HomeStreet (HMST) Tops Q2 EPS by 21c

HomeStreet (NASDAQ: HMST) reported Q2 EPS of $1.37, $0.21 better than the analyst estimate of $1.16.

“Our second quarter results continued our outstanding start to 2021,” stated Mark Mason, HomeStreet’s Chairman, Chief Executive Officer and President. “Each of our lines of business continues to meet or exceed our expectations and the strong credit quality of our loan portfolio continues to improve. Our earnings for the second quarter remained solid as higher net interest income, lower noninterest expenses and a recovery of our allowance for credit losses offset an expected decrease in single family mortgage volumes and profit margins. Our higher net interest income benefited from Paycheck Protection Program (“PPP”) loan forgiveness, higher loan portfolio balances and still declining deposit costs. Additionally, our continuing strategic focus on improving our operating efficiency and deposit composition is evident in our results over the last year.”

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

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