HomeStreet (HMST) Misses Q1 EPS by 20c

HomeStreet (NASDAQ: HMST) reported Q1 EPS of $0.21, $0.20 worse than the analyst estimate of $0.41.

• Loans held for investment grew to $4.78 billion, an increase of $250.9 million, or 6%, from $4.53 billion at December 31, 2017, and an increase of $794.4 million, or 20%, from $3.99 billion at March 31, 2017
• Deposits increased to $5.05 billion, up 6% from December 31, 2017 and 10% from March 31, 2017
• The ratio of non-performing assets to total assets fell to 0.16%, the lowest level since 2006
• Three de novo retail deposit branches opened during the quarter
• Mortgage Banking segment results were adversely impacted by reduced gain-on-sale margins, lower origination volumes, and lower servicing income
• A cost reduction initiative executed in April 2018 is expected to result in $12.4 million of planned personnel and other annualized cost savings

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

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