HomeStreet Announces a Common Stock Dividend of $0.10 Per Share

Rhea-AI Summary

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.

Positive

• Quarterly dividend of $0.10 demonstrates ongoing returns to shareholders.
• Recognition as 'Best Small Bank' in Washington enhances the company's reputation.

Negative

• Reduction in dividend signals lower earnings levels and economic uncertainty.

SEATTLE--(BUSINESS WIRE)-- HomeStreet, Inc. (Nasdaq: HMST) (“HomeStreet”), the parent company of HomeStreet Bank (the “Bank” and together with HomeStreet, the “Company”), announced that the Company's Board of Directors approved a $0.10 per share quarterly dividend. The dividend is payable on May 24, 2023 to shareholders of record at the close of business on May 10, 2023.

“In light of the lower level of earnings in the first quarter of 2023 and the highly uncertain interest rate and economic environment over the near term, in an abundance of caution, the Board of Directors determined that it would be prudent to reduce our dividend this quarter to $0.10 per share,” said Mark K. Mason, HomeStreet’s Chairman of the Board, President, and Chief Executive Officer.

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 subsidiary is HomeStreet Bank. HomeStreet Bank is the winner of the 2022 "Best Small Bank" in Washington Newsweek magazine award. 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/20230421005409/en/

Executive Vice President and Chief Financial Officer:

HomeStreet, Inc.

John Michel (206) 515-2291

john.michel@homestreet.com

http://ir.homestreet.com

or

Media Relations:

Misty Ford, (206) 876-5506

misty.ford@homestreet.com

Source: HomeStreet, Inc.

FAQ

What is the dividend amount for HomeStreet, Inc. in 2023?

HomeStreet, Inc. has declared a quarterly dividend of $0.10 per share.

When will the dividend for HomeStreet, Inc. be paid?

The dividend will be payable on May 24, 2023.

Who receives the HomeStreet dividend?

Shareholders of record at the close of business on May 10, 2023, will receive the dividend.

What led to the dividend reduction for HomeStreet, Inc.?

The reduction was due to lower earnings in Q1 2023 and uncertain economic conditions.

Is HomeStreet, Inc. planning to change its dividend frequency?

There is no indication in the press release about changing the frequency of dividends.