10-Q 1 hmst-20230930.htm 10-Q hmst-20230930
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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: September 30, 2023
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 October 31, 2023 was 18,810,055.
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

September 30, 2023December 31, 2022
(in thousands, except share data)(Unaudited)
ASSETS
Cash and cash equivalents
$226,704 $72,828 
Investment securities
1,294,634 1,400,212 
Loans held for sale ("LHFS")
33,879 17,327 
Loans held for investment ("LHFI") (net of allowance for credit losses of $40,000 and $41,500)
7,400,501 7,384,820 
Mortgage servicing rights ("MSRs")107,611 111,873 
Premises and equipment, net54,114 51,172 
Other real estate owned ("OREO")984 1,839 
Goodwill and other intangibles10,429 29,980 
Other assets329,895 294,709 
Total assets$9,458,751 $9,364,760 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits$6,745,551 $7,451,919 
Borrowings1,873,000 1,016,000 
Long-term debt224,671 224,404 
Accounts payable and other liabilities113,042 110,290 
Total liabilities8,956,264 8,802,613 
Commitments and contingencies
Shareholders' equity:
Common stock, no par value, authorized 160,000,000 shares; issued and outstanding, 18,794,030 shares and 18,730,380 shares
228,972 226,592 
Retained earnings400,533 435,085 
Accumulated other comprehensive income (loss)(127,018)(99,530)
Total shareholders' equity502,487 562,147 
Total liabilities and shareholders' equity$9,458,751 $9,364,760 
See accompanying notes to consolidated financial statements
3


HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
 Quarter Ended September 30,Nine Months Ended September 30,
(in thousands, except share and per share data)2023202220232022
Interest income:
Loans$85,899 $73,329 $254,250 $186,108 
Investment securities12,309 9,014 37,944 22,359 
Cash, Fed Funds and other2,498 1,060 6,270 1,655 
Total interest income
100,706 83,403 298,464 210,122 
Interest expense:
Deposits33,840 8,321 98,603 13,498 
Borrowings27,954 12,064 68,097 19,004 
Total interest expense
61,794 20,385 166,700 32,502 
Net interest income
38,912 63,018 131,764 177,620 
Provision for credit losses(1,110) (886)(9,000)
Net interest income after provision for credit losses
40,022 63,018 132,650 186,620 
Noninterest income:
Net gain on loan origination and sale activities2,372 2,647 7,238 16,213 
Loan servicing income 3,092 2,741 9,390 9,706 
Deposit fees2,455 2,223 7,817 6,516 
Other2,545 5,711 6,520 9,458 
Total noninterest income
10,464 13,322 30,965 41,893 
Noninterest expense:
Compensation and benefits27,002 27,341 84,031 89,563 
Information services7,579 7,038 22,207 21,880 
Occupancy5,306 6,052 16,834 18,315 
General, administrative and other9,202 9,458 29,432 25,241 
Goodwill impairment charge  39,857  
Total noninterest expense
49,089 49,889 192,361 154,999 
Income (loss) before income taxes1,397 26,451 (28,746)73,514 
Income tax expense (benefit)(898)6,084 (4,657)15,475 
Net income (loss)$2,295 $20,367 $(24,089)$58,039 
Net income (loss) per share:
Basic $0.12 $1.09 $(1.28)$3.05 
Diluted
0.12 1.08 (1.28)3.03 
Weighted average shares outstanding:
Basic
18,792,89318,716,86418,774,59319,000,007
Diluted
18,792,89318,796,73718,774,59319,137,848

See accompanying notes to consolidated financial statements
4


HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Quarter Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Net income (loss)$2,295 $20,367 $(24,089)$58,039 
Other comprehensive income (loss):
Unrealized gain (loss) on investment securities available for sale ("AFS")(34,881)(56,189)(37,830)(166,921)
Reclassification for net (gains) losses included in income 47 (3)(24)
Other comprehensive income (loss) before tax(34,881)(56,142)(37,833)(166,945)
Income tax impact of:
Unrealized gain (loss) on investment securities AFS(8,632)(13,485)(10,344)(39,868)
Reclassification for net (gains) losses included in income
 11 (1)(6)
Total
(8,632)(13,474)(10,345)(39,874)
Other comprehensive income (loss)(26,249)(42,668)(27,488)(127,071)
Total comprehensive income (loss)$(23,954)$(22,301)$(51,577)$(69,032)
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 September 30, 2022
Balance, June 30, 202218,712,789 $224,776 $419,254 $(63,263)$580,767 
Net income— — 20,367 — 20,367 
Share-based compensation expense— 942 — — 942 
Common stock issued - Stock grants4,328 — — —  
Other comprehensive income (loss)— — — (42,668)(42,668)
Dividends declared on common stock ($0.35 per share)
— — (6,638)— (6,638)
Common stock repurchased
440 7 12 — 19 
Balance, September 30, 2022
18,717,557 $225,725 $432,995 $(105,931)$552,789 
For the nine months ended September 30, 2022
Balance, December 31, 2021
20,085,336 $249,856 $444,343 $21,140 $715,339 
Net income— — 58,039 — 58,039 
Share-based compensation expense— 3,239 — — 3,239 
Common stock issued - Stock grants130,546 — — —  
Other comprehensive income (loss)— — — (127,071)(127,071)
Dividends declared on common stock ($1.05 per share)
— — (20,435)— (20,435)
Common stock repurchased
(1,498,325)(27,370)(48,952)— (76,322)
Balance, September 30, 2022
18,717,557 $225,725 $432,995 $(105,931)$552,789 
For the quarter ended September 30, 2023
Balance, June 30, 2023
18,776,597 $228,260 $400,132 $(100,769)$527,623 
Net income — — 2,295 — 2,295 
Share-based compensation expense— 712 — — 712 
Common stock issued - Stock grants17,433 — — —  
Other comprehensive income (loss)— — — (26,249)(26,249)
Dividends declared on common stock ($0.10 per share)
— — (1,894)— (1,894)
Common stock repurchased
 — — —  
Balance, September 30, 2023
18,794,030 $228,972 $400,533 $(127,018)$502,487 
For the nine months ended September 30, 2023
Balance, December 31, 2022
18,730,380 $226,592 $435,085 $(99,530)$562,147 
Net income (loss)— — (24,089)— (24,089)
Share-based compensation expense
— 2,696 — — 2,696 
Common stock issued - Stock grants76,744 — — —  
Other comprehensive income (loss)— — — (27,488)(27,488)
Dividends declared on common stock ($0.55 per share)
— — (10,463)— (10,463)
Common stock repurchased
(13,094)(316)— — (316)
Balance, September 30, 2023
18,794,030 $228,972 $400,533 $(127,018)$502,487 
See accompanying notes to consolidated financial statements

6


HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 
Nine Months Ended September 30,
(in thousands)20232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(24,089)$58,039 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Goodwill impairment charge39,857  
Provision for credit losses(886)(9,000)
Depreciation and amortization, premises and equipment5,441 7,308 
Amortization of premiums and discounts: investment securities, deposits, debt61 2,833 
Operating leases: excess of payments over amortization(2,404)(3,146)
Amortization of finance leases328 442 
Amortization of core deposit intangibles2,163 728 
Amortization of deferred loan fees and costs(773)(656)
Share-based compensation expense2,696 3,239 
Deferred income tax expense (credit)
12,149 (4,306)
Origination of LHFS(288,479)(600,037)
Proceeds from sale of LHFS274,915 763,057 
Net fair value adjustment and gain on sale of LHFS(480)6,304 
Origination of MSRs(2,721)(10,945)
Net gain on sale of loans originated as LHFI (88)
Change in fair value of MSRs3,080 (8,563)
Amortization of servicing rights4,363 5,877 
Gain on sale of OREO
(621) 
Gain on sale of branches (4,270)
Net change in trading securities(2,584)(21,104)
(Increase) decrease in other assets(42,197)10,475 
Increase (decrease) in accounts payable and other liabilities18,689 13,268 
Net cash provided by (used in) operating activities(1,492)209,455 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment securities
(53,232)(621,813)
Proceeds from sale of investment securities4,693 75,361 
Principal payments on investment securities
119,710 94,739 
Proceeds from sale of OREO1,725 952 
Proceeds from sale of loans originated as LHFI 4,613 
Net cash distributed in sale of branches (138,756)
Net decrease (increase) in LHFI4,171 (1,727,944)
Purchase of premises and equipment(2,667)(4,939)
Net cash received from acquisition of branches327,901  
Proceeds from sale of Federal Home Loan Bank stock116,046 68,966 
Purchases of Federal Home Loan Bank stock(126,071)(130,033)
Net cash provided by (used in) investing activities392,276 (2,378,854)
7


Nine Months Ended September 30,
(in thousands)20232022
CASH FLOWS FROM FINANCING ACTIVITIES:
(Decrease) increase in deposits, net(1,083,087)631,290 
Changes in short-term borrowings, net212,000 1,528,000 
Proceeds from other long-term borrowings745,000  
Repayment of other long-term borrowings(100,000) 
Proceeds from debt issuance, net 98,035 
Repayment of finance lease principal(358)(449)
Repurchases of common stock (75,000)
Dividends paid on common stock(10,463)(20,435)
Net cash provided by (used in) financing activities(236,908)2,161,441 
Net increase (decrease) in cash and cash equivalents
153,876 (7,958)
Cash and cash equivalents, beginning of year72,828 65,214 
Cash and cash equivalents, end of period$226,704 $57,256 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $153,957 $29,289 
Federal and state income taxes86 2,348 
Non-cash activities:
Increase in lease assets and lease liabilities2,538 4,877 
LHFI foreclosed and transferred to OREO107 1,018 
Loans transferred from LHFI to LHFS, net2,507 12,511 
Ginnie Mae loans derecognized with the right to repurchase, net1,360 5,567 
Repurchase of common stock-award shares316 1,322 
Acquisition:
Loans acquired21,197  
Premises and equipment and other assets5,845  
Liabilities assumed377,412  
Goodwill and other intangibles22,469  
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, 2022 ("2022 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.

Goodwill

Goodwill is recorded upon completion of a business combination as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill has been determined to have an indefinite useful life and is not amortized, but tested for impairment at least annually or more frequently if events and circumstances occur that indicate it is more likely than not the fair value of the reporting unit is less than its carrying value necessitating an impairment test. The Company performs its annual impairment testing on August 31 each year, or sooner if a triggering event occurs. Triggering events include, among other factors, declines in historical or projected revenue, operating income or cash flows, and sustained declines in the Company’s stock price or market capitalization, considered both in absolute terms and relative to peers.

As a result of sustained decreases in the Company’s stock price and associated market value during the second quarter of 2023, the Company conducted an impairment analysis of its goodwill as of June 30, 2023. We applied an income-based valuation approach using the Company’s strategic forecast, general market growth assumptions and other market-based inputs, which determined, that goodwill was impaired as the indicated enterprise fair value of the Company was lower than the book value of equity as of the measurement date. As a result, in the second quarter of 2023, we recorded an impairment charge of our entire goodwill balance of $39.9 million as the deficit of enterprise fair value to book value of equity exceeded the amount of goodwill on the balance sheet. This was a non-cash charge to earnings and had no impact on tangible or regulatory capital, cash flows or our liquidity position. The following table presents the changes in the carrying amount of goodwill in 2023:



9



(in thousands)
Balance, December 31, 2022$27,900 
Additions - branch acquisition in February 202311,957 
Goodwill impairment charge(39,857)
Balance September 30, 2023$ 

Recent Accounting Developments

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848). This ASU provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") rates expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848)," which clarifies certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting applied to derivatives that are affected by the transition to alternative rates. In December 2022, the FASB issued ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848," which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The adoption of these ASUs did not have a material impact on the Company’s financial position or results of operations.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326). The amendments in this ASU eliminate the accounting guidance for Troubled Debt Restructuring ("TDRs") by creditors, while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower experiences financial difficulty. In addition, the amendments require that an entity disclose current period gross charge-offs by year of origination in a vintage table. We prospectively adopted the portion of ASU No. 2022-02 with respect to amendments about TDRs and related disclosure enhancements as of January 1, 2022. We prospectively adopted the vintage table disclosure requirement of ASU 2022-02 on January 1, 2023. The adoption of ASU 2022-02 did not have a material impact on the Company’s financial position or results of operations.

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. ASU 2023-02 is not expected to 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.
10



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 September 30, 2023
(in thousands)Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
AFS
Mortgage backed securities ("MBS"):
Residential$198,589 $