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HomeStreet, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $7.3 million, compared to a net income of $2.3 million in the same quarter the previous year.
Net interest income for the quarter was $28.6 million, down from $38.9 million in the previous year, attributed to a decrease in net interest margin.
Noninterest income was $11.1 million, compared to $10.5 million in the previous year, with gains on loan origination and sale activities contributing to the increase.
Noninterest expense totaled $49.2 million, compared to $49.1 million in the previous year, with compensation and benefits being the largest component.
The company reported total assets of $9.2 billion as of September 30, 2024, down from $9.4 billion at the end of 2023, primarily due to a decrease in investment securities.
Total deposits were $6.4 billion, down from $6.8 billion at the end of 2023, with a decrease in brokered deposits being a significant factor.
HomeStreet's allowance for credit losses was $38.7 million, representing 0.53% of total loans, compared to 0.55% at the end of 2023.
The filing also discusses the proposed merger with FirstSun Capital Bancorp, noting that regulatory approvals have not been obtained and alternative structures are being considered.
HomeStreet continues to focus on managing its liquidity and capital resources, with available borrowing capacity from the Federal Home Loan Bank and the Federal Reserve Bank.
The company does not anticipate paying quarterly dividends in 2024, as it focuses on maintaining capital and liquidity in a challenging interest rate environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HomeStreet Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.