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HomeStreet, Inc. Reports Third Quarter 2012 Results

Income Taxes

The Company's income tax expense was $11.8 million for the quarter as compared to $3.4 million in the prior quarter. The Company's 2012 year-to-date income tax expense of $13.4 million is based on a projected annual effective income tax rate plus discrete benefits recognized year to date. The Company's projected annual effective tax rate differs from the Federal statutory tax rate of 35% primarily due to state income taxes on income in Oregon, Hawaii and Idaho, tax exempt income and a $14.4 million tax benefit related to the reversal of the Company's beginning of year valuation allowance against deferred tax assets.

Capital

Regulatory capital ratios for the Bank are as follows:

                       
Well-
Sept. 30, Jun. 30, Sept. 30, capitalized
2012 2012       2011 ratios
Total risk-based capital (to risk-weighted assets) 17.9 % 17.0 % 9.8 % 10.0 %
Tier 1 risk-based capital (to risk-weighted assets) 16.6 % 15.8 % 8.5 % 6.0 %
Tier 1 leverage capital (to average assets) 10.8 % 10.1 % 5.6 % 5.0 %
 

The Bank continues to meet the capital requirements of a "well-capitalized" institution and the minimum Tier 1 leverage ratio of 9.0% required by its regulators.

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