Exhibit 99.1

 

Company Release—02/29/2012 hh:mm

HomeStreet, Inc. Reports Fourth Quarter and Full Year 2011 Results

SEATTLE, Washington—(BUSINESS WIRE)—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:

 

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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.

 

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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.”

 

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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.

 

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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.

 

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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, 2011				Sept. 30, 2011				Dec. 31, 2010
Regulatory capital ratios for the Bank:
Total risk-based captial (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.

 

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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 turnout 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.

Source: HomeStreet, Inc.

 

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

 

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HomeStreet, Inc. and Subsidiaries

Five Quarter Summary Financial Data

 

		Quarter ended
(in thousands, except share data)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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.

 

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HomeStreet, Inc. and Subsidiaries

Consolidated Statements of Operations

 

		Quarter ended Dec. 31,								%				Year ended Dec. 31,								%
(in thousands, except share data)		2011				2010				Change				2011				2010				Change
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.

 

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HomeStreet, Inc. and Subsidiaries

Consolidated Statements of Operations

 

		Quarter ended
(in thousands, except share data)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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.

 

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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				0.00				—				—				—
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.

 

9

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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.

 

10

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HomeStreet, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

 

		December 31,								%
(in thousands, except share data)		2011				2010				Change
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	)

 

11

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HomeStreet, Inc. and Subsidiaries

Five Quarter Consolidated Statements of Financial Condition

 

		Dec. 31, 2011				Sept. 30, 2011				June  30, 2011				Mar. 31, 2011				Dec. 31, 2010
(in thousands, except share data)
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

 

12

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HomeStreet, Inc. and Subsidiaries

Five Quarter Securities Available for Sale

 

(in thousands, except for duration data)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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

 

13

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HomeStreet, Inc. and Subsidiaries

Five Quarter Loans Held for Investment

 

(in thousands)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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

 

14

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HomeStreet, Inc. and Subsidiaries

Credit Quality

Allowance for Credit Losses (roll-forward)

 

			0000000				0000000				0000000				0000000				0000000
		Quarter ended
(in thousands)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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 investment			3.18	%			3.76	%			4.11	%			3.98	%			4.00	%

Delinquencies

 

			000000000				000000000				000000000				000000000				000000000				000000000
(in thousands)		30-59 days past due				60-89 days past due				90 days or more past due (1)				Total past due				Current				Total loans
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.

 

15

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HomeStreet, Inc. and Subsidiaries

Five Quarter Nonperforming Assets

Nonperfoming assets roll-forward

 

		Quarter ended
(in thousands)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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
(in thousands)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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 nonperfoming 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 assets			5.08	%			6.88	%			8.67	%			9.52	%			11.41	%

 

16

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HomeStreet, Inc. and Subsidiaries

Five Quarter Mortgage Servicing

Mortgage Servicing Income

 

			000000000000				000000000000				000000000000				000000000000				000000000000
		Quarter ended
		Dec. 31,				Sept. 30,				June 30,				Mar. 31,				Dec. 31,
(in thousands)		2011				2011				2011				2011				2010
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

 

			000000000000				000000000000				000000000000				000000000000				000000000000
		Quarter ended
(in thousands)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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

 

			000000000000				000000000000				000000000000				000000000000				000000000000
		Quarter ended
(in thousands)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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

 

			000000000000				000000000000				000000000000				000000000000				000000000000
		Quarter ended
(in thousands)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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	%

 

17

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Mortgage Banking Activity

 

			000000				000000				000000				000000				000000
		Quarter ended
(in thousands)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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

 

18

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HomeStreet, Inc. and Subsidiaries

Five Quarter Deposits

 

		Quarter ended
(in thousands)		Dec. 31, 2011				Sept. 30, 2011				June 30, 2011				Mar. 31, 2011				Dec. 31, 2010
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	%

 

19