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Section 1: 10-Q (FORM 10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________ 
FORM 10-Q
________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2018
Commission file number: 001-35424
________________________________ 
HOMESTREET, INC.
(Exact name of registrant as specified in its charter)
________________________________ 
Washington
 
91-0186600
(State or other jurisdiction of incorporation)
 
(IRS Employer Identification No.)
601 Union Street, Suite 2000
Seattle, Washington 98101
(Address of principal executive offices)
(Zip Code)
(206) 623-3050
(Registrant’s telephone number, including area code) 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:
 
Large Accelerated Filer
 
o
Accelerated Filer
 
x
 
 
 
 
 
 
Non-accelerated Filer
 
o
Smaller Reporting Company
 
o
 
 
 
 
 
 
Emerging growth Company
 
o
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act.
 
o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No  x
The number of outstanding shares of the registrant's common stock as of August 1, 2018 was 26,985,537.6.
 





PART I – FINANCIAL INFORMATION
 
 
 
ITEM 1
FINANCIAL STATEMENTS
 
 
 
 
ITEM 2
 

2




 
 
 
ITEM 3
ITEM 4
 
ITEM 1
ITEM 1A
ITEM 2
ITEM 3
ITEM 4
ITEM 5
ITEM 6

Unless we state otherwise or the content otherwise requires, references in this Form 10-Q to “HomeStreet,” “we,” “our,” “us” or the “Company” refer collectively to HomeStreet, Inc., a Washington corporation, HomeStreet Bank (“Bank”), HomeStreet Capital Corporation (“HomeStreet Capital”) and other direct and indirect subsidiaries of HomeStreet, Inc.


3


PART I
ITEM 1 FINANCIAL STATEMENTS


HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)

(in thousands, except share data)
 
June 30,
2018
 
December 31,
2017
 
 
 
 
 
ASSETS
 
 
 
 
Cash and cash equivalents (including interest-earning instruments of $126,083 and $30,268)
 
$
176,218

 
$
72,718

Investment securities (includes $829,422 and $846,268 carried at fair value)
 
907,457

 
904,304

Loans held for sale (includes $527,088 and $577,313 carried at fair value)
 
568,514

 
610,902

Loans held for investment (net of allowance for loan losses of $39,480 and $37,847; includes $4,187 and $5,477 carried at fair value)
 
4,883,310

 
4,506,466

Mortgage servicing rights (includes $245,744 and $258,560 carried at fair value)
 
272,205

 
284,653

Other real estate owned
 
752

 
664

Federal Home Loan Bank stock, at cost
 
48,157

 
46,639

Premises and equipment, net
 
99,155

 
104,654

Goodwill
 
22,564

 
22,564

Other assets
 
185,545

 
188,477

Total assets
 
$
7,163,877

 
$
6,742,041

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
Liabilities:
 
 
 
 
Deposits
 
$
5,120,285

 
$
4,760,952

Federal Home Loan Bank advances
 
1,008,613

 
979,201

Accounts payable and other liabilities
 
173,145

 
172,234

Other borrowings
 
30,007

 

Long-term debt
 
125,368

 
125,274

Total liabilities
 
6,457,418

 
6,037,661

Commitments and contingencies (Note 7)
 

 

Shareholders’ equity:
 
 
 
 
Preferred stock, no par value, authorized 10,000 shares, issued and outstanding, 0 shares and 0 shares
 

 

Common stock, no par value, authorized 160,000,000 shares, issued and outstanding, 26,978,229 shares and 26,888,288 shares
 
511

 
511

Additional paid-in capital
 
340,723

 
339,009

Retained earnings
 
384,947

 
371,982

Accumulated other comprehensive loss
 
(19,722
)
 
(7,122
)
Total shareholders' equity
 
706,459

 
704,380

Total liabilities and shareholders' equity
 
$
7,163,877

 
$
6,742,041


See accompanying notes to interim consolidated financial statements (unaudited).

4


HOMESTREET, INC. AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in thousands, except share data)
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
Interest income:
 
 
 
 
 
 
 
Loans
$
61,409

 
$
51,198

 
$
117,345

 
$
100,704

Investment securities
5,527

 
5,419

 
11,086

 
11,051

Other
253

 
125

 
432

 
261

 
67,189

 
56,742

 
128,863

 
112,016

Interest expense:
 
 
 
 
 
 
 
Deposits
9,562

 
5,867

 
17,350

 
11,490

Federal Home Loan Bank advances
4,782

 
2,368

 
8,418

 
4,769

Federal funds purchased and securities sold under agreements to repurchase
24

 
5

 
56

 
5

Long-term debt
1,662

 
1,514

 
3,246

 
2,993

Other
156

 
120

 
330

 
240

 
16,186

 
9,874

 
29,400

 
19,497

Net interest income
51,003

 
46,868

 
99,463

 
92,519

Provision for credit losses
1,000

 
500

 
1,750

 
500

Net interest income after provision for credit losses
50,003

 
46,368

 
97,713

 
92,019

Noninterest income:
 
 
 
 
 
 
 
Net gain on loan origination and sale activities
57,049

 
65,908

 
105,368

 
126,189

Loan servicing income
7,032

 
8,764

 
14,606

 
18,003

Income from WMS Series LLC
322

 
406

 
311

 
591

Depositor and other retail banking fees
1,953

 
1,811

 
3,898

 
3,467

Insurance agency commissions
527

 
501

 
1,070

 
897

Gain on sale of investment securities available for sale
16

 
551

 
238

 
557

Other
2,490

 
3,067

 
4,729

 
5,765

 
69,389

 
81,008

 
130,220

 
155,469

Noninterest expense:
 
 
 
 
 
 
 
Salaries and related costs
69,127

 
76,390

 
135,818

 
147,698

General and administrative
14,707

 
15,872

 
29,291

 
33,000

Amortization of core deposit intangibles
407

 
493

 
813

 
1,007

Legal
839

 
150

 
1,569

 
310

Consulting
758

 
771

 
1,635

 
1,829

Federal Deposit Insurance Corporation assessments
1,079

 
697

 
2,008

 
1,521

Occupancy
14,953

 
8,880

 
23,133

 
17,089

Information services
8,693

 
8,172

 
17,158

 
15,820

Net cost (benefit) from operation and sale of other real estate owned
2

 
(181
)
 
(91
)
 
(156
)
 
110,565

 
111,244

 
211,334

 
218,118

Income before income taxes
8,827

 
16,132

 
16,599

 
29,370

Income tax expense
1,728

 
4,923

 
3,634

 
9,178

NET INCOME
$
7,099

 
$
11,209

 
$
12,965

 
$
20,192

 
 
 
 
 
 
 
 
Basic income per share
$
0.26

 
$
0.42

 
$
0.48

 
$
0.75

Diluted income per share
$
0.26

 
$
0.41

 
$
0.48

 
$
0.75

Basic weighted average number of shares outstanding
26,976,892

 
26,866,230

 
26,952,178

 
26,843,813

Diluted weighted average number of shares outstanding
27,156,329

 
27,084,608

 
27,157,664

 
27,071,028



See accompanying notes to interim consolidated financial statements (unaudited).

5


HOMESTREET, INC. AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in thousands)
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
Net income
$
7,099

 
$
11,209

 
$
12,965

 
$
20,192

Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
Unrealized gain (loss) on investment securities available for sale:
 
 
 
 
 
 
 
Unrealized holding (loss) gain arising during the period, net of tax (benefit) expense of ($642) and $1,848 for the three months ended June 30, 2018 and 2017, and ($3,300) and $2,887 for the six months ended June 30, 2018 and 2017, respectively
(2,412
)
 
3,431

 
(12,412
)
 
5,361

Reclassification adjustment for net gains included in net income, net of tax expense of $4 and $193 for the three months ended June 30, 2018 and 2017, and $50 and $195 for the six months ended June 30, 2018 and 2017, respectively
(12
)
 
(358
)
 
(188
)
 
(362
)
Other comprehensive (loss) income
(2,424
)
 
3,073

 
(12,600
)
 
4,999

Comprehensive income
$
4,675

 
$
14,282

 
$
365

 
$
25,191


See accompanying notes to interim consolidated financial statements (unaudited).

6


HOMESTREET, INC. AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)

 
(in thousands, except share data)
Number
of shares
 
Common
stock
 
Additional
paid-in
capital
 
Retained
earnings
 
Accumulated
other
comprehensive
income (loss)
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2017
26,800,183

 
$
511

 
$
336,149

 
$
303,036

 
$
(10,412
)
 
$
629,284

Net income

 

 

 
20,192

 

 
20,192

Share-based compensation expense

 

 
1,211

 

 

 
1,211

Common stock issued
74,688

 

 
155

 

 

 
155

Other comprehensive income

 

 

 

 
4,999

 
4,999

Balance, June 30, 2017
26,874,871

 
$
511

 
$
337,515

 
$
323,228

 
$
(5,413
)
 
$
655,841

 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2018
26,888,288

 
$
511

 
$
339,009

 
$
371,982

 
$
(7,122
)
 
$
704,380

Net income

 

 

 
12,965

 

 
12,965

Share-based compensation expense

 

 
1,460

 

 

 
1,460

Common stock issued
89,941

 

 
254

 

 

 
254

Other comprehensive loss

 

 

 

 
(12,600
)
 
(12,600
)
Balance, June 30, 2018
26,978,229

 
$
511

 
$
340,723

 
$
384,947

 
$
(19,722
)
 
$
706,459


See accompanying notes to interim consolidated financial statements (unaudited).

7


HOMESTREET, INC. AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
 
Six Months Ended June 30,
(in thousands)
2018
 
2017
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
12,965

 
$
20,192

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
Depreciation, amortization and accretion
12,104

 
10,911

Provision for credit losses
1,750

 
500

Net fair value adjustment and gain on sale of loans held for sale
(44,297
)
 
(113,742
)
Fair value adjustment of loans held for investment
31

 
(1,203
)
Origination of mortgage servicing rights
(33,369
)
 
(35,211
)
Change in fair value of mortgage servicing rights
(24,878
)
 
21,722

Net gain on sale of investment securities
(238
)
 
(557
)
Net loss (gain) on sale of loans originated as held for investment
628

 
(297
)
Net fair value adjustment, gain on sale and provision for losses on other real estate owned
(92
)
 
(356
)
Loss on disposal of fixed assets
302

 
106

Loss on lease abandonment
5,802

 
502

Net deferred income tax (benefit) expense
(46
)
 
7,510

Share-based compensation expense
1,702

 
1,362

Origination of loans held for sale
(3,248,078
)
 
(3,665,396
)
Proceeds from sale of loans originated as held for sale
3,345,695

 
3,769,126

Changes in operating assets and liabilities:
 
 
 
Decrease (increase) in accounts receivable and other assets
3,437

 
(7,198
)
Increase (decrease) in accounts payable and other liabilities
2,347

 
(17,371
)
Net cash provided by (used in) operating activities
35,765

 
(9,400
)
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Purchase of investment securities
(97,842
)
 
(246,435
)
Proceeds from sale of investment securities
22,232

 
314,633

Principal repayments and maturities of investment securities
52,857

 
50,043

Proceeds from sale of other real estate owned
459

 
2,170

Proceeds from sale of loans originated as held for investment
230,527

 
23,780

Proceeds from sale of mortgage servicing rights
65,263

 

Mortgage servicing rights purchased from others

 
(565
)
Capital expenditures related to other real estate owned

 
(57
)
Origination of loans held for investment and principal repayments, net
(617,670
)
 
(420,530
)
Purchase of property and equipment
(5,926
)
 
(28,789
)
Net cash used in investing activities
(350,100
)
 
(305,750
)

8


 
Six Months Ended June 30,
(in thousands)
2018
 
2017
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Increase in deposits, net
$
359,251

 
$
318,132

Proceeds from Federal Home Loan Bank advances
5,637,500

 
4,497,700

Repayment of Federal Home Loan Bank advances
(5,608,000
)
 
(4,498,700
)
Proceeds from federal funds purchased and securities sold under agreements to repurchase
796,000

 
326,618

Repayment of federal funds purchased and securities sold under agreements to repurchase
(796,000
)
 
(326,618
)
Proceeds from line of credit draws
30,000

 

Proceeds from Federal Home Loan Bank stock
98,621

 
91,939

Purchase of Federal Home Loan Bank stock
(100,139
)
 
(93,362
)
Proceeds from stock issuance, net
11

 
11

Payments from equity raise

 
(46
)
Net cash provided by financing activities
417,244

 
315,674

NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
102,909

 
524

Cash, cash equivalents and restricted cash, beginning of year
73,909

 
56,364

Cash, cash equivalents and restricted cash, end of period
176,818

 
56,888

Less restricted cash included in other assets
(600
)
 
(2,441
)
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
176,218

 
$
54,447

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: