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HomeStreet, Inc. Reports Record Full Year Net Income

We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. For instance, our ability to expand our banking operations geographically and across market sectors, grow our franchise and capitalize on market opportunities may be limited due to future risks and uncertainties including, but not limited to, changes in general economic conditions that impact our markets and our business, regulatory and legislative actions that may constrain our ability to do business, significant increases in the competition we face in our industry and market and the extent of our success in problem asset resolution efforts. In addition, we may not recognize all or a substantial portion of the value of our rate-lock loan activity due to challenges our customers may face in meeting current underwriting standards, a decrease in interest rates, an increase in competition for such loans, unfavorable changes in general economic conditions, including housing prices, the job market, consumer confidence and spending habits either nationally or in the regional and local market areas in which the Company does business and legislative or regulatory actions or reform (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act). A discussion of the factors that we know to pose risk to the achievement of our business goals and our operational and financial objectives is contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2012. These factors are updated from time to time in our filings with the Securities and Exchange Commission, and readers of this release are cautioned to review those disclosures in conjunction with the discussions herein.

Information contained herein, other than information at December 31, 2011, and for the twelve months then ended, is unaudited. All financial data should be read in conjunction with the notes to the consolidated financial statements of HomeStreet, Inc., and subsidiaries as of and for the fiscal year ended December 31, 2011, as contained in the Company's Annual Report on Form 10-K for such fiscal year.

HomeStreet, Inc. and Subsidiaries Summary Financial Data

  Quarter ended   Year ended
(in thousands, except share data)

Dec. 31, 2012

  Sept. 30, 2012   Jun. 30, 2012   Mar. 31, 2012   Dec. 31, 2011 Dec. 31, 2012   Dec. 31, 2011
Operations Data (for the period ended):
Net interest income (1) $ 16,591 $ 16,520 $ 14,799 $ 12,833 $ 12,784 $ 60,743 $ 48,494
Provision for loan losses 4,000 5,500 2,000 11,500 3,300
Noninterest income (1) 71,720 68,976 56,743 40,097 27,543 237,534 97,205
Noninterest expense 55,754   45,819   46,847   34,687   33,903   183,105   126,494  
Net income before taxes 28,557 34,177 22,695 18,243 6,424 103,672 15,905
Income taxes 7,060   12,186   4,017   (1,716 ) (602 ) 21,546   (214 )
Net income $ 21,497   $ 21,991   $ 18,678   $ 19,959   $ 7,026   $ 82,126   $ 16,119  
Basic earnings per common share (2) $ 1.50 $ 1.53 $ 1.31 $ 1.94 $ 1.30 $ 6.17 $ 2.98
Diluted earnings per common share (2) $ 1.46 $ 1.50 $ 1.26 $ 1.86 $ 1.21 $ 5.98 $ 2.80
Weighted average common shares
Basic 14,371,120 14,335,950 14,252,120 10,292,566 5,403,498 13,312,939 5,403,498
Diluted 14,714,166 14,699,032 14,824,064 10,720,330 5,797,170 13,739,398 5,748,342
Shareholders’ equity per share $ 18.34 $ 16.82 $ 15.05 $ 13.41 $ 15.99 $ 18.34 $ 15.99
Common shares outstanding (2) 14,382,638 14,354,972 14,325,214 14,325,214 5,403,498 14,382,638 5,403,498
 
Financial position (at period end):
Cash and cash equivalents $ 25,285 $ 22,051 $ 75,063 $ 92,953 $ 263,302 $ 25,285 $ 263,302
Investment securities available for sale 416,329 414,050 415,610 446,198 329,047 416,329 329,047
Loans held for sale 620,799 535,908 415,189 291,868 150,409 620,799 150,409
Loans held for investment, net 1,308,974 1,268,703 1,235,253 1,295,471 1,300,873 1,308,974 1,300,873
Mortgage servicing rights 95,493 81,512 78,240 86,801 77,281 95,493 77,281
Other real estate owned 23,941 17,003 40,618 31,640 38,572 23,941 38,572
Total assets 2,631,230 2,511,269 2,427,203 2,368,729 2,264,957 2,631,230 2,264,957
Deposits 1,976,835 1,981,814 1,904,749 2,000,633 2,009,755 1,976,835 2,009,755
FHLB advances 259,090 131,597 65,590 57,919 57,919 259,090 57,919
Repurchase agreements 100,000
Shareholders’ equity 263,762 241,499 215,614 192,139 86,407 263,762 86,407
 
Financial position (averages):
Investment securities available for sale $ 418,261 $ 411,916 $ 431,875 $ 381,129 $ 338,933 $ 410,819 $ 306,813
Loans held for investment 1,297,615 1,270,652 1,304,740 1,338,552 1,385,037 1,303,010 1,477,976
Total interest earning assets 2,244,727 2,187,059 2,143,380 2,090,190 2,078,506 2,166,827 2,069,858
Total interest bearing deposits 1,609,075 1,625,437 1,640,159 1,705,371 1,745,493 1,644,859 1,814,464
FHLB advances 122,516 112,839 79,490 57,919 59,169 93,325 93,755
Repurchase agreements 558 18,478 52,369 17,806
Total interest bearing liabilities 1,794,006 1,818,611 1,833,875 1,825,147 1,866,519 1,817,847 1,970,725
Shareholders’ equity 262,163 231,361 207,344 140,794 84,038 209,629 68,537
 

HomeStreet, Inc. and Subsidiaries Summary Financial Data (continued)

  Quarter ended   Year ended
(in thousands, except share data)

Dec. 31, 2012

  Sept. 30, 2012   Jun. 30, 2012   Mar. 31, 2012   Dec. 31, 2011 Dec. 31, 2012   Dec. 31, 2011
Financial performance:
Return on average common shareholders’ equity (3) 32.80 % 38.02 % 36.03 % 56.70 % 33.44 % 39.18 % 23.52 %
Return on average assets 3.46 % 3.60 % 3.15 % 3.45 % 1.23 % 3.43 % 0.70 %
Net interest margin (1)(4) 3.06 % 3.12 % 2.85 % 2.51 % 2.48 % 2.89 % 2.36 %
Efficiency ratio (5) 63.13 % 53.59 % 65.48 % 65.53 % 84.07 % 61.39 % 86.82 %
Operating efficiency ratio (7) 61.81 % 53.18 % 57.03 % 60.77 % 74.78 % 58.01 % 66.04 %
Asset quality:
Allowance for credit losses $ 27,751 $ 27,627 $ 27,125 $ 35,402 $ 42,800 $ 27,751 $ 42,800
Allowance for credit losses/total loans 2.07 % 2.12 % 2.13 % 2.64 % 3.18 % 2.07 % 3.18 %
Allowance for loan losses/nonaccrual loans 92.20 % 71.80 % 81.28 % 46.58 % 55.81 % 92.20 % 55.81 %
Total classified assets $ 86,270 $ 102,385 $ 137,165 $ 208,792 $ 188,167 $ 86,270 $ 188,167
Classified assets/total assets 3.28 % 4.08 % 5.66 % 8.82 % 8.31 % 3.28 % 8.31 %
Total nonaccrual loans (6) $ 29,892 $ 38,247 $ 33,107 $ 75,575 $ 76,484 $ 29,892 $ 76,484
Nonaccrual loans/total loans 2.23 % 2.94 % 2.62 % 5.66 % 5.69 % 2.23 % 5.69 %
Other real estate owned $ 23,941 $ 17,003 $ 40,618 $ 31,640 $ 38,572 $ 23,941 $ 38,572
Total nonperforming assets $ 53,833 $ 55,250 $ 73,725 $ 107,215 $ 115,056 $ 53,833 $ 115,056
Nonperforming assets/total assets 2.05 % 2.20 % 3.04 % 4.53 % 5.08 % 2.05 % 5.08 %
Net charge-offs $ 3,876 $ 4,998 $ 10,277 $ 7,398 $ 10,586 $ 26,549 $ 25,066
Regulatory capital ratios for the Bank:
Tier 1 capital to total assets (leverage) 11.78 % 10.86 % 10.20 % 9.33 % 6.04 % 11.78 % 6.04 %
Tier 1 risk-based capital 18.05 % 16.76 % 15.83 % 14.23 % 9.88 % 18.05 % 9.88 %
Total risk-based capital 19.31 % 18.01 % 17.09 % 15.50 % 11.15 % 19.31 % 11.15 %
Other data:
Full-time equivalent employees (ending) 1,099 998 913 821 613 1,099 613
 

(1) Certain prior period amounts have been reclassified between net interest income and noninterest income to conform to the current period presentation in all tables provided.

(2) Per share data shown after giving effect to the 2-for-1 forward stock splits effective November 5, 2012 and March 6, 2012.
(3) Net earnings available to common shareholders divided by average common shareholders’ equity.
(4) Net interest income divided by total interest earning assets on a tax equivalent basis.
(5) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(6) Generally, loans are placed on nonaccrual status when they are 90 or more days past due.
(7) We include an operating efficiency ratio which is not calculated based on generally accepted accounting principles 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   Year ended
Dec. 31, 2012   Sept. 30, 2012   Jun. 30, 2012   Mar. 31, 2012   Dec. 31, 2011 Dec. 31, 2012   Dec. 31, 2011
Efficiency ratio 63.13 % 53.59 % 65.48 % 65.53 % 84.07 % 61.39 % 86.82 %
Less impact of OREO expenses 1.32 % 0.41 % 8.45 % 4.76 % 9.29 % 3.38 % 20.78 %
Operating efficiency ratio 61.81 % 53.18 % 57.03 % 60.77 % 74.78 % 58.01 % 66.04 %
 

HomeStreet, Inc. and Subsidiaries Consolidated Statements of Operations

  Quarter ended Dec. 31,   %   Year Ended Dec. 31,   %
(in thousands, except share data) 2012   2011 Change 2012   2011 Change
Interest income:
Loans $ 18,713 $ 17,351 8 $ 71,057 $ 71,795 (1 )
Investment securities available for sale 2,186 1,792 22 9,391 6,920 36
Other 27   203   (87 ) 243     477   (49 )
20,926 19,346 8 80,691 79,192 2
Interest expense:
Deposits 3,756 5,388 (30 ) 16,741 24,815 (33 )
Federal Home Loan Bank advances 282 699 (60 ) 1,788 3,821 (53 )
Securities sold under agreements to repurchase 1 NM 70 NM
Long-term debt 292 459 (36 ) 1,333 2,046 (35 )
Other 4   16   (75 ) 16     16   NM
4,335   6,562   (34 ) 19,948     30,698   (35 )
Net interest income 16,591 12,784 30 60,743 48,494 25
Provision for credit losses 4,000     NM 11,500     3,300   248
Net interest income after provision for credit losses 12,591 12,784 (2 ) 49,243 45,194 9
Noninterest income:
Net gain on mortgage loan origination and sale activities 68,753 19,001 262 210,209 48,467 334
Mortgage servicing income 651 5,963 (89 ) 16,121 38,056 (58 )
Income from Windermere Mortgage Services, Inc. 516 739 (30 ) 4,264 2,119 101
Gain (loss) on debt extinguishment (939 ) 2,000 NM
Depositor and other retail banking fees 800 748 7 3,062 3,061
Insurance commissions 193 186 4 743 910 (18 )
Gain on securities available for sale 141 459 (69 ) 1,490 1,102 35
Other 666   447   49 2,584     1,490   73
71,720   27,543   160 237,534     97,205   144
Noninterest expense:
Salaries and related costs 38,680 16,462 135 119,829 53,519 124
General and administrative 8,322 6,182 35 27,352 18,490 48
Legal 325 1,075 (70 ) 1,796 3,360 (47 )
Consulting 1,291 2,011 (36 ) 3,037 2,644 15
Federal Deposit Insurance Corporation assessments 803 1,256 (36 ) 3,554 5,534 (36 )
Occupancy 2,425 1,733 40 8,585 6,764 27
Information services 2,739 1,436 91 8,867 5,902 50
Other real estate owned expense 1,169   3,748   (69 ) 10,085   30,281   (67 )
55,754   33,903   64 183,105   126,494   45
Income before income tax expense 28,557 6,424 345 103,672 15,905 552
Income tax expense (benefit) 7,060   (602 ) NM 21,546   (214 ) NM
NET INCOME $ 21,497   $ 7,026   206 $ 82,126   $ 16,119   409
 
Basic income per share $ 1.50 $ 1.30 15 $ 6.17 $ 2.98 107
Diluted income per share 1.46 1.21 21 5.98 2.80 114
Basic weighted average number of shares outstanding 14,371,120 5,403,498 166 13,312,939 5,403,498 146
Diluted weighted average number of shares outstanding 14,714,166 5,797,170 154 13,739,398 5,748,342 139
 

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

  Quarter ended
(in thousands, except share data)

Dec. 31, 2012

  Sept. 30, 2012   Jun. 30, 2012   Mar. 31, 2012   Dec. 31, 2011
Interest income:
Loans $ 18,713 $ 18,512 $ 17,351 $ 16,481 $ 17,351
Investment securities available for sale 2,186 2,517 2,449 2,238 1,792
Other 27   24   56   137   203  
20,926 21,053 19,856 18,856 19,346
Interest expense:
Deposits 3,756 3,908 4,198 4,879 5,388
Federal Home Loan Bank advances 282 297 535 675 699
Securities sold under agreements to repurchase 1 19 50
Long-term debt 292 305 271 465 459
Other 4   4   3   4   16  
4,335   4,533   5,057   6,023   6,562  
Net interest income 16,591 16,520 14,799 12,833 12,784
Provision for credit losses 4,000   5,500   2,000      
Net interest income after provision for credit losses 12,591 11,020 12,799 12,833 12,784
 
Noninterest income:
Net gain on mortgage loan origination and sale activities 68,753 65,233 46,727 29,496 19,001
Mortgage servicing income 651 506 7,091 7,873 5,963
Income from Windermere Mortgage Services, Inc. 516 1,188 1,394 1,166 739
Loss on debt extinguishment (939 )
Depositor and other retail banking fees 800 756 771 735 748
Insurance commissions 193 192 177 182 186
Gain on securities available for sale 141 397 911 41 459
Other 666   704   611   604   447  
71,720   68,976   56,743   40,097   27,543  
Noninterest expense:
Salaries and related costs 38,680 31,573 28,224 21,351 16,462
General and administrative 8,322 7,033 6,725 5,273 6,182
Legal 325 312 724 435 1,075
Consulting 1,291 1,069 322 355 2,011
Federal Deposit Insurance Corporation assessments 803 794 717 1,240 1,256
Occupancy 2,425 2,279 2,092 1,790 1,733
Information services 2,739 2,411 1,994 1,723 1,436
Other real estate owned expense 1,169   348   6,049   2,520   3,748  
55,754   45,819   46,847   34,687   33,903  
Income before income tax expense 28,557 34,177 22,695 18,243 6,424
Income tax expense (benefit) 7,060   12,186   4,017   (1,716 ) (602 )
NET INCOME $ 21,497   $ 21,991   $ 18,678   $ 19,959   $ 7,026  
 
Basic income per share $ 1.50 $ 1.53 $ 1.31 $ 1.94 $ 1.30
Diluted income per share 1.46 1.50 1.26 1.86 1.21
Basic weighted average number of shares outstanding 14,371,120 14,335,950 14,252,120 10,292,566 5,403,498
Diluted weighted average number of shares outstanding 14,714,166 14,699,032 14,824,064 10,720,330 5,797,170
 

HomeStreet, Inc. and Subsidiaries Consolidated Statements of Financial Condition

(in thousands, except share data)   Dec. 31, 2012  

Dec. 31, 2011

  %

Change

Assets:
Cash and cash equivalents (including interest-bearing instruments of $12,414 and $246,113) $ 25,285 $ 263,302 (90 )
Investment securities available for sale 416,329 329,047 27
Loans held for sale (includes $607,578 and $130,546 carried at fair value) 620,799 150,409 313
Loans held for investment (net of allowance for loan losses of $27,561 and $42,689) 1,308,974 1,300,873 1
Mortgage servicing rights (includes $87,396 and $70,169 carried at fair value) 95,493 77,281 24
Other real estate owned 23,941 38,572 (38 )
Federal Home Loan Bank stock, at cost 36,367 37,027 (2 )
Premises and equipment, net 15,232 6,569 132
Accounts receivable and other assets 88,810   61,877   44
Total assets $ 2,631,230   $ 2,264,957   16
Liabilities and shareholders’ equity
Liabilities:
Deposits $ 1,976,835 $ 2,009,755 (2 )
Federal Home Loan Bank advances 259,090 57,919 347
Accounts payable and accrued expenses 69,686 49,019 42
Long-term debt 61,857   61,857  
Total liabilities 2,367,468   2,178,550   9
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, 14,382,638 shares and 5,403,498 shares 511 511
Additional paid-in capital 90,189 31 NM
Retained earnings 163,872 81,746 100
Accumulated other comprehensive income 9,190   4,119   123
Total shareholders’ equity 263,762   86,407   205
Total liabilities and shareholders’ equity $ 2,631,230   $ 2,264,957   16
 

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

 
(in thousands, except share data)  

Dec. 31, 2012

 

Sept. 30, 2012

 

June 30, 2012

 

Mar. 31, 2012

 

Dec. 31, 2011

Assets:
Cash and cash equivalents $ 25,285 $ 22,051 $ 75,063 $ 92,953 $ 263,302
Investment securities available for sale 416,329 414,050 415,610 446,198 329,047
Loans held for sale 620,799 535,908 415,189 291,868 150,409
Loans held for investment 1,308,974 1,268,703 1,235,253 1,295,471 1,300,873
Mortgage servicing rights 95,493 81,512 78,240 86,801 77,281
Other real estate owned 23,941 17,003 40,618 31,640 38,572
Federal Home Loan Bank stock, at cost 36,367 36,697 37,027 37,027 37,027
Premises and equipment, net 15,232 13,060 10,226 7,034 6,569
Accounts receivable and other assets 88,810   122,285   119,977   79,737   61,877
Total assets $ 2,631,230   $ 2,511,269   $ 2,427,203   $ 2,368,729   $ 2,264,957
Liabilities and shareholders’ equity
Liabilities:
Deposits $ 1,976,835 $ 1,981,814 $ 1,904,749 $ 2,000,633 $ 2,009,755
Federal Home Loan Bank advances 259,090 131,597 65,590 57,919 57,919
Securities sold under agreements to repurchase 100,000
Accounts payable and accrued expenses 69,686 94,502 79,393 56,181 49,019
Long-term debt 61,857   61,857   61,857   61,857   61,857
Total liabilities 2,367,468   2,269,770   2,211,589   2,176,590   2,178,550
Shareholders’ equity:
Preferred stock, no par value
Authorized 10,000 shares
Common stock, no par value
Authorized 80,000,000 511 511 511 511 511
Additional paid-in capital 90,189 89,264 88,637 86,755 31
Retained earnings 163,872 142,375 120,384 101,705 81,746
Accumulated other comprehensive income 9,190   9,349   6,082   3,168   4,119
Total shareholders’ equity 263,762   241,499   215,614   192,139   86,407
Total liabilities and shareholders’ equity $ 2,631,230   $ 2,511,269   $ 2,427,203   $ 2,368,729   $ 2,264,957
 

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

 
  Quarter ended Dec. 31,

2012

  2011
(in thousands)

Average

Balance

  Interest   Average

Yield/Cost

Average

Balance

  Interest   Average

Yield/Cost

Assets:
Interest-earning assets (1):
Cash & cash equivalents $ 28,029 $ 26 0.39 % $ 180,596 $ 200 0.46 %
Investment securities 418,261 2,682 2.56 % 338,933 1,867 2.20 %
Loans held for sale 500,822 4,175 3.36 % 173,940 1,801 4.14 %
Loans held for investment 1,297,615 14,571 4.48 % 1,385,037 15,589 4.49 %
Total interest-earning assets 2,244,727 21,454 3.82 % 2,078,506 19,457 3.73 %
Noninterest-earning assets (2) 238,433 206,827
Total assets $ 2,483,160 $ 2,285,333
Liabilities and shareholders’ equity:
Deposits:
Interest-bearing demand accounts $ 159,192 130 0.32 % $ 136,627 117 0.34 %
Savings accounts 104,748 105 0.40 % 63,883 78 0.48 %
Money market accounts 677,135 855 0.50 % 484,310 721 0.59 %
Certificate accounts 668,000 2,666 1.59 % 1,060,673 4,471 1.67 %
Total interest-bearing deposits 1,609,075 3,756 0.93 % 1,745,493 5,387 1.22 %
FHLB advances 122,516 282 0.95 % 59,169 699 4.68 %
Securities sold under agreements to repurchase 558 1 0.26 %
Long-term debt 61,857 292 1.89 % 61,857 459 2.97 %
Other borrowings 4 16
Total interest-bearing liabilities 1,794,006 4,335 0.96 % 1,866,519 6,561 1.40 %
Other noninterest-bearing liabilities 426,991 334,776
Total liabilities 2,220,997 2,201,295
Shareholders’ equity 262,163 84,038
Total liabilities and shareholders’ equity $ 2,483,160 $ 2,285,333
Net interest income (3) $ 17,119 $ 12,896
Net interest spread 2.86 % 2.33 %
Impact of noninterest-bearing sources 0.20 % 0.15 %
Net interest margin 3.06 % 2.48 %
 
(1) The average balances of nonaccrual assets and related income, if any, are included in their respective categories.
(2) Includes loan balances that have been foreclosed and are now reclassified to other real estate owned.
(3) Includes taxable-equivalent adjustments, which is a non-GAAP measure, primarily related to tax-exempt income on certain loans and securities of $528 thousand for the quarter ended December 31, 2012 and $112 thousand for the quarter ended December 31, 2011, respectively. The Company's estimated marginal tax rate was 36% for the periods presented.
 

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

 
 

Year Ended Dec. 31,

2012

 

2011

(in thousands) Average

Balance

  Interest   Average

Yield/Cost

Average

Balance

  Interest   Average

Yield/Cost

Assets:
Interest-earning assets (1):
Cash & cash equivalents $ 94,478 $ 231 0.24 % $ 159,031 $ 465 0.29 %
Investment securities 410,819 11,064 2.69 % 306,813 7,083 2.31 %
Loans held for sale 358,520 12,713 3.54 % 126,038 5,602 4.44 %
Loans held for investment 1,303,010 58,490 4.49 % 1,477,976 66,342 4.49 %
Total interest-earning assets 2,166,827 82,498 3.81 % 2,069,858 79,492 3.84 %
Noninterest-earning assets (2) 225,704 229,943
Total assets $ 2,392,531 $ 2,299,801
Liabilities and Shareholders’ Equity:
Deposits:
Interest-bearing demand accounts $ 151,029 498 0.33 % $ 129,254 575 0.44 %
Savings accounts 90,246 395 0.44 % 57,513 335 0.58 %
Money market accounts 613,546 3,243 0.53 % 450,362 3,018 0.67 %
Certificate accounts 790,038 12,605 1.60 % 1,177,335 20,887 1.77 %
Total interest-bearing deposits 1,644,859 16,741 1.02 % 1,814,464 24,815 1.37 %
FHLB advances 93,325 1,788 1.91 % 93,755 3,821 4.08 %
Securities sold under agreements to repurchase 17,806 70 0.39 %
Long-term debt 61,857 1,333 2.16 % 62,506 2,046 3.27 %
Other borrowings 16 16
Total interest-bearing liabilities 1,817,847 19,948 1.10 % 1,970,725 30,698 1.56 %
Other noninterest-bearing liabilities 365,055 260,539
Total liabilities 2,182,902 2,231,264
Shareholders’ equity 209,629 68,537
Total liabilities and shareholders’ equity $ 2,392,531 $ 2,299,801
Net interest income (3) $ 62,550 $ 48,794
Net interest spread 2.71 % 2.28 %
Impact of noninterest-bearing sources 0.18 % 0.08 %
Net interest margin 2.89 % 2.36 %
 
(1) The average balances of nonaccrual assets and related income, if any, are included in their respective categories.
(2) Includes loan balances that have been foreclosed and are now reclassified to other real estate owned.
(3) Includes taxable-equivalent adjustments, which is a non-GAAP measure, primarily related to tax-exempt income on certain loans and securities of $1.8 million for the twelve months ended December 31, 2012 and $300 thousand for the twelve months ended December 31, 2011, respectively. The Company's estimated marginal tax rate was 36% for the periods presented.
 

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

(in thousands, except for duration data)   Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
Mortgage backed:
Residential $ 62,853 $ 63,365 $ 48,136 $ 40,575 $
Commercial 14,380 14,532 14,602 14,410 14,483
Municipal bonds 129,174 128,595 126,681 79,051 49,584
Collateralized mortgage obligations:
Residential 170,199 167,513 185,970 245,889 223,390
Commercial 9,043 9,110 9,165 10,019 10,070
Agency 25,007
US Treasury 30,679   30,935   31,056   31,247   31,520
$ 416,328   $ 414,050   $ 415,610   $ 446,198   $ 329,047
Weighted average duration in years 4.9 5.0 5.1 5.1 4.4
 

Five Quarter Loans Held for Investment

(in thousands)   Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
Consumer loans
Single family residential $ 673,865 $ 602,164 $ 537,174 $ 506,103 $ 496,934
Home equity 136,746   141,343   147,587   152,924   158,936  
810,611 743,507 684,761 659,027 655,870
Commercial loans
Commercial real estate 361,879 360,919 370,064 391,727 402,139
Multifamily residential 17,012 36,912 47,069 56,328 56,379
Construction/land development 71,033 77,912 83,797 158,552 173,405
Commercial business 79,576   80,056   79,980   68,932   59,831  
529,500   555,799   580,910   675,539   691,754  
1,340,111 1,299,306 1,265,671 1,334,566 1,347,624
Net deferred loan fees and discounts (3,576 ) (3,142 ) (3,508 ) (3,891 ) (4,062 )
1,336,535 1,296,164 1,262,163 1,330,675 1,343,562
Allowance for loan losses (27,561 ) (27,461 ) (26,910 ) (35,204 ) (42,689 )
$ 1,308,974   $ 1,268,703   $ 1,235,253   $ 1,295,471   $ 1,300,873  
 
Allowance as a % of loans held for investment 2.07 % 2.12 % 2.13 % 2.64 % 3.18 %
Allowance as a % of nonaccrual loans 92.20 % 71.80 % 81.28 % 46.58 % 55.81 %
 

HomeStreet, Inc. and Subsidiaries Five Quarter Credit Quality Activity

 

Allowance for Credit Losses (roll-forward)

Quarter ended
(in thousands) Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
 
Allowance for Credit Losses (roll-forward):
Beginning balance $ 27,627 $ 27,125 $ 35,402 $ 42,800 $ 53,386
Provision for credit losses 4,000 5,500 2,000
(Charge-offs), net of recoveries (3,876 ) (4,998 ) (10,277 ) (7,398 ) (10,586 )
Ending balance $ 27,751   $ 27,627   $ 27,125   $ 35,402   $ 42,800  
 

Nonperforming assets (NPAs) roll-forward

 

Quarter ended

(in thousands) Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
 
Beginning balance $ 55,250 $ 73,725 $ 107,215 $ 115,056 $ 159,462
Additions 9,973 20,703 13,208 18,776 7,251
Reductions:
Charge-offs (3,876 ) (4,441 ) (10,277 ) (7,398 ) (10,586 )
OREO sales (2,028 ) (25,946 ) (9,804 ) (8,878 ) (26,037 )
OREO writedowns (1,216 ) (2,623 ) (5,578 ) (2,754 ) (3,564 )
Principal paydown, payoff advances (1,807 ) (4,794 ) (12,037 ) (1,321 ) (3,871 )
Transferred back to accrual status (2,463 ) (1,374 ) (9,002 ) (6,266 ) (7,599 )
Total reductions (11,390 ) (39,178 ) (46,698 ) (26,617 ) (51,657 )
Net additions/(reductions) (1,417 ) (18,475 ) (33,490 ) (7,841 ) (44,406 )
Ending balance $ 53,833   $ 55,250   $ 73,725   $ 107,215   $ 115,056  
 

HomeStreet, Inc. and Subsidiaries Five Quarter Nonperforming Assets by Loan Class

 
(in thousands)   Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
 
Nonaccrual loans:
Consumer loans
Single family residential $ 13,304 $ 12,900 $ 7,530 $ 14,290 $ 12,104
Home equity 2,970   1,024   1,910   1,853   2,464  
16,274 13,924 9,440 16,143 14,568
Commercial loans:
Commercial real estate 6,403 16,186 14,265 9,222 10,184
Multifamily residential 2,394
Construction/land development 5,042 5,848 9,373 49,708 48,387
Commercial business 2,173   2,289   29   502   951  
13,618   24,323   23,667   59,432   61,916  
Total nonaccrual loans $ 29,892   $ 38,247   $ 33,107   $ 75,575   $ 76,484  
Nonaccrual loans to total loans 2.23 % 2.94 % 2.62 % 5.66 % 5.69 %
 
Other real estate owned:
Consumer
Single family residential $ 4,071   $ 2,787   $ 3,142   $ 3,243   $ 6,600  
4,071 2,787 3,142 3,243 6,600
Commercial
Commercial real estate 10,283 3,489 3,184 284 2,055
Construction/land development 9,587   10,727   34,292   28,113   29,917  
19,870   14,216   37,476   28,397   31,972  
Total other real estate owned $ 23,941   $ 17,003   $ 40,618   $ 31,640   $ 38,572  
 
Nonperforming assets:
Consumer
Single family residential $ 17,375 $ 15,687 $ 10,672 $ 17,533 $ 18,704
Home equity loans 2,970   1,024   1,910   1,853   2,464  
20,345 16,711 12,582 19,386 21,168
Commercial
Commercial real estate 16,686 19,675 17,449 9,506 12,239
Multifamily residential 2,394
Construction/land development 14,629 16,575 43,665 77,821 78,304
Commercial business 2,173   2,289   29   502   951  
33,488   38,539   61,143   87,829   93,888  
Total nonperforming assets $ 53,833   $ 55,250   $ 73,725   $ 107,215   $ 115,056  
Nonperforming assets to total assets 2.05 % 2.20 % 3.04 % 4.53 % 5.08 %
 

HomeStreet, Inc. and Subsidiaries Delinquencies by Loan Class

(in thousands)  

30-59 days past due

 

60-89 days past due

 

90 days or more past due (1)

 

Total past due

  Current  

Total loans

 
December 31, 2012
Consumer loans
Single family residential $ 11,916 $ 4,732 $ 53,962 $ 70,610 $ 603,255 $ 673,865
Home equity 787   242   2,970   3,999   132,747   136,746  
12,703 4,974 56,932 74,609 736,002 810,611
Commercial loans
Commercial real estate 6,403 6,403 355,476 361,879
Multifamily residential 17,012 17,012
Construction/land development 5,042 5,042 65,991 71,033
Commercial business     2,173   2,173   77,403   79,576  
    13,618   13,618   515,882   529,500  
$ 12,703   $ 4,974   $ 70,550   $ 88,227   $ 1,251,884   $ 1,340,111  
As a % of total loans 0.95 % 0.37 % 5.26 % 6.58 % 93.42 % 100.00 %
 
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  
As a % of total loans 1.38 % 0.67 % 8.33 % 10.38 % 89.62 % 100.00 %
 

(1) Includes $40.7 million and $35.8 million of single family residential loans past due and still accruing at December 31, 2012 and December 31, 2011 respectively, whose repayments are insured by the FHA or guaranteed by the VA.

 

HomeStreet, Inc. and Subsidiaries Troubled Debt Restructurings (TDRs)

 

Troubled Debt Restructurings by Accrual and Nonaccrual Status

 
(in thousands)   Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
Accrual
Consumer loans
Single family residential $ 67,483 $ 67,647 $ 73,743 $ 70,977 $ 62,792
Home equity 2,288   2,705   2,538   2,145   2,056
69,771 70,352 76,281 73,122 64,848
Commercial loans
Commercial real estate 21,071 16,540 16,539 25,778 25,040
Multifamily residential 3,221 6,030 6,038 6,045 6,053
Construction/land development 6,365 13,802 7,875 7,978 8,799
Commercial business 147   154   162   287   191
30,804   36,526   30,614   40,088   40,083
$ 100,575   $ 106,878   $ 106,895   $ 113,210   $ 104,931
Nonaccrual
Consumer loans
Single family residential $ 3,931 $ 6,210 $ 1,395 $ 4,090 $ 3,801
Home equity 465   64   231   347   419
4,396 6,274 1,626 4,437 4,220
Commercial loans
Commercial real estate 770 7,716 9,037
Multifamily residential
Construction/land development 5,042 5,845 9,370 17,929 18,633
Commercial business   22   29   360   687
5,812   13,583   18,436   18,289   19,320
$ 10,208   $ 19,857   $ 20,062   $ 22,726   $ 23,540
Total
Consumer loans
Single family residential $ 71,414 $ 73,857 $ 75,138 $ 75,067 $ 66,593
Home equity 2,753   2,769   2,769   2,492   2,475
74,167 76,626 77,907 77,559 69,068
Commercial loans
Commercial real estate 21,841 24,256 25,576 25,778 25,040
Multifamily residential 3,221 6,030 6,038 6,045 6,053
Construction/land development 11,407 19,647 17,245 25,907 27,432
Commercial business 147   176   191   647   878
36,616   50,109   49,050   58,377   59,403
$ 110,783   $ 126,735   $ 126,957   $ 135,936   $ 128,471
 

HomeStreet, Inc. and Subsidiaries Troubled Debt Restructurings (TDRs)

         

Troubled Debt Restructurings - Re-Defaults

Quarter ended

(in thousands) Dec. 31, 2012 Sept. 30, 2012 June 30, 2012 Mar. 31, 2012 Dec. 31, 2011
 
Recorded investment of re-defaults (1)
Consumer loans
Single family residential $ 1,386 $ 5,123 $ 1,364 $ 760 $ 1,286
Home equity 34
1,386 5,123 1,364 794 1,286
Commercial loans
Commercial real estate 7,716
Multifamily residential
Construction/land development 8,264
Commercial business 29 145
7,716 29 8,409
$ 1,386 $ 12,839 $ 1,393 $ 794 $ 9,695
 

(1) Represents TDRs that have defaulted in the current period within 12 months of their modification date.  Defaulted TDRs are reported in the table above based on a payment default definition of 60 days past due for the consumer loans portfolio segment and 90 days past due for the commercial loans portfolio segment.

 

HomeStreet, Inc. and Subsidiaries

Five Quarter Mortgage Banking Operations

 

Mortgage Servicing Income

Quarter ended
(in thousands) Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
 
Servicing income, net:
Servicing fees and other $ 7,523 $ 7,168 $ 6,705 $ 6,436 $ 6,518
Changes in fair value of single family MSRs due to modeled amortization (1) (6,280 ) (5,360 ) (4,052 ) (4,969 ) (4,176 )
Amortization of multifamily MSRs (463 ) (598 ) (462 ) (491 ) (366 )
780 1,210 2,191 976 1,976
Risk management, single family MSRs:
Changes in fair value of MSRs due to changes in model inputs and/or assumptions (2) 2,489 (5,565 ) (15,354 ) 7,411 (3,910 )
Net gain (loss) from derivatives economically hedging MSRs (2,618 ) 4,861   20,254   (514 ) 7,897  
(129 ) (704 ) 4,900   6,897   3,987  
Mortgage servicing income $ 651   $ 506   $ 7,091   $ 7,873   $ 5,963  
 
(1) Represents changes due to collection/realization of expected cash flows and curtailments over time.
(2) Principally reflects changes in model assumptions and prepayment speed assumptions, which are primarily affected by changes in interest rates.
 

Loans Serviced for Others

(in thousands)   Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
 
Single family residential
U.S. government agency MBS $ 8,508,458 $ 7,724,562 $ 7,061,232 $ 6,530,578 $ 6,464,815
Other 362,230   385,107   407,750   416,700   420,470
8,870,688 8,109,669 7,468,982 6,947,278 6,885,285
Commercial
Multifamily 727,118 760,820 772,473 766,433 758,535
Other 53,235   53,617   56,840   59,370   56,785
780,353   814,437   829,313   825,803   815,320
Total loans serviced for others $ 9,651,041   $ 8,924,106   $ 8,298,295   $ 7,773,081   $ 7,700,605
 

HomeStreet, Inc. and Subsidiaries

Five Quarter Mortgage Banking Operations (continued)

 

Single Family Capitalized Mortgage Servicing Rights

Quarter ended

(in thousands) Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
Beginning balance $ 73,787 $ 70,585 $ 79,381 $ 70,169 $ 67,471
Originations 17,397 14,121 10,598 6,723 10,759
Purchases 3 6 12 47 25
Changes due to modeled amortization (1) (6,280 ) (5,360 ) (4,052 ) (4,969 ) (4,176 )
Net additions and amortization 11,120 8,767 6,558 1,801 6,608
Changes in fair value due to changes in model inputs and/or assumptions (2) 2,489   (5,565 ) (15,354 ) 7,411   (3,910 )
Ending balance $ 87,396   $ 73,787   $ 70,585   $ 79,381   $ 70,169  
Ratio of MSR carrying value to related loans serviced for others 0.99 % 0.91 % 0.95 % 1.14 % 1.02 %
MSR servicing fee multiple (3) 3.13 2.81 2.82 3.30 2.91
Weighted-average note rate (loans serviced for others) 4.34 % 4.52 % 4.69 % 4.83 % 4.93 %
Weighted-average servicing fee (loans serviced for others) 0.31 % 0.33 % 0.34 % 0.35 % 0.35 %
 
(1) Represents changes due to collection/realization of expected future cash flows over time.
(2) Principally reflects changes in model assumptions and prepayment speed assumptions, which are primarily affected by changes in interest rates.
(3) Represents the ratio of MSR carrying value to related loans serviced for others divided by the weighted-average servicing fee for loans serviced for others.

 

Commercial Multifamily Capitalized Mortgage Servicing Rights

 

 

Quarter ended

(in thousands) Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
Beginning balance $ 7,725 $ 7,655 $ 7,420 $ 7,112 $ 6,612
Originations 835 668 697 799 866
Amortization (463 ) (598 ) (462 ) (491 ) (366 )
Ending balance $ 8,097   $ 7,725   $ 7,655   $ 7,420   $ 7,112  
Ratio of MSR carrying value to related loans serviced for others 1.04 % 0.95 % 0.92 % 0.90 % 0.87 %
MSR servicing fee multiple (1) 2.70 2.47 2.45 2.41 2.42
Weighted-average note rate (loans serviced for others) 5.38 % 5.48 % 5.54 % 5.60 % 5.67 %
Weighted-average servicing fee (loans serviced for

others)

0.38 % 0.38 % 0.38 % 0.37 % 0.36 %
 

(1) Represents the ratio of MSR carrying value to related loans serviced for others divided by the weighted-average servicing fee for loans serviced for others.

 

HomeStreet, Inc. and Subsidiaries

Five Quarter Mortgage Banking Operations (continued)

 

Mortgage Banking Activity

Quarter ended
(in thousands) Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
 
Production volumes:
Single family mortgage closed loan volume (1) $ 1,518,971 $ 1,368,238 $ 1,068,656 $ 712,302 $ 624,111
Single family mortgage interest rate lock commitments 1,254,954 1,313,182 1,303,390 915,141 543,164
Single family mortgage loans sold 1,434,947 1,238,879 962,704 534,310 710,706
 
Multifamily mortgage originations $ 40,244 $ 20,209 $ 35,908 $ 15,713 $ 49,071
Multifamily mortgage loans sold 33,689 26,515 27,178 31,423 33,461
 
Net gain on mortgage loan origination and sale activities:
Single family:
Secondary marketing gains $ 40,757 $ 42,021 $ 29,950 $ 17,057 $ 2,669
Provision for repurchase losses

(123

)

(526

)

 

(1,930

)

(390

)

(12 )
Net gain from secondary marketing activities 40,634 41,495 28,020 16,667 2,657
Mortgage servicing rights originated 17,397 14,121 10,598 6,723 10,758
Loan origination and funding fees 9,091   8,577   7,070   4,944   4,401  
Total single family 67,122 64,193 45,688 28,334 17,816
Multifamily 1,631   1,040   1,039   1,162   1,185  
Total net gain on mortgage loan origination and sale activities $ 68,753   $ 65,233   $ 46,727   $ 29,496   $ 19,001  
 

Single family margins (in basis points):

Mortgage servicing rights originated / mortgage loans sold 121 114 110 126 151
Secondary marketing gains, net of repurchase provision / interest rate lock commitments

313

(2)

316 215 182 49

Loan origination and funding fees / mortgage originations (1)

60   63   66   69   71  
Composite Margin

494

(2)

493   391   377   271  
 

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

(2) Excludes the impact of a $1.3 million correction that was recorded in secondary marketing gains in the fourth quarter of 2012 for the cumulative effect of an error in prior years related to the fair value measurement of loans held for sale. Including the impact of this correction, the secondary marketing gain margin and Composite Margin were 324 and 505 basis points, respectively, in the fourth quarter of 2012.

 

HomeStreet, Inc. and Subsidiaries Five Quarter Deposits

(in thousands)   Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   Mar. 31, 2012   Dec. 31, 2011
 
Deposits by Product:
Noninterest bearing accounts - checking and savings $ 83,563 $ 77,149 $ 64,404 $ 68,245 $ 69,276
Interest bearing transaction and savings deposits:
NOW accounts 174,699 172,086 170,098 154,670 138,936
Statement savings accounts due on demand 103,932 104,239 88,104 79,438 66,898
Money market accounts due on demand 683,906   675,363   630,798   559,563   499,457  
Total interest bearing transaction and savings deposits 962,537   951,688   889,000   793,671   705,291  
Total transaction and savings deposits 1,046,100   1,028,837   953,404   861,916   774,567  
Certificates of deposit 655,467 684,604 755,646 890,694 1,033,798
Noninterest bearing accounts - other 275,268   268,373   195,699   248,023   201,390  
Total deposits $ 1,976,835   $ 1,981,814   $ 1,904,749   $ 2,000,633   $ 2,009,755  
 
 
Percent of total deposits:
Noninterest bearing accounts - checking and savings 4.2 % 3.9 % 3.4 % 3.4 % 3.4 %
Interest bearing transaction and savings deposits:
NOW accounts 8.8 % 8.7 % 8.9 % 7.7 % 6.9 %
Statement savings accounts due on demand 5.3 % 5.3 % 4.6 % 4.0 % 3.3 %
Money market accounts due on demand 34.6 % 34.1 % 33.1 % 28.0 % 24.9 %
Total interest bearing transaction and savings deposits 48.7 % 48.1 % 46.6 % 39.7 % 35.1 %
Total transaction and savings deposits 52.9 % 52.0 % 50.0 % 43.1 % 38.5 %
Certificates of deposit 33.2 % 34.5 % 39.7 % 44.5 % 51.4 %
Noninterest bearing accounts - other 13.9 % 13.5 % 10.3 % 12.4 % 10.1 %
Total deposits 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %




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