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Homestreet Inc (HMST) provides trusted community banking services across residential and commercial markets, with specialized expertise in mortgage lending and real estate financing. This news hub offers investors and stakeholders timely access to corporate announcements, financial disclosures, and strategic developments.
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Mechanics Bank (NASDAQ: MCHB) has successfully completed its strategic merger with HomeStreet Bank, creating a premier West Coast community banking institution. The merger significantly expands Mechanics Bank's footprint, resulting in a combined network of 166 branches across California, Washington, Oregon, and Hawaii, with total assets exceeding $22 billion.
The 120-year-old Mechanics Bank will maintain its California banking corporation status, operating as a wholly owned subsidiary of Mechanics Bancorp (formerly HomeStreet, Inc.). The expanded geographical presence now spans from San Diego to Seattle, strengthening the bank's position as a leading West Coast financial institution.
HomeStreet Inc. (NASDAQ: HMST) and Mechanics Bank have received all required regulatory approvals for their previously announced strategic merger. The approvals came from the Federal Reserve System, FDIC, California Department of Financial Protection and Innovation, and Washington Department of Financial Institutions.
The merger is expected to complete around September 2, 2025, pending HomeStreet shareholder approval. Post-merger, HomeStreet Bank will merge into Mechanics Bank, with Mechanics Bank surviving as a California banking corporation. HomeStreet will be renamed to Mechanics Bancorp and remain publicly traded. The combined entity will have over $16 billion in assets and 111 branches.
The merger has already received approval from Mechanics Bank shareholders through written consents from Ford Financial Fund and other shareholders.HomeStreet (NASDAQ:HMST) reported its Q2 2025 financial results, posting a net loss of $4.4 million ($0.23 per share), slightly improved from Q1's $4.5 million loss. The company's performance showed mixed signals with a net interest margin improvement to 1.90% from 1.82% and reduced noninterest expenses to $47.8 million from $49.1 million.
The Bank continues to work on its pending merger with Mechanics Bank, expected to close in Q3 2025. Notable metrics include an efficiency ratio of 93.2%, decreased deposits by $146 million (excluding brokered), and reduced loans held for investment by $136 million. Management projects a return to core profitability by Q4 2025, supported by anticipated loan repricing and reduced borrowing costs.
The company maintains an allowance for credit losses to LHFI ratio of 0.78%, with nonperforming assets at 0.76% of total assets.HomeStreet announced its Q1 2025 financial results, showing significant progress in its strategic turnaround plan. The company reported a net loss of $4.5 million, a substantial improvement from Q4 2024's $123.3 million loss. The Bank achieved a key milestone by returning to profitability with $1.1 million in net income.
Key highlights include:
- Net interest margin improved to 1.82% from 1.38% in Q4 2024
- Core net loss decreased by 44% compared to previous quarter
- Total deposits grew by $131 million (excluding brokered deposits)
- Loans held for investment decreased by $169 million
- Uninsured deposits represent only 9% of total deposits at $542 million
CEO Mark Mason expressed confidence in continued earnings growth, citing scheduled loan repricing, expected reductions in borrowing costs, and lower term deposit rates. The company expects to avoid income tax expenses for several years due to deferred tax asset valuation allowance recorded in Q4 2024. Credit quality remained stable, though specific reserves were increased by $3.9 million for a syndicated commercial loan.
Mechanics Bank and HomeStreet Inc. (NASDAQ: HMST) have announced a strategic merger agreement to create the premier publicly-traded West Coast bank. The all-stock transaction values HomeStreet at $300 million and Mechanics Bank at $3.3 billion.
The merger will combine HomeStreet's 56 branches across Washington, Oregon, Southern California, and Hawaii with Mechanics Bank's 112 California branches, creating a network of 168 branches with $23 billion in assets. Post-merger, existing HomeStreet shareholders will own approximately 8.3% of the combined company, while Mechanics Bank shareholders will hold 91.7%, with Ford Financial Fund controlling about 74.3%.
The combined entity will operate as Mechanics Bancorp, remaining publicly traded. The merger is expected to close in the third quarter of 2025, subject to regulatory and shareholder approvals.
HomeStreet Inc (Nasdaq: HMST) reported financial results for Q4 and full-year 2024. The company implemented a new strategic plan after merger termination, including selling $990 million of multifamily loans with 3.30% weighted average interest rate. The proceeds were used to pay off Federal Home Loan Bank advances and brokered deposits with 4.65% weighted average interest rate.
Q4 2024 reported a net loss of $123.3 million ($6.54 per share), compared to Q3 2024's loss of $7.3 million. Full-year 2024 showed a net loss of $144.3 million versus $27.5 million in 2023. The company recorded a $53 million deferred tax allowance in Q4. Net interest margin increased to 1.38% from 1.33% in Q3. The company expects to return to profitability in first half of 2025.
Total deposits decreased by $33 million, with uninsured deposits at $581 million (9% of total). Loans held for investment decreased by $1.1 billion. Tangible book value per share decreased to $20.67.
HomeStreet (Nasdaq: HMST) has scheduled its fourth quarter 2024 analyst earnings conference call for Tuesday, January 28, 2025, at 1:00 p.m. ET. Chairman, President and CEO Mark K. Mason and Executive Vice President and CFO John M. Michel will lead the discussion, covering Q4 2024 results and recent company updates.
Participants can join through the online registration link or dial 1-833-470-1428 using Access Code 651499. A rebroadcast will be available approximately one hour after the call by dialing 1-866-813-9403 with passcode 729493. The earnings information will be posted on the company's website after market close on Monday, January 27, 2025.
HomeStreet Bank has completed the sale of $990 million in multifamily commercial real estate loans, retaining the servicing rights. The transaction was executed at approximately 92% of the loans' principal balance, including the value of retained servicing. The company utilized nearly all proceeds from the sale to reduce its Federal Home Loan Bank borrowings.
HomeStreet Bank (Nasdaq:HMST) has announced an agreement to sell $990 million of multifamily commercial real estate loans to Bank of America. The transaction, expected to close before December 31, 2024, will be executed on a servicing retained basis at 92% of the loans' principal balance. The sale is part of a new strategic plan aimed at returning the company to profitability in early 2025. The proceeds will be used to pay down Federal Home Loan Bank advances and brokered deposits, which currently carry higher interest rates than core deposits.
FirstSun Capital Bancorp and HomeStreet, Inc. announced that regulatory approvals necessary for their planned merger have not been obtained, with regulators requesting FirstSun and Sunflower Bank to withdraw their merger applications. The companies are now discussing alternative regulatory structures for the merger, while also considering terms for potential termination if no alternative is feasible. HomeStreet confirmed no specific regulatory concerns were related to their operations. FirstSun cited a more challenging external environment for bank mergers as a contributing factor, particularly following industry events earlier this year.
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