Homestreet Stock Price, News & Analysis

HomeStreet, Inc. (NASDAQ: HMST) has announced a quarterly dividend of $0.10 per share, payable on May 24, 2023, to shareholders of record by May 10, 2023. The Board of Directors made this decision in response to lower earnings in Q1 2023 and uncertainties in the economic environment, emphasizing a cautious approach. HomeStreet, headquartered in Seattle, specializes in real estate lending and banking services mainly in the Western United States and Hawaii. The company has been recognized as the 'Best Small Bank' in Washington by Newsweek in 2022.

HomeStreet, Inc. (NASDAQ: HMST) announced its financial results for Q1 2023, reporting a net income of $5.1 million, down from $8.5 million in Q4 2022. The net interest margin decreased from 2.53% to 2.23%, attributed to rising short-term interest rates and increased funding costs. Cash and cash equivalents rose to $377 million, while total deposits grew $166 million (3%) to $6.2 billion. The company reported a solid liquidity position with 19% on-balance sheet liquidity and only $1.0 billion in uninsured deposits. HomeStreet completed the acquisition of three branches in California, adding $322 million in deposits. The efficiency ratio increased to 87.2%, indicating rising operational costs. Despite challenges in the lending environment, credit quality remained stable with low net charge-offs at $0.6 million.