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.
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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.