Welcome to our dedicated page for Homestreet news (Ticker: HMST), a resource for investors and traders seeking the latest updates and insights on Homestreet stock.
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.
Track official press releases including quarterly earnings reports, regulatory filings, leadership updates, and service expansions. Our curated collection ensures you never miss critical information about HMST's commercial loan programs, consumer banking initiatives, or community reinvestment efforts.
Discover updates on housing finance trends, regional market expansions, and risk management strategies directly from the source. Bookmark this page for streamlined monitoring of Homestreet's operational milestones and industry positioning within the northwest, California, and Hawaii markets.
Blue Lion Capital, which owns 1.3% of HomeStreet (HMST) stock, has called for the company's board to remove $19.6 million in Change in Control (CIC) payments to executives as part of the FirstSun Capital Bancorp (FSUN) merger. FSUN had encouraged HomeStreet's CEO Mark Mason to hedge interest rate risks, which he refused. Subsequent rate increases led to a decline in the value of HomeStreet's portfolios. This resulted in an amended merger agreement on April 30, reducing the consideration for HomeStreet shareholders by $30.5 million. Shareholders recently voted against the CIC payments, although the vote was non-binding. Blue Lion is advocating for the board to honor shareholders' wishes and eliminate the CIC payments.
HomeStreet, a diversified financial services company, has announced that its shareholders have approved the merger agreement with FirstSun Capital Bancorp. The preliminary vote shows strong support for the merger, which was initially signed on January 16, 2024, and amended on April 30, 2024. The final voting results from the June 18, 2024, shareholder meeting will be available on June 20, 2024, via the Company's Form 8-K. According to Mark Mason, the merger is expected to present a unique investment opportunity despite current challenges in the banking sector. The merger, pending regulatory approval, aims to bring significant benefits to shareholders.
FirstSun Capital Bancorp and HomeStreet, Inc. have amended their merger agreement, increasing the total equity capital raised by $45 million to $60 million. The revised exchange ratio provides HomeStreet shareholders with 0.3867 shares of FirstSun common stock for each share of HomeStreet common stock. The ongoing banking operations will transition to a Texas state charter, with Sunflower Bank converting to a Texas state chartered bank. FirstSun will issue $48.5 million of subordinated debt, while HomeStreet will dispose of approximately $300 million of certain Commercial Real Estate loans. The merger is subject to approval from the Federal Reserve Board and the Texas Department of Banking.
HomeStreet, Inc. (Nasdaq: HMST) reported a net loss of $7.5 million in the first quarter of 2024, compared to $3.4 million in the fourth quarter of 2023. Loss per fully diluted share was $0.40, an increase from $0.18. Noninterest-bearing deposits increased by $5 million, total deposits excluding brokered deposits increased by $25 million, and uninsured deposits were $494 million. Loans held for investment remained stable, nonperforming assets to total assets ratio was 0.56%, and allowance for credit losses to LHFI was 0.54%. Book value per share was $27.96, and tangible book value per share was $27.49.
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