HomeStreet Stock

HomeStreet, Inc. operates as a financial services company.

The company has offices in Washington, Oregon, California, Hawaii, Utah and Idaho serving customers throughout the western United States.

The company provides commercial banking products and services to small and medium sized businesses, real estate investors and professional firms and consumer banking products and services to individuals.

The company’s operations are primarily conducted through its wholly owned subsidiaries, such as HomeStreet Capital Corporation, HomeStreet Statutory Trusts and HomeStreet Bank (the ‘bank’), and the bank's subsidiaries, Continental Escrow Company, HomeStreet Foundation, HS Properties, Inc., HS Evergreen Corporate Center LLC, Union Street Holdings LLC and HomeStreet Mortgage Depositor, Inc. The company is principally engaged in commercial banking, mortgage banking and consumer/retail banking activities serving customers primarily in the Western United States.

The bank engages in commercial banking, mortgage banking and consumer/retail banking activities. The bank is subject to examination by the State of Washington Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC).

The company also offer a variety of group benefit programs designed to provide the company’s employees with health and wellness benefits, financial benefits in the event of planned or unplanned expenses, or losses relating to illness, disability or death; programs and benefits to help plan for retirement; and programs to deal with job-related or personal problems.

Locations

The company operates full service bank branches in Washington, in Northern and Southern California, in the Portland, Oregon area and in Hawaii, as well as primary stand-alone commercial lending centers located in Oregon, Southern California, Idaho and Utah.

The company originates a substantial portion of its single family mortgage loans for sale to third party investors, including government-sponsored enterprises (GSE), such as Fannie Mae, Freddie Mac and Ginnie Mae.

The company also originates, purchases, sells and services loans insured by the Federal Housing Administration (‘FHA’) and the U.S. Department of Housing and Urban Development (‘HUD’) or guaranteed by the U.S. Department of Veterans Affairs (‘VA’), and certify that such loans have met their requirements and guidelines.

A substantial portion of the company’s loans are secured by real property, including a growing portfolio of commercial real estate (‘CRE’) loans. The bank is a member of the Federal Home Loan Bank of Des Moines.

Loans

As of December 31, 2022, the company’s loans were CRE loans, such as non-owner occupied CRE loans, multifamily loans, and construction/land development loans; commercial and industrial loans, such as owner occupied CRE loans and commercial business loans; and consumer loans, such as single family loans and home equity and other loans.

Investment Securities

As of December 31, 2022, the company’s investment securities were mortgage-backed securities (residential and commercial); collateralized mortgage obligations (residential and commercial); municipal bonds; corporate debt securities; U.S. treasury securities; and agency debentures.

Deposits

As of December 31, 2022, the company’s deposits included noninterest-bearing demand deposits; and interest-bearing deposits, such as interest-bearing demand deposits, savings accounts, money market accounts, and certificates of deposit.

Regulation and Supervision

The FDIC is the bank's principal federal bank regulator. The bank is a member of the Deposit Insurance Fund (‘DIF’) administered by the FDIC, which insures customer deposit accounts.

The bank and its affiliates are subject to a broad array of federal and state consumer protection laws and regulations that govern almost every aspect of its business relationships with consumers. While this list is not exhaustive, these include the Truth-in-Lending Act, the Truth in Savings Act, the Electronic Fund Transfer Act, the Expedited Funds Availability Act, the Equal Credit Opportunity Act, the Fair Housing Act, the Secure and Fair Enforcement in Mortgage Licensing Act, the Real Estate Settlement Procedures Act, the Home Mortgage Disclosure Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Service Members' Civil Relief Act, the Right to Financial Privacy Act, the Gramm-Leach-Bliley Act, the Home Ownership and Equity Protection Act, the Consumer Leasing Act, the Fair Credit Billing Act, the Homeowners Protection Act, the Check Clearing for the 21st Century Act, laws governing flood insurance, laws governing consumer protections in connection with the sale of insurance, federal and state laws prohibiting unfair and deceptive business practices, foreclosure laws and various regulations that implement some or all of the foregoing.

The bank is also subject to mortgage loan application data collection and reporting requirements under the Home Mortgage Disclosure Act and a variety of requirements related to its mortgage loan servicing activities.

History

HomeStreet, Inc. was founded in 1921. The company, a state of Washington corporation, was incorporated in 1921.