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Homestreet Inc. (HMST)
NASDAQ:HMST
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Earnings Data
Report Date
Jan 27, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.23Last Year’s EPS
-$0.18Same Quarter Last Year
Based on 5 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 29, 2024
|% Change Since: -21.70%
|Next Earnings Date:Jan 27, 2025
Earnings Call Sentiment|Neutral
The earnings call reflected challenges with increased net loss and decreased net interest margin due to higher interest rates. However, strong asset quality, improved liquidity position, and increased tangible book value provided some positive aspects. The failed merger approval presents uncertainty and the need for strategic reevaluation.Company Guidance
During the third quarter of 2024, HomeStreet Bank reported a net loss of $7.3 million, or $0.39 per share, compared to a net loss of $6.2 million, or $0.33 per share, in the previous quarter. Excluding merger-related expenses, the core net loss was $6 million, or $0.32 per share, up from $4.3 million, or $0.23 per share, in the second quarter. The decline in net interest income by $1.1 million was attributed to a reduction in the net interest margin from 1.37% to 1.33%, primarily due to a 3 basis point decrease in the yield on interest-earning assets and a 3 basis point increase in rates paid on interest-bearing liabilities. Noninterest income also decreased, driven by lower yields on investment securities and reduced income from small business investments. HomeStreet's asset quality remained robust, with a ratio of nonperforming assets to total assets at 0.4% and total loans delinquent over 30 days at 69 basis points. The company anticipates a potential sale of $800 million in multifamily loans to improve profitability, with no additional capital required for this transaction. Despite these challenges, HomeStreet has a strong liquidity position with cash and securities totaling $1.4 billion, representing 15% of total assets, and contingent funding availability of $5.1 billion, equivalent to 80% of total deposits.Stable Non-Interest Income
Non-interest income remained stable with no significant expected credit issues, reflecting strong loan portfolio management and minimal credit challenges.
Strong Asset Quality
The ratio of nonperforming assets to total assets was 0.4%, maintaining a low level, with minimal loan delinquencies reflecting strong asset quality.
Increased Tangible Book Value
Tangible book value per share increased from $28.11 at the end of December 2023 to $28.13 as of September 30, 2024.
Improved Liquidity Position
Cash and security balances were $1.4 billion, 15% of total assets, with contingent funding availability at $5.1 billion, 80% of total deposits.
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HMST Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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HMST Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 29, 2024 | $13.92 | $9.06 | -34.91% |
| Jul 29, 2024 | $13.87 | $14.40 | +3.82% |
| Apr 30, 2024 | $12.25 | $10.97 | -10.45% |
| Jan 29, 2024 | $14.99 | $14.60 | -2.60% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Homestreet Inc. (HMST) report earnings?
Homestreet Inc. (HMST) is schdueled to report earning on Jan 27, 2025, TBA Not Confirmed.
What is Homestreet Inc. (HMST) earnings time?
Homestreet Inc. (HMST) earnings time is at Jan 27, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is HMST EPS forecast?
HMST EPS forecast for the fiscal quarter 2024 (Q4) is -$0.23.
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