HomeStreet, Inc. - HMST STOCK NEWS

HomeStreet, Inc. (Nasdaq: HMST) reported a net income of $20.4 million and earnings per share of $1.08 for Q3 2022, showing growth from $17.7 million and $0.94 in Q2 2022. The company grew its loan portfolio by 7% and total deposits by 10%, despite rising interest rates impacting mortgage sales revenue. Net interest income increased by 5% while net interest margin fell to 3.00%. HomeStreet declared a cash dividend of $0.35 and gained $4.3 million from branch sales, with plans to acquire three branches in California.

HomeStreet Bank is set to acquire three branches from MUFG Union Bank in California as part of a strategic divestiture directed by the Department of Justice. The sale, expected to close in Q1 2023, includes approximately $490 million in deposits and $22 million in loans. This acquisition will bolster HomeStreet's presence in Southern California, increasing its branch count to 20 and adding around 16,000 customer relationships. HomeStreet will retain all branch employees, focusing on maintaining strong customer and employee relations.

HomeStreet, Inc. (Nasdaq:HMST) will hold its quarterly earnings conference call on October 25, 2022, at 1:00 p.m. ET. Mark K. Mason, CEO, and John M. Michel, CFO, will discuss third-quarter results and recent developments. Participants can register online or join via phone. A rebroadcast will be available shortly after the call. The earnings information will be accessible on the company's website after market close on October 24, 2022.

About HomeStreet, Inc. - A diversified financial services provider in the Western U.S. and Hawaii, focusing on real estate lending and banking services.

Miss HomeStreet, driven by Jimmy Shane, won the Bill Muncey Cup in San Diego on September 18, 2022. Shane set a new average speed record of 165.636 mph, surpassing the previous record of 164.759 mph. The team previously secured the Indiana Governor’s Cup and Columbia Cup Championships, earning the title of 2022 National High Point Champions. HomeStreet Bank's CEO, Mark K. Mason, expressed pride in the team's achievements, emphasizing the community connection.

HomeStreet, Inc. (Nasdaq: HMST) announced the sale of five retail deposit branches in eastern Washington, closing on July 29, 2022. The transaction resulted in an estimated gain of $4 million. The assets involved included $185 million in deposits, $42 million in loans, and $2 million in other assets.

This strategic decision reflects HomeStreet's ongoing efforts to streamline operations and focus on core banking functions while enhancing overall financial performance.

HomeStreet's hydroplane, driven by Jimmy Shane, clinched victory at the HAPO Columbia Cup held in Tri-Cities, Washington. Shane achieved a remarkable feat by winning all four preliminary heats and setting a new course record with an average speed of 164.039 mph, surpassing the previous record of 163.579 mph. This win continues to solidify HomeStreet's lead in the National High Point standings. The team looks forward to competing for the HomeStreet Bank Cup at the upcoming Seafair Festival in Seattle.

HomeStreet, Inc. (Nasdaq: HMST) announced a quarterly dividend of $0.35 per share, payable on August 23, 2022, to shareholders of record on August 9, 2022. This decision reflects the company's commitment to returning value to shareholders while maintaining a balanced approach to growth and financial health. HomeStreet, headquartered in Seattle, specializes in real estate lending and banking services across the Western United States and Hawaii. The company’s subsidiary, HomeStreet Bank, recently won the 2022 'Best Small Bank' award in Washington.

HomeStreet, Inc. (Nasdaq: HMST) reported its financial results for Q2 2022, with fully diluted EPS at $0.94 and net income of $17.7 million. The loan portfolio grew by 15%, with originations reaching $1.3 billion. Despite challenges from rising interest rates impacting mortgage sales, overall revenues increased by 4%. The company's net interest margin remained stable at 3.27%, and efficiency improved, reducing noninterest expenses by 7%. HomeStreet declared a cash dividend of $0.35 per share and announced the sale of five branches in eastern Washington to focus on metropolitan markets.