HomeStreet, Inc. announced a net loss of $4.465 million for the first quarter ended March 31, 2025, a significant reduction from the $123.327 million net loss in the prior quarter. The core net loss improved by 44% to $2.866 million, or $0.15 per share.
HomeStreet Bank, on a standalone basis, achieved net income of $1.1 million in the first quarter, marking a return to profitability as a strategic goal. The net interest margin expanded significantly to 1.82% from 1.38% in the fourth quarter of 2024, driven by the impact of the recent loan sale and lower funding costs.
Total deposits, excluding brokered deposits, increased by $131 million during the quarter, while loans held for investment declined by $169 million, further improving funding and liquidity. The company expects continuous earnings growth and no income tax expense for the next few years due to a deferred tax asset valuation allowance, though specific reserves for a syndicated commercial loan increased by $3.9 million.
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