HomeStreet, Inc. Reports First Quarter 2012 Results

HomeStreet, Inc. (NASDAQ:HMST), the parent company of HomeStreet Bank (the “Bank”), today announced financial results for the first quarter ended March 31, 2012. HomeStreet, Inc. (the “Company” or “HomeStreet”) reported net income of $19.1 million, or $3.55 per diluted share, for the first quarter of 2012, compared to net income of $7.0 million, or $2.42 per share, for the fourth quarter of 2011 and a net loss of $7.4 million, or $(2.76) per share, for the first quarter of 2011.

Highlights for the first quarter of 2012 include:

• Single family mortgage originations designated for sale of $712.3 million during the quarter, increasing 14.1% over the fourth quarter of 2011. Single family mortgage interest rate lock commitments of $920.2 million during the quarter, up 69.4% from the fourth quarter of 2011.
• Hiring of approximately 170 mortgage origination and support personnel previously with MetLife Home Loans and related addition of 13 new single family lending centers in Washington, Oregon and Idaho.
• Completion of the initial public offering of HomeStreet’s common stock in February; issuing 4,361,816 new common shares and raising $88.7 million of net proceeds, of which $55.0 million was subsequently contributed to HomeStreet Bank.
• Nonperforming assets declined to $107.2 million or 4.5% of total assets including Other Real Estate Owned (“OREO”), which decreased to $31.6 million.
• In recognition of the significant improvement in the Bank’s financial condition, results of operations and risk profile, in March 2012 the Bank’s regulators terminated the Bank’s regulatory order (the “Bank Order”) and replaced it with an informal supervisory agreement.

“This was a pivotal quarter for HomeStreet, one that marks a number of significant milestones for our institution,” said Mark K. Mason, Chief Executive Officer. “We are already seeing benefits from expanding our mortgage lending capacity during the first quarter. Our capital raise coupled with the termination of the Bank Order have allowed us to resume normal banking operations, fully serve the needs of our customers and grow our franchise.”

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