HomeStreet Inc (HMST) Q3 2024 Earnings Call Highlights: Navigating Losses Amid Strategic ...

GuruFocus.com10-31

Net Loss: $7.3 million or $0.39 per share in Q3 2024, compared to $6.2 million or $0.33 per share in Q2 2024. Core Net Loss: $6 million or $0.32 per share in Q3 2024, compared to $4.3 million or $0.23...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2479772299?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/l0moB4FxB.xznUExbevfoA--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/us.finance.gurufocus/d7cf0b33c7972614c45c1d22a91aba56","is_english":true,"pubTime":"2024-10-31 15:16","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2479772299","market":"us","top_or_hot":-1,"title":"HomeStreet Inc (HMST) Q3 2024 Earnings Call Highlights: Navigating Losses Amid Strategic ...","media":"GuruFocus.com","content":"<div>\n<p>Net Loss: $7.3 million or $0.39 per share in Q3 2024, compared to $6.2 million or $0.33 per share in Q2 2024.\nCore Net Loss: $6 million or $0.32 per share in Q3 2024, compared to $4.3 million or $0.23...</p>\n\n<a href=\"https://finance.yahoo.com/news/homestreet-inc-hmst-q3-2024-071621719.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>HomeStreet Inc (HMST) Q3 2024 Earnings Call Highlights: Navigating Losses Amid Strategic ...</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHomeStreet Inc (HMST) Q3 2024 Earnings Call Highlights: Navigating Losses Amid Strategic ...\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-31 15:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/homestreet-inc-hmst-q3-2024-071621719.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Net Loss: $7.3 million or $0.39 per share in Q3 2024, compared to $6.2 million or $0.33 per share in Q2 2024.\nCore Net Loss: $6 million or $0.32 per share in Q3 2024, compared to $4.3 million or $0.23...</p>\n\n<a href=\"https://finance.yahoo.com/news/homestreet-inc-hmst-q3-2024-071621719.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HMST","symbol_name":"HomeStreet","start_time":0,"source_url":"https://finance.yahoo.com/news/homestreet-inc-hmst-q3-2024-071621719.html","article_id":"2479772299","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/l0moB4FxB.xznUExbevfoA--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/us.finance.gurufocus/d7cf0b33c7972614c45c1d22a91aba56"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479772299","pubTimestamp":1730358981,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Net Loss: $7.3 million or $0.39 per share in Q3 2024, compared to $6.2 million or $0.33 per share in Q2 2024.Core Net Loss: $6 million or $0.32 per share in Q3 2024, compared to $4.3 million or $0.23 per share in Q2 2024.Net Interest Income: Decreased by $1.1 million from Q2 2024.Net Interest Margin: Decreased from 1.37% in Q2 2024 to 1.33% in Q3 2024.Effective Tax Rate: 23.3% in Q3 2024, compared to 22.1% in Q2 2024.Noninterest Expense: Decreased by 3.5% in Q3 2024 compared to Q2 2024.Nonperforming Assets to Total Assets Ratio: 0.4% as of September 30, 2024.Total Loans Delinquent Over 30 Days Ratio: 69 basis points as of September 30, 2024.Tangible Book Value Per Share: Increased from $28.11 at December 31, 2023, to $28.13 as of September 30, 2024.Total Deposits : Increased by $111 million in Q3 2024.Accumulated Other Comprehensive Income Balance: Negative $69 million as of September 30, 2024.HomeStreet Inc  has managed to reduce noninterest expenses by 3.5% in the third quarter, refl","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"HMST":"HomeStreet"},"translate_title":"HomeStreet Inc(HMST)2024年第三季度收益看涨期权亮点：在战略中应对损失……","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HMST":1},"content_text":"Net Loss: $7.3 million or $0.39 per share in Q3 2024, compared to $6.2 million or $0.33 per share in Q2 2024.\nCore Net Loss: $6 million or $0.32 per share in Q3 2024, compared to $4.3 million or $0.23 per share in Q2 2024.\nNet Interest Income: Decreased by $1.1 million from Q2 2024.\nNet Interest Margin: Decreased from 1.37% in Q2 2024 to 1.33% in Q3 2024.\nEffective Tax Rate: 23.3% in Q3 2024, compared to 22.1% in Q2 2024.\nNoninterest Income: Decreased from Q2 2024.\nNoninterest Expense: Decreased by 3.5% in Q3 2024 compared to Q2 2024.\nNonperforming Assets to Total Assets Ratio: 0.4% as of September 30, 2024.\nTotal Loans Delinquent Over 30 Days Ratio: 69 basis points as of September 30, 2024.\nTangible Book Value Per Share: Increased from $28.11 at December 31, 2023, to $28.13 as of September 30, 2024.\nEstimated Tangible Fair Value Per Share: $18.52 as of September 30, 2024, decreased to between $15 and $16 due to interest rate changes.\nTotal Deposits (Excluding Broker Deposits): Increased by $111 million in Q3 2024.\nUninsured Deposits: 8% of total deposits as of September 30, 2024.\nCash and Security Balances: $1.4 billion or 15% of total assets as of September 30, 2024.\nContingent Funding Availability: $5.1 billion, equal to 80% of total deposits as of September 30, 2024.\nAccumulated Other Comprehensive Income Balance: Negative $69 million as of September 30, 2024.\n\n\nWarning! GuruFocus has detected 7 Warning Signs with HMST.\n\nRelease Date: October 30, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nHomeStreet Inc (NASDAQ:HMST) reported stable noninterest-bearing deposits and an increase in total deposits, excluding broker deposits, by $111 million.\nThe company has a well-diversified loan portfolio with strong asset quality, particularly in Western states multifamily loans, which are historically low-risk.\nHomeStreet Inc (NASDAQ:HMST) has managed to reduce noninterest expenses by 3.5% in the third quarter, reflecting a focus on cost reduction.\nThe company has a low level of uninsured deposits at 8% of total deposits, indicating a stable deposit base.\nDespite operating losses, HomeStreet Inc (NASDAQ:HMST) saw an increase in tangible book value per share from $28.11 to $28.13 as of September 30, 2024.\n\n Negative Points \n\nHomeStreet Inc (NASDAQ:HMST) reported a net loss of $7.3 million in the third quarter, an increase from the previous quarter's loss of $6.2 million.\nThe company's net interest margin decreased from 1.37% to 1.33%, impacting net interest income negatively.\nHigher interest rates have led to increased deposit costs, affecting the company's financial performance.\nThe proposed merger with FirstSun did not receive regulatory approval, creating uncertainty about future strategic directions.\nNoninterest income decreased due to lower levels of single-family and commercial mortgage banking originations.\n\n Q & A Highlights \nQ: What prevents HomeStreet from seeking other bidders for a potential merger, given the current interest rate environment? A: Mark Mason, CEO, explained that the merger agreement restricts HomeStreet from soliciting interest from other parties. However, if presented with a superior offer, they can consider it under their fiduciary responsibilities. If the merger agreement is terminated, they will be free to explore all strategic options.\nQ: Can you elaborate on the alternative regulatory structure being considered for the merger? A: Mark Mason stated that they are not prepared to discuss the details of alternative regulatory structures. Any new structure would need to be significantly different from the previous proposals to the OCC, Federal Reserve, and Texas Department of Banking.\nQ: Is there a regulatory concern regarding HomeStreet's commercial real estate concentration? A: Mark Mason clarified that there were no regulatory concerns related to HomeStreet's commercial real estate concentration that would have prevented the merger approval. The concentration was not an issue on a stand-alone or pro forma basis.\nQ: What is the status and impact of the proposed $800 million multifamily loan sale? A: Mark Mason mentioned that the current CRE concentration is about 600%, and the sale would reduce it to approximately 500%. The sale aims to quickly return the company to moderate profitability and stability, allowing them to consider future strategic paths.\nQ: What are the current yields and duration of HomeStreet's multifamily loan portfolio, and what rates can be expected on new loans? A: The portfolio's duration is roughly 2.5 years with a yield around 4%. New multifamily loans are yielding between 5.9% to 6.2% for portfolio quality loans, while Fannie Mae loans are more competitive, recently in the low 5% range.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479772299"}