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HomeStreet Inc. (HMST) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a net loss of $144.3 million for 2024, compared to a net loss of $27.5 million in the previous year. The loss was primarily due to a $88.8 million loss on the sale of multifamily loans and a $53.3 million valuation allowance for deferred tax assets.
Net interest income decreased to $120.1 million from $166.8 million in 2023, impacted by a decrease in the net interest margin from 1.88% to 1.38%. This was due to an increase in the rates paid on interest-bearing liabilities.
Noninterest income decreased significantly, primarily due to the loss on the sale of multifamily loans. Noninterest expense also decreased, primarily due to a goodwill impairment charge of $39.9 million in 2023.
Total assets as of December 31, 2024, were $8.1 billion, a decrease from $9.4 billion at the end of 2023. This was primarily due to the sale of multifamily loans and a decrease in investment securities.
Deposits decreased to $6.4 billion from $6.8 billion, with a notable decrease in brokered certificates of deposit.
The company reported a decrease in borrowings to $1.0 billion from $1.7 billion, primarily due to paydowns from the proceeds of the multifamily loan sale.
HomeStreet Inc. did not pay any dividends in 2024 and does not plan to pay quarterly dividends in 2025. The company will reassess the dividend policy each quarter.
The filing details various financial agreements, including borrowings from the Federal Home Loan Bank and the Federal Reserve Bank of San Francisco.
The company identified no material cybersecurity incidents in the last three fiscal years and continues to focus on strengthening its cybersecurity measures.
HomeStreet Inc. continues to manage its liquidity and capital resources, with a focus on maintaining sufficient funds to meet its obligations and support future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HomeStreet Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.