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LONG-TERM DEBT
 12 Months Ended
Dec. 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 fees and offering expenses, all of which were still outstanding at December 31, 2022.

At December 31, 2022 and 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 ("TRUPS") during the period from 2005 through 2007, resulting in a debt balance of $62 million that remains outstanding at December 31, 2022 and 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 TRUPS outstanding as of December 31, 2022 and 2021 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.