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HomeStreet (HMST) Tops Q1 EPS by 23c

April 26, 2021 4:21 PM EDT

HomeStreet (NASDAQ: HMST) reported Q1 EPS of $1.35, $0.23 better than the analyst estimate of $1.12.

First Quarter Operating Results - First quarter 2021 compared to fourth quarter 2020

Reported Results:

  • Net income: $29.7 million compared with $27.6 million
  • Earnings per fully diluted share: $1.35 compared to $1.25
  • Net interest margin: 3.29%, compared to 3.26%
  • ROE: 16.4% compared to 15.3%
  • ROTCE: 17.3% compared to 16.2%
  • Return on average assets: 1.65% compared to 1.47%
  • Efficiency ratio: 60.0% compared to 56.1%

Core Results:

  • Net income: $29.7 million compared with $32.4 million
  • Earnings per fully diluted share: $1.35 compared to $1.47
  • ROTCE: 17.3% compared to 19.0%
  • Return on average assets: 1.65% compared to 1.73%

“HomeStreet’s earnings during the first quarter of 2021 reflected strong underlying performance across all of our lines of business making our first quarter a great start to the year,” said Mark K. Mason, HomeStreet’s Chairman of the Board, President, and Chief Executive Officer. “During the first quarter, our net interest margin increased as a result of ongoing improvements in funding costs, we once again benefited from high loan volume and profitability on loans sold, and we continued to aid our customers and communities most at-risk during the pandemic by originating $123 million of Paycheck Protection Program (“PPP”) loans during the quarter. In particular, our single-family mortgage banking loan volume and profit margins continued at the high levels we have experienced since the second quarter of last year. Additionally, our non-interest expenses for the quarter reflected meaningful reductions in information services, occupancy and general and administrative and other expenses as a result of our ongoing focus on cost reduction and profitability improvement.”

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



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