分组1 - HomeStreet reported a quarterly loss of $0.32 per share, missing the Zacks Consensus Estimate of a loss of $0.20, and compared to earnings of $0.12 per share a year ago, representing an earnings surprise of -60% [1] - The company posted revenues of $39.68 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 7.58%, and down from year-ago revenues of $49.38 million [2] - HomeStreet has surpassed consensus EPS estimates only once in the last four quarters and has not beaten consensus revenue estimates during the same period [2] 分组2 - HomeStreet shares have increased by approximately 38.7% since the beginning of the year, outperforming the S&P 500's gain of 22.1% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is -$0.13 on revenues of $43.7 million, and for the current fiscal year, it is -$0.87 on revenues of $171.6 million [7] 分组3 - The Zacks Industry Rank for Financial - Savings and Loan is currently in the top 13% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for HomeStreet is currently mixed, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market [6]

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 ...

Core Viewpoint - HomeStreet shareholders voted against Change in Control (CIC) payments to management, but the vote was advisory and non-binding, indicating shareholder dissatisfaction with management performance [1][3][8] Group 1: Shareholder Actions and Opinions - Shareholders expressed their discontent with management's performance, leading to a vote against CIC payments for executives [1][3] - Blue Lion Capital, a significant shareholder, is urging the Board to eliminate the CIC payments, arguing that management should not benefit from poor performance that resulted in a $30.5 million reduction in merger consideration [8][10] Group 2: Financial Impact and Management Decisions - The merger agreement with FirstSun Capital Bancorp was amended, resulting in an 11% decrease in the value for HomeStreet shareholders, attributed to a prolonged high-interest rate environment affecting profitability [3][7] - Blue Lion Capital holds management accountable for the $30.5 million reduction, citing negligence in not hedging interest rate risks as advised by FirstSun management [10][8] Group 3: Management Compensation Concerns - The total CIC payments proposed amount to $19.6 million, which Blue Lion Capital considers excessive given the circumstances [8][10] - The refusal of HomeStreet's CEO Mark Mason to hedge interest rate risks is highlighted as a critical misstep that contributed to the company's financial decline [10]

Core Points - Monteverde & Associates PC is investigating HomeStreet, Inc. regarding its proposed sale to FirstSun Capital Bancorp, where HomeStreet stockholders will receive 0.4345 shares of FirstSun common stock for each share of HMST they own [1] - A shareholder vote on the proposed sale is scheduled for June 18, 2024 [2] Company Information - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report and has a successful track record in recovering money for shareholders [1][2] - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2] Contact Information - For inquiries, shareholders can contact Juan Monteverde, Esq. via email or telephone for additional information [3]

Financial Performance - For the quarter ended March 31, 2024, net interest income was $32,151,000, a decrease of 8% from $34,989,000 in the previous quarter and a decrease of 35% from $49,376,000 in the same quarter last year [131]. - The company reported a net loss of $7,497,000 for the quarter, compared to a net loss of $3,419,000 in the previous quarter and a net income of $5,058,000 in the same quarter last year [131]. - The efficiency ratio increased to 118.0% for the quarter, compared to 105.9% in the previous quarter and 87.2% in the same quarter last year [131]. - The company reported a net loss of $(7.5) million in Q1 2024, compared to a net income of $5.1 million in Q1 2023, reflecting a $14.4 million decrease in core income before taxes [152]. - Total revenues for the quarter were $41,605,000, a decrease of 9.9% from $45,945,000 in the previous quarter and a decrease of 30.2% from $59,566,000 in the same quarter last year [189]. - Core net income per fully diluted share was $(0.29) for the quarter ended March 31, 2024, down from $(0.12) in the previous quarter and up from $0.27 in the same quarter last year [189]. Assets and Liabilities - Total assets as of March 31, 2024, were $9,455,182,000, an increase from $9,392,450,000 at the end of the previous quarter [133]. - Loans held for investment, net, increased to $7,405,052,000 from $7,382,404,000 in the previous quarter [133]. - Total assets increased by $63 million in Q1 2024, driven by a $105 million increase in cash, despite a decrease in investment securities [164]. - Total liabilities increased by $74 million in Q1 2024, primarily due to an increase in borrowings, while deposits decreased by $272 million [164]. - The ratio of nonperforming assets to total assets was 0.56% as of March 31, 2024, indicating a slight increase but remaining at low levels [165]. Noninterest Income and Expenses - Noninterest income fell to $9.454 million in Q1 2024 from $10.956 million in Q4 2023, largely due to higher income levels in the previous quarter from investments in small business investment companies [149]. - Total noninterest expenses increased to $52.164 million in Q1 2024, up from $49.511 million in Q4 2023, driven by higher compensation costs and merger-related expenses [150]. - Noninterest expenses decreased by $0.3 million to $52.164 million in Q1 2024, mainly due to lower compensation and benefits costs [162]. Credit Losses and Allowance - The allowance for credit losses (ACL) was $39,677,000, a slight decrease from $40,500,000 in the previous quarter [133]. - There was no provision for credit losses in Q1 2024, compared to a $0.4 million provision in Q4 2023, indicating stability in the loan portfolio [145]. - The allowance for credit losses (ACL) totaled $39.677 million as of March 31, 2024, with a rate of 0.54% [166]. Tax and Effective Rates - The effective tax rate for Q1 2024 was 29.0%, significantly higher than the statutory rate of 24.6%, influenced by tax-advantaged investments [140]. - The effective tax rate used in computations was 22.0% for all periods presented [189]. Employment and Operational Metrics - The company had 858 full-time equivalent employees as of March 31, 2024, down from 875 in the previous quarter [131]. - The company expects loan balances to remain stable in 2024, with a lower net interest margin anticipated compared to 2023 due to rising interest rates [138]. Mergers and Acquisitions - The proposed merger with FirstSun Capital Bancorp is expected to close in late 2024, with HomeStreet shareholders receiving 0.3867 shares of FirstSun common stock for each share of HomeStreet common stock [136]. Capital Ratios and Dividends - HomeStreet Inc. maintained a Tier 1 leverage capital ratio of 6.90% as of March 31, 2024, exceeding the minimum requirement of 4.0% [180]. - Common equity Tier 1 capital ratio for HomeStreet Inc. was 9.55% as of March 31, 2024, above the minimum requirement of 4.5% [180]. - The Company did not declare a cash dividend in the quarter and does not plan to pay any quarterly dividends in 2024 [182]. Interest Rate Sensitivity and Liquidity - The company is primarily exposed to price and interest rate risks, with no significant exposure to foreign currency exchange or commodity price risk [191][192]. - The company manages interest rate sensitivity through an interest rate simulation model, focusing on minimizing the impact of interest rate changes on net interest income and capital [194]. - The company has available contingent liquidity of $5.1 billion, which is 78% of its total deposits, indicating a strong liquidity position [204]. - The level of uninsured deposits was reported at 8% of total deposits, reflecting a moderate risk exposure [204]. - The company believes it has sufficient liquidity to meet its current needs despite the competitive landscape for deposits in the banking industry [204].

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 ...

HomeStreet Reports First Quarter 2024 Results SEATTLE –April 30, 2024 – (BUSINESS WIRE) – HomeStreet, Inc. (Nasdaq: HMST) (including its consolidated subsidiaries, the "Company", "HomeStreet" or "we"), the parent company of HomeStreet Bank, today announced the financial results for the quarter ended March 31, 2024. As we present non-GAAP measures in this release, the reader should refer to the non-GAAP reconciliations set forth below under the section "Non-GAAP Financial Measures." | | First quarter 2024 co ...