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LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES | 3 Months Ended
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Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract] |
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES | LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Risk of credit loss exists up to the face amount of these instruments. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment. The contractual amount of financial instruments with off-balance-sheet risk was as follows for the dates indicated:
| March 31, 2017 |  | December 31, 2016
| Fixed Rate |  | Variable Rate |  | Fixed Rate |  | Variable Rate
| (In thousands)
Commitments to extend credit (1) | $ | 79,781 |  |  | $ | 234,675 |  |  | $ | 74,777 |  |  | $ | 201,321 |
Unused lines of credit | 27,071 |  |  | 925,872 |  |  | 27,151 |  |  | 888,236 |
Letters of credit | 2,056 |  |  | 9,360 |  |  | 1,784 |  |  | 8,655 |
(1) | Includes $77.7 million and $65.1 million, respectively, of commitments to extend credit related to discontinued operations at March 31, 2017 and December 31, 2016.
Commitments to make loans are generally made for periods of 30 days or less. Other Commitments As of March 31, 2017, the Company had jumbo SFR mortgage loan sale commitments of $355.0 million. Total forward commitments related to mortgage banking activities were $663.6 million at March 31, 2017. These commitments consisted of TBAs of $641.0 million and best efforts contracts of $22.6 million. Additionally, the Company had IRLCs of $312.5 million. During the three months ended March 31, 2017, the Bank entered into certain definitive agreements which grant the Bank the exclusive naming rights to the soccer stadium of The Los Angeles Football Club (LAFC) as well as the right to be the official bank of LAFC. In exchange for the Bank’s rights as set forth in the agreements, the Bank agreed to pay LAFC $100.0 million over a period of 15 years, beginning in 2017 and ending in 2032. As of March 31, 2017, the Company paid $10.0 million of the commitment, which was recognized as a prepaid assets and included in Other Assets in Consolidated Statements of Financial Condition. See note 21 for additional information. The Company had unfunded commitments of $335 thousand, $12.2 million, and $111.8 million for Affordable House Fund Investment, SBIC, and Other Investments including investments in alternative energy partnerships, at March 31, 2017, respectively. Litigation From time to time we are involved as plaintiff or defendant in various legal actions arising in the normal course of business. The Company was named as a defendant in several complaints filed in the United States District Court for the Central District of California in January 2017 alleging violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaints were brought as purported class actions on behalf of stockholders who purchased shares of the Company’s common stock between varying dates, inclusive of August 7, 2015 through January 23, 2017. In general, the complaints allege that the Company’s alleged concealment of its purported relationship with an individual who pled guilty to securities fraud in matters unrelated to the Company caused various statements made by the Company to be allegedly false and misleading. These legal actions are at a very early stage. The Company intends to vigorously defend such actions.

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