Homestreet Stock Price, News & Analysis

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.

HomeStreet, Inc. (Nasdaq: HMST) announces its quarterly earnings conference call scheduled for April 25, 2023, at 1:00 p.m. ET. CEO Mark K. Mason and CFO John M. Michel will discuss first quarter 2023 results and recent events.

Participants can register in advance online or join by dialing 1-833-470-1428. A rebroadcast will be available about an hour after the call.

Detailed information for the call will be posted on the company's website after market close on April 24, 2023.

HomeStreet, Inc. (NASDAQ: HMST) announced the acquisition of three former MUFG Union Bank branches in Southern California, increasing its branch count to 20 in the region. This purchase adds approximately 24,000 customer accounts and includes $400 million in deposits and $22 million in loans. HomeStreet aims to enhance customer service and community engagement with this expansion, retaining the employees from these branches to ensure continuity. This strategic move aligns with HomeStreet's growth objectives in the Western U.S. market.

HomeStreet, Inc. (Nasdaq: HMST) announced a quarterly dividend of $0.35 per share, payable on February 22, 2023, to shareholders of record as of February 8, 2023. The company continues its commitment to returning value to shareholders while maintaining a diversified financial services operation, focusing on real estate lending and commercial and consumer banking. Recently recognized by Newsweek as the "Best Small Bank" in Washington in 2022, HomeStreet aims to enhance its standing in the financial sector and provide significant income to investors.

HomeStreet, Inc. (Nasdaq: HMST) reported Q4 2022 earnings with fully diluted EPS of $0.45, down from $1.08 in Q3 2022. Full year EPS fell to $3.49 from $5.46 in 2021. The company faced challenges due to increased interest rates, leading to a significant decline in loan demand and net interest margin, which was 2.53% in Q4 compared to 3.00% in Q3. However, total deposits rose by $842 million (13%). The company is planning a cash dividend of $0.35 per share and is set to acquire retail branches in California, adding over $450 million in low-cost deposits. A conference call discussing results is scheduled for January 30, 2023.

HomeStreet, Inc. (NASDAQ: HMST) is set to host its quarterly earnings conference call on January 30, 2023, at 1:00 p.m. ET. Led by CEO Mark K. Mason and CFO John M. Michel, the call will cover the company's fourth quarter 2022 results, with a Q&A session to follow. Shareholders and analysts can register for the call in advance or join directly. The relevant financial information will be available on the company's website after the market closes on January 27, 2023.

For more details, visit HomeStreet's Investor Relations.

HomeStreet, Inc. (NASDAQ: HMST) announced a quarterly dividend of $0.35 per share, payable on November 22, 2022, to shareholders on record by November 8, 2022. The company, headquartered in Seattle, Washington, primarily engages in real estate lending and banking services across the Western United States and Hawaii. HomeStreet Bank recently earned the title of 'Best Small Bank' in Washington by Newsweek in 2022.