This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

HomeStreet, Inc. Reports Record Full Year Net Income

Asset Quality

Classified assets of $86.3 million, or 3.28% of total assets at December 31, 2012, declined by $101.9 million, or 54.2%, from $188.2 million, or 8.31% of total assets, at December 31, 2011. Nonperforming assets (NPAs) of $53.8 million, or 2.05% of total assets at December 31, 2012, declined $61.2 million, or 53.2%, from $115.1 million, or 5.08% of total assets at December 31, 2011. Nonaccrual loans of $29.9 million, or 2.23% of total loans at December 31, 2012, declined $46.6 million, or 60.9%, from $76.5 million, or 5.69% of total loans at December 31, 2011. Other real estate owned (OREO) balances of $23.9 million at December 31, 2012 declined $14.6 million, or 37.9%, from $38.6 million at December 31, 2011. The improvement in NPAs primarily resulted from the resolution and reduction of nonperforming commercial construction assets which declined $63.7 million, or 81.3%, year-over-year. Loan delinquencies of $88.2 million, or 6.6% of total loans at December 31, 2012, declined $51.6 million, or 36.9%, from $139.9 million, or 10.4% of total loans at December 31, 2011. Excluding single family mortgage loans insured or guaranteed by the FHA or the Department of Veterans' Affairs (VA), loan delinquencies were $37.0 million, or 2.8% of total loans at December 31, 2012, down from $94.6 million, or 7.0% of total loans, at December 31, 2011.

NPAs declined $1.4 million, or 2.6%, from $55.3 million at September 30, 2012, primarily as a result of a $5.1 million, or 13.1%, reduction in nonperforming commercial assets, partially offset by a $3.6 million, or 21.7%, increase in nonperforming consumer assets.

The allowance for credit losses of $27.8 million, or 2.07% of total loans at December 31, 2012, decreased by $15.0 million from $42.8 million, or 3.18% of total loans, at December 31, 2011. The decrease in the allowance for credit losses is the result of the successful resolution of problem assets during the year as demonstrated in the significant improvements in classified asset balances, which declined 54.2%, and nonaccrual loan balances, which declined 60.9% during 2012. A provision for credit losses of $4.0 million was recorded for the fourth quarter of 2012, compared to $5.5 million recorded in the third quarter of 2012. Net charge-offs in the fourth quarter of 2012 were $3.9 million, down from $5.0 million in the third quarter of 2012.

4 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs