HomeStreet (HMST) Tops Q1 EPS by 3c
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HomeStreet, Inc. Reports First Quarter 2020 Results and Quarterly Dividend Authorization
April 27, 2020 4:03 PM EDTKey highlights and developments:
Adopted the Current Expected Credit Losses ("CECL") accounting standard resulting in an increase in our allowance for credit losses of $3.7 million at January 1, 2020, or 9%, as compared to our December 31, 2019 aggregate reserve levels. This "Day 1" adjustment was recorded in retained earnings and did not impact net income Recorded a provision for credit losses of $14.0 million in the first quarter of 2020 exclusively due to the forecasted economic impacts of COVID-19 Reported net income for the first quarter of 2020 of $7.1 million, or $0.30 per diluted share, compared with $11.0 million, or $0.45 per... More