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LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT:
At December 31, 2021 and 2020, the Company had outstanding $64 million of Senior Notes and $62 million of trust preferred securities. The Senior Notes bear interest at a rate of 6.50% and mature in 2026.

The Company issued trust preferred securities during the period from 2005 through 2007, resulting in a debt balance of $62 million that remains outstanding at December 31, 2021. In connection with the issuance of trust preferred securities, HomeStreet, Inc. issued to HomeStreet Statutory Trust Junior Subordinated Deferrable Interest Debentures. The sole assets of the HomeStreet Statutory Trust are the Subordinated Debt Securities I, II, III, and IV.

The Subordinated Debt Securities outstanding as of December 31, 2021 and 2020 are as follows:
 
HomeStreet Statutory Trust
(dollars in thousands)IIIIIIIV
Date issuedJune 2005September 2005February 2006March 2007
Amount$5,155$20,619$20,619$15,464
Interest rate
3 MO LIBOR + 1.70%
3 MO LIBOR + 1.50%
3 MO LIBOR + 1.37%
3 MO LIBOR + 1.68%
Maturity dateJune 2035December 2035March 2036June 2037
Call option (1)
QuarterlyQuarterlyQuarterlyQuarterly

(1) Call options are exercisable at par and are callable, without penalty on a quarterly basis, starting five years after issuance.