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February 29, 2012 at 08:50 AM EST
HomeStreet, Inc. Reports Fourth Quarter and Full Year 2011 Results

HomeStreet, Inc. (NASDAQ:HMST), the parent company of HomeStreet Bank and HomeStreet Capital, today announced financial results for the fourth quarter and the year ended December 31, 2011. The Company reported net income of $7.0 million for fourth quarter 2011, compared to a net loss of $14.4 million for fourth quarter 2010. Net income for the year ended December 31, 2011 was $16.1 million compared with a net loss of $34.2 million for 2010. The Company successfully completed the initial public offering of its common stock on February 10, 2012, issuing a total of 2,180,908 shares for $44.00 per share.

Highlights for the fourth quarter and full year 2011:

  • Excluding $2.4 million in IPO-related expenses, net income of $9.4 million for fourth quarter and $18.5 million for 2011.
  • Fourth quarter single family closed loan production of $624.1 million; $1.7 billion for 2011.
  • Decrease of 27.8% in nonperforming assets in the fourth quarter; 59.4% for 2011.

“I'm very pleased with HomeStreet's performance in 2011, which was characterized by strong mortgage banking results, significant improvement in credit quality and a return to profitability," said Vice Chairman and CEO Mark K. Mason. “Already in 2012 we have accomplished two significant goals. First, we successfully completed the initial public offering of HomeStreet common stock and contributed $55.0 million of the net proceeds to the Bank. Beyond recapitalizing the Bank, the completion of our offering enables us to provide for our Trust Preferred Securities obligations and to pursue our many business growth opportunities. Additionally, in February we hired over 160 mortgage professionals from MetLife Home Loans following MetLife's decision to wind down its forward mortgage origination business. This addition accomplishes multiple years of planned growth in this line of business all at once.”

Mortgage Banking Operations

Mortgage Originations

Single family closed loan originations in the fourth quarter totaled $624.1 million, up $146.1 million, or 30.6%, from $478.0 million from the third quarter of 2011. Single family rate-locked loan applications during the fourth quarter totaled $543.2 million, a decline of $87.7 million, or 13.9%, compared to $630.9 million in the third quarter. Net gains on mortgage loan origination and sales activities were $18.9 million for the quarter, an increase of $2.8 million, or 17.9%, from $16.1 million in the third quarter.

Single family closed loan originations for 2011 totaled $1.7 billion, down $338.4 million, or 16.6%, from $2.0 billion in 2010. Net gains on mortgage loan origination and sales activities were $49.4 million, decreasing $7.7 million, or 13.6%, from $57.1 million in 2010. Net gains on mortgage loan origination and sales activities in 2011 did not decline proportional to the decrease in total loan originations as loan profit margins widened in the latter half of 2011, reflecting record low mortgage rates and refinancing activity that has strained the capacity of the industry.

Multifamily loan originations under the Fannie Mae DUS program totaled $49.1 million in the fourth quarter, up from $26.1 million in the third quarter. For all of 2011 Fannie Mae DUS loan originations totaled $125.7 million as compared to $55.8 million of originations in 2010.

Mortgage Servicing

Mortgage servicing income in the fourth quarter totaled $6.0 million, down $12.5 million, or 67.8%, from $18.5 million in the third quarter which included $12.2 million of net valuation gains on mortgage servicing rights and related hedge instruments. Mortgage servicing income for 2011 totaled $38.1 million as compared to $26.2 million for 2010. The significant third quarter 2011 valuation gains on mortgage servicing rights and related hedge instruments resulted from a substantial widening of mortgage interest rates versus swap interest rates and lower actual than forecast loan prepayments. The total loans serviced for others portfolio increased to $7.70 billion compared with $7.48 billion as of September 30, 2011.

Credit Quality

Nonperforming assets (NPAs) declined to $115.1 million, or 5.1% of total assets, from $159.5 million, or 6.9% of total assets, as of September 30, 2011 and from $283.7 million, or 11.4% of total assets, as of December 31, 2010. The improvement in the fourth quarter reflected sales of other real estate owned (OREO) of $26.0 million, $11.5 million in paydowns, payoffs and upgrades of loans to performing status, and loan charge-offs and OREO writedowns of $14.2 million. Fourth quarter charge-offs principally relate to two commercial loan restructurings completed during the quarter. These improvements in NPAs during the fourth quarter were offset by $7.3 million of additions to nonperforming loans. The overall improvement in NPAs during 2011 reflects sales of OREO of $144.5 million, $43.3 million in paydowns, payoffs and upgrades of loans to performing status, and loan charge-offs and OREO writedowns of $52.1 million. These improvements during 2011 were offset by additions to nonperforming loans totaling $71.3 million. At year-end OREO totaled $38.6 million, a decline of 40.1% of OREO from the end of the third quarter and 77.4% since the end of 2010. At year-end 2011, 22.8% of OREO was under contract for sale pending closing.

In the fourth quarter we did not record a provision for loan losses and for all of 2011 we provided $3.3 million. The decrease in the overall level of the allowance for loan losses during 2011 in comparison to 2010 reflects the continued improvement in credit quality during these periods. Classified loans declined to $149.6 million as of December 31, 2011 from $160.7 million at September 30, 2011 and from $193.5 million at year-end 2010. Nonaccrual loans declined to $76.5 million as of December 31, 2011 from $95.1 million as of September 30, 2011 and from $113.2 million as of December 31, 2010.

Deposits

Deposits at year-end 2011 totaled $2.01 billion, down $47.2 million, or 2.3%, from $2.06 billion at September 30, 2011 and $120.0 million, or 5.6%, from $2.13 billion at December 31, 2010. Deposits other than certificates of deposit increased $13.2 million, or 1.4%, from the end of the third quarter and $154.1 million, or 18.7%, since the end of 2010. Certificates of deposits decreased $60.4 million, or 5.5%, during the fourth quarter and $274.0 million, or 21.0%, during 2011. The increase in deposits other than certificates of deposit reflects a focused effort on attracting core deposits through our branch network and retaining those customers with maturing certificates of deposit who also have their primary operating transaction account relationship with HomeStreet.

Results of Operations

Net Interest Income

Net interest income was $12.9 million, up $896,000, or 7.5%, from $12.0 million in the third quarter of 2011. Net interest income increased in the fourth quarter primarily due to an increase in investment securities available for sale and increased loans held for sale. Additionally, in the quarter we continued to shift the mix of our investment securities portfolio into higher yielding longer duration securities. We also benefited from a continuing decline in our cost of funding as maturing certificates of deposit reprice at lower market rates and we focus on growing our noninterest bearing demand accounts, money market and savings deposits. For the quarter, the net interest margin increased to 2.50%, up 12 basis points from 2.38% in the third quarter of 2011.

For the year ended December 31, 2011 net interest income increased $9.3 million, or 23.8%, from $39.0 million in 2010 to $48.3 million. The Company’s net interest margin improved to 2.35% in 2011 from 1.49% in 2010. Total interest income declined $14.6 million, or 15.6%, while interest expense declined by $23.9 million, or 43.7%, reflecting the combined benefits of declining market rates for certificates of deposit and the restructuring of our balance sheet, including repayment of substantially all of our FHLB funding and focusing on core deposit customers for funding our operations.

Noninterest Income

Noninterest income was $27.5 million, a decrease of $9.8 million, or 26.3%, from $37.3 million in the third quarter of 2011. Net valuation gains on mortgage servicing rights and related hedge instruments decreased $12.4 million in the fourth quarter offset by a $2.9 million increase in net gains on loan origination and sales activities.

For the year ended December 31, 2011 noninterest income was $98.1 million, up $1.2 million, or 1.2%, from $96.9 million in 2010 as increases in mortgage servicing, up $11.8 million and including a gain of $2.0 million from the early discounted payoff of long-term debt were partially offset by a decrease in net gains on loan origination and sales activities of $7.7 million.

Noninterest Expense

Noninterest expense was $33.9 million, up $1.3 million, or 4.0%, from $32.6 million in the third quarter of 2011. In the fourth quarter, noninterest expense included the recognition of $2.4 million of capital-raising costs deemed to have no future value and $2.5 million of additional salaries and benefits expenses related to higher closed loan origination volume and management performance incentives. General and administrative expense also increased due to higher state revenue based taxes related to higher gains on the sale of loans and higher realized gains on hedging derivatives. These increases were partially offset by a $5.4 million decrease in OREO expenses.

For the year ended December 31, 2011, noninterest expense was $127.3 million, down $4.9 million, or 3.7%, from $132.2 million in 2010. Our 2010 results included FHLB borrowing prepayment fees of $5.5 million, while there were no such fees in 2011, along with declines in FDIC assessment fees and OREO expenses. These decreases were partially offset by increases in salaries and related costs and general and administrative expenses, reflecting elevated loan activity and higher state revenue based taxes due to higher gains on the sale of loans and higher realized gains on hedging derivatives.

Income Taxes

Our effective tax rate for the periods varied from Federal and state statutory rates principally as a result of current income tax expense being offset by the utilization of deferred tax benefits. Net income tax benefit in the fourth quarter and for the year 2011 represents an offset of previous quarters’ provision for Federal alternative minimum taxes with deferred tax benefits and the recognition of NOL carrybacks on income taxes previously paid to the State of Hawaii.

As a consequence of our recent initial public offering, we believe the Company has experienced a change of control within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended. Section 382 substantially limits the ability of a corporate taxpayer to use realized built-in losses and net operating loss carryforwards incurred prior to the change of control against income earned after a change of control. The rules adopted by the Internal Revenue Service under Section 382 are complex, and the actual amount of such limitation will vary depending on a variety of factors which we have not yet fully analyzed. We do, however, anticipate the change of control will result in the net loss of deferred tax benefits in a range of $3.0 million to $5.0 million.

Capital

Dec. 31,Sept. 30,Dec. 31,
201120112010
Regulatory capital ratios for the Bank:
Total risk-based capital (to risk-weighted assets) 11.2 % 9.8 % 8.2 %
Tier 1 risk-based capital (to risk-weighted assets) 9.9 % 8.5 % 6.9 %
Tier 1 leverage capital (to average assets) 6.0 % 5.6 % 4.5 %

Conference Call

HomeStreet, Inc. management will discuss the fourth quarter and year-end 2011 results on a conference call scheduled for February 29, 2012 at 1:00 p.m. PST (4:00 p.m. EST). Interested parties may join the call by dialing 1-877-317-6789 shortly before 1:00 p.m. PST. A replay of the conference call will be available beginning approximately one hour after the conference call by dialing 1-877-344-7529 and entering pass code 10010844. The replay will also be available online at http://ir.homestreet.com.

About HomeStreet, Inc

HomeStreet, Inc. (NASDAQ:HMST) is a diversified financial services company headquartered in Seattle, Washington, and the bank holding company for HomeStreet Bank, a state-chartered, FDIC-insured savings bank. HomeStreet Bank offers consumer and business banking, investment and insurance products and services in Washington, Oregon, Idaho and Hawaii. For more information, visit http://ir.homestreet.com.

Forward-Looking Statements

This report to shareholders contains forward-looking statements concerning HomeStreet, Inc. and the Bank and their operations, performance, financial conditions and likelihood of success. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on many beliefs, assumptions, estimates and expectations of our future performance, taking into account information currently available to us, and include statements about the competitiveness of the banking industry. When used in this press release, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will” and “would” and similar expressions (or the negative of these terms) generally identify forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date.

We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to: lower than expected revenues or higher than expected expenses; the extent of our success in problem asset resolution efforts; significant increases in competitive pressure among depository institutions; our ability to raise additional capital on favorable terms; an upward change in the interest rate environment that reduces interest margins and our mortgage originations, mortgage servicing rights and loans held for sale; changes in the securities markets; general economic conditions, including housing prices, the job market, consumer confidence and spending habits either nationally or in the market areas in which the Company does business which turns out to be less favorable than expected; asset/liability repricing and liquidity risks; enforcement activities of governmental and quasi-governmental agencies; pending legal matters which may take longer or cost more to resolve or may be resolved adversely to the Company; and legislative or regulatory actions or reform - current, pending or future changes that could adversely affect the Company's business (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act).

Information contained herein, other than information at December 31, 2010 and for the twelve months then ended, are unaudited.

HomeStreet, Inc. and Subsidiaries
Five Quarter Summary Financial Data
Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands, except share data) 20112011201120112010
Income Statement Data (for the period ended):
Net interest income $ 12,867 $ 11,970 $ 11,914 $ 11,590 $ 13,486
Provision for loan losses - 1,000 2,300 - 8,200
Noninterest income 27,473 37,268 18,916 14,465 28,115
Noninterest expense 33,916 32,618 27,263 33,461 46,499
Net income (loss) before taxes 6,424 15,620 1,267 (7,406 ) (13,098 )
Income taxes (602 ) 362 (17 ) 43 1,297
Net income (loss) $ 7,026 $ 15,258 $ 1,284 $ (7,449 ) $ (14,395 )
Basic earnings per common share (1) $ 5.20 $ 11.29 $ 0.95 $ (5.51 ) $ (10.66 )
Common share outstanding (1) 1,350,874 1,350,874 1,350,874 1,350,874 1,350,874
Weighted average common shares
Basic 1,350,874 1,350,874 1,350,874 1,350,874 1,350,874
Stockholders equity per share $ 63.96 $ 59.47 $ 43.17 $ 37.91 $ 43.52
Financial position (at year end):
Cash and cash equivalents $ 263,302 $ 138,429 $ 108,175 $ 170,795 $ 72,639
Investment securities available for sale 329,047 339,453 315,715 304,404 313,513
Loans held for sale 150,409 226,590 121,216 82,803 212,602
Loans held for investment, net 1,300,873 1,360,219 1,392,238 1,500,550 1,538,521
Mortgage servicing rights (2) 77,281 74,083 94,320 95,952 87,232
Other real estate owned 38,572 64,368 102,697 98,863 170,455
Total assets 2,264,957 2,316,839 2,233,505 2,342,639 2,485,697
Deposits 2,009,755 2,056,977 1,993,655 2,066,842 2,129,742
FHLB advances 57,919 67,919 77,919 114,544 165,869
Equity 86,407 80,336 58,311 51,214 58,789
Financial position (averages):
Investment securities available for sale 338,933 272,294 308,049 141,309 354,850
Loans held for investment 1,385,037 1,427,763 1,512,308 1,589,182 1,664,625
Total interest earning assets 2,078,506 2,019,243 2,037,468 2,145,093 2,325,891
Total interest bearing deposits 1,745,493 1,787,388 1,837,119 1,889,742 1,966,352
FHLB advances 59,169 72,267 85,097 159,829 165,869
Total interest bearing liabilities 1,866,519 1,921,512 1,984,073 2,114,062 2,209,078
Shareholders' equity $ 84,038 $ 73,499 $ 57,246 $ 58,130 $ 79,659
Financial performance:
Return on average common shareholder equity (3) 33.4 % 83.0 % 9.0 % (51.3 )% (72.3 )%
Return on average assets 1.2 % 2.7 % 0.2 % (1.3 )% (2.2 )%
Net interest margin (4) 2.50 % 2.38 % 2.35 % 2.17 % 2.34 %
Efficiency ratio (5) 84.07 % 66.25 % 88.43 % 128.42 % 111.77 %
Operating efficiency ratio (6) 74.78 % 47.74 % 70.05 % 83.31 % 69.51 %
Credit quality:
Allowance for loan losses $ 42,689 $ 53,167 $ 59,692 $ 62,156 $ 64,177
Allowance for loan losses/total loans 3.18 % 3.76 % 4.11 % 3.98 % 4.00 %
Allowance for loan losses/nonperforming loans 55.81 % 55.91 % 65.66 % 50.08 % 56.69 %
Total classified assets $ 188,167 $ 225,022 $ 276,476 $ 298,742 $ 363,947
Classified assets/total assets 8.31 % 9.71 % 12.38 % 12.75 % 14.64 %
Total nonaccrual loans (7) $ 76,484 $ 95,094 $ 90,912 $ 124,118 $ 113,210
Nonaccrual loans/total loans 5.69 % 6.73 % 6.26 % 7.94 % 7.06 %
Total nonperforming assets $ 115,056 $ 159,462 $ 193,609 $ 222,981 $ 283,665
Nonperforming assets/total assets 5.08 % 6.88 % 8.67 % 9.52 % 11.41 %
Net charge-offs $ 10,586 $ 7,673 $ 4,707 $ 2,100 $ 14,575
Regulatory capital ratios for the bank:
Tier 1 capital to total assets (leverage) 6.04 % 5.64 % 4.86 % 4.49 % 4.52 %
Tier 1 risk-based capital 9.88 % 8.51 % 7.38 % 6.99 % 6.88 %
Total risk-based capital 11.15 % 9.79 % 8.66 % 8.28 % 8.16 %
(1) Per share data show after giving effect to the 1-for-2.5 reverse stock split implemented on July 19, 2011. Diluted EPS not provided.
(2)

On January 1, 2010 we elected to carry mortgage servicing rights related to single family loans at fair value, and elected to carry single family mortgage loans held for sale using the fair value option.

(3) Net earnings (loss) available to common shareholders divided by average common shareholders' equity.
(4) Net interest income divided by total average earning assets on a tax equivalent basis.
(5) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(6)

We include an operating efficiency ratio which is not calculated based on accounting principles generally accepted in the United States ("GAAP"), but which we believe provides important information regarding our results of operations. Our calculation of the operating efficiency ratio is computed by dividing noninterest expense less costs related to OREO (gains (losses) on sales, valuation allowance adjustments, and maintenance and taxes) by total revenue (net interest income and noninterest income). Management uses this non-GAAP measurement as part of its assessment of performance in managing noninterest expense. We believe that costs related to OREO are more appropriately considered as credit-related costs rather than as an indication of our operating efficiency. The follow table provides a reconciliation of non-GAAP to GAAP measurement.

Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
20112011201120112010
Efficiency ratio 84.07% 66.25% 88.43% 128.42% 111.77%
Less impact of OREO expenses 9.29% 18.51% 18.38% 45.11% 42.26%
Operating efficiency ratio 74.78% 47.74% 70.05% 83.31% 69.51%
(7) Generally, loans are placed on nonaccrual status when they are 90 or more days past due.
HomeStreet, Inc. and Subsidiaries
Consolidated Statements of Operations
Quarter ended Dec. 31,%Year ended Dec. 31,%
(in thousands, except share data) 20112010Change20112010Change
Interest income:
Loans $ 17,433 $ 21,452 (19 ) % $ 71,640 $ 85,377 (16 )
Investment securities available for sale 1,792 1,914 (6 ) 6,921 7,676 (10 )
Other 203 71 186 477 550 (13 )
19,428 23,437 (17 ) 79,038 93,603 (16 )
Interest expense:
Deposits 5,388 8,048 (33 ) 24,815 39,050 (36 )
Federal Home Loan Bank advances 699 1,366 (49 ) 3,821 11,682 (67 )
Securities sold under agreements to repurchase - 11 (100 ) - 11 (100 )
Long-term debt 459 526 (13 ) 2,046 3,824 (46 )
Other 16 - 100 16 2 700
6,562 9,951 (34 ) 30,698 54,569 (44 )
Net interest income 12,866 13,486 (5 ) 48,340 39,034 24
Provision for credit losses - 8,200 (100 ) 3,300 37,300 (91 )
Net interest income after provision for credit losses 12,866 5,286 (143 ) 45,040 1,734 (2,497 )
Noninterest income:
Net gains on mortgage loan origination and sales activities 18,931 19,103 (1 ) 49,384 57,127 (14 )
Mortgage servicing 5,963 6,984 (15 ) 38,056 26,226 45
Income from Windermere Mortgage Services, Inc. 739 806 (8 ) 2,119 2,162 (2 )
Gain on debt extinguishment - - - 2,000 - 100
Depositor and other retail banking fees 748 827 (10 ) 3,061 3,397 (10 )
Insurance commissions 186 449 (59 ) 910 1,164 (22 )
Gain on securities available for sale 459 - 100 1,102 6,016 (82 )
Other 447 (54 ) (928 ) 1,490 839 78
27,473 28,115 (2 ) 98,122 96,931 1
Noninterest expense:
Salaries and related costs 16,462 13,684 20 53,519 49,816 7
General and administrative 6,194 6,903 (10 ) 19,253 18,213 6
Federal Home Loan Bank prepayment penalty - - - - 5,458 (100 )
Legal 1,075 733 47 3,360 3,573 (6 )
Consulting 2,011 1,833 10 2,644 2,761 (4 )
Federal Deposit Insurance Corporation assessments 1,256 1,830 (31 ) 5,534 7,618 (27 )
Occupancy 1,733 2,468 (30 ) 6,764 7,356 (8 )
Information services 1,436 1,467 (2 ) 5,902 5,223 13
Other real estate owned expense 3,748 17,581 (79 ) 30,281 32,197 (6 )
33,915 46,499 (27 ) 127,257 132,215 (4 )
Income (loss) before income tax expense 6,424 (13,098 ) 149 15,905 (33,550 ) 147
Income tax (benefit) expense (602 ) 1,297 146 (214 ) 697 (131 )
NET INCOME (LOSS) $ 7,026 $ (14,395 ) 149 $ 16,119 $ (34,247 ) 147
Basic income (loss) per share (1) $ 5.20 $ (10.66 ) 149 $ 11.93 $ (25.35 ) 147
Basic weighted average number of shares outstanding 1,350,874 1,350,874 - 1,350,874 1,350,874 -
(1) Diluted EPS not provided.
HomeStreet, Inc. and Subsidiaries
Consolidated Statements of Operations
Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands, except share data) 20112011201120112010
Interest income:
Loans $ 17,433 $ 17,593 $ 17,947 $ 18,668 $ 21,452
Investment securities available for sale 1,792 1,422 1,848 1,858 1,914
Other 203 117 73 84 71
19,428 19,132 19,868 20,610 23,437
Interest expense:
Deposits 5,388 5,848 6,538 7,041 8,048
Federal Home Loan Bank advances 699 855 959 1,308 1,366
Securities sold under agreements to repurchase - - - - 11
Long-term debt 459 458 457 671 526
Other 16 1 - - -
6,562 7,162 7,954 9,020 9,951
Net interest income 12,866 11,970 11,914 11,590 13,486
Provision for credit losses - 1,000 2,300 - 8,200
Net interest income after provision for credit losses 12,866 10,970 9,614 11,590 5,286
Noninterest income:
Net gains on mortgage loan origination and sales activities 18,931 16,055 9,455 4,944 19,103
Mortgage servicing 5,963 18,532 7,713 5,848 6,984
Income from Windermere Mortgage Services, Inc. 739 902 503 (25 ) 806
Gain on debt extinguishment - - - 2,000 -
Depositor and other retail banking fees 748 778 795 740 827
Insurance commissions 186 103 258 363 449
Gain on securities available for sale 459 642 1 - -
Other 447 256 191 595 (54 )
27,473 37,268 18,916 14,465 28,115
Noninterest expense:
Salaries and related costs 16,462 13,217 11,700 12,139 13,684
General and administrative 6,194 4,599 4,859 3,601 6,903
Legal 1,075 983 399 904 733
Consulting 2,011 270 197 166 1,833
Federal Deposit Insurance Corporation assessments 1,256 1,264 1,265 1,749 1,830
Occupancy 1,733 1,663 1,700 1,668 2,468
Information services 1,436 1,509 1,477 1,480 1,467
Other real estate owned expense 3,748 9,113 5,666 11,754 17,581
33,915 32,618 27,263 33,461 46,499
Income (loss) before income tax expense 6,424 15,620 1,267 (7,406 ) (13,098 )
Income tax (benefit) expense (602 ) 362 (17 ) 43 1,297
NET INCOME (LOSS) $ 7,026 $ 15,258 $ 1,284 $ (7,449 ) $ (14,395 )
Basic income (loss) per share (1) $ 5.20 $ 11.29 $ 0.95 $ (5.51 ) $ (10.66 )
Basic weighted average number of shares outstanding 1,350,874 1,350,874 1,350,874 1,350,874 1,350,874
(1) Diluted EPS not provided.
HomeStreet, Inc. and Subsidiaries
Average Balances, Yields and Rates Paid (Taxable-equivalent basis)
Quarter ended December 31,
2011 2010
(in thousands)

Average
Balance

Interest

Average
Yield/Cost

Average
Balance

Interest

Average
Yield/Cost

Assets:
Interest-earning assets (1):
Cash & cash equivalents $ 180,596 $ 200 0.46 % $ 132,415 $ 68 0.21 %
Investment securities 338,933 1,867 2.20 354,850 1,949 2.21
Loans held for sale 173,940 1,883 4.33 174,001 1,963 4.57
Loans held for investment 1,385,037 15,589 4.49 1,664,625 19,525 4.68
Total interest-earning assets (2) 2,078,506 19,539 3.75 2,325,891 23,505 4.03
Noninterest-earning assets (3) 206,827 255,022
Total assets $ 2,285,333 $ 2,580,913
Liabilities and Stockholders' Equity:
Deposits:
Interest-bearing demand accounts $ 136,627 117 0.34 % $ 116,384 167 0.57 %
Savings accounts 63,883 78 0.48 50,244 101 0.80
Money market accounts 484,310 721 0.59 406,816 888 0.87
Certificate accounts 1,060,673 4,471 1.67 1,392,908 6,892 1.97
Deposits 1,745,493 5,387 1.22 1,966,352 8,048 1.58
FHLB advances 59,169 699 4.68 165,869 1,366 3.26
Securities sold under agreements to repurchase - - - 10,000 11 0.28
Long-term debt 61,857 459 2.97 66,857 526 2.76
Other borrowings - 16 - - - -
Total interest-bearing liabilities (2) 1,866,519 6,561 1.40 2,209,078 9,951 1.78
Other noninterest-bearing liabilities 334,776 292,176
Total liabilities 2,201,295 2,501,254
Shareholder's equity 84,038 79,659
Total liabilities and shareholders' equity $ 2,285,333 $ 2,580,913
Net interest income (4) $ 12,978 $ 13,554
Net interest spread 2.35 % 2.25 %
Impact of noninterest-bearing sources 0.15 % 0.09 %
Net interest margin 2.50 % 2.34 %

(1)

The daily average balances of nonaccrual assets and related income, if any, are included in their respective categories.

(2)

Average interest-earning assets and interest-bearing liabilities were computed using daily average balances.

(3)

Includes loans balances that have been foreclosed and are now reclassified to other real estate owned.

(4)

Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities of $111,000 and $68,000 for the quarters ended 2011 and 2010, respectively. The federal statutory tax rate was 35% for the periods presented.

HomeStreet, Inc. and Subsidiaries
Average Balances, Yields and Rates Paid (Taxable-equivalent basis)
Year ended December 31,
2011 2010
(in thousands)

Average
Balance

Interest

Average
Yield/Cost

Average
Balance

Interest

Average
Yield/Cost

Assets:
Interest-earning assets (1):
Cash & cash equivalents $ 159,031 $ 465 0.29 % $ 196,109 $ 538 0.27 %
Investment securities 306,813 7,083 2.31 457,930 7,831 1.71
Loans held for sale 126,038 5,448 4.32 120,619 6,263 5.19
Loans held for investment 1,477,976 66,342 4.49 1,868,035 79,266 4.24
Total interest-earning assets (2) 2,069,858 79,338 3.83 2,642,693 93,898 3.55
Noninterest-earning assets (3) 229,943 238,024
Total assets $ 2,299,801 $ 2,880,717
Liabilities and Stockholders' Equity:
Deposits:
Interest-bearing demand accounts $ 129,254 575 0.44 % $ 110,637 686 0.62 %
Savings accounts 57,513 335 0.58 54,340 479 0.88
Money market accounts 450,362 3,018 0.67 381,054 3,973 1.04
Certificate accounts 1,177,335 20,887 1.77 1,525,206 33,912 2.22
Deposits 1,814,464 24,815 1.37 2,071,237 39,050 1.89
FHLB advances 93,755 3,821 4.08 382,083 11,682 3.06
Securities sold under agreements to repurchase - - - 2,521 11 0.43
Long-term debt 62,506 2,046 3.27 66,857 3,824 5.72
Other borrowings - 16 - 69 2 3.03
Total interest-bearing liabilities (2) 1,970,725 30,698 1.56 2,522,767 54,569 2.16
Other noninterest-bearing liabilities 260,539 268,683
Total liabilities 2,231,264 2,791,450
Shareholder's equity 68,537 89,267
Total liabilities and shareholders' equity $ 2,299,801 $ 2,880,717
Net interest income (4) $ 48,640 $ 39,329
Net interest spread 2.27 % 1.39 %
Impact of noninterest-bearing sources 0.08 % 0.10 %
Net interest margin 2.35 % 1.49 %

(1)

The daily average balances of nonaccrual assets and related income, if any, are included in their respective categories.

(2)

Average interest-earning assets and interest-bearing liabilities were computed using daily average balances.

(3)

Includes loans balances that have been foreclosed and are now reclassified to other real estate owned.

(4)

Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities of $300,000 and $295,000 for the years ended 2011 and 2010, respectively. The federal statutory tax rate was 35% for the periods presented.

HomeStreet, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
December 31,%
(in thousands, except share data) 20112010Change
Assets

Cash and cash equivalents (including interest-bearing instruments of $246,113 and $57,601)

$ 263,302 $ 72,639 262 %
Investment securities available for sale 329,047 313,513 5

Loans held for sale (includes $130,546 and $198,784 carried at fair value)

150,409 212,602 (29 )

Loans held for investment (net of allowance for loan losses of $42,689 and $64,177)

1,300,873 1,538,521 (15 )

Mortgage servicing rights (includes $70,169 and $81,197 carried at fair value)

77,281 87,232 (11 )
Accounts receivable and other assets 53,856 32,345 67
Accrued interest receivable 6,712 7,267 (8 )
Other real estate owned 38,572 170,455 (77 )
Income taxes receivable 1,309 7,309 (82 )
Federal Home Loan Bank stock, at cost 37,027 37,027 -
Premises and equipment, net 6,569 6,787 (3 )
Total assets $ 2,264,957 $ 2,485,697 (9 )
Liabilities and Shareholders' Equity
Liabilities:
Deposits $ 2,009,755 $ 2,129,742 -6 %
Federal Home Loan Bank advances 57,919 165,869 (65 )
Accounts payable and accrued expenses 49,019 64,440 (24 )
Long-term debt 61,857 66,857 (7 )
Total liabilities 2,178,550 2,426,908 (10 )
Shareholders' equity:
Preferred stock, no par value
Authorized 10,000 shares
Issued and outstanding, 0 shares and 0 shares - -
Common stock, no par value
Authorized 40,000,000
Issued and outstanding, 1,350,874 shares and 1,350,874 shares 511 511 -
Additional paid-in capital 31 16 94
Retained earnings 81,746 65,627 25
Accumulated other comprehensive income (loss) 4,119 (7,365 ) 156
Total shareholders' equity 86,407 58,789 47
Total liabilities and shareholders' equity $ 2,264,957 $ 2,485,697 (9 )
HomeStreet, Inc. and Subsidiaries
Five Quarter Consolidated Statements of Financial Condition
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands, except share data) 20112011201120112010
Assets
Cash and cash equivalents $ 263,302 $ 138,429 $ 108,175 $ 170,795 $ 72,639
Investment securities available for sale 329,047 339,453 315,715 304,404 313,513
Loans held for sale 150,409 226,590 121,216 82,803 212,602
Net loans held for investment 1,300,873 1,360,219 1,392,238 1,500,550 1,538,521
Mortgage servicing rights 77,281 74,083 94,320 95,952 87,232
Accounts receivable and other assets 53,856 56,746 42,177 30,967 32,345
Accrued interest receivable 6,712 6,523 6,322 7,059 7,267
Other real estate owned 38,572 64,368 102,697 98,863 170,455
Income taxes receivable 1,309 6,786 7,161 7,266 7,309
Federal Home Loan Bank stock, at cost 37,027 37,027 37,027 37,027 37,027
Premises and equipment, net 6,569 6,615 6,457 6,953 6,787
Total assets $ 2,264,957 $ 2,316,839 $ 2,233,505 $ 2,342,639 $ 2,485,697
Liabilities and Shareholders' Equity
Liabilities:
Deposits $ 2,009,755 $ 2,056,977 $ 1,993,655 $ 2,066,842 $ 2,129,742
Federal Home Loan Bank advances 57,919 67,919 77,919 114,544 165,869
Accounts payable and accrued expenses 49,019 49,750 41,763 48,182 64,440
Long-term debt 61,857 61,857 61,857 61,857 66,857
Total liabilities 2,178,550 2,236,503 2,175,194 2,291,425 2,426,908
Shareholders' equity:
Preferred stock, no par value
Authorized 10,000 shares
Issued and outstanding, 0 shares and 0 shares - - - - -
Common stock, no par value
Authorized 40,000,000
Issue and outstanding 511 511 511 511 511
Additional paid-in capital 31 28 24 20 16
Retained earnings 81,746 74,720 59,462 58,178 65,627
Accumulated other comprehensive income (loss) 4,119 5,077 (1,686 ) (7,495 ) (7,365 )
Total shareholders' equity 86,407 80,336 58,311 51,214 58,789
Total liabilities and shareholders' equity $ 2,264,957 $ 2,316,839 $ 2,233,505 $ 2,342,639 $ 2,485,697
HomeStreet, Inc. and Subsidiaries
Five Quarter Securities Available for Sale
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands, except for duration data) 20112011201120112010
Mortgage backed:
Residential $ - $ - $ 12,003 $ 4,364 $ 4,697
Commercial 14,483 8,393 - - -
Municipal bonds 49,584 1,059 5,722 5,832 6,549
Collateralized mortgage obligations:
Residential 223,390 251,856 221,732 217,938 221,921
Commercial 10,070 10,174 - - -
US Treasury 31,520 67,971 76,258 76,270 80,346
$ 329,047 $ 339,453 $ 315,715 $ 304,404 $ 313,513
Weighted average duration in years 4.4 3.9 3.9 4.2 4.3
HomeStreet, Inc. and Subsidiaries
Five Quarter Loans Held for Investment
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands) 20112011201120112010
Consumer loans
Single family residential $ 496,934 $ 496,741 $ 502,935 $ 522,904 $ 526,462
Home equity 158,936 167,453 172,205 175,896 181,537
655,870 664,194 675,140 698,800 707,999
Commercial loans
Commercial real estate 402,139 407,891 410,370 414,343 426,879
Multifamily residential 56,379 58,972 59,092 102,450 104,497
Construction/land development 173,405 213,001 234,062 271,676 285,131
Commercial business 59,831 73,559 77,493 80,057 82,959
691,754 753,423 781,017 868,526 899,466
1,347,624 1,417,617 1,456,157 1,567,326 1,607,465
Net deferred loan fees and discounts (4,062 ) (4,231 ) (4,227 ) (4,620 ) (4,767 )
1,343,562 1,413,386 1,451,930 1,562,706 1,602,698
Allowance for loan losses (42,689 ) (53,167 ) (59,692 ) (62,156 ) (64,177 )
$ 1,300,873 $ 1,360,219 $ 1,392,238 $ 1,500,550 $ 1,538,521
HomeStreet, Inc. and Subsidiaries
Credit Quality
Allowance for Credit Losses (roll-forward)
Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands) 20112011201120112010
Allowance for Credit Losses (roll-forward):
Beginning balance $ 53,386 $ 60,059 $ 62,466 $ 64,566 $ 70,941
Provision for loan losses - 1,000 2,300 - 8,200
(Charge-offs), net of recoveries (10,586 ) (7,673 ) (4,707 ) (2,100 ) (14,575 )
Balance, end of period $ 42,800 $ 53,386 $ 60,059 $ 62,466 $ 64,566
Allowance as a % of loans held for investment3.18%3.76%4.11%3.98%4.00%
Delinquencies
90 days or
30-59 days60-89 daysmoreTotal pastTotal
(in thousands) past duepast duepast due (1)dueCurrentloans
December 31, 2011
Consumer loans
Single family residential $ 7,694 $ 8,552 $ 47,861 $ 64,107 $ 432,827 $ 496,934
Home equity 957 500 2,464 3,921 155,015 158,936
8,651 9,052 50,325 68,028 587,842 655,870
Commercial loans
Commercial real estate - - 10,184 10,184 391,955 402,139
Multifamily residential - - 2,394 2,394 53,985 56,379
Construction/land development 9,916 - 48,387 58,303 115,102 173,405
Commercial business - - 951 951 58,880 59,831
9,916 - 61,916 71,832 619,922 691,754
$ 18,567 $ 9,052 $ 112,241 $ 139,860 $ 1,207,764 $ 1,347,624
December 31, 2010
Consumer loans
Single family residential $ 6,743 $ 6,223 $ 44,111 $ 57,077 $ 469,385 $ 526,462
Home equity 1,645 1,184 2,535 5,364 176,173 181,537
8,388 7,407 46,646 62,441 645,558 707,999
Commercial loans
Commercial real estate - 4,871 20,259 25,130 401,749 426,879
Multifamily residential - - 8,167 8,167 96,330 104,497
Construction/land development - - 78,907 78,907 206,224 285,131
Commercial business - 907 2,734 3,641 79,318 82,959
- 5,778 110,067 115,845 783,621 899,466
$ 8,388 $ 13,185 $ 156,713 $ 178,286 $ 1,429,179 $ 1,607,465

(1)

Includes $35.8 million and $30.2 million of loans past due and still accruing at December 31, 2011 and December 31, 2010 respectively, whose repayments are insured by the FHA or guaranteed by the VA.

HomeStreet, Inc. and Subsidiaries
Five Quarter Nonperforming Assets

Nonperforming assets roll-forward

Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands) 20112011201120112010
Beginning balance $ 159,462 $ 193,609 $ 222,981 $ 283,665 $ 390,600
Additions to NPLs 7,251 20,900 14,246 28,875 22,284
Charge-offs (10,586 ) (7,673 ) (4,707 ) (2,100 ) (14,575 )
OREO sales (26,037 ) (33,814 ) (17,590 ) (67,014 ) (21,159 )
OREO writedowns (3,564 ) (8,217 ) (4,739 ) (10,559 ) (16,300 )
Principal paydown, payoff advances (3,871 ) (2,437 ) (6,024 ) (5,599 ) (10,953 )
Transferred back to accrual status (7,599 ) (2,906 ) (10,558 ) (4,287 ) (66,232 )
Subtractions from NPAs $ (51,657 ) $ (55,047 ) $ (43,618 ) $ (89,559 ) $ (129,219 )
Net outflows (44,406 ) (34,147 ) (29,372 ) (60,684 ) (106,935 )
Ending balance $ 115,056 $ 159,462 $ 193,609 $ 222,981 $ 283,665
Nonperforming assets by loan class
Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands) 20112011201120112010
Nonaccrual loans:
Consumer loans
Single family residential $ 12,104 $ 15,469 $ 16,229 $ 14,732 $ 13,938
Home equity 2,464 2,772 2,620 3,103 2,535
14,568 18,241 18,849 17,835 16,473
Commercial loans
Commercial real estate 10,184 10,959 10,081 19,815 20,259
Multifamily residential 2,394 5,196 5,265 5,302 8,167
Construction/land development 48,387 58,705 53,955 77,811 65,952
Commercial business 951 1,993 2,762 3,355 2,359
61,916 76,853 72,063 106,283 96,737
$ 76,484 $ 95,094 $ 90,912 $ 124,118 $ 113,210

Allowance as a % of nonperforming loans

55.81%55.91%65.66%50.08%56.69%
Other real estate owned:
Consumer loans
Single family residential $ 6,600 $ 10,419 $ 14,287 $ 14,897 $ 18,839
Home equity - - 229 233 -
6,600 10,419 14,516 15,130 18,839
Commercial loans
Commercial real estate 2,055 2,152 2,152 8,045 6,257
Multifamily residential - - - - -
Construction/land development 29,917 51,797 86,029 75,688 145,359
Commercial business - - - - -
31,972 53,949 88,181 83,733 151,616
$ 38,572 $ 64,368 $ 102,697 $ 98,863 $ 170,455
Nonperforming assets
Consumer loans
Single family residential $ 18,704 $ 25,888 $ 30,516 $ 29,629 $ 32,777
Home equity 2,464 2,772 2,849 3,336 2,535
21,168 28,660 33,365 32,965 35,312
Commercial loans
Commercial real estate 12,239 13,111 12,233 27,860 26,516
Multifamily residential 2,394 5,196 5,265 5,302 8,167
Construction/land development 78,304 110,502 139,984 153,499 211,311
Commercial business 951 1,993 2,762 3,355 2,359
93,888 130,802 160,244 190,016 248,353
$ 115,056 $ 159,462 $ 193,609 $ 222,981 $ 283,665
Nonperforming assets to total assets5.08%6.88%8.67%9.52%11.41%
HomeStreet, Inc. and Subsidiaries
Five Quarter Mortgage Servicing
Mortgage Servicing Income
Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands) 20112011201120112010
Servicing income, net:
Servicing fees and other $ 6,518 $ 6,793 $ 6,736 $ 6,078 $ 5,726
Changes in fair value, single-family mortgage servicing rights:
Due to changes in model or assumptions (1) (3,571 ) (20,068 ) (7,057 ) 5,543 20,779
Other changes in fair value (2) (4,515 ) (6,073 ) (395 ) (3,864 ) (2,478 )
Amortization (366 ) (455 ) (345 ) (321 ) (327 )

Net gain (loss) from derivatives economically hedging single family MSR

7,897 38,335 8,774 (1,588 ) (16,716 )
Mortgage servicing $ 5,963 $ 18,532 $ 7,713 $ 5,848 $ 6,984
(1) Principally reflects changes in model assumptions and prepayment speed assumptions, which are primarily affected by changes in interest rates.
(2) Represents changes due to collection/realization of expected cash flows and curtailments over time.
Loans Serviced for Others
Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands) 20112011201120112010
Single family residential
FannieMae/GNMA/FHLMC MBS $ 6,464,815 $ 6,217,086 $ 6,165,052 $ 6,087,770 $ 5,909,742
Other 420,470 432,460 437,748 433,514 433,416
$ 6,885,285 $ 6,649,546 $ 6,602,800 $ 6,521,284 $ 6,343,158
Commercial
Multifamily 758,535 770,401 799,332 784,445 776,671
Other 56,785 57,151 57,690 58,150 58,765
815,320 827,552 857,022 842,595 835,436
Total loans serviced for others $ 7,700,605 $ 7,477,098 $ 7,459,822 $ 7,363,879 $ 7,178,594
Single Family Capitalized Mortgage Servicing Rights
Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands) 20112011201120112010
Beginning balance $ 67,471 $ 87,712 $ 89,947 $ 81,197 $ 54,745
Originations 10,759 5,872 5,187 7,067 8,151
Purchases 25 27 30 4 -
Changes in fair value:
Due to changes in model inputs or assumptions (1) (3,571 ) (20,068 ) (7,057 ) 5,543 20,779
Other changes in fair value (2) (4,515 ) (6,073 ) (395 ) (3,864 ) (2,478 )
Ending balance $ 70,169 $ 67,471 $ 87,712 $ 89,947 $ 81,197
Ratio of capitalized MSRs to related loans serviced for others 1.09 % 1.09 % 1.42 % 1.48 % 1.37 %
Ratio of capitalized value to weighted average servicing fee 3.10 % 3.12 % 4.13 % 4.39 % 4.13 %

(1)

Principally reflects changes in model assumptions or prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.

(2)

Represents changes due to collection/realization of expected future cash flows over time.

Commercial Multifamily Capitalized Mortgage Servicing Rights
Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands) 20112011201120112010
Beginning balance $ 6,612 $ 6,608 $ 6,005 $ 6,035 $ 5,825
Originations 866 459 948 291 537
Amortization (366 ) (455 ) (345 ) (321 ) (327 )
Ending balance $ 7,112 $ 6,612 $ 6,608 $ 6,005 $ 6,035
Ratio of capitalized MSRs to related loans serviced for others 0.94 % 0.86 % 0.83 % 0.77 % 0.78 %
Ratio of capitalized value to weighted average servicing fee 2.61 % 2.44 % 2.38 % 2.21 % 2.25 %
Mortgage Banking Activity
Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands) 20112011201120112010
Single Family:
Single family mortgage originations $ 624,111 $ 478,025 $ 323,906 $ 275,568 $ 675,308
Single family mortgage interest rate locks 543,164 630,919 344,836 253,698 553,605
Single family mortgage loans sold 710,706 370,250 272,090 386,174 590,787
Net gain on single family mortgage loan origination and sales activities:
Mortgage servicing rights originated $ 3,295 $ 7,195 $ 4,511 $ 2,823 $ 8,667
Loan origination and funding fees 6,819 3,780 2,933 2,383 5,808
Secondary marketing gains (losses) 7,632 4,580 1,044 (608 ) 4,008
$ 17,746 $ 15,555 $ 8,488 $ 4,598 $ 18,483
Multifamily:
Multifamily mortgage originations $ 49,071 $ 26,125 $ 49,070 $ 1,410 $ 38,150
Multifamily mortgage loans sold 33,461 25,144 47,010 13,862 27,699
Net gain on multifamily mortgage loan origination and sales activities: 1,185 500 967 346 620
Total net gain on sale of mortgage loan origination and sales activities $ 18,931 $ 16,055 $ 9,455 $ 4,944 $ 19,103
HomeStreet, Inc. and Subsidiaries
Five Quarter Deposits
Quarter ended
Dec. 31,Sept. 30,June 30,Mar. 31,Dec. 31,
(in thousands) 20112011201120112010
Noninterest bearing accounts $ 270,666 $ 287,862 $ 184,412 $ 180,441 $ 235,890
Interest bearing deposits:
NOW accounts 138,936 145,668 122,995 127,529 121,534
Statement savings accounts due on demand 66,898 59,974 57,685 52,743 51,075
Money market accounts due on demand 499,457 469,289 445,081 427,698 413,401
Time, through $250,000 966,536 1,026,045 1,104,331 1,193,669 1,220,479
Time, more than $250,000 67,262 68,139 79,151 84,762 87,363
Total interest bearing deposits 1,739,089 1,769,115 1,809,243 1,886,401 1,893,852
Total deposits $ 2,009,755 $ 2,056,977 $ 1,993,655 $ 2,066,842 $ 2,129,742
Percent of total deposits:
Noninterest bearing accounts 13.5 % 14.0 % 9.2 % 8.7 % 11.1 %
Interest bearing deposits:
Interest bearing demand 6.9 7.1 6.2 6.2 5.7
Money market 3.3 2.9 2.9 2.6 2.4
Statement savings 24.9 22.8 22.3 20.7 19.4
Time, through $250,000 48.1 49.9 55.4 57.7 57.3
Time, more than $250,000 3.3 3.3 4.0 4.1 4.1
Total interest bearing deposits 86.5 % 86.0 % 90.8 % 91.3 % 88.9 %
Total deposits 100 % 100 % 100 % 100 % 100 %

Contacts:

HomeStreet, Inc.
Terri Silver, Investor Relations
206-389-6303
terri.silver@homestreet.com
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