HomeStreet Announces a $15 Million Expansion of Our Share Repurchase Program and Common Stock Dividend of $0.25 Per Share

Rhea-AI Summary

HomeStreet, Inc. (Nasdaq: HMST) has announced an expansion of its share repurchase program, allowing for the repurchase of up to $15 million in common stock. This program permits purchases in the open market or through private transactions without obligation for specific amounts. Additionally, the company's Board of Directors approved a $0.25 per share quarterly dividend, payable on August 24, 2021, to shareholders of record by August 10, 2021. These initiatives aim to enhance shareholder value and reflect the company’s robust financial position.

Positive

• Expansion of share repurchase program up to $15 million, indicating confidence in company value.
• Approval of $0.25 quarterly dividend, rewarding shareholders and enhancing income potential.

Negative

• None.

HomeStreet, Inc. (Nasdaq: HMST) or (“HomeStreet”), the parent company of HomeStreet Bank (the “Bank” and together with HomeStreet, the “Company”), today announced that the Board of Directors has approved an expansion of our share repurchase program and a $0.25 per share quarterly dividend.

The approved expansion of our share repurchase program allows for the repurchase for up to $15 million in aggregate amount of shares of the Company’s common stock. Under this program, the Company may repurchase shares from time to time in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and applicable federal securities laws. The share repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be terminated, modified or suspended at any time at the Company's discretion.

The Board of Directors also approved a dividend of $0.25 per common share. The dividend is payable on August 24, 2021 to shareholders of record at the close of business on August 10, 2021.

About HomeStreet, Inc.

HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and an Equal Housing Lender.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210730005078/en/

FAQ

What is the purpose of HomeStreet's expanded share repurchase program?

The expansion aims to allow HomeStreet to repurchase up to $15 million in common stock, enhancing shareholder value.

When will the dividend of $0.25 per share be paid?

The dividend will be payable on August 24, 2021, to shareholders of record by August 10, 2021.

How does the share repurchase program affect HMST stock?

The repurchase program may support the stock price by reducing the number of shares available in the market, potentially increasing earnings per share.

What are the details of HomeStreet's share repurchase program?

The program allows for repurchase through open market transactions or private purchases, without an obligation to buy a set amount.