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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT: On January 19, 2022, we completed a $100 million subordinated notes offering due in 2032 (the “Notes”). Interest on the Notes initially will accrue at a rate equal to 3.5% per annum from and including the date of original issuance to, but excluding, January 30, 2027, payable semiannually in arrears. From and including January 30, 2027, to, but excluding, the maturity date or the date of earlier redemption, the Notes will bear interest equal to the three-month term Secured Overnight Financing Rate ("SOFR") plus 215 basis points, payable quarterly in arrears. Net proceeds to the Company were $98 million, after deducting underwriting discounts and offering expenses. The Company intends to use a significant portion of the net proceeds from the Notes offering to repurchase shares of its common stock through open market purchases, with the remainder of the net proceeds used for working capital and other general corporate purposes, including support for growth of its total assets. At March 31, 2022 the Company had outstanding $98 million of subordinated notes. At March 31, 2022 and December 31, 2021, the Company had outstanding $64 million of Senior Notes which 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 March 31, 2022 and 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 March 31, 2022 and December 31, 2021 are as follows:
| HomeStreet Statutory Trust |  |
(dollars in thousands) | I |  | II |  | III |  | IV |
Date issued | June 2005 |  | September 2005 |  | February 2006 |  | March 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 date | June 2035 |  | December 2035 |  | March 2036 |  | June 2037 |  |
Call option (1) | Quarterly |  | Quarterly |  | Quarterly |  | Quarterly |  |
(1) Call options are exercisable at par and are callable, without penalty on a quarterly basis, starting five years after issuance.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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