The Seattle-based parent company of HomeStreet Bank agreed to sell $990 million in multifamily commercial real estate loans to Bank of America.The price, including the value of the retained servicing, is 92% of the principal balance of the loans, and the loan sale is expected to close before Tuesday (Dec. 31), HomeStreet said in a Friday (Dec. 27) press release.“The pricing of the loan sale reflects the current interest rate environment and that the loans being sold are primarily lower yielding loans with l ...

HomeStreet (HMST) came out with a quarterly loss of $0.32 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -60%. A quarter ago, it was expected that this real estate lender would post a loss of $0.24 per share when it actually produced a loss of $0.23, delivering a surprise of 4.17%. Over the last four quarters, the company has ...

Financial Performance - Net loss for Q3 2024 was $7.3 million, an increase from $6.2 million in Q2 2024, with a net loss per fully diluted share of $0.39 compared to $0.33[2] - The company reported a net loss of $7,282 thousand for the quarter, compared to a net income of $2,295 thousand in the same quarter last year[13] - Core net income (loss) for the nine months ended September 30, 2024, was $(15.8) million, compared to $10.5 million for the same period in 2023[26] - Core net income for the quarter was $(7,282) thousand, compared to $(6,238) thousand in the previous quarter[58] - The company reported a ratio of 5.8% for net income to average assets, up from 5.5% in the previous quarter[18] Income and Expenses - Noninterest income fell to $11.1 million from $13.2 million in Q2 2024, while noninterest expenses decreased by $1.8 million to $49.2 million[3][9] - Total interest income for the quarter ended September 30, 2023, was $99,837 thousand, a slight decrease from $100,706 thousand in the previous quarter[13] - Total interest expense rose to $71,218 thousand, compared to $61,794 thousand in the prior year, primarily due to higher deposit costs[13] - Noninterest expense remained stable at $49,166 thousand, slightly up from $49,089 thousand year-over-year[13] - The company experienced a $40.1 million decrease in noninterest expense compared to the same period in 2023, primarily due to a prior goodwill impairment charge[32] Assets and Liabilities - Total assets decreased to $9,201,285 thousand as of September 30, 2024, from $9,392,450 thousand at December 31, 2023, representing a decline of approximately 2.0%[11] - Total loans held for investment (LHFI) as of September 30, 2024, was $7,333,254, a decrease of 0.6% from $7,380,050 on June 30, 2024[35] - Total interest-bearing liabilities decreased to $7,220,499 as of September 30, 2024, from $7,368,223 as of September 30, 2023[19] - Total deposits decreased to $6,435,404 thousand from $6,763,378 thousand, reflecting a decline of approximately 4.8%[11] - Total deposits as of September 30, 2024, amounted to $6,435,404, a decrease from $6,532,470 on June 30, 2024, representing a decline of approximately 1.49%[50] Credit Quality - Loans held for investment decreased by $46 million, with nonperforming assets to total assets rising to 0.47% from 0.42% in the previous quarter[4] - The ratio of total loan delinquencies was 0.69%, up from 0.66% in the previous quarter, indicating stable credit quality[4] - Nonperforming assets increased to $43,320 thousand from $39,374 thousand, representing an increase of about 10.0%[11] - The allowance for credit losses (ACL) decreased to $38,651 thousand from $40,500 thousand, a reduction of approximately 4.6%[11] - There was no provision for credit losses recognized during the nine months ended September 30, 2024, reflecting a stable loan portfolio[30] Capital and Equity - Tangible book value per share increased to $28.13 from $28.11 at the end of 2023, despite operating losses[5] - Total shareholders' equity remained relatively stable at $538,315 thousand compared to $538,387 thousand at December 31, 2023[11] - Tier 1 leverage ratio improved to 8.59% from 8.49%, reflecting a stronger capital position[11] - Book value per share increased to $28.55 from $26.74, an increase of approximately 6.8%[11] - Tangible common equity to tangible assets ratio improved to 5.8% from 5.2%, indicating enhanced capital efficiency[11] Future Outlook - The company anticipates that funding costs will decrease in Q4 2024 and beyond, potentially improving the interest margin[3] - The company is in the process of merging with FirstSun Capital Bancorp, which is expected to yield cost savings and synergies[62] - The company anticipates potential challenges in maintaining customer relationships due to the merger[62] - Forward-looking statements indicate that actual results may differ materially from expectations due to various risks and uncertainties, including economic conditions and regulatory changes[61]

The reported revenue compares to the Zacks Consensus Estimate of $43.33 million, representing a surprise of -0.94%. The company delivered an EPS surprise of +4.17%, with the consensus EPS estimate being -$0.24. Efficiency Ratio: 111.9% compared to the 112.7% average estimate based on three analysts. Net Interest Margin: 1.4% versus 1.4% estimated by three analysts on average. Average Balance - Total interest earning assets: $8.86 billion versus the two-analyst average estimate of $9.02 billion. Total nonint ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-----------------|-------|-------|------------------|-------|-------------------------------------|-------|----------------------|-------|-----------------| | (in thousands) | | June 30, 2024 | | | March 31, 2024 | | Quarter Ended December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | Single family servicing income, net: | | | | | | | | | | | | | Servicing fees and ...

Last Week, HomeStreet Shareholders Voted Against HomeStreet Management Receiving the Payments View PDFBlue Lion Capital's letter to HMST Independent Directors Based on the 8k released last week, HMST shareholders voted against the CIC payments to be made to Mark Mason and other named executive officers. However, the outcome of the vote was "advisory and non-binding." Griege stated "Shareholders have spoken and the Board needs to do its fiduciary duty and follow the wishes of shareholders." Griege goes on to ...

NEW YORK, June 4, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating HomeStreet, Inc. (NASDAQ: HMST), relating to its proposed sale to FirstSun Capital Bancorp. Under the terms of the agreement, HomeStreet stockholders will receive 0.4345 shares of FirstSun com ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____ Commission file number: 001-35424 ________________________________ HOMESTREET, INC. (Exact Name of Registrant as Specified in its Charter) 91-0186600 Washington 91-0186600 Washington, D.C. 20549 ________________________________ FORM 10-Q ________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...

For the quarter ended March 2024, HomeStreet (HMST) reported revenue of $41.61 million, down 30.2% over the same period last year. EPS came in at -$0.29, compared to $0.27 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $48.07 million, representing a surprise of -13.44%. The company delivered an EPS surprise of -383.33%, with the consensus EPS estimate being -$0.06.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall S ...

HomeStreet (HMST) came out with a quarterly loss of $0.29 per share versus the Zacks Consensus Estimate of a loss of $0.06. This compares to earnings of $0.27 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -383.33%. A quarter ago, it was expected that this real estate lender would post earnings of $0.03 per share when it actually produced a loss of $0.12, delivering a surprise of -500%.Over the last four quarters, the company ...