Exhibit 99.1
Company Release—02/29/2012 hh:mm
HomeStreet, Inc. Reports Fourth Quarter and Full Year 2011 Results
SEATTLE, Washington—(BUSINESS WIRE)—HomeStreet, Inc. (NASDAQ:HMST), the parent company of HomeStreet Bank and HomeStreet Capital, today announced financial results for the fourth quarter and the year ended December 31, 2011. The Company reported net income of $7.0 million for fourth quarter 2011, compared to a net loss of $14.4 million for fourth quarter 2010. Net income for the year ended December 31, 2011 was $16.1 million compared with a net loss of $34.2 million for 2010. The Company successfully completed the initial public offering of its common stock on February 10, 2012, issuing a total of 2,180,908 shares for $44.00 per share.
Highlights for the fourth quarter and full year 2011:
| • | Excluding $2.4 million in IPO-related expenses, net income of $9.4 million for fourth quarter and $18.5 million for 2011. |
| • | Fourth quarter single family closed loan production of $624.1 million; $1.7 billion for 2011. |
| • | Decrease of 27.8% in nonperforming assets in the fourth quarter; 59.4% for 2011. |
“I’m very pleased with HomeStreet’s performance in 2011, which was characterized by strong mortgage banking results, significant improvement in credit quality and a return to profitability,” said Vice Chairman and CEO Mark K. Mason. “Already in 2012 we have accomplished two significant goals. First, we successfully completed the initial public offering of HomeStreet common stock and contributed $55.0 million of the net proceeds to the Bank. Beyond recapitalizing the Bank, the completion of our offering enables us to provide for our Trust Preferred Securities obligations and to pursue our many business growth opportunities. Additionally, in February we hired over 160 mortgage professionals from MetLife Home Loans following MetLife’s decision to wind down its forward mortgage origination business. This addition accomplishes multiple years of planned growth in this line of business all at once.”
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Mortgage Banking Operations
Mortgage Originations
Single family closed loan originations in the fourth quarter totaled $624.1 million, up $146.1 million, or 30.6%, from $478.0 million from the third quarter of 2011. Single family rate-locked loan applications during the fourth quarter totaled $543.2 million, a decline of $87.7 million, or 13.9%, compared to $630.9 million in the third quarter. Net gains on mortgage loan origination and sales activities were $18.9 million for the quarter, an increase of $2.8 million, or 17.9%, from $16.1 million in the third quarter.
Single family closed loan originations for 2011 totaled $1.7 billion, down $338.4 million, or 16.6%, from $2.0 billion in 2010. Net gains on mortgage loan origination and sales activities were $49.4 million, decreasing $7.7 million, or 13.6%, from $57.1 million in 2010. Net gains on mortgage loan origination and sales activities in 2011 did not decline proportional to the decrease in total loan originations as loan profit margins widened in the latter half of 2011, reflecting record low mortgage rates and refinancing activity that has strained the capacity of the industry.
Multifamily loan originations under the Fannie Mae DUS program totaled $49.1 million in the fourth quarter, up from $26.1 million in the third quarter. For all of 2011 Fannie Mae DUS loan originations totaled $125.7 million as compared to $55.8 million of originations in 2010.
Mortgage Servicing
Mortgage servicing income in the fourth quarter totaled $6.0 million, down $12.5 million, or 67.8%, from $18.5 million in the third quarter which included $12.2 million of net valuation gains on mortgage servicing rights and related hedge instruments. Mortgage servicing income for 2011 totaled $38.1 million as compared to $26.2 million for 2010. The significant third quarter 2011 valuation gains on mortgage servicing rights and related hedge instruments resulted from a substantial widening of mortgage interest rates versus swap interest rates and lower actual than forecast loan prepayments. The total loans serviced for others portfolio increased to $7.70 billion compared with $7.48 billion as of September 30, 2011.
Credit Quality
Nonperforming assets (NPAs) declined to $115.1 million, or 5.1% of total assets, from $159.5 million, or 6.9% of total assets, as of September 30, 2011 and from $283.7 million, or 11.4% of total assets, as of December 31, 2010. The improvement in the fourth quarter reflected sales of other real estate owned (OREO) of $26.0 million, $11.5 million in paydowns, payoffs and upgrades of loans to performing status, and loan charge-offs and OREO writedowns of $14.2 million. Fourth quarter charge-offs principally relate to two commercial loan restructurings completed during the quarter. These improvements in NPAs during the fourth quarter were offset by $7.3 million of additions to nonperforming loans. The overall improvement in NPAs during 2011 reflects sales of OREO of $144.5 million, $43.3 million in paydowns, payoffs and upgrades of loans to performing status, and loan charge-offs and OREO writedowns of $52.1 million. These improvements during 2011 were offset by additions to nonperforming loans totaling $71.3 million. At year-end, OREO totaled $38.6 million, a decline of 40.1% of OREO from the end of the third quarter and 77.4% since the end of 2010. At year-end 2011, 22.8% of OREO was under contract for sale pending closing.
In the fourth quarter we did not record a provision for loan losses, and for all of 2011 we provided $3.3 million. The decrease in the overall level of the allowance for loan losses during 2011 in comparison to 2010 reflects the continued improvement in credit quality during these periods. Classified loans declined to $149.6 million as of December 31, 2011 from $160.7 million at September 30, 2011 and from $193.5 million at year-end 2010. Nonaccrual loans declined to $76.5 million as of December 31, 2011 from $95.1 million as of September 30, 2011 and from $113.2 million as of December 31, 2010.
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Deposits
Deposits at year-end 2011 totaled $2.01 billion, down $47.2 million, or 2.3%, from $2.06 billion at September 30, 2011 and $120.0 million, or 5.6%, from $2.13 billion at December 31, 2010. Deposits other than certificates of deposit increased $13.2 million, or 1.4%, from the end of the third quarter and $154.1 million, or 18.7%, since the end of 2010. Certificates of deposits decreased $60.4 million, or 5.5%, during the fourth quarter and $274.0 million, or 21.0%, during 2011. The increase in deposits other than certificates of deposit reflects a focused effort on attracting core deposits through our branch network and retaining those customers with maturing certificates of deposit who also have their primary operating transaction account relationship with HomeStreet.
Results of Operations
Net Interest Income
Net interest income was $12.9 million, up $896,000, or 7.5%, from $12.0 million in the third quarter of 2011. Net interest income increased in the fourth quarter primarily due to an increase in investment securities available for sale and increased loans held for sale. Additionally, in the quarter we continued to shift the mix of our investment securities portfolio into higher yielding longer duration securities. We also benefited from a continuing decline in our cost of funding as maturing certificates of deposit reprice at lower market rates and we focus on growing our noninterest bearing demand accounts, money market and savings deposits. For the quarter, the net interest margin increased to 2.50%, up 12 basis points from 2.38% in the third quarter of 2011.
For the year ended December 31, 2011 net interest income increased $9.3 million, or 23.8%, from $39.0 million in 2010 to $48.3 million. The Company’s net interest margin improved to 2.35% in 2011 from 1.49% in 2010. Total interest income declined $14.6 million, or 15.6%, while interest expense declined by $23.9 million, or 43.7%, reflecting the combined benefits of declining market rates for certificates of deposit and the restructuring of our balance sheet, including repayment of substantially all of our FHLB funding and focusing on core deposit customers for funding our operations.
Noninterest Income
Noninterest income was $27.5 million, a decrease of $9.8 million, or 26.3%, from $37.3 million in the third quarter of 2011. Net valuation gains on mortgage servicing rights and related hedge instruments decreased $12.4 million in the fourth quarter offset by a $2.9 million increase in net gains on loan origination and sales activities.
For the year ended December 31, 2011 noninterest income was $98.1 million, up $1.2 million, or 1.2%, from $96.9 million in 2010 as increases in mortgage servicing, up $11.8 million and including a gain of $2.0 million from the early discounted payoff of long-term debt were partially offset by a decrease in net gains on loan origination and sales activities of $7.7 million.
Noninterest Expense
Noninterest expense was $33.9 million, up $1.3 million, or 4.0%, from $32.6 million in the third quarter of 2011. In the fourth quarter, noninterest expense included the recognition of $2.4 million of capital-raising costs deemed to have no future value and $2.5 million of additional salaries and benefits expenses related to higher closed loan origination volume and management performance incentives. General and administrative expense also increased due to higher state revenue based taxes related to higher gains on the sale of loans and higher realized gains on hedging derivatives. These increases were partially offset by a $5.4 million decrease in OREO expenses.
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For the year ended December 31, 2011, noninterest expense was $127.3 million, down $4.9 million, or 3.7%, from $132.2 million in 2010. Our 2010 results included FHLB borrowing prepayment fees of $5.5 million, while there were no such fees in 2011, along with declines in FDIC assessment fees and OREO expenses. These decreases were partially offset by increases in salaries and related costs and general and administrative expenses, reflecting elevated loan activity and higher state revenue based taxes due to higher gains on the sale of loans and higher realized gains on hedging derivatives.
Income Taxes
Our effective tax rate for the periods varied from Federal and state statutory rates principally as a result of current income tax expense being offset by the utilization of deferred tax benefits. Net income tax benefit in the fourth quarter and for the year 2011 represents an offset of previous quarters’ provision for Federal alternative minimum taxes with deferred tax benefits and the recognition of NOL carrybacks on income taxes previously paid to the State of Hawaii.
As a consequence of our recent initial public offering, we believe the Company has experienced a change of control within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended. Section 382 substantially limits the ability of a corporate taxpayer to use realized built-in losses and net operating loss carryforwards incurred prior to the change of control against income earned after a change of control. The rules adopted by the Internal Revenue Service under Section 382 are complex, and the actual amount of such limitation will vary depending on a variety of factors which we have not yet fully analyzed. We do, however, anticipate the change of control will result in the net loss of deferred tax benefits in a range of $3.0 million to $5.0 million.
Capital
| Dec. 31, 2011 | Sept. 30, 2011 | Dec. 31, 2010 | ||||||||||
Regulatory capital ratios for the Bank: | ||||||||||||
Total risk-based captial (to risk-weighted assets) | 11.2 | % | 9.8 | % | 8.2 | % | ||||||
Tier 1 risk-based capital (to risk-weighted assets) | 9.9 | % | 8.5 | % | 6.9 | % | ||||||
Tier 1 leverage capital (to average assets) | 6.0 | % | 5.6 | % | 4.5 | % | ||||||
Conference Call
HomeStreet, Inc. management will discuss the fourth quarter and year-end 2011 results on a conference call scheduled for February 29, 2012 at 1:00 p.m. PST (4:00 p.m. EST). Interested parties may join the call by dialing 1-877-317-6789 shortly before 1:00 p.m. PST. A replay of the conference call will be available beginning approximately one hour after the conference call by dialing 1-877-344-7529 and entering pass code 10010844. The replay will also be available online at http://ir.homestreet.com.
About HomeStreet, Inc.
HomeStreet, Inc. (NASDAQ:HMST) is a diversified financial services company headquartered in Seattle, Washington, and the bank holding company for HomeStreet Bank, a state-chartered, FDIC-insured savings bank. HomeStreet Bank offers consumer and business banking, investment and insurance products and services in Washington, Oregon, Idaho and Hawaii. For more information, visit http://ir.homestreet.com.
Forward-Looking Statements
This report to shareholders contains forward-looking statements concerning HomeStreet, Inc. and the Bank and their operations, performance, financial conditions and likelihood of success. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on many beliefs, assumptions, estimates and expectations of our future performance, taking into account information currently available to us, and include statements about the competitiveness of the banking industry. When used in this press release, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will” and “would” and similar expressions (or the negative of these terms) generally identify forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date.
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We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to: lower than expected revenues or higher than expected expenses; the extent of our success in problem asset resolution efforts; significant increases in competitive pressure among depository institutions; our ability to raise additional capital on favorable terms; an upward change in the interest rate environment that reduces interest margins and our mortgage originations, mortgage servicing rights and loans held for sale; changes in the securities markets; general economic conditions, including housing prices, the job market, consumer confidence and spending habits either nationally or in the market areas in which the Company does business which turnout to be less favorable than expected; asset/liability repricing and liquidity risks; enforcement activities of governmental and quasi-governmental agencies; pending legal matters which may take longer or cost more to resolve or may be resolved adversely to the Company; and legislative or regulatory actions or reform—current, pending or future changes that could adversely affect the Company’s business (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act).
Information contained herein, other than information at December 31, 2010 and for the twelve months then ended, are unaudited.
Source: HomeStreet, Inc.
| Contacts: | Terri Silver, Investor Relations | |
| HomeStreet, Inc. | ||
| 206-389-6303 | ||
| terri.silver@homestreet.com |
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HomeStreet, Inc. and Subsidiaries
Five Quarter Summary Financial Data
| Quarter ended | ||||||||||||||||||||
(in thousands, except share data) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Income Statement Data (for the period ended): | ||||||||||||||||||||
Net interest income | $ | 12,867 | $ | 11,970 | $ | 11,914 | $ | 11,590 | $ | 13,486 | ||||||||||
Provision for loan losses | — | 1,000 | 2,300 | — | 8,200 | |||||||||||||||
Noninterest income | 27,473 | 37,268 | 18,916 | 14,465 | 28,115 | |||||||||||||||
Noninterest expense | 33,916 | 32,618 | 27,263 | 33,461 | 46,499 | |||||||||||||||
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Net income (loss) before taxes | 6,424 | 15,620 | 1,267 | (7,406 | ) | (13,098 | ) | |||||||||||||
Income taxes | (602 | ) | 362 | (17 | ) | 43 | 1,297 | |||||||||||||
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Net income (loss) | $ | 7,026 | $ | 15,258 | $ | 1,284 | $ | (7,449 | ) | $ | (14,395 | ) | ||||||||
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Basic earnings per common share (1) | $ | 5.20 | $ | 11.29 | $ | 0.95 | $ | (5.51 | ) | $ | (10.66 | ) | ||||||||
Common share outstanding (1) | 1,350,874 | 1,350,874 | 1,350,874 | 1,350,874 | 1,350,874 | |||||||||||||||
Weighted average common shares | ||||||||||||||||||||
Basic | 1,350,874 | 1,350,874 | 1,350,874 | 1,350,874 | 1,350,874 | |||||||||||||||
Stockholders equity per share | $ | 63.96 | $ | 59.47 | $ | 43.17 | $ | 37.91 | $ | 43.52 | ||||||||||
Financial position (at year end): | ||||||||||||||||||||
Cash and cash equivalents | $ | 263,302 | $ | 138,429 | $ | 108,175 | $ | 170,795 | $ | 72,639 | ||||||||||
Investment securities available for sale | 329,047 | 339,453 | 315,715 | 304,404 | 313,513 | |||||||||||||||
Loans held for sale | 150,409 | 226,590 | 121,216 | 82,803 | 212,602 | |||||||||||||||
Loans held for investment, net | 1,300,873 | 1,360,219 | 1,392,238 | 1,500,550 | 1,538,521 | |||||||||||||||
Mortgage servicing rights (2) | 77,281 | 74,083 | 94,320 | 95,952 | 87,232 | |||||||||||||||
Other real estate owned | 38,572 | 64,368 | 102,697 | 98,863 | 170,455 | |||||||||||||||
Total assets | 2,264,957 | 2,316,839 | 2,233,505 | 2,342,639 | 2,485,697 | |||||||||||||||
Deposits | 2,009,755 | 2,056,977 | 1,993,655 | 2,066,842 | 2,129,742 | |||||||||||||||
FHLB advances | 57,919 | 67,919 | 77,919 | 114,544 | 165,869 | |||||||||||||||
Equity | 86,407 | 80,336 | 58,311 | 51,214 | 58,789 | |||||||||||||||
Financial position (averages): | ||||||||||||||||||||
Investment securities available for sale | 338,933 | 272,294 | 308,049 | 141,309 | 354,850 | |||||||||||||||
Loans held for investment | 1,385,037 | 1,427,763 | 1,512,308 | 1,589,182 | 1,664,625 | |||||||||||||||
Total interest earning assets | 2,078,506 | 2,019,243 | 2,037,468 | 2,145,093 | 2,325,891 | |||||||||||||||
Total interest bearing deposits | 1,745,493 | 1,787,388 | 1,837,119 | 1,889,742 | 1,966,352 | |||||||||||||||
FHLB advances | 59,169 | 72,267 | 85,097 | 159,829 | 165,869 | |||||||||||||||
Total interest bearing liabilities | 1,866,519 | 1,921,512 | 1,984,073 | 2,114,062 | 2,209,078 | |||||||||||||||
Shareholders’ equity | $ | 84,038 | $ | 73,499 | $ | 57,246 | $ | 58,130 | $ | 79,659 | ||||||||||
Financial performance: | ||||||||||||||||||||
Return on average common shareholder equity (3) | 33.4 | % | 83.0 | % | 9.0 | % | (51.3 | )% | (72.3 | )% | ||||||||||
Return on average assets | 1.2 | % | 2.7 | % | 0.2 | % | (1.3 | )% | (2.2 | )% | ||||||||||
Net interest margin (4) | 2.50 | % | 2.38 | % | 2.35 | % | 2.17 | % | 2.34 | % | ||||||||||
Efficiency ratio (5) | 84.07 | % | 66.25 | % | 88.43 | % | 128.42 | % | 111.77 | % | ||||||||||
Operating efficiency ratio (6) | 74.78 | % | 47.74 | % | 70.05 | % | 83.31 | % | 69.51 | % | ||||||||||
Credit quality: | ||||||||||||||||||||
Allowance for loan losses | $ | 42,689 | $ | 53,167 | $ | 59,692 | $ | 62,156 | $ | 64,177 | ||||||||||
Allowance for loan losses/total loans | 3.18 | % | 3.76 | % | 4.11 | % | 3.98 | % | 4.00 | % | ||||||||||
Allowance for loan losses/nonperforming loans | 55.81 | % | 55.91 | % | 65.66 | % | 50.08 | % | 56.69 | % | ||||||||||
Total classified assets | $ | 188,167 | $ | 225,022 | $ | 276,476 | $ | 298,742 | $ | 363,947 | ||||||||||
Classified assets/total assets | 8.31 | % | 9.71 | % | 12.38 | % | 12.75 | % | 14.64 | % | ||||||||||
Total nonaccrual loans (7) | $ | 76,484 | $ | 95,094 | $ | 90,912 | $ | 124,118 | $ | 113,210 | ||||||||||
Nonaccrual loans/total loans | 5.69 | % | 6.73 | % | 6.26 | % | 7.94 | % | 7.06 | % | ||||||||||
Total nonperforming assets | $ | 115,056 | $ | 159,462 | $ | 193,609 | $ | 222,981 | $ | 283,665 | ||||||||||
Nonperforming assets/total assets | 5.08 | % | 6.88 | % | 8.67 | % | 9.52 | % | 11.41 | % | ||||||||||
Net charge-offs | $ | 10,586 | $ | 7,673 | $ | 4,707 | $ | 2,100 | $ | 14,575 | ||||||||||
Regulatory capital ratios for the bank: | ||||||||||||||||||||
Tier 1 capital to total assets (leverage) | 6.04 | % | 5.64 | % | 4.86 | % | 4.49 | % | 4.52 | % | ||||||||||
Tier 1 risk-based capital | 9.88 | % | 8.51 | % | 7.38 | % | 6.99 | % | 6.88 | % | ||||||||||
Total risk-based capital | 11.15 | % | 9.79 | % | 8.66 | % | 8.28 | % | 8.16 | % | ||||||||||
| (1) | Per share data show after giving effect to the 1-for-2.5 reverse stock split implemented on July 19, 2011. Diluted EPS not provided. |
| (2) | On January 1, 2010 we elected to carry mortgage servicing rights related to single family loans at fair value, and elected to carry single family mortgage loans held for sale using the fair value option. |
| (3) | Net earnings (loss) available to common shareholders divided by average common shareholders’ equity. |
| (4) | Net interest income divided by total average earning assets on a tax equivalent basis. |
| (5) | The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). |
| (6) | We include an operating efficiency ratio which is not calculated based on accounting principles generally accepted in the United States (“GAAP”), but which we believe provides important information regarding our results of operations. Our calculation of the operating efficiency ratio is computed by dividing noninterest expense less costs related to OREO (gains (losses) on sales, valuation allowance adjustments, and maintenance and taxes) by total revenue (net interest income and noninterest income). Management uses this non-GAAP measurement as part of its assessment of performance in managing noninterest expense. We believe that costs related to OREO are more appropriately considered as credit-related costs rather than as an indication of our operating efficiency. The follow table provides a reconciliation of non-GAAP to GAAP measurement. |
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| Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | ||||||||||||||||
Efficiency ratio | 84.07 | % | 66.25 | % | 88.43 | % | 128.42 | % | 111.77 | % | ||||||||||
Less impact of OREO expenses | 9.29 | % | 18.51 | % | 18.38 | % | 45.11 | % | 42.26 | % | ||||||||||
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Operating efficiency ratio | 74.78 | % | 47.74 | % | 70.05 | % | 83.31 | % | 69.51 | % | ||||||||||
| (7) | Generally, loans are placed on nonaccrual status when they are 90 or more days past due. |
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HomeStreet, Inc. and Subsidiaries
Consolidated Statements of Operations
| Quarter ended Dec. 31, | % | Year ended Dec. 31, | % | |||||||||||||||||||||
(in thousands, except share data) | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Loans | $ | 17,433 | $ | 21,452 | (19 | )% | $ | 71,640 | $ | 85,377 | (16 | )% | ||||||||||||
Investment securities available for sale | 1,792 | 1,914 | (6 | ) | 6,921 | 7,676 | (10 | ) | ||||||||||||||||
Other | 203 | 71 | 186 | 477 | 550 | (13 | ) | |||||||||||||||||
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| 19,428 | 23,437 | (17 | ) | 79,038 | 93,603 | (16 | ) | |||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Deposits | 5,388 | 8,048 | (33 | ) | 24,815 | 39,050 | (36 | ) | ||||||||||||||||
Federal Home Loan Bank advances | 699 | 1,366 | (49 | ) | 3,821 | 11,682 | (67 | ) | ||||||||||||||||
Securities sold under agreements to repurchase | — | 11 | (100 | ) | — | 11 | (100 | ) | ||||||||||||||||
Long-term debt | 459 | 526 | (13 | ) | 2,046 | 3,824 | (46 | ) | ||||||||||||||||
Other | 16 | — | 100 | 16 | 2 | 700 | ||||||||||||||||||
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| 6,562 | 9,951 | (34 | ) | 30,698 | 54,569 | (44 | ) | |||||||||||||||||
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Net interest income | 12,866 | 13,486 | (5 | ) | 48,340 | 39,034 | 24 | |||||||||||||||||
Provision for credit losses | — | 8,200 | (100 | ) | 3,300 | 37,300 | (91 | ) | ||||||||||||||||
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Net interest income after provision for credit losses | 12,866 | 5,286 | (143 | ) | 45,040 | 1,734 | (2,497 | ) | ||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||
Net gains on mortgage loan origination and sales activities | 18,931 | 19,103 | (1 | ) | 49,384 | 57,127 | (14 | ) | ||||||||||||||||
Mortgage servicing | 5,963 | 6,984 | (15 | ) | 38,056 | 26,226 | 45 | |||||||||||||||||
Income from Windermere Mortgage Services, Inc. | 739 | 806 | (8 | ) | 2,119 | 2,162 | (2 | ) | ||||||||||||||||
Gain on debt extinguishment | — | — | — | 2,000 | — | 100 | ||||||||||||||||||
Depositor and other retail banking fees | 748 | 827 | (10 | ) | 3,061 | 3,397 | (10 | ) | ||||||||||||||||
Insurance commissions | 186 | 449 | (59 | ) | 910 | 1,164 | (22 | ) | ||||||||||||||||
Gain on securities available for sale | 459 | — | 100 | 1,102 | 6,016 | (82 | ) | |||||||||||||||||
Other | 447 | (54 | ) | (928 | ) | 1,490 | 839 | 78 | ||||||||||||||||
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| 27,473 | 28,115 | (2 | ) | 98,122 | 96,931 | 1 | ||||||||||||||||||
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Noninterest expense: | ||||||||||||||||||||||||
Salaries and related costs | 16,462 | 13,684 | 20 | 53,519 | 49,816 | 7 | ||||||||||||||||||
General and administrative | 6,194 | 6,903 | (10 | ) | 19,253 | 18,213 | 6 | |||||||||||||||||
Federal Home Loan Bank prepayment penalty | — | — | — | — | 5,458 | (100 | ) | |||||||||||||||||
Legal | 1,075 | 733 | 47 | 3,360 | 3,573 | (6 | ) | |||||||||||||||||
Consulting | 2,011 | 1,833 | 10 | 2,644 | 2,761 | (4 | ) | |||||||||||||||||
Federal Deposit Insurance Corporation assessments | 1,256 | 1,830 | (31 | ) | 5,534 | 7,618 | (27 | ) | ||||||||||||||||
Occupancy | 1,733 | 2,468 | (30 | ) | 6,764 | 7,356 | (8 | ) | ||||||||||||||||
Information services | 1,436 | 1,467 | (2 | ) | 5,902 | 5,223 | 13 | |||||||||||||||||
Other real estate owned expense | 3,748 | 17,581 | (79 | ) | 30,281 | 32,197 | (6 | ) | ||||||||||||||||
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| 33,915 | 46,499 | (27 | ) | 127,257 | 132,215 | (4 | ) | |||||||||||||||||
Income (loss) before income tax expense | 6,424 | (13,098 | ) | 149 | 15,905 | (33,550 | ) | 147 | ||||||||||||||||
Income tax (benefit) expense | (602 | ) | 1,297 | 146 | (214 | ) | 697 | (131 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
NET INCOME (LOSS) | $ | 7,026 | $ | (14,395 | ) | 149 | $ | 16,119 | $ | (34,247 | ) | 147 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Basic income (loss) per share (1) | $ | 5.20 | $ | (10.66 | ) | 149 | $ | 11.93 | $ | (25.35 | ) | 147 | ||||||||||||
Basic weighted average number of shares outstanding | 1,350,874 | 1,350,874 | — | 1,350,874 | 1,350,874 | — | ||||||||||||||||||
| (1) | Diluted EPS not provided. |
7
HomeStreet, Inc. and Subsidiaries
Consolidated Statements of Operations
| Quarter ended | ||||||||||||||||||||
(in thousands, except share data) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Interest income: | ||||||||||||||||||||
Loans | $ | 17,433 | $ | 17,593 | $ | 17,947 | $ | 18,668 | $ | 21,452 | ||||||||||
Investment securities available for sale | 1,792 | 1,422 | 1,848 | 1,858 | 1,914 | |||||||||||||||
Other | 203 | 117 | 73 | 84 | 71 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 19,428 | 19,132 | 19,868 | 20,610 | 23,437 | ||||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 5,388 | 5,848 | 6,538 | 7,041 | 8,048 | |||||||||||||||
Federal Home Loan Bank advances | 699 | 855 | 959 | 1,308 | 1,366 | |||||||||||||||
Securities sold under agreements to repurchase | — | — | — | — | 11 | |||||||||||||||
Long-term debt | 459 | 458 | 457 | 671 | 526 | |||||||||||||||
Other | 16 | 1 | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 6,562 | 7,162 | 7,954 | 9,020 | 9,951 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net interest income | 12,866 | 11,970 | 11,914 | 11,590 | 13,486 | |||||||||||||||
Provision for credit losses | — | 1,000 | 2,300 | — | 8,200 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net interest income after provision for credit losses | 12,866 | 10,970 | 9,614 | 11,590 | 5,286 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Net gains on mortgage loan origination and sales activities | 18,931 | 16,055 | 9,455 | 4,944 | 19,103 | |||||||||||||||
Mortgage servicing | 5,963 | 18,532 | 7,713 | 5,848 | 6,984 | |||||||||||||||
Income from Windermere Mortgage Services, Inc. | 739 | 902 | 503 | (25 | ) | 806 | ||||||||||||||
Gain on debt extinguishment | — | — | — | 2,000 | — | |||||||||||||||
Depositor and other retail banking fees | 748 | 778 | 795 | 740 | 827 | |||||||||||||||
Insurance commissions | 186 | 103 | 258 | 363 | 449 | |||||||||||||||
Gain on securities available for sale | 459 | 642 | 1 | — | — | |||||||||||||||
Other | 447 | 256 | 191 | 595 | (54 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 27,473 | 37,268 | 18,916 | 14,465 | 28,115 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Noninterest expense: | ||||||||||||||||||||
Salaries and related costs | 16,462 | 13,217 | 11,700 | 12,139 | 13,684 | |||||||||||||||
General and administrative | 6,194 | 4,599 | 4,859 | 3,601 | 6,903 | |||||||||||||||
Legal | 1,075 | 983 | 399 | 904 | 733 | |||||||||||||||
Consulting | 2,011 | 270 | 197 | 166 | 1,833 | |||||||||||||||
Federal Deposit Insurance Corporation assessments | 1,256 | 1,264 | 1,265 | 1,749 | 1,830 | |||||||||||||||
Occupancy | 1,733 | 1,663 | 1,700 | 1,668 | 2,468 | |||||||||||||||
Information services | 1,436 | 1,509 | 1,477 | 1,480 | 1,467 | |||||||||||||||
Other real estate owned expense | 3,748 | 9,113 | 5,666 | 11,754 | 17,581 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 33,915 | 32,618 | 27,263 | 33,461 | 46,499 | ||||||||||||||||
Income (loss) before income tax expense | 6,424 | 15,620 | 1,267 | (7,406 | ) | (13,098 | ) | |||||||||||||
Income tax (benefit) expense | (602 | ) | 362 | (17 | ) | 43 | 1,297 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET INCOME (LOSS) | $ | 7,026 | $ | 15,258 | $ | 1,284 | $ | (7,449 | ) | $ | (14,395 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Basic income (loss) per share (1) | $ | 5.20 | $ | 11.29 | $ | 0.95 | $ | (5.51 | ) | $ | (10.66 | ) | ||||||||
Basic weighted average number of shares outstanding | 1,350,874 | 1,350,874 | 1,350,874 | 1,350,874 | 1,350,874 | |||||||||||||||
| (1) | Diluted EPS not provided. |
8
HomeStreet, Inc. and Subsidiaries
Average Balances, Yields and Rates Paid (Taxable-equivalent basis)
| Quarter ended December 31, | ||||||||||||||||||||||||
| 2011 | 2010 | |||||||||||||||||||||||
(in thousands) | Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Interest-earning assets (1): | ||||||||||||||||||||||||
Cash & cash equivalents | $ | 180,596 | $ | 200 | 0.46 | % | $ | 132,415 | $ | 68 | 0.21 | % | ||||||||||||
Investment securities | 338,933 | 1,867 | 2.20 | 354,850 | 1,949 | 2.21 | ||||||||||||||||||
Loans held for sale | 173,940 | 1,883 | 4.33 | 174,001 | 1,963 | 4.57 | ||||||||||||||||||
Loans held for investment | 1,385,037 | 15,589 | 4.49 | 1,664,625 | 19,525 | 4.68 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total interest-earning assets (2) | 2,078,506 | 19,539 | 3.75 | 2,325,891 | 23,505 | 4.03 | ||||||||||||||||||
Noninterest-earning assets (3) | 206,827 | 255,022 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total assets | $ | 2,285,333 | $ | 2,580,913 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Interest-bearing demand accounts | $ | 136,627 | 117 | 0.34 | % | $ | 116,384 | 167 | 0.57 | % | ||||||||||||||
Savings accounts | 63,883 | 78 | 0.48 | 50,244 | 101 | 0.80 | ||||||||||||||||||
Money market accounts | 484,310 | 721 | 0.59 | 406,816 | 888 | 0.87 | ||||||||||||||||||
Certificate accounts | 1,060,673 | 4,471 | 1.67 | 1,392,908 | 6,892 | 1.97 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Deposits | 1,745,493 | 5,387 | 1.22 | 1,966,352 | 8,048 | 1.58 | ||||||||||||||||||
FHLB advances | 59,169 | 699 | 4.68 | 165,869 | 1,366 | 3.26 | ||||||||||||||||||
Securities sold under agreements to repurchase | — | — | — | 10,000 | 11 | 0.28 | ||||||||||||||||||
Long-term debt | 61,857 | 459 | 2.97 | 66,857 | 526 | 2.76 | ||||||||||||||||||
Other borrowings | — | 16 | 0.00 | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total interest-bearing liabilities (2) | 1,866,519 | 6,561 | 1.40 | 2,209,078 | 9,951 | 1.78 | ||||||||||||||||||
Other noninterest-bearing liabilities | 334,776 | 292,176 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total liabilities | 2,201,295 | 2,501,254 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Shareholder’s equity | 84,038 | 79,659 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,285,333 | $ | 2,580,913 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net interest income (4) | $ | 12,978 | $ | 13,554 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net interest spread | 2.35 | % | 2.25 | % | ||||||||||||||||||||
Impact of noninterest-bearing sources | 0.15 | % | 0.09 | % | ||||||||||||||||||||
Net interest margin | 2.50 | % | 2.34 | % | ||||||||||||||||||||
| (1) | The daily average balances of nonaccrual assets and related income, if any, are included in their respective categories. |
| (2) | Average interest-earning assets and interest-bearing liabilities were computed using daily average balances. |
| (3) | Includes loans balances that have been foreclosed and are now reclassified to other real estate owned. |
| (4) | Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities of $111,000 and $68,000 for the quarters ended 2011 and 2010, respectively. The federal statutory tax rate was 35% for the periods presented. |
9
HomeStreet, Inc. and Subsidiaries
Average Balances, Yields and Rates Paid (Taxable-equivalent basis)
| Year ended December 31, | ||||||||||||||||||||||||
| 2011 | 2010 | |||||||||||||||||||||||
(in thousands) | Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Interest-earning assets (1): | ||||||||||||||||||||||||
Cash & cash equivalents | $ | 159,031 | $ | 465 | 0.29 | % | $ | 196,109 | $ | 538 | 0.27 | % | ||||||||||||
Investment securities | 306,813 | 7,083 | 2.31 | 457,930 | 7,831 | 1.71 | ||||||||||||||||||
Loans held for sale | 126,038 | 5,448 | 4.32 | 120,619 | 6,263 | 5.19 | ||||||||||||||||||
Loans held for investment | 1,477,976 | 66,342 | 4.49 | 1,868,035 | 79,266 | 4.24 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total interest-earning assets (2) | 2,069,858 | 79,338 | 3.83 | 2,642,693 | 93,898 | 3.55 | ||||||||||||||||||
Noninterest-earning assets (3) | 229,943 | 238,024 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total assets | $ | 2,299,801 | $ | 2,880,717 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Interest-bearing demand accounts | $ | 129,254 | 575 | 0.44 | % | $ | 110,637 | 686 | 0.62 | % | ||||||||||||||
Savings accounts | 57,513 | 335 | 0.58 | 54,340 | 479 | 0.88 | ||||||||||||||||||
Money market accounts | 450,362 | 3,018 | 0.67 | 381,054 | 3,973 | 1.04 | ||||||||||||||||||
Certificate accounts | 1,177,335 | 20,887 | 1.77 | 1,525,206 | 33,912 | 2.22 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Deposits | 1,814,464 | 24,815 | 1.37 | 2,071,237 | 39,050 | 1.89 | ||||||||||||||||||
FHLB advances | 93,755 | 3,821 | 4.08 | 382,083 | 11,682 | 3.06 | ||||||||||||||||||
Securities sold under agreements to repurchase | — | — | — | 2,521 | 11 | 0.43 | ||||||||||||||||||
Long-term debt | 62,506 | 2,046 | 3.27 | 66,857 | 3,824 | 5.72 | ||||||||||||||||||
Other borrowings | — | 16 | — | 69 | 2 | 3.03 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total interest-bearing liabilities (2) | 1,970,725 | 30,698 | 1.56 | 2,522,767 | 54,569 | 2.16 | ||||||||||||||||||
Other noninterest-bearing liabilities | 260,539 | 268,683 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total liabilities | 2,231,264 | 2,791,450 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Shareholder’s equity | 68,537 | 89,267 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,299,801 | $ | 2,880,717 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net interest income (4) | $ | 48,640 | $ | 39,329 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net interest spread | 2.27 | % | 1.39 | % | ||||||||||||||||||||
Impact of noninterest-bearing sources | 0.08 | % | 0.10 | % | ||||||||||||||||||||
Net interest margin | 2.35 | % | 1.49 | % | ||||||||||||||||||||
| (1) | The daily average balances of nonaccrual assets and related income, if any, are included in their respective categories. |
| (2) | Average interest-earning assets and interest-bearing liabilities were computed using daily average balances. |
| (3) | Includes loans balances that have been foreclosed and are now reclassified to other real estate owned. |
| (4) | Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities of $300,000 and $295,000 for the years ended 2011 and 2010, respectively. The federal statutory tax rate was 35% for the periods presented. |
10
HomeStreet, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
| December 31, | % | |||||||||||
(in thousands, except share data) | 2011 | 2010 | Change | |||||||||
Assets | ||||||||||||
Cash and cash equivalents (including interest- bearing instruments of $246,113 and $57,601) | $ | 263,302 | $ | 72,639 | 262 | % | ||||||
Investment securities available for sale | 329,047 | 313,513 | 5 | |||||||||
Loans held for sale (includes $130,546 and $198,784 carried at fair value) | 150,409 | 212,602 | (29 | ) | ||||||||
Loans held for investment (net of allowance for loan losses of $42,689 and $64,177) | 1,300,873 | 1,538,521 | (15 | ) | ||||||||
Mortgage servicing rights (includes $70,169 and $81,197 carried at fair value) | 77,281 | 87,232 | (11 | ) | ||||||||
Accounts receivable and other assets | 53,856 | 32,345 | 67 | |||||||||
Accrued interest receivable | 6,712 | 7,267 | (8 | ) | ||||||||
Other real estate owned | 38,572 | 170,455 | (77 | ) | ||||||||
Income taxes receivable | 1,309 | 7,309 | (82 | ) | ||||||||
Federal Home Loan Bank stock, at cost | 37,027 | 37,027 | — | |||||||||
Premises and equipment, net | 6,569 | 6,787 | (3 | ) | ||||||||
|
|
|
| |||||||||
Total assets | $ | 2,264,957 | $ | 2,485,697 | (9 | ) | ||||||
|
|
|
| |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||
Liabilities: | ||||||||||||
Deposits | $ | 2,009,755 | $ | 2,129,742 | (6 | )% | ||||||
Federal Home Loan Bank advances | 57,919 | 165,869 | (65 | ) | ||||||||
Accounts payable and accrued expenses | 49,019 | 64,440 | (24 | ) | ||||||||
Long-term debt | 61,857 | 66,857 | (7 | ) | ||||||||
|
|
|
| |||||||||
Total liabilities | 2,178,550 | 2,426,908 | (10 | ) | ||||||||
|
|
|
| |||||||||
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 40,000,000 Issued and outstanding, 1,350,874 shares and 1,350,874 shares | 511 | 511 | — | |||||||||
Additional paid-in capital | 31 | 16 | 94 | |||||||||
Retained earnings | 81,746 | 65,627 | 25 | |||||||||
Accumulated other comprehensive income (loss) | 4,119 | (7,365 | ) | 156 | ||||||||
|
|
|
| |||||||||
Total shareholders’ equity | 86,407 | 58,789 | 47 | |||||||||
|
|
|
| |||||||||
Total liabilities and shareholders’ equity | $ | 2,264,957 | $ | 2,485,697 | (9 | ) | ||||||
|
|
|
| |||||||||
11
HomeStreet, Inc. and Subsidiaries
Five Quarter Consolidated Statements of Financial Condition
| Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | ||||||||||||||||
(in thousands, except share data) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 263,302 | $ | 138,429 | $ | 108,175 | $ | 170,795 | $ | 72,639 | ||||||||||
Investment securities available for sale | 329,047 | 339,453 | 315,715 | 304,404 | 313,513 | |||||||||||||||
Loans held for sale | 150,409 | 226,590 | 121,216 | 82,803 | 212,602 | |||||||||||||||
Net loans held for investment | 1,300,873 | 1,360,219 | 1,392,238 | 1,500,550 | 1,538,521 | |||||||||||||||
Mortgage servicing rights | 77,281 | 74,083 | 94,320 | 95,952 | 87,232 | |||||||||||||||
Accounts receivable and other assets | 53,856 | 56,746 | 42,177 | 30,967 | 32,345 | |||||||||||||||
Accrued interest receivable | 6,712 | 6,523 | 6,322 | 7,059 | 7,267 | |||||||||||||||
Other real estate owned | 38,572 | 64,368 | 102,697 | 98,863 | 170,455 | |||||||||||||||
Income taxes receivable | 1,309 | 6,786 | 7,161 | 7,266 | 7,309 | |||||||||||||||
Federal Home Loan Bank stock, at cost | 37,027 | 37,027 | 37,027 | 37,027 | 37,027 | |||||||||||||||
Premises and equipment, net | 6,569 | 6,615 | 6,457 | 6,953 | 6,787 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | $ | 2,264,957 | $ | 2,316,839 | $ | 2,233,505 | $ | 2,342,639 | $ | 2,485,697 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 2,009,755 | $ | 2,056,977 | $ | 1,993,655 | $ | 2,066,842 | $ | 2,129,742 | ||||||||||
Federal Home Loan Bank advances | 57,919 | 67,919 | 77,919 | 114,544 | 165,869 | |||||||||||||||
Accounts payable and accrued expenses | 49,019 | 49,750 | 41,763 | 48,182 | 64,440 | |||||||||||||||
Long-term debt | 61,857 | 61,857 | 61,857 | 61,857 | 66,857 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities | 2,178,550 | 2,236,503 | 2,175,194 | 2,291,425 | 2,426,908 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
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 40,000,000 | ||||||||||||||||||||
Issue and outstanding | 511 | 511 | 511 | 511 | 511 | |||||||||||||||
Additional paid-in capital | 31 | 28 | 24 | 20 | 16 | |||||||||||||||
Retained earnings | 81,746 | 74,720 | 59,462 | 58,178 | 65,627 | |||||||||||||||
Accumulated other comprehensive income (loss) | 4,119 | 5,077 | (1,686 | ) | (7,495 | ) | (7,365 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total shareholders’ equity | 86,407 | 80,336 | 58,311 | 51,214 | 58,789 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities and shareholders’ equity | $ | 2,264,957 | $ | 2,316,839 | $ | 2,233,505 | $ | 2,342,639 | $ | 2,485,697 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
12
HomeStreet, Inc. and Subsidiaries
Five Quarter Securities Available for Sale
(in thousands, except for duration data) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Mortgage backed: | ||||||||||||||||||||
Residential | $ | — | $ | — | $ | 12,003 | $ | 4,364 | $ | 4,697 | ||||||||||
Commercial | 14,483 | 8,393 | — | — | — | |||||||||||||||
Municipal bonds | 49,584 | 1,059 | 5,722 | 5,832 | 6,549 | |||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||
Residential | 223,390 | 251,856 | 221,732 | 217,938 | 221,921 | |||||||||||||||
Commercial | 10,070 | 10,174 | — | — | — | |||||||||||||||
US Treasury | 31,520 | 67,971 | 76,258 | 76,270 | 80,346 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| $ | 329,047 | $ | 339,453 | $ | 315,715 | $ | 304,404 | $ | 313,513 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Weighted average duration in years | 4.4 | 3.9 | 3.9 | 4.2 | 4.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
13
HomeStreet, Inc. and Subsidiaries
Five Quarter Loans Held for Investment
(in thousands) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Consumer loans | ||||||||||||||||||||
Single family residential | $ | 496,934 | $ | 496,741 | $ | 502,935 | $ | 522,904 | $ | 526,462 | ||||||||||
Home equity | 158,936 | 167,453 | 172,205 | 175,896 | 181,537 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 655,870 | 664,194 | 675,140 | 698,800 | 707,999 | ||||||||||||||||
Commercial loans | ||||||||||||||||||||
Commercial real estate | 402,139 | 407,891 | 410,370 | 414,343 | 426,879 | |||||||||||||||
Multifamily residential | 56,379 | 58,972 | 59,092 | 102,450 | 104,497 | |||||||||||||||
Construction/land development | 173,405 | 213,001 | 234,062 | 271,676 | 285,131 | |||||||||||||||
Commercial business | 59,831 | 73,559 | 77,493 | 80,057 | 82,959 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 691,754 | 753,423 | 781,017 | 868,526 | 899,466 | ||||||||||||||||
| 1,347,624 | 1,417,617 | 1,456,157 | 1,567,326 | 1,607,465 | ||||||||||||||||
Net deferred loan fees and discounts | (4,062 | ) | (4,231 | ) | (4,227 | ) | (4,620 | ) | (4,767 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 1,343,562 | 1,413,386 | 1,451,930 | 1,562,706 | 1,602,698 | ||||||||||||||||
Allowance for loan losses | (42,689 | ) | (53,167 | ) | (59,692 | ) | (62,156 | ) | (64,177 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| $ | 1,300,873 | $ | 1,360,219 | $ | 1,392,238 | $ | 1,500,550 | $ | 1,538,521 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
14
HomeStreet, Inc. and Subsidiaries
Credit Quality
Allowance for Credit Losses (roll-forward)
| 0000000 | 0000000 | 0000000 | 0000000 | 0000000 | ||||||||||||||||
| Quarter ended | ||||||||||||||||||||
(in thousands) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Allowance for Credit Losses (roll-forward): | ||||||||||||||||||||
Beginning balance | $ | 53,386 | $ | 60,059 | $ | 62,466 | $ | 64,566 | $ | 70,941 | ||||||||||
Provision for loan losses | — | 1,000 | 2,300 | — | 8,200 | |||||||||||||||
(Charge-offs), net of recoveries | (10,586 | ) | (7,673 | ) | (4,707 | ) | (2,100 | ) | (14,575 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Balance, end of period | $ | 42,800 | $ | 53,386 | $ | 60,059 | $ | 62,466 | $ | 64,566 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Allowance as a % of loans held for investment | 3.18 | % | 3.76 | % | 4.11 | % | 3.98 | % | 4.00 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Delinquencies
| 000000000 | 000000000 | 000000000 | 000000000 | 000000000 | 000000000 | |||||||||||||||||||
(in thousands) | 30-59 days past due | 60-89 days past due | 90 days or more past due (1) | Total past due | Current | Total loans | ||||||||||||||||||
December 31, 2011 | ||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||
Single family residential | $ | 7,694 | $ | 8,552 | $ | 47,861 | $ | 64,107 | $ | 432,827 | $ | 496,934 | ||||||||||||
Home equity | 957 | 500 | 2,464 | 3,921 | 155,015 | 158,936 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 8,651 | 9,052 | 50,325 | 68,028 | 587,842 | 655,870 | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||
Commercial real estate | — | — | 10,184 | 10,184 | 391,955 | 402,139 | ||||||||||||||||||
Multifamily residential | — | — | �� | 2,394 | 2,394 | 53,985 | 56,379 | |||||||||||||||||
Construction/land development | 9,916 | — | 48,387 | 58,303 | 115,102 | 173,405 | ||||||||||||||||||
Commercial business | — | — | 951 | 951 | 58,880 | 59,831 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 9,916 | — | 61,916 | 71,832 | 619,922 | 691,754 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| $ | 18,567 | $ | 9,052 | $ | 112,241 | $ | 139,860 | $ | 1,207,764 | $ | 1,347,624 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
December 31, 2010 | ||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||
Single family residential | $ | 6,743 | $ | 6,223 | $ | 44,111 | $ | 57,077 | $ | 469,385 | $ | 526,462 | ||||||||||||
Home equity | 1,645 | 1,184 | 2,535 | 5,364 | 176,173 | 181,537 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 8,388 | 7,407 | 46,646 | 62,441 | 645,558 | 707,999 | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||
Commercial real estate | — | 4,871 | 20,259 | 25,130 | 401,749 | 426,879 | ||||||||||||||||||
Multifamily residential | — | — | 8,167 | 8,167 | 96,330 | 104,497 | ||||||||||||||||||
Construction/land development | — | — | 78,907 | 78,907 | 206,224 | 285,131 | ||||||||||||||||||
Commercial business | — | 907 | 2,734 | 3,641 | 79,318 | 82,959 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| — | 5,778 | 110,067 | 115,845 | 783,621 | 899,466 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| $ | 8,388 | $ | 13,185 | $ | 156,713 | $ | 178,286 | $ | 1,429,179 | $ | 1,607,465 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| (1) | Includes $35.8 million and $30.2 million of loans past due and still accruing at December 31, 2011 and December 31, 2010 respectively, whose repayments are insured by the FHA or guaranteed by the VA. |
15
HomeStreet, Inc. and Subsidiaries
Five Quarter Nonperforming Assets
Nonperfoming assets roll-forward
| Quarter ended | ||||||||||||||||||||
(in thousands) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Beginning balance | $ | 159,462 | $ | 193,609 | $ | 222,981 | $ | 283,665 | $ | 390,600 | ||||||||||
Additions to NPLs | 7,251 | 20,900 | 14,246 | 28,875 | 22,284 | |||||||||||||||
Charge-offs | (10,586 | ) | (7,673 | ) | (4,707 | ) | (2,100 | ) | (14,575 | ) | ||||||||||
OREO sales | (26,037 | ) | (33,814 | ) | (17,590 | ) | (67,014 | ) | (21,159 | ) | ||||||||||
OREO writedowns | (3,564 | ) | (8,217 | ) | (4,739 | ) | (10,559 | ) | (16,300 | ) | ||||||||||
Principal paydown, payoff advances | (3,871 | ) | (2,437 | ) | (6,024 | ) | (5,599 | ) | (10,953 | ) | ||||||||||
Transferred back to accrual status | (7,599 | ) | (2,906 | ) | (10,558 | ) | (4,287 | ) | (66,232 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Subtractions from NPAs | $ | (51,657 | ) | $ | (55,047 | ) | $ | (43,618 | ) | $ | (89,559 | ) | $ | (129,219 | ) | |||||
Net outflows | (44,406 | ) | (34,147 | ) | (29,372 | ) | (60,684 | ) | (106,935 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ending balance | $ | 115,056 | $ | 159,462 | $ | 193,609 | $ | 222,981 | $ | 283,665 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Nonperforming assets by loan class
| Quarter ended | ||||||||||||||||||||
(in thousands) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||
Single family residential | $ | 12,104 | $ | 15,469 | $ | 16,229 | $ | 14,732 | $ | 13,938 | ||||||||||
Home equity | 2,464 | 2,772 | 2,620 | 3,103 | 2,535 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 14,568 | 18,241 | 18,849 | 17,835 | 16,473 | ||||||||||||||||
Commercial loans | ||||||||||||||||||||
Commercial real estate | 10,184 | 10,959 | 10,081 | 19,815 | 20,259 | |||||||||||||||
Multifamily residential | 2,394 | 5,196 | 5,265 | 5,302 | 8,167 | |||||||||||||||
Construction/land development | 48,387 | �� | 58,705 | 53,955 | 77,811 | 65,952 | ||||||||||||||
Commercial business | 951 | 1,993 | 2,762 | 3,355 | 2,359 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 61,916 | 76,853 | 72,063 | 106,283 | 96,737 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| $ | 76,484 | $ | 95,094 | $ | 90,912 | $ | 124,118 | $ | 113,210 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Allowance as a % of nonperfoming loans | 55.81 | % | 55.91 | % | 65.66 | % | 50.08 | % | 56.69 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Other real estate owned: | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||
Single family residential | $ | 6,600 | $ | 10,419 | $ | 14,287 | $ | 14,897 | $ | 18,839 | ||||||||||
Home equity | — | — | 229 | 233 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 6,600 | 10,419 | 14,516 | 15,130 | 18,839 | ||||||||||||||||
Commercial loans | ||||||||||||||||||||
Commercial real estate | 2,055 | 2,152 | 2,152 | 8,045 | 6,257 | |||||||||||||||
Multifamily residential | — | — | — | — | — | |||||||||||||||
Construction/land development | 29,917 | 51,797 | 86,029 | 75,688 | 145,359 | |||||||||||||||
Commercial business | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 31,972 | 53,949 | 88,181 | 83,733 | 151,616 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| $ | 38,572 | $ | 64,368 | $ | 102,697 | $ | 98,863 | $ | 170,455 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Nonperforming assets | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||
Single family residential | $ | 18,704 | $ | 25,888 | $ | 30,516 | $ | 29,629 | $ | 32,777 | ||||||||||
Home equity | 2,464 | 2,772 | 2,849 | 3,336 | 2,535 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 21,168 | 28,660 | 33,365 | 32,965 | 35,312 | ||||||||||||||||
Commercial loans | ||||||||||||||||||||
Commercial real estate | 12,239 | 13,111 | 12,233 | 27,860 | 26,516 | |||||||||||||||
Multifamily residential | 2,394 | 5,196 | 5,265 | 5,302 | 8,167 | |||||||||||||||
Construction/land development | 78,304 | 110,502 | 139,984 | 153,499 | 211,311 | |||||||||||||||
Commercial business | 951 | 1,993 | 2,762 | 3,355 | 2,359 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 93,888 | 130,802 | 160,244 | 190,016 | 248,353 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| $ | 115,056 | $ | 159,462 | $ | 193,609 | $ | 222,981 | $ | 283,665 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Nonperforming assets to total assets | 5.08 | % | 6.88 | % | 8.67 | % | 9.52 | % | 11.41 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
16
HomeStreet, Inc. and Subsidiaries
Five Quarter Mortgage Servicing
Mortgage Servicing Income
| 000000000000 | 000000000000 | 000000000000 | 000000000000 | 000000000000 | ||||||||||||||||
| Quarter ended | ||||||||||||||||||||
| Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | ||||||||||||||||
(in thousands) | 2011 | 2011 | 2011 | 2011 | 2010 | |||||||||||||||
Servicing income, net: | ||||||||||||||||||||
Servicing fees and other | $ | 6,518 | $ | 6,793 | $ | 6,736 | $ | 6,078 | $ | 5,726 | ||||||||||
Changes in fair value, single-family mortgage servicing rights: | ||||||||||||||||||||
Due to changes in model or assumptions (1) | (3,571 | ) | (20,068 | ) | (7,057 | ) | 5,543 | 20,779 | ||||||||||||
Other changes in fair value (2) | (4,515 | ) | (6,073 | ) | (395 | ) | (3,864 | ) | (2,478 | ) | ||||||||||
Amortization | (366 | ) | (455 | ) | (345 | ) | (321 | ) | (327 | ) | ||||||||||
Net gain (loss) from derivatives economically hedging single family MSR | 7,897 | 38,335 | 8,774 | (1,588 | ) | (16,716 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Mortgage servicing | $ | 5,963 | $ | 18,532 | $ | 7,713 | $ | 5,848 | $ | 6,984 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| (1) | Principally reflects changes in model assumptions and prepayment speed assumptions, which are primarily affected by changes in interest rates. |
| (2) | Represents changes due to collection/realization of expected cash flows and curtailments over time. |
Loans Serviced for Others
| 000000000000 | 000000000000 | 000000000000 | 000000000000 | 000000000000 | ||||||||||||||||
| Quarter ended | ||||||||||||||||||||
(in thousands) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Single family residential | ||||||||||||||||||||
FannieMae/GNMA/FHLMC MBS | $ | 6,464,815 | $ | 6,217,086 | $ | 6,165,052 | $ | 6,087,770 | $ | 5,909,742 | ||||||||||
Other | 420,470 | 432,460 | 437,748 | 433,514 | 433,416 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| $ | 6,885,285 | $ | 6,649,546 | $ | 6,602,800 | $ | 6,521,284 | $ | 6,343,158 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Commercial | ||||||||||||||||||||
Multifamily | 758,535 | 770,401 | 799,332 | 784,445 | 776,671 | |||||||||||||||
Other | 56,785 | 57,151 | 57,690 | 58,150 | 58,765 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 815,320 | 827,552 | 857,022 | 842,595 | 835,436 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans serviced for others | $ | 7,700,605 | $ | 7,477,098 | $ | 7,459,822 | $ | 7,363,879 | $ | 7,178,594 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Single Family Capitalized Mortgage Servicing Rights
| 000000000000 | 000000000000 | 000000000000 | 000000000000 | 000000000000 | ||||||||||||||||
| Quarter ended | ||||||||||||||||||||
(in thousands) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Beginning balance | $ | 67,471 | $ | 87,712 | $ | 89,947 | $ | 81,197 | $ | 54,745 | ||||||||||
Originations | 10,759 | 5,872 | 5,187 | 7,067 | 8,151 | |||||||||||||||
Purchases | 25 | 27 | 30 | 4 | — | |||||||||||||||
Changes in fair value: | ||||||||||||||||||||
Due to changes in model inputs or assumptions (1) | (3,571 | ) | (20,068 | ) | (7,057 | ) | 5,543 | 20,779 | ||||||||||||
Other changes in fair value (2) | (4,515 | ) | (6,073 | ) | (395 | ) | (3,864 | ) | (2,478 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ending balance | $ | 70,169 | $ | 67,471 | $ | 87,712 | $ | 89,947 | $ | 81,197 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of capitalized MSRs to related loans serviced for others | 1.09 | % | 1.09 | % | 1.42 | % | 1.48 | % | 1.37 | % | ||||||||||
Ratio of capitalized value to weighted average servicing fee | 3.10 | % | 3.12 | % | 4.13 | % | 4.39 | % | 4.13 | % | ||||||||||
| (1) | Principally reflects changes in model assumptions or prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. |
| (2) | Represents changes due to collection/realization of expected future cash flows over time. |
Commercial Multifamily Capitalized Mortgage Servicing Rights
| 000000000000 | 000000000000 | 000000000000 | 000000000000 | 000000000000 | ||||||||||||||||
| Quarter ended | ||||||||||||||||||||
(in thousands) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Beginning balance | $ | 6,612 | $ | 6,608 | $ | 6,005 | $ | 6,035 | $ | 5,825 | ||||||||||
Originations | 866 | 459 | 948 | 291 | 537 | |||||||||||||||
Amortization | (366 | ) | (455 | ) | (345 | ) | (321 | ) | (327 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ending balance | $ | 7,112 | $ | 6,612 | $ | 6,608 | $ | 6,005 | $ | 6,035 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of capitalized MSRs to related loans serviced for others | 0.94 | % | 0.86 | % | 0.83 | % | 0.77 | % | 0.78 | % | ||||||||||
Ratio of capitalized value to weighted average servicing fee | 2.61 | % | 2.44 | % | 2.38 | % | 2.21 | % | 2.25 | % | ||||||||||
17
Mortgage Banking Activity
| 000000 | 000000 | 000000 | 000000 | 000000 | ||||||||||||||||
| Quarter ended | ||||||||||||||||||||
(in thousands) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Single Family: | ||||||||||||||||||||
Single family mortgage originations | $ | 624,111 | $ | 478,025 | $ | 323,906 | $ | 275,568 | $ | 675,308 | ||||||||||
Single family mortgage interest rate locks | 543,164 | 630,919 | 344,836 | 253,698 | 553,605 | |||||||||||||||
Single family mortgage loans sold | 710,706 | 370,250 | 272,090 | 386,174 | 590,787 | |||||||||||||||
Net gain on single family mortgage loan origination and sales activities: | ||||||||||||||||||||
Mortgage servicing rights originated | $ | 3,295 | $ | 7,195 | $ | 4,511 | $ | 2,823 | $ | 8,667 | ||||||||||
Loan origination and funding fees | 6,819 | 3,780 | 2,933 | 2,383 | 5,808 | |||||||||||||||
Secondary marketing gains (losses) | 7,632 | 4,580 | 1,044 | (608 | ) | 4,008 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| $ | 17,746 | $ | 15,555 | $ | 8,488 | $ | 4,598 | $ | 18,483 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Multifamily: | ||||||||||||||||||||
Multifamily mortgage originations | $ | 49,071 | $ | 26,125 | $ | 49,070 | $ | 1,410 | $ | 38,150 | ||||||||||
Multifamily mortgage loans sold | 33,461 | 25,144 | 47,010 | 13,862 | 27,699 | |||||||||||||||
Net gain on multifamily mortgage loan origination and sales activities: | 1,185 | 500 | 967 | 346 | 620 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Net gain on sale of mortgage loan origination and sales activities | $ | 18,931 | $ | 16,055 | $ | 9,455 | $ | 4,944 | $ | 19,103 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
18
HomeStreet, Inc. and Subsidiaries
Five Quarter Deposits
| Quarter ended | ||||||||||||||||||||
(in thousands) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | |||||||||||||||
Noninterest bearing accounts | $ | 270,666 | $ | 287,862 | $ | 184,412 | $ | 180,441 | $ | 235,890 | ||||||||||
Interest bearing deposits: | ||||||||||||||||||||
NOW accounts | 138,936 | 145,668 | 122,995 | 127,529 | 121,534 | |||||||||||||||
Statement savings accounts due on demand | 66,898 | 59,974 | 57,685 | 52,743 | 51,075 | |||||||||||||||
Money market accounts due on demand | 499,457 | 469,289 | 445,081 | 427,698 | 413,401 | |||||||||||||||
Time, through $250,000 | 966,536 | 1,026,045 | 1,104,331 | 1,193,669 | 1,220,479 | |||||||||||||||
Time, more than $250,000 | 67,262 | 68,139 | 79,151 | 84,762 | 87,363 | |||||||||||||||
|
|
|
|
|
|
|
|
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| |||||||||||
Total interest bearing deposits | 1,739,089 | 1,769,115 | 1,809,243 | 1,886,401 | 1,893,852 | |||||||||||||||
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Total deposits | $ | 2,009,755 | $ | 2,056,977 | $ | 1,993,655 | $ | 2,066,842 | $ | 2,129,742 | ||||||||||
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Percent of total deposits: | ||||||||||||||||||||
Noninterest bearing accounts | 13.5 | % | 14.0 | % | 9.2 | % | 8.7 | % | 11.1 | % | ||||||||||
Interest bearing deposits: | ||||||||||||||||||||
Interest bearing demand | 6.9 | 7.1 | 6.2 | 6.2 | 5.7 | |||||||||||||||
Money market | 3.3 | 2.9 | 2.9 | 2.6 | 2.4 | |||||||||||||||
Statement savings | 24.9 | 22.8 | 22.3 | 20.7 | 19.4 | |||||||||||||||
Time, through $250,000 | 48.1 | 49.9 | 55.4 | 57.7 | 57.3 | |||||||||||||||
Time, more than $250,000 | 3.3 | 3.3 | 4.0 | 4.1 | 4.1 | |||||||||||||||
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Total interest bearing deposits | 86.5 | 86.0 | 90.8 | 91.3 | 88.9 | |||||||||||||||
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Total deposits | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
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19