HomeStreet Inc
NASDAQ:HMST
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HomeStreet Inc
HomeStreet, Inc. is a holding company, which engages in the provision of commercial and consumer banking and real estate lending services. The company is headquartered in Seattle, Washington and currently employs 984 full-time employees. The company went IPO on 2012-02-10. The firm provides commercial banking products and services to small and medium sized businesses, real estate investors and professional firms and consumer banking products and services to individuals. The company operates approximately 60 full-service bank branches in Washington, in Northern and Southern California, in the Portland, Oregon area and in Hawaii, as well as five primary stand-alone commercial lending centers located in Central Washington, Oregon, Southern California, Idaho and Utah. Its serves customers primarily in the western United States. Its loans portfolio includes commercial real estate (CRE) loans, commercial and industrial loans, and consumer loans. Its CRE loans include non-owner occupied CRE, multifamily, and construction/land development loans. Its consumer loans include single family, and home equity and other.
HomeStreet, Inc. is a holding company, which engages in the provision of commercial and consumer banking and real estate lending services. The company is headquartered in Seattle, Washington and currently employs 984 full-time employees. The company went IPO on 2012-02-10. The firm provides commercial banking products and services to small and medium sized businesses, real estate investors and professional firms and consumer banking products and services to individuals. The company operates approximately 60 full-service bank branches in Washington, in Northern and Southern California, in the Portland, Oregon area and in Hawaii, as well as five primary stand-alone commercial lending centers located in Central Washington, Oregon, Southern California, Idaho and Utah. Its serves customers primarily in the western United States. Its loans portfolio includes commercial real estate (CRE) loans, commercial and industrial loans, and consumer loans. Its CRE loans include non-owner occupied CRE, multifamily, and construction/land development loans. Its consumer loans include single family, and home equity and other.
Large Net Loss: HomeStreet Bank reported a significant net loss of $123.3 million for Q4 2024, mainly due to a large loss on the sale of multifamily loans and a deferred tax asset valuation allowance.
Core Results Improved: Excluding these one-time items, the core net loss narrowed to $5.1 million from $6 million in Q3, thanks to higher net interest income and lower expenses.
Loan Sale & Balance Sheet: The sale of $990 million in multifamily loans improved liquidity, reduced commercial real estate concentration, and lowered the loan-to-deposit ratio.
Profitability Outlook: Management expects a return to profitability in the first half of 2025 without needing further interest rate cuts, citing improved margin and expense control.
Cost Reductions: Headcount was reduced below 800 FTE, and noninterest expenses declined, though further cost-cutting options are now limited.
Strategic Alternatives: The board continues to review strategic options for maximizing shareholder value, but no new transactions or initiatives are imminent.
