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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
HomeStreet (NASDAQ:HMST) is a financial services community bank company located in the Pacific Northwest. In addition to its savings and deposit arm, the company originates multifamily mortgages and commercial loans. HomeStreet also offers insurance services to consumers and businesses through a joint venture.[1]
Business Overview
For the first nine months of 2011, the company reported a net interest income of $35.5M. This resulted in a net income of $9.1M. For the first nine months in 2010, HomeStreet reported a total interest income of $25.5M. This resulted in a net loss of $19.9M. This difference was largely due to an increase in loan loss provision. [2]
New Updates
The company's initial public offering of stock on the NASDAQ occurred on February 10, 2012. The company offered 1.8M shares each for $44. The company priced in the midpoint of the range. The deal raised a total of $80M. The lead manger of the deal was FBR Capital Markets.[3]
Trends & Forces
Cease and Desist from the Federal Reserve
HomeStreet received a cease and desist order from the Federal Reserve which prevents it from paying dividends. This order was given because the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Department of Financial Institutions found that the bank's practices were unsafe and unsound with regards to their loan quality, liquidity, oversight, and general management. While the inability to issue dividends is not particularly problematic, this order is indicative of the company's overall operations. [4]
- ↑ HMST S-1/A 2012 PROSPECTUS SUMMARY "Our Company" pg1-3
- ↑ HMST S-1/A 2012 PROSPECTUS SUMMARY "ummary Selected Historical Consolidated Financial and Other Data" pg 18-20
- ↑ Renaissance Capital - IPO Home "Pacific northwest bank Homestreet prices IPO at $44 midpoint" 10 Feb 2012
- ↑ HMST S-1/A 2012 PROSPECTUS SUMMARY "Risks Related to our Business" pg 21-23
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