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HomeStreet Bank


As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q2 YTD 6/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q2 YTD 6/30/2018 USD

CASH FLOWS FROM OPERATING ACTIVITIES

Net income 22,259 41,319 58,151 68,946 12,965

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

Depreciation, amortization and accretion 17,503 14,877 15,667 22,645 12,104
Provision for credit losses (1,000) 6,100 4,100 750 1,750
Net fair value adjustment and gain on sale of loans held for sale (15,350) 9,632 (268,104) (218,331) (44,297)
Fair value adjustment of loans held for investment 0 2,000 (354) (1,030) 31
Origination of mortgage servicing rights (46,492) (76,417) (90,520) (78,412) (33,369)
Change in fair value of mortgage servicing rights 40,691 27,483 13,280 36,615 (24,878)
Net gain on sale of investment securities (2,358) (2,406) (2,539) (489) (238)
Net loss (gain) on sale of loans originated as held for investment (4,586) (456) (2,607) (4,600) 628
Net fair value adjustment, gain on sale and provision for losses on other real estate owned (872) 176 1,767 (383) (92)
Loss on early retirement of long-term debt 573 NA NA NA NA
Loss on disposal of fixed assets 0 61 253 215 302
Loss on lease abandonment NA 0 0 5,054 5,802
Net deferred income tax (benefit) expense (13,664) 16,389 31,490 (2,094) (46)
Share-based compensation expense 1,516 1,060 2,062 2,856 1,702
Bargain purchase gain 0 (7,726) 0 0 NA
Origination of loans held for sale (3,795,111) (7,265,622) (9,169,488) (7,763,844) (3,248,078)
Proceeds from sale of loans originated as held for sale 3,420,142 7,243,990 9,379,720 8,084,916 3,345,695
Changes in operating assets and liabilities
Decrease (increase) in accounts receivable and other assets 25,420 (12,151) (60,946) 27,711 3,437
Increase (decrease) in accounts payable and other liabilities 2,693 10,002 43,255 (19,957) 2,347
Net cash provided by (used in) operating activities (348,636) 8,311 (44,813) 160,568 35,765

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of investment securities (60,548) (247,713) (743,861) (368,071) (97,842)
Proceeds from sale of investment securities 96,154 112,259 164,429 397,492 22,232
Principal repayments and maturities of investment securities 24,013 36,798 112,245 105,801 52,857
Proceeds from sale of other real estate owned 9,138 6,110 5,672 6,105 459
Proceeds from sale of loans originated as held for investment 271,409 34,111 153,518 324,745 230,527
Proceeds from sale of mortgage servicing rights 39,004 4,325 0 0 65,263
Mortgage servicing rights purchased from others (19) (9) 0 (565) 0
Capital expenditures related to other real estate owned 0 0 (720) (57) 0
Origination of loans held for investment and principal repayments, net (443,492) (476,062) (609,981) (998,638) (617,670)
Proceeds from sale of property and equipment 0 0 1,148 0 NA
Purchase of property and equipment (19,898) (20,560) (24,482) (42,286) (5,926)
Net cash acquired from acquisitions 0 132,407 122,760 19,285 NA
Net cash used in investing activities (84,239) (418,334) (819,272) (556,189) (350,100)

CASH FLOWS FROM FINANCING ACTIVITIES

Increase in deposits, net 231,871 111,906 919,497 309,798 359,251
Proceeds from Federal Home Loan Bank advances 6,704,054 10,618,900 14,734,636 10,972,200 5,637,500
Repayment of Federal Home Loan Bank advances (6,553,054) (10,263,900) (14,898,636) (10,861,200) (5,608,000)
Proceeds from federal funds purchased and securities sold under agreements to repurchase 108,308 82,204 64,804 875,166 796,000
Repayment of federal funds purchased and securities sold under agreements to repurchase (58,308) (132,204) (64,804) (875,166) (796,000)
Proceeds from line of credit draws NA NA NA NA 30,000
Proceeds from Federal Home Loan Bank stock 1,373 153,657 284,662 187,766 98,621
Purchase of Federal Home Loan Bank stock 0 (158,565) (279,436) (194,058) (100,139)
Repayment of long-term debt (3,527) NA NA NA NA
Dividends paid (1,628) NA NA NA NA
Proceeds from debt issuance, net 0 0 63,184 (65) NA
Proceeds from stock issuance, net 130 178 2,713 11 11
Excess tax benefit related to the exercise of stock options 250 29 0 0 NA
Payments from equity raise 0 0 58,713 (45) 0
Net cash provided by financing activities 429,469 412,205 885,333 414,407 417,244
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (3,406) 2,182 21,248 18,786 102,909
Cash, cash equivalents and restricted cash, beginning of year 33,908 30,502 32,684 53,932 73,909
Cash, cash equivalents and restricted cash, end of period NA NA NA NA 176,818
Less restricted cash included in other assets NA NA NA NA (600)
CASH AND CASH EQUIVALENTS AT END OF PERIOD 30,502 32,684 53,932 72,718 176,218

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during the period for

Interest paid 14,271 16,647 28,672 42,889 28,825
Federal and state income taxes refunded, net 6,626 11,328 14,441 (21,885) (112)

Non-cash activities

Loans held for investment foreclosed and transferred to other real estate owned 5,556 4,396 2,056 1,125 455
Loans transferred from held for investment to held for sale 310,455 76,178 169,745 419,494 252,567
Loans transferred from held for sale to held for investment 92,668 25,668 12,311 100,049 10,480
Ginnie Mae loans recognized with the right to repurchase (reduction in), net 6,840 7,857 6,775 3,534 1,992
Simplicity acquisition
Assets acquired, excluding cash acquired 0 738,279 0 0 NA
Liabilities assumed 0 718,916 0 0 NA
Bargain purchase gain 0 7,345 0 0 NA
Common stock issued 0 124,214 0 0 NA
Orange County Business Bank acquisition
Assets acquired, excluding cash acquired 0 0 165,786 0 NA
Liabilities assumed 0 0 141,267 0 NA
Goodwill 0 0 8,360 0 NA
Common stock issued 0 0 50,373 0 NA
Receivable from sale of mortgage servicing rights 4,244 NA NA NA 3,457
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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