10-Q 1 hmst-20240331.htm Q1 2024 FORM 10-Q hmst-20240331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________ 
FORM 10-Q
________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2024
OR
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
(State of Incorporation)(I.R.S. Employer Identification Number)
601 Union Street, Suite 2000
Seattle, Washington 98101
98101
(Address of principal executive offices)(Zip Code)
(206) 623-3050
(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockHMSTNasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:
 
Large Accelerated Filer 
Accelerated Filer 

Non-accelerated Filer 
Smaller Reporting Company 

Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  No 
The number of outstanding shares of the registrant's common stock as of May 2, 2024 was 18,857,566.
1


PART I – FINANCIAL INFORMATION
ITEM 1FINANCIAL STATEMENTS
ITEM 2
ITEM 3
ITEM 4
PART II – OTHER INFORMATION
ITEM 1
ITEM 1A
ITEM 2
ITEM 3
ITEM 4
ITEM 5
ITEM 6

Unless we state otherwise or the content otherwise requires, references in this Form 10-Q to "HomeStreet," "we," "our," "us" or the "Company" refer collectively to HomeStreet, Inc., a Washington corporation, HomeStreet Bank ("Bank") and other direct and indirect subsidiaries of HomeStreet, Inc.

2


PART I
ITEM 1 FINANCIAL STATEMENTS


HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

March 31, 2024December 31, 2023
(in thousands, except share data)(Unaudited)
ASSETS
Cash and cash equivalents
$320,327 $215,664 
Investment securities
1,191,108 1,278,268 
Loans held for sale ("LHFS")
21,102 19,637 
Loans held for investment ("LHFI") (net of allowance for credit losses of $39,677 and $40,500)
7,405,052 7,382,404 
Mortgage servicing rights ("MSRs")102,919 104,236 
Premises and equipment, net56,171 53,582 
Other real estate owned ("OREO")3,117 3,667 
Intangible assets9,016 9,641 
Other assets346,370 325,351 
Total assets$9,455,182 $9,392,450 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits$6,491,102 $6,763,378 
Borrowings2,094,000 1,745,000 
Long-term debt224,857 224,766 
Accounts payable and other liabilities117,890 120,919 
Total liabilities8,927,849 8,854,063 
Commitments and contingencies
Shareholders' equity:
Common stock, no par value, authorized 160,000,000 shares; issued and outstanding, 18,857,566 shares and 18,810,055 shares
230,814 229,889 
Retained earnings387,860 395,357 
Accumulated other comprehensive income (loss)(91,341)(86,859)
Total shareholders' equity527,333 538,387 
Total liabilities and shareholders' equity$9,455,182 $9,392,450 
See accompanying notes to consolidated financial statements
3


HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
 Quarter Ended March 31,
(in thousands, except share and per share data)20242023
Interest income:
Loans$86,256 $82,538 
Investment securities10,714 12,763 
Cash, Fed Funds and other5,571 1,750 
Total interest income
102,541 97,051 
Interest expense:
Deposits42,607 29,370 
Borrowings27,783 18,305 
Total interest expense
70,390 47,675 
Net interest income
32,151 49,376 
Provision for credit losses 593 
Net interest income after provision for credit losses
32,151 48,783 
Noninterest income:
Net gain on loan origination and sale activities2,306 2,410 
Loan servicing income 3,032 3,039 
Deposit fees2,241 2,658 
Other1,875 2,083 
Total noninterest income
9,454 10,190 
Noninterest expense:
Compensation and benefits28,011 29,253 
Information services7,342 7,145 
Occupancy5,434 5,738 
General, administrative and other11,377 10,355 
Total noninterest expense
52,164 52,491 
Income (loss) before income taxes(10,559)6,482 
Income tax (benefit) expense (3,062)1,424 
Net income (loss)$(7,497)$5,058 
Net income (loss) per share:
Basic $(0.40)$0.27 
Diluted
(0.40)0.27 
Weighted average shares outstanding:
Basic
18,856,87018,755,453
Diluted
18,856,87018,771,899

See accompanying notes to consolidated financial statements
4


HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
 Quarter Ended March 31,
(in thousands)20242023
Net income (loss)$(7,497)$5,058 
Other comprehensive income (loss):
Unrealized gain (loss) on investment securities available for sale ("AFS")(5,759)17,375 
Reclassification for net (gains) losses included in income (3)
Other comprehensive income (loss) before tax(5,759)17,372 
Income tax impact of:
Unrealized gain (loss) on investment securities AFS(1,277)3,601 
Reclassification for net (gains) losses included in income
 (1)
Total
(1,277)3,600 
Other comprehensive income (loss)(4,482)13,772 
Total comprehensive income (loss)$(11,979)$18,830 
See accompanying notes to consolidated financial statements
5


HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(in thousands, except share data)Number
of shares
Common stockRetained
earnings
Accumulated
other
comprehensive
income (loss)
Total shareholders' equity
For the quarter ended March 31, 2023
Balance, December 31, 2022
18,730,380 $226,592 $435,085 $(99,530)$562,147 
Net income— — 5,058 — 5,058 
Share-based compensation expense— 1,016 — — 1,016 
Common stock issued - Stock grants50,426 — — —  
Other comprehensive income — — — 13,772 13,772 
Dividends declared on common stock ($0.35 per share)
— — (6,684)— (6,684)
Common stock repurchased
(12,995)(315)— — (315)
Balance, March 31, 2023
18,767,811 $227,293 $433,459 $(85,758)$574,994 
For the quarter ended March 31, 2024
Balance, December 31, 2023
18,810,055 $229,889 $395,357 $(86,859)$538,387 
Net income (loss)— — (7,497)— (7,497)
Share-based compensation expense— 1,059 — — 1,059 
Common stock issued - Stock grants60,483 — — —  
Other comprehensive income (loss)— — — (4,482)(4,482)
Common stock repurchased
(12,972)(134)— — (134)
Balance, March 31, 2024
18,857,566 $230,814 $387,860 $(91,341)$527,333 
See accompanying notes to consolidated financial statements

6


HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 
Quarter Ended March 31,
(in thousands)20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(7,497)$5,058 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for credit losses 593 
Depreciation and amortization, premises and equipment1,661 1,879 
Amortization of premiums and discounts: investment securities, deposits, debt499 49 
Operating leases: excess of payments over amortization(772)(860)
Amortization of finance leases50 126 
Amortization of core deposit intangibles625 588 
Amortization of deferred loan fees and costs(29)(189)
Share-based compensation expense1,059 1,016 
Deferred income tax (benefit) expense(1,189)614 
Origination of LHFS(79,806)(78,908)
Proceeds from sale of LHFS79,033 72,566 
Net fair value adjustment and gain on sale of LHFS(419)(584)
Origination of MSRs(895)(756)
Change in fair value of MSRs810 1,995 
Amortization of servicing rights1,402 1,554 
Net change in trading securities(3,048)(43,045)
Increase in other assets
(8,813)(2,871)
Increase (decrease) in accounts payable and other liabilities9,484 (10,415)
Net cash used in operating activities(7,845)(51,590)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment securities
 (53,232)
Proceeds from sale of investment securities 4,693 
Principal payments on investment securities
83,153 32,445 
Net increase in LHFI(22,624)(39,408)
Purchase of premises and equipment(6,058)(855)
Net cash received from acquisition of branches 349,111 
Proceeds from sale of Federal Home Loan Bank stock30,287 34,840 
Purchases of Federal Home Loan Bank stock(48,716)(58,726)
Net cash provided by investing activities36,042 268,868 
7


Quarter Ended March 31,
(in thousands)20242023
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in deposits, net
(272,487)(768,262)
Changes in short-term borrowings, net184,000 562,000 
Proceeds from other long-term borrowings585,000 300,000 
Repayment of other long-term borrowings(420,000) 
Repayment of finance lease principal(47)(129)
Dividends paid on common stock (6,684)
Net cash provided by financing activities76,466 86,925 
Net increase in cash and cash equivalents104,663 304,203 
Cash and cash equivalents, beginning of year215,664 72,828 
Cash and cash equivalents, end of period$320,327 $377,031 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $70,701 $47,775 
Federal and state income taxes(414) 
Non-cash activities:
Increase in lease assets and lease liabilities959 1,031 
Loans transferred from LHFI to LHFS, net273  
Ginnie Mae loans recognized with the right to repurchase, net323  
Ginnie Mae loans derecognized with the right to repurchase, net 1,235 
Repurchase of common stock-award shares134 315 
Acquisition:
Loans acquired 20,803 
Premises and equipment and other assets 5,819 
Liabilities assumed 373,547 
Goodwill and other intangibles 22,470 
See accompanying notes to consolidated financial statements
8



HomeStreet, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

NOTE 1–SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

HomeStreet, Inc., a State of Washington corporation organized in 1921 (the "Corporation"), is a Washington-based diversified financial services holding company whose operations are primarily conducted through its wholly owned subsidiaries (collectively the "Company") HomeStreet Statutory Trusts and HomeStreet Bank (the "Bank"), and the Bank's subsidiaries, Continental Escrow Company, HomeStreet Foundation, HS Properties, Inc., HS Evergreen Corporate Center LLC, and Union Street Holdings LLC. The Company is principally engaged in commercial banking, mortgage banking and consumer/retail banking activities serving customers primarily in the Western United States.

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. The Company allocates resources and assesses financial performance on a consolidated basis and therefore has one reporting segment. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation.

These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report on Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Annual Report on Form 10-K"), filed with the U.S. Securities and Exchange Commission ("SEC").

Branch Acquisition

On February 10, 2023, the Company completed its acquisition of three branches in southern California, whereby we assumed approximately $376 million in deposits and purchased approximately $21 million in loans. The application of the acquisition method of accounting resulted in recording goodwill of $12 million and a core deposit intangible of $11 million.

Recent Accounting Developments

In March 2023, the FASB issued ASU 2023-02, “Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” ASU 2023-02 permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. ASU 2023-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. We adopted ASU 2023-02 and it did not have a material impact on the Company’s financial position or results of operations.

In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." The amendments in ASU 2023-06 modify the disclosure or presentation requirements of a variety of Topics in the Codification, with the intention of clarifying or improving them and align the requirements in the codification with the SEC's regulations (and will be removed from the SEC regulations). ASU 2023-06 should be adopted prospectively and the effective date varies and is determined for each individual disclosure based on the effective date of the SEC's removal of the related disclosure. ASU 2023-06 will not have an impact on the Company's financial position or results of operation as it is disclosure only.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The update will be effective for annual periods beginning after December 15, 2023. ASU 2023-07 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.
9




In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. ASU 2023-09 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.

NOTE 2–INVESTMENT SECURITIES:
The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and held-to-maturity ("HTM"): 
At March 31, 2024
(in thousands)Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
AFS
Mortgage backed securities ("MBS"):
Residential$189,366 $106 $(10,881)$178,591 
Commercial55,083  (7,613)47,470 
Collateralized mortgage obligations ("CMOs"):
Residential407,152 24 (35,516)371,660 
Commercial62,702  (6,000)56,702 
Municipal bonds449,327 231 (51,458)398,100 
Corporate debt securities41,159 5 (6,012)35,152 
U.S. Treasury securities22,571  (2,675)19,896 
Agency debentures54,837  (1,400)53,437 
Total$1,282,197 $366 $(121,555)$1,161,008 
HTM
   Municipal bonds$2,354 $ $(49)$2,305 

At December 31, 2023
(in thousands)Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
AFS
MBS:
Residential$194,141 $117 $(10,460)$183,798 
Commercial55,235  (7,479)47,756 
CMOs:
Residential473,269 8 (33,539)439,738 
Commercial63,456  (6,059)57,397 
 Municipal bonds452,057 670 (47,853)404,874 
 Corporate debt securities45,611 34 (7,098)38,547 
 U.S. Treasury securities22,658  (2,474)20,184 
 Agency debentures60,202 5 (1,302)58,905 
Total$1,366,629 $834 $(116,264)$1,251,199 
HTM
   Municipal bonds
$2,371 $ $(40)$2,331 

At March 31, 2024, and December 31, 2023, the Company held $28 million and $25 million, respectively, of trading securities, consisting of US Treasury notes used as economic hedges of our single family mortgage servicing rights, which are carried at
10



fair value and included with investment securities on the balance sheet. For the quarters ended March 31, 2024 and 2023, net losses of $0.6 million and net gains of $0.6 million on trading securities, respectively, were recorded in servicing income.

MBS and CMOs represent securities issued or guaranteed by government sponsored enterprises ("GSEs"). Most of the MBS and CMO securities in our investment portfolio are guaranteed by Fannie Mae, Ginnie Mae or Freddie Mac. Municipal bonds are comprised of general obligation bonds (i.e., backed by the general credit of the issuer) and revenue bonds (i.e., backed by either collateral or revenues from the specific project being financed) issued by various municipal corporations. As of March 31, 2024 and December 31, 2023, substantially all securities held, including municipal bonds and corporate debt securities, were rated investment grade based upon nationally recognized statistical rating organizations where available and, where not available, based upon internal ratings.

Investment securities AFS that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position:

At March 31, 2024
 Less than 12 months12 months or moreTotal
(in thousands)Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
AFS
MBS:
Residential
$(2)$722 $(10,879)$171,977 $(10,881)$172,699 
Commercial  (7,613)47,470 (7,613)47,470 
CMOs:
Residential(51)14,896 (35,465)346,156 (35,516)361,052 
Commercial  (6,000)56,702 (6,000)56,702 
Municipal bonds(109)15,526 (51,349)361,384 (51,458)376,910 
Corporate debt securities  (6,012)25,147 (6,012)25,147 
U.S. Treasury securities  (2,675)19,896 (2,675)19,896 
Agency debentures(3)4,997 (1,397)48,440 (1,400)53,437 
Total$(165)$36,141 $(121,390)$1,077,172 $(121,555)$1,113,313 
HTM
Municipal bonds$ $ $(49)$2,305 $(49)$2,305 

11



At December 31, 2023
 Less than 12 months12 months or moreTotal
(in thousands)Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
AFS
MBS:
Residential$(3)$1,145 $(10,457)$177,393 $(10,460)$178,538 
Commercial 61 (7,479)47,695 (7,479)47,756 
CMOs:
Residential(368)83,815 (33,171)348,914 (33,539)432,729 
Commercial  (6,059)57,397 (6,059)57,397 
Municipal bonds(73)7,489 (47,780)364,775 (47,853)372,264 
Corporate debt securities  (7,098)28,513 (7,098)28,513 
U.S. Treasury securities  (2,474)20,184 (2,474)20,184 
Agency debentures(135)42,897 (1,167)11,003 (1,302)53,900 
Total$(579)$135,407 $(115,685)$1,055,874 $(116,264)$1,191,281 
HTM
Municipal bonds$ $ $(40)$2,331 $(40)$