment			25,817
Allowance for Credit Losses	27,292	26,417	26,417	24,151	26,043
Ending balance: individually evaluated for impairment			3,509
Ending balance: collectively evaluated for impairment			4,528,803
Ending balance			4,532,312
Single family residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans individually evaluated for impairment			25
Loans collectively evaluated for impairment			8,539
Allowance for Credit Losses	7,431	8,564	8,564	6,797	7,224
Ending balance: individually evaluated for impairment			6,381
Ending balance: collectively evaluated for impairment			2,277,247
Ending balance			2,283,628
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans individually evaluated for impairment			0
Loans collectively evaluated for impairment			1,539
Allowance for Credit Losses	777	1,539	1,539	1,882	2,094
Ending balance: individually evaluated for impairment			0
Ending balance: collectively evaluated for impairment			172,258
Ending balance			172,258
Construction and land
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans individually evaluated for impairment			0
Loans collectively evaluated for impairment			165
Allowance for Credit Losses	$ 414	$ 165	165	$ 205	$ 174
Ending balance: individually evaluated for impairment			0
Ending balance: collectively evaluated for impairment			22,247
Ending balance			$ 22,247

LOANS - Portfolio Allocated by

LOANS - Portfolio Allocated by Internal Risk Ratings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	$ 89,282
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	2,051,646
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	1,982,199
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	908,807
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	612,782
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	1,378,763
Financing receivable, excluding accrued interest, before allowance for credit loss	7,023,479	$ 7,010,445
Gross charge-offs by origination year	0
Origination Date 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Origination Date 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Origination Date 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Origination Date 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Origination Date 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Origination Date Prior to 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	89,282
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	2,049,537
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	1,968,994
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	900,390
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	596,001
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	1,342,138
Financing receivable, excluding accrued interest, before allowance for credit loss	6,946,342	6,930,726
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	2,109
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	13,205
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	4,833
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	10,227
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	25,733
Financing receivable, excluding accrued interest, before allowance for credit loss	56,107	57,371
Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	2,679
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	0
Financing receivable, excluding accrued interest, before allowance for credit loss	2,679	3,413
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	3,584
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	3,875
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	10,892
Financing receivable, excluding accrued interest, before allowance for credit loss	18,351	18,935
Multifamily residential
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	23,568
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	1,184,024
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	1,228,176
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	729,379
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	441,709
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	915,216
Financing receivable, excluding accrued interest, before allowance for credit loss	4,522,072	4,532,312
Gross charge-offs by origination year	0
Multifamily residential | Origination Date 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Multifamily residential | Origination Date 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Multifamily residential | Origination Date 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Multifamily residential | Origination Date 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Multifamily residential | Origination Date 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Multifamily residential | Origination Date Prior to 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Multifamily residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	23,568
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	1,183,333
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	1,216,122
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	720,962
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	429,745
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	887,435
Financing receivable, excluding accrued interest, before allowance for credit loss	4,461,165	4,469,443
Multifamily residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	691
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	12,054
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	4,833
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	6,358
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	18,619
Financing receivable, excluding accrued interest, before allowance for credit loss	42,555	44,436
Multifamily residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	1,731
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	0
Financing receivable, excluding accrued interest, before allowance for credit loss	1,731	2,460
Multifamily residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	3,584
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	3,875
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	9,162
Financing receivable, excluding accrued interest, before allowance for credit loss	16,621	15,973
Single family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	65,714
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	836,908
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	733,736
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	167,821
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	145,909
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	358,397
Financing receivable, excluding accrued interest, before allowance for credit loss	2,308,485	2,283,628
Gross charge-offs by origination year	0
Single family residential | Origination Date 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Single family residential | Origination Date 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Single family residential | Origination Date 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Single family residential | Origination Date 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Single family residential | Origination Date 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Single family residential | Origination Date Prior to 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Single family residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	65,714
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	835,490
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	732,585
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	167,821
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	142,040
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	350,157
Financing receivable, excluding accrued interest, before allowance for credit loss	2,293,807	2,269,325
Single family residential | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	1,418
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	1,151
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	3,869
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	6,510
Financing receivable, excluding accrued interest, before allowance for credit loss	12,948	11,341
Single family residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	0
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Single family residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	1,730
Financing receivable, excluding accrued interest, before allowance for credit loss	1,730	2,962
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	24,186
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	1,942
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	11,607
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	25,164
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	105,150
Financing receivable, excluding accrued interest, before allowance for credit loss	168,049	172,258
Gross charge-offs by origination year	0
Commercial real estate | Origination Date 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Commercial real estate | Origination Date 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Commercial real estate | Origination Date 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Commercial real estate | Origination Date 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Commercial real estate | Origination Date 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Commercial real estate | Origination Date Prior to 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	24,186
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	1,942
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	11,607
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	24,216
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	104,546
Financing receivable, excluding accrued interest, before allowance for credit loss	166,497	169,711
Commercial real estate | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	604
Financing receivable, excluding accrued interest, before allowance for credit loss	604	1,594
Commercial real estate | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	948
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	0
Financing receivable, excluding accrued interest, before allowance for credit loss	948	953
Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	0
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Construction and land
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	6,528
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	18,345
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	0
Financing receivable, excluding accrued interest, before allowance for credit loss	24,873	22,247
Gross charge-offs by origination year	0
Construction and land | Origination Date 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Construction and land | Origination Date 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Construction and land | Origination Date 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Construction and land | Origination Date 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Construction and land | Origination Date 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Construction and land | Origination Date Prior to 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Gross charge-offs by origination year	0
Construction and land | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	6,528
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	18,345
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	0
Financing receivable, excluding accrued interest, before allowance for credit loss	24,873	22,247
Construction and land | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	0
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Construction and land | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	0
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Construction and land | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, year one, originated, current fiscal year	0
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year	0
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year	0
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year	0
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year	0
Financing receivable, excluding accrued interest, originated, more than 5 years before current fiscal year	0
Financing receivable, excluding accrued interest, before allowance for credit loss	$ 0	$ 0

LOANS - Aging Analysis (Details

LOANS - Aging Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	$ 7,023,479	$ 7,010,445
Total Past Due	4,970	6,471
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	10,317	3,127
30-59 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	7,196	0
60-89 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
90+ Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	3,121	3,127
Current
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	7,013,162	7,007,318
Multifamily residential
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	4,522,072	4,532,312
Total Past Due	3,504	3,509
Multifamily residential | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	8,652	3,023
Multifamily residential | 30-59 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	5,531	0
Multifamily residential | 60-89 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Multifamily residential | 90+ Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	3,121	3,023
Multifamily residential | Current
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	4,513,420	4,529,289
Single family residential
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	2,308,485	2,283,628
Total Past Due	1,466	2,962
Single family residential | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	1,665	104
Single family residential | 30-59 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	1,665	0
Single family residential | 60-89 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Single family residential | 90+ Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	104
Single family residential | Current
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	2,306,820	2,283,524
Commercial real estate
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	168,049	172,258
Total Past Due	0	0
Commercial real estate | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	0	0
Commercial real estate | 30-59 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Commercial real estate | 60-89 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Commercial real estate | 90+ Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Commercial real estate | Current
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	168,049	172,258
Construction and land
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	24,873	22,247
Total Past Due	0	0
Construction and land | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	0	0
Construction and land | 30-59 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Construction and land | 60-89 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Construction and land | 90+ Days
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Construction and land | Current
Financing Receivable, Past Due [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	$ 24,873	$ 22,247

LOANS - Impaired Loans (Details

LOANS - Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2022
Recorded Investment
With no related allowance recorded		$ 6,065
With an allowance recorded		3,825
Total		9,890
Unpaid Principal Balance
With no related allowance recorded		6,341
With an allowance recorded		3,800
Total		10,141
Related Allowance		625
Impaired Financing Receivable, Average Recorded Investment
With no related allowance recorded	$ 5,333
With an allowance recorded	835
Total	6,168
Impaired Financing Receivable, Interest Income
With no related allowance recorded	51
With an allowance recorded	6
Total	57
Impaired Financing Receivable, Cash Basis Interest Income
With no related allowance recorded	27
With an allowance recorded	0
Total	27
Multifamily residential
Recorded Investment
With no related allowance recorded		485
With an allowance recorded		3,024
Total		3,509
Unpaid Principal Balance
With no related allowance recorded		562
With an allowance recorded		3,002
Total		3,564
Related Allowance		600
Impaired Financing Receivable, Average Recorded Investment
With no related allowance recorded	503
Total	503
Impaired Financing Receivable, Interest Income
With no related allowance recorded	8
Total	8
Impaired Financing Receivable, Cash Basis Interest Income
With no related allowance recorded	8
Total	8
Single family residential
Recorded Investment
With no related allowance recorded		5,580
With an allowance recorded		801
Total		6,381
Unpaid Principal Balance
With no related allowance recorded		5,779
With an allowance recorded		798
Total		6,577
Related Allowance		$ 25
Impaired Financing Receivable, Average Recorded Investment
With no related allowance recorded	4,830
With an allowance recorded	835
Total	5,665
Impaired Financing Receivable, Interest Income
With no related allowance recorded	43
With an allowance recorded	6
Total	49
Impaired Financing Receivable, Cash Basis Interest Income
With no related allowance recorded	19
With an allowance recorded	0
Total	$ 19

LOANS - Collateral Dependent Lo

LOANS - Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	$ 7,023,479		$ 7,010,445
Allowance for Credit Losses	35,914	$ 36,685	36,685	$ 33,035	$ 35,535
Collateral Dependent Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for Credit Losses	0
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	4,970
Office Building
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0
Industrial Property
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0
Multifamily residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	4,522,072		4,532,312
Allowance for Credit Losses	27,292	26,417	26,417	24,151	26,043
Multifamily residential | Collateral Dependent Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for Credit Losses	0
Multifamily residential | Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	3,504
Multifamily residential | Office Building
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0
Multifamily residential | Industrial Property
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0
Single family residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	2,308,485		2,283,628
Allowance for Credit Losses	7,431	8,564	8,564	6,797	7,224
Single family residential | Collateral Dependent Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for Credit Losses	0
Single family residential | Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	1,466
Single family residential | Office Building
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0
Single family residential | Industrial Property
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	168,049		172,258
Allowance for Credit Losses	777	1,539	1,539	1,882	2,094
Construction and land
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	24,873		22,247
Allowance for Credit Losses	$ 414	$ 165	$ 165	$ 205	$ 174

LOANS - Troubled Debt Restructu

LOANS - Troubled Debt Restructurings (Details)	3 Months Ended
	Mar. 31, 2023 loan	Mar. 31, 2022 USD ($) loan	Dec. 31, 2022 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | loan		1
Modifications, suspension of loan payments, term		6 months
Allowance for credit loss, increase from troubled debt restructuring		$ 0
Impaired, troubled debt restructuring, write-down		$ 0
Subsequent default, number of loans | loan	0	0
Single family residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded investment			$ 1,211,000
Related allowance			$ 25,000
Number of Contracts | loan		1
Pre-Modification Outstanding Recorded Investment		$ 405,000
Post-Modification Outstanding Recorded Investment		$ 412,000

LOANS - Modified Loans (Details

LOANS - Modified Loans (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified Loans	$ 1,200
Financing Receivable, Modifications, Percent of Total Loan Category	0.02%
Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Term Extensions	6 months
Contractual Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Rate Reduction	0.20%
Multifamily residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified Loans	$ 0
Financing Receivable, Modifications, Percent of Total Loan Category	0%
Multifamily residential | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Term Extensions	0 months
Single family residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified Loans	$ 1,200
Financing Receivable, Modifications, Percent of Total Loan Category	0.05%
Single family residential | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Term Extensions	6 months
Single family residential | Contractual Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Rate Reduction	0.20%
Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified Loans	$ 0
Financing Receivable, Modifications, Percent of Total Loan Category	0%
Commercial real estate | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Term Extensions	0 months
Construction and land
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified Loans	$ 0
Financing Receivable, Modifications, Percent of Total Loan Category	0%
Construction and land | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modifications, Term Extensions	0 months

NONPERFORMING ASSETS - Schedule

NONPERFORMING ASSETS - Schedule of Nonperforming Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	$ 4,970	$ 6,471
Financing Receivable, Excluding Accrued Interest, Nonaccrual, No Allowance	4,970	6,471
Multifamily residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	3,504	3,509
Financing Receivable, Excluding Accrued Interest, Nonaccrual, No Allowance	3,504	3,509
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,466	2,962
Financing Receivable, Excluding Accrued Interest, Nonaccrual, No Allowance	1,466	2,962
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	0	0
Financing Receivable, Excluding Accrued Interest, Nonaccrual, No Allowance	0	0
Construction and land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	0	0
Financing Receivable, Excluding Accrued Interest, Nonaccrual, No Allowance	$ 0	$ 0

NONPERFORMING ASSETS - Narrativ

NONPERFORMING ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Receivables [Abstract]
Interest income recognized on non-accrual loans	$ 28	$ 27
Contractual interest not accrued during the quarter	$ 118	$ 7

MORTGAGE SERVICING RIGHTS - Mor

MORTGAGE SERVICING RIGHTS - Mortgage Loans Serviced for Others (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 115,532	$ 117,981
Federal Home Loan Mortgage Corporation ("Freddie Mac")
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	78,312	80,478
Other financial institutions
Schedule of Loans Serviced for Others [Line Items]
Total mortgage loans serviced for others	$ 37,220	$ 37,503

MORTGAGE SERVICING RIGHTS - Nar

MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
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	$ 1,600	$ 234
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	5.40%	3.50%
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	32.70%	32.30%
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	24.50%	23%

MORTGAGE SERVICING RIGHTS - M_2

MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Servicing Asset at Fair Value, Amount [Roll Forward]
Beginning balance	$ 688	$ 915
Additions	0	0
Disposals	0	0
Changes in fair value due to changes in assumptions	0	0
Other changes in fair value	(19)	(104)
Ending balance	$ 669	$ 811

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Mar. 31, 2023
Leases [Abstract]
Renewal term	5 years

LEASES - Supplemental Lease Inf

LEASES - Supplemental Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets included in prepaid expenses and other assets	$ 12,478		$ 13,244
Operating lease liabilities included in other liabilities and accrued expenses	$ 12,478		$ 13,316
Weighted average remaining lease term (years) of operating leases	5 years		5 years 1 month 6 days
Weighted average discount rate of operating leases	2.73%		2.69%
Operating lease costs included in occupancy expense	$ 904	$ 929
Cash paid for amounts included in the measurement of operating lease liabilities	$ 976	$ 1,033

LEASES - Schedule of Lease Paym

LEASES - Schedule of Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
April 1 - December 31, 2023	$ 2,537
2024	2,803
2025	2,388
2026	2,203
2027	1,964
Thereafter	1,640
Total undiscounted lease payments	13,535
Less: Imputed interest	1,057
Net lease liabilities	$ 12,478	$ 13,316

QUALIFIED AFFORABLE HOUSING P_2

QUALIFIED AFFORABLE HOUSING PROJECT INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Federal Home Loan Banks [Abstract]
Qualified affordable housing project investments, commitment	$ 18,000		$ 17,900
Payments for affordable housing programs	5,200	$ 4,800
Qualified affordable housing project investments, unfunded commitment	12,800		$ 13,100
Amortization method qualified affordable housing project investments, amortization	364	136
Affordable Housing Tax Credits and Other Tax Benefits, Amount	$ 119	$ 196

DEPOSITS - Deposits (Details)

DEPOSITS - Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deposits, by Type [Abstract]
Time deposits	$ 3,405,641	$ 3,134,373
Money market savings	1,271,147	1,718,008
Money market checking	754,080	728,231
Interest-bearing demand	143,870	158,068
Noninterest-bearing demand	74,756	100,660
Deposits	$ 5,649,494	$ 5,839,340

DEPOSITS - Narrative (Details)

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Certificates of deposit that meet or exceed FDIC insurance limit	$ 1,400	$ 1,300
Brokered deposits	$ 543.4	$ 455.8

DEPOSITS - Maturities (Details)

DEPOSITS - Maturities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Maturities of Time Deposits, Twelve months ending March 31,
April 1 - December 31, 2023	$ 2,462,856
2024	919,568
2025	7,357
2026	10,450
2027	4,537
Thereafter	873
Time Deposits	$ 3,405,641

FEDERAL HOME LOAN BANK AND FE_3

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Short-term Debt [Line Items]
FHLB advances, maximum percentage of assets	40%
Loans held for investment, gross			$ 7,010,445,000
Debt securities, available-for-sale, amortized cost	$ 640,326,000		655,504,000
Borrowing capacity based on pledged loans to the FRB and FHLB	2,300,000,000		1,700,000,000
Loans available to be pledged as collateral	17,800,000		1,100,000,000
Maximum short-term debt outstanding during period	150,000,000	$ 135,300,000
Average short-term debt outstanding during period	$ 49,000,000	$ 21,700,000
Weighted average interest rate	5.05%	0.34%
Asset Pledged as Collateral
Short-term Debt [Line Items]
Debt securities, available-for-sale, amortized cost	$ 612,300,000
FHLB Advances
Short-term Debt [Line Items]
Letters of credit pledged as collateral	62,600,000		62,600,000
FHLB Advances | Asset Pledged as Collateral
Short-term Debt [Line Items]
Loans held for investment, gross	4,300,000,000		4,200,000,000
Debt securities, available-for-sale, amortized cost	258,300,000
FRB Advances
Short-term Debt [Line Items]
Borrowings outstanding	0		0
FRB Advances | Asset Pledged as Collateral
Short-term Debt [Line Items]
Loans held for investment, gross	2,500,000,000		904,900,000
Debt securities, available-for-sale, amortized cost	$ 354,000,000		$ 0

FEDERAL HOME LOAN BANK AND FE_4

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - FHLB Advances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 1,701,647	$ 1,208,147
FHLB of San Francisco
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	1,701,647	1,208,147
FHLB of San Francisco | Fixed rate short-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 150,000	56,500
FHLB of San Francisco | Fixed rate short-term | Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	5.27%
FHLB of San Francisco | Fixed rate short-term | Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	5.27%
FHLB of San Francisco | Fixed rate short-term | Weighted Average
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Interest rate	5.27%
FHLB of San Francisco | Fixed rate long-term
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding Balances	$ 1,551,647	$ 1,151,647
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	3.15%

FEDERAL HOME LOAN BANK AND FE_5

FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES - Schedule of Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
Outstanding advances from FHLB	$ 1,701,647	$ 1,208,147
FHLB of San Francisco
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]
April 1 - December 31, 2023	350,000
2024	500,000
2025	751,500
2026	100,000
2027	0
Thereafter	147
Outstanding advances from FHLB	$ 1,701,647	$ 1,208,147

JUNIOR SUBORDINATED DEFERRABL_3

JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 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	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
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	6.25%	6.15%
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	6.49%	6.39%
Trust Preferred Securities Subject to Mandatory Redemption | Luther Burbank Statutory Trust II | Trusts | Libor
Debt Instrument [Line Items]
Rate Index (Quarterly Reset)	1.62%

SENIOR DEBT - Narrative (Detail

SENIOR DEBT - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2014
Senior Unsecured Term Notes, September 2014 | Senior Unsecured Term Notes
Debt Instrument [Line Items]
Principal	$ 95,000,000	$ 95,000,000	$ 95,000,000

SENIOR DEBT - Schedule of Debt

SENIOR DEBT - Schedule of Debt (Details) - Senior Unsecured Term Notes, September 2014 - Senior Unsecured Term Notes - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2014
Debt Instrument [Line Items]
Principal	$ 95,000,000	$ 95,000,000	$ 95,000,000
Unamortized Debt Issuance Costs	$ 184,000	$ 215,000
Fixed Interest Rate	6.50%

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - Interest Rate Swap	Mar. 31, 2023 USD ($) instrument	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Cash collateral posted	$ 8,700,000	$ 0
Designated as Hedging Instrument
Derivative [Line Items]
Closed portfolio loans used in hedging relationship	4,500,000,000	3,900,000,000
Fair Value Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts	1,800,000,000	$ 1,850,000,000
Fair Value Hedging | Designated as Hedging Instrument | April 2023
Derivative [Line Items]
Notional amounts	400,000,000
Fair Value Hedging | Designated as Hedging Instrument | June 2023
Derivative [Line Items]
Notional amounts	$ 400,000,000
Fair Value Hedging | Designated as Hedging Instrument | 11 Derivative Instruments Held
Derivative [Line Items]
Number of agreements entered into | instrument	11
Notional amounts	$ 1,800,000,000

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Statement of Income (Details) - Interest Rate Swap - Designated as Hedging Instrument - Fair Value Hedging - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net increase (decrease) in interest income	$ 8,226	$ (78)
Interest Income on Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative - interest rate swap, interest income	8,164	(65)
Hedged items - loans, interest income	$ 62	$ (13)

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Swap on Consolidated Balance Sheet (Details) - Interest Rate Swap - Designated as Hedging Instrument - Fair Value Hedging - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,800,000,000	$ 1,850,000,000
Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	11,763,000	21,323,000
Other Liabilities and Accrued Expenses
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 18,053,000	$ 2,136,000

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Amounts Recorded on the Balance Sheet Related to Cumulative Adjustments on Fair Value Hedges (Details) - Interest Rate Swap - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	$ 6,180	$ (19,359)
Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 1,806,180	$ 1,430,641

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for new awards (in shares)	3,360,000
Common stock available for grant (in shares)	1,640,434		1,682,468
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 473	$ 710
Fair value of awards vested	2,700	$ 2,600
Unrecognized compensation expense	$ 2,400		$ 2,400
Restricted stock awards or units granted (in shares)	232,459		414,004
Period of recognition for unrecognized compensation expense	1 year 6 months	1 year 8 months 26 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested (in shares)	65,799		81,225
Non-employee directors | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Minimum | Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum | Employees | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

STOCK BASED COMPENSATION - Awar

STOCK BASED COMPENSATION - Awards Activity (Details) - RSUs and RSAs - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Number of Shares
Beginning of the period balance (in shares)	495,229	581,189
Shares granted (in shares)	42,034	206,675
Shares settled (in shares)	(239,005)	(253,706)
Shares forfeited (in shares)	0	(4,100)
End of the period balance (in shares)	298,258	530,058
Weighted Average Grant Date Fair Value
Beginning of the period balance (in usd per share)	$ 11.89	$ 10.56
Shares granted (in usd per share)	11.24	13.81
Shares settled (in usd per share)	11.81	10.45
Shares forfeited (in usd per share)	0	11.93
End of the period balance (in usd per share)	$ 11.87	$ 11.87

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt securities:
Available for sale debt securities, at fair value	$ 593,427	$ 607,348
Held to maturity	2,891	2,874
Equity securities	10,506	10,340
Carrying Amount
Financial Assets:
Cash and cash equivalents	516,913	185,895
Debt securities:
Available for sale debt securities, at fair value	593,427	607,348
Held to maturity	3,080	3,108
Equity securities	10,506	10,340
Loans receivable, net	6,987,565	6,973,760
Accrued interest receivable	23,873	24,306
FHLB stock	46,007	32,694
Interest rate swaps	11,763	21,323
Financial liabilities:
Deposits	5,649,494	5,839,340
FHLB advances	1,701,647	1,208,147
Junior subordinated deferrable interest debentures	61,857	61,857
Senior debt	94,816	94,785
Accrued interest payable	7,430	3,964
Interest rate swaps	18,053	2,136
Fair Value
Financial Assets:
Cash and cash equivalents	516,913	185,895
Debt securities:
Available for sale debt securities, at fair value	593,427	607,348
Held to maturity	2,891	2,874
Equity securities	10,506	10,340
Loans receivable, net	6,662,388	6,743,783
Accrued interest receivable	23,873	24,306
Interest rate swaps	11,763	21,323
Financial liabilities:
Deposits	5,618,781	5,789,929
FHLB advances	1,670,831	1,153,511
Junior subordinated deferrable interest debentures	57,653	56,967
Senior debt	93,128	94,652
Accrued interest payable	7,430	3,964
Interest rate swaps	18,053	2,136
Fair Value | Level 1
Financial Assets:
Cash and cash equivalents	516,913	185,895
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	580	58
Interest rate swaps	0	0
Financial liabilities:
Deposits	2,013,853	2,449,966
FHLB advances	0	0
Junior subordinated deferrable interest debentures	0	0
Senior debt	0	0
Accrued interest payable	0	0
Interest rate swaps	0	0
Fair Value | Level 2
Financial Assets:
Cash and cash equivalents	0	0
Debt securities:
Available for sale debt securities, at fair value	593,427	607,348
Held to maturity	2,891	2,874
Equity securities	10,506	10,340
Loans receivable, net	0	0
Accrued interest receivable	2,027	4,171
Interest rate swaps	11,763	21,323
Financial liabilities:
Deposits	3,604,928	3,339,963
FHLB advances	1,670,831	1,153,511
Junior subordinated deferrable interest debentures	57,653	56,967
Senior debt	93,128	94,652
Accrued interest payable	7,430	3,964
Interest rate swaps	18,053	2,136
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	6,662,388	6,743,783
Accrued interest receivable	21,266	20,077
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
Interest rate swaps	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financial Assets:
Available for sale debt securities, at fair value	$ 593,427	$ 607,348
Equity securities	10,506	10,340
Servicing Asset at Fair Value, Amount	669	688	$ 811	$ 915
Commercial mortgage backed securities ("MBS") and collateralized mortgage obligations ("CMOs")
Financial Assets:
Available for sale debt securities, at fair value	333,725	340,736
Residential MBS
Financial Assets:
Available for sale debt securities, at fair value	195,543	199,384
Agency bonds
Financial Assets:
Available for sale debt securities, at fair value	41,160	42,630
Other ABS
Financial Assets:
Available for sale debt securities, at fair value	22,999	24,598
Fair Value
Financial Assets:
Available for sale debt securities, at fair value	593,427	607,348
Equity securities	10,506	10,340
Interest rate swaps	11,763	21,323
Financial liabilities:
Interest rate swaps	18,053	2,136
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
Financial liabilities:
Interest rate swaps	0	0
Fair Value | Level 2
Financial Assets:
Available for sale debt securities, at fair value	593,427	607,348
Equity securities	10,506	10,340
Interest rate swaps	11,763	21,323
Financial liabilities:
Interest rate swaps	18,053	2,136
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
Financial liabilities:
Interest rate swaps	0	0
Fair Value | Recurring Basis
Financial Assets:
Available for sale debt securities, at fair value	593,427	607,348
Equity securities	10,506	10,340
Servicing Asset at Fair Value, Amount	669	688
Interest rate swaps	11,763	21,323
Financial liabilities:
Interest rate swaps	18,053	2,136
Fair Value | Recurring Basis | Level 1
Financial Assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Servicing Asset at Fair Value, Amount	0	0
Interest rate swaps	0	0
Financial liabilities:
Interest rate swaps	0	0
Fair Value | Recurring Basis | Level 2
Financial Assets:
Available for sale debt securities, at fair value	593,427	607,348
Equity securities	10,506	10,340
Servicing Asset at Fair Value, Amount	0	0
Interest rate swaps	11,763	21,323
Financial liabilities:
Interest rate swaps	18,053	2,136
Fair Value | Recurring Basis | Level 3
Financial Assets:
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Servicing Asset at Fair Value, Amount	669	688
Interest rate swaps	0	0
Financial liabilities:
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	333,725	340,736
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	333,725	340,736
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	195,543	199,384
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	195,543	199,384
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	41,160	42,630
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	41,160	42,630
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	22,999	24,598
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	22,999	24,598
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	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Liabilities	$ 7,606,296	$ 7,292,096
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	270	$ 439
Variable Interest Entity, Not Primary Beneficiary | Cumulative Effect, Period of Adoption, Adjustment
Variable Interest Entity [Line Items]
Liabilities	$ (119)

LOAN SALE AND SECURITIZATION _3

LOAN SALE AND SECURITIZATION ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	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	838,600
Tier 1 Leverage Ratio	868,500
Goodwill	3,297	$ 3,297
Accumulated other comprehensive loss, net of taxes	$ (33,271)	$ (34,163)
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
	Mar. 31, 2023	Mar. 31, 2022
Transfers and Servicing [Abstract]
Proceeds from loan sales	$ 0	$ 0
Servicing fees	$ 64	$ 97

LOAN SALE AND SECURITIZATION _5

LOAN SALE AND SECURITIZATION ACTIVITIES - Loans Transferred Through Loans or Securitization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
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	$ 10,907		$ 11,000
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	104,625		106,981
Loans 90+ days past due	0		$ 0
Charge-offs, net	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Operating Leased Assets [Line Items]
Cash balances held at other institutions that exceed FDIC insured limits	$ 854,000	$ 25,000,000
Interest Rate Swap
Operating Leased Assets [Line Items]
Cash collateral posted	8,700,000	0
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	36,700,000	37,700,000
Unfunded Loan Commitment
Operating Leased Assets [Line Items]
Reserve recorded on real estate loan funding commitments	389,000	$ 125,000
Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment
Operating Leased Assets [Line Items]
Reserve recorded on real estate loan funding commitments	$ 330,000