Credit QualityNonperforming assets (NPAs) declined to $55.3 million, or 2.20% of total assets, as of September 30, 2012, from $73.7 million, or 3.04% of total assets, at June 30, 2012. This improvement primarily resulted from a net reduction in other real estate owned (OREO) which declined to $17.0 million, from $40.6 million at June 30, 2012, driven primarily by the sale of a construction/land development property that was transferred to OREO in the second quarter and had a carrying value of $15.9 million at June 30, 2012. Nonaccrual loans were $38.2 million, or 2.94% of total loans, up from $33.1 million, or 2.62% of total loans, at June 30, 2012. Loan delinquencies were $95.7 million, or 7.4% of total loans, up from $83.9 million, or 6.6% of total loans, in the prior quarter, primarily reflecting additions of single family and commercial business nonaccrual loans. Excluding single family mortgage loans insured or guaranteed by the FHA or VA, loan delinquencies were $50.7 million, or 3.9% of total loans, up from $41.2 million, or 3.3% of total loans, in the prior quarter.
HomeStreet, Inc. Reports Third Quarter 2012 Results
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