Exhibit 99.1
HomeStreet, Inc. Reports First Quarter 2012 Results
HomeStreet Reports First Quarter Net Income of $19.1 million, Reflecting Strong Mortgage Banking Results
SEATTLE – (BUSINESS WIRE) – HomeStreet, Inc. (NASDAQ:HMST), the parent company of HomeStreet Bank (the “Bank”), today announced financial results for the first quarter ended March 31, 2012. HomeStreet, Inc. (the “Company” or “HomeStreet”) reported net income of $19.1 million, or $3.55 per diluted share, for the first quarter of 2012, compared to net income of $7.0 million, or $2.42 per share, for the fourth quarter of 2011 and a net loss of $7.4 million, or $(2.76) per share, for the first quarter of 2011.
Highlights for the first quarter of 2012 include:
| | • | | Single family mortgage originations designated for sale of $712.3 million during the quarter, increasing 14.1% over the fourth quarter of 2011. Single family mortgage interest rate lock commitments of $920.2 million during the quarter, up 69.4% from the fourth quarter of 2011. |
| | • | | Hiring of approximately 170 mortgage origination and support personnel previously with MetLife Home Loans and related addition of 13 new single family lending centers in Washington, Oregon and Idaho. |
| | • | | Completion of the initial public offering of HomeStreet’s common stock in February; issuing 4,361,816 new common shares and raising $88.7 million of net proceeds, of which $55.0 million was subsequently contributed to HomeStreet Bank. |
| | • | | Nonperforming assets declined to $107.2 million or 4.5% of total assets including Other Real Estate Owned (“OREO”), which decreased to $31.6 million. |
| | • | | In recognition of the significant improvement in the Bank’s financial condition, results of operations and risk profile, in March 2012 the Bank’s regulators terminated the Bank’s regulatory order (the “Bank Order”) and replaced it with an informal supervisory agreement. |
“This was a pivotal quarter for HomeStreet, one that marks a number of significant milestones for our institution,” said Mark K. Mason, Chief Executive Officer. “We are already seeing benefits from expanding our mortgage lending capacity during the first quarter. Our capital raise coupled with the termination of the Bank Order have allowed us to resume normal banking operations, fully serve the needs of our customers and grow our franchise.”
1
Mortgage Banking
Mortgage Originations
Single family mortgage originations designated for sale totaled $712.3 million, increasing $88.2 million, or 14.1%, from the fourth quarter of 2011 and increasing $436.7 million, or 158.5%, from the first quarter of 2011. Single family mortgage interest rate lock commitments, net of estimated fall out, totaled $920.2 million during the first quarter, up $377.1 million, or 69.4%, from the fourth quarter of 2011 and up $666.5 million, or 262.7%, from the first quarter of 2011. Net gain on mortgage loan origination and sales activities was $28.9 million, an increase of $10.0 million, or 52.7%, over the fourth quarter of 2011 and up $24.0 million, or 484.5%, over the first quarter of 2011.
Our mortgage loan origination and sales revenue growth reflects both an elevated demand for mortgage loan products driven by continued low mortgage interest rates and the expansion of our mortgage banking business through the addition during the quarter of approximately 170 mortgage originators, processors, funders, underwriters and other support personnel that were previously with MetLife Home Loans. These personnel contributed approximately $207.0 million of single family interest rate lock commitments during the quarter, $59.0 million of which was closed by March 31, 2012. Our results also reflect strong secondary market profit margins that began to increase in the latter half of 2011 and continued through the first quarter of 2012, reflecting elevated refinancing activity and industry consolidation.
Mortgage Servicing
Mortgage servicing income of $7.9 million increased $1.9 million, or 32.0%, over the fourth quarter of 2011 and $2.0 million, or 34.6%, over the first quarter of 2011. The increase on a linked-quarter basis was primarily due to $1.9 million of net valuation gains on mortgage servicing rights and related hedge instruments, as compared with a net valuation loss of $189,000 during the fourth quarter of 2011. The total loans serviced for others portfolio increased to $7.77 billion compared with $7.70 billion as of December 31, 2011.
Credit Quality
Nonperforming assets (NPAs) declined to $107.2 million, or 4.5% of total assets, as of March 31, 2012, from $115.1 million, or 5.1% of total assets, at December 31, 2011. Net charge-offs in the quarter declined to $7.4 million, down from $10.6 million in the fourth quarter of 2011. At March 31, 2012, OREO balances totaled $31.6 million, a decline of 18.0% from December 31, 2011. As of April 27, 2012, approximately 65.0% of the March 31, 2012 OREO balance was under contract for sale or had been sold since quarter end.
No provision for loan losses was recorded for the first quarter of 2012, consistent with the fourth quarter of 2011, as expected losses inherent within the loans held for investment portfolio continue to decline consistent with the recovery of the economy as a whole.
In April 2012, bankruptcy courts affirmed the Company’s settlement of collection litigation related to two nonperforming construction/land development loans with aggregate carrying values of $26.6 million. The settlement was recognized as a subsequent event as of March 31, 2012. Consequently, the Company has charged-off the carrying value of $4.8 million for one loan and reduced the specific reserves (included in the allowance for loan losses) associated with these loans by $7.1 million as of March 31, 2012.
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Deposits
Deposits totaled $2.00 billion at March 31, 2012, down $9.1 million, or 0.5%, from $2.01 billion at December 31, 2011. Certificates of deposit decreased $143.1 million, or 13.8%, since year end 2011 as we manage the reduction of these higher-cost deposits and replace them with lower cost transaction, savings and money market accounts. Deposits other than certificates of deposit increased $134.0 million, or 13.7%, from year-end 2011. The increase in deposits other than certificates of deposit reflects a focused effort on attracting core deposit balances through our branch network and converting customers with maturing certificates of deposit to money market and savings accounts.
Results of Operations
Net Interest Income
Net interest income was $12.9 million, in line with the fourth quarter of 2011 and up $1.3 million, or 11.3%, from the first quarter of 2011. Total average interest earning assets increased modestly on a linked-quarter basis as proceeds from our successful capital raise were invested into highly liquid securities, partially offset by a decline in our loans held for investment portfolio. Total average interest bearing deposit balances declined as a result of declines in higher-costing certificates of deposit, offset by increases in transaction savings and money market accounts. The net interest margin increased to 2.53% from 2.50% for the fourth quarter of 2011 as a result of the shift in deposit balances from higher-cost certificates of deposit to lower cost transaction, savings and money market accounts and an increase in the average balance of investment securities as net proceeds from the initial public offering were invested, partially offset by changes in the loans held for investment portfolio, resulting primarily from pay downs or pay offs.
Noninterest Income
Noninterest income was $39.5 million, up $12.0 million, or 43.8%, from $27.5 million in the fourth quarter of 2011 and up $25.0 million, or 173.1%, from $14.5 million in the first quarter of 2011. The increase on a linked-quarter basis was primarily due to a $10.0 million increase in net gain on mortgage loan origination and sales activities, reflecting an increase in single family mortgage loan origination and sale activity. Also contributing to the increase in noninterest income was an increase in net valuation gains on mortgage servicing rights and related hedge instruments, totaling $1.9 million during the first quarter of 2012, as compared with a net loss of $189,000 during the fourth quarter of 2011.
Noninterest Expense
Noninterest expense was $35.1 million, up $1.2 million, or 3.4%, from $33.9 million in the fourth quarter of 2011 and up $1.6 million, or 4.8%, from $33.5 million in the first quarter of 2011. The increase on a linked-quarter basis was primarily due to a $4.9 million increase in salary and related costs, reflecting the hiring of mortgage origination personnel previously with MetLife Home Loans. This increase was partially offset by a combined decrease in legal and consulting expenses as a result of the recognition of $2.4 million of expenses associated with capital raising efforts in the fourth quarter of 2011. Offsetting the increase in noninterest expense was a $1.2 million decrease in other real estate owned expense.
Income Taxes
Our effective income tax rate in the first quarter of 2012 differs from the Federal statutory tax rate of 35% due to state income taxes on income in Oregon and Hawaii, tax exempt interest income and a reduction of the Company’s valuation allowance with respect to its deferred tax assets. The reduction of the valuation allowance was due to the Company’s pretax earnings in the first quarter as well as a change in the Company’s ability to utilize certain deferred tax liabilities in the realization of its deferred tax assets. As of March 31, 2012 the valuation allowance was $7.7 million.
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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. Based on our current analysis of the impact of the change of control on our ability to utilize our net deferred tax assets existing as of the change of control date, we do not anticipate that the change of control has resulted in a material loss of deferred tax benefits.
Capital
On February 15, 2012, the Company completed its initial public offering of 4,361,816 shares of common stock for an initial offering price of $22.00 per share, yielding net proceeds to HomeStreet of $88.7 million. On February 24, 2012, $55.0 million of this amount was contributed to the Bank.
| | | | | | | | |
| | | Mar. 31,
2012 | | | Dec. 31,
2011 | |
| | |
Regulatory capital ratios for the Bank: | | | | | | | | |
| | |
Total risk-based capital (to risk-weighted assets) | | | 15.5 | % | | | 11.2 | % |
Tier 1 risk-based capital (to risk-weighted assets) | | | 14.2 | % | | | 9.9 | % |
Tier 1 leverage capital (to average assets) | | | 9.3 | % | | | 6.0 | % |
On April 26, 2012, the Company contributed an additional $10.0 million of capital to the Bank to support increased lending activities and balance sheet growth. This amount is not reflected in the ratios above.
Conference Call
HomeStreet, Inc. management will discuss the first quarter 2012 results on a conference call scheduled for April 30, 2012 at 10:00 a.m. Pacific Time (1:00 p.m. Eastern Time). Interested parties may join the call by dialing 1-877-317-6789 shortly before 10:00 a.m. Pacific Time. 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 10012608. The replay will also be available online athttp://ir.homestreet.com.
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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.
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. For instance, our ability to normalize our banking operations, grow our franchise and capitalize on market opportunities may be limited due to future risks and uncertainties including, but not limited to changes in general economic conditions that impact our markets and our business, regulatory and legislative actions that may constrain our ability to do business, significant increases in the competition we face in our industry and market and the extent of our success in problem asset resolution efforts. In addition, we may not recognize all or a substantial portion of the value of our rate-lock loan activity due to challenges our customers may face in meeting current underwriting standards, a decrease in interest rates, an increase in competition for such loans, unfavorable changes in 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 and legislative or regulatory actions or reform (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act).
Information contained herein, other than information at December 31, 2011 and for the twelve months then ended, is unaudited.
Source: HomeStreet, Inc.
| | |
| Contacts: | | Terri Silver, Investor Relations |
| | HomeStreet, Inc. |
| | 206-389-6303 |
| | terri.silver@homestreet.com |
5
HomeStreet, Inc. and Subsidiaries
Five Quarter Summary Financial Data
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
(in thousands, except share data) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
Income Statement Data (for the period ended): | | | | | | | | | | | | | | | | |
Net interest income | | $ | 12,905 | | | $ | 12,866 | | | $ | 11,970 | | | $ | 11,914 | | | $ | 11,590 | |
Provision for loan losses | | | — | | | | — | | | | 1,000 | | | | 2,300 | | | | — | |
Noninterest income | | | 39,501 | | | | 27,473 | | | | 37,268 | | | | 18,916 | | | | 14,465 | |
Noninterest expense | | | 35,077 | | | | 33,915 | | | | 32,618 | | | | 27,263 | | | | 33,461 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) before taxes | | | 17,329 | | | | 6,424 | | | | 15,620 | | | | 1,267 | | | | (7,406 | ) |
Income taxes | | | (1,721 | ) | | | (602 | ) | | | 362 | | | | (17 | ) | | | 43 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 19,050 | | | $ | 7,026 | | | $ | 15,258 | | | $ | 1,284 | | | $ | (7,449 | ) |
| | | | | | | | | | | | | | | | | | | | |
Basic earnings per common share (1) | | $ | 3.70 | | | $ | 2.60 | | | $ | 5.65 | | | $ | 0.48 | | | $ | (2.76 | ) |
Diluted earnings per common share (1) | | $ | 3.55 | | | $ | 2.42 | | | $ | 5.31 | | | $ | 0.45 | | | $ | (2.76 | ) |
Common shares outstanding (1) | | | 7,162,607 | | | | 2,701,749 | | | | 2,701,749 | | | | 2,701,749 | | | | 2,701,749 | |
Weighted average common shares | | | | | | | | | | | | | | | | | | | | |
Basic | | | 5,146,283 | | | | 2,701,749 | | | | 2,701,749 | | | | 2,701,749 | | | | 2,701,749 | |
Diluted | | | 5,360,165 | | | | 2,898,451 | | | | 2,872,455 | | | | 2,837,259 | | | | 2,701,749 | |
Shareholders’ equity per share | | $ | 26.70 | | | $ | 31.98 | | | $ | 29.73 | | | $ | 21.58 | | | $ | 18.96 | |
Financial position (at period end): | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 92,953 | | | $ | 263,302 | | | $ | 138,429 | | | $ | 108,175 | | | $ | 170,795 | |
Investment securities available for sale | | | 446,198 | | | | 329,047 | | | | 339,453 | | | | 315,715 | | | | 304,404 | |
Loans held for sale | | | 290,954 | | | | 150,409 | | | | 226,590 | | | | 121,216 | | | | 82,803 | |
Loans held for investment, net | | | 1,295,471 | | | | 1,300,873 | | | | 1,360,219 | | | | 1,392,238 | | | | 1,500,550 | |
Mortgage servicing rights | | | 86,801 | | | | 77,281 | | | | 74,083 | | | | 94,320 | | | | 95,952 | |
Other real estate owned | | | 31,640 | | | | 38,572 | | | | 64,368 | | | | 102,697 | | | | 98,863 | |
Total assets | | | 2,367,497 | | | | 2,264,957 | | | | 2,316,839 | | | | 2,233,505 | | | | 2,342,639 | |
Deposits | | | 2,000,633 | | | | 2,009,755 | | | | 2,056,977 | | | | 1,993,655 | | | | 2,066,842 | |
FHLB advances | | | 57,919 | | | | 57,919 | | | | 67,919 | | | | 77,919 | | | | 114,544 | |
Shareholders’ equity | | | 191,230 | | | | 86,407 | | | | 80,336 | | | | 58,311 | | | | 51,214 | |
Financial position (averages): | | | | | | | | | | | | | | | | | | | | |
Investment securities available for sale | | | 381,129 | | | | 338,933 | | | | 272,294 | | | | 308,049 | | | | 141,309 | |
Loans held for investment | | | 1,338,552 | | | | 1,385,037 | | | | 1,427,763 | | | | 1,512,308 | | | | 1,589,182 | |
Total interest earning assets | | | 2,090,180 | | | | 2,078,506 | | | | 2,019,243 | | | | 2,037,468 | | | | 2,145,093 | |
Total interest bearing deposits | | | 1,705,371 | | | | 1,745,493 | | | | 1,787,388 | | | | 1,837,119 | | | | 1,889,742 | |
FHLB advances | | | 57,919 | | | | 59,169 | | | | 72,267 | | | | 85,097 | | | | 159,829 | |
Total interest bearing liabilities | | | 1,825,146 | | | | 1,866,519 | | | | 1,921,512 | | | | 1,984,073 | | | | 2,114,062 | |
Shareholders’ equity | | $ | 140,784 | | | $ | 84,038 | | | $ | 73,499 | | | $ | 57,246 | | | $ | 58,130 | |
Financial performance: | | | | | | | | | | | | | | | | | | | | |
Return on average common shareholders’ equity (2) | | | 54.1 | % | | | 33.4 | % | | | 83.0 | % | | | 9.0 | % | | | (51.3 | )% |
Return on average assets | | | 3.3 | % | | | 1.2 | % | | | 2.7 | % | | | 0.2 | % | | | (1.3 | )% |
Net interest margin (3) | | | 2.53 | % | | | 2.50 | % | | | 2.38 | % | | | 2.35 | % | | | 2.17 | % |
Efficiency ratio (4) | | | 66.93 | % | | | 84.07 | % | | | 66.25 | % | | | 88.43 | % | | | 128.42 | % |
Operating efficiency ratio (5) | | | 62.12 | % | | | 74.78 | % | | | 47.74 | % | | | 70.05 | % | | | 83.31 | % |
Credit quality: | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | $ | 35,204 | | | $ | 42,689 | | | $ | 53,167 | | | $ | 59,692 | | | $ | 62,156 | |
Allowance for loan losses/total loans | | | 2.64 | % | | | 3.18 | % | | | 3.76 | % | | | 4.11 | % | | | 3.98 | % |
Allowance for loan losses/nonaccrual loans | | | 46.58 | % | | | 55.81 | % | | | 55.91 | % | | | 65.66 | % | | | 50.08 | % |
Total classified assets | | $ | 208,792 | | | $ | 188,167 | | | $ | 225,022 | | | $ | 276,476 | | | $ | 298,742 | |
Classified assets/total assets | | | 8.82 | % | | | 8.31 | % | | | 9.71 | % | | | 12.38 | % | | | 12.75 | % |
Total nonaccrual loans (6) | | $ | 75,575 | | | $ | 76,484 | | | $ | 95,094 | | | $ | 90,912 | | | $ | 124,118 | |
Nonaccrual loans/total loans | | | 5.66 | % | | | 5.69 | % | | | 6.73 | % | | | 6.26 | % | | | 7.94 | % |
Total nonperforming assets | | $ | 107,215 | | | $ | 115,056 | | | $ | 159,462 | | | $ | 193,609 | | | $ | 222,981 | |
Nonperforming assets/total assets | | | 4.53 | % | | | 5.08 | % | | | 6.88 | % | | | 8.67 | % | | | 9.52 | % |
Net charge-offs | | $ | 7,398 | | | $ | 10,586 | | | $ | 7,673 | | | $ | 4,707 | | | $ | 2,100 | |
Regulatory capital ratios for the Bank: | | | | | | | | | | | | | | | | | | | | |
Tier 1 capital to total assets (leverage) | | | 9.29 | % | | | 6.04 | % | | | 5.64 | % | | | 4.86 | % | | | 4.49 | % |
Tier 1 risk-based capital | | | 14.18 | % | | | 9.88 | % | | | 8.51 | % | | | 7.38 | % | | | 6.99 | % |
Total risk-based capital | | | 15.45 | % | | | 11.15 | % | | | 9.79 | % | | | 8.66 | % | | | 8.28 | % |
| (1) | Per share data shown after giving effect to the 2-for-1 forward stock split implemented on March 6, 2012 as well as the 1-for-2.5 reverse stock split implemented on July 19, 2011. |
| (2) | Net earnings (loss) available to common shareholders divided by average common shareholders’ equity. |
| (3) | Net interest income divided by total interest earning assets on a tax equivalent basis. |
| (4) | The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). |
| (5) | 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 following table provides a reconciliation of non-GAAP to GAAP measurement. |
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
| | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
Efficiency ratio | | | 66.93 | % | | | 84.07 | % | | | 66.25 | % | | | 88.43 | % | | | 128.42 | % |
Less impact of OREO expenses | | | 4.81 | % | | | 9.29 | % | | | 18.51 | % | | | 18.38 | % | | | 45.11 | % |
| | | | | | | | | | | | | | | | | | | | |
Operating efficiency ratio | | | 62.12 | % | | | 74.78 | % | | | 47.74 | % | | | 70.05 | % | | | 83.31 | % |
| (6) | Generally, loans are placed on nonaccrual status when they are 90 or more days past due. |
6
HomeStreet, Inc. and Subsidiaries
Consolidated Statements of Operations
| | | | | | | | | | | | |
| | | Quarter ended Mar. 31, | | | % | |
(in thousands, except share data) | | 2012 | | | 2011 | | | Change | |
| | | |
Interest income: | | | | | | | | | | | | |
Loans | | $ | 16,553 | | | $ | 18,668 | | | | (11 | ) |
Investment securities available for sale | | | 2,238 | | | | 1,858 | | | | 20 | |
Other | | | 137 | | | | 84 | | | | 63 | |
| | | | | | | | | | | | |
| | | 18,928 | | | | 20,610 | | | | (8 | ) |
Interest expense: | | | | | | | | | | | | |
Deposits | | | 4,879 | | | | 7,041 | | | | (31 | ) |
Federal Home Loan Bank advances | | | 675 | | | | 1,308 | | | | (48 | ) |
Long-term debt | | | 465 | | | | 671 | | | | (31 | ) |
Other | | | 4 | | | | — | | | | NM | |
| | | | | | | | | | | | |
| | | 6,023 | | | | 9,020 | | | | (33 | ) |
| | | | | | | | | | | | |
Net interest income | | | 12,905 | | | | 11,590 | | | | 11 | |
Provision for credit losses | | | — | | | | — | | | | — | |
| | | | | | | | | | | | |
Net interest income after provision for credit losses | | | 12,905 | | | | 11,590 | | | | 11 | |
| | | |
Noninterest income: | | | | | | | | | | | | |
Net gain on mortgage loan origination and sales activities | | | 28,900 | | | | 4,944 | | | | 485 | |
Mortgage servicing | | | 7,873 | | | | 5,848 | | | | 35 | |
Income (loss) from Windermere Mortgage Services, Inc. | | | 1,166 | | | | (25 | ) | | | NM | |
Gain on debt extinguishment | | | — | | | | 2,000 | | | | NM | |
Depositor and other retail banking fees | | | 735 | | | | 740 | | | | (1 | ) |
Insurance commissions | | | 182 | | | | 363 | | | | (50 | ) |
Gain on securities available for sale | | | 41 | | | | — | | | | NM | |
Other | | | 604 | | | | 595 | | | | 2 | |
| | | | | | | | | | | | |
| | | 39,501 | | | | 14,465 | | | | 173 | |
| | | | | | | | | | | | |
| | | |
Noninterest expense: | | | | | | | | | | | | |
Salaries and related costs | | | 21,351 | | | | 12,139 | | | | 76 | |
General and administrative | | | 5,663 | | | | 3,601 | | | | 57 | |
Legal | | | 435 | | | | 904 | | | | (52 | ) |
Consulting | | | 355 | | | | 166 | | | | 114 | |
Federal Deposit Insurance Corporation assessments | | | 1,240 | | | | 1,749 | | | | (29 | ) |
Occupancy | | | 1,790 | | | | 1,668 | | | | 7 | |
Information services | | | 1,723 | | | | 1,480 | | | | 16 | |
Other real estate owned expense | | | 2,520 | | | | 11,754 | | | | (79 | ) |
| | | | | | | | | | | | |
| | | 35,077 | | | | 33,461 | | | | 5 | |
| | | |
Income (loss) before income tax expense | | | 17,329 | | | | (7,406 | ) | | | NM | |
| | | |
Income tax (benefit) expense | | | (1,721 | ) | | | 43 | | | | NM | |
| | | | | | | | | | | | |
NET INCOME (LOSS) | | $ | 19,050 | | | $ | (7,449 | ) | | | NM | |
| | | | | | | | | | | | |
| | | |
Basic income (loss) per share | | $ | 3.70 | | | $ | (2.76 | ) | | | NM | |
Diluted income (loss) per share | | $ | 3.55 | | | $ | (2.76 | ) | | | NM | |
Basic weighted average number of shares outstanding | | | 5,146,283 | | | | 2,701,749 | | | | 90 | |
Diluted weighted average number of shares outstanding | | | 5,360,165 | | | | 2,701,749 | | | | 98 | |
7
HomeStreet, Inc. and Subsidiaries
Five Quarter Consolidated Statements of Operations
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
(in thousands, except share data) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Interest income: | | | | | | | | | | | | | | | | | | | | |
Loans | | $ | 16,553 | | | $ | 17,433 | | | $ | 17,593 | | | $ | 17,947 | | | $ | 18,668 | |
Investment securities available for sale | | | 2,238 | | | | 1,792 | | | | 1,422 | | | | 1,848 | | | | 1,858 | |
Other | | | 137 | | | | 203 | | | | 117 | | | | 73 | | | | 84 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 18,928 | | | | 19,428 | | | | 19,132 | | | | 19,868 | | | | 20,610 | |
Interest expense: | | | | | | | | | | | | | | | | | | | | |
Deposits | | | 4,879 | | | | 5,388 | | | | 5,848 | | | | 6,538 | | | | 7,041 | |
Federal Home Loan Bank advances | | | 675 | | | | 699 | | | | 855 | | | | 959 | | | | 1,308 | |
Long-term debt | | | 465 | | | | 459 | | | | 458 | | | | 457 | | | | 671 | |
Other | | | 4 | | | | 16 | | | | 1 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | 6,023 | | | | 6,562 | | | | 7,162 | | | | 7,954 | | | | 9,020 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income | | | 12,905 | | | | 12,866 | | | | 11,970 | | | | 11,914 | | | | 11,590 | |
Provision for credit losses | | | — | | | | — | | | | 1,000 | | | | 2,300 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income after provision for credit losses | | | 12,905 | | | | 12,866 | | | | 10,970 | | | | 9,614 | | | | 11,590 | |
| | | | | |
Noninterest income: | | | | | | | | | | | | | | | | | | | | |
Net gain on mortgage loan origination and sales activities | | | 28,900 | | | | 18,931 | | | | 16,055 | | | | 9,455 | | | | 4,944 | |
Mortgage servicing | | | 7,873 | | | | 5,963 | | | | 18,532 | | | | 7,713 | | | | 5,848 | |
Income from Windermere Mortgage Services, Inc. | | | 1,166 | | | | 739 | | | | 902 | | | | 503 | | | | (25 | ) |
Gain on debt extinguishment | | | — | | | | — | | | | — | | | | — | | | | 2,000 | |
Depositor and other retail banking fees | | | 735 | | | | 748 | | | | 778 | | | | 795 | | | | 740 | |
Insurance commissions | | | 182 | | | | 186 | | | | 103 | | | | 258 | | | | 363 | |
Gain on securities available for sale | | | 41 | | | | 459 | | | | 642 | | | | 1 | | | | — | |
Other | | | 604 | | | | 447 | | | | 256 | | | | 191 | | | | 595 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 39,501 | | | | 27,473 | | | | 37,268 | | | | 18,916 | | | | 14,465 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Noninterest expense: | | | | | | | | | | | | | | | | | | | | |
Salaries and related costs | | | 21,351 | | | | 16,462 | | | | 13,217 | | | | 11,700 | | | | 12,139 | |
General and administrative | | | 5,663 | | | | 6,194 | | | | 4,599 | | | | 4,859 | | | | 3,601 | |
Legal | | | 435 | | | | 1,075 | | | | 983 | | | | 399 | | | | 904 | |
Consulting | | | 355 | | | | 2,011 | | | | 270 | | | | 197 | | | | 166 | |
Federal Deposit Insurance Corporation assessments | | | 1,240 | | | | 1,256 | | | | 1,264 | | | | 1,265 | | | | 1,749 | |
Occupancy | | | 1,790 | | | | 1,733 | | | | 1,663 | | | | 1,700 | | | | 1,668 | |
Information services | | | 1,723 | | | | 1,436 | | | | 1,509 | | | | 1,477 | | | | 1,480 | |
Other real estate owned expense | | | 2,520 | | | | 3,748 | | | | 9,113 | | | | 5,666 | | | | 11,754 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 35,077 | | | | 33,915 | | | | 32,618 | | | | 27,263 | | | | 33,461 | |
| | | | | |
Income (loss) before income tax expense | | | 17,329 | | | | 6,424 | | | | 15,620 | | | | 1,267 | | | | (7,406 | ) |
| | | | | |
Income tax (benefit) expense | | | (1,721 | ) | | | (602 | ) | | | 362 | | | | (17 | ) | | | 43 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME (LOSS) | | $ | 19,050 | | | $ | 7,026 | | | $ | 15,258 | | | $ | 1,284 | | | $ | (7,449 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Basic income (loss) per share | | $ | 3.70 | | | $ | 2.60 | | | $ | 5.65 | | | $ | 0.48 | | | $ | (2.76 | ) |
Diluted income (loss) per share | | $ | 3.55 | | | $ | 2.42 | | | $ | 5.31 | | | $ | 0.45 | | | $ | (2.76 | ) |
Basic weighted average number of shares outstanding | | | 5,146,283 | | | | 2,701,749 | | | | 2,701,749 | | | | 2,701,749 | | | | 2,701,749 | |
Diluted weighted average number of shares outstanding | | | 5,360,165 | | | | 2,898,585 | | | | 2,872,716 | | | | 2,837,691 | | | | 2,701,749 | |
8
HomeStreet, Inc. and Subsidiaries
Average Balances, Yields and Rates Paid (Taxable-equivalent basis)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended March 31, | |
| | | 2012 | | | 2011 | |
(in thousands) | | Average
Balance | | | Interest | | | Average
Yield/Cost | | | Average
Balance | | | Interest | | | Average
Yield/Cost | |
| | | | | | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-earning assets (1): | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & cash equivalents | | $ | 205,445 | | | $ | 134 | | | | 0.26 | % | | $ | 141,309 | | | $ | 82 | | | | 0.23 | % |
Investment securities | | | 381,129 | | | | 2,489 | | | | 2.61 | % | | | 308,015 | | | | 1,891 | | | | 2.46 | % |
Loans held for sale | | | 165,054 | | | | 1,614 | | | | 3.91 | % | | | 106,587 | | | | 1,131 | | | | 4.24 | % |
Loans held for investment | | | 1,338,552 | | | | 14,977 | | | | 4.49 | % | | | 1,589,182 | | | | 17,577 | | | | 4.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-earning assets (2) | | | 2,090,180 | | | | 19,214 | | | | 3.68 | % | | | 2,145,093 | | | | 20,681 | | | | 3.87 | % |
Noninterest-earning assets (3) | | | 221,341 | | | | | | | | | | | | 239,126 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,311,521 | | | | | | | | | | | $ | 2,384,219 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand accounts | | $ | 138,124 | | | | 115 | | | | 0.33 | % | | $ | 122,175 | | | | 156 | | | | 0.52 | % |
Savings accounts | | | 73,724 | | | | 83 | | | | 0.45 | % | | | 52,646 | | | | 90 | | | | 0.69 | % |
Money market accounts | | | 525,191 | | | | 719 | | | | 0.55 | % | | | 420,200 | | | | 776 | | | | 0.75 | % |
Certificate accounts | | | 968,332 | | | | 3,961 | | | | 1.64 | % | | | 1,294,721 | | | | 6,019 | | | | 1.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | 1,705,371 | | | | 4,878 | | | | 1.15 | % | | | 1,889,742 | | | | 7,041 | | | | 1.51 | % |
FHLB advances | | | 57,919 | | | | 675 | | | | 4.67 | % | | | 159,829 | | | | 1,308 | | | | 3.31 | % |
Long-term debt | | | 61,857 | | | | 465 | | | | 3.01 | % | | | 64,491 | | | | 671 | | | | 4.16 | % |
Other borrowings | | | — | | | | 4 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities (2) | | | 1,825,147 | | | | 6,022 | | | | 1.33 | % | | | 2,114,062 | | | | 9,020 | | | | 1.73 | % |
Other noninterest-bearing liabilities | | | 345,590 | | | | | | | | | | | | 212,027 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 2,170,737 | | | | | | | | | | | | 2,326,089 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | 140,784 | | | | | | | | | | | | 58,130 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,311,521 | | | | | | | | | | | $ | 2,384,219 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income (4) | | | | | | $ | 13,192 | | | | | | | | | | | $ | 11,660 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest spread | | | | | | | | | | | 2.35 | % | | | | | | | | | | | 2.14 | % |
Impact of noninterest-bearing sources | | | | | | | | | | | 0.18 | % | | | | | | | | | | | 0.03 | % |
Net interest margin | | | | | | | | | | | 2.53 | % | | | | | | | | | | | 2.17 | % |
| (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, which is a non-GAAP measure, primarily related to tax-exempt income on certain loans and securities of $287,000 and $71,000 for the quarters ended March 31, 2012 and March 31, 2011, respectively. The federal statutory tax rate was 35% for the periods presented. |
9
HomeStreet, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
| | | | | | | | | | | | |
(in thousands, except share data) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | %
Change | |
Assets | | | | | | | | | | | | |
Cash and cash equivalents (including interest- bearing instruments of $73,492 and $246,113) | | $ | 92,953 | | | $ | 263,302 | | | | (65 | ) |
Investment securities available for sale | | | 446,198 | | | | 329,047 | | | | 36 | |
Loans held for sale (includes $286,692 and $130,546 carried at fair value) | | | 290,954 | | | | 150,409 | | | | 93 | |
Loans held for investment (net of allowance for loan losses of $35,204 and $42,689) | | | 1,295,471 | | | | 1,300,873 | | | | — | |
Mortgage servicing rights (includes $79,381 and $70,169 carried at fair value) | | | 86,801 | | | | 77,281 | | | | 12 | |
Accounts receivable and other assets | | | 70,334 | | | | 53,856 | | | | 31 | |
Accrued interest receivable | | | 6,899 | | | | 6,712 | | �� | | 3 | |
Other real estate owned | | | 31,640 | | | | 38,572 | | | | (18 | ) |
Income taxes | | | 2,186 | | | | 1,309 | | | | 67 | |
Federal Home Loan Bank stock, at cost | | | 37,027 | | | | 37,027 | | | | — | |
Premises and equipment, net | | | 7,034 | | | | 6,569 | | | | 7 | |
| | | | | | | | | | | | |
Total assets | | $ | 2,367,497 | | | $ | 2,264,957 | | | | 5 | |
| | | | | | | | | | | | |
| | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | |
Deposits | | $ | 2,000,633 | | | $ | 2,009,755 | | | | — | |
Federal Home Loan Bank advances | | | 57,919 | | | | 57,919 | | | | — | |
Accounts payable and accrued expenses | | | 55,858 | | | | 49,019 | | | | 14 | |
Long-term debt | | | 61,857 | | | | 61,857 | | | | — | |
| | | | | | | | | | | | |
Total liabilities | | | 2,176,267 | | | | 2,178,550 | | | | — | |
| | | | | | | | | | | | |
| | | |
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 80,000,000 | | | | | | | | | | | | |
Issued and outstanding, 7,162,607 shares and 2,701,749 shares | | | 511 | | | | 511 | | | | — | |
Additional paid-in capital | | | 86,755 | | | | 31 | | | | 279,755 | |
Retained earnings | | | 100,796 | | | | 81,746 | | | | 23 | |
Accumulated other comprehensive income | | | 3,168 | | | | 4,119 | | | | (23 | ) |
| | | | | | | | | | | | |
Total shareholders’ equity | | | 191,230 | | | | 86,407 | | | | 121 | |
| | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,367,497 | | | $ | 2,264,957 | | | | 5 | |
| | | | | | | | | | | | |
10
HomeStreet, Inc. and Subsidiaries
Five Quarter Consolidated Statements of Financial Condition
| | | | | | | | | | | | | | | | | | | | |
(in thousands, except share data) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 92,953 | | | $ | 263,302 | | | $ | 138,429 | | | $ | 108,175 | | | $ | 170,795 | |
Investment securities available for sale | | | 446,198 | | | | 329,047 | | | | 339,453 | | | | 315,715 | | | | 304,404 | |
Loans held for sale | | | 290,954 | | | | 150,409 | | | | 226,590 | | | | 121,216 | | | | 82,803 | |
Loans held for investment | | | 1,295,471 | | | | 1,300,873 | | | | 1,360,219 | | | | 1,392,238 | | | | 1,500,550 | |
Mortgage servicing rights | | | 86,801 | | | | 77,281 | | | | 74,083 | | | | 94,320 | | | | 95,952 | |
Accounts receivable and other assets | | | 70,334 | | | | 53,856 | | | | 56,746 | | | | 42,177 | | | | 30,967 | |
Accrued interest receivable | | | 6,899 | | | | 6,712 | | | | 6,523 | | | | 6,322 | | | | 7,059 | |
Other real estate owned | | | 31,640 | | | | 38,572 | | | | 64,368 | | | | 102,697 | | | | 98,863 | |
Income taxes | | | 2,186 | | | | 1,309 | | | | 6,786 | | | | 7,161 | | | | 7,266 | |
Federal Home Loan Bank stock, at cost | | | 37,027 | | | | 37,027 | | | | 37,027 | | | | 37,027 | | | | 37,027 | |
Premises and equipment, net | | | 7,034 | | | | 6,569 | | | | 6,615 | | | | 6,457 | | | | 6,953 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,367,497 | | | $ | 2,264,957 | | | $ | 2,316,839 | | | $ | 2,233,505 | | | $ | 2,342,639 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Deposits | | $ | 2,000,633 | | | $ | 2,009,755 | | | $ | 2,056,977 | | | $ | 1,993,655 | | | $ | 2,066,842 | |
Federal Home Loan Bank advances | | | 57,919 | | | | 57,919 | | | | 67,919 | | | | 77,919 | | | | 114,544 | |
Accounts payable and accrued expenses | | | 55,858 | | | | 49,019 | | | | 49,750 | | | | 41,763 | | | | 48,182 | |
Long-term debt | | | 61,857 | | | | 61,857 | | | | 61,857 | | | | 61,857 | | | | 61,857 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 2,176,267 | | | | 2,178,550 | | | | 2,236,503 | | | | 2,175,194 | | | | 2,291,425 | |
| | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Preferred stock, no par value | | | | | | | | | | | | | | | | | | | | |
Authorized 10,000 shares | | | | | | | | | | | | | | | | | | | | |
Issued and outstanding, 0 shares | | | — | | | | — | | | | — | | | | — | | | | — | |
Common stock, no par value | | | | | | | | | | | | | | | | | | | | |
Authorized 80,000,000 | | | | | | | | | | | | | | | | | | | | |
Issued and outstanding | | | 511 | | | | 511 | | | | 511 | | | | 511 | | | | 511 | |
Additional paid-in capital | | | 86,755 | | | | 31 | | | | 28 | | | | 24 | | | | 20 | |
Retained earnings | | | 100,796 | | | | 81,746 | | | | 74,720 | | | | 59,462 | | | | 58,178 | |
Accumulated other comprehensive income (loss) | | | 3,168 | | | | 4,119 | | | | 5,077 | | | | (1,686 | ) | | | (7,495 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | 191,230 | | | | 86,407 | | | | 80,336 | | | | 58,311 | | | | 51,214 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,367,497 | | | $ | 2,264,957 | | | $ | 2,316,839 | | | $ | 2,233,505 | | | $ | 2,342,639 | |
| | | | | | | | | | | | | | | | | | | | |
11
HomeStreet, Inc. and Subsidiaries
Five Quarter Securities Available for Sale
| | | | | | | | | | | | | | | | | | | | |
(in thousands, except for duration data) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Mortgage backed: | | | | | | | | | | | | | | | | | | | | |
Residential | | $ | 40,575 | | | $ | — | | | $ | — | | | $ | 12,003 | | | $ | 4,364 | |
Commercial | | | 14,410 | | | | 14,483 | | | | 8,393 | | | | — | | | | — | |
Municipal bonds | | | 79,051 | | | | 49,584 | | | | 1,059 | | | | 5,722 | | | | 5,832 | |
Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | | |
Residential | | | 245,889 | | | | 223,390 | | | | 251,856 | | | | 221,732 | | | | 217,938 | |
Commercial | | | 10,019 | | | | 10,070 | | | | 10,174 | | | | — | | | | — | |
Agency | | | 25,007 | | | | — | | | | — | | | | — | | | | — | |
US Treasury | | | 31,247 | | | | 31,520 | | | | 67,971 | | | | 76,258 | | | | 76,270 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 446,198 | | | $ | 329,047 | | | $ | 339,453 | | | $ | 315,715 | | | $ | 304,404 | |
| | | | | | | | | | | | | | | | | | | | |
Weighted average duration in years | | | 5.1 | | | | 4.4 | | | | 3.9 | | | | 3.9 | | | | 4.2 | |
HomeStreet, Inc. and Subsidiaries
Five Quarter Loans Held for Investment
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Consumer loans | | | | | | | | | | | | | | | | | | | | |
Single family residential | | $ | 506,103 | | | $ | 496,934 | | | $ | 496,741 | | | $ | 502,935 | | | $ | 522,904 | |
Home equity | | | 152,924 | | | | 158,936 | | | | 167,453 | | | | 172,205 | | | | 175,896 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 659,027 | | | | 655,870 | | | | 664,194 | | | | 675,140 | | | | 698,800 | |
Commercial loans | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 391,727 | | | | 402,139 | | | | 407,891 | | | | 410,370 | | | | 414,343 | |
Multifamily residential | | | 56,328 | | | | 56,379 | | | | 58,972 | | | | 59,092 | | | | 102,450 | |
Construction/land development | | | 158,552 | | | | 173,405 | | | | 213,001 | | | | 234,062 | | | | 271,676 | |
Commercial business | | | 68,932 | | | | 59,831 | | | | 73,559 | | | | 77,493 | | | | 80,057 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 675,539 | | | | 691,754 | | | | 753,423 | | | | 781,017 | | | | 868,526 | |
| | | | | |
| | | 1,334,566 | | | | 1,347,624 | | | | 1,417,617 | | | | 1,456,157 | | | | 1,567,326 | |
Net deferred loan fees and discounts | | | (3,891 | ) | | | (4,062 | ) | | | (4,231 | ) | | | (4,227 | ) | | | (4,620 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | 1,330,675 | | | | 1,343,562 | | | | 1,413,386 | | | | 1,451,930 | | | | 1,562,706 | |
Allowance for loan losses | | | (35,204 | ) | | | (42,689 | ) | | | (53,167 | ) | | | (59,692 | ) | | | (62,156 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 1,295,471 | | | $ | 1,300,873 | | | $ | 1,360,219 | | | $ | 1,392,238 | | | $ | 1,500,550 | |
| | | | | | | | | | | | | | | | | | | | |
12
HomeStreet, Inc. and Subsidiaries
Five Quarter Credit Quality
Allowance for Credit Losses (roll-forward)
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
(in thousands) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
Allowance for Credit Losses (roll-forward): | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 42,800 | | | $ | 53,386 | | | $ | 60,059 | | | $ | 62,466 | | | $ | 64,566 | |
Provision for loan losses | | | — | | | | — | | | | 1,000 | | | | 2,300 | | | | — | |
(Charge-offs), net of recoveries | | | (7,398 | ) | | | (10,586 | ) | | | (7,673 | ) | | | (4,707 | ) | | | (2,100 | ) |
| | | | | | | | | | | | | | | | | | | | |
Ending balance | | $ | 35,402 | | | $ | 42,800 | | | $ | 53,386 | | | $ | 60,059 | | | $ | 62,466 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Allowance as a % of loans held for investment | | | 2.64 | % | | | 3.18 | % | | | 3.76 | % | | | 4.11 | % | | | 3.98 | % |
Delinquencies
| | | | | | | | | | | | | | | | | | | | | | | | |
(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 | |
| | | | | | |
March 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer loans | | | | | | | | | | | | | | | | | | | | | | | | |
Single family residential | | $ | 13,959 | | | $ | 4,939 | | | $ | 51,388 | | | $ | 70,286 | | | $ | 435,817 | | | $ | 506,103 | |
Home equity | | | 1,422 | | | | 759 | | | | 1,853 | | | | 4,034 | | | | 148,890 | | | | 152,924 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 15,381 | | | | 5,698 | | | | 53,241 | | | | 74,320 | | | | 584,707 | | | | 659,027 | |
Commercial loans | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | — | | | | — | | | | 9,222 | | | | 9,222 | | | | 382,505 | | | | 391,727 | |
Multifamily residential | | | — | | | | — | | | | — | | | | — | | | | 56,328 | | | | 56,328 | |
Construction/land development | | | 4,062 | | | | 9,629 | | | | 52,549 | | | | 66,240 | | | | 92,312 | | | | 158,552 | |
Commercial business | | | 179 | | | | — | | | | 502 | | | | 681 | | | | 68,251 | | | | 68,932 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 4,241 | | | | 9,629 | | | | 62,273 | | | | 76,143 | | | | 599,396 | | | | 675,539 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 19,622 | | | $ | 15,327 | | | $ | 115,514 | | | $ | 150,463 | | | $ | 1,184,103 | | | $ | 1,334,566 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
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 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes $37.1 million and $35.8 million of loans past due and still accruing at March 31, 2012 and December 31, 2011 respectively, whose repayments are insured by the FHA or guaranteed by the VA. |
13
HomeStreet, Inc. and Subsidiaries
Five Quarter Nonperforming Assets
Nonperfoming assets (NPAs) roll-forward
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
(in thousands) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Beginning balance | | $ | 115,056 | | | $ | 159,462 | | | $ | 193,609 | | | $ | 222,981 | | | $ | 283,665 | |
| | | | | |
Additions to NPAs | | | 18,776 | | | | 7,251 | | | | 20,900 | | | | 14,246 | | | | 28,875 | |
| | | | | |
Charge-offs | | | (7,398 | ) | | | (10,586 | ) | | | (7,673 | ) | | | (4,707 | ) | | | (2,100 | ) |
OREO sales | | | (8,878 | ) | | | (26,037 | ) | | | (33,814 | ) | | | (17,590 | ) | | | (67,014 | ) |
OREO writedowns | | | (2,754 | ) | | | (3,564 | ) | | | (8,217 | ) | | | (4,739 | ) | | | (10,559 | ) |
Principal paydown, payoff advances | | | (1,321 | ) | | | (3,871 | ) | | | (2,437 | ) | | | (6,024 | ) | | | (5,599 | ) |
Transferred back to accrual status | | | (6,266 | ) | | | (7,599 | ) | | | (2,906 | ) | | | (10,558 | ) | | | (4,287 | ) |
| | | | | | | | | | | | | | | | | | | | |
Subtractions from NPAs | | $ | (26,617 | ) | | $ | (51,657 | ) | | $ | (55,047 | ) | | $ | (43,618 | ) | | $ | (89,559 | ) |
| | | | | |
Net outflows | | | (7,841 | ) | | | (44,406 | ) | | | (34,147 | ) | | | (29,372 | ) | | | (60,684 | ) |
| | | | | | | | | | | | | | | | | | | | |
Ending balance | | $ | 107,215 | | | $ | 115,056 | | | $ | 159,462 | | | $ | 193,609 | | | $ | 222,981 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Nonperforming assets by loan class | | | | | | | | | | | | | | | | | | | | |
| |
| | | Quarter ended | |
(in thousands) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Nonaccrual loans: | | | | | | | | | | | | | | | | | | | | |
Consumer loans | | | | | | | | | | | | | | | | | | | | |
Single family residential | | $ | 14,290 | | | $ | 12,104 | | | $ | 15,469 | | | $ | 16,229 | | | $ | 14,732 | |
Home equity | | | 1,853 | | | | 2,464 | | | | 2,772 | | | | 2,620 | | | | 3,103 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 16,143 | | | | 14,568 | | | | 18,241 | | | | 18,849 | | | | 17,835 | |
Commercial loans | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 9,222 | | | | 10,184 | | | | 10,959 | | | | 10,081 | | | | 19,815 | |
Multifamily residential | | | — | | | | 2,394 | | | | 5,196 | | | | 5,265 | | | | 5,302 | |
Construction/land development | | | 49,708 | | | | 48,387 | | | | 58,705 | | | | 53,955 | | | | 77,811 | |
Commercial business | | | 502 | | | | 951 | | | | 1,993 | | | | 2,762 | | | | 3,355 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 59,432 | | | | 61,916 | | | | 76,853 | | | | 72,063 | | | | 106,283 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 75,575 | | | $ | 76,484 | | | $ | 95,094 | | | $ | 90,912 | | | $ | 124,118 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Allowance as a % of nonaccrual loans | | | 46.58 | % | | | 55.81 | % | | | 55.91 | % | | | 65.66 | % | | | 50.08 | % |
| | | | | |
Other real estate owned: | | | | | | | | | | | | | | | | | | | | |
Consumer loans | | | | | | | | | | | | | | | | | | | | |
Single family residential | | $ | 3,243 | | | $ | 6,600 | | | $ | 10,419 | | | $ | 14,287 | | | $ | 14,897 | |
Home equity | | | — | | | | — | | | | — | | | | 229 | | | | 233 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 3,243 | | | | 6,600 | | | | 10,419 | | | | 14,516 | | | | 15,130 | |
Commercial loans | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 284 | | | | 2,055 | | | | 2,152 | | | | 2,152 | | | | 8,045 | |
Multifamily residential | | | — | | | | — | | | | — | | | | — | | | | — | |
Construction/land development | | | 28,113 | | | | 29,917 | | | | 51,797 | | | | 86,029 | | | | 75,688 | |
Commercial business | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | 28,397 | | | | 31,972 | | | | 53,949 | | | | 88,181 | | | | 83,733 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 31,640 | | | $ | 38,572 | | | $ | 64,368 | | | $ | 102,697 | | | $ | 98,863 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Nonperforming assets | | | | | | | | | | | | | | | | | | | | |
Consumer loans | | | | | | | | | | | | | | | | | | | | |
Single family residential | | $ | 17,533 | | | $ | 18,704 | | | $ | 25,888 | | | $ | 30,516 | | | $ | 29,629 | |
Home equity | | | 1,853 | | | | 2,464 | | | | 2,772 | | | | 2,849 | | | | 3,336 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 19,386 | | | | 21,168 | | | | 28,660 | | | | 33,365 | | | | 32,965 | |
Commercial loans | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 9,506 | | | | 12,239 | | | | 13,111 | | | | 12,233 | | | | 27,860 | |
Multifamily residential | | | — | | | | 2,394 | | | | 5,196 | | | | 5,265 | | | | 5,302 | |
Construction/land development | | | 77,821 | | | | 78,304 | | | | 110,502 | | | | 139,984 | | | | 153,499 | |
Commercial business | | | 502 | | | | 951 | | | | 1,993 | | | | 2,762 | | | | 3,355 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 87,829 | | | | 93,888 | | | | 130,802 | | | | 160,244 | | | | 190,016 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 107,215 | | | $ | 115,056 | | | $ | 159,462 | | | $ | 193,609 | | | $ | 222,981 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Nonperforming assets to total assets | | | 4.53 | % | | | 5.08 | % | | | 6.88 | % | | | 8.67 | % | | | 9.52 | % |
14
HomeStreet, Inc. and Subsidiaries
Five Quarter Mortgage Servicing
Mortgage Servicing Income
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
(in thousands) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Servicing income, net: | | | | | | | | | | | | | | | | | | | | |
Servicing fees and other | | $ | 6,436 | | | $ | 6,518 | | | $ | 6,793 | | | $ | 6,736 | | | $ | 6,078 | |
Changes in fair value, single family mortgage servicing rights: | | | | | | | | | | | | | | | | | | | | |
Due to changes in model or assumptions (1) | | | 6,220 | | | | (3,571 | ) | | | (20,068 | ) | | | (7,057 | ) | | | 5,543 | |
Other changes in fair value (2) | | | (3,778 | ) | | | (4,515 | ) | | | (6,073 | ) | | | (395 | ) | | | (3,864 | ) |
Amortization | | | (491 | ) | | | (366 | ) | | | (455 | ) | | | (345 | ) | | | (321 | ) |
Net gain (loss) from derivatives economically hedging single family MSR | | | (514 | ) | | | 7,897 | | | | 38,335 | | | | 8,774 | | | | (1,588 | ) |
| | | | | | | | | | | | | | | | | | | | |
Mortgage servicing | | $ | 7,873 | | | $ | 5,963 | | | $ | 18,532 | | | $ | 7,713 | | | $ | 5,848 | |
| | | | | | | | | | | | | | | | | | | | |
| (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
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
(in thousands) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Single family residential | | | | | | | | | | | | | | | | | | | | |
FNMA/GNMA/FHLMC MBS | | $ | 6,530,578 | | | $ | 6,464,815 | | | $ | 6,217,086 | | | $ | 6,165,052 | | | $ | 6,087,770 | |
Other | | | 416,700 | | | | 420,470 | | | | 432,460 | | | | 437,748 | | | | 433,514 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 6,947,278 | | | $ | 6,885,285 | | | $ | 6,649,546 | | | $ | 6,602,800 | | | $ | 6,521,284 | |
| | | | | | | | | | | | | | | | | | | | |
Commercial | | | | | | | | | | | | | | | | | | | | |
Multifamily | | | 766,433 | | | | 758,535 | | | | 770,401 | | | | 799,332 | | | | 784,445 | |
Other | | | 59,370 | | | | 56,785 | | | | 57,151 | | | | 57,690 | | | | 58,150 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 825,803 | | | | 815,320 | | | | 827,552 | | | | 857,022 | | | | 842,595 | |
| | | | | | | | | | | | | | | | | | | | |
Total loans serviced for others | | $ | 7,773,081 | | | $ | 7,700,605 | | | $ | 7,477,098 | | | $ | 7,459,822 | | | $ | 7,363,879 | |
| | | | | | | | | | | | | | | | | | | | |
Single Family Capitalized Mortgage Servicing Rights
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
(in thousands) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Beginning balance | | $ | 70,169 | | | $ | 67,471 | | | $ | 87,712 | | | $ | 89,947 | | | $ | 81,197 | |
Originations | | | 6,723 | | | | 10,759 | | | | 5,873 | | | | 5,187 | | | | 7,067 | |
Purchases | | | 47 | | | | 25 | | | | 27 | | | | 30 | | | | 4 | |
Changes in fair value: | | | | | | | | | | | | | | | | | | | | |
Due to changes in model inputs or assumptions (1) | | | 6,220 | | | | (3,571 | ) | | | (20,068 | ) | | | (7,057 | ) | | | 5,543 | |
Other changes in fair value (2) | | | (3,778 | ) | | | (4,515 | ) | | | (6,073 | ) | | | (395 | ) | | | (3,864 | ) |
| | | | | | | | | | | | | | | | | | | | |
Ending balance | | $ | 79,381 | | | $ | 70,169 | | | $ | 67,471 | | | $ | 87,712 | | | $ | 89,947 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratio of capitalized MSRs to related loans serviced for others | | | 1.14 | % | | | 1.02 | % | | | 1.01 | % | | | 1.33 | % | | | 1.38 | % |
Ratio of capitalized value to weighted average servicing fee | | | 330.00 | % | | | 291.00 | % | | | 292.00 | % | | | 386.00 | % | | | 409.00 | % |
| (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. |
15
Commercial Multifamily Capitalized Mortgage Servicing Rights
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
(in thousands) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Beginning balance | | $ | 7,112 | | | $ | 6,612 | | | $ | 6,608 | | | $ | 6,005 | | | $ | 6,035 | |
Originations | | | 799 | | | | 866 | | | | 459 | | | | 948 | | | | 291 | |
Amortization | | | (491 | ) | | | (366 | ) | | | (455 | ) | | | (345 | ) | | | (321 | ) |
| | | | | | | | | | | | | | | | | | | | |
Ending balance | | $ | 7,420 | | | $ | 7,112 | | | $ | 6,612 | | | $ | 6,608 | | | $ | 6,005 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratio of capitalized MSRs to related loans serviced for others | | | 0.90 | % | | | 0.87 | % | | | 0.80 | % | | | 0.77 | % | | | 0.71 | % |
Ratio of capitalized value to weighted average servicing fee | | | 241.00 | % | | | 242.00 | % | | | 227.00 | % | | | 222.00 | % | | | 206.00 | % |
Mortgage Banking Activity
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
(in thousands) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Single Family: | | | | | | | | | | | | | | | | | | | | |
Single family mortgage originations (1) | | $ | 712,302 | | | $ | 624,111 | | | $ | 478,025 | | | $ | 323,906 | | | $ | 275,568 | |
| | | | | |
Single family mortgage interest rate lock commitments | | | 920,240 | | | | 543,164 | | | | 630,919 | | | | 344,836 | | | | 253,698 | |
| | | | | |
Single family mortgage loans sold | | | 534,310 | | | | 710,706 | | | | 370,250 | | | | 272,090 | | | | 386,174 | |
| | | | | |
Net gain on single family mortgage loan origination and sales activities: | | | | | | | | | | | | | | | | | | | | |
Mortgage servicing rights originated | | $ | 4,442 | | | $ | 3,295 | | | $ | 7,195 | | | $ | 4,511 | | | $ | 2,823 | |
Loan origination and funding fees | | | 7,560 | | | | 6,819 | | | | 3,780 | | | | 2,933 | | | | 2,383 | |
Secondary marketing gains | | | 15,736 | | | | 7,632 | | | | 4,580 | | | | 1,044 | | | | (608 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 27,738 | | | $ | 17,746 | | | $ | 15,555 | | | $ | 8,488 | | | $ | 4,598 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Multifamily: | | | | | | | | | | | | | | | | | | | | |
Multifamily mortgage originations | | $ | 15,713 | | | $ | 49,071 | | | $ | 26,125 | | | $ | 49,070 | | | $ | 1,410 | |
| | | | | |
Multifamily mortgage loans sold | | | 31,423 | | | | 33,461 | | | | 25,144 | | | | 47,010 | | | | 13,862 | |
| | | | | |
Net gain on multifamily mortgage loan origination and sales activities: | | | 1,162 | | | | 1,185 | | | | 500 | | | | 967 | | | | 346 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total net gain on mortgage loan origination and sales activities | | $ | 28,900 | | | $ | 18,931 | | | $ | 16,055 | | | $ | 9,455 | | | $ | 4,944 | |
| | | | | | | | | | | | | | | | | | | | |
| (1) | Represents single family mortgage originations designated for sale during each respective period. |
16
HomeStreet, Inc. and Subsidiaries
Five Quarter Deposits
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
(in thousands) | | Mar. 31,
2012 | | | Dec. 31,
2011 | | | Sept. 30,
2011 | | | June 30,
2011 | | | Mar. 31,
2011 | |
| | | | | |
Noninterest bearing accounts | | $ | 316,268 | | | $ | 270,666 | | | $ | 287,862 | | | $ | 184,412 | | | $ | 180,441 | |
Interest bearing deposits: | | | | | | | | | | | | | | | | | | | | |
NOW accounts | | | 154,670 | | | | 138,936 | | | | 145,668 | | | | 122,995 | | | | 127,529 | |
Statement savings accounts due on demand | | | 79,438 | | | | 66,898 | | | | 59,974 | | | | 57,685 | | | | 52,743 | |
Money market accounts due on demand | | | 559,563 | | | | 499,457 | | | | 469,289 | | | | 445,081 | | | | 427,698 | |
Time, through $250,000 | | | 834,912 | | | | 966,536 | | | | 1,026,045 | | | | 1,104,331 | | | | 1,193,669 | |
Time, more than $250,000 | | | 55,782 | | | | 67,262 | | | | 68,139 | | | | 79,151 | | | | 84,762 | |
| | | | | | | | | | | | | | | | | | | | |
Total interest bearing deposits | | | 1,684,365 | | | | 1,739,089 | | | | 1,769,115 | | | | 1,809,243 | | | | 1,886,401 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total deposits | | $ | 2,000,633 | | | $ | 2,009,755 | | | $ | 2,056,977 | | | $ | 1,993,655 | | | $ | 2,066,842 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Percent of total deposits: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Noninterest bearing accounts | | | 15.8 | % | | | 13.5 | % | | | 14.0 | % | | | 9.2 | % | | | 8.7 | % |
Interest bearing deposits: | | | | | | | | | | | | | | | | | | | | |
NOW accounts | | | 7.7 | | | | 6.9 | | | | 7.1 | | | | 6.2 | | | | 6.2 | |
Statement savings accounts due on demand | | | 4.0 | | | | 3.3 | | | | 2.9 | | | | 2.9 | | | | 2.6 | |
Money market accounts due on demand | | | 28.0 | | | | 24.9 | | | | 22.8 | | | | 22.3 | | | | 20.7 | |
Time, through $250,000 | | | 41.7 | | | | 48.1 | | | | 49.9 | | | | 55.4 | | | | 57.7 | |
Time, more than $250,000 | | | 2.8 | | | | 3.3 | | | | 3.3 | | | | 4.0 | | | | 4.1 | |
| | | | | | | | | | | | | | | | | | | | |
Total interest bearing deposits | | | 84.2 | % | | | 86.5 | % | | | 86.0 | % | | | 90.8 | % | | | 91.3 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total deposits | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | |
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