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As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q2 YTD 6/30/2019 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q2 YTD 6/30/2019 USD

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) income 41,319 58,151 68,946 40,027 (7,303)

Adjustments to reconcile net income to net cash provided by (used in) operating activities

Depreciation, amortization and accretion 14,877 15,667 22,645 24,893 19,862
Provision for credit losses 6,100 4,100 750 3,000 1,500
Net fair value adjustment and gain on sale of loans held for sale 9,632 (268,104) (218,331) (93,766) (58,383)
Gain on sale of mortgage servicing rights, gross NA NA NA NA (6,206)
Loss on sale of HLC mortgage origination assets, net NA NA NA NA 577
Fair value adjustment of loans held for investment 2,000 (354) (1,030) (107) (136)
Origination of mortgage servicing rights (76,417) (90,520) (78,412) (61,871) (18,631)
Change in fair value of mortgage servicing rights 27,483 13,280 36,615 (6,711) 24,971
Net loss (gain) on sale of investment securities (2,406) (2,539) (489) (235) 110
Net (gain) loss on sale of loans originated as held for investment (456) (2,607) (4,600) (1,956) (3,640)
Net fair value adjustment, gain on sale and provision for losses on other real estate owned 176 1,767 (383) (171) (110)
Loss on disposal of fixed assets 61 253 215 244 0
Loss on lease abandonment and exit costs 0 0 5,054 5,096 17,519
Deferred income taxes 16,389 31,490 (2,094) 12,777 (39,832)
Share-based compensation expense 1,060 2,062 2,856 3,361 341
Bargain purchase gain (7,726) NA NA NA NA
Origination of loans held for sale (7,265,622) (9,169,488) (7,763,844) (6,075,290) (2,539,081)
Proceeds from sale of loans originated as held for sale 7,243,990 9,379,720 8,084,916 6,448,808 2,496,484
Changes in operating assets and liabilities
Decrease in accounts receivable and other assets (12,151) (60,927) 26,470 (8,030) 7,914
(Decrease) increase in accounts payable and other liabilities 10,002 43,255 (19,957) (4,058) (4,188)
Net cash (used in) provided by operating activities 8,311 (44,794) 159,327 286,011 (108,232)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of investment securities (247,713) (743,861) (368,071) (189,660) (24,148)
Proceeds from sale of investment securities 112,259 164,429 397,492 46,081 119,412
Principal repayments and maturities of investment securities 36,798 112,245 105,801 106,798 51,722
Proceeds from sale of other real estate owned 6,110 5,672 6,105 836 744
Proceeds from sale of loans originated as held for investment 34,111 153,518 324,745 548,770 339,026
Loans purchased from others NA 0 0 (1,953) NA
Proceeds from sale of mortgage servicing rights 4,325 0 0 65,373 1,109
Mortgage servicing rights purchased from others (9) 0 (565) (4) NA
Capital expenditures related to other real estate owned 0 (720) (57) 0 NA
Net cash provided by disposal of discontinued operations NA NA NA NA 168,298
Origination of loans held for investment and principal repayments, net (476,062) (609,981) (998,638) (1,132,521) (484,010)
Proceeds from sale of property and equipment 0 1,148 0 808 NA
Purchase of property and equipment (20,560) (24,482) (42,286) (9,724) (1,160)
Net cash acquired from acquisitions 132,407 122,760 19,285 0 NA
Net cash used for acquisitions NA NA NA NA (47,389)
Net cash provided by (used in) investing activities (418,334) (819,272) (556,189) (565,196) 123,604

CASH FLOWS FROM FINANCING ACTIVITIES

Increase in deposits, net 111,906 919,497 309,798 290,152 597,574
Proceeds from Federal Home Loan Bank advances 10,618,900 14,734,636 10,972,200 11,729,500 5,388,300
Repayment of Federal Home Loan Bank advances (10,263,900) (14,898,636) (10,861,200) (11,776,000) (5,933,300)
Proceeds from federal funds purchased and securities sold under agreements to repurchase 82,204 64,804 875,166 3,511,070 7,397,200
Repayment of federal funds purchased and securities sold under agreements to repurchase (132,204) (64,804) (875,166) (3,492,070) (7,416,200)
Proceeds from line of credit draws NA 0 0 30,000 0
Repayment of line of credit draws NA 0 0 (30,000) NA
Repayment of lease principal NA NA NA NA (1,053)
Proceeds from Federal Home Loan Bank stock repurchase 153,657 284,662 187,766 179,789 113,655
Purchase of Federal Home Loan Bank stock (158,565) (279,436) (194,058) (178,647) (92,206)
Proceeds from debt issuance, net 0 63,184 (65) 0 NA
(Payments) proceeds from equity raise, net 0 58,713 (45) 0 NA
Stock repurchased NA NA NA NA (28,326)
Proceeds from stock issuance, net 178 2,713 11 68 0
Excess tax benefit related to the exercise of stock options 29 NA NA NA NA
Net cash provided by financing activities 412,205 885,333 414,407 263,862 25,644
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 2,182 21,267 17,545 (15,323) 41,016

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Cash, cash equivalents and restricted cash, beginning of year 30,502 35,097 56,364 73,909 58,586
Cash, cash equivalents and restricted cash, end of period NA 53,932 72,718 57,982 99,602
Less restricted cash included in other assets NA 2,432 1,191 604 0
CASH AND CASH EQUIVALENTS AT END OF PERIOD 32,684 56,364 73,909 58,586 99,602

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during the period for

Interest paid 16,647 28,672 42,889 67,552 48,407
Federal and state income taxes (refunded) paid, net 11,328 14,441 (21,885) (5,785) 11,310

Non-cash activities

Loans held for investment foreclosed and transferred to other real estate owned 4,396 2,056 1,125 455 915
Loans transferred from held for investment to held for sale 76,178 169,745 419,494 634,205 357,552
Loans transferred from held for sale to held for investment 25,668 12,311 100,049 71,584 4,723
Ginnie Mae loans (derecognized) recognized with the right to repurchase, net 7,857 6,775 3,534 (1,674) (28,149)
Simplicity acquisition
Assets acquired, excluding cash acquired 738,279 NA NA NA NA
Liabilities assumed 718,916 NA NA NA NA
Bargain purchase gain 7,345 NA NA NA NA
Common stock issued 124,214 NA NA NA NA
Receivable from sale of mortgage servicing rights NA 0 0 3,337 18,315

Acquisition

Assets acquired NA NA NA NA 114,725
Assets acquired, excluding cash acquired 0 165,786 0 0 NA
Liabilities assumed 0 141,267 0 0 74,942
Goodwill 0 8,360 0 0 7,606
Common stock issued 0 50,373 0 0 NA
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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