Net Income of $9.4 Million, or $0.63 per Diluted Share
Company Website:
http://ir.homestreet.com
SEATTLE -- (Business Wire)
HomeStreet, Inc. (NASDAQ:HMST) (the “Company” or “HomeStreet”), the
parent company of HomeStreet Bank (the “Bank”), today announced net
income of $9.4 million, or $0.63 per diluted share, for the second
quarter of 2014, compared to net income of $2.3 million, or $0.15 per
share, for the first quarter of 2014 and net income of $12.1 million, or
$0.82 per share, for the second quarter of 2013.
"Our mortgage origination business returned to profitability in the
second quarter. Our long-term strategy of continuing to grow our retail
mortgage banking franchise helped us grow our closed loan production at
two to three times the rate of the industry in the second quarter,” said
CEO Mark K. Mason. “This additional loan volume, in conjunction with our
efforts to improve production efficiency, resulted in a substantial
decrease in the cost per unit to produce loans in the quarter.
"We continue to believe we are on track to meet or exceed last year’s
origination volume, despite a recent softening of growth in the national
and regional markets. We also maintained our position as the top lender
for purchase mortgage originations in Puget Sound and the three-state
Pacific Northwest region. Additionally, California’s mortgage
originations comprised 20% of the Company's closed loan volume in the
second quarter.
"Our commercial and consumer banking business continued to expand, with
strong loan production and loan portfolio growth. We target growth in
our interest-earning assets of 5% or more per quarter, subject to
liquidity and capital constraints. We opened one new retail deposit
branch this quarter, with another opening in July, in our core market of
Seattle, with two more scheduled for the second half of this year. We
are happy to report that the core deposit growth trajectory for each of
our de novo branches over the last two years continues to be at or above
our expectations.
"And, in the quarter we successfully closed two important transactions;
we sold approximately $211 million of single family mortgages as part of
our efforts to reduce mortgage concentration in our held for investment
loan portfolio, and we sold a portion of our mortgage servicing rights
at a very attractive price. The strong interest in the secondary market
for our loans and related mortgage servicing rights is gratifying and
reflects the quality of our lending and value of these assets.”
For details and the complete earnings release, please refer to the
Company’s investor relations website at http://ir.homestreet.com
as well as the Form 8-K filing at www.sec.gov.
Contacts:
HomeStreet, Inc.
Terri Silver, 206-389-6303
terri.silver@homestreet.com
http://ir.homestreet.com
Source: HomeStreet, Inc.
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