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Stock Market & Financial Investment News

News Breaks
December 28, 2012
08:01 EDTHMSTHomeStreet announces termination of MOU
HomeStreet Bank, a wholly owned subsidiary of HomeStreet, Inc., has been notified by the Federal Deposit Insurance Corporation and Washington Department of Financial Institutions that its Memorandum of Understanding was terminated effective December 27. The Memorandum of Understanding, dated March 26, required, among other things, the maintenance of a minimum Tier 1 capital ratio of 9%, a plan to reduce adversely classified assets to levels to be established by mutual agreement with the regulators, and a restriction on payment of dividends from the Bank to HomeStreet. The Bank is no longer required to comply with these items.
News For HMST From The Last 14 Days
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July 29, 2014
05:05 EDTHMSTHomeStreet reports Q2 EPS 63c, consensus 73c
HomeStreet CEO Mark K. Mason stated, "Our mortgage origination business returned to profitability in Q2. Our long-term strategy of continuing to grow our retail mortgage banking franchise helped us grow our closed loan production at two to three times the rate of the industry in Q2. This additional loan volume, in conjunction with our efforts to improve production efficiency, resulted in a substantial decrease in the cost per unit to produce loans in the quarter. We continue to believe we are on track to meet or exceed last year’s origination volume, despite a recent softening of growth in the national and regional markets. We also maintained our position as the top lender for purchase mortgage originations in Puget Sound and the three-state Pacific Northwest region. Additionally, California’s mortgage originations comprised 20% of the company's closed loan volume in Q2. Our commercial and consumer banking business continued to expand, with strong loan production and loan portfolio growth. We target growth in our interest-earning assets of 5% or more per quarter, subject to liquidity and capital constraints. We opened one new retail deposit branch this quarter, with another opening in July, in our core market of Seattle, with two more scheduled for the second half of this year. We are happy to report that the core deposit growth trajectory for each of our de novo branches over the last two years continues to be at or above our expectations."

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