HomeStreet (HMST) Tops Q3 EPS by 40c, Revenues Beat

HomeStreet (NASDAQ: HMST) reported Q3 EPS of $1.23, $0.40 better than the analyst estimate of $0.83. Revenue for the quarter came in at $91.84 million versus the consensus estimate of $86.8 million.

• Fully diluted EPS $1.15
• Core EPS $1.23
• ROTCE: 15.3%
• ROTCE Core: 16.4%
• Tangible BV per share $30.15

“HomeStreet again delivered solid results despite the continuing challenges of the pandemic in our markets,” said Mark K. Mason, HomeStreet’s Chairman of the Board, President, and Chief Executive Officer. “Our net interest margin increased as a result of decreasing funding costs, and we benefited from continuing high loan volume and profitability in our single family mortgage banking business. In addition, due to our cost control efforts and increasing revenues, we are experiencing significant improvements in our efficiency ratio."

"Our results for the third quarter are a testament to our consistent approach to credit risk management. We have seen significant decreases in our commercial loans in forbearance and our nonperforming asset levels remained low” added Mr. Mason. “As a result of the performance of our loan portfolio, we did not add any additional provisions for credit losses during the quarter and our ACL ratio to loans increased during the quarter to 1.33%."

“Due to our strong results, we were able to complete our $25 million repurchase authorization. In all, we have repurchased 20% of our outstanding shares since the beginning of this program in 2019,” concluded Mr. Mason.

For earnings history and earnings-related data on HomeStreet (HMST) click here.

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