homestreet報告2024年第三季度業績
西雅圖-2024年10月29日-（商業線）- homestreet公司(Nasdaq: HMST)（包括其合併附屬公司，"公司"，"homestreet"或"我們"), homestreet銀行的母公司，今天宣佈了截至2024年9月30日季度的財務業績。由於我們在本發佈中提供非GAAP財務指標，讀者應參閱下文「非GAAP財務指標」一節中的非GAAP調節。
運營結果 | 2024年第三季度與2024年第二季度相比 報告結果： •淨虧損：730萬美元，相比620萬美元 •每股全攤薄淨虧損：0.39美元，相比0.33美元 •淨利息收益率：1.33%，相比1.37% | |||||||
核心結果 (1): •淨虧損：600萬美元，相比430萬美元 •每股淨損失：$0.32，相比$0.23 | ||||||||
由於非利息收入和淨利息收益較低，我們的淨虧損和核心淨虧損在第三季度較第二季度有所增加，這是董事會主席、總裁兼首席執行官馬克·梅森說的。在季度內，儘管我們的淨利息收益略有下降，但我們看到它在季度後期趨於穩定。隨着短期利率近期下降，我們預計我們的融資成本將在第四季度及以後降低，我們的利率期貨也將開始增加。在第三季度，我們降低了我們推廣的存款證書的利率，預期在短期利率近期持續降低的情況下，我們將以較短存期的存款證書提供最高的利率。 O由於我們繼續着重於儘可能降低費用，我們的非利息支出在第三季度減少了180萬美元。我們的全職員工數量從上一季度的840人下降到819人，主要是因爲在自然流失過程中失去的員工沒有補充。
| 財務狀況 | 截至2024年9月30日的季度結束 •不包括經紀存款在內，總存款增加了11100萬美元 •未保險存款爲50900萬美元，佔總存款的8% •用於投資的貸款（「LHFI」）減少了4600萬美元 •不良資產佔總資產的比例：0.47%，與2024年6月30日的0.42%相比 •拖欠 (2)：0.69%，與2024年6月30日的0.66%相比 •信貸損失準備金佔貸款及墊款淨額比例爲0.53% •每股賬面價值：$28.55 •每股有形賬面價值：$28.13 (3) | |||||||
(2) 逾期和非應計貸款總額佔持有投資貸款總額的百分比。
(3) 每股有形賬面價值是一項非GAAP指標。有關該指標與最接近的GAAP指標的調整，請參閱本收益發布中的「非GAAP財務指標」。
「截至季末，我們的存款餘額（不包括經紀存款）增加了11100萬美元，」Mark Mason繼續說道。「我們的非利息存款已經穩定，我們繼續看到來自新業務客戶的存款增長。」
「我們的貸款餘額在第三季度減少了4600萬美元，我們在商業房地產貸款組合中看到較低水平的預付款。我們的貸款發行仍然專注於變量利率貸款產品，具有適當的邊際超過增量融資成本，」Mark Mason補充道。「在第三季度，我們的不應計資產與總資產的比率以及我們的總貸款拖欠率分別保持在0.47%和0.69%的低水平。我們的信用質量保持強勁，我們尚未發現任何可能重大的信用問題在我們的貸款組合中。」
馬克·梅森表示：「受益於較低的利率期貨，我們每股的有形賬面價值由於可供出售證券組合的價值增加而增加。」 “儘管我們在2024年前九個月中遭受的營運損失，但從2023年12月31日的28.11美元增長到2024年9月30日的28.13美元的每股有形賬面價值已經增加了。值得注意的是，由於最近利率降低和時間的推移，截至2024年9月30日，我們估計的每股有形公允價值已增至18.52美元。 (4)
(4) 每股有形公允價值是一項非通用會計準則。有關該指標與最接近的通用會計準則指標的調節，請參閱本收益發布中的"非通用會計財務指標"。
關於 HomeStreet
homestreet公司（納斯達克：HMST）是一家總部位於華盛頓州西雅圖的多元化金融服務公司，爲美國西部和夏威夷的消費者和企業提供服務。該公司主要從事房地產貸款業務，包括抵押銀行業務，商業和消費者銀行業務。其主要子公司是homestreet銀行。關於我們業務的一些信息可以在我們的投資者關係網站上找到，網址爲http://ir.homestreet.com。homestreet銀行是FDIC的成員，是一家提供平等住房貸款的銀行。
| 聯繫方式： | 執行副總裁兼首席財務官 | |||||||
| HomeStreet, 公司。 | ||||||||
| John Michel (206) 515-2291 | ||||||||
| john.michel@homestreet.com | ||||||||
| http://ir.homestreet.com | ||||||||
前瞻性聲明
本次業績含有基於1995年《私營證券訴訟改革法案》（「改革法案」）的前瞻性聲明。一般而言，前瞻性聲明包括「預計」、「相信」、「估計」、「期待」、「打算」、「可能」、「計劃」、「潛在」、「目標」、「即將到來」、「展望」、「指導」或「計劃」或其否定形式，或類似表達方式。此外，本業績中所有的聲明（包括但不限於出現在我們首席執行官引述中的聲明）都屬於前瞻性聲明，涉及對未來業績和財務狀況、產品組合趨勢以及短期利率下降預期影響的信仰、假設、估計、預測和期待。前瞻性聲明涉及固有風險、不確定性和其他因素，其中許多難以預測且通常超出管理層的控制範圍。前瞻性聲明基於公司在發表此類聲明時的預期，並僅代表發表日期的觀點。公司不承擔任何義務或承諾，在發佈本業績後根據新信息、將來事件或發展更新任何前瞻性聲明，除非根據聯邦證券法或其他適用法律的要求，儘管公司可能偶爾這樣做。公司不認可第三方可能提出的關於未來業績的任何預測。對於所有前瞻性聲明，公司聲稱獲得《改革法案》中關於前瞻性聲明的安全港保護。
We caution readers that actual results may differ materially from those expressed in or implied by the Company’s forward-looking statements. Rather, more important factors could affect the Company’s future results, including but not limited to the following: (1) our ability to successfully consummate the pending merger (the "Merger") with FirstSun Capital Bancorp ("FirstSun"), (2) the ability of HomeStreet and FirstSun to obtain required governmental approvals of the Merger, (3) the failure to satisfy the closing conditions in the definitive Agreement and Plan of Merger (the “Merger Agreement”), dated as of January 16, 2024, as amended on April 30, 2024, by and between HomeStreet and FirstSun, or any unexpected delay in closing the Merger, (4) the ability to achieve expected cost savings, synergies and other financial benefits from the Merger within the expected time frames and costs or difficulties relating to integration matters being greater than expected, (5) the diversion of management time from core banking functions due to Merger-related issues; (6) potential difficulty in maintaining relationships with customers, associates or business partners as a result of the announced Merger, (7) changes in the U.S. and global economies, including business disruptions, reductions in employment, inflationary pressures and an increase in business failures, specifically among our customers; (8) changes in the interest rate environment; (9) changes in deposit flows, loan demand or real estate values may adversely affect the business of our primary subsidiary, HomeStreet Bank (the “Bank”), through which substantially all of our operations are carried out; (10) there may be increases in competitive pressure among financial institutions or from non-financial institutions; (11) our ability to attract and retain key members of our senior management team; (12) the timing and occurrence or non-occurrence of events may be subject to circumstances beyond our control; (13) our ability to control operating costs and expenses; (14) our credit quality and the effect of credit quality on our credit losses expense and allowance for credit losses; (15) the adequacy of our allowance for credit losses; (16) changes in accounting principles, policies or guidelines may cause our financial condition to be perceived or interpreted differently; (17) legislative or regulatory changes that may adversely affect our business or financial condition, including, without limitation, changes in corporate and/or individual income tax laws and policies, changes in privacy laws, and changes in regulatory capital or other rules, and the availability of resources to address or respond to such changes; (18) general economic conditions, either nationally or locally in some or all areas in which we conduct business, or conditions in the securities markets or banking industry, may be less favorable than what we currently anticipate; (19) challenges our customers may face in meeting current underwriting standards may adversely impact all or a substantial portion of the value of our rate-lock loan activity we recognize; (20) technological changes may be more difficult or expensive than what we anticipate; (21) a failure in or breach of our operational or security systems or information technology infrastructure, or those of our third-party providers and vendors, including due to cyber-attacks; (22) success or consummation of new business initiatives may be more difficult or expensive than what we anticipate; (23) our ability to grow efficiently both organically and through acquisitions and to manage our growth and integration costs; (24) staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; (25) litigation, investigations or other matters before regulatory agencies, whether currently existing or commencing in the
future, may delay the occurrence or non-occurrence of events longer than what we anticipate; and (26) our ability to obtain regulatory approvals or non-objection to take various capital actions, including the payment of dividends by us or the Bank, or repurchases of our common stock. A discussion of the factors, risks and uncertainties that could affect our financial results, business goals and operational and financial objectives cited in this release, other releases, public statements and/or filings with the Securities and Exchange Commission (“SEC”) is also contained in the “Risk Factors” sections of the Company's Forms 10-K and 10-Q and in our Current Reports on Form 8-K we file with the SEC. We strongly recommend readers review those disclosures in conjunction with the discussions herein.
All future written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. New risks and uncertainties arise from time to time, and factors that the Company currently deems immaterial may become material, and it is impossible for the Company to predict these events or how they may affect the Company.
HomeStreet, Inc. and Subsidiaries
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements presented in accordance with GAAP, we use certain non-GAAP measures of financial performance.
In this earnings release, we use the following non-GAAP measures: (i) tangible common equity and tangible assets as we believe this information is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of capital ratios; (ii) core net income (loss) and effective tax rate on core net income (loss) before taxes, which excludes goodwill impairment charges and merger related expenses and the related tax impact as we believe this measure is a better comparison to be used for projecting future results; and (iii) tangible fair value per share as we believe this information provides an estimate of what the current value per share is of the Company’s net assets; (iv) an efficiency ratio which is the ratio of noninterest expense to the sum of net interest income and noninterest income, excluding certain items of income or expense and excluding taxes incurred and payable to the state of Washington as such taxes are not classified as income taxes and we believe including them in noninterest expense impacts the comparability of our results to those companies whose operations are in states where assessed taxes on business are classified as income taxes.
These supplemental performance measures may vary from, and may not be comparable to, similarly titled measures provided by other companies in our industry. Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. A non-GAAP financial measure may also be a financial metric that is not required by GAAP or other applicable requirements.
We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by providing additional information used by management that is not otherwise required by GAAP or other applicable requirements. Our management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate a comparison of our performance to prior periods. We believe these measures are frequently used by securities analysts, investors and other parties in the evaluation of companies in our industry. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP. In the information below, we have provided reconciliations of, where applicable, the most comparable GAAP financial measures to the non-GAAP measures used in this earnings release, or the computation of the non-GAAP financial measure.
HomeStreet, Inc. and Subsidiaries
Non-GAAP Financial Measures
Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures or calculations of the non-GAAP measure:
| As of or for the Quarter Ended | ||||||||||||||
| (in thousands, except share and per share data) | September 30, 2024 | June 30, 2024 | ||||||||||||
| Core net income (loss) | ||||||||||||||
| Net income (loss) | $ | (7,282) | $ | (6,238) | ||||||||||
| Adjustments (tax effected) | ||||||||||||||
| Merger related expenses | 1,283 | 1,897 | ||||||||||||
| Total | $ | (5,999) | $ | (4,341) | ||||||||||
| Core net income (loss) per fully diluted share | ||||||||||||||
| Fully diluted shares | 18,857,565 | 18,857,566 | ||||||||||||
| Computed amount | $ | (0.32) | $ | (0.23) | ||||||||||
| Return on average tangible equity (annualized) | ||||||||||||||
| Average shareholders' equity | $ | 531,608 | $ | 522,904 | ||||||||||
| Less: Average goodwill and other intangibles | (8,176) | (8,794) | ||||||||||||
| Average tangible equity | $ | 523,432 | $ | 514,110 | ||||||||||
| Core net income (loss) (per above) | $ | (5,999) | $ | (4,341) | ||||||||||
| Adjustments (tax effected) | ||||||||||||||
| Amortization of core deposit intangibles | 488 | 487 | ||||||||||||
| Tangible income (loss) applicable to shareholders | $ | (5,511) | $ | (3,854) | ||||||||||
| Ratio | (4.2) | % | (3.0) | % | ||||||||||
| Efficiency ratio | ||||||||||||||
Noninterest expense | ||||||||||||||
| Total | $ | 49,166 | $ | 50,931 | ||||||||||
| Adjustments: | ||||||||||||||
| Merger related expenses | (1,645) | (2,432) | ||||||||||||
| State of Washington taxes | (438) | (463) | ||||||||||||
| Adjusted total | $ | 47,083 | $ | 48,036 | ||||||||||
| Total revenues | ||||||||||||||
| Net interest income | $ | 28,619 | $ | 29,701 | ||||||||||
| Noninterest income | 11,058 | 13,227 | ||||||||||||
| Adjusted total | $ | 39,677 | $ | 42,928 | ||||||||||
| Ratio | 118.7 | % | 111.9 | % | ||||||||||
| Return on average assets (annualized) - Core | ||||||||||||||
| Average Assets | $ | 9,138,291 | $ | 9,272,131 | ||||||||||
| Core net income (loss) (per above) | (5,999) | (4,341) | ||||||||||||
| Ratio | (0.26) | % | (0.19) | % | ||||||||||
| Tangible book value per share | ||||||||||||||
| Shareholders' equity | $ | 538,315 | $ | 520,117 | ||||||||||
| Less: Goodwill and other intangibles | (7,766) | (8,391) | ||||||||||||
| Tangible shareholders' equity | $ | 530,549 | $ | 511,726 | ||||||||||
| Common shares outstanding | 18,857,565 | 18,857,565 | ||||||||||||
| Computed amount | $ | 28.13 | $ | 27.14 | ||||||||||
| As of or for the Quarter Ended September 30, 2024 | |||||||||||||||||||||||
| (in thousands, except share and per share data) | Carrying Value | Fair Value | Change in Value | ||||||||||||||||||||
| Tangible Fair Value per Share | |||||||||||||||||||||||
| Tangible shareholder's equity (see above) | $ | 530,549 | |||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Investment securities HTM | $ | 2,318 | $ | 2,296 | $ | (22) | |||||||||||||||||
| Loans held for investment | 7,293,274 | 7,019,085 | (274,189) | ||||||||||||||||||||
| MSRs - multifamily and SBA | 26,322 | 31,970 | 5,648 | ||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Certificates of deposit | 3,181,412 | 3,180,057 | 1,355 | ||||||||||||||||||||
| Borrowings | 1,896,000 | 1,909,471 | (13,471) | ||||||||||||||||||||
| Long term debt | 225,039 | 184,609 | 40,430 | ||||||||||||||||||||
| Total change in value | (240,249) | ||||||||||||||||||||||
| Deferred taxes at 24.5% | 58,861 | ||||||||||||||||||||||
| $ | 349,161 | ||||||||||||||||||||||
| Shares outstanding | 18,857,565 | ||||||||||||||||||||||
| Computed amount | $ | 18.52 | |||||||||||||||||||||