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PARENT COMPANY FINANCIAL STATEMENTS (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | 2023 |  | 2022
Assets: |  |  |
Cash and cash equivalents | $ | 21,541 |  |  | $ | 5,804 |
Other assets | 4,515 |  |  | 4,601 |
Investment in stock of HomeStreet Bank | 737,748 |  |  | 752,211 |
Investment in stock of other subsidiaries | 1,857 |  |  | 26,954 |
Total assets | $ | 765,661 |  |  | $ | 789,570 |
Liabilities: |  |  |
Other liabilities | $ | 2,508 |  |  | $ | 3,019 |
Long-term debt | 224,766 |  |  | 224,404 |
Total liabilities | 227,274 |  |  | 227,423 |
Shareholders' Equity: |  |  |
Common stock, no par value | 229,889 |  |  | 226,592 |
Retained earnings | 395,357 |  |  | 435,085 |
Accumulated other comprehensive income (loss) | (86,859) |  |  | (99,530) |
Total shareholder's equity | 538,387 |  |  | 562,147 |
Total liabilities and shareholders' equity | $ | 765,661 |  |  | $ | 789,570 |
Condensed statements of income, parent company |
Condensed Income Statements | Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Noninterest income |  |  |  |  |
Dividend income | $ | 39,000 |  |  | $ | 51,000 |  |  | $ | 109,000 |
Equity in undistributed income from subsidiaries | (55,832) |  |  | 24,898 |  |  | 10,801 |
Other noninterest income | 2,085 |  |  | 2,053 |  |  | 1,838 |
Total revenues | (14,747) |  |  | 77,951 |  |  | 121,639 |
Expenses |  |  |  |  |
Interest expense-net | 8,094 |  |  | 8,315 |  |  | 4,576 |
Noninterest expense | 8,176 |  |  | 6,123 |  |  | 2,939 |
Total expenses | 16,270 |  |  | 14,438 |  |  | 7,515 |
Income (loss) before income taxes (benefit) | (31,017) |  |  | 63,513 |  |  | 114,124 |
Income taxes (benefit) | (3,509) |  |  | (3,027) |  |  | (1,298) |
Net income (loss) | $ | (27,508) |  |  | $ | 66,540 |  |  | $ | 115,422 |
Condensed statements of cash flows, parent company |
Condensed Statements of Cash Flows | Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Cash flows from operating activities |  |  |  |  |
Net income (loss) | $ | (27,508) |  |  | $ | 66,540 |  |  | $ | 115,422 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities |  |  |  |  |
Undistributed earnings from investment in subsidiaries | 55,832 |  |  | (24,898) |  |  | (10,801) |
Other | (480) |  |  | 6,386 |  |  | (8,669) |
Net cash provided by operating activities | 27,844 |  |  | 48,028 |  |  | 95,952 |
Cash flows from investing activities: |  |  |  |  |
AFS securities: Principal collections net of purchases | 210 |  |  | 831 |  |  | 2,012 |
Investments in subsidiaries | — |  |  | (52,000) |  |  | — |
Net cash provided by (used in) investing activities | 210 |  |  | (51,169) |  |  | 2,012 |
Cash flows from financing activities: |  |  |  |  |
Repurchases of common stock | — |  |  | (75,000) |  |  | (84,154) |
Proceeds from exercise of stock options | — |  |  | — |  |  | 263 |
Proceeds from issuance of long-term debt | — |  |  | 98,036 |  |  | — |
Dividends paid on common stock | (12,317) |  |  | (26,847) |  |  | (21,338) |
Net cash used in financing activities | (12,317) |  |  | (3,811) |  |  | (105,229) |
Net increase (decrease) in cash and cash equivalents | 15,737 |  |  | (6,952) |  |  | (7,265) |
Cash and cash equivalents, beginning of year | 5,804 |  |  | 12,756 |  |  | 20,021 |
Cash and cash equivalents, end of year | $ | 21,541 |  |  | $ | 5,804 |  |  | $ | 12,756 |

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