HomeStreet, Inc. Reports First Quarter 2012 Results

BY Business Wire | 04/30/12 - 06:30 AM EDT

Stock quotes in this article: HMST

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Information contained herein, other than information at December 31, 2011 and for the twelve months then ended, is unaudited.


HomeStreet, Inc. and Subsidiaries
Five Quarter Summary Financial Data

	Quarter ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(in thousands, except share data)		2012			2011			2011			2011			2011

Income Statement Data (for the period ended):
Net interest income	$	12,905		$	12,866		$	11,970		$	11,914		$	11,590
Provision for loan losses		-			-			1,000			2,300			-
Noninterest income		39,501			27,473			37,268			18,916			14,465
Noninterest expense		35,077			33,915			32,618			27,263			33,461
Net income (loss) before taxes		17,329			6,424			15,620			1,267			(7,406	)
Income taxes		(1,721	)		(602	)		362			(17	)		43
Net income (loss)	$	19,050		$	7,026		$	15,258		$	1,284		$	(7,449	)
Basic earnings per common share (1)	$	3.70		$	2.60		$	5.65		$	0.48		$	(2.76	)
Diluted earnings per common share (1)	$	3.55		$	2.42		$	5.31		$	0.45		$	(2.76	)
Common shares outstanding (1)		7,162,607			2,701,749			2,701,749			2,701,749			2,701,749
Weighted average common shares
Basic		5,146,283			2,701,749			2,701,749			2,701,749			2,701,749
Diluted		5,360,165			2,898,451			2,872,455			2,837,259			2,701,749
Shareholders' equity per share	$	26.70		$	31.98		$	29.73		$	21.58		$	18.96
Financial position (at period end):
Cash and cash equivalents	$	92,953		$	263,302		$	138,429		$	108,175		$	170,795
Investment securities available for sale		446,198			329,047			339,453			315,715			304,404
Loans held for sale		290,954			150,409			226,590			121,216			82,803
Loans held for investment, net		1,295,471			1,300,873			1,360,219			1,392,238			1,500,550
Mortgage servicing rights		86,801			77,281			74,083			94,320			95,952
Other real estate owned		31,640			38,572			64,368			102,697			98,863
Total assets		2,367,497			2,264,957			2,316,839			2,233,505			2,342,639
Deposits		2,000,633			2,009,755			2,056,977			1,993,655			2,066,842
FHLB advances		57,919			57,919			67,919			77,919			114,544
Shareholders' equity		191,230			86,407			80,336			58,311			51,214
Financial position (averages):
Investment securities available for sale	$	381,129		$	338,933		$	272,294		$	308,049		$	141,309
Loans held for investment		1,338,552			1,385,037			1,427,763			1,512,308			1,589,182
Total interest earning assets		2,090,180			2,078,506			2,019,243			2,037,468			2,145,093
Total interest bearing deposits		1,705,371			1,745,493			1,787,388			1,837,119			1,889,742
FHLB advances		57,919			59,169			72,267			85,097			159,829
Total interest bearing liabilities		1,825,146			1,866,519			1,921,512			1,984,073			2,114,062
Shareholders' equity		140,784			84,038			73,499			57,246			58,130
Financial performance:
Return on average common shareholders' equity (2)		54.1	%		33.4	%		83.0	%		9.0	%		(51.3	)%
Return on average assets		3.3	%		1.2	%		2.7	%		0.2	%		(1.3	)%
Net interest margin (3)		2.53	%		2.50	%		2.38	%		2.35	%		2.17	%
Efficiency ratio (4)		66.93	%		84.07	%		66.25	%		88.43	%		128.42	%
Operating efficiency ratio (5)		62.12	%		74.78	%		47.74	%		70.05	%		83.31	%
Credit quality:
Allowance for loan losses	$	35,204		$	42,689		$	53,167		$	59,692		$	62,156
Allowance for loan losses/total loans		2.64	%		3.18	%		3.76	%		4.11	%		3.98	%
Allowance for loan losses/nonaccrual loans		46.58	%		55.81	%		55.91	%		65.66	%		50.08	%
Total classified assets	$	208,792		$	188,167		$	225,022		$	276,476		$	298,742
Classified assets/total assets		8.82	%		8.31	%		9.71	%		12.38	%		12.75	%
Total nonaccrual loans (6)	$	75,575		$	76,484		$	95,094		$	90,912		$	124,118
Nonaccrual loans/total loans		5.66	%		5.69	%		6.73	%		6.26	%		7.94	%
Total nonperforming assets	$	107,215		$	115,056		$	159,462		$	193,609		$	222,981
Nonperforming assets/total assets		4.53	%		5.08	%		6.88	%		8.67	%		9.52	%
Net charge-offs	$	7,398		$	10,586		$	7,673		$	4,707		$	2,100
Regulatory capital ratios for the Bank:
Tier 1 capital to total assets (leverage)		9.29	%		6.04	%		5.64	%		4.86	%		4.49	%
Tier 1 risk-based capital		14.18	%		9.88	%		8.51	%		7.38	%		6.99	%
Total risk-based capital		15.45	%		11.15	%		9.79	%		8.66	%		8.28	%


(1) Per share data shown after giving effect to the 2-for-1 forward stock split implemented on March 6, 2012 as well as the 1-for-2.5 reverse stock split implemented on July 19, 2011.
(2) Net earnings (loss) available to common shareholders divided by average common shareholders' equity.
(3) Net interest income divided by total interest earning assets on a tax equivalent basis.
(4) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(5) We include an operating efficiency ratio which is not calculated based on accounting principles generally accepted in the United States ("GAAP"), but which we believe provides important information regarding our results of operations. Our calculation of the operating efficiency ratio is computed by dividing noninterest expense less costs related to OREO (gains (losses) on sales, valuation allowance adjustments, and maintenance and taxes) by total revenue (net interest income and noninterest income). Management uses this non-GAAP measurement as part of its assessment of performance in managing noninterest expense. We believe that costs related to OREO are more appropriately considered as credit-related costs rather than as an indication of our operating efficiency. The following table provides a reconciliation of non-GAAP to GAAP measurement.


	Quarter ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
		2012			2011			2011			2011			2011
Efficiency ratio		66.93	%		84.07	%		66.25	%		88.43	%		128.42	%
Less impact of OREO expenses		4.81	%		9.29	%		18.51	%		18.38	%		45.11	%
Operating efficiency ratio		62.12	%		74.78	%		47.74	%		70.05	%		83.31	%

(6) Generally, loans are placed on nonaccrual status when they are 90 or more days past due.


HomeStreet, Inc. and Subsidiaries
Consolidated Statements of Operations

	Quarter ended Mar. 31,						%
(in thousands, except share data)		2012			2011		Change

Interest income:
Loans	$	16,553		$	18,668		(11	)
Investment securities available for sale		2,238			1,858		20
Other		137			84		63
		18,928			20,610		(8	)
Interest expense:
Deposits		4,879			7,041		(31	)
Federal Home Loan Bank advances		675			1,308		(48	)
Long-term debt		465			671		(31	)
Other		4			-		NM
		6,023			9,020		(33	)
Net interest income		12,905			11,590		11
Provision for credit losses		-			-		-
Net interest income after provision for credit losses		12,905			11,590		11

Noninterest income:
Net gain on mortgage loan origination and sales activities		28,900			4,944		485
Mortgage servicing		7,873			5,848		35
Income (loss) from Windermere Mortgage Services, Inc.		1,166			(25	)	NM
Gain on debt extinguishment		-			2,000		NM
Depositor and other retail banking fees		735			740		(1	)
Insurance commissions		182			363		(50	)
Gain on securities available for sale		41			-		NM
Other		604			595		2
		39,501			14,465		173

Noninterest expense:
Salaries and related costs		21,351			12,139		76
General and administrative		5,663			3,601		57
Legal		435			904		(52	)
Consulting		355			166		114
Federal Deposit Insurance Corporation assessments		1,240			1,749		(29	)
Occupancy		1,790			1,668		7
Information services		1,723			1,480		16
Other real estate owned expense		2,520			11,754		(79	)
		35,077			33,461		5

Income (loss) before income tax expense		17,329			(7,406	)	NM

Income tax (benefit) expense		(1,721	)		43		NM
NET INCOME (LOSS)	$	19,050		$	(7,449	)	NM


Basic income (loss) per share	$	3.70		$	(2.76	)	NM
Diluted income (loss) per share	$	3.55		$	(2.76	)	NM
Basic weighted average number of shares outstanding		5,146,283			2,701,749		90
Diluted weighted average number of shares outstanding		5,360,165			2,701,749		98


HomeStreet, Inc. and Subsidiaries
Five Quarter Consolidated Statements of Operations

	Quarter ended
	Mar. 31,			Dec. 31,			Sept. 30,		June 30,			Mar. 31,
(in thousands, except share data)		2012			2011			2011		2011			2011

Interest income:
Loans	$	16,553		$	17,433		$	17,593	$	17,947		$	18,668
Investment securities available for sale		2,238			1,792			1,422		1,848			1,858
Other		137			203			117		73			84
		18,928			19,428			19,132		19,868			20,610
Interest expense:
Deposits		4,879			5,388			5,848		6,538			7,041
Federal Home Loan Bank advances		675			699			855		959			1,308
Long-term debt		465			459			458		457			671
Other		4			16			1		-			-
		6,023			6,562			7,162		7,954			9,020
Net interest income		12,905			12,866			11,970		11,914			11,590
Provision for credit losses		-			-			1,000		2,300			-
Net interest income after provision for credit losses		12,905			12,866			10,970		9,614			11,590

Noninterest income:
Net gain on mortgage loan origination and sales activities		28,900			18,931			16,055		9,455			4,944
Mortgage servicing		7,873			5,963			18,532		7,713			5,848
Income from Windermere Mortgage Services, Inc.		1,166			739			902		503			(25	)
Gain on debt extinguishment		-			-			-		-			2,000
Depositor and other retail banking fees		735			748			778		795			740
Insurance commissions		182			186			103		258			363
Gain on securities available for sale		41			459			642		1			-
Other		604			447			256		191			595
		39,501			27,473			37,268		18,916			14,465

Noninterest expense:
Salaries and related costs		21,351			16,462			13,217		11,700			12,139
General and administrative		5,663			6,194			4,599		4,859			3,601
Legal		435			1,075			983		399			904
Consulting		355			2,011			270		197			166
Federal Deposit Insurance Corporation assessments		1,240			1,256			1,264		1,265			1,749
Occupancy		1,790			1,733			1,663		1,700			1,668
Information services		1,723			1,436			1,509		1,477			1,480
Other real estate owned expense		2,520			3,748			9,113		5,666			11,754
		35,077			33,915			32,618		27,263			33,461

Income (loss) before income tax expense		17,329			6,424			15,620		1,267			(7,406	)

Income tax (benefit) expense		(1,721	)		(602	)		362		(17	)		43
NET INCOME (LOSS)	$	19,050		$	7,026		$	15,258	$	1,284		$	(7,449	)


Basic income (loss) per share	$	3.70		$	2.60		$	5.65	$	0.48		$	(2.76	)
Diluted income (loss) per share	$	3.55		$	2.42		$	5.31	$	0.45		$	(2.76	)
Basic weighted average number of shares outstanding		5,146,283			2,701,749			2,701,749		2,701,749			2,701,749
Diluted weighted average number of shares outstanding		5,360,165			2,898,585			2,872,716		2,837,691			2,701,749


HomeStreet, Inc. and Subsidiaries
Average Balances, Yields and Rates Paid (Taxable-equivalent basis)




	Q1 2012						Q1 2011

	Average				Average		Average				Average
(in thousands)	Balance		Interest		Yield/Cost		Balance		Interest		Yield/Cost


Assets:
Interest-earning assets (1):
Cash & cash equivalents	$	205,445	$	134	0.26	%	$	141,309	$	82	0.23	%
Investment securities		381,129		2,489	2.61	%		308,015		1,891	2.46	%
Loans held for sale		165,054		1,614	3.91	%		106,587		1,131	4.24	%
Loans held for investment		1,338,552		14,977	4.49	%		1,589,182		17,577	4.45	%
Total interest-earning assets (2)		2,090,180		19,214	3.68	%		2,145,093		20,681	3.87	%
Noninterest-earning assets (3)		221,341						239,126
Total assets	$	2,311,521					$	2,384,219

Liabilities and Shareholders' Equity:
Deposits:
Interest-bearing demand accounts	$	138,124		115	0.33	%	$	122,175		156	0.52	%
Savings accounts		73,724		83	0.45	%		52,646		90	0.69	%
Money market accounts		525,191		719	0.55	%		420,200		776	0.75	%
Certificate accounts		968,332		3,961	1.64	%		1,294,721		6,019	1.89	%
Deposits		1,705,371		4,878	1.15	%		1,889,742		7,041	1.51	%
FHLB advances		57,919		675	4.67	%		159,829		1,308	3.31	%
Long-term debt		61,857		465	3.01	%		64,491		671	4.16	%
Other borrowings		-		4	-			-		-	-
Total interest-bearing liabilities (2)		1,825,147		6,022	1.33	%		2,114,062		9,020	1.73	%
Other noninterest-bearing liabilities		345,590						212,027
Total liabilities		2,170,737						2,326,089
Shareholders' equity		140,784						58,130
Total liabilities and shareholders' equity	$	2,311,521					$	2,384,219
Net interest income (4)			$	13,192					$	11,661
Net interest spread					2.35	%					2.14	%
Impact of noninterest-bearing sources					0.18	%					0.03	%
Net interest margin					2.53	%					2.17	%


(1) The daily average balances of nonaccrual assets and related income, if any, are included in their respective categories.
(2) Average interest-earning assets and interest-bearing liabilities were computed using daily average balances.
(3) Includes loans balances that have been foreclosed and are now reclassified to other real estate owned.
(4) Includes taxable-equivalent adjustments, which is a non-GAAP measure, primarily related to tax-exempt income on certain loans and securities of $287,000 and $71,000 for the quarters ended March 31, 2012 and March 31, 2011, respectively. The federal statutory tax rate was 35% for the periods presented.


HomeStreet, Inc. and Subsidiaries
Consolidated Statements of Financial Condition

	Mar. 31,		Dec. 31,		%
(in thousands, except share data)	2012		2011		Change
Assets
Cash and cash equivalents (including interest-bearing instruments of $73,492 and $246,113)	$	92,953	$	263,302	(65	)
Investment securities available for sale		446,198		329,047	36
Loans held for sale (includes $286,692 and $130,546 carried at fair value)		290,954		150,409	93
Loans held for investment (net of allowance for loan losses of $35,204 and $42,689)		1,295,471		1,300,873	-
Mortgage servicing rights (includes $79,381 and $70,169 carried at fair value)		86,801		77,281	12
Accounts receivable and other assets		70,334		53,856	31
Accrued interest receivable		6,899		6,712	3
Other real estate owned		31,640		38,572	(18	)
Income taxes		2,186		1,309	67
Federal Home Loan Bank stock, at cost		37,027		37,027	-
Premises and equipment, net		7,034		6,569	7
Total assets	$	2,367,497	$	2,264,957	5

Liabilities and Shareholders' Equity
Liabilities:
Deposits	$	2,000,633	$	2,009,755	-
Federal Home Loan Bank advances		57,919		57,919	-
Accounts payable and accrued expenses		55,858		49,019	14
Long-term debt		61,857		61,857	-
Total liabilities		2,176,267		2,178,550	-

Shareholders' equity:
Preferred stock, no par value
Authorized 10,000 shares
Issued and outstanding, 0 shares and 0 shares		-		-	-
Common stock, no par value
Authorized 80,000,000
Issued and outstanding, 7,162,607 shares and 2,701,749 shares		511		511	-
Additional paid-in capital		86,755		31	279,755
Retained earnings		100,796		81,746	23
Accumulated other comprehensive income		3,168		4,119	(23	)
Total shareholders' equity		191,230		86,407	121
Total liabilities and shareholders' equity	$	2,367,497	$	2,264,957	5


HomeStreet, Inc. and Subsidiaries
Five Quarter Consolidated Statements of Financial Condition


	Mar. 31,		Dec. 31,		Sept. 30,		June 30,			Mar. 31,
(in thousands, except share data)	2012		2011		2011			2011			2011

Assets
Cash and cash equivalents	$	92,953	$	263,302	$	138,429	$	108,175		$	170,795
Investment securities available for sale		446,198		329,047		339,453		315,715			304,404
Loans held for sale		290,954		150,409		226,590		121,216			82,803
Loans held for investment		1,295,471		1,300,873		1,360,219		1,392,238			1,500,550
Mortgage servicing rights		86,801		77,281		74,083		94,320			95,952
Accounts receivable and other assets		70,334		53,856		56,746		42,177			30,967
Accrued interest receivable		6,899		6,712		6,523		6,322			7,059
Other real estate owned		31,640		38,572		64,368		102,697			98,863
Income taxes		2,186		1,309		6,786		7,161			7,266
Federal Home Loan Bank stock, at cost		37,027		37,027		37,027		37,027			37,027
Premises and equipment, net		7,034		6,569		6,615		6,457			6,953
Total assets	$	2,367,497	$	2,264,957	$	2,316,839	$	2,233,505		$	2,342,639

Liabilities and Shareholders' Equity
Liabilities:
Deposits	$	2,000,633	$	2,009,755	$	2,056,977	$	1,993,655		$	2,066,842
Federal Home Loan Bank advances		57,919		57,919		67,919		77,919			114,544
Accounts payable and accrued expenses		55,858		49,019		49,750		41,763			48,182
Long-term debt		61,857		61,857		61,857		61,857			61,857
Total liabilities		2,176,267		2,178,550		2,236,503		2,175,194			2,291,425

Shareholders' equity:
Preferred stock, no par value
Authorized 10,000 shares
Issued and outstanding, 0 shares		-		-		-		-			-
Common stock, no par value
Authorized 80,000,000
Issued and outstanding		511		511		511		511			511
Additional paid-in capital		86,755		31		28		24			20
Retained earnings		100,796		81,746		74,720		59,462			58,178
Accumulated other comprehensive income (loss)		3,168		4,119		5,077		(1,686	)		(7,495	)
Total shareholders' equity		191,230		86,407		80,336		58,311			51,214
Total liabilities and shareholders' equity	$	2,367,497	$	2,264,957	$	2,316,839	$	2,233,505		$	2,342,639


HomeStreet, Inc. and Subsidiaries
Five Quarter Securities Available for Sale


	Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
(in thousands, except for duration data)	2012		2011		2011		2011		2011

Mortgage backed:
Residential	$	40,575	$	-	$	-	$	12,003	$	4,364
Commercial		14,410		14,483		8,393		-		-
Municipal bonds		79,051		49,584		1,059		5,722		5,832
Collateralized mortgage obligations:
Residential		245,889		223,390		251,856		221,732		217,938
Commercial		10,019		10,070		10,174		-		-
Agency		25,007		-		-		-		-
US Treasury		31,247		31,520		67,971		76,258		76,270
	$	446,198	$	329,047	$	339,453	$	315,715	$	304,404

Weighted average duration in years		5.1		4.4		3.9		3.9		4.2


HomeStreet, Inc. and Subsidiaries
Five Quarter Loans Held for Investment


	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(in thousands)		2012			2011			2011			2011			2011

Consumer loans
Single family residential	$	506,103		$	496,934		$	496,741		$	502,935		$	522,904
Home equity		152,924			158,936			167,453			172,205			175,896
		659,027			655,870			664,194			675,140			698,800
Commercial loans
Commercial real estate		391,727			402,139			407,891			410,370			414,343
Multifamily residential		56,328			56,379			58,972			59,092			102,450
Construction/land development		158,552			173,405			213,001			234,062			271,676
Commercial business		68,932			59,831			73,559			77,493			80,057
		675,539			691,754			753,423			781,017			868,526

		1,334,566			1,347,624			1,417,617			1,456,157			1,567,326
Net deferred loan fees and discounts		(3,891	)		(4,062	)		(4,231	)		(4,227	)		(4,620	)
		1,330,675			1,343,562			1,413,386			1,451,930			1,562,706
Allowance for loan losses		(35,204	)		(42,689	)		(53,167	)		(59,692	)		(62,156	)
	$	1,295,471		$	1,300,873		$	1,360,219		$	1,392,238		$	1,500,550


HomeStreet, Inc. and Subsidiaries
Five Quarter Credit Quality


Allowance for Credit Losses (roll-forward)
	Quarter ended

	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(in thousands)		2012			2011			2011			2011			2011

Allowance for Credit Losses (roll-forward):
Beginning balance	$	42,800		$	53,386		$	60,059		$	62,466		$	64,566
Provision for loan losses		-			-			1,000			2,300			-
(Charge-offs), net of recoveries		(7,398	)		(10,586	)		(7,673	)		(4,707	)		(2,100	)
Ending balance	$	35,402		$	42,800		$	53,386		$	60,059		$	62,466

Allowance as a % of loans held for investment		2.64	%		3.18	%		3.76	%		4.11	%		3.98	%


Delinquencies

					90 days or
	30-59 days		60-89 days		more		Total past				Total
(in thousands)	past due		past due		past due (1)		due		Current		loans

March 31, 2012
Consumer loans
Single family residential	$	13,959	$	4,939	$	51,388	$	70,286	$	435,817	$	506,103
Home equity		1,422		759		1,853		4,034		148,890		152,924
		15,381		5,698		53,241		74,320		584,707		659,027
Commercial loans
Commercial real estate		-		-		9,222		9,222		382,505		391,727
Multifamily residential		-		-		-		-		56,328		56,328
Construction/land development		4,062		9,629		52,549		66,240		92,312		158,552
Commercial business		179		-		502		681		68,251		68,932
		4,241		9,629		62,273		76,143		599,396		675,539
	$	19,622	$	15,327	$	115,514	$	150,463	$	1,184,103	$	1,334,566

December 31, 2011
Consumer loans
Single family residential	$	7,694	$	8,552	$	47,861	$	64,107	$	432,827	$	496,934
Home equity		957		500		2,464		3,921		155,015		158,936
		8,651		9,052		50,325		68,028		587,842		655,870
Commercial loans
Commercial real estate		-		-		10,184		10,184		391,955		402,139
Multifamily residential		-		-		2,394		2,394		53,985		56,379
Construction/land development		9,916		-		48,387		58,303		115,102		173,405
Commercial business		-		-		951		951		58,880		59,831
		9,916		-		61,916		71,832		619,922		691,754
	$	18,567	$	9,052	$	112,241	$	139,860	$	1,207,764	$	1,347,624


(1) Includes $37.1 million and $35.8 million of loans past due and still accruing at March 31, 2012 and December 31, 2011 respectively, whose repayments are insured by the FHA or guaranteed by the VA.


HomeStreet, Inc. and Subsidiaries
Five Quarter Nonperforming Assets

Nonperforming assets (NPAs) roll-forward
	Quarter ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(in thousands)		2012			2011			2011			2011			2011

Beginning balance	$	115,056		$	159,462		$	193,609		$	222,981		$	283,665

Additions to NPAs		18,776			7,251			20,900			14,246			28,875

Charge-offs		(7,398	)		(10,586	)		(7,673	)		(4,707	)		(2,100	)
OREO sales		(8,878	)		(26,037	)		(33,814	)		(17,590	)		(67,014	)
OREO writedowns		(2,754	)		(3,564	)		(8,217	)		(4,739	)		(10,559	)
Principal paydown, payoff advances		(1,321	)		(3,871	)		(2,437	)		(6,024	)		(5,599	)
Transferred back to accrual status		(6,266	)		(7,599	)		(2,906	)		(10,558	)		(4,287	)
Subtractions from NPAs	$	(26,617	)	$	(51,657	)	$	(55,047	)	$	(43,618	)	$	(89,559	)

Net outflows		(7,841	)		(44,406	)		(34,147	)		(29,372	)		(60,684	)
Ending balance	$	107,215		$	115,056		$	159,462		$	193,609		$	222,981


Nonperforming assets by loan class
	Quarter ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(in thousands)		2012			2011			2011			2011			2011

Nonaccrual loans:
Consumer loans
Single family residential	$	14,290		$	12,104		$	15,469		$	16,229		$	14,732
Home equity		1,853			2,464			2,772			2,620			3,103
		16,143			14,568			18,241			18,849			17,835
Commercial loans
Commercial real estate		9,222			10,184			10,959			10,081			19,815
Multifamily residential		-			2,394			5,196			5,265			5,302
Construction/land development		49,708			48,387			58,705			53,955			77,811
Commercial business		502			951			1,993			2,762			3,355
		59,432			61,916			76,853			72,063			106,283
	$	75,575		$	76,484		$	95,094		$	90,912		$	124,118

Allowance as a % of nonaccrual loans		46.58	%		55.81	%		55.91	%		65.66	%		50.08	%

Other real estate owned:
Consumer loans
Single family residential	$	3,243		$	6,600		$	10,419		$	14,287		$	14,897
Home equity		-			-			-			229			233
		3,243			6,600			10,419			14,516			15,130
Commercial loans
Commercial real estate		284			2,055			2,152			2,152			8,045
Multifamily residential		-			-			-			-			-
Construction/land development		28,113			29,917			51,797			86,029			75,688
Commercial business		-			-			-			-			-
		28,397			31,972			53,949			88,181			83,733
	$	31,640		$	38,572		$	64,368		$	102,697		$	98,863

Nonperforming assets
Consumer loans
Single family residential	$	17,533		$	18,704		$	25,888		$	30,516		$	29,629
Home equity		1,853			2,464			2,772			2,849			3,336
		19,386			21,168			28,660			33,365			32,965
Commercial loans
Commercial real estate		9,506			12,239			13,111			12,233			27,860
Multifamily residential		-			2,394			5,196			5,265			5,302
Construction/land development		77,821			78,304			110,502			139,984			153,499
Commercial business		502			951			1,993			2,762			3,355
		87,829			93,888			130,802			160,244			190,016
	$	107,215		$	115,056		$	159,462		$	193,609		$	222,981

Nonperforming assets to total assets		4.53	%		5.08	%		6.88	%		8.67	%		9.52	%


HomeStreet, Inc. and Subsidiaries
Five Quarter Mortgage Servicing

Mortgage Servicing Income
	Quarter ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(in thousands)		2012			2011			2011			2011			2011

Servicing income, net:
Servicing fees and other	$	6,436		$	6,518		$	6,793		$	6,736		$	6,078
Changes in fair value, single family mortgage servicing rights:
Due to changes in model or assumptions (1)		6,220			(3,571	)		(20,068	)		(7,057	)		5,543
Other changes in fair value (2)		(3,778	)		(4,515	)		(6,073	)		(395	)		(3,864	)
Amortization		(491	)		(366	)		(455	)		(345	)		(321	)
Net gain (loss) from derivatives economically hedging single family MSR		(514	)		7,897			38,335			8,774			(1,588	)
Mortgage servicing	$	7,873		$	5,963		$	18,532		$	7,713		$	5,848


(1) Principally reflects changes in model assumptions and prepayment speed assumptions, which are primarily affected by changes in interest rates.
(2) Represents changes due to collection/realization of expected cash flows and curtailments over time.


Loans Serviced for Others
	Quarter ended
	Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
(in thousands)		2012		2011		2011		2011		2011

Single family residential
FNMA/GNMA/FHLMC MBS	$	6,530,578	$	6,464,815	$	6,217,086	$	6,165,052	$	6,087,770
Other		416,700		420,470		432,460		437,748		433,514
	$	6,947,278	$	6,885,285	$	6,649,546	$	6,602,800	$	6,521,284
Commercial
Multifamily		766,433		758,535		770,401		799,332		784,445
Other		59,370		56,785		57,151		57,690		58,150
		825,803		815,320		827,552		857,022		842,595
Total loans serviced for others	$	7,773,081	$	7,700,605	$	7,477,098	$	7,459,822	$	7,363,879


Single Family Capitalized Mortgage Servicing Rights
	Quarter ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(in thousands)		2012			2011			2011			2011			2011

Beginning balance	$	70,169		$	67,471		$	87,712		$	89,947		$	81,197
Originations		6,723			10,759			5,873			5,187			7,067
Purchases		47			25			27			30			4
Changes in fair value:
Due to changes in model assumptions (1)		6,220			(3,571	)		(20,068	)		(7,057	)		5,543
Other changes in fair value (2)		(3,778	)		(4,515	)		(6,073	)		(395	)		(3,864	)
Ending balance	$	79,381		$	70,169		$	67,471		$	87,712		$	89,947

Ratio of capitalized MSRs to related loans serviced for others		1.14	%		1.02	%		1.01	%		1.33	%		1.38	%
Ratio of capitalized value to weighted average servicing fee		330.00	%		291.00	%		292.00	%		386.00	%		409.00	%

(1) Principally reflects changes in model assumptions or prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.
(2) Represents changes due to collection/realization of expected future cash flows and curtailments over time.


Commercial Multifamily Capitalized Mortgage Servicing Rights
	Quarter ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(in thousands)		2012			2011			2011			2011			2011

Beginning balance	$	7,112		$	6,612		$	6,608		$	6,005		$	6,035
Originations		799			866			459			948			291
Amortization		(491	)		(366	)		(455	)		(345	)		(321	)
Ending balance	$	7,420		$	7,112		$	6,612		$	6,608		$	6,005

Ratio of capitalized MSRs to related loans serviced for others		0.90	%		0.87	%		0.80	%		0.77	%		0.71	%
Ratio of capitalized value to weighted average servicing fee		241.00	%		242.00	%		227.00	%		222.00	%		206.00	%


Mortgage Banking Activity

	Quarter ended
	Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
(in thousands)	2012		2011		2011		2011			2011

Single Family:
Single family mortgage originations (1)	$	712,302	$	624,111	$	478,025	$	323,906	$	275,568

Single family mortgage interest rate lock commitments		920,240		543,164		630,919		344,836		253,698

Single family mortgage loans sold		534,310		710,706		370,250		272,090		386,174


Net gain on single family mortgage loan origination and sales activities:
Mortgage servicing rights originated	$	4,442	$	3,295	$	7,195	$	4,511	$	2,823
Loan origination and funding fees		7,560		6,819		3,780		2,933		2,383
Secondary marketing gains		15,736		7,632		4,580		1,044		(608	)
	$	27,738	$	17,746	$	15,555	$	8,488	$	4,598

Multifamily:
Multifamily mortgage originations	$	15,713	$	49,071	$	26,125	$	49,070	$	1,410

Multifamily mortgage loans sold		31,423		33,461		25,144		47,010		13,862


Net gain on multifamily mortgage loan origination and sales activities:		1,162		1,185		500		967		346


Total net gain on mortgage loan origination and sales activities	$	28,900	$	18,931	$	16,055	$	9,455	$	4,944

(1) Represents single family mortgage originations designated for sale during each respective period.


HomeStreet, Inc. and Subsidiaries
Five Quarter Deposits

	Quarter ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(in thousands)		2012			2011			2011			2011			2011

Noninterest bearing accounts	$	316,268		$	270,666		$	287,862		$	184,412		$	180,441
Interest bearing deposits:
NOW accounts		154,670			138,936			145,668			122,995			127,529
Statement savings accounts due on demand		79,438			66,898			59,974			57,685			52,743
Money market accounts due on demand		559,563			499,457			469,289			445,081			427,698
Time, through $250,000		834,912			966,536			1,026,045			1,104,331			1,193,669
Time, more than $250,000		55,782			67,262			68,139			79,151			84,762
Total interest bearing deposits		1,684,365			1,739,089			1,769,115			1,809,243			1,886,401

Total deposits	$	2,000,633		$	2,009,755		$	2,056,977		$	1,993,655		$	2,066,842

Percent of total deposits:

Noninterest bearing accounts		15.8	%		13.5	%		14.0	%		9.2	%		8.7	%
Interest bearing deposits:
NOW accounts		7.7			6.9			7.1			6.2			6.2
Statement savings accounts due on demand		4.0			3.3			2.9			2.9			2.6
Money market accounts due on demand		28.0			24.9			22.8			22.3			20.7
Time, through $250,000		41.7			48.1			49.9			55.4			57.7
Time, more than $250,000		2.8			3.3			3.3			4.0			4.1
Total interest bearing deposits		84.2	%		86.5	%		86.0	%		90.8	%		91.3	%

Total deposits		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

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