HomeStreet, Inc. Form 8-K Current Report Filed 2025-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 28, 2025

HOMESTREET, INC.

(Exact name of registrant as specified in its charter)

Washington

001-35424

91-0186600

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

601 Union Street, Ste. 2000, Seattle, WA 98101

(Address of principal executive offices) (Zip Code)

(206) 623-3050

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, No Par Value	HMST	Nasdaq Global Select Market


			Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Act or Rule 12b-2 of the Exchange Act.


☐			Emerging growth company

☐			If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act.


Item 2.02			Results of Operations and Financial Condition

On April 28, 2025, HomeStreet, Inc. issued a press release reporting results of operations for the first quarter of 2025. A copy of the earnings release is attached as Exhibit 99.1. A copy of the press release reporting summary results of operations is attached as Exhibit 99.2. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.


Item 9.01			Financial Statements and Exhibits

(d)			Exhibits.
Exhibit 99.1			Earnings Release issued by HomeStreet, Inc. dated April 28, 2025 regarding its results of operations for the first quarter of 2025.
Exhibit 99.2			Summary Press Release issued by HomeStreet, Inc. dated April 28, 2025 regarding its results of operations for the first quarter of 2025.
Exhibit 104			Cover Page Interactive Data File (embedded within with Inline XBRL)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 28, 2025



HomeStreet, Inc.

By:						/s/ John M. Michel
						John M. Michel
						Executive Vice President and Chief Financial Officer

HomeStreet Reports First Quarter 2025 Results

SEATTLE –April 28, 2025 – (BUSINESS WIRE) – HomeStreet, Inc. (Nasdaq: HMST) (including its consolidated subsidiaries, the "Company", "HomeStreet" or "we"), the parent company of HomeStreet Bank (the "Bank"), today announced the financial results for the quarter ended March 31, 2025. As we present non-GAAP measures in this release, the reader should refer to the non-GAAP reconciliations set forth below under the section “Non-GAAP Financial Measures.”

“As a result of the implementation of our new strategic plan, we anticipate a return to profitability during 2025,” said Mark Mason, Chairman of the Board, President, and Chief Executive Officer. “During the first quarter of 2025, our core net loss was 44% less than the fourth quarter 2024 core net loss, and our interest margin improved from 1.38% in the fourth quarter of 2024 to 1.82% in the first quarter of 2025. Importantly, the Bank, on a standalone basis, realized $1.1 million in net income in the first quarter of 2025, achieving our strategic goal of returning the Bank to profitability in the first quarter. In addition, our total deposits, excluding brokered deposits, increased $131 million during the first quarter and our loans held for investment declined by $169 million, improving our funding and liquidity position. Given the scheduled repricing of our remaining multifamily and other commercial real estate loans, future anticipated reductions in higher cost borrowings, the repricing of our term deposits to lower rates and continued effective noninterest expense management, we anticipate continuous growth in earnings for the foreseeable future. Additionally, as a result of the deferred tax asset valuation allowance recorded in the fourth quarter of 2024, we do not expect to recognize any income tax expense on our earnings for the next few years.”


Operating Results						First quarter 2025 compared to fourth quarter 2024 Reported Results: •Net loss: $4.5 million compared to $123.3 million •Net loss per fully diluted share: $0.24 compared to $6.54 •Noninterest expenses: $49.1 million compared to $44.0 million •Return on Average Equity ("ROAE"): (4.5)% compared to (92.7)% •Return on Average Tangible Equity ("ROATE"): (4.2)% compared to (93.7)%(1) •Return on Average Assets ("ROAA"): (0.23)% compared to (5.38)% •Net interest margin: 1.82% compared to 1.38% •Efficiency ratio: 102.9% compared to 115.6% (1)
						Core Results: (1) •Net loss: $2.9 million compared to $5.1 million •Net loss per fully diluted share: $0.15 compared to $0.27 •Core noninterest expenses: $46.7 million compared to $46.6 million •ROAE: (2.9)% compared to (3.9)% •ROATE: (2.5)% compared to (3.5)% •ROAA: (0.15)% compared to (0.22)%

(1) ROATE, the efficiency ratio, core net income (loss), core net income (loss) per fully diluted share, core noninterest expense, core ROAE, core ROATE and core ROAA are non-GAAP measures. For a reconciliation of these measures to the nearest comparable GAAP measure or a computation of the measure see "Non-GAAP financial measures" in this earnings release.

“Our net interest margin in the first quarter increased significantly due to the impact of the fourth quarter loan sale as we sold lower yielding loans and paid off higher cost funding,” continued Mark Mason. “Our core noninterest expenses remained stable as seasonal increases in compensation costs were offset by continuing decreases in our full time equivalent employees.”




Financial Position						As of and for the quarter ended March 31, 2025 •Excluding brokered deposits, total deposits increased by $131 million •Uninsured deposits were $542 million, or 9% of total deposits •Loans held for investment ("LHFI"), decreased by $169 million •Nonperforming assets to total assets: 0.75% •Delinquencies: 1.09% •Allowance for credit losses to LHFI: 0.66% •Book value per share: $21.18 •Tangible book value per share: $20.83(2)

(2) Tangible book value per share is a non-GAAP measure. For a reconciliation of this measure to the nearest comparable GAAP measure see "Non-GAAP financial measures" in this earnings release.

“Our credit quality remained stable with no significant changes in the amount of nonaccrual loans or delinquent loans,” added Mark Mason. “During the first quarter of 2025, we increased the specific reserves for a syndicated commercial loan by $3.9 million based on updated analysis of the collateral support for this non-performing loan.”

About HomeStreet

HomeStreet, Inc. (Nasdaq: HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiary is HomeStreet Bank. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and is an Equal Housing Lender.


Contact:						Executive Vice President and Chief Financial Officer
						HomeStreet, Inc.
						John Michel (206) 515-2291
						john.michel@homestreet.com
						http://ir.homestreet.com

HomeStreet, Inc. and Subsidiaries

Summary Financial Data


	For the Quarter Ended
(in thousands, except per share data and FTE data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Select Income Statement Data:
Net interest income	$	33,221		$	29,616		$	28,619		$	29,701		$	32,151
Provision for credit losses	1,000			—			—			—			—
Noninterest income (loss)	12,136			(78,124)			11,058			13,227			9,454
Noninterest expense	49,108			43,953			49,166			50,931			52,164

Income (loss) before income taxes	(4,751)			(92,461)			(9,489)			(8,003)			(10,559)
Net income (loss)	(4,465)			(123,327)			(7,282)			(6,238)			(7,497)
Net income (loss) per fully diluted share	(0.24)			(6.54)			(0.39)			(0.33)			(0.40)
Core net income (loss): (1)
Total	(2,866)			(5,140)			(5,999)			(4,341)			(5,469)
Core net income (loss) per fully diluted share	(0.15)			(0.27)			(0.32)			(0.23)			(0.29)

Select Performance Ratios:
ROAE - annualized
Net Income (loss)	(4.5)		%	(92.7)		%	(5.4)		%	(4.8)		%	(5.6)		%
Core (1)	(2.9)		%	(3.9)		%	(4.5)		%	(3.3)		%	(4.1)		%
ROATE - annualized (1)
Net Income (loss)	(4.2)		%	(93.7)		%	(5.1)		%	(4.5)		%	(5.3)		%
Core (1)	(2.5)		%	(3.5)		%	(4.2)		%	(3.0)		%	(3.8)		%
ROAA - annualized
Net income (loss)	(0.23)		%	(5.38)		%	(0.32)		%	(0.27)		%	(0.32)		%
Core (1)	(0.15)		%	(0.22)		%	(0.26)		%	(0.19)		%	(0.23)		%
Efficiency ratio (1)	102.9		%	115.6		%	118.7		%	111.9		%	118.0		%
Net interest margin	1.82		%	1.38		%	1.33		%	1.37		%	1.44		%

Other data:
Full-time equivalent employees ("FTE")	766			792			819			840			858

(1)ROATE, core net income (loss), core net income (loss) per fully diluted share, core ROAE, core ROATE, core ROAA and the efficiency ratio are non-GAAP financial measures. For a reconciliation of these measures to the nearest comparable GAAP financial measure or the computation of the measure see “Non-GAAP Financial Measures” in this earnings release.

HomeStreet, Inc. and Subsidiaries

Summary Financial Data (continued)


	As of
(in thousands, except share and per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Select Balance Sheet Data:
Loans held for sale	$	34,734		$	20,312		$	38,863		$	29,781		$	21,102
Loans held for investment, net	6,023,582			6,193,053			7,294,603			7,340,309			7,405,052
Allowance for credit losses ("ACL")	39,634			38,743			38,651			39,741			39,677
Investment securities	1,055,318			1,057,006			1,158,035			1,160,595			1,191,108
Total assets	7,803,631			8,123,698			9,201,285			9,266,039			9,455,182
Deposits	6,090,495			6,413,021			6,435,404			6,532,470			6,491,102
Borrowings	1,000,000			1,000,000			1,896,000			1,886,000			2,094,000
Long-term debt	225,223			225,131			225,039			224,948			224,857
Total shareholders' equity	400,751			396,997			538,315			520,117			527,333
Other Data:
Book value per share	$	21.18		$	21.05		$	28.55		$	27.58		$	27.96
Tangible book value per share (1)	$	20.83		$	20.67		$	28.13		$	27.14		$	27.49
Total equity to total assets	5.1		%	4.9		%	5.9		%	5.6		%	5.6		%
Tangible common equity to tangible assets (1)	5.1		%	4.8		%	5.8		%	5.5		%	5.5		%
Shares outstanding at end of period	18,920,808			18,857,565			18,857,565			18,857,565			18,857,566
Loans to deposit ratio (Bank)	99.9		%	97.4		%	113.5		%	112.6		%	114.3		%
Credit Quality:
Delinquencies(2)	1.09		%	1.06		%	0.69		%	0.66		%	0.82		%
ACL to total loans (3)	0.66		%	0.63		%	0.53		%	0.55		%	0.54		%
ACL to nonaccrual loans	71.0		%	70.4		%	95.9		%	109.3		%	80.2		%
Nonaccrual loans to total loans	0.92		%	0.88		%	0.55		%	0.49		%	0.66		%
Nonperforming assets to total assets	0.75		%	0.71		%	0.47		%	0.42		%	0.56		%
Nonperforming assets	$	58,611		$	57,814		$	43,320		$	39,374		$	52,584
Regulatory Capital Ratios:
Bank
Tier 1 leverage	8.46		%	7.30		%	8.59		%	8.44		%	8.34		%
Total risk-based capital	13.40		%	13.02		%	13.41		%	13.29		%	13.34		%
Common equity Tier 1 capital	12.61		%	12.27		%	12.75		%	12.62		%	12.67		%
Company
Tier 1 leverage	6.62		%	5.77		%	7.04		%	6.98		%	6.90		%
Total risk-based capital	12.48		%	12.23		%	12.70		%	12.67		%	12.70		%
Common equity Tier 1 capital	8.76		%	8.62		%	9.50		%	9.49		%	9.55		%

(1)Tangible book value per share and tangible common equity to tangible assets are non-GAAP financial measures. For a reconciliation to the nearest comparable GAAP financial measure, see “Non-GAAP Financial Measures” in this earnings release.

(2)Total past due and nonaccrual loans as a percentage of total loans held for investment.

(3)This ratio excludes balances insured by the FHA or guaranteed by the VA or SBA.

HomeStreet, Inc. and Subsidiaries

Consolidated Balance Sheets


(in thousands, except share data)	March 31, 2025		December 31, 2024

ASSETS
Cash and cash equivalents	$	252,162	$	406,600

Investment securities	1,055,318		1,057,006
Loans held for sale	34,734		20,312
Loans held for investment ("LHFI") (net of allowance for credit losses of $39,634 and $38,743)	6,023,582		6,193,053
Mortgage servicing rights	97,959		99,466
Premises and equipment, net	45,750		47,201
Other real estate owned	2,820		2,820
Intangible assets	6,662		7,141
Other assets	284,644		290,099
Total assets	$	7,803,631	$	8,123,698
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits	$	6,090,495	$	6,413,021
Borrowings	1,000,000		1,000,000
Long-term debt	225,223		225,131
Accounts payable and other liabilities	87,162		88,549
Total liabilities	7,402,880		7,726,701
Shareholders' equity:
Common stock, no par value; 160,000,000 shares authorized
18,920,808 and 18,857,565 shares issued and outstanding	233,418		233,185
Retained earnings	246,548		251,013
Accumulated other comprehensive income (loss)	(79,215)		(87,201)
Total shareholders' equity	400,751		396,997
Total liabilities and shareholders' equity	$	7,803,631	$	8,123,698

HomeStreet, Inc. and Subsidiaries

Consolidated Income Statements


	Quarter Ended March 31,
(in thousands, except share and per share data)	2025		2024
Interest income:
Loans	$	73,424	$	86,256
Investment securities	8,650		10,714
Cash, Fed Funds and other	3,691		5,571
Total interest income	85,765		102,541
Interest expense:
Deposits	38,237		42,607
Borrowings	14,307		27,783
Total interest expense	52,544		70,390
Net interest income	33,221		32,151
Provision for credit losses	1,000		—
Net interest income after provision for credit losses	32,221		32,151
Noninterest income:
Net gain on loan origination and sale activities	3,216		2,306
Loan servicing income	4,858		3,032
Deposit fees	2,071		2,241
Other	1,991		1,875
Total noninterest income	12,136		9,454
Noninterest expense:
Compensation and benefits	26,309		28,011
Information services	7,585		7,342
Occupancy	4,871		5,434
General, administrative and other	10,343		11,377

Total noninterest expense	49,108		52,164
Income (loss) before income taxes	(4,751)		(10,559)
Income tax (benefit) expense	(286)		(3,062)
Net income (loss)	$	(4,465)	$	(7,497)

Net income (loss) per share:
Basic	$	(0.24)	$	(0.40)
Diluted	$	(0.24)	$	(0.40)
Weighted average shares outstanding:
Basic	18,920,808		18,856,870
Diluted	18,920,808		18,856,870

HomeStreet, Inc. and Subsidiaries

Five Quarter Consolidated Income Statements





	Quarter Ended
(in thousands, except share and per share data)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Interest income:
Loans	$	73,424	$	85,951	$	87,161	$	87,323	$	86,256
Investment securities	8,650		9,069		9,633		10,160		10,714
Cash, Fed Funds and other	3,691		4,052		3,043		3,640		5,571
Total interest income	85,765		99,072		99,837		101,123		102,541
Interest expense:
Deposits	38,237		44,101		44,009		43,535		42,607
Borrowings	14,307		25,355		27,209		27,887		27,783
Total interest expense	52,544		69,456		71,218		71,422		70,390
Net interest income	33,221		29,616		28,619		29,701		32,151
Provision for credit losses	1,000		—		—		—		—
Net interest income after provision for credit losses	32,221		29,616		28,619		29,701		32,151
Noninterest income:
Net gain (loss) on loan origination and sale activities	3,216		(84,992)		2,760		3,036		2,306
Loan servicing income	4,858		2,997		3,058		3,410		3,032
Deposit fees	2,071		2,166		2,222		2,209		2,241
Other	1,991		1,705		3,018		4,572		1,875
Total noninterest income (loss)	12,136		(78,124)		11,058		13,227		9,454
Noninterest expense:
Compensation and benefits	26,309		25,037		26,760		27,616		28,011
Information services	7,585		7,208		7,742		7,580		7,342
Occupancy	4,871		6,181		4,974		5,130		5,434
General, administrative and other	10,343		5,527		9,690		10,605		11,377

Total noninterest expense	49,108		43,953		49,166		50,931		52,164
Income (loss) before income taxes	(4,751)		(92,461)		(9,489)		(8,003)		(10,559)
Income tax (benefit) expense	(286)		30,866		(2,207)		(1,765)		(3,062)
Net income (loss)	$	(4,465)	$	(123,327)	$	(7,282)	$	(6,238)	$	(7,497)

Net income (loss) per share:
Basic	$	(0.24)	$	(6.54)	$	(0.39)	$	(0.33)	$	(0.40)
Diluted	$	(0.24)	$	(6.54)	$	(0.39)	$	(0.33)	$	(0.40)
Weighted average shares outstanding:
Basic	18,920,808		18,857,565		18,857,565		18,857,566		18,856,870
Diluted	18,920,808		18,857,565		18,857,565		18,857,566		18,856,870

HomeStreet, Inc. and Subsidiaries

Average Balances, Yields (Taxable-equivalent basis) and Rates


(in thousands, except yield/rate)	Quarter Ended
Average Balances:	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Investment securities	$	1,055,336		$	1,096,695		$	1,155,284		$	1,164,144		$	1,239,093
Loans	6,198,659			7,334,221			7,385,970			7,454,945			7,460,650
Total interest earning assets	7,496,682			8,721,422			8,727,590			8,858,433			9,088,205
Total assets	7,870,934			9,127,103			9,138,291			9,272,131			9,502,189
Deposits: Interest-bearing	4,877,607			5,148,727			5,045,396			5,122,284			5,232,637
Deposits: Noninterest-bearing	1,265,701			1,253,516			1,283,502			1,282,447			1,319,309
Borrowings	1,011,111			1,875,616			1,950,109			2,025,415			2,074,527
Long-term debt	225,178			225,086			224,994			224,903			224,812
Total interest-bearing liabilities	6,113,896			7,249,429			7,220,499			7,372,602			7,531,976

Average Yield/Rate:
Investment securities	3.60		%	3.63		%	3.65		%	3.80		%	3.75		%
Loans	4.76		%	4.62		%	4.66		%	4.66		%	4.60		%
Total interest earning assets	4.65		%	4.53		%	4.56		%	4.59		%	4.54		%
Deposits: Interest-bearing	3.18		%	3.40		%	3.47		%	3.41		%	3.27		%
Total deposits	2.52		%	2.74		%	2.76		%	2.73		%	2.61		%
Borrowings	4.50		%	4.66		%	4.85		%	4.85		%	4.73		%
Long-term debt	5.23		%	5.36		%	5.48		%	5.49		%	5.51		%
Total interest-bearing liabilities	3.47		%	3.79		%	3.90		%	3.87		%	3.74		%
Net interest rate spread	1.18		%	0.74		%	0.66		%	0.72		%	0.80		%
Net interest margin	1.82		%	1.38		%	1.33		%	1.37		%	1.44		%

Results of Operations

First Quarter of 2025 Compared to the Fourth Quarter of 2024

Non-core amounts: For the first quarter non-core items include $2.1 million of merger related expenses. In the fourth quarter of 2024 non-core items include an $88.8 million loss on the sale of $990 million of multifamily loans, $53.3 million deferred tax assets valuation allowance and $3.2 million of merger related expense recoveries.

Our net loss and loss before income taxes were $4.5 million and $4.8 million, respectively, in the first quarter of 2025, as compared to $123.3 million and $92.5 million, respectively, in the fourth quarter of 2024. Our core net loss and core loss before taxes, which excludes the impact of the loss on the sale of multifamily loans, the deferred tax asset valuation allowance and merger related expenses and recoveries, were $2.9 million and $2.7 million, respectively, in the first quarter of 2025, as compared to $5.1 million and $6.4 million respectively, in the fourth quarter of 2024. The decrease in core loss before income taxes was primarily due to an increase in net interest income and an increase in noninterest income, partially offset by an increase in provision for credit losses and an increase in noninterest expense.

Due to our cumulative losses over the last three year period ended December 31, 2024, accounting rules required us to provide a valuation allowance for the balance of our deferred tax assets in the fourth quarter of 2024. As a result, we do not expect to recognize income tax expense until the deferred tax assets valuation allowance no longer exists. The $0.3 million income tax benefit recognized in the first quarter of 2025 primarily relates to the reversal of the disparate tax effects on our accumulated other comprehensive income ("AOCI") resulting from the recording in the fourth quarter of 2024, of a deferred tax valuation allowance for the deferred tax assets related to the AOCI. In the fourth quarter of 2024, we recorded a $53 million deferred tax allowance which was recorded as income tax expense. Excluding this allowance, the income tax benefit would have been $22.4 million and would have resulted in an effective tax rate of 24.3% for the fourth quarter of 2024.

Our net interest income in the first quarter of 2025 was $3.6 million higher than the fourth quarter of 2024 due to an increase in our net interest margin from 1.38% to 1.82%. The increase in the net interest margin was due primarily to a 32 basis point decrease in the rates paid on interest-bearing liabilities and a 12 basis point increase in the yield on interest earning assets. The increase in yield on interest earning assets was primarily due to the sale of $990 million of lower yielding multifamily loans at the end of the fourth quarter of 2024. The decrease in rates on interest bearing liabilities are primarily due to our paydown at the end of 2024 and beginning of 2025 of higher cost borrowings and brokered certificates of deposit using the proceeds from the sale of multifamily loans.

The $1.0 million provision for credit losses recognized during the first quarter of 2025 was due to a $3.3 million increase in specific reserves which was partially offset by lower general reserves resulting in part from lower loan balances. There was no provision for credit losses in the fourth quarter of 2024 as the benefits of the reduction in loan balances resulting from the loan sale were offset by specific reserves on commercial loans.

Noninterest income in the first quarter of 2025 increased from the fourth quarter of 2024 primarily due to the $88.8 million loss on the sale of multifamily loans in the fourth quarter of 2024 and an increase in loan servicing income. The increase in loan servicing income is primarily due to an increase in the value of our single family mortgage servicing rights.

Noninterest expenses were $5.2 million higher in the first quarter of 2025 due to a $1.3 million increase in

compensation and benefits and a $4.8 million increase in general, administrative and other expenses which were partially offset by a $1.3 million decrease in occupancy expenses. The increase in compensation and benefits was primarily due to wage increases in 2025, and increases in employee benefits and employer taxes, which were partially offset by a 3% reduction in FTEs. The increase in general, administrative and other expenses was due to the recovery of $3.2 million in merger expenses in the fourth quarter of 2024 and $2.1 million of merger related expenses incurred in the first quarter of 2025. The decrease in occupancy costs was primarily due to lease impairment costs recognized in the fourth quarter of 2024.

First Quarter of 2025 Compared to the First Quarter of 2024

Non-core amounts: For the first quarter of 2025, non-core items include $2.1 million of merger related expenses. During the first quarter of 2024, non-core items include $2.6 million of merger related expenses.

Our net loss and loss before income taxes were $4.5 million and $4.8 million, respectively, in the first quarter of 2025, as compared to $7.5 million and $10.6 million, respectively, in the first quarter of 2024. Our core net loss and core loss before income taxes, which exclude the impact of merger related expenses, was $2.9 million and $2.7 million in the first quarter of 2025, as compared to core net loss of $5.5 million and core loss before income taxes of $8.0 million in the first quarter of 2024. The $5.3 million decrease in core loss before income taxes was primarily due to higher net interest income, higher noninterest income and a decrease in noninterest expense, partially offset by an increase in provision for credit losses.

Due to our cumulative losses over the last three year period ended December 31, 2024, accounting rules required us to provide a valuation allowance for the balance of our deferred tax assets in the fourth quarter of 2024. As a result, we do not expect to recognize tax expense until the deferred tax assets valuation allowance no longer exists. The $0.3 million income tax benefit recognized in the first quarter of 2025 primarily relates to the reversal of the disparate tax effects on our AOCI resulting from the recording in the fourth quarter of 2024 of a deferred tax valuation allowance for the deferred tax assets related to AOCI. Our effective tax rate in the first quarter of 2024 of 29.0% was higher than our statutory rate of 24.6% due to the impact of tax advantaged investments which creates a higher benefit due to our taxable loss.

Net interest income in the first quarter of 2025 increased $1.1 million as compared to the first quarter of 2024 due primarily to an increase in net interest margin from 1.44% in the first quarter of 2024 to 1.82% in the first quarter of 2025. The increase in net interest margin is due to a 27 basis point decrease in the rates paid on interest-bearing liabilities and an 11 basis point increase in the yield on interest earning assets. The increase in yield on interest earning assets was primarily due to the sale of $990 million of lower yielding multifamily loans at the end of the fourth quarter of 2024. The decrease in rates on interest bearing liabilities are primarily due to our paydown at the end of 2024 and beginning of 2025 of higher cost borrowings and brokered certificates of deposit using the proceeds from the sale of multifamily loans.

The $1.0 million provision for credit losses recognized during the first quarter of 2025 was due to a $3.3 million increase in specific reserves which was partially offset by lower general reserves resulting in part from lower loan balances. During the first quarter of 2024, the provision for credit losses reflect the stable balance of our loan portfolio, a minimal level of identified credit issues in our loan portfolio and the lack of significant expected credit issues arising in future periods.

Noninterest income in the first quarter of 2025 increased from the first quarter of 2024 primarily due to a $0.9 million increase in gain on loan sales and a $1.8 million increase in loan servicing income. The gain on loan sales increased primarily due to an increase in CRE loan sales volume. The increase in loan servicing income is primarily due to an increase in the value of our single family mortgage servicing rights.

The $3.1 million decrease in noninterest expense in the first quarter of 2025 as compared to the first quarter of 2024 was primarily due to $1.7 million lower compensation and benefit costs, $0.6 million lower occupancy

costs and $1.0 million lower general and administrative costs. The decrease in compensation and benefit costs was primarily due to an 11% decrease in FTE and lower medical costs, which was partially offset by wage increases given in the first quarter of 2025. The decrease in occupancy costs is primarily due to reductions in leased space from branch closures in 2024. The decrease in general and administrative costs reflects the effort made to eliminate or defer nonessential expenses.

Financial Position

During the first quarter of 2025, our total assets decreased $320 million due primarily to a $169 million decrease in loans held for investment and a $154 million decrease in cash. In the first quarter of 2025, total liabilities decreased $324 million due to a $323 million decrease in deposits. The decrease in deposits was primarily due to a $454 million decrease in brokered certificates of deposit which was partially offset by a $131 million increase in non-brokered deposits.

Loans Held for Investment


(in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Commercial real estate ("CRE")
Non-owner occupied CRE	$	545,313	$	570,750	$	590,956	$	612,937	$	633,401
Multifamily	2,934,442		2,992,675		3,950,941		3,935,158		3,929,679
Construction/land development	436,610		472,740		535,601		530,445		575,152
Total	3,916,365		4,036,165		5,077,498		5,078,540		5,138,232
Commercial and industrial loans
Owner occupied CRE	340,106		361,997		365,138		372,452		381,943
Commercial business	299,001		312,004		345,999		376,711		387,464
Total	639,107		674,001		711,137		749,163		769,407
Consumer loans
Single family	1,088,264		1,109,095		1,137,981		1,152,004		1,149,940
Home equity and other	419,480		412,535		406,638		400,343		387,150
Total (1)	1,507,744		1,521,630		1,544,619		1,552,347		1,537,090
Total LHFI	6,063,216		6,231,796		7,333,254		7,380,050		7,444,729
Allowance for credit losses ("ACL")	(39,634)		(38,743)		(38,651)		(39,741)		(39,677)
Total LHFI less ACL	$	6,023,582	$	6,193,053	$	7,294,603	$	7,340,309	$	7,405,052

(1)Includes $1.2 million at March 31, 2025 and $1.3 million at December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024 of single family loans that are carried at fair value.

Loan Roll-forward


(in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Loans - beginning balance	$	6,231,796	$	7,333,254	$	7,380,050	$	7,444,729	$	7,422,904
Originations and advances	203,589		278,922		279,783		282,460		287,568
Transfers (to) from loans held for sale	(479)		1		(378)		(520)		(273)
Loan Sold	—		(994,243)		—		—		—
Payoffs, paydowns and other	(371,629)		(385,790)		(324,639)		(346,493)		(264,860)
Charge-offs and transfers to OREO	(61)		(348)		(1,562)		(126)		(610)
Loans - ending balance	$	6,063,216	$	6,231,796	$	7,333,254	$	7,380,050	$	7,444,729

Loan Originations and Advances


(in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

CRE
Non-owner occupied CRE	$	3,993	$	9	$	9	$	977	$	1,146
Multifamily (1)	2,103		79,710		48,960		17,495		489
Construction/land development	121,765		122,855		160,220		152,681		157,453
Total	127,861		202,574		209,189		171,153		159,088
Commercial and industrial loans
Owner occupied CRE	—		4,040		—		663		949
Commercial business	26,224		28,921		12,966		38,990		61,400
Total	26,224		32,961		12,966		39,653		62,349
Consumer loans
Single family (2)	11,221		6,037		15,960		33,359		31,769
Home equity and other	38,283		37,350		41,668		38,295		34,362
Total	49,504		43,387		57,628		71,654		66,131
Total loan originations and advances	$	203,589	$	278,922	$	279,783	$	282,460	$	287,568

(1) Includes loans transferred from construction loans to permanent multifamily loans upon completion of construction of $57.0 million, $47.1 million and $17.5 million for the quarters ended December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

(2) Includes loans transferred from construction loans to permanent single family loans upon completion of construction of $10.4 million, $4.6 million, $12.9 million, $31.6 million and $30.8 million for the quarters ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

Credit Quality

During the first quarter of 2025, our ratios of nonperforming assets to total assets and total loans delinquent over 30 days, including nonaccrual loans, increased slightly primarily due to a decrease in our loans held for investment. As of March 31, 2025, our ratio of nonperforming assets to total assets was 0.75% as compared to 0.71% at December 31, 2024, and our ratio of total loans delinquent over 30 days, including nonaccrual loans, to total loans was 1.09% as compared to 1.06% at December 31, 2024. During the first quarter of 2025, we increased the specific reserves for a syndicated commercial loan by $3.9 million based on updated analysis of the collateral support for this loan.

Delinquencies


	Past Due and Still Accruing
(dollars in thousands)	30-59 days			60-89 days			90 days or more (1)			Nonaccrual			Total past due and nonaccrual (2)			Current			Total loans

March 31, 2025
Total loans held for investment	$	3,709		$	2,204		$	4,182		$	55,791		$	65,886		$	5,997,330		$	6,063,216
%	0.06		%	0.04		%	0.07		%	0.92		%	1.09		%	98.91		%	100.00		%

December 31, 2024
Total loans held for investment	$	4,945		$	1,727		$	4,354		$	54,994		$	66,020		$	6,165,776		$	6,231,796
%	0.08		%	0.03		%	0.07		%	0.88		%	1.06		%	98.94		%	100.00		%

(1) FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss.

(2) Includes loans whose repayments are insured by the FHA or guaranteed by the VA or SBA of $10.4 million and $11.3 million at March 31, 2025 and December 31, 2024, respectively.

Allowance for Credit Losses (roll-forward)


	Quarter Ended
(in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Allowance for credit losses
Beginning balance	$	38,743	$	38,651	$	39,741	$	39,677	$	40,500
Provision for credit losses	888		203		104		128		242
Recoveries (charge-offs), net	3		(111)		(1,194)		(64)		(1,065)
Ending balance	$	39,634	$	38,743	$	38,651	$	39,741	$	39,677

Allowance for unfunded commitments:
Beginning balance	$	1,146	$	1,349	$	1,453	$	1,581	$	1,823
Provision for credit losses	112		(203)		(104)		(128)		(242)
Ending balance	$	1,258	$	1,146	$	1,349	$	1,453	$	1,581

Provision for credit losses:
Allowance for credit losses - loans	$	888	$	203	$	104	$	128	$	242
Allowance for unfunded commitments	112		(203)		(104)		(128)		(242)
Total	$	1,000	$	—	$	—	$	—	$	—

Allocation of Allowance for Credit Losses by Product Type


	March 31, 2025				December 31, 2024
(dollars in thousands)	Balance		Rate (1)		Balance		Rate (1)

Non-owner occupied CRE	$	1,658	0.30	%	$	1,739	0.30	%
Multifamily	13,287		0.45	%	14,909		0.50	%
Construction/land development
Multifamily construction	468		0.72	%	849		0.86	%
CRE construction	73		0.66	%	66		0.60	%
Single family construction	5,704		1.74	%	6,737		2.10	%
Single family construction to perm	140		0.45	%	184		0.44	%
Total CRE	21,330		0.55	%	24,484		0.61	%
Owner occupied CRE	598		0.18	%	576		0.16	%
Commercial business	10,648		3.61	%	6,886		2.23	%
Total commercial and industrial	11,246		1.77	%	7,462		1.12	%
Single family	3,702		0.37	%	3,610		0.35	%
Home equity and other	3,356		0.80	%	3,187		0.77	%
Total consumer	7,058		0.50	%	6,797		0.47	%
Total	$	39,634	0.66	%	$	38,743	0.63	%

(1) The ACL rate is calculated excluding balances related to loans that are insured by the FHA or guaranteed by the VA or SBA

Production Volumes for Sale to the Secondary Market


	Quarter Ended
(in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Loan originations
Single family loans	$	83,834	$	110,434	$	125,964	$	101,057	$	76,528
Commercial and industrial and CRE loans	42,676		84,263		—		19,593		3,496
Loans sold
Single family loans	82,397		127,401		109,091		98,081		70,379
Commercial and industrial and CRE loans (1)	54,195		1,074,405		7,602		13,539		8,196
Net gain (loss) on loan origination and sale activities
Single family loans	2,283		2,090		2,779		2,718		1,986
Commercial and industrial and CRE loans (1)	933		(87,082)		(19)		318		320
Total	$	3,216	$	(84,992)	$	2,760	$	3,036	$	2,306

(1) May include loans originated as held for investment.

Loan Servicing Income


	Quarter Ended
(in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Single family servicing income, net:
Servicing fees and other	$	3,725	$	3,715	$	3,776	$	3,751	$	3,839
Changes - amortization (1)	(1,582)		(1,690)		(1,669)		(1,713)		(1,428)
Net	2,143		2,025		2,107		2,038		2,411
Risk management, single family MSRs:
Changes in fair value due to assumptions (2)	271		2,559		(1,963)		529		618
Net gain (loss) from economic hedging (3)	1,016		(2,731)		1,418		(509)		(1,110)
Subtotal	1,287		(172)		(545)		20		(492)
Single family servicing income	3,430		1,853		1,562		2,058		1,919
Commercial loan servicing income:
Servicing fees and other	2,782		2,472		2,919		2,811		2,515
Amortization of capitalized MSRs	(1,354)		(1,328)		(1,423)		(1,459)		(1,402)
Total	1,428		1,144		1,496		1,352		1,113
Total loan servicing income	$	4,858	$	2,997	$	3,058	$	3,410	$	3,032

(1)Represents changes due to collection/realization of expected cash flows and curtailments.

(2)Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.

(3)The interest income from US Treasury notes trading securities used for hedging purposes, which is included in interest income on the consolidated income statements, was $0.4 million for the quarter ended March 31, 2025, and $0.3 million for each of the quarters ended, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024.

Capitalized Mortgage Servicing Rights ("MSRs")


	Quarter Ended
(in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Single Family MSRs
Beginning balance	$	72,901		$	70,800		$	73,725		$	74,056		$	74,249
Additions and amortization:
Originations	695			1,232			707			853			617

Changes - amortization (1)	(1,582)			(1,690)			(1,669)			(1,713)			(1,428)
Net additions and amortization	(887)			(458)			(962)			(860)			(811)
Change in fair value due to assumptions (2)	271			2,559			(1,963)			529			618
Ending balance	$	72,285		$	72,901		$	70,800		$	73,725		$	74,056
Ratio to related loans serviced for others	1.41		%	1.41		%	1.36		%	1.41		%	1.40		%

Multifamily and SBA MSRs
Beginning balance	$	26,565		$	26,322		$	27,583		$	28,863		29,987
Originations	463			1,571			162			179			278
Amortization	(1,354)			(1,328)			(1,423)			(1,459)			(1,402)
Ending balance	$	25,674		$	26,565		$	26,322		$	27,583		$	28,863
Ratio to related loans serviced for others	1.33		%	1.38		%	1.42		%	1.47		%	1.52		%

(1) Represents changes due to collection/realization of expected cash flows and curtailments.

(2) Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.

Deposits


(in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Deposits by Product:
Noninterest-bearing demand deposits	$	1,276,133	$	1,195,781	$	1,253,582	$	1,252,850	$	1,311,559
Interest-bearing:
Interest-bearing demand deposits	327,400		323,112		315,711		332,290		330,301
Savings	233,240		229,659		239,060		246,397		256,383
Money market	1,437,024		1,396,697		1,445,639		1,502,960		1,536,341
Certificates of deposit:
Brokered deposits	297,717		751,406		741,051		948,989		921,103
Other	2,518,981		2,516,366		2,440,361		2,248,984		2,135,415
Total interest-bearing deposits	4,814,362		5,217,240		5,181,822		5,279,620		5,179,543
Total deposits	$	6,090,495	$	6,413,021	$	6,435,404	$	6,532,470	$	6,491,102


Percent of total deposits:
Noninterest-bearing demand deposits	21.0	%	18.6	%	19.5	%	19.2	%	20.2	%
Interest-bearing:
Interest-bearing demand deposits	5.4	%	5.0	%	4.9	%	5.1	%	5.1	%
Savings	3.8	%	3.6	%	3.7	%	3.8	%	3.9	%
Money market	23.6	%	21.8	%	22.5	%	23.0	%	23.7	%
Certificates of deposit
Brokered deposits	4.9	%	11.7	%	11.5	%	14.5	%	14.2	%
Other	41.3	%	39.3	%	37.9	%	34.4	%	32.9	%
Total interest-bearing deposits	79.0	%	81.4	%	80.5	%	80.8	%	79.8	%
Total deposits	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

HomeStreet, Inc. and Subsidiaries

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements presented in accordance with GAAP, we use certain non-GAAP measures of financial performance.

In this earnings release, we use the following non-GAAP measures: (i) tangible common equity and tangible assets as we believe this information is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of capital ratios; (ii) core net income (loss) and effective tax rate on core net income (loss) before taxes, which excludes the loss on the sale of $990 million of multifamily loans in the fourth quarter of 2024 due to the unusual nature and size of the loan sale, the deferred tax asset valuation allowance recognized in the fourth quarter of 2024 because it is a significant unusual item, loss on debt extinguishment in the fourth quarter of 2024 and merger related expenses and the related tax impact as we believe this measure is a better comparison to be used for projecting future results; (iii) core noninterest expenses which excludes the loss on debt extinguishment in the fourth quarter of 2024 and merger related expenses as we believe this measure is a better comparison to be used for projecting future noninterest expenses and (iv) an efficiency ratio which is the ratio of noninterest expense to the sum of net interest income and noninterest income, excluding certain items of income or expense considered non-core and excluding taxes incurred and payable to the state of Washington as such taxes are not classified as income taxes and we believe including them in noninterest expense impacts the comparability of our results to those companies whose operations are in states where assessed taxes on business are classified as income taxes.

These supplemental performance measures, as well as additional measures derived from these supplemental performance measures, may vary from, and may not be comparable to, similarly titled measures provided by other companies in our industry. Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. A non-GAAP financial measure may also be a financial metric that is not required by GAAP or other applicable requirements.

We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by providing additional information used by management that is not otherwise required by GAAP or other applicable requirements. Our management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate a comparison of our performance to prior periods. We believe these measures are frequently used by securities analysts, investors and other parties in the evaluation of companies in our industry. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP. In the information below, we have provided reconciliations of, where applicable, the most comparable GAAP financial measures to the non-GAAP measures used in this earnings release, or the computation of the non-GAAP financial measure.

HomeStreet, Inc. and Subsidiaries

Non-GAAP Financial Measures

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures or calculations of the non-GAAP measure:


	As of or for the Quarter Ended
(in thousands, except share and per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Core net income (loss)
Net income (loss)	$	(4,465)		$	(123,327)		$	(7,282)		$	(6,238)		$	(7,497)
Adjustments (tax effected)
Loss on loan sale	—			67,058			—			—			—
Merger related expenses (recoveries)	1,599			(2,534)			1,283			1,897			2,028
Loss on debt extinguishment	—			353			—			—			—

Deferred tax asset allowance	—			53,310			—			—			—
Total	$	(2,866)		$	(5,140)		$	(5,999)		$	(4,341)		$	(5,469)

Core net income (loss) per fully diluted share
Fully diluted shares	18,920,808			18,857,565			18,857,565			18,857,566			18,856,870

Computed amount	$	(0.15)		$	(0.27)		$	(0.32)		$	(0.23)		$	(0.29)

Return on average tangible equity (annualized)
Average shareholders' equity	$	404,800		$	529,299		$	531,608		$	522,904		$	537,627
Less: Average goodwill and other intangibles	(6,976)			(7,542)			(8,176)			(8,794)			(9,403)
Average tangible equity	$	397,824		$	521,757		$	523,432		$	514,110		$	528,224

Net income (loss)	$	(4,465)		$	(123,327)		$	(7,282)		$	(6,238)		$	(7,497)
Adjustments (tax effected)
Amortization of core deposit intangibles	374			487			488			487			488
Tangible income applicable to shareholders	$	(4,091)		$	(122,840)		$	(6,794)		$	(5,751)		$	(7,009)

Ratio	(4.2)		%	(93.7)		%	(5.1)		%	(4.5)		%	(5.3)		%

Return on average tangible equity (annualized) - Core
Average tangible equity	$	397,824		$	521,757		$	523,432		$	514,110		$	528,224

Core net income (loss) (per above)	$	(2,866)		$	(5,140)		$	(5,999)		$	(4,341)		$	(5,469)
Adjustments (tax effected)
Amortization of core deposit intangibles	374			487			488			487			488
Tangible income (loss) applicable to shareholders	$	(2,492)		$	(4,653)		$	(5,511)		$	(3,854)		$	(4,981)

Ratio	(2.5)		%	(3.5)		%	(4.2)		%	(3.0)		%	(3.8)		%

Return on average equity (annualized) - Core
Average shareholders' equity (per above)	$	404,800		$	529,299		$	531,608		$	522,904		$	537,627
Core net income (loss) (per above)	(2,866)			(5,140)			(5,999)			(4,341)			(5,469)

Ratio	(2.9)		%	(3.9)		%	(4.5)		%	(3.3)		%	(4.1)		%


	As of or for the Quarter Ended
(in thousands, except share and per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Efficiency ratio
Noninterest expense
Total	$	49,108		$	43,953		$	49,166		$	50,931		$	52,164
Adjustments:
Merger related expenses or recoveries	(2,050)			3,249			(1,645)			(2,432)			(2,600)
Loss on debt extinguishment	—			(452)			—			—			—

State of Washington taxes	(386)			(157)			(438)			(463)			(452)
Adjusted total	$	46,672		$	46,593		$	47,083		$	48,036		$	49,112

Total revenues
Net interest income	$	33,221		$	29,616		$	28,619		$	29,701		$	32,151
Noninterest income (loss)	12,136			(78,124)			11,058			13,227			9,454
Loss on loan sale	—			88,818			—			—			—
Adjusted total	$	45,357		$	40,310		$	39,677		$	42,928		$	41,605

Ratio	102.9		%	115.6		%	118.7		%	111.9		%	118.0		%

Return on average assets (annualized) - Core
Average Assets	$	7,870,934		$	9,127,103		$	9,138,291		$	9,272,131		$	9,502,189
Core net income (loss) (per above)	(2,866)			(5,140)			(5,999)			(4,341)			(5,469)

Ratio	(0.15)		%	(0.22)		%	(0.26)		%	(0.19)		%	(0.23)		%






Effective tax rate used in computations above (1)	22.0		%	22.0		%	22.0		%	22.0		%	22.0		%

Tangible book value per share
Shareholders' equity	$	400,751		$	396,997		$	538,315		$	520,117		$	527,333
Less: Intangible assets	(6,662)			(7,141)			(7,766)			(8,391)			(9,016)
Tangible shareholders' equity	$	394,089		$	389,856		$	530,549		$	511,726		$	518,317

Common shares outstanding	18,920,808			18,857,565			18,857,565			18,857,565			18,857,566

Computed amount	$	20.83		$	20.67		$	28.13		$	27.14		$	27.49

Tangible common equity to tangible assets
Tangible shareholders' equity (per above)	$	394,089		$	389,856		$	530,549		$	511,726		$	518,317
Tangible assets
Total assets	$	7,803,631		$	8,123,698		$	9,201,285		$	9,266,039		$	9,455,182
Less: Intangible assets (per above)	(6,662)			(7,141)			(7,766)			(8,391)			(9,016)
Net	$	7,796,969		$	8,116,557		$	9,193,519		$	9,257,648		$	9,446,166

Ratio	5.1		%	4.8		%	5.8		%	5.5		%	5.5		%

(1) Effective tax rate indicated is used for all adjustments except the loss on loan sale. The gross effective tax rate of 24.5% was used for the loss on loan sale due to the large size of the loss in relation to permanent differences that could impact our gross effective rate.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Generally, forward-looking statements include the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “goal,” “upcoming,” “outlook,” “guidance” or "project" or the negation thereof, or similar expressions, including statements relating to the growth of the Company and achievement of profitability and timing of such achievement. In addition, all statements in this report that address and/or include beliefs, assumptions, estimates, projections and expectations of our future performance and financial condition are forward-looking statements within the meaning of the Reform Act. Forward-looking statements involve inherent risks, uncertainties and other factors, many of which are difficult to predict and are generally beyond management’s control. Forward-looking statements are based on the Company’s expectations at the time such statements are made and speak only as of the date made. The Company does not assume any obligation or undertake to update any forward-looking statements after the date of this report as a result of new information, future events or developments, except as required by federal securities or other applicable laws, although the Company may do so from time to time. For all forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act.

We caution readers that actual results may differ materially from those expressed in or implied by the Company’s forward-looking statements. Rather, more important factors could affect the Company’s future results, including but not limited to the following: (1) our ability to successfully consummate the pending merger (the "Merger") with Mechanics Bank ("Mechanics"), (2) the ability of HomeStreet and Mechanics to obtain required governmental approvals of the Merger, (3) the failure to satisfy the closing conditions in the definitive Agreement and Plan of Merger, dated as of March 28, 2025 (the “Merger Agreement”), or any unexpected delay in closing the Merger, (4) the ability to achieve expected cost savings, synergies and other financial benefits from the Merger within the expected time frames and costs or difficulties relating to integration matters being greater than expected, (5) the diversion of management time from core banking functions due to Merger-related issues; (6) potential difficulty in maintaining relationships with customers, associates or business partners as a result of the announced Merger; (7) changes in the interest rate environment and in expectation of reduction in short-term interest rates; (8) changes in the U.S. and global economies, including business disruptions, reductions in employment, inflationary pressures and an increase in business failures, specifically among our customers, and global trade disputes, including the imposition of tariffs by the U.S. and countermeasures by foreign governments; (9) our ability to control operating costs and expenses; (10) our ability to attract and retain key members of our senior management team; (11) changes in deposit flows, loan demand or real estate values may adversely affect our business; (12) there may be increases in competitive pressure among financial institutions or from non-financial institutions; (13) our ability to obtain regulatory approvals or non-objection to take various capital actions, including the payment of dividends by us or the Bank; (14) the timing and occurrence or non-occurrence of events may be subject to circumstances beyond our control; (15) our credit quality and the effect of credit quality on our credit losses expense and allowance for credit losses and impact the adequacy of our allowance for credit losses; (16) changes in accounting principles, policies or guidelines may cause our financial condition to be perceived or interpreted differently; (17) legislative or regulatory changes that may adversely affect our business or financial condition, including, without limitation, changes in corporate and/or individual income tax laws and policies, changes in privacy laws, and changes in regulatory capital or other rules, and the availability of resources to address or respond to such changes; (18) general economic conditions, either nationally or locally in some or all areas in which we conduct business, or conditions in the securities markets or banking industry, may be less favorable than what we currently anticipate; (19) challenges our customers may face in meeting current underwriting standards may adversely impact all or a substantial portion of our rate-lock loan activity we recognize; (20) technological changes may be more difficult or more expensive than what we anticipate; (21) a failure in or breach of our operational or security systems or information technology infrastructure, or those of our third-party providers and vendors, including due to cyber-attacks; (22) success or consummation of new business initiatives may be more difficult or expensive than what we anticipate; (23) staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; and (24) litigation, investigations or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than what we anticipate. A discussion of the factors, risks and uncertainties that could affect our financial results, business goals and operational and financial objectives cited in this release, other releases, public statements and/or filings with the Securities and Exchange Commission (“SEC”) is also contained in the “Risk Factors”

sections of the Company's Forms 10-K and 10-Q and in our Current Reports on Form 8-K we file with the SEC. We strongly recommend readers review those disclosures in conjunction with the discussions herein.

All future written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. New risks and uncertainties arise from time to time, and factors that the Company currently deems immaterial may become material, and it is impossible for the Company to predict these events or how they may affect the Company.

HomeStreet Reports First Quarter 2025 Results


Operating Results						First quarter 2025 compared to fourth quarter 2024 Reported Results: •Net loss: $4.5 million compared to $123.3 million •Net loss per fully diluted share: $0.24 compared to $6.54 •Noninterest expenses: $49.1 million compared to $44.0 million •Return on Average Equity ("ROAE"): (4.5)% compared to (92.7)% •Return on Average Tangible Equity ("ROATE"): (4.2)% compared to (93.7)%(1) •Return on Average Assets ("ROAA"): (0.23)% compared to (5.38)% •Net interest margin: 1.82% compared to 1.38% •Efficiency ratio: 102.9% compared to 115.6% (1)
						Core Results: (1) •Net loss: $2.9 million compared to $5.1 million •Net loss per fully diluted share: $0.15 compared to $0.27 •Core noninterest expenses: $46.7 million compared to $46.6 million •ROAE: (2.9)% compared to (3.9)% •ROATE: (2.5)% compared to (3.5)% •ROAA: (0.15)% compared to (0.22)%




Financial Position						As of and for the quarter ended March 31, 2025 •Excluding brokered deposits, total deposits increased by $131 million •Uninsured deposits were $542 million, or 9% of total deposits •Loans held for investment ("LHFI"), decreased by $169 million •Nonperforming assets to total assets: 0.75% •Delinquencies: 1.09% •Allowance for credit losses to LHFI: 0.66% •Book value per share: $21.18 •Tangible book value per share: $20.83(2)

(2) Tangible book value per share is a non-GAAP measure. For a reconciliation of this measure to the nearest comparable GAAP measure see "Non-GAAP financial measures" in this earnings release.

About HomeStreet


Contact:						Executive Vice President and Chief Financial Officer
						HomeStreet, Inc.
						John Michel (206) 515-2291
						john.michel@homestreet.com
						http://ir.homestreet.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Generally, forward-looking statements include the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “goal,” “upcoming,” “outlook,” “guidance” or "project" or the negation thereof, or similar expressions, including statements relating to the growth of the Company and achievement of profitability and timing of such achievement. In addition, all statements in this report that address and/or include beliefs, assumptions, estimates, projections and expectations of our future performance and financial condition are forward-looking statements within the meaning of the Reform Act. Forward-looking statements involve inherent risks, uncertainties and other factors, many of which are difficult to predict and are generally beyond management’s control. Forward-looking statements are based on the Company’s expectations at the time such statements are made and speak only as of the date made. The Company does not assume any obligation or undertake to update any forward-looking statements after the date of this report as a result of new information, future events or developments, except as required by federal securities or other applicable laws, although the Company may do so from time to time. For all forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act.

and/or filings with the Securities and Exchange Commission (“SEC”) is also contained in the “Risk Factors” sections of the Company's Forms 10-K and 10-Q and in our Current Reports on Form 8-K we file with the SEC. We strongly recommend readers review those disclosures in conjunction with the discussions herein.

HomeStreet, Inc. and Subsidiaries

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements presented in accordance with GAAP, we use certain non-GAAP measures of financial performance.

HomeStreet, Inc. and Subsidiaries

Non-GAAP Financial Measures

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures or calculations of the non-GAAP measure:


	As of or for the Quarter Ended
(in thousands, except share and per share data)	March 31, 2025			December 31, 2024

Core net income (loss)
Net income (loss)	$	(4,465)		$	(123,327)
Adjustments (tax effected)
Loss on loan sale	—			67,058
Merger related expenses (recoveries)	1,599			(2,534)
Loss on debt extinguishment	—			353
Deferred tax asset allowance	—			53,310
Total	$	(2,866)		$	(5,140)
Core net income (loss) per fully diluted share
Fully diluted shares	18,920,808			18,857,565
Computed amount	$	(0.15)		$	(0.27)

Return on average tangible equity (annualized)
Average shareholders' equity	$	404,800		$	529,299
Less: Average intangibles	(6,976)			(7,542)
Average tangible equity	$	397,824		$	521,757

Net income (loss)	$	(4,465)		$	(123,327)
Adjustments (tax effected)
Amortization of core deposit intangibles	374			487
Tangible income applicable to shareholders	$	(4,091)		$	(122,840)

Ratio	(4.2)		%	(93.7)		%

Return on average tangible equity (annualized) - Core
Average tangible equity	$	397,824		$	(7,542)

Core net income (loss) (per above)	$	(2,866)		$	(5,140)
Adjustments (tax effected)
Amortization of core deposit intangibles	374			487
Tangible income (loss) applicable to shareholders	$	(2,492)		$	(4,653)

Ratio	(2.5)		%	(3.5)		%

Return on average equity (annualized) - Core
Average shareholders' equity (per above)	$	404,800		$	529,299
Core net income (loss) (per above)	(2,866)			(5,140)

Ratio	(2.9)		%	(3.9)		%
Effective tax rate used in computations above (1)	22.0		%	22.0		%

Efficiency ratio
Noninterest expense
Total	$	49,108		$	43,953
Adjustments:
Merger related (expenses) recoveries	(2,050)			3,249
Loss on debt extinguishment	—			(452)
State of Washington taxes	(386)			(157)
Adjusted total	$	46,672		$	46,593

	March 31, 2025			December 31, 2024

Total revenues
Net interest income	$	33,221		$	29,616
Noninterest income (loss)	12,136			(78,124)
Loss on loan sale	—			88,818
Adjusted total	$	45,357		$	40,310
Ratio	102.9		%	115.6		%

Return on average assets (annualized) - Core
Average Assets	$	7,870,934		$	9,127,103
Core net income (loss) (per above)	(2,866)			(5,140)
Ratio	(0.15)		%	(0.22)		%

(in thousands, except share and per share data)
Tangible book value per share
Shareholders' equity	$	400,751		$	396,997
Less: Intangibles	(6,662)			(7,141)
Tangible shareholders' equity	$	394,089		$	389,856
Common shares outstanding	18,920,808			18,857,565
Computed amount	$	20.83		$	20.67

v3.25.1

Cover Cover

Apr. 28, 2025

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