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PARENT COMPANY FINANCIAL STATEMENTS (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets, Parent Company | Condensed financial information for HomeStreet, Inc. is as follows:
Condensed Balance Sheets | At December 31,
(in thousands) | 2022 |  | 2021
Assets: |  |  |
Cash and cash equivalents | $ | 5,804 |  |  | $ | 12,756 |
Other assets | 4,601 |  |  | 5,082 |
Investment in stock of HomeStreet Bank | 752,211 |  |  | 779,851 |
Investment in stock of other subsidiaries | 26,954 |  |  | 45,175 |
Total assets | $ | 789,570 |  |  | $ | 842,864 |
Liabilities: |  |  |
Other liabilities | $ | 3,019 |  |  | $ | 1,499 |
Long-term debt | 224,404 |  |  | 126,026 |
Total liabilities | 227,423 |  |  | 127,525 |
Shareholders' Equity: |  |  |
Common stock, no par value | 226,592 |  |  | 249,856 |
Retained earnings | 435,085 |  |  | 444,343 |
Accumulated other comprehensive income (loss) | (99,530) |  |  | 21,140 |
Total shareholder's equity | 562,147 |  |  | 715,339 |
Total liabilities and shareholders' equity | $ | 789,570 |  |  | $ | 842,864 |
Condensed Statements of Income, Parent Company |
Condensed Income Statements | Years Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Noninterest income |  |  |  |  |
Dividend income | $ | 51,000 |  |  | $ | 109,000 |  |  | $ | 82,909 |
Equity in undistributed income from subsidiaries | 24,898 |  |  | 10,801 |  |  | 3,374 |
Other noninterest income | 2,053 |  |  | 1,838 |  |  | 1,773 |
Total revenues | 77,951 |  |  | 121,639 |  |  | 88,056 |
Expenses |  |  |  |  |
Interest expense-net | 8,315 |  |  | 4,576 |  |  | 5,731 |
Noninterest expense | 6,123 |  |  | 2,939 |  |  | 4,136 |
Total expenses | 14,438 |  |  | 7,515 |  |  | 9,867 |
Income before income taxes (benefit) | 63,513 |  |  | 114,124 |  |  | 78,189 |
Income taxes (benefit) | (3,027) |  |  | (1,298) |  |  | (1,801) |
Net income | $ | 66,540 |  |  | $ | 115,422 |  |  | $ | 79,990 |
Condensed Statements of Cash Flows, Parent Company |
Condensed Statements of Cash Flows | Years Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Cash flows from operating activities |  |  |  |  |
Net income | $ | 66,540 |  |  | $ | 115,422 |  |  | $ | 79,990 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities |  |  |  |  |
Undistributed earnings from investment in subsidiaries | (24,898) |  |  | (10,801) |  |  | (3,374) |
Other | 6,386 |  |  | (8,669) |  |  | (4,483) |
Net cash provided by operating activities | 48,028 |  |  | 95,952 |  |  | 72,133 |
Cash flows from investing activities: |  |  |  |  |
AFS securities: Principal collections net of purchases | 831 |  |  | 2,012 |  |  | 2,886 |
Investments in subsidiaries | (52,000) |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | (51,169) |  |  | 2,012 |  |  | 2,886 |
Cash flows from financing activities: |  |  |  |  |
Repurchases of common stock | (75,000) |  |  | (84,154) |  |  | (58,009) |
Proceeds from exercise of stock options | — |  |  | 263 |  |  | 238 |
Proceeds from issuance of long-term debt | 98,036 |  |  | — |  |  | — |
Dividends paid on common stock | (26,847) |  |  | (21,338) |  |  | (13,865) |
Net cash used in financing activities | (3,811) |  |  | (105,229) |  |  | (71,636) |
Net (decrease) increase in cash and cash equivalents | (6,952) |  |  | (7,265) |  |  | 3,383 |
Cash and cash equivalents, beginning of year | 12,756 |  |  | 20,021 |  |  | 16,638 |
Cash and cash equivalents, end of year | $ | 5,804 |  |  | $ | 12,756 |  |  | $ | 20,021 |

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