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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM 10-Q
________________________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2025
OR
☐ Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the transition period from _____ to _____
Commission file number: 001-35424
________________________________
HOMESTREET, INC.
(Exact Name of Registrant as Specified in its Charter)
91-0186600

Washington |  | 91-0186600
(State of Incorporation) |  | (I.R.S. Employer Identification Number)
601 Union Street, Suite 2000 |  |
Seattle, Washington 98101 |  | 98101
(Address of principal executive offices) |  | (Zip Code)

(206) 623-3050
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock | HMST | Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer |  | ☐ | Accelerated Filer |  | ☒
Non-accelerated Filer |  | ☐ | Smaller Reporting Company |  | ☒
Emerging Growth Company |  | ☐ |  |  |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |  | ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
The number of outstanding shares of the registrant's common stock as of May 5, 2025 was 18,920,808.

PART I – FINANCIAL INFORMATION |
ITEM 1 | FINANCIAL STATEMENTS |
Consolidated Balance Sheets at March 3 1, 202 5 and December 31, 202 4 | 3
Consolidated Income Statements for the Quarters Ended March 31, 2025 and 2024 | 4
Consolidated Statements of Comprehensive Income (Loss) for the Quarters Ended March 31, 2025 and 2024 | 5
Consolidated Statements of Shareholders’ Equity for the Quarters Ended March 31, 2025 and 2024 | 6
Consolidated Statements of Cash Flows for the Quarters Ended March 31, 2025 and 2 024 | 7
Notes to Consolidated Financial Statements | 9
ITEM 2 | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 42
ITEM 3 | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 59
ITEM 4 | CONTROLS AND PROCEDURES | 62
PART II – OTHER INFORMATION |
ITEM 1 | LEGAL PROCEEDINGS | 62
ITEM 1A | RISK FACTORS | 63
ITEM 2 | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 67
ITEM 3 | DEFAULTS UPON SENIOR SECURITIES | 67
ITEM 4 | MINE SAFETY DISCLOSURES | 67
ITEM 5 | OTHER INFORMATION | 67
ITEM 6 | EXHIBITS | 68
SIGNATURES | 69

Unless we state otherwise or the content otherwise requires, references in this Form 10-Q to "HomeStreet," "we," "our," "us" or the "Company" refer collectively to HomeStreet, Inc., a Washington corporation, HomeStreet Bank ("Bank") and other direct and indirect subsidiaries of HomeStreet, Inc.
2

PART I

ITEM 1 FINANCIAL STATEMENTS

HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

| March 31, 2025 |  | December 31, 2024
(in thousands, except share data) | (Unaudited) |  |
ASSETS |  |  |
Cash and cash equivalents | $ | 252,162 |  |  | $ | 406,600 |
Investment securities | 1,055,318 |  |  | 1,057,006 |
Loans held for sale ("LHFS") | 34,734 |  |  | 20,312 |
Loans held for investment ("LHFI") (net of allowance for credit losses of $39,634 and $38,743) | 6,023,582 |  |  | 6,193,053 |
Mortgage servicing rights ("MSRs") | 97,959 |  |  | 99,466 |
Premises and equipment, net | 45,750 |  |  | 47,201 |
Other real estate owned ("OREO") | 2,820 |  |  | 2,820 |
Intangible assets | 6,662 |  |  | 7,141 |
Other assets | 284,644 |  |  | 290,099 |
Total assets | $ | 7,803,631 |  |  | $ | 8,123,698 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Liabilities: |  |  |
Deposits | $ | 6,090,495 |  |  | $ | 6,413,021 |
Borrowings | 1,000,000 |  |  | 1,000,000 |
Long-term debt | 225,223 |  |  | 225,131 |
Accounts payable and other liabilities | 87,162 |  |  | 88,549 |
Total liabilities | 7,402,880 |  |  | 7,726,701 |
Commitments and contingencies |  |  |
Shareholders' equity: |  |  |
Common stock, no par value, authorized 160,000,000 shares; issued and outstanding, 18,920,808 shares and 18,857,565 shares | 233,418 |  |  | 233,185 |
Retained earnings | 246,548 |  |  | 251,013 |
Accumulated other comprehensive income (loss) | (79,215) |  |  | (87,201) |
Total shareholders' equity | 400,751 |  |  | 396,997 |
Total liabilities and shareholders' equity | $ | 7,803,631 |  |  | $ | 8,123,698 |

See accompanying notes to consolidated financial statements
3

HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)

| Quarter Ended March 31, |  |
(in thousands, except share and per share data) | 2025 |  | 2024 |  |  |  |
Interest income: |  |  |  |  |  |  |
Loans | $ | 73,424 |  |  | $ | 86,256 |  |  |  |  |
Investment securities | 8,650 |  |  | 10,714 |  |  |  |  |
Cash, Fed Funds and other | 3,691 |  |  | 5,571 |  |  |  |  |
Total interest income | 85,765 |  |  | 102,541 |  |  |  |  |
Interest expense: |  |  |  |  |  |  |
Deposits | 38,237 |  |  | 42,607 |  |  |  |  |
Borrowings | 14,307 |  |  | 27,783 |  |  |  |  |
Total interest expense | 52,544 |  |  | 70,390 |  |  |  |  |
Net interest income | 33,221 |  |  | 32,151 |  |  |  |  |
Provision for credit losses | 1,000 |  |  | — |  |  |  |  |
Net interest income after provision for credit losses | 32,221 |  |  | 32,151 |  |  |  |  |
Noninterest income: |  |  |  |  |  |  |
Net gain on loan origination and sale activities | 3,216 |  |  | 2,306 |  |  |  |  |
Loan servicing income | 4,858 |  |  | 3,032 |  |  |  |  |
Deposit fees | 2,071 |  |  | 2,241 |  |  |  |  |
Other | 1,991 |  |  | 1,875 |  |  |  |  |
Total noninterest income | 12,136 |  |  | 9,454 |  |  |  |  |
Noninterest expense: |  |  |  |  |  |  |
Compensation and benefits | 26,309 |  |  | 28,011 |  |  |  |  |
Information services | 7,585 |  |  | 7,342 |  |  |  |  |
Occupancy | 4,871 |  |  | 5,434 |  |  |  |  |
General, administrative and other | 10,343 |  |  | 11,377 |  |  |  |  |
Total noninterest expense | 49,108 |  |  | 52,164 |  |  |  |  |
Income (loss) before income taxes | (4,751) |  |  | (10,559) |  |  |  |  |
Income tax (benefit) expense | (286) |  |  | (3,062) |  |  |  |  |
Net income (loss) | $ | (4,465) |  |  | $ | (7,497) |  |  |  |  |
Net income (loss) per share: |  |  |  |  |  |  |
Basic | $ | (0.24) |  |  | $ | (0.40) |  |  |  |  |
Diluted | (0.24) |  |  | (0.40) |  |  |  |  |
Weighted average shares outstanding: |  |  |  |  |  |  |
Basic | 18,920,808 |  | 18,856,870 |  |  |  |
Diluted | 18,920,808 |  | 18,856,870 |  |  |  |

See accompanying notes to consolidated financial statements
4

HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

| Quarter Ended March 31, |  |  |  |
(in thousands) | 2025 |  | 2024 |  |  |  |  |  |
Net income (loss) | $ | (4,465) |  |  | $ | (7,497) |  |  |  |  |  |  |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on investment securities available for sale ("AFS") | 8,293 |  |  | (5,759) |  |  |  |  |  |  |
Other comprehensive income (loss) before tax | 8,293 |  |  | (5,759) |  |  |  |  |  |  |
Income tax impact of: |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on investment securities AFS | 2,034 |  |  | (1,277) |  |  |  |  |  |  |
Total | 2,034 |  |  | (1,277) |  |  |  |  |  |  |
Unrealized disparate impact of deferred tax assets valuation allowance - AOCI | 1,727 |  |  | — |  |  |  |  |  |  |
Other comprehensive income (loss) | 7,986 |  |  | (4,482) |  |  |  |  |  |  |
Total comprehensive income (loss) | $ | 3,521 |  |  | $ | (11,979) |  |  |  |  |  |  |

See accompanying notes to consolidated financial statements
5

HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)

(in thousands, except share data) | Number of shares |  | Common stock |  | Retained earnings |  | Accumulated other comprehensive income (loss) |  | Total shareholders' equity |  |  |  |  |  |  |  |  |  |  |
For the quarter ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2023 | 18,810,055 |  |  | $ | 229,889 |  |  | $ | 395,357 |  |  | $ | (86,859) |  |  | $ | 538,387 |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | — |  |  | (7,497) |  |  | — |  |  | (7,497) |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation expense | — |  |  | 1,059 |  |  | — |  |  | — |  |  | 1,059 |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued - Stock grants | 60,483 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | (4,482) |  |  | (4,482) |  |  |  |  |  |  |  |  |  |  |  |
Common stock repurchased | (12,972) |  |  | (134) |  |  | — |  |  | — |  |  | (134) |  |  |  |  |  |  |  |  |  |  |  |
Balance, March 31, 2024 | 18,857,566 |  |  | $ | 230,814 |  |  | $ | 387,860 |  |  | $ | (91,341) |  |  | $ | 527,333 |  |  |  |  |  |  |  |  |  |  |  |
For the quarter ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2024 | 18,857,565 |  |  | $ | 233,185 |  |  | $ | 251,013 |  |  | $ | (87,201) |  |  | $ | 396,997 |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | — |  |  | — |  |  | (4,465) |  |  | — |  |  | (4,465) |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation expense | — |  |  | 592 |  |  | — |  |  | — |  |  | 592 |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued - Stock grants | 94,688 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income | — |  |  | — |  |  | — |  |  | 7,986 |  |  | 7,986 |  |  |  |  |  |  |  |  |  |  |  |
Common stock repurchased | (31,445) |  |  | (359) |  |  | — |  |  | — |  |  | (359) |  |  |  |  |  |  |  |  |  |  |  |
Balance, March 31, 2025 | 18,920,808 |  |  | $ | 233,418 |  |  | $ | 246,548 |  |  | $ | (79,215) |  |  | $ | 400,751 |  |  |  |  |  |  |  |  |  |  |  |

See accompanying notes to consolidated financial statements
6

HOMESTREET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
Net income (loss) | $ | (4,465) |  |  | $ | (7,497) |  |  |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |  |
Provision for credit losses | 1,000 |  |  | — |  |  |
Depreciation and amortization, premises and equipment | 1,507 |  |  | 1,661 |  |  |
Amortization of premiums and discounts: investment securities, deposits, debt | 581 |  |  | 499 |  |  |
Operating leases: excess of payments over amortization | (720) |  |  | (772) |  |  |
Amortization of finance leases | 24 |  |  | 50 |  |  |
Amortization of core deposit intangibles | 479 |  |  | 625 |  |  |
Amortization of deferred loan fees and costs | (731) |  |  | (29) |  |  |
Share-based compensation expense | 592 |  |  | 1,059 |  |  |
Deferred income tax (benefit) expense | (307) |  |  | (1,189) |  |  |
Origination of LHFS | (150,046) |  |  | (79,806) |  |  |
Proceeds from sale of LHFS | 137,125 |  |  | 79,033 |  |  |
Net fair value adjustment and gain on sale of LHFS | (1,022) |  |  | (419) |  |  |
Origination of MSRs | (1,158) |  |  | (895) |  |  |
Change in fair value of MSRs | 1,311 |  |  | 810 |  |  |
Amortization of servicing rights | 1,354 |  |  | 1,402 |  |  |
Net decrease (increase) in trading securities | (11,562) |  |  | (3,048) |  |  |
Decrease (increase) in other assets | 7,161 |  |  | (8,813) |  |  |
Increase (decrease) in accounts payable and other liabilities | (3,625) |  |  | 9,484 |  |  |
Net cash used in operating activities | (22,502) |  |  | (7,845) |  |  |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |
Principal payments on investment securities | 21,138 |  |  | 83,153 |  |  |
Net (increase) decrease in LHFI | 168,855 |  |  | (22,624) |  |  |
Purchases of premises and equipment | (53) |  |  | (6,058) |  |  |
Proceeds from sale of Federal Home Loan Bank stock | 12,906 |  |  | 30,287 |  |  |
Purchases of Federal Home Loan Bank stock | (12,150) |  |  | (48,716) |  |  |
Net cash provided by investing activities | 190,696 |  |  | 36,042 |  |  |

7

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
Decrease in deposits, net | (322,610) |  |  | (272,487) |  |  |
Changes in short-term borrowings, net | — |  |  | 184,000 |  |  |
Proceeds from other long-term borrowings | — |  |  | 585,000 |  |  |
Repayment of other long-term borrowings | — |  |  | (420,000) |  |  |
Repayment of finance lease principal | (22) |  |  | (47) |  |  |
Net cash provided by (used in) financing activities | (322,632) |  |  | 76,466 |  |  |
Net increase (decrease) in cash and cash equivalents | (154,438) |  |  | 104,663 |  |  |
Cash and cash equivalents, beginning of year | 406,600 |  |  | 215,664 |  |  |
Cash and cash equivalents, end of period | $ | 252,162 |  |  | $ | 320,327 |  |  |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |  |  |  |  |
Cash paid (refunds received) during the period for: |  |  |  |  |
Interest | $ | 54,041 |  |  | $ | 70,701 |  |  |
Federal and state income taxes | (4,556) |  |  | (414) |  |  |
Non-cash activities: |  |  |  |  |
Increase in lease assets and lease liabilities | 2,305 |  |  | 959 |  |  |
Loans transferred from LHFI to LHFS, net | 479 |  |  | 273 |  |  |
Ginnie Mae loans recognized with the right to repurchase, net | 1,675 |  |  | 323 |  |  |
Repurchase of common stock-award shares | 359 |  |  | 134 |  |  |

See accompanying notes to consolidated financial statements
8

HomeStreet, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
NOTE 1–SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
HomeStreet, Inc., a State of Washington corporation organized in 1921 (the "Corporation"), is a Washington-based diversified financial services holding company whose operations are primarily conducted through its wholly owned subsidiaries (collectively the "Company") HomeStreet Statutory Trusts and HomeStreet Bank (the "Bank"), and the Bank's subsidiaries, Continental Escrow Company, HS Properties, Inc., HS Evergreen Corporate Center LLC, and Union Street Holdings LLC. The Company is principally engaged in commercial banking, mortgage banking and consumer/retail banking activities serving customers in the Western United States.
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation.
These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report on Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report on Form 10-K"), filed with the U.S. Securities and Exchange Commission ("SEC").
Segments
Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as one single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net income to measure segment profit or loss, allocate resources and assess performance. Further, the CODM reviews and utilizes net interest income, noninterest income and noninterest expenses (compensation and benefits, information services, occupancy and general, administrative and other) at the consolidated level to manage the Company’s operations.
Recent Developments
On March 28, 2025, the Company entered into a definitive merger agreement with Mechanics Bank, whereby the Company and the Bank will merge with and into Mechanics Bank. This merger is expected to close in the third quarter of 2025.
Recent Accounting Developments
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." The amendments in ASU 2023-06 modify the disclosure or presentation requirements of a variety of Topics in the Codification, with the intention of clarifying or improving them and aligning the requirements in the codification with the SEC's regulations (and will be removed from the SEC regulations). ASU 2023-06 should be adopted prospectively, and the effective date varies and is determined for each individual disclosure based on the effective date of the SEC's removal of the related disclosure. We are assessing the impact of ASU 2023-06 and believe it will not have an impact on the Company's financial position or results of operation as it impacts disclosures only.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands disclosures in an entity’s income tax rate reconciliation table and taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. The adoption of ASU 2023-09 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.
9

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The adoption of ASU 2024-03 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.
NOTE 2–INVESTMENT SECURITIES:
The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and held-to-maturity ("HTM"):

| At March 31, 2025
(in thousands) | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
AFS |  |  |  |  |  |  |
Mortgage backed securities ("MBS"): |  |  |  |  |  |  |
Residential | $ | 169,540 |  |  | $ | 199 |  |  | $ | (5,487) |  |  | $ | 164,252 |
Commercial | 54,431 |  |  | — |  |  | (5,969) |  |  | 48,462 |
Collateralized mortgage obligations ("CMOs"): |  |  |  |  |  |  |
Residential | 338,735 |  |  | 41 |  |  | (26,944) |  |  | 311,832 |
Commercial | 57,206 |  |  | — |  |  | (4,051) |  |  | 53,155 |
Municipal bonds | 430,754 |  |  | 99 |  |  | (56,862) |  |  | 373,991 |
Corporate debt securities | 31,129 |  |  | — |  |  | (5,539) |  |  | 25,590 |
U.S. Treasury securities | 22,218 |  |  | — |  |  | (1,901) |  |  | 20,317 |
Agency debentures | 9,966 |  |  | — |  |  | (838) |  |  | 9,128 |
Total | $ | 1,113,979 |  |  | $ | 339 |  |  | $ | (107,591) |  |  | $ | 1,006,727 |
HTM |  |  |  |  |  |  |
Municipal bonds | $ | 2,283 |  |  | $ | — |  |  | $ | (17) |  |  | $ | 2,266 |

| At December 31, 2024
(in thousands) | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
AFS |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |
Residential | $ | 174,887 |  |  | $ | 229 |  |  | $ | (7,654) |  |  | $ | 167,462 |
Commercial | 54,620 |  |  | — |  |  | (6,978) |  |  | 47,642 |
CMOs: |  |  |  |  |  |  |
Residential | 349,348 |  |  | 36 |  |  | (31,940) |  |  | 317,444 |
Commercial | 59,725 |  |  | 14 |  |  | (4,794) |  |  | 54,945 |
Municipal bonds | 433,162 |  |  | 95 |  |  | (54,998) |  |  | 378,259 |
Corporate debt securities | 31,136 |  |  | — |  |  | (6,192) |  |  | 24,944 |
U.S. Treasury securities | 22,306 |  |  | — |  |  | (2,319) |  |  | 19,987 |
Agency debentures | 10,320 |  |  | — |  |  | (1,044) |  |  | 9,276 |
Total | $ | 1,135,504 |  |  | $ | 374 |  |  | $ | (115,919) |  |  | $ | 1,019,959 |
HTM |  |  |  |  |  |  |
Municipal bonds | $ | 2,301 |  |  | $ | — |  |  | $ | (28) |  |  | $ | 2,273 |

10

At March 31, 2025, and December 31, 2024, the Company held $46 million and $35 million, respectively, of trading securities, consisting of US Treasury notes used as economic hedges of our single family mortgage servicing rights, which are carried at fair value and included within investment securities on the balance sheet. For the quarters ended March 31, 2025 and 2024, net gains of $0.8 million and net losses of $0.6 million on trading securities, respectively, were recorded in servicing income.
MBS and CMOs represent securities issued or guaranteed by government sponsored enterprises ("GSEs"). Most of the MBS and CMO securities in our investment portfolio are guaranteed by Fannie Mae, Ginnie Mae or Freddie Mac. Municipal bonds are comprised of general obligation bonds (i.e., backed by the general credit of the issuer) and revenue bonds (i.e., backed by either collateral or revenues from the specific project being financed) issued by various municipal corporations. As of March 31, 2025 and December 31, 2024, substantially all securities held, including municipal bonds and corporate debt securities, were rated investment grade based upon nationally recognized statistical rating organizations where available and, where not available, based upon internal ratings.
Investment securities AFS that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position:

| At March 31, 2025
| Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value
AFS |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |
Residential | $ | (1) |  |  | $ | 530 |  |  | $ | (5,486) |  |  | $ | 155,525 |  |  | $ | (5,487) |  |  | $ | 156,055 |
Commercial | — |  |  | — |  |  | (5,969) |  |  | 48,462 |  |  | (5,969) |  |  | 48,462 |
CMOs: |  |  |  |  |  |  |  |  |  |  |
Residential | (9) |  |  | 5,394 |  |  | (26,935) |  |  | 278,518 |  |  | (26,944) |  |  | 283,912 |
Commercial | (2) |  |  | 3,081 |  |  | (4,049) |  |  | 50,074 |  |  | (4,051) |  |  | 53,155 |
Municipal bonds | (530) |  |  | 21,838 |  |  | (56,332) |  |  | 347,214 |  |  | (56,862) |  |  | 369,052 |
Corporate debt securities | — |  |  | — |  |  | (5,539) |  |  | 25,590 |  |  | (5,539) |  |  | 25,590 |
U.S. Treasury securities | — |  |  | — |  |  | (1,901) |  |  | 20,317 |  |  | (1,901) |  |  | 20,317 |
Agency debentures | — |  |  | — |  |  | (838) |  |  | 9,128 |  |  | (838) |  |  | 9,128 |
Total | $ | (542) |  |  | $ | 30,843 |  |  | $ | (107,049) |  |  | $ | 934,828 |  |  | $ | (107,591) |  |  | $ | 965,671 |
HTM |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | $ | — |  |  | $ | — |  |  | $ | (17) |  |  | $ | 2,266 |  |  | $ | (17) |  |  | $ | 2,266 |

11

| At December 31, 2024
| Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value
AFS |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |
Residential | $ | (2) |  |  | $ | 532 |  |  | $ | (7,652) |  |  | $ | 158,044 |  |  | $ | (7,654) |  |  | $ | 158,576 |
Commercial | — |  |  | — |  |  | (6,978) |  |  | 47,642 |  |  | (6,978) |  |  | 47,642 |
CMOs: |  |  |  |  |  |  |  |  |  |  |
Residential | (78) |  |  | 7,481 |  |  | (31,862) |  |  | 293,297 |  |  | (31,940) |  |  | 300,778 |
Commercial | — |  |  | — |  |  | (4,794) |  |  | 51,834 |  |  | (4,794) |  |  | 51,834 |
Municipal bonds | (810) |  |  | 28,361 |  |  | (54,188) |  |  | 340,571 |  |  | (54,998) |  |  | 368,932 |
Corporate debt securities | — |  |  | — |  |  | (6,192) |  |  | 24,944 |  |  | (6,192) |  |  | 24,944 |
U.S. Treasury securities | — |  |  | — |  |  | (2,319) |  |  | 19,987 |  |  | (2,319) |  |  | 19,987 |
Agency debentures | — |  |  | — |  |  | (1,044) |  |  | 9,276 |  |  | (1,044) |  |  | 9,276 |
Total | $ | (890) |  |  | $ | 36,374 |  |  | $ | (115,029) |  |  | $ | 945,595 |  |  | $ | (115,919) |  |  | $ | 981,969 |
HTM |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | $ | — |  |  | $ | — |  |  | $ | (28) |  |  | $ | 2,273 |  |  | $ | (28) |  |  | $ | 2,273 |

The Company has evaluated AFS securities in an unrealized loss position and has determined the decline in value is temporary and is related to the change in market interest rates since purchase. The decline in value is not related to any issuer- or industry-specific credit event. The Company has not identified any expected credit losses on its debt securities as of March 31, 2025 or December 31, 2024. The Company bases this conclusion in part on its periodic review of the credit ratings of the AFS securities or reviews of the financial condition of the issuers. In addition, as of March 31, 2025 and December 31, 2024, the Company had not made a decision to sell any of its debt securities held, nor did the Company consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis.
The following tables present the fair value of investment securities AFS and HTM by contractual maturity along with the associated contractual yield:

| At March 31, 2025
| Within one year |  | After one year through five years |  | After five years through ten years |  | After ten years |  | Total
(dollars in thousands) | Fair Value |  | Weighted Average Yield |  | Fair Value |  | Weighted Average Yield |  | Fair Value |  | Weighted Average Yield |  | Fair Value |  | Weighted Average Yield |  | Fair Value |  | Weighted Average Yield
AFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | $ | — |  |  | — | % |  | $ | 32,980 |  |  | 3.70 | % |  | $ | 59,895 |  |  | 2.89 | % |  | $ | 281,116 |  |  | 2.89 | % |  | $ | 373,991 |  |  | 2.96 | %
Corporate debt securities | — |  |  | — | % |  | 2,818 |  |  | 2.15 | % |  | 22,772 |  |  | 4.37 | % |  | — |  |  | — | % |  | 25,590 |  |  | 4.12 | %
U.S. Treasury securities | — |  |  | — | % |  | 20,317 |  |  | 1.17 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 20,317 |  |  | 1.17 | %
Agency debentures | — |  |  | — | % |  | 1,579 |  |  | 2.16 | % |  | 4,458 |  |  | 2.21 | % |  | 3,091 |  |  | 2.18 | % |  | 9,128 |  |  | 2.19 | %
Total | $ | — |  |  | — | % |  | $ | 57,694 |  |  | 2.69 | % |  | $ | 87,125 |  |  | 3.24 | % |  | $ | 284,207 |  |  | 2.88 | % |  | $ | 429,026 |  |  | 2.93 | %
HTM |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | 2,266 |  | 2.30 | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 2,266 |  |  | 2.30 | %

12

| At December 31, 2024
| Within one year |  | After one year through five years |  | After five years through ten years |  | After ten years |  | Total
(dollars in thousands) | Fair Value |  | Weighted Average Yield |  | Fair Value |  | Weighted Average Yield |  | Fair Value |  | Weighted Average Yield |  | Fair Value |  | Weighted Average Yield |  | Fair Value |  | Weighted Average Yield
AFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | $ | — |  |  | — | % |  | $ | 15,531 |  |  | 3.88 | % |  | $ | 70,678 |  |  | 2.92 | % |  | $ | 292,050 |  |  | 2.93 | % |  | $ | 378,259 |  |  | 2.97 | %
Corporate debt securities | — |  |  | — | % |  | 2,735 |  |  | 2.08 | % |  | 22,209 |  |  | 4.27 | % |  | — |  |  | — | % |  | $ | 24,944 |  |  | 4.03 | %
U.S. Treasury securities | — |  |  | — | % |  | 19,987 |  |  | 1.15 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | $ | 19,987 |  |  | 1.15 | %
Agency debentures | — |  |  | — | % |  | 1,770 |  |  | 2.13 | % |  | 4,442 |  |  | 2.17 | % |  | 3,064 |  |  | 2.14 | % |  | $ | 9,276 |  |  | 2.15 | %
Total | $ | — |  |  | — | % |  | $ | 40,023 |  |  | 2.32 | % |  | $ | 97,329 |  |  | 3.19 | % |  | $ | 295,114 |  |  | 2.92 | % |  | $ | 432,466 |  |  | 2.93 | %
HTM |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | $ | 2,273 |  |  | 2.29 | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 2,273 |  |  | 2.29 | %

The weighted-average yield is computed using the contractual coupon of each security weighted based on the fair value of each security. Taxable-equivalent amounts are used where applicable. MBS and CMOs are excluded from the tables above because such securities are not due on a single maturity date. The weighted average yield of MBS and CMOs as of March 31, 2025 and December 31, 2024 was 3.00% and 3.01%, respectively.
The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law:

(in thousands) | At March 31, 2025 |  | At December 31, 2024
Federal Reserve Bank to secure borrowings | $ | 888,706 |  |  | $ | 906,475 |
Washington, Oregon and California to secure public deposits | 191,850 |  |  | 195,212 |
Other securities pledged | 1,304 |  |  | 1,334 |
Total securities pledged as collateral | $ | 1,081,860 |  |  | $ | 1,103,021 |

The Company assesses the creditworthiness of the counterparties that hold the pledged collateral and has determined that these arrangements have little credit risk.
Tax-exempt interest income on investment securities was $2.7 million and $2.8 million for quarters ended March 31, 2025 and 2024, respectively.
13

NOTE 3-LOANS AND CREDIT QUALITY:
The Company's LHFI is divided into two portfolio segments, commercial loans and consumer loans. Within each portfolio segment, the Company monitors and assesses credit risk based on the risk characteristics of each of the following loan classes: non-owner occupied commercial real estate ("CRE"), multifamily, construction and land development, owner occupied CRE and commercial business loans within the commercial loan portfolio segment and single family and home equity and other loans within the consumer loan portfolio segment. LHFI consists of the following:

(in thousands) | At March 31, 2025 |  | At December 31, 2024
CRE |  |  |
Non-owner occupied CRE | $ | 545,313 |  |  | $ | 570,750 |
Multifamily | 2,934,442 |  |  | 2,992,675 |
Construction/land development | 436,610 |  |  | 472,740 |
Total | 3,916,365 |  |  | 4,036,165 |
Commercial and industrial loans |  |  |
Owner occupied CRE | 340,106 |  |  | 361,997 |
Commercial business | 299,001 |  |  | 312,004 |
Total | 639,107 |  |  | 674,001 |
Consumer loans |  |  |
Single family | 1,088,264 |  |  | 1,109,095 |
Home equity and other | 419,480 |  |  | 412,535 |
Total (1) | 1,507,744 |  |  | 1,521,630 |
Total LHFI | 6,063,216 |  |  | 6,231,796 |
Allowance for credit losses ("ACL") | (39,634) |  |  | (38,743) |
Total LHFI less ACL | $ | 6,023,582 |  |  | $ | 6,193,053 |

(1) Includes $1.2 million and $1.3 million of loans at March 31, 2025 and December 31, 2024, respectively, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
Loans totaling $3.3 billion and $4.0 billion at March 31, 2025 and December 31, 2024, respectively, were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") and loans totaling $1.9 billion and $1.4 billion at March 31, 2025 and December 31, 2024, respectively, were pledged to secure borrowings from the Federal Reserve Bank of San Francisco ("FRBSF").
Credit Risk Concentrations
LHFI are primarily secured by real estate located in the Pacific Northwest, California and Hawaii. At March 31, 2025, and December 31, 2024 single family loans in the state of Washington represented 13% of the total LHFI portfolio, respectively. At March 31, 2025 and December 31, 2024, multifamily loans in California represented 30% of the total LHFI portfolio, respectively.
Credit Quality
Management considers the level of ACL to be appropriate to cover credit losses expected over the life of the loans for the LHFI portfolio. The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Bank’s historical loss experience and eight qualitative factors for current and forecasted periods.
As of March 31, 2025, the historical expected loss rates decreased when compared to December 31, 2024 due to product mix risk and composition changes. During the quarter ended March 31, 2025, the qualitative factors decreased due to improved collateral conditions, offset by increases related to the uncertainty of the business environment and specific reserves for one syndicated relationship. Additionally, over the two-year forecast period in the markets in which it operates, the Bank expects neutral economic forecasts and neutral to improving collateral forecasts.
In addition to the ACL for LHFI, the Company maintains a separate allowance for unfunded loan commitments which is included in accounts payable and other liabilities on our consolidated balance sheets. The allowance for unfunded commitments was $1.3 million and $1.1 million at March 31, 2025 and December 31, 2024, respectively.
14

The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL. Accrued interest on LHFI was $24.2 million and $25.1 million at March 31, 2025 and December 31, 2024, respectively, and was reported in other assets in the consolidated balance sheets.
Activity in the ACL for LHFI and the allowance for unfunded commitments was as follows:

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Beginning balance | $ | 38,743 |  |  | $ | 40,500 |  |  |  |  |
Provision for credit losses | 888 |  | 242 |  |  |  |
Net (charge-offs) recoveries | 3 |  |  | (1,065) |  |  |  |  |
Ending balance | $ | 39,634 |  |  | $ | 39,677 |  |  |  |  |
Allowance for unfunded commitments: |  |  |  |  |  |  |
Beginning balance | $ | 1,146 |  |  | $ | 1,823 |  |  |  |  |
Provision for credit losses | 112 |  |  | (242) |  |  |  |  |
Ending balance | $ | 1,258 |  |  | $ | 1,581 |  |  |  |  |
Provision for credit losses: |  |  |  |  |  |  |
Allowance for credit losses - loans | $ | 888 |  |  | $ | 242 |  |  |  |  |
Allowance for unfunded commitments | 112 |  |  | (242) |  |  |  |  |
Total | $ | 1,000 |  |  | $ | — |  |  |  |  |

15

Activity in the ACL for LHFI by loan portfolio and loan sub-class was as follows:

| Quarter Ended March 31, 2025
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 1,739 |  |  | $ | — |  |  | $ | — |  |  | $ | (81) |  |  | $ | 1,658 |
Multifamily | 14,909 |  |  | — |  |  | — |  |  | (1,622) |  |  | 13,287 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 849 |  |  | — |  |  | — |  |  | (381) |  |  | 468 |
CRE construction | 66 |  |  | — |  |  | — |  |  | 7 |  |  | 73 |
Single family construction | 6,737 |  |  | — |  |  | — |  |  | (1,033) |  |  | 5,704 |
Single family construction to permanent | 184 |  |  | — |  |  | — |  |  | (44) |  |  | 140 |
Total | 24,484 |  |  | — |  |  | — |  |  | (3,154) |  |  | 21,330 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied CRE | 576 |  |  | — |  |  | — |  |  | 22 |  |  | 598 |
Commercial business | 6,886 |  |  | (21) |  |  | 25 |  |  | 3,758 |  |  | 10,648 |
Total | 7,462 |  |  | (21) |  |  | 25 |  |  | 3,780 |  |  | 11,246 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 3,610 |  |  | — |  |  | 2 |  |  | 90 |  |  | 3,702 |
Home equity and other | 3,187 |  |  | (40) |  |  | 37 |  |  | 172 |  |  | 3,356 |
Total | 6,797 |  |  | (40) |  |  | 39 |  |  | 262 |  |  | 7,058 |
Total ACL | $ | 38,743 |  |  | $ | (61) |  |  | $ | 64 |  |  | $ | 888 |  |  | $ | 39,634 |

| Quarter Ended March 31, 2024
(in thousands) | Beginning balance |  | Charge-offs |  | Recoveries |  | Provision |  | Ending balance
CRE |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 2,610 |  |  | $ | — |  |  | $ | — |  |  | $ | (479) |  |  | $ | 2,131 |
Multifamily | 13,093 |  |  | — |  |  | — |  |  | 5,854 |  |  | 18,947 |
Construction/land development |  |  |  |  |  |  |  |  |
Multifamily construction | 3,983 |  |  | — |  |  | — |  |  | (2,362) |  |  | 1,621 |
CRE construction | 189 |  |  | — |  |  | — |  |  | (1) |  |  | 188 |
Single family construction | 7,365 |  |  | — |  |  | — |  |  | (1,787) |  |  | 5,578 |
Single family construction to permanent | 672 |  |  | — |  |  | — |  |  | (237) |  |  | 435 |
Total | 27,912 |  |  | — |  |  | — |  |  | 988 |  |  | 28,900 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |
Owner occupied CRE | 899 |  |  | — |  |  | — |  |  | (63) |  |  | 836 |
Commercial business | 2,950 |  |  | (1,081) |  |  | 1 |  |  | 776 |  |  | 2,646 |
Total | 3,849 |  |  | (1,081) |  |  | 1 |  |  | 713 |  |  | 3,482 |
Consumer loans |  |  |  |  |  |  |  |  |
Single family | 5,287 |  |  | — |  |  | 2 |  |  | (1,016) |  |  | 4,273 |
Home equity and other | 3,452 |  |  | (24) |  |  | 37 |  |  | (443) |  |  | 3,022 |
Total | 8,739 |  |  | (24) |  |  | 39 |  |  | (1,459) |  |  | 7,295 |
Total ACL | $ | 40,500 |  |  | $ | (1,105) |  |  | $ | 40 |  |  | $ | 242 |  |  | $ | 39,677 |

16

The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status.

| At March 31, 2025
(in thousands) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 3,986 |  |  | $ | — |  |  | $ | 1,426 |  |  | $ | 69,279 |  |  | $ | 71,021 |  |  | $ | 360,281 |  |  | $ | (33) |  |  | $ | — |  |  | $ | 505,960 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,264 |  |  | — |  |  | — |  |  | 23,264 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,089 |  |  | — |  |  | — |  |  | 16,089 |
Total | 3,986 |  |  | — |  |  | 1,426 |  |  | 69,279 |  |  | 71,021 |  |  | 399,634 |  |  | (33) |  |  | — |  |  | 545,313 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,353 |  |  | — |  |  | 106,376 |  |  | 1,533,209 |  |  | 635,673 |  |  | 468,289 |  |  | — |  |  | — |  |  | 2,744,900 |
Special Mention | — |  |  | — |  |  | — |  |  | 61,593 |  |  | 11,049 |  |  | 83,829 |  |  | — |  |  | — |  |  | 156,471 |
Substandard | — |  |  | — |  |  | — |  |  | 19,910 |  |  | 888 |  |  | 12,273 |  |  | — |  |  | — |  |  | 33,071 |
Total | 1,353 |  |  | — |  |  | 106,376 |  |  | 1,614,712 |  |  | 647,610 |  |  | 564,391 |  |  | — |  |  | — |  |  | 2,934,442 |
Multifamily construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | 34,462 |  |  | 30,739 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 65,201 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | — |  |  | — |  |  | 34,462 |  |  | 30,739 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 65,201 |
CRE construction |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | 18 |  |  | 7,329 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,347 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,796 |  |  | — |  |  | — |  |  | 3,796 |
Total | — |  |  | 18 |  |  | 7,329 |  |  | — |  |  | — |  |  | 3,796 |  |  | — |  |  | — |  |  | 11,143 |
Single family construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 19,488 |  |  | 105,716 |  |  | 16,807 |  |  | 3,167 |  |  | 3,185 |  |  | 68 |  |  | 180,963 |  |  | — |  |  | 329,394 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 19,488 |  |  | 105,716 |  |  | 16,807 |  |  | 3,167 |  |  | 3,185 |  |  | 68 |  |  | 180,963 |  |  | — |  |  | 329,394 |
Single family construction to permanent |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 493 |  |  | 5,830 |  |  | 4,231 |  |  | 13,198 |  |  | 6,520 |  |  | 600 |  |  | — |  |  | — |  |  | 30,872 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90+ days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 493 |  |  | 5,830 |  |  | 4,231 |  |  | 13,198 |  |  | 6,520 |  |  | 600 |  |  | — |  |  | — |  |  | 30,872 |
Owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 71 |  |  | 3,972 |  |  | 9,025 |  |  | 57,667 |  |  | 36,046 |  |  | 190,595 |  |  | — |  |  | 13 |  |  | 297,389 |
Special Mention | — |  |  | — |  |  | — |  |  | 6,090 |  |  | 4,474 |  |  | 30,543 |  |  | — |  |  | — |  |  | 41,107 |
Substandard | — |  |  | — |  |  | — |  |  | 327 |  |  | — |  |  | 1,283 |  |  | — |  |  | — |  |  | 1,610 |
Total | 71 |  |  | 3,972 |  |  | 9,025 |  |  | 64,084 |  |  | 40,520 |  |  | 222,421 |  |  | — |  |  | 13 |  |  | 340,106 |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 184 |  |  | 26,473 |  |  | 15,290 |  |  | 19,531 |  |  | 19,478 |  |  | 46,220 |  |  | 126,636 |  |  | 818 |  |  | 254,630 |
Special Mention | — |  |  | — |  |  | — |  |  | 13,075 |  |  | 2,058 |  |  | 1,036 |  |  | 1,172 |  |  | — |  |  | 17,341 |
Substandard | — |  |  | 231 |  |  | 384 |  |  | 11,590 |  |  | — |  |  | 11,715 |  |  | 3,098 |  |  | 12 |  |  | 27,030 |
Total | 184 |  |  | 26,704 |  |  | 15,674 |  |  | 44,196 |  |  | 21,536 |  |  | 58,971 |  |  | 130,906 |  |  | 830 |  |  | 299,001 |
Total commercial portfolio | $ | 25,575 |  |  | $ | 142,240 |  |  | $ | 195,330 |  |  | $ | 1,839,375 |  |  | $ | 790,392 |  |  | $ | 1,249,881 |  |  | $ | 311,836 |  |  | $ | 843 |  |  | $ | 4,555,472 |

17

The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:

| At March 31, 2025
(in thousands) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 and prior |  | Revolving |  | Revolving-term |  | Total
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | — |  |  | $ | — |  |  | $ | 31,711 |  |  | $ | 376,821 |  |  | $ | 300,525 |  |  | $ | 374,970 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,084,027 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,285 |  |  | — |  |  | — |  |  | 1,285 |
60-89 days | — |  |  | — |  |  | — |  |  | — |  |  | 103 |  |  | 796 |  |  | — |  |  | — |  |  | 899 |
90+ days | — |  |  | — |  |  | — |  |  | 452 |  |  | — |  |  | 1,601 |  |  | — |  |  | — |  |  | 2,053 |
Total | — |  |  | — |  |  | 31,711 |  |  | 377,273 |  |  | 300,628 |  |  | 378,652 |  |  | — |  |  | — |  |  | 1,088,264 |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 935 |  |  | 1,141 |  |  | 835 |  |  | 1,290 |  |  | 105 |  |  | 1,867 |  |  | 406,020 |  |  | 4,368 |  |  | 416,561 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | — |  |  | 7 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | 976 |  |  | 4 |  |  | 991 |
60-89 days | — |  |  | 3 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 480 |  |  | — |  |  | 487 |
90+ days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 1,433 |  |  | 6 |  |  | 1,441 |
Total | 935 |  |  | 1,151 |  |  | 839 |  |  | 1,294 |  |  | 105 |  |  | 1,869 |  |  | 408,909 |  |  | 4,378 |  |  | 419,480 |
Total consumer portfolio (1) | $ | 935 |  |  | $ | 1,151 |  |  | $ | 32,550 |  |  | $ | 378,567 |  |  | $ | 300,733 |  |  | $ | 380,521 |  |  | $ | 408,909 |  |  | $ | 4,378 |  |  | $ | 1,507,744 |
Total LHFI | $ | 26,510 |  |  | $ | 143,391 |  |  | $ | 227,880 |  |  | $ | 2,217,942 |  |  | $ | 1,091,125 |  |  | $ | 1,630,402 |  |  | $ | 720,745 |  |  | $ | 5,221 |  |  | $ | 6,063,216 |

(1) Includes $1.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
18

The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class and risk rating or delinquency status:

| At December 31, 2024
(in thousands) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | — |  |  | $ | 1,441 |  |  | $ | 70,128 |  |  | $ | 71,493 |  |  | $ | 39,885 |  |  | $ | 347,058 |  |  | $ | (36) |  |  | $ | — |  |  | $ | 529,969 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24,551 |  |  | — |  |  | — |  |  | 24,551 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,230 |  |  | — |  |  | — |  |  | 16,230 |
Total | — |  |  | 1,441 |  |  | 70,128 |  |  | 71,493 |  |  | 39,885 |  |  | 387,839 |  |  | (36) |  |  | — |  |  | 570,750 |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,650 |  |  | 106,415 |  |  | 1,538,855 |  |  | 643,044 |  |  | 257,110 |  |  | 255,643 |  |  | — |  |  | — |  |  | 2,802,717 |
Special Mention | — |  |  | — |  |  | 66,217 |  |  | 4,789 |  |  | 73,308 |  |  | 23,835 |  |  | — |  |  | — |  |  | 168,149 |
Substandard | — |  |  | — |  |  | 15,602 |  |  | — |  |  | — |  |  | 6,207 |  |  | — |  |  | — |  |  | 21,809 |
Total | 1,650 |  |  | 106,415 |  |  | 1,620,674 |  |  | 647,833 |  |  | 330,418 |  |  | 285,685 |  |  | — |  |  | — |  |  | 2,992,675 |
Multifamily construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | 31,349 |  |  | 67,557 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98,906 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | — |  |  | 31,349 |  |  | 67,557 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98,906 |
CRE construction |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 19 |  |  | 7,198 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,217 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 3,821 |  |  | — |  |  | — |  |  | — |  |  | 3,821 |
Total | 19 |  |  | 7,198 |  |  | — |  |  | — |  |  | 3,821 |  |  | — |  |  | — |  |  | — |  |  | 11,038 |
Single family construction |  |  |  |  |  |  |  |  |  |  |  |
Pass | 121,305 |  |  | 22,412 |  |  | 5,346 |  |  | 7,252 |  |  | — |  |  | 69 |  |  | 164,442 |  |  | — |  |  | 320,826 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 121,305 |  |  | 22,412 |  |  | 5,346 |  |  | 7,252 |  |  | — |  |  | 69 |  |  | 164,442 |  |  | — |  |  | 320,826 |
Single family construction to permanent |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 6,153 |  |  | 9,719 |  |  | 17,598 |  |  | 7,977 |  |  | 523 |  |  | — |  |  | — |  |  | — |  |  | 41,970 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
90+ days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 6,153 |  |  | 9,719 |  |  | 17,598 |  |  | 7,977 |  |  | 523 |  |  | — |  |  | — |  |  | — |  |  | 41,970 |
Owner occupied CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 5,431 |  |  | 10,501 |  |  | 58,423 |  |  | 33,371 |  |  | 41,533 |  |  | 168,082 |  |  | 3 |  |  | 43 |  |  | 317,387 |
Special Mention | — |  |  | 1,789 |  |  | 6,129 |  |  | 7,602 |  |  | 317 |  |  | 26,203 |  |  | — |  |  | — |  |  | 42,040 |
Substandard | — |  |  | — |  |  | 331 |  |  | — |  |  | — |  |  | 2,239 |  |  | — |  |  | — |  |  | 2,570 |
Total | 5,431 |  |  | 12,290 |  |  | 64,883 |  |  | 40,973 |  |  | 41,850 |  |  | 196,524 |  |  | 3 |  |  | 43 |  |  | 361,997 |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 26,706 |  |  | 15,721 |  |  | 36,209 |  |  | 20,347 |  |  | 28,207 |  |  | 28,836 |  |  | 123,003 |  |  | 700 |  |  | 279,729 |
Special Mention | — |  |  | — |  |  | 959 |  |  | 2,380 |  |  | 638 |  |  | 615 |  |  | 386 |  |  | — |  |  | 4,978 |
Substandard | 243 |  |  | 406 |  |  | 11,885 |  |  | — |  |  | 7,192 |  |  | 4,628 |  |  | 2,920 |  |  | 23 |  |  | 27,297 |
Total | 26,949 |  |  | 16,127 |  |  | 49,053 |  |  | 22,727 |  |  | 36,037 |  |  | 34,079 |  |  | 126,309 |  |  | 723 |  |  | 312,004 |
Total commercial portfolio | $ | 161,507 |  |  | $ | 206,951 |  |  | $ | 1,895,239 |  |  | $ | 798,255 |  |  | $ | 452,534 |  |  | $ | 904,196 |  |  | $ | 290,718 |  |  | $ | 766 |  |  | $ | 4,710,166 |

19

The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status:

| At December 31, 2024
(in thousands) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and prior |  | Revolving |  | Revolving-term |  | Total
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 566 |  |  | $ | 30,940 |  |  | $ | 378,613 |  |  | $ | 303,920 |  |  | $ | 139,159 |  |  | $ | 251,322 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,104,520 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | — |  |  | — |  |  | 452 |  |  | — |  |  | — |  |  | 1,673 |  |  | — |  |  | — |  |  | 2,125 |
60-89 days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 440 |  |  | — |  |  | — |  |  | 440 |
90+ days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,010 |  |  | — |  |  | — |  |  | 2,010 |
Total | 566 |  |  | 30,940 |  |  | 379,065 |  |  | 303,920 |  |  | 139,159 |  |  | 255,445 |  |  | — |  |  | — |  |  | 1,109,095 |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 1,606 |  |  | 936 |  |  | 1,528 |  |  | 126 |  |  | 85 |  |  | 1,932 |  |  | 399,531 |  |  | 4,449 |  |  | 410,193 |
Past due: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days | 25 |  |  | 4 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 474 |  |  | 62 |  |  | 566 |
60-89 days | — |  |  | 3 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 626 |  |  | — |  |  | 633 |
90+ days | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 1,127 |  |  | 6 |  |  | 1,143 |
Total | 1,631 |  |  | 943 |  |  | 1,533 |  |  | 126 |  |  | 85 |  |  | 1,942 |  |  | 401,758 |  |  | 4,517 |  |  | 412,535 |
Total consumer portfolio (1) | $ | 2,197 |  |  | $ | 31,883 |  |  | $ | 380,598 |  |  | $ | 304,046 |  |  | $ | 139,244 |  |  | $ | 257,387 |  |  | $ | 401,758 |  |  | $ | 4,517 |  |  | $ | 1,521,630 |
Total LHFI | $ | 163,704 |  |  | $ | 238,834 |  |  | $ | 2,275,837 |  |  | $ | 1,102,301 |  |  | $ | 591,778 |  |  | $ | 1,161,583 |  |  | $ | 692,476 |  |  | $ | 5,283 |  |  | $ | 6,231,796 |

(1) Includes $1.3 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in the consolidated income statements.
The following tables present a vintage analysis of the commercial and consumer portfolio segment by loan sub-class and gross charge-offs:

| At March 31, 2025
(in thousands) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | (37) |  |  | — |  |  | (40) |
Total LHFI | $ | — |  |  | $ | — |  |  | $ | (3) |  |  | $ | (21) |  |  | $ | — |  |  | $ | — |  |  | $ | (37) |  |  | $ | — |  |  | $ | (61) |

| At December 31, 2024
(in thousands) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and prior |  | Revolving |  | Revolving-term |  | Total
COMMERCIAL PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs | $ | — |  |  | $ | — |  |  | $ | (276) |  |  | $ | (473) |  |  | $ | (1,077) |  |  | $ | (1,098) |  |  | $ | (39) |  |  | $ | — |  |  | $ | (2,963) |
CONSUMER PORTFOLIO |  |  |  |  |  |  |  |  |  |  |  |
Home equity and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs | — |  |  | (24) |  |  | (16) |  |  | (1) |  |  | — |  |  | — |  |  | (137) |  |  | — |  |  | (178) |
Total LHFI | $ | — |  |  | $ | (24) |  |  | $ | (292) |  |  | $ | (474) |  |  | $ | (1,077) |  |  | $ | (1,098) |  |  | $ | (176) |  |  | $ | — |  |  | $ | (3,141) |

20

Collateral Dependent Loans
The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type:

| At March 31, 2025
(in thousands) | Land |  | 1-4 Family |  | Multifamily |  | Non-residential real estate |  | Other non-real estate |  | Total |  |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,089 |  |  | $ | — |  |  | $ | 16,089 |  |  |
Multifamily | — |  |  | — |  |  | 1,915 |  |  | — |  |  | — |  |  | 1,915 |  |  |
CRE construction | 3,796 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,796 |  |  |
Total | 3,796 |  |  | — |  |  | 1,915 |  |  | 16,089 |  |  | — |  |  | 21,800 |  |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business | 4,391 |  |  | 2,904 |  |  | — |  |  | — |  |  | 3,226 |  |  | 10,521 |  |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | — |  |  | 832 |  |  | — |  |  | — |  |  | — |  |  | 832 |  |  |
Total collateral-dependent loans | $ | 8,187 |  |  | $ | 3,736 |  |  | $ | 1,915 |  |  | $ | 16,089 |  |  | $ | 3,226 |  |  | $ | 33,153 |  |  |

| At December 31, 2024
(in thousands) | Land |  | 1-4 Family |  | Multifamily |  | Non-residential real estate |  | Other non-real estate |  | Total
CRE |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,230 |  |  | $ | — |  |  | $ | 16,230 |
Multifamily | — |  |  | — |  |  | 1,915 |  |  | — |  |  | — |  |  | 1,915 |
Construction/land development |  |  |  |  |  |  |  |  |  |  |
CRE construction | 3,821 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,821 |
Total | 3,821 |  |  | — |  |  | 1,915 |  |  | 16,230 |  |  | — |  |  | 21,966 |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |
Owner occupied CRE | — |  |  | — |  |  | — |  |  | 205 |  |  | — |  |  | 205 |
Commercial business | 4,420 |  |  | 2,927 |  |  | — |  |  | — |  |  | 3,269 |  |  | 10,616 |
Total | 4,420 |  |  | 2,927 |  |  | — |  |  | 205 |  |  | 3,269 |  |  | 10,821 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |
Single family | — |  |  | 832 |  |  | — |  |  | — |  |  | — |  |  | 832 |
Total collateral-dependent loans | $ | 8,241 |  |  | $ | 3,759 |  |  | $ | 1,915 |  |  | $ | 16,435 |  |  | $ | 3,269 |  |  | $ | 33,619 |

21

Nonaccrual and Past Due Loans
The following table presents nonaccrual status for loans:

| At March 31, 2025 |  | At December 31, 2024
(in thousands) | Nonaccrual with no related ACL |  | Total Nonaccrual |  | Nonaccrual with no related ACL |  | Total Nonaccrual
CRE |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 16,089 |  |  | $ | 16,089 |  |  | $ | 16,230 |  |  | $ | 16,230 |
Multifamily | 1,915 |  |  | 1,915 |  |  | 1,915 |  |  | 1,915 |
Construction/land development |  |  |  |  |  |  |
CRE construction | 3,796 |  |  | 3,796 |  |  | 3,821 |  |  | 3,821 |
Total | 21,800 |  |  | 21,800 |  |  | 21,966 |  |  | 21,966 |
Commercial and industrial loans |  |  |  |  |  |  |
Owner occupied CRE | 932 |  |  | 932 |  |  | 1,161 |  |  | 1,161 |
Commercial business | 10,506 |  |  | 26,035 |  |  | 8,509 |  |  | 25,740 |
Total | 11,438 |  |  | 26,967 |  |  | 9,670 |  |  | 26,901 |
Consumer loans |  |  |  |  |  |  |
Single family | 831 |  |  | 3,348 |  |  | 1,106 |  |  | 2,990 |
Home equity and other | — |  |  | 3,676 |  |  | — |  |  | 3,137 |
Total | 831 |  |  | 7,024 |  |  | 1,106 |  |  | 6,127 |
Total nonaccrual loans | $ | 34,069 |  |  | $ | 55,791 |  |  | $ | 32,742 |  |  | $ | 54,994 |

The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class:

| At March 31, 2025 |
| Past Due and Still Accruing |  |  |  |  |  |  |  |  |
(in thousands) | 30-59 days |  | 60-89 days |  | 90 days or more |  | Nonaccrual |  | Total past due and nonaccrual (1) |  | Current |  | Total loans |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,089 |  |  | $ | 16,089 |  |  | $ | 529,224 |  |  | $ | 545,313 |  |
Multifamily | — |  |  | — |  |  | — |  |  | 1,915 |  |  | 1,915 |  |  | 2,932,527 |  |  | 2,934,442 |  |
Construction/land development |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 65,201 |  |  | 65,201 |  |
CRE construction | — |  |  | — |  |  | — |  |  | 3,796 |  |  | 3,796 |  |  | 7,347 |  |  | 11,143 |  |
Single family construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 329,394 |  |  | 329,394 |  |
Single family construction to permanent | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,872 |  |  | 30,872 |  |
Total | — |  |  | — |  |  | — |  |  | 21,800 |  |  | 21,800 |  |  | 3,894,565 |  |  | 3,916,365 |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied CRE | — |  |  | — |  |  | — |  |  | 932 |  |  | 932 |  |  | 339,174 |  |  | 340,106 |  |
Commercial business | — |  |  | — |  |  | — |  |  | 26,035 |  |  | 26,035 |  |  | 272,966 |  |  | 299,001 |  |
Total | — |  |  | — |  |  | — |  |  | 26,967 |  |  | 26,967 |  |  | 612,140 |  |  | 639,107 |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | 2,875 |  |  | 1,941 |  |  | 4,182 |  | (2) | 3,348 |  |  | 12,346 |  |  | 1,075,918 |  |  | 1,088,264 |  |
Home equity and other | 834 |  |  | 263 |  |  | — |  |  | 3,676 |  |  | 4,773 |  |  | 414,707 |  |  | 419,480 |  |
Total | 3,709 |  |  | 2,204 |  |  | 4,182 |  |  | 7,024 |  |  | 17,119 |  |  | 1,490,625 |  |  | 1,507,744 |  | (3)
Total loans | $ | 3,709 |  |  | $ | 2,204 |  |  | $ | 4,182 |  |  | $ | 55,791 |  |  | $ | 65,886 |  |  | $ | 5,997,330 |  |  | $ | 6,063,216 |  |
% | 0.06 | % |  | 0.04 | % |  | 0.07 | % |  | 0.92 | % |  | 1.09 | % |  | 98.91 | % |  | 100.00 | % |

22

| At December 31, 2024 |  |
| Past Due and Still Accruing |  |  |  |  |  |  |  |  |  |
(in thousands) | 30-59 days |  | 60-89 days |  | 90 days or more |  | Nonaccrual |  | Total past due and nonaccrual (1) |  | Current |  | Total loans |  |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,230 |  |  | $ | 16,230 |  |  | $ | 554,520 |  |  | $ | 570,750 |  |  |
Multifamily | — |  |  | — |  |  | — |  |  | 1,915 |  |  | 1,915 |  |  | 2,990,760 |  |  | 2,992,675 |  |  |
Construction/land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98,906 |  |  | 98,906 |  |  |
CRE construction | — |  |  | — |  |  | — |  |  | 3,821 |  |  | 3,821 |  |  | 7,217 |  |  | 11,038 |  |  |
Single family construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 320,826 |  |  | 320,826 |  |  |
Single family construction to permanent | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 41,970 |  |  | 41,970 |  |  |
Total | — |  |  | — |  |  | — |  |  | 21,966 |  |  | 21,966 |  |  | 4,014,199 |  |  | 4,036,165 |  |  |
Commercial and industrial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied CRE | — |  |  | — |  |  | — |  |  | 1,161 |  |  | 1,161 |  |  | 360,836 |  |  | 361,997 |  |  |
Commercial business | — |  |  | — |  |  | — |  |  | 25,740 |  |  | 25,740 |  |  | 286,264 |  |  | 312,004 |  |  |
Total | — |  |  | — |  |  | — |  |  | 26,901 |  |  | 26,901 |  |  | 647,100 |  |  | 674,001 |  |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | 4,601 |  |  | 1,096 |  |  | 4,354 |  | (2) | 2,990 |  |  | 13,041 |  |  | 1,096,054 |  |  | 1,109,095 |  |  |
Home equity and other | 344 |  |  | 631 |  |  | — |  |  | 3,137 |  |  | 4,112 |  |  | 408,423 |  |  | 412,535 |  |  |
Total | 4,945 |  |  | 1,727 |  |  | 4,354 |  |  | 6,127 |  |  | 17,153 |  |  | 1,504,477 |  |  | 1,521,630 |  | (3) |
Total loans | $ | 4,945 |  |  | $ | 1,727 |  |  | $ | 4,354 |  |  | $ | 54,994 |  |  | $ | 66,020 |  |  | $ | 6,165,776 |  |  | $ | 6,231,796 |  |  |
% | 0.08 | % |  | 0.03 | % |  | 0.07 | % |  | 0.88 | % |  | 1.06 | % |  | 98.94 | % |  | 100.00 | % |  |

(1) Includes loans whose repayments are insured by the FHA or guaranteed by the VA or Small Business Administration ("SBA") of $10.4 million and $11.3 million at March 31, 2025 and December 31, 2024, respectively.
(2) FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss.
(3) Includes $1.2 million and $1.3 million of loans at March 31, 2025 and December 31, 2024, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in our consolidated income statements.
23

Loan Modifications
The Company provides modifications to borrowers experiencing financial difficulty ("MBFD"), which may include delays in payment of amounts due, extension of the terms of the notes or reduction in the interest rates on the notes. In certain instances, the Company may grant more than one type of modification. The granting of modifications for the quarters ended March 31, 2025 and 2024 did not have a material impact on the ACL. The following tables provide information related to loans modified for the quarters and ended March 31, 2025 and 2024 to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:

| Significant Payment Delay
| Quarter Ended March 31, |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily | $ | 1,915 |  |  | 0.07 | % |  | $ | — |  |  | — | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business | — |  |  | — | % |  | 103 |  |  | 0.03 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

| Term Extension
| Quarter Ended March 31, |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | $ | — |  |  | — | % |  | $ | 560 |  |  | 0.09 | % |  |  |  |  |  |  |  |  |  |  |
Commercial business | 251 |  |  | 0.08 | % |  | 3,555 |  |  | 0.92 | % |  |  |  |  |  |  |  |  |  |  |

| Significant Payment Delay and Term Extension
| Quarter Ended March 31, |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |
(in thousands, except percentages) | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  | Amortized Cost Basis at Period End |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |
Commercial business | $ | 1,160 |  |  | 0.39 | % |  | $ | — |  |  | — | % |  |  |  |  |  |  |  |  |  |  |
Single family | 274 |  |  | 0.03 | % |  | 1,156 |  |  | 0.10 | % |  |  |  |  |  |  |  |  |  |  |

24

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

| Significant Payment Delay |  |  |  |  |  |  |  |
| Quarter Ended March 31, |  |  |  |  |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |  |
Multifamily | The weighted average duration of loan payments deferred is 1.8 years |  | — |  |  |  |  |  |  |  |  |  |  |  |
Commercial business | The weighted average duration of loan payments deferred is 5.1 years |  | The weighted average duration of loan payments deferred is 2.8 years. |  |  |  |  |  |  |  |  |  |  |  |
Single Family | Provided payment deferrals to borrowers. A weighted average 4.7% of loan balances were capitalized and added to the remaining term of the loan. |  | Provided payment deferrals to borrowers. A weighted average 2.5% of loan balances were capitalized and added to the remaining term of the loan. |  |  |  |  |  |  |  |  |  |  |  |
| Term Extension |  |  |  |  |  |  |  |
| Quarter Ended March 31, |  |  |  |  |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied CRE | — |  | Added a weighted average 0.25 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  |  |  |  |  |  |  |  |  |  |  |
Commercial business | Added a weighted average 3.8 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | Added a weighted average 0.4 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  |  |  |  |  |  |  |  |  |  |  |
Single family | Added a weighted average 7.3 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  | Added a weighted average 1.9 years to the life of loans, which reduced the monthly payment amounts to the borrowers. |  |  |  |  |  |  |  |  |  |  |  |

Upon determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.
25

The following table depicts the payment status of loans that were classified as MBFDs on or after January 1, 2024 through December 31, 2024:

| Payment Status (Amortized Cost Basis) at March 31, 2025
(in thousands) | Current |  | 30-89 Days Past Due |  | 90+ Days Past Due
Non-owner occupied CRE | $ | 19,211 |  |  | $ | — |  |  | $ | — |
Multifamily | — |  |  | — |  |  | 1,915 |
Construction/land development | — |  |  | — |  |  | 3,796 |
Owner occupied CRE | 254 |  |  | — |  |  | — |
Commercial business | 2,835 |  |  | — |  |  | 5,541 |
Single family | 2,773 |  |  | 177 |  |  | 567 |
Total | $ | 25,073 |  |  | $ | 177 |  |  | $ | 11,819 |

The following table depicts the payment status of loans that were classified as MBFDs on or after January 1, 2023 through December 31, 2023:

| Payment Status (Amortized Cost Basis) at March 31, 2024
(in thousands) | Current |  | 30-89 Days Past Due |  | 90+ Days Past Due
Non-owner occupied CRE | $ | 16,240 |  |  | $ | — |  |  | $ | — |
Construction/land development | 3,824 |  |  | — |  |  | — |
Commercial business | 8,663 |  |  | — |  |  | — |
Single family | 2,367 |  |  | 1,109 |  |  | 342 |
Total | $ | 31,094 |  |  | $ | 1,109 |  |  | $ | 342 |

The following table provides the amortized cost basis as of March 31, 2025 of MBFDs on or after January 1, 2024 through December 31, 2024 and subsequently had a payment default:

| Amortized Cost Basis of Modified Loans That Subsequently Defaulted
| Quarter Ended March 31, 2025
(in thousands) | Significant Payment Delay |  | Term Extension |  | Interest Rate Reduction and Term Extension |  | Significant Payment Delay and Term Extension |  | Interest Rate Reduction, Significant Payment Delay and Term Extension
Single family | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 325 |  |  | $ | — |

The following table provides the amortized cost basis as of March 31, 2024 of MBFDs on or after January 1, 2023 through December 31, 2023 and subsequently had a payment default:

| Amortized Cost Basis of Modified Loans That Subsequently Defaulted
| Quarter Ended March 31, 2024
(in thousands) | Significant Payment Delay |  | Term Extension |  | Interest Rate Reduction and Term Extension |  | Significant Payment Delay and Term Extension |  | Interest Rate Reduction, Significant Payment Delay and Term Extension
Non-owner occupied CRE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,240 |  |  | $ | — |
Construction/land development | — |  |  | — |  |  | — |  |  | 3,824 |  |  | — |
Commercial business | — |  |  | 4,420 |  |  | — |  |  | — |  |  | — |
Single family | 241 |  |  | — |  |  | — |  |  | 351 |  |  | — |
Total | $ | 241 |  |  | $ | 4,420 |  |  | $ | — |  |  | $ | 20,415 |  |  | $ | — |

26

NOTE 4–DEPOSITS:
Deposit balances, including their weighted average rates, were as follows:

| At March 31, 2025 |  | At December 31, 2024
(dollars in thousands) | Amount |  | Weighted Average Rate |  | Amount |  | Weighted Average Rate
Noninterest-bearing demand deposits | $ | 1,276,133 |  |  | — | % |  | $ | 1,195,781 |  |  | — | %
Interest bearing: |  |  |  |  |  |  |
Interest-bearing demand deposits | 327,400 |  |  | 0.45 | % |  | 323,112 |  |  | 0.35 | %
Savings | 233,240 |  |  | 0.06 | % |  | 229,659 |  |  | 0.06 | %
Money market | 1,437,024 |  |  | 2.02 | % |  | 1,396,697 |  |  | 1.72 | %
Certificates of deposit |  |  |  |  |  |  |
Brokered deposits | 297,717 |  |  | 4.33 | % |  | 751,406 |  |  | 4.61 | %
Other | 2,518,981 |  |  | 4.11 | % |  | 2,516,366 |  |  | 4.37 | %
Total interest bearing deposits | 4,814,362 |  |  | 3.12 | % |  | 5,217,240 |  |  | 3.31 | %
Total deposits | $ | 6,090,495 |  |  | 2.42 | % |  | $ | 6,413,021 |  |  | 2.65 | %

There were $313 million and $315 million in public funds included in deposits at March 31, 2025 and December 31, 2024, respectively.
Certificates of deposit outstanding mature as follows:

(in thousands) | March 31, 2025
Within one year | $ | 2,794,410 |
One to two years | 18,006 |
Two to three years | 1,567 |
Three to four years | 1,245 |
Four to five years | 1,468 |
Thereafter | 2 |
Total | $ | 2,816,698 |

The aggregate amount of certificate of deposits in denominations of more than the FDIC limit of $250 thousand at March 31, 2025 and December 31, 2024 were $288 million and $265 million, respectively.
27

NOTE 5–DERIVATIVES AND HEDGING ACTIVITIES:
To reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as single family mortgage LHFS and MSRs, the Company utilizes derivatives as economic hedges. The notional amounts and fair values for derivatives, all of which are economic hedges are included in other assets or accounts payable and other liabilities on the consolidated balance sheet, consist of the following:

| At March 31, 2025
| Notional amount |  | Fair value derivatives
(in thousands) |  |  | Asset |  | Liability
Forward sale commitments | $ | 67,496 |  |  | $ | 50 |  |  | $ | (185) |
Interest rate lock commitments | 27,842 |  |  | 556 |  |  | — |
Interest rate swaps | 214,617 |  |  | 8,301 |  |  | (8,301) |
Futures | 11,000 |  |  | 2 |  |  | — |
Options | 3,000 |  |  | 9 |  |  | — |
Total derivatives before netting | $ | 323,955 |  |  | 8,918 |  |  | (8,486) |
Netting adjustment/Cash collateral (1) |  |  | (8,186) |  |  | (91) |
Carrying value on consolidated balance sheet |  |  | $ | 732 |  |  | $ | (8,577) |

| At December 31, 2024
| Notional amount |  | Fair value derivatives
(in thousands) |  |  | Asset |  | Liability
Forward sale commitments | $ | 87,912 |  |  | $ | 237 |  |  | $ | (402) |
Interest rate lock commitments | 16,757 |  |  | 175 |  |  | (49) |
Interest rate swaps | 222,917 |  |  | 10,250 |  |  | (10,250) |
Futures | 5,200 |  |  | 1 |  |  | — |
Options | 5,800 |  |  | 3 |  |  | — |
Total derivatives before netting | $ | 338,586 |  |  | 10,666 |  |  | (10,701) |
Netting adjustment/Cash collateral (1) |  |  | (10,388) |  |  | 219 |
Carrying value on consolidated balance sheet |  |  | $ | 278 |  |  | $ | (10,482) |

(1) Includes net cash collateral received of $8.3 million and $10.2 million at March 31, 2025 and December 31, 2024, respectively.
The following table presents gross fair value and net carrying value information for derivative instruments:

(in thousands) | Gross fair value |  | Netting adjustments/ Cash collateral (1) |  | Carrying value |  |  |  |
At March 31, 2025 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 8,918 |  |  | $ | (8,186) |  |  | $ | 732 |  |  |  |  |
Derivative liabilities | (8,486) |  |  | (91) |  |  | (8,577) |  |  |  |  |
At December 31, 2024 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 10,666 |  |  | $ | (10,388) |  |  | $ | 278 |  |  |  |  |
Derivative liabilities | (10,701) |  |  | 219 |  |  | (10,482) |  |  |  |  |

(1) Includes net cash collateral received of $8.3 million and $10.2 million at March 31, 2025 and December 31, 2024, respectively.
28

The collateral used under the Company's master netting agreements is typically cash, but securities may be used under agreements with certain counterparties. Receivables related to cash collateral that has been paid to counterparties are included in other assets. Payables related to cash collateral that has been received from counterparties are included in accounts payable and other liabilities. Interest is owed on amounts received from counterparties and we earn interest on cash paid to counterparties. Any securities pledged to counterparties as collateral remain on the consolidated balance sheets. At March 31, 2025 and December 31, 2024, the Company had liabilities of $8.5 million and $10.4 million, respectively, in cash collateral received from counterparties and receivables of $0.2 million and $0.2 million, respectively, in cash collateral paid to counterparties.
The following table presents the net gain (loss) recognized on economic hedge derivatives, within the respective line items in the consolidated income statements for the periods indicated:

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Recognized in noninterest income: |  |  |  |  |  |  |
Net gain (loss) on loan origination and sale activities (1) | $ | 61 |  |  | $ | 86 |  |  |  |  |
Loan servicing income (loss) (2) | 191 |  |  | (500) |  |  |  |  |
Other (3) | — |  |  | 3 |  |  |  |  |

(1)Comprised of forward contracts used as an economic hedge of loans held for sale and interest rate lock commitments ("IRLCs") to customers.
(2)Comprised of futures, US Treasury options and forward contracts used as economic hedges of single family MSRs.
(3)Impact of interest rate swap agreements executed with commercial banking customers and broker dealer counterparties.
The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, were $0.4 million and $0.3 million for quarters ended March 31, 2025 and 2024, respectively.
The notional amount of open interest rate swap agreements executed with commercial banking customers and broker dealer counterparties at March 31, 2025 and December 31, 2024 were $215 million and $223 million, respectively.
NOTE 6–MORTGAGE BANKING OPERATIONS:
LHFS consisted of the following:

(in thousands) | At March 31, 2025 |  | At December 31, 2024
Single family | $ | 21,912 |  |  | $ | 20,312 |
CRE, multifamily and SBA | 12,822 |  |  | — |
Total | $ | 34,734 |  |  | $ | 20,312 |

Loans sold consisted of the following for the periods indicated:

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Single family | $ | 82,397 |  |  | $ | 70,379 |  |  |  |  |
CRE, multifamily and SBA | 54,195 |  |  | 8,196 |  |  |  |  |
Total | $ | 136,592 |  |  | $ | 78,575 |  |  |  |  |

29

Gain on loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following:

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Single family | $ | 2,283 |  |  | $ | 1,986 |  |  |  |  |
CRE, multifamily and SBA | 933 |  |  | 320 |  |  |  |  |
Total | $ | 3,216 |  |  | $ | 2,306 |  |  |  |  |

The Company's portfolio of loans serviced for others is primarily comprised of loans held in U.S. government and agency MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae. The unpaid principal balance of loans serviced for others is as follows:

(in thousands) | At March 31, 2025 |  | At December 31, 2024
Single family | $ | 5,141,876 |  |  | $ | 5,179,373 |
CRE, multifamily and SBA | 1,924,895 |  |  | 1,918,172 |
Total | $ | 7,066,771 |  |  | $ | 7,097,545 |

The following is a summary of changes in the Company's liability for estimated single-family mortgage repurchase losses:

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Balance, beginning of period | $ | 1,032 |  |  | $ | 1,481 |  |  |  |  |
Additions, net of adjustments (1) | (103) |  |  | (128) |  |  |  |  |
Realized (losses) recoveries, net (2) | 70 |  |  | (36) |  |  |  |  |
Balance, end of period | $ | 999 |  |  | $ | 1,317 |  |  |  |  |

(1) Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans.
(2) Includes principal losses and accrued interest on repurchased loans, "make-whole" settlements, settlements with claimants and certain related expenses.
The Company has agreements with certain investors to advance scheduled principal and interest amounts on delinquent loans. Advances are also made to fund the foreclosure and collection costs of delinquent loans prior to the recovery of reimbursable amounts from investors or borrowers. Advances of $1.5 million and $1.6 million were recorded in other assets as of March 31, 2025 and December 31, 2024, respectively.
When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company records the balance of the loans as other assets and other liabilities. At March 31, 2025 and December 31, 2024, delinquent or defaulted mortgage loans currently in Ginnie Mae pools that the Company has recognized on its consolidated balance sheets totaled $6.8 million and $5.1 million, respectively.
30

Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following:

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Servicing income, net: |  |  |  |  |  |  |
Servicing fees and other | $ | 6,507 |  |  | $ | 6,354 |  |  |  |  |
Amortization of single family MSRs (1) | (1,582) |  |  | (1,428) |  |  |  |  |
Amortization of multifamily and SBA MSRs | (1,354) |  |  | (1,402) |  |  |  |  |
Total | 3,571 |  |  | 3,524 |  |  |  |  |
Risk management, single family MSRs: |  |  |  |  |  |  |
Changes in fair value of MSRs due to assumptions (2) | 271 |  |  | 618 |  |  |  |  |
Net gain (loss) from economic hedging (3) | 1,016 |  |  | (1,110) |  |  |  |  |
Total | 1,287 |  |  | (492) |  |  |  |  |
Loan servicing income | $ | 4,858 |  |  | $ | 3,032 |  |  |  |  |

(1) Represents changes due to collection/realization of expected cash flows and curtailments.
(2) Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.
(3) The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, was $0.4 million and $0.3 million for quarters ended March 31, 2025 and 2024, respectively.
The changes in single family MSRs measured at fair value are as follows:

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Beginning balance | $ | 72,901 |  |  | $ | 74,249 |  |  |  |  |
Additions and amortization: |  |  |  |  |  |  |
Originations | 695 |  |  | 617 |  |  |  |  |
Purchases | — |  |  | — |  |  |  |  |
Amortization (1) | (1,582) |  |  | (1,428) |  |  |  |  |
Net additions and amortization | (887) |  |  | (811) |  |  |  |  |
Changes in fair value assumptions (2) | 271 |  |  | 618 |  |  |  |  |
Ending balance | $ | 72,285 |  |  | $ | 74,056 |  |  |  |  |

(1) Represents changes due to collection/realization of expected cash flows and curtailments.
(2) Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.
Key economic assumptions used in measuring the initial fair value of capitalized single family MSRs were as follows:

| Quarter Ended March 31, |  |
(rates per annum) (1) | 2025 |  | 2024 |  |  |  |
Constant prepayment rate ("CPR") (2) | 17.96 | % |  | 19.30 | % |  |  |  |
Discount rate | 10.14 | % |  | 10.18 | % |  |  |  |

(1) Based on a weighted average.
(2) Represents an expected lifetime average CPR used in the model.
31

For single family MSRs, we use a discounted cash flow valuation technique which utilizes CPRs and discount rates as significant unobservable inputs as noted in the table below:

| At March 31, 2025 |  | At December 31, 2024
| Range of Inputs |  | Average (1) |  | Range of Inputs |  | Average (1)
CPRs (2) | 5.80% - 14.00% |  | 6.77 | % |  | 6.00% - 13.50% |  | 6.60 | %
Discount Rates | 10.00% - 16.00% |  | 10.27 | % |  | 10.00% - 17.00% |  | 11.00 | %

(1) Weighted averages of all the inputs within the range.
(2) Represents the expected lifetime average CPR used in the model.
To compute hypothetical sensitivities of the value of our single family MSRs to immediate adverse changes in key assumptions, we computed the impact of changes to CPRs and in discount rates as outlined below:

(dollars in thousands) | At March 31, 2025 |  |
Fair value of single family MSR | $ | 72,285 |  |  |
Expected weighted-average life (in years) | 8.31 |  |
CPR |  |  |
Impact on fair value of 25 basis points adverse change in interest rates | $ | (1,015) |  |  |
Impact on fair value of 50 basis points adverse change in interest rates | $ | (2,122) |  |  |
Discount rate |  |  |
Impact on fair value of 100 basis points increase | $ | (2,827) |  |  |
Impact on fair value of 200 basis points increase | $ | (5,628) |  |  |

The changes in multifamily and SBA MSRs measured at the lower of amortized cost or fair value were as follows:

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Beginning balance | $ | 26,565 |  |  | $ | 29,987 |  |  |  |  |
Originations | 463 |  |  | 278 |  |  |  |  |
Amortization | (1,354) |  |  | (1,402) |  |  |  |  |
Ending balance | $ | 25,674 |  |  | $ | 28,863 |  |  |  |  |

Key economic assumptions used in measuring the initial fair value of capitalized multifamily MSRs were as follows:

| Quarter Ended March 31, |  |
(rates per annum) (1) | 2025 |  | 2024 |  |  |  |
Discount rate | 13.10 | % |  | 13.00 | % |  |  |  |

(1)Based on a weighted average.
32

For multifamily MSRs, we use a discounted cash flow valuation technique which utilizes CPRs and discount rates as significant unobservable inputs as noted in the table below. Multifamily DUS loans typically contain yield maintenance features that significantly reduce loan prepayments, resulting in a CPR of zero for valuation purposes.

| At March 31, 2025 |  | At December 31, 2024
| Range of Inputs |  | Average (1) |  | Range of Inputs |  | Average (1)
Discount Rates | 13.00% - 15.00% |  | 13.10 | % |  | 13.00% - 15.00% |  | 13.10 | %

(1) Weighted averages of all the inputs within the range.
NOTE 7–GUARANTEES AND MORTGAGE REPURCHASE LIABILITY:
In the ordinary course of business, the Company sells loans through the Fannie Mae Multifamily Delegated Underwriting and Servicing Program ("DUS"®) that are subject to a credit loss sharing arrangement. The Company services the loans for Fannie Mae and shares in the risk of loss with Fannie Mae under the terms of the DUS contracts. Under the DUS program, the Company and Fannie Mae share losses on a pro rata basis, where the Company is responsible for losses incurred up to one-third of the principal balance on each loan with two-thirds of the loss covered by Fannie Mae. For loans that have been sold through this program, a liability is recorded for this loss sharing arrangement under the accounting guidance for guarantees. At March 31, 2025 and December 31, 2024, the total unpaid principal balance of loans sold under this program was $1.8 billion. The Company's reserve liability related to this arrangement totaled $0.6 million and $0.7 million at March 31, 2025 and December 31, 2024, respectively. There were no actual losses incurred under this arrangement during the quarters ended March 31, 2025 and 2024.
In the ordinary course of business, the Company sells residential mortgage loans to GSEs and other entities. Under the terms of these sales agreements, the Company has made representations and warranties that the loans sold meet certain requirements. The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, early payment defaults and fraud. The total unpaid principal balance of loans sold on a servicing-retained basis that were subject to the terms and conditions of these representations and warranties totaled $5.1 billion and $5.2 billion as of March 31, 2025 and December 31, 2024, respectively.
At March 31, 2025 and December 31, 2024, the Company had recorded a mortgage repurchase liability for loans sold on a servicing-retained and servicing-released basis, included in accounts payable and other liabilities on the consolidated balance sheets of $1.0 million.
NOTE 8–EARNINGS PER SHARE:
The following table summarizes the calculation of earnings (loss) per share:

| Quarter Ended March 31, |  |
(in thousands, except share and per share data) | 2025 |  | 2024 |  |  |  |
Net income (loss) | $ | (4,465) |  |  | $ | (7,497) |  |  |  |  |
Weighted average shares: |  |  |  |  |  |  |
Basic weighted-average number of common shares outstanding | 18,920,808 |  |  | 18,856,870 |  |  |  |  |
Dilutive effect of outstanding common stock equivalents | — |  |  | — |  |  |  |  |
Diluted weighted-average number of common shares outstanding | 18,920,808 |  |  | 18,856,870 |  |  |  |  |
Net income (loss) per share: |  |  |  |  |  |  |
Basic earnings per share | $ | (0.24) |  |  | $ | (0.40) |  |  |  |  |
Diluted earnings per share (1) | (0.24) |  |  | (0.40) |  |  |  |  |

(1) Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the quarters ended March 31, 2025 and 2024 were certain unvested RSUs and PSUs. On a weighted average basis 395,023 and 561,610 unvested stock units convertible into shares of common stock were excluded at March 31, 2025 and 2024, respectively, because their effect would have been anti-dilutive.
33

NOTE 9–FAIR VALUE MEASUREMENT:
The term "fair value" is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company's approach is to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements.
Fair Value Hierarchy
A three-level valuation hierarchy has been established under ASC 820 for disclosure of fair value measurements. The valuation hierarchy is based on the observability of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels are defined as follows:
• Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. This includes quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability for substantially the full term of the financial instrument.
• Level 3 – Unobservable inputs for the asset or liability. These inputs reflect the Company's assumptions of what market participants would use in pricing the asset or liability.
The Company's policy regarding transfers between levels of the fair value hierarchy is that all transfers are assumed to occur at the end of the reporting period.
Estimation of Fair Value
Fair value is based on quoted market prices, when available. In cases where a quoted price for an asset or liability is not available, the Company uses valuation models to estimate fair value. These models incorporate inputs such as forward yield curves, loan prepayment assumptions, expected loss assumptions, market volatilities and pricing spreads utilizing market-based inputs where readily available. The Company believes its valuation methods are appropriate and consistent with those that would be used by other market participants. However, imprecision in estimating unobservable inputs and other factors may result in these fair value measurements not reflecting the amount realized in an actual sale or transfer of the asset or liability in a current market exchange.
34

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions and classification of the Company's assets and liabilities valued at fair value on a recurring basis.

Asset/Liability class |  | Valuation methodology, inputs and assumptions |  | Classification
Investment securities |  |  |  |
Trading securities |  | Fair Value is based on quoted prices in an active market. |  | Level 1 recurring fair value measurement.
Investment securities AFS |  | Observable market prices of identical or similar securities are used where available. |  | Level 2 recurring fair value measurement.
|  | If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: • Expected prepayment speeds • Estimated credit losses • Market liquidity adjustments |  | Level 3 recurring fair value measurement.
LHFS |  |  |  |
Single family loans, excluding loans transferred from held for investment |  | Fair value is based on observable market data, including: • Quoted market prices, where available • Dealer quotes for similar loans • Forward sale commitments |  | Level 2 recurring fair value measurement.
|  | When not derived from observable market inputs, fair value is based on discounted cash flows, which considers the following inputs: • Benchmark yield curve • Estimated discount spread to the benchmark yield curve • Expected prepayment speeds |  | Estimated fair value classified as Level 3.
Mortgage servicing rights |  |  |  |
Single family MSRs |  | For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 6, Mortgage Banking Operations. |  | Level 3 recurring fair value measurement.
Derivatives |  |  |  |
Futures and Options |  | Fair value is based on closing exchange prices. |  | Level 1 recurring fair value measurement.
Forward sale commitments Interest rate swaps |  | Fair value is based on quoted prices for identical or similar instruments, when available. When quoted prices are not available, fair value is based on internally developed modeling techniques, which require the use of multiple observable market inputs including: • Forward interest rates • Interest rate volatilities |  | Level 2 recurring fair value measurement.
IRLC |  | The fair value considers several factors including: • Fair value of the underlying loan based on quoted prices in the secondary market, when available. • Value of servicing • Fall-out factor |  | Level 3 recurring fair value measurement.

35

The following tables presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis:

| At March 31, 2025
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Trading securities - U.S. Treasury securities | $ | 46,308 |  |  | $ | 46,308 |  |  | $ | — |  |  | $ | — |
Investment securities AFS |  |  |  |  |  |  |
Mortgage backed securities: |  |  |  |  |  |  |
Residential | 164,252 |  |  | — |  |  | 162,553 |  |  | 1,699 |
Commercial | 48,462 |  |  | — |  |  | 48,462 |  |  | — |
Collateralized mortgage obligations: |  |  |  |  |  |  |
Residential | 311,832 |  |  | — |  |  | 311,832 |  |  | — |
Commercial | 53,155 |  |  | — |  |  | 53,155 |  |  | — |
Municipal bonds | 373,991 |  |  | — |  |  | 373,991 |  |  | — |
Corporate debt securities | 25,590 |  |  | — |  |  | 25,590 |  |  | — |
U.S. Treasury securities | 20,317 |  |  | — |  |  | 20,317 |  |  | — |
Agency debentures | 9,128 |  |  | — |  |  | 9,128 |  |  | — |
Single family LHFS | 21,912 |  |  | — |  |  | 21,912 |  |  | — |
Single family LHFI | 1,248 |  |  | — |  |  | — |  |  | 1,248 |
Single family mortgage servicing rights | 72,285 |  |  | — |  |  | — |  |  | 72,285 |
Derivatives |  |  |  |  |  |  |
Futures | 2 |  |  | 2 |  |  | — |  |  | — |
Forward sale commitments | 50 |  |  | — |  |  | 50 |  |  | — |
Options | 9 |  |  | 9 |  |  | — |  |  |
Interest rate lock commitments | 556 |  |  | — |  |  | — |  |  | 556 |
Interest rate swaps | 8,301 |  |  | — |  |  | 8,301 |  |  | — |
Total assets | $ | 1,157,398 |  |  | $ | 46,319 |  |  | $ | 1,035,291 |  |  | $ | 75,788 |
Liabilities: |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |
Forward sale commitments | $ | 185 |  |  | $ | — |  |  | $ | 185 |  |  | $ | — |
Interest rate swaps | 8,301 |  |  | — |  |  | 8,301 |  |  | — |
Total liabilities | $ | 8,486 |  |  | $ | — |  |  | $ | 8,486 |  |  | $ | — |

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| At December 31, 2024
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Trading securities - U.S. Treasury securities | $ | 34,746 |  |  | $ | 34,746 |  |  | $ | — |  |  | $ | — |
Investment securities AFS |  |  |  |  |  |  |
Mortgage backed securities: |  |  |  |  |  |  |
Residential | 167,462 |  |  | — |  |  | 165,764 |  |  | 1,698 |
Commercial | 47,642 |  |  | — |  |  | 47,642 |  |  | — |
Collateralized mortgage obligations: |  |  |  |  |  |  |
Residential | 317,444 |  |  | — |  |  | 317,444 |  |  | — |
Commercial | 54,945 |  |  | — |  |  | 54,945 |  |  | — |
Municipal bonds | 378,259 |  |  | — |  |  | 378,259 |  |  | — |
Corporate debt securities | 24,944 |  |  | — |  |  | 24,944 |  |  | — |
U.S. Treasury securities | 19,987 |  |  | — |  |  | 19,987 |  |  | — |
Agency debentures | 9,276 |  |  | — |  |  | 9,276 |  |  | — |
Single family LHFS | 20,312 |  |  | — |  |  | 20,312 |  |  | — |
Single family LHFI | 1,287 |  |  | — |  |  | — |  |  | 1,287 |
Single family mortgage servicing rights | 72,901 |  |  | — |  |  | — |  |  | 72,901 |
Derivatives |  |  |  |  |  |  |
Futures | 1 |  |  | 1 |  |  | — |  |  | — |
Forward sale commitments | 237 |  |  | — |  |  | 237 |  |  | — |
Options | 3 |  |  | 3 |  |  | — |  |  |
Interest rate lock commitments | 175 |  |  | — |  |  | — |  |  | 175 |
Interest rate swaps | 10,250 |  |  | — |  |  | 10,250 |  |  | — |
Total assets | $ | 1,159,871 |  |  | $ | 34,750 |  |  | $ | 1,049,060 |  |  | $ | 76,061 |
Liabilities: |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |
Forward sale commitments | $ | 402 |  |  | $ | — |  |  | $ | 402 |  |  | $ | — |
Interest rate lock commitments | 49 |  |  | — |  |  | — |  |  | 49 |
Interest rate swaps | 10,250 |  |  | — |  |  | 10,250 |  |  | — |
Total liabilities | $ | 10,701 |  |  | $ | — |  |  | $ | 10,652 |  |  | $ | 49 |

There were no transfers between levels of the fair value hierarchy during the quarters ended March 31, 2025 and 2024.
Level 3 Recurring Fair Value Measurements
The Company's Level 3 recurring fair value measurements consist of investment securities AFS, single family MSRs, single family LHFI where fair value option was elected, certain single family LHFS and interest rate lock commitments, which are accounted for as derivatives. For information regarding fair value changes and activity for single family MSRs during the quarters ended March 31, 2025 and 2024, see Note 6, Mortgage Banking Operations of this Quarterly Report on Form 10-Q.
The fair value of IRLCs considers several factors, including the fair value in the secondary market of the underlying loan resulting from the exercise of the commitment, the expected net future cash flows related to the associated servicing of the loan (referred to as the value of servicing) and the probability that the commitment will not be converted into a funded loan (referred to as a fall-out factor). The fair value of IRLCs on LHFS, while based on interest rates observable in the market, is highly dependent on the ultimate closing of the loans. The significance of the fall-out factor to the fair value measurement of an individual IRLC is generally highest at the time that the rate lock is initiated and declines as closing procedures are performed and the underlying loan gets closer to funding. The fall-out factor applied is based on historical experience. The value of servicing is impacted by a variety of factors, including prepayment assumptions, discount rates, delinquency rates, contractually specified servicing fees, servicing costs and underlying portfolio characteristics. Because these inputs are not observable in market trades, the fall-out factor and value of servicing are considered to be Level 3 inputs. The fair value of IRLCs decreases
37

in value upon an increase in the fall-out factor and increases in value upon an increase in the value of servicing. Changes in the fall-out factor and value of servicing do not increase or decrease based on movements in other significant unobservable inputs.
The Company recognizes unrealized gains and losses from the time that an IRLC is initiated until the gain or loss is realized at the time the loan closes, which generally occurs within 30-90 days. For IRLCs that fall out, any unrealized gain or loss is reversed, which generally occurs at the end of the commitment period. The gains and losses recognized on IRLC derivatives generally correlates to volume of single family interest rate lock commitments made during the reporting period (after adjusting for estimated fallout) while the amount of unrealized gains and losses realized at settlement generally correlates to the volume of single family closed loans during the reporting period.
The Company uses the discounted cash flow model to estimate the fair value of certain loans that have been transferred from held for sale to held for investment and single family LHFS when the fair value of the loans is not derived using observable market inputs. The key assumption in the valuation model is the implied spread to benchmark interest rate curve. The implied spread is not directly observable in the market and is derived from third party pricing which is based on market information from comparable loan pools. The fair value estimate of single family loans that have been transferred from held for sale to held for investment are sensitive to changes in the benchmark interest rate which might result in a significantly higher or lower fair value measurement.
The Company transferred certain loans from held for sale to held for investment. These loans were originated as held for sale loans where the Company had elected fair value option. The Company determined these loans to be level 3 recurring assets as the valuation technique included a significant unobservable input. The total amount of held for investment loans where fair value option election was made was $1.2 million and $1.3 million at March 31, 2025 and December 31, 2024, respectively.
The following information presents significant Level 3 unobservable inputs used to measure fair value of certain assets:

(dollars in thousands) | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Low |  | High |  | Weighted Average
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Investment securities AFS | $ | 1,699 |  |  | Income approach |  | Implied spread to benchmark interest rate curve |  | 2.25% |  | 2.25% |  | 2.25%
Single family LHFI | 1,248 |  |  | Income approach |  | Implied spread to benchmark interest rate curve |  | 2.80% |  | 4.97% |  | 3.45%
Interest rate lock commitments, net | 556 |  |  | Income approach |  | Fall-out factor |  | 0.77% |  | 22.98% |  | 8.30%
|  |  |  |  | Value of servicing |  | 0.62% |  | 1.61% |  | 1.01%
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Investment securities AFS | $ | 1,698 |  |  | Income approach |  | Implied spread to benchmark interest rate curve |  | 2.25% |  | 2.25% |  | 2.25%
Single family LHFI | 1,287 |  |  | Income approach |  | Implied spread to benchmark interest rate curve |  | 2.94% |  | 5.56% |  | 3.69%
Interest rate lock commitments, net | 126 |  |  | Income approach |  | Fall-out factor |  | 0.83% |  | 29.13% |  | 9.28%
|  |  |  |  | Value of servicing |  | 0.78% |  | 2.15% |  | 1.37%

We had no LHFS where the fair value was not derived with significant observable inputs at March 31, 2025 and December 31, 2024.
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The following table presents fair value changes and activity for certain Level 3 assets for the periods indicated:

(in thousands) |  | Beginning balance |  | Additions |  | Transfers |  | Payoffs/Sales |  | Change in mark to market (1) |  | Ending balance
Quarter Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |
Investment securities AFS |  | $ | 1,698 |  |  | $ | — |  |  | $ | — |  |  | $ | (50) |  |  | $ | 51 |  |  | $ | 1,699 |
Single family LHFS |  | — |  |  | — |  |  | 50 |  |  | (50) |  |  | — |  |  | $ | — |
Single family LHFI |  | 1,287 |  |  | — |  |  | (50) |  |  | — |  |  | 11 |  |  | 1,248 |
Quarter Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |
Investment securities AFS |  | $ | 1,860 |  |  | $ | — |  |  | $ | — |  |  | $ | (50) |  |  | $ | (19) |  |  | $ | 1,791 |
Single family LHFI |  | 1,280 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 1,285 |

(1) Changes in fair value for single LHFI are recorded in other noninterest income on the consolidated income statements.
The following table presents fair value changes and activity for Level 3 interest rate lock commitments:

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Beginning balance, net | $ | 126 |  |  | $ | 411 |  |  |  |  |
Total realized/unrealized gains | 1,847 |  |  | 417 |  |  |  |  |
Settlements | (1,417) |  |  | (492) |  |  |  |  |
Ending balance, net | $ | 556 |  |  | $ | 336 |  |  |  |  |

Nonrecurring Fair Value Measurements
Certain assets held by the Company are not included in the tables above, but are measured at fair value on a periodic basis. These assets include certain LHFI and OREO that are carried at the lower of cost or fair value of the underlying collateral, less the estimated costs to sell. The estimated fair values of real estate collateral are generally based on internal evaluations and appraisals of such collateral, which use the market approach and income approach methodologies. We have omitted disclosure related to quantitative inputs given the insignificance of assets measured on a nonrecurring basis.
The fair value of commercial properties is generally based on third-party appraisals that consider recent sales of comparable properties, including their income-generating characteristics, adjusted (generally based on unobservable inputs) to reflect the general assumptions that a market participant would make when analyzing the property for purchase. The Company uses a fair value of collateral technique to apply adjustments to the appraisal value of certain commercial LHFI that are collateralized by real estate.
The Company uses a fair value of collateral technique to apply adjustments to the stated value of certain commercial LHFI that are not collateralized by real estate and to the appraisal value of OREO.
Residential properties are generally based on unadjusted third-party appraisals. Factors considered in determining the fair value include geographic sales trends, the value of comparable surrounding properties as well as the condition of the property.
These adjustments include management assumptions that are based on the type of collateral dependent loan and may increase or decrease an appraised value. Management adjustments vary significantly depending on the location, physical characteristics and income producing potential of each individual property. The quality and volume of market information available at the time of the appraisal can vary from period-to-period and cause significant changes to the nature and magnitude of the unobservable inputs used. Given these variations, changes in these unobservable inputs are generally not a reliable indicator for how fair value will increase or decrease from period to period.
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The following table presents assets classified as Level 3 that had changes in their recorded fair value for the periods indicated and what we still held at the end of the respective reporting period:

(in thousands) | Fair Value (1) |  |  |  |  |  |  |  | Total Gains (Losses)
At or for the Quarter Ended March 31, 2025 |  |  |  |  |  |  |  |  |
LHFI | $ | 1,546 |  |  |  |  |  |  |  |  | $ | 698 |
At or for the Quarter Ended March 31, 2024 |  |  |  |  |  |  |  |  |
LHFI | $ | 423 |  |  |  |  |  |  |  |  | $ | (50) |

(1) Represents the carrying value of loans for which adjustments are based on the fair value of the collateral.
Fair Value of Financial Instruments
The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company's financial instruments other than assets and liabilities measured at fair value on a recurring basis:

| At March 31, 2025
(in thousands) | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 252,162 |  |  | $ | 252,162 |  |  | $ | 252,162 |  |  | $ | — |  |  | $ | — |
Investment securities HTM | 2,283 |  |  | 2,266 |  |  | — |  |  | 2,266 |  |  | — |
LHFI | 6,022,334 |  |  | 5,758,436 |  |  | — |  |  | — |  |  | 5,758,436 |
LHFS – multifamily and other | 12,822 |  |  | 12,822 |  |  | — |  |  | 12,822 |  |  | — |
Mortgage servicing rights – multifamily and SBA | 25,674 |  |  | 31,468 |  |  | — |  |  | — |  |  | 31,468 |
Federal Home Loan Bank stock | 49,920 |  |  | 49,920 |  |  | — |  |  | 49,920 |  |  | — |
Other assets - GNMA EBO loans | 6,786 |  |  | 6,786 |  |  | — |  |  | — |  |  | 6,786 |
Liabilities: |  |  |  |  |  |  |  |  |
Certificates of deposit | $ | 2,816,698 |  |  | $ | 2,811,546 |  |  | $ | — |  |  | $ | 2,811,546 |  |  | $ | — |
Borrowings | 1,000,000 |  |  | 1,005,485 |  |  | — |  |  | 1,005,485 |  |  | — |
Long-term debt | 225,223 |  |  | 180,069 |  |  | — |  |  | 180,069 |  |  | — |

| At December 31, 2024
(in thousands) | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 406,600 |  |  | $ | 406,600 |  |  | $ | 406,600 |  |  | $ | — |  |  | $ | — |
Investment securities HTM | 2,301 |  |  | 2,273 |  |  | — |  |  | 2,273 |  |  | — |
LHFI | 6,191,766 |  |  | 5,864,426 |  |  | — |  |  | — |  |  | 5,864,426 |
Mortgage servicing rights – multifamily and SBA | 26,565 |  |  | 32,361 |  |  | — |  |  | — |  |  | 32,361 |
Federal Home Loan Bank stock | 50,676 |  |  | 50,676 |  |  | — |  |  | 50,676 |  |  | — |
Other assets-GNMA EBO loans | 5,111 |  |  | 5,111 |  |  | — |  |  | — |  |  | 5,111 |
Liabilities: |  |  |  |  |  |  |  |  |
Certificates of deposit | $ | 3,267,772 |  |  | $ | 3,262,350 |  |  | $ | — |  |  | $ | 3,262,350 |  |  | $ | — |
Borrowings | 1,000,000 |  |  | 1,001,873 |  |  | — |  |  | 1,001,873 |  |  | — |
Long-term debt | 225,131 |  |  | 184,124 |  |  | — |  |  | 184,124 |  |  | — |

Fair Value Option
Single family loans held for sale accounted under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are recognized in net gain on
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mortgage loan origination and sale activities within noninterest income. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in fair value of the related servicing asset, resulting in revaluation adjustments to the recorded fair value. The use of the fair value option allows the change in the fair value of loans to more effectively offset the change in fair value of derivative instruments that are used as economic hedges of loans held for sale.
The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option:

| At March 31, 2025 |  | At December 31, 2024
(in thousands) | Fair Value |  | Aggregate Unpaid Principal Balance |  | Fair Value Less Aggregated Unpaid Principal Balance |  | Fair Value |  | Aggregate Unpaid Principal Balance |  | Fair Value Less Aggregated Unpaid Principal Balance
Single family LHFS | $ | 21,912 |  |  | $ | 21,513 |  |  | $ | 399 |  |  | $ | 20,312 |  |  | $ | 20,137 |  |  | $ | 175 |

NOTE 10–LIHTC INVESTMENTS:
The Company has LIHTC investments that are designed to promote qualified affordable housing programs and generate a return primarily through the realization of federal tax credits. The Company accounts for these investments by amortizing the cost of tax credit investments over the life of the investment using a proportional amortization method. The current balance of these investments, which are included in other assets in the consolidated balance sheets, was $35.9 million and $37.3 million as of March 31, 2025 and December 31, 2024, respectively.
The following table presents other information related to the Company’s LIHTC investments for the periods indicated:

| Quarter Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Tax credits and other tax benefits recognized | $ | 1,697 |  |  | $ | 1,668 |  |  |  |  |
LIHTC amortization expense | 1,405 |  |  | 1,367 |  |  |  |  |

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ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Consolidated Financial Statements and Notes presented elsewhere in this report and in HomeStreet, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report on Form 10-K").
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Generally, forward-looking statements include the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will,” and “would” and similar expressions (or the negative of these terms) and include statements relating to achievement of profitability and timing of such achievement and expectations regarding reductions in short-term interest rates and their impact on the Company.
Forward-looking statements in this Form 10-Q are based on the Company’s expectations at the time such statements are made and speak only as of the date made. The Company does not assume any obligation or undertake to update any forward-looking statements after the date of this Form 10-Q as a result of new information, future events or developments, except as required by federal securities or other applicable laws, although the Company may do so from time to time. The Company does not endorse any projections regarding future performance that may be made by third parties. For all forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act.
We caution readers that actual results may differ materially from those expressed in or implied by the Company’s forward-looking statements. Rather, more important factors could affect the Company’s future results, including but not limited to the following: (1) our ability to successfully consummate the pending merger (the "Merger") with Mechanics Bank ("Mechanics"), (2) the ability of HomeStreet and Mechanics to obtain required governmental approvals of the Merger, (3) the failure to satisfy the closing conditions in the definitive Agreement and Plan of Merger, dated as of March 28, 2025 (the “Merger Agreement”), or any unexpected delay in closing the Merger, (4) the ability to achieve expected cost savings, synergies and other financial benefits from the Merger within the expected time frames and costs or difficulties relating to integration matters being greater than expected, (5) the diversion of management time from core banking functions due to Merger-related issues; (6) potential difficulty in maintaining relationships with customers, associates or business partners as a result of the announced Merger; (7) changes in the interest rate environment and in expectation of reduction in short-term interest rates; (8) changes in the U.S. and global economies, including business disruptions, reductions in employment, inflationary pressures and an increase in business failures, specifically among our customers, and global trade disputes, including the imposition of tariffs by the U.S. and countermeasures by foreign governments; (9) our ability to control operating costs and expenses; (10) our ability to attract and retain key members of our senior management team; (11) changes in deposit flows, loan demand or real estate values may adversely affect our business; (12) there may be increases in competitive pressure among financial institutions or from non-financial institutions; (13) our ability to obtain regulatory approvals or non-objection to take various capital actions, including the payment of dividends by us or the Bank; (14) the timing and occurrence or non-occurrence of events may be subject to circumstances beyond our control; (15) our credit quality and the effect of credit quality on our credit losses expense and allowance for credit losses and impact the adequacy of our allowance for credit losses; (16) changes in accounting principles, policies or guidelines may cause our financial condition to be perceived or interpreted differently; (17) legislative or regulatory changes that may adversely affect our business or financial condition, including, without limitation, changes in corporate and/or individual income tax laws and policies, changes in privacy laws, and changes in regulatory capital or other rules, and the availability of resources to address or respond to such changes; (18) general economic conditions, either nationally or locally in some or all areas in which we conduct business, or conditions in the securities markets or banking industry, may be less favorable than what we currently anticipate; (19) challenges our customers may face in meeting current underwriting standards may adversely impact all or a substantial portion of our rate-lock loan activity we recognize; (20) technological changes may be more difficult or more expensive than what we anticipate; (21) a failure in or breach of our operational or security systems or information technology infrastructure, or those of our third-party providers and vendors, including due to cyber-attacks; (22) success or consummation of new business initiatives may be more difficult or expensive than what we anticipate; (23) staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; and (24) litigation, investigations or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than what we anticipate. A discussion of the factors, risks and uncertainties that could affect our financial results, business goals and operational and financial objectives cited in this Form 10-Q, other releases, public statements and/or filings with the Securities and Exchange Commission (“SEC”) is also contained in the “Risk Factors” sections of the Company's Forms 10-K and 10-Q and in our
Current Reports on Form 8-K we file with the SEC. We strongly recommend readers review those disclosures in conjunction with the discussions herein.
All future written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. New risks and uncertainties arise from time to time, and factors that the Company currently deems immaterial may become material, and it is impossible for the Company to predict these events or how they may affect the Company.
Critical Accounting Estimates
The following discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements and the notes thereto, which have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and accounting practices in the banking industry. Certain of those accounting policies are considered critical accounting policies because they require us to make estimates and assumptions regarding circumstances or trends that could materially affect the value of those assets, such as economic conditions or trends that could impact our ability to fully collect our loans or ultimately realize the carrying value of certain of our other assets. Those estimates and assumptions are made based on current information available to us regarding those economic conditions or trends or other circumstances. If changes were to occur in the events, trends or other circumstances on which our estimates or assumptions were based, these changes could have a material adverse effect on the carrying value of assets and liabilities and on our results of operations. We have identified two policies and estimates as being critical because they require management to make particularly difficult, subjective, and/or complex judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts would be reported under different conditions or using different assumptions. These policies relate to the allowance for credit losses ("ACL") and the valuation of residential mortgage servicing rights ("MSRs").
The ACL is calculated based on quantitative and qualitative factors to estimate credit losses over the life of a loan. The inputs used to determine quantitative factors include estimates based on historical experience of probability of default and loss given default. Inputs used to determine qualitative factors include changes in current portfolio characteristics and operating environments such as current and forecasted unemployment rates, capitalization rates used to value properties securing loans, rental rates and single family pricing indexes. Qualitative factors may also include adjustments to address matters not contemplated by the model we use and to assumptions used to determine qualitative factors. Although we believe that our methodology for determining an appropriate level for the ACL adequately addresses the various components that could potentially result in credit losses, the processes and their elements include features that may be susceptible to significant change. Any unfavorable differences between the actual outcome of credit-related events and our estimates could require an additional provision for credit losses. For example, if the projected unemployment rate was downgraded one grade for all periods, the amount of the ACL at March 31, 2025 would increase by approximately $6 million. This sensitivity analysis is hypothetical and has been provided only to indicate the potential impact that changes in assumptions may have on the ACL estimate.
The valuation of MSRs is based on various assumptions which are set forth in Note 6–Mortgage Banking Operations of the financial statements. Note 6 also provides sensitivity analysis based on the assumptions used. The sensitivity analyses are hypothetical and have been provided to indicate the potential impact that changes in assumptions may have on the estimate of the fair value of MSRs.
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Summary Financial Data

| Quarter Ended |  |
(dollars in thousands) | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024 |  |  |  |
Select Income Statement data: |  |  |  |  |  |  |  |  |
Net interest income | $ | 33,221 |  |  | $ | 29,616 |  |  | $ | 32,151 |  |  |  |  |
Provision for credit losses | 1,000 |  |  | — |  |  | — |  |  |  |  |
Noninterest income (loss) | 12,136 |  |  | (78,124) |  |  | 9,454 |  |  |  |  |
Noninterest expense | 49,108 |  |  | 43,953 |  |  | 52,164 |  |  |  |  |
Net income (loss): |  |  |  |  |  |  |  |  |
Before income tax (benefit) expense | (4,751) |  |  | (92,461) |  |  | (10,559) |  |  |  |  |
Total | (4,465) |  |  | (123,327) |  |  | (7,497) |  |  |  |  |
Net income (loss) per fully diluted share | (0.24) |  |  | (6.54) |  |  | (0.40) |  |  |  |  |
Core net income (loss): (1) |  |  |  |  |  |  |  |  |
Total | (2,866) |  |  | (5,140) |  |  | (5,469) |  |  |  |  |
Core net income (loss) per fully diluted share | (0.15) |  |  | (0.27) |  |  | (0.29) |  |  |  |  |
Select Performance Ratios: |  |  |  |  |  |  |  |  |
Return on average equity - annualized |  |  |  |  |  |  |  |  |
Net income (loss) | (4.5) | % |  | (92.7) | % |  | (5.6) | % |  |  |  |
Core (1) | (2.9) | % |  | (3.9) | % |  | (4.1) | % |  |  |  |
Return on average tangible equity - annualized (1) |  |  |  |  |  |  |  |  |
Net income (loss) | (4.2) | % |  | (93.7) | % |  | (5.3) | % |  |  |  |
Core (1) | (2.5) | % |  | (3.5) | % |  | (3.8) | % |  |  |  |
Return on average assets - annualized |  |  |  |  |  |  |  |  |
Net income (loss) | (0.23) | % |  | (5.38) | % |  | (0.32) | % |  |  |  |
Core (1) | (0.15) | % |  | (0.22) | % |  | (0.23) | % |  |  |  |
Efficiency ratio (1) | 102.9 | % |  | 115.6 | % |  | 118.0 | % |  |  |  |
Net interest margin | 1.82 | % |  | 1.38 | % |  | 1.44 | % |  |  |  |
Other data |  |  |  |  |  |  |  |  |
Full time equivalent employees | 766 |  |  | 792 |  |  | 858 |  |  |  |  |

(1)Return on average tangible equity, core net income (loss), core net income (loss) per fully diluted share, core return on average equity, core return on average tangible equity, core return on average assets and the efficiency ratio are non-GAAP financial measures. For a reconciliation of these measures to the nearest comparable GAAP financial measure or the computation of the measure see “Non-GAAP Financial Measures” elsewhere in this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
43

|  | As of
(dollars in thousands) |  | March 31, 2025 |  | December 31, 2024
Selected Balance Sheet Data |  |  |  |
Loans held for sale |  | $ | 34,734 |  |  | $ | 20,312 |
Loans held for investment, net |  | 6,023,582 |  |  | 6,193,053 |
ACL |  | 39,634 |  |  | 38,743 |
Investment securities |  | 1,055,318 |  |  | 1,057,006 |
Total assets |  | 7,803,631 |  |  | 8,123,698 |
Deposits |  | 6,090,495 |  |  | 6,413,021 |
Borrowings |  | 1,000,000 |  |  | 1,000,000 |
Long-term debt |  | 225,223 |  |  | 225,131 |
Total shareholders' equity |  | 400,751 |  |  | 396,997 |
Other data: |  |  |  |
Book value per share |  | $ | 21.18 |  |  | $ | 21.05 |
Tangible book value per share (1) |  | $ | 20.83 |  |  | $ | 20.67 |
Total equity to total assets |  | 5.1 | % |  | 4.9 | %
Tangible common equity to tangible assets (1) |  | 5.1 | % |  | 4.8 | %
Shares outstanding at end of period |  | 18,920,808 |  |  | 18,857,565 |
Loans to deposit ratio (Bank) |  | 99.9 | % |  | 97.4 | %
Credit Quality: |  |  |  |
Delinquencies(2) |  | 1.09 | % |  | 1.06 | %
ACL to total loans (3) |  | 0.66 | % |  | 0.63 | %
ACL to nonaccrual loans |  | 71.0 | % |  | 70.4 | %
Nonaccrual loans to total loans |  | 0.92 | % |  | 0.88 | %
Nonperforming assets to total assets |  | 0.75 | % |  | 0.71 | %
Nonperforming assets |  | $ | 58,611 |  |  | $ | 57,814 |
Regulatory Capital Ratios: |  |  |  |
Bank |  |  |  |
Tier 1 leverage |  | 8.46 | % |  | 7.30 | %
Total risk-based capital |  | 13.40 | % |  | 13.02 | %
Common equity Tier 1 capital |  | 12.61 | % |  | 12.27 | %
Company |  |  |  |
Tier 1 leverage |  | 6.62 | % |  | 5.77 | %
Total risk-based capital |  | 12.48 | % |  | 12.23 | %
Common equity Tier 1 capital |  | 8.76 | % |  | 8.62 | %

(1)Tangible book value per share and tangible common equity to tangible assets are non-GAAP financial measures. For a reconciliation of these measures to the nearest comparable GAAP financial measure, see “Non-GAAP Financial Measures” elsewhere in this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
(2)Total past due and nonaccrual loans as a percentage of total loans held for investment.
(3) This ratio excludes balances insured by the FHA or guaranteed by the VA or SBA.
44

Current Developments
Recent Developments
On March 28, 2025, the Company entered into a definitive Agreement and Plan of Merger with Mechanics Bank, whereby, subject to regulatory and certain shareholder approvals the Bank will merge with and into Mechanics Bank as a subsidiary of the Company (the “Merger”). The Company will amend its articles of incorporation to issue shares to the Mechanics shareholders in exchange for 100% of Mechanics stock such that when the Merger closes the Mechanics shareholders will own approximately 91.7% of the combined company and HomeStreet shareholders will own approximately 8.3% of the combined company. Upon the closing of the Merger the Company’s name will change to Mechanics Bancorp. The Merger is expected to close in the third quarter of 2025.
Economic and Market Conditions
The current level of interest rates continues to adversely impact our results of operations as our overall cost of funds are high in relation to the yield on our earning assets, resulting in a low net interest margin. With the decrease in short term interest rates in the latter part of 2024, our cost of funds have stabilized and started to decrease. As a result of the fourth quarter 2024 loan sale, we improved our net interest margin by selling lower yielding loans and paying off higher cost wholesale funding. Given the scheduled repricing of our multifamily and other commercial real estate loans, future anticipated reductions in borrowings, the expectation of ongoing reductions in short-term interest rates by the Federal Reserve and continued effective non-interest expense management, we anticipate growth in earnings for the foreseeable future.
Management's Overview of the First Quarter 2025 Financial Performance
First Quarter of 2025 Compared to the Fourth Quarter of 2024
Non-core amounts: For the first quarter non-core items include $2.1 million of merger related expenses. In the fourth quarter of 2024 non-core items include an $88.8 million loss on the sale of $990 million of multifamily loans, $53.3 million deferred tax assets valuation allowance and $3.2 million of merger related expense recoveries.
General: Our net loss and loss before income taxes were $4.5 million and $4.8 million, respectively, in the first quarter of 2025, as compared to $123.3 million and $92.5 million, respectively, in the fourth quarter of 2024. Our core net loss and core net loss before taxes, which excludes the impact of the loss on the sale of multifamily loans, the deferred tax asset valuation allowance and merger related expenses and recoveries, were $2.9 million and $2.7 million, respectively, in the first quarter of 2025, as compared to $5.1 million and $6.4 million respectively, in the fourth quarter of 2024. The decrease in core loss before income taxes was primarily due to an increase in net interest income and an increase in noninterest income, partially offset by an increase in provision for credit losses and an increase in noninterest expense.
Income Taxes: Due to our cumulative losses over the last three year period ended December 31, 2024, accounting rules required us to provide a valuation allowance for the balance of our deferred tax assets in the fourth quarter of 2024. As a result, we do not expect to recognize income tax expense until the deferred tax assets valuation allowance no longer exists. The $0.3 million income tax benefit recognized in the first quarter of 2025 primarily relates to the reversal of the disparate tax effects on our accumulated other comprehensive income ("AOCI") resulting from the recording in the fourth quarter of 2024, of a deferred tax valuation allowance for the deferred tax assets related to the AOCI. In the fourth quarter of 2024, we recorded a $53 million deferred tax allowance which was recorded as income tax expense. Excluding this allowance, the income tax benefit would have been $22.4 million and would have resulted in an effective tax rate of 24.3% for the fourth quarter of 2024.
45

Net Interest Income: The following tables set forth, for the periods indicated, information regarding (i) the total dollar amount of interest income from interest-earning assets and the resultant average yields on those assets; (ii) the total dollar amount of interest expense and the average rate of interest on our interest-bearing liabilities; (iii) net interest income; (iv) net interest rate spread; and (v) net interest margin:

| Quarter Ended
| March 31, 2025 |  | December 31, 2024
(dollars in thousands) | Average Balance |  | Interest |  | Average Yield/Cost |  | Average Balance |  | Interest |  | Average Yield/Cost
Assets: |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |
Loans (1) | $ | 6,198,659 |  |  | $ | 73,587 |  |  | 4.76 | % |  | $ | 7,334,221 |  |  | $ | 86,119 |  |  | 4.62 | %
Investment securities (1) | 1,055,336 |  |  | 9,509 |  |  | 3.60 | % |  | 1,096,695 |  |  | 9,953 |  |  | 3.63 | %
FHLB Stock, Fed Funds and other | 242,687 |  |  | 3,691 |  |  | 6.20 | % |  | 290,506 |  |  | 4,052 |  |  | 5.52 | %
Total interest-earning assets | 7,496,682 |  |  | 86,787 |  |  | 4.65 | % |  | 8,721,422 |  |  | 100,124 |  |  | 4.53 | %
Noninterest-earning assets | 374,252 |  |  |  |  |  |  | 405,681 |  |  |  |  |
Total assets | $ | 7,870,934 |  |  |  |  |  |  | $ | 9,127,103 |  |  |  |  |
Liabilities and shareholders' equity: |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: (2) |  |  |  |  |  |  |  |  |  |  |
Demand deposits | $ | 312,762 |  |  | $ | 287 |  |  | 0.37 | % |  | $ | 314,040 |  |  | $ | 250 |  |  | 0.32 | %
Money market and savings | 1,645,604 |  |  | 6,874 |  |  | 1.68 | % |  | 1,663,526 |  |  | 7,067 |  |  | 1.68 | %
Certificates of deposit | 2,919,241 |  |  | 31,076 |  |  | 4.32 | % |  | 3,171,161 |  |  | 36,784 |  |  | 4.61 | %
Total | 4,877,607 |  |  | 38,237 |  |  | 3.18 | % |  | 5,148,727 |  |  | 44,101 |  |  | 3.40 | %
Borrowings: |  |  |  |  |  |  |  |  |  |  |
Borrowings | 1,011,111 |  |  | 11,364 |  |  | 4.50 | % |  | 1,875,616 |  |  | 22,316 |  |  | 4.66 | %
Long-term debt | 225,178 |  |  | 2,943 |  |  | 5.23 | % |  | 225,086 |  |  | 3,039 |  |  | 5.36 | %
Total interest-bearing liabilities | 6,113,896 |  |  | 52,544 |  |  | 3.47 | % |  | 7,249,429 |  |  | 69,456 |  |  | 3.79 | %
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Demand deposits (2) | 1,265,701 |  |  |  |  |  |  | 1,253,516 |  |  |  |  |
Other liabilities | 86,537 |  |  |  |  |  |  | 94,859 |  |  |  |  |
Total liabilities | 7,466,134 |  |  |  |  |  |  | 8,597,804 |  |  |  |  |
Shareholders' equity | 404,800 |  |  |  |  |  |  | 529,299 |  |  |  |  |
Total liabilities and shareholders' equity | $ | 7,870,934 |  |  |  |  |  |  | $ | 9,127,103 |  |  |  |  |
Net interest income |  |  | $ | 34,243 |  |  |  |  |  |  | $ | 30,668 |  |  |
Net interest rate spread |  |  |  |  | 1.18 | % |  |  |  |  |  | 0.74 | %
Net interest margin |  |  |  |  | 1.82 | % |  |  |  |  |  | 1.38 | %

(1) Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities of $1.0 million and $1.1 million for quarters ended March 31, 2025 and December 31, 2024. The estimated federal statutory tax rate was 21% for the periods presented.
(2) Cost of all deposits, including noninterest-bearing demand deposits was 2.52% and 2.74% for the quarters ended March 31, 2025 and December 31, 2024, respectively.
Our net interest income in the first quarter of 2025 was $3.6 million higher than the fourth quarter of 2024 due to an increase in our net interest margin from 1.38% to 1.82%. The increase in the net interest margin was due primarily to a 32 basis point decrease in the rates paid on interest-bearing liabilities and a 12 basis point increase in the yield on interest earning assets. The increase in yield on interest earning assets was primarily due to the sale of $990 million of lower yielding multifamily loans at the end of the fourth quarter of 2024. The decrease in rates on interest bearing liabilities are primarily due to our paydown at the end of 2024 and beginning of 2025 of higher cost borrowings and brokered certificates of deposit using the proceeds from the sale of multifamily loans.
46

Provision for Credit Losses: The $1.0 million provision for credit losses recognized during the first quarter of 2025 was due to a $3.3 million increase in specific reserves which was partially offset by lower general reserves resulting in part from lower loan balances. There was no provision for credit losses in the fourth quarter of 2024 as the benefits of the reduction in loan balances resulting from the loan sale were offset by specific reserves on commercial loans.
Noninterest income (loss) consisted of the following:

| Quarter Ended |  |  |  |  |  |  |  |
(in thousands) | March 31, 2025 |  | December 31, 2024 |  |  |  |  |  |
Noninterest income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on loan origination and sale activities (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Single family | $ | 2,283 |  |  | $ | 2,090 |  |  |  |  |  |  |  |  |  |  |
CRE, multifamily and SBA (2) | 933 |  |  | (87,082) |  |  |  |  |  |  |  |  |  |  |
Loan servicing income | 4,858 |  |  | 2,997 |  |  |  |  |  |  |  |  |  |  |
Deposit fees | 2,071 |  |  | 2,166 |  |  |  |  |  |  |  |  |  |  |
Other | 1,991 |  |  | 1,705 |  |  |  |  |  |  |  |  |  |  |
Total noninterest income (loss) | $ | 12,136 |  |  | $ | (78,124) |  |  |  |  |  |  |  |  |  |  |

(1) May include loans originated as held for investment.
(2) December 31, 2024 amount includes loss of $88.8 million on sale of $990 million of multifamily loans.
Loan servicing income, a component of noninterest income, consisted of the following:

| Quarter Ended |  |  |  |  |  |  |  |  |  |
(in thousands) | March 31, 2025 |  | December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Single family servicing income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Servicing fees and other | $ | 3,725 |  |  | $ | 3,715 |  |  |  |  |  |  |  |  |  |  |  |  |
Changes - amortization (1) | (1,582) |  |  | (1,690) |  |  |  |  |  |  |  |  |  |  |  |  |
Net | 2,143 |  |  | 2,025 |  |  |  |  |  |  |  |  |  |  |  |  |
Risk management, single family MSRs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in fair value due to assumptions (2) | 271 |  |  | 2,559 |  |  |  |  |  |  |  |  |  |  |  |  |
Net gain (loss) from economic hedging (3) | 1,016 |  |  | (2,731) |  |  |  |  |  |  |  |  |  |  |  |  |
Subtotal | 1,287 |  |  | (172) |  |  |  |  |  |  |  |  |  |  |  |  |
Single Family servicing income | 3,430 |  |  | 1,853 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loan servicing income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Servicing fees and other | 2,782 |  |  | 2,472 |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of capitalized MSRs | (1,354) |  |  | (1,328) |  |  |  |  |  |  |  |  |  |  |  |  |
Total | 1,428 |  |  | 1,144 |  |  |  |  |  |  |  |  |  |  |  |  |
Total loan servicing income | $ | 4,858 |  |  | $ | 2,997 |  |  |  |  |  |  |  |  |  |  |  |  |

(1)Represents changes due to collection/realization of expected cash flows and curtailments.
(2)Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.
(3)The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, was $0.4 million and $0.3 million for the quarters ended March 31, 2025 and December 31, 2024, respectively.
Noninterest income in the first quarter of 2025 increased from the fourth quarter of 2024 primarily due to the $88.8 million loss on the sale of multifamily loans in the fourth quarter of 2024 and an increase in loan servicing income. The increase in loan servicing income is primarily due to an increase in the value of our single family mortgage servicing rights.
47

Noninterest Expense consisted of the following:

| Quarter Ended |  |  |  |  |  |  |  |  |  |
(in thousands) | March 31, 2025 |  | December 31, 2024 |  |  |  |  |  |  |  |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits | $ | 26,309 |  |  | $ | 25,037 |  |  |  |  |  |  |  |  |  |  |  |  |
Information services | 7,585 |  |  | 7,208 |  |  |  |  |  |  |  |  |  |  |  |  |
Occupancy | 4,871 |  |  | 6,181 |  |  |  |  |  |  |  |  |  |  |  |  |
General, administrative and other | 10,343 |  |  | 5,527 |  |  |  |  |  |  |  |  |  |  |  |  |
Total noninterest expense | $ | 49,108 |  |  | $ | 43,953 |  |  |  |  |  |  |  |  |  |  |  |  |

Noninterest expenses were $5.2 million higher in the first quarter of 2025 due to a $1.3 million increase in compensation and benefits and a $4.8 million increase in general, administrative and other expenses which were partially offset by a $1.3 million decrease in occupancy expenses. The increase in compensation and benefits was primarily due to wage increases in 2025 and increases in employee benefits and employer taxes, which were partially offset by a 3% reduction in FTEs. The increase in general, administrative and other expenses was due to the recovery of $3.2 million in merger expenses in the fourth quarter of 2024 and $2.1 million of merger related expenses incurred in the first quarter of 2025. The decrease in occupancy costs was primarily due to lease impairment costs recognized in the fourth quarter of 2024.
First Quarter of 2025 Compared to First Quarter of 2024
Non-core amounts: For the first quarter of 2025, non-core items include $2.1 million of merger related expenses. During the first quarter of 2024, non-core items include $2.6 million of merger related expenses.
General: Our net loss and loss before income taxes were $4.5 million and $4.8 million, respectively, in the first quarter of 2025, as compared to $7.5 million and $10.6 million, respectively, in the first quarter of 2024. Our core net loss and core net loss before income taxes, which exclude the impact of merger related expenses, was $2.9 million and $2.7 million in the first quarter of 2025, as compared to core net loss of $5.5 million and core loss before income taxes of $8.0 million in the first quarter of 2024. The $5.3 million decrease in core loss before income taxes was primarily due to higher net interest income, higher noninterest income and a decrease in noninterest expense, partially offset by an increase in provision for credit losses.
Income Taxes: Due to our cumulative losses over the last three year period ended December 31, 2024, accounting rules required us to provide a valuation allowance for the balance of our deferred tax assets in the fourth quarter of 2024. As a result, we do not expect to recognize tax expense until the deferred tax assets valuation allowance no longer exists. The $0.3 million income tax benefit recognized in the first quarter of 2025 primarily relates to the reversal of the disparate tax effects on our AOCI resulting from the recording in the fourth quarter of 2024of a deferred tax valuation allowance for the deferred tax assets related to AOCI. Our effective tax rate in the first quarter of 2024 of 29.0% was higher than our statutory rate of 24.6% due to the impact of tax advantaged investments which creates a higher benefit due to our taxable loss.
48

Net Interest Income: The following tables set forth, for the periods indicated, information regarding (i) the total dollar amount of interest income from interest-earning assets and the resultant average yields on those assets; (ii) the total dollar amount of interest expense and the average rate of interest on our interest-bearing liabilities; (iii) net interest income; (iv) net interest rate spread; and (v) net interest margin:

| Quarter Ended March 31,
| 2025 |  | 2024
(dollars in thousands) | Average Balance |  | Interest |  | Average Yield/Cost |  | Average Balance |  | Interest |  | Average Yield/Cost
Assets: |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |
Loans (1) | $ | 6,198,659 |  |  | $ | 73,587 |  |  | 4.76 | % |  | $ | 7,460,650 |  |  | $ | 86,427 |  |  | 4.60 | %
Investment securities (1) | 1,055,336 |  |  | 9,509 |  |  | 3.60 | % |  | 1,239,093 |  |  | 11,627 |  |  | 3.75 | %
FHLB Stock, Fed Funds and other | 242,687 |  |  | 3,691 |  |  | 6.20 | % |  | 388,462 |  |  | 5,571 |  |  | 5.76 | %
Total interest-earning assets | 7,496,682 |  |  | 86,787 |  |  | 4.65 | % |  | 9,088,205 |  |  | 103,625 |  |  | 4.54 | %
Noninterest-earning assets | 374,252 |  |  |  |  |  |  | 413,984 |  |  |  |  |
Total assets | $ | 7,870,934 |  |  |  |  |  |  | $ | 9,502,189 |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: (2) |  |  |  |  |  |  |  |  |  |  |
Demand deposits | $ | 312,762 |  |  | $ | 287 |  |  | 0.37 | % |  | $ | 324,210 |  |  | $ | 170 |  |  | 0.21 | %
Money market and savings | 1,645,604 |  |  | 6,874 |  |  | 1.68 | % |  | 1,840,023 |  |  | 7,380 |  |  | 1.60 | %
Certificates of deposit | 2,919,241 |  |  | 31,076 |  |  | 4.32 | % |  | 3,068,404 |  |  | 35,057 |  |  | 4.60 | %
Total | 4,877,607 |  |  | 38,237 |  |  | 3.18 | % |  | 5,232,637 |  |  | 42,607 |  |  | 3.27 | %
Borrowings: |  |  |  |  |  |  |  |  |  |  |
Borrowings | 1,011,111 |  |  | 11,364 |  |  | 4.50 | % |  | 2,074,527 |  |  | 24,676 |  |  | 4.73 | %
Long-term debt | 225,178 |  |  | 2,943 |  |  | 5.23 | % |  | 224,812 |  |  | 3,107 |  |  | 5.51 | %
Total interest-bearing liabilities | 6,113,896 |  |  | 52,544 |  |  | 3.47 | % |  | 7,531,976 |  |  | 70,390 |  |  | 3.74 | %
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Demand deposits (2) | 1,265,701 |  |  |  |  |  |  | 1,319,309 |  |  |  |  |
Other liabilities | 86,537 |  |  |  |  |  |  | 113,277 |  |  |  |  |
Total liabilities | 7,466,134 |  |  |  |  |  |  | 8,964,562 |  |  |  |  |
Shareholders' equity | 404,800 |  |  |  |  |  |  | 537,627 |  |  |  |  |
Total liabilities and shareholders' equity | $ | 7,870,934 |  |  |  |  |  |  | $ | 9,502,189 |  |  |  |  |
Net interest income |  |  | $ | 34,243 |  |  |  |  |  |  | $ | 33,235 |  |  |
Net interest spread |  |  |  |  | 1.18 | % |  |  |  |  |  | 0.80 | %
Net interest margin |  |  |  |  | 1.82 | % |  |  |  |  |  | 1.44 | %

(1) Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities of $1.0 million and $1.1 million for the quarters ended March 31, 2025 and 2024, respectively. The estimated federal statutory tax rate was 21% for the periods presented.
(2) Cost of deposits including noninterest-bearing deposits, was 2.52% and 2.61% for the quarters ended March 31, 2025 and 2024, respectively.
Net interest income in the first quarter of 2025 increased $1.1 million as compared to the first quarter of 2024 due primarily to an increase in net interest margin from 1.44% in the first quarter of 2024 to 1.82% in the first quarter of 2025. The increase in net interest margin is due to a 27 basis point decrease in the rates paid on interest-bearing liabilities and an 11 basis point increase in the yield on interest earning assets. The increase in yield on interest earning assets was primarily due to the sale of $990 million of lower yielding multifamily loans at the end of the fourth quarter of 2024. The decrease in rates on interest bearing liabilities are primarily due to our paydown at the end of 2024 and beginning of 2025 of higher cost borrowings and brokered certificates of deposit using the proceeds from the sale of multifamily loans.
Provision for Credit Losses: The $1.0 million provision for credit losses recognized during the first quarter of 2025 was due to a $3.3 million increase in specific reserves which was partially offset by lower general reserves resulting in part from lower loan balances. During the first quarter of 2024, the provision for credit losses reflect the stable balance of our loan portfolio, a minimal level of identified credit issues in our loan portfolio and the lack of significant expected credit issues arising in future periods.
49

Noninterest Income consisted of the following:

|  |  |  |  |  |  | Quarter Ended March 31, |
(in thousands) |  |  |  |  |  |  | 2025 |  | 2024 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Gain on loan origination and sale activities (1) |  |  |  |  |  |  |  |  |  |  |  |
Single family |  |  |  |  |  |  |  |  | $ | 2,283 |  |  | $ | 1,986 |  |
CRE, multifamily and SBA |  |  |  |  |  |  |  |  | 933 |  |  | 320 |  |
Loan servicing income |  |  |  |  |  |  |  |  | 4,858 |  |  | 3,032 |  |
Deposit fees |  |  |  |  |  |  |  |  | 2,071 |  |  | 2,241 |  |
Other |  |  |  |  |  |  |  |  | 1,991 |  |  | 1,875 |  |
Total noninterest income |  |  |  |  |  |  |  |  | $ | 12,136 |  |  | $ | 9,454 |  |

(1) May include loans originated as held for investment.
Noninterest income in the first quarter of 2025 increased from the first quarter of 2024 primarily due to a $0.9 million increase in gain on loan sales and a $1.8 million increase in loan servicing income. The gain on loan sales increased primarily due to an increase in CRE loan sales volume. The increase in loan servicing income is primarily due to an increase in the value of our single family mortgage servicing rights.
Loan servicing income, a component of noninterest income, consisted of the following:

|  |  |  | Quarter Ended March 31,
(in thousands) |  |  |  |  |  | 2025 |  | 2024
Single family servicing income, net |  |  |  |  |  |  |  |
Servicing fees and other |  |  |  |  |  | $ | 3,725 |  |  | $ | 3,839 |
Changes - amortization (1) |  |  |  |  |  | (1,582) |  |  | (1,428) |
Net |  |  |  |  |  | 2,143 |  |  | 2,411 |
Risk management, single family MSRs: |  |  |  |  |  |  |  |
Changes in fair value due to assumptions (2) |  |  |  |  |  | 271 |  |  | 618 |
Net gain (loss) from economic hedging (3) |  |  |  |  |  | 1,016 |  |  | (1,110) |
Subtotal |  |  |  |  |  | 1,287 |  |  | (492) |
Single Family servicing income |  |  |  |  |  | 3,430 |  |  | 1,919 |
Commercial loan servicing income: |  |  |  |  |  |  |  |
Servicing fees and other |  |  |  |  |  | 2,782 |  |  | 2,515 |
Amortization of capitalized MSRs |  |  |  |  |  | (1,354) |  |  | (1,402) |
Total |  |  |  |  |  | 1,428 |  |  | 1,113 |
Total loan servicing income |  |  |  |  |  | $ | 4,858 |  |  | $ | 3,032 |

(1)Represents changes due to collection/realization of expected cash flows and curtailments.
(2)Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.
(3)The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, was $0.4 million and $0.3 million for the quarters ended March 31, 2025 and 2024, respectively.
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Noninterest Expense consisted of the following:

|  |  |  |  |  | Quarter Ended March 31, |  |  |  |
(in thousands) |  |  |  |  |  | 2025 |  | 2024 |  |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |  | $ | 26,309 |  |  | $ | 28,011 |  |  |  |  |
Information services |  |  |  |  |  |  |  | 7,585 |  |  | 7,342 |  |  |  |  |
Occupancy |  |  |  |  |  |  |  | 4,871 |  |  | 5,434 |  |  |  |  |
General, administrative and other |  |  |  |  |  |  |  | 10,343 |  |  | 11,377 |  |  |  |  |
Total noninterest expense |  |  |  |  |  |  |  | $ | 49,108 |  |  | $ | 52,164 |  |  |  |  |

The $3.1 million decrease in noninterest expense in the first quarter of 2025 as compared to the first quarter of 2024 was primarily due to $1.7 million lower compensation and benefit costs, $0.6 million lower occupancy costs and $1.0 million lower general and administrative costs. The decrease in compensation and benefit costs was primarily due to an 11% decrease in FTE and lower medical costs, which was partially offset by wage increases in the first quarter of 2025. The decrease in occupancy costs is primarily due to reductions in leased space from branch closures in 2024. The decrease in general and administrative costs reflects the efforts made to eliminate or defer nonessential expenses.
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Financial Condition
During the first quarter of 2025, our total assets decreased $320 million due primarily to a $169 million decrease in loans held for investment and a $154 million decrease in cash. In the first quarter of 2025, total liabilities decreased $324 million due to a $323 million decrease in deposits. The decrease in deposits was primarily due to a $454 million decrease in brokered certificates of deposit which was partially offset by a $131 million increase in non-brokered deposits.
Credit Risk Management
During the first quarter of 2025, our ratios of nonperforming assets to total assets and total loans delinquent over 30 days, including nonaccrual loans, increased slightly primarily due to a decrease in our loans held for investment. As of March 31, 2025, our ratio of nonperforming assets to total assets was 0.75% as compared to 0.71% at December 31, 2024, and our ratio of total loans delinquent over 30 days, including nonaccrual loans, to total loans was 1.09% as compared to 1.06% at December 31, 2024. During the first quarter of 2025, we increased the specific reserves for a syndicated commercial loan by $3.9 million based on updated analysis of the collateral support for this loan.
Management considers the current level of the ACL to be appropriate to cover estimated lifetime losses within our LHFI portfolio. The following table presents the ACL by product type:

| At March 31, 2025 |  | At December 31, 2024
(dollars in thousands) | Amount |  | Rate (1) |  | Amount |  | Rate (1)
CRE |  |  |  |  |  |  |
Non-owner occupied CRE | $ | 1,658 |  |  | 0.30 | % |  | $ | 1,739 |  |  | 0.30 | %
Multifamily | 13,287 |  |  | 0.45 | % |  | 14,909 |  |  | 0.50 | %
Construction/land development |  |  |  |  |  |  |
Multifamily construction | 468 |  |  | 0.72 | % |  | 849 |  |  | 0.86 | %
CRE construction | 73 |  |  | 0.66 | % |  | 66 |  |  | 0.60 | %
Single family construction | 5,704 |  |  | 1.74 | % |  | 6,737 |  |  | 2.10 | %
Single family construction to permanent | 140 |  |  | 0.45 | % |  | 184 |  |  | 0.44 | %
Total | 21,330 |  |  | 0.55 | % |  | 24,484 |  |  | 0.61 | %
Commercial and industrial loans |  |  |  |  |  |  |
Owner occupied CRE | 598 |  |  | 0.18 | % |  | 576 |  |  | 0.16 | %
Commercial business | 10,648 |  |  | 3.61 | % |  | 6,886 |  |  | 2.23 | %
Total | 11,246 |  |  | 1.77 | % |  | 7,462 |  |  | 1.12 | %
Consumer loans |  |  |  |  |  |  |
Single family | 3,702 |  |  | 0.37 | % |  | 3,610 |  |  | 0.35 | %
Home equity and other | 3,356 |  |  | 0.80 | % |  | 3,187 |  |  | 0.77 | %
Total | 7,058 |  |  | 0.50 | % |  | 6,797 |  |  | 0.47 | %
Total ACL | $ | 39,634 |  |  | 0.66 | % |  | $ | 38,743 |  |  | 0.63 | %

(1) The ACL rate is calculated excluding balances related to loans that are insured by the FHA or guaranteed by the VA or SBA.
Liquidity and Sources of Funds
Liquidity risk management is primarily intended to ensure we are able to maintain sources of cash to adequately fund operations and meet our obligations, including demands from depositors, draws on lines of credit and paying any creditors, on a timely and cost-effective basis, in various market conditions. Our liquidity profile is influenced by changes in market conditions, the composition of the balance sheet and risk tolerance levels. The Company has established liquidity guidelines and operating plans that detail the sources and uses of cash and liquidity.
The Company's primary sources of liquidity include deposits, loan payments and investment securities payments, both principal and interest, borrowings, and proceeds from the sale of loans and investment securities. Borrowings include advances from the FHLB, borrowings from the Federal Reserve, federal funds purchased and borrowing from other financial institutions. Additionally, the Company may sell stock or issue long-term debt to raise funds. While scheduled principal repayments on
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loans and investment securities are a relatively predictable source of funds, deposit inflows and outflows and prepayments of loans and investment securities are greatly influenced by interest rates, economic conditions and competition.
The Company’s contractual cash flow obligations include the maturity of certificates of deposit, short-term and long-term borrowings, interest on certificates of deposit and borrowings, operating leases and fees for information technology related services and professional services. Obligations for certificates of deposit and short-term borrowings are typically satisfied through the renewal of these instruments or the generation of new deposits or use of available short-term borrowings. Interest payments and obligations related to leases and services are typically met by cash generated from our operations. The Company does not have any obligation to repay long-term debt within the next three years other than $65 million in principal amount of Senior Notes maturing on June 1, 2026. The Company intends to repay the Senior Notes with dividends made to the Company from the Bank or from funds received through the issuance of new debt or sales of stock.
At March 31, 2025 and December 31, 2024, the Bank had available borrowing capacity of $1.0 billion and $1.3 billion, respectively, from the FHLB, and $2.0 billion and $1.6 billion, respectively, from the FRBSF and $949 million and $1.0 billion under borrowing lines established with other financial institutions.
We believe that our current unrestricted cash and cash equivalents, cash flows from operations and borrowing capacity will be sufficient to meet our liquidity needs for at least the next 12 months. We are currently not aware of any other trends or demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in our liquidity increasing or decreasing in any material way that will impact our liquidity needs during or beyond the next 12 months.
Cash Flows
For the quarter ended March 31, 2025, cash and cash equivalents decreased by $154 million compared to an increase of $105 million during the quarter ended March 31, 2024. As excess liquidity can reduce the Company’s earnings and returns, the Company manages its cash positions to minimize the level of excess liquidity and does not attempt to maximize the level of cash and cash equivalents. The following discussion highlights the major activities and transactions that affected our cash flows during these periods.
Cash flows from operating activities
The Company's operating assets and liabilities are used to support our lending activities, including the origination and sale of mortgage loans. For the quarter ended March 31, 2025, net cash of $23 million was used in operating activities, as cash generated from operations was offset by cash used to fund LHFS in excess of proceeds from the sale of loans and increases in trading securities. For the quarter ended March 31, 2024, net cash of $8 million was used in operating activities, as cash generated from operations was offset by an increases in trading securities and other assets.
Cash flows from investing activities
The Company's investing activities primarily include AFS investment securities and loans originated as held for investment. For the quarter ended March 31, 2025, net cash of $191 million was provided by investing activities primarily from principal repayments on AFS securities and by LHFI principal repayments, net of originations. For the quarter ended March 31, 2024, net cash of $36 million was provided by investing activities primarily from principal repayments on AFS securities, partially offset by the origination of LHFI, net of principal repayments and net FHLB stock purchases.
Cash flows from financing activities
The Company's financing activities are primarily related to deposits and proceeds from borrowings. For the quarter ended March 31, 2025, net cash of $323 million was used in financing activities, primarily due to a decrease in brokered certificates of deposit. For the quarter ended March 31, 2024, net cash of $76 million was provided by financing activities, primarily due to an increase in short-term and long-term borrowings, partially offset by decreases in deposits.
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Off-Balance Sheet Arrangements
In the normal course of business, we are a party to financial instruments that carry off-balance sheet risk. These financial instruments (which include commitments to originate loans and commitments to purchase loans) include potential credit risk in excess of the amount recognized in the accompanying consolidated financial statements. These transactions are designed to (1) meet the financial needs of our customers, (2) manage our credit, market or liquidity risks, (3) diversify our funding sources and/or (4) optimize capital.
These commitments include the following:

(in thousands) | At March 31, 2025 |  | At December 31, 2024
Unused consumer portfolio lines | $ | 627,326 |  |  | $ | 609,930 |
Commercial portfolio lines (1) | 548,536 |  |  | 523,415 |
Commitments to fund loans | 31,590 |  |  | 56,417 |
Total | $ | 1,207,452 |  |  | $ | 1,189,762 |

(1) Within the commercial portfolio, undistributed construction loan proceeds, where the Company has an obligation to advance funds for construction progress payments were $348 million and $306 million at March 31, 2025 and December 31, 2024, respectively.
Capital Resources and Dividend Policy
The capital rules applicable to United States based bank holding companies and federally insured depository institutions (“Capital Rules”) require the Company (on a consolidated basis) and the Bank (on a stand-alone basis) to meet specific capital adequacy requirements that, for the most part, involve quantitative measures, primarily in terms of the ratios of their capital to their assets, liabilities, and certain off-balance sheet items, calculated under regulatory accounting practices. In addition, prompt corrective action regulations place a federally insured depository institution, such as the Bank, into one of five capital categories on the basis of its capital ratios: (i) well capitalized; (ii) adequately capitalized; (iii) undercapitalized; (iv) significantly undercapitalized; or (v) critically undercapitalized. A depository institution’s primary federal regulatory agency may determine that, based on certain qualitative assessments, the depository institution should be assigned to a lower capital category than the one indicated by its capital ratios. At each successive lower capital category, a depository institution is subject to greater operating restrictions and increased regulatory supervision by its federal bank regulatory agency.
The following table sets forth the capital and capital ratios of HomeStreet Inc. (on a consolidated basis) and HomeStreet Bank as compared to the respective regulatory requirements applicable to them:

| At March 31, 2025
| Actual |  | For Minimum Capital Adequacy Purposes |  | To Be Categorized As "Well Capitalized"
(dollars in thousands) | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
HomeStreet, Inc. |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage capital (to average assets) | $ | 533,304 |  |  | 6.62 | % |  | $ | 322,084 |  |  | 4.0 | % |  | NA |  | NA
Common equity Tier 1 capital (to risk-weighted assets) | 473,304 |  |  | 8.76 | % |  | 243,161 |  |  | 4.5 | % |  | NA |  | NA
Tier 1 risk-based capital (to risk-weighted assets) | 533,304 |  |  | 9.87 | % |  | 324,214 |  |  | 6.0 | % |  | NA |  | NA
Total risk-based capital (to risk-weighted assets) | 674,401 |  |  | 12.48 | % |  | 432,286 |  |  | 8.0 | % |  | NA |  | NA
HomeStreet Bank |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage capital (to average assets) | $ | 681,006 |  |  | 8.46 | % |  | $ | 321,913 |  |  | 4.0 | % |  | $ | 402,391 |  |  | 5.0 | %
Common equity Tier 1 capital (to risk-weighted assets) | 681,006 |  |  | 12.61 | % |  | 243,035 |  |  | 4.5 | % |  | 351,050 |  |  | 6.5 | %
Tier 1 risk-based capital (to risk-weighted assets) | 681,006 |  |  | 12.61 | % |  | 324,047 |  |  | 6.0 | % |  | 432,062 |  |  | 8.0 | %
Total risk-based capital (to risk-weighted assets) | 723,518 |  |  | 13.40 | % |  | 432,062 |  |  | 8.0 | % |  | 540,078 |  |  | 10.0 | %

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| At December 31, 2024
| Actual |  | For Minimum Capital Adequacy Purposes |  | To Be Categorized As "Well Capitalized"
(dollars in thousands) | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
HomeStreet, Inc. |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage capital (to average assets) | $ | 537,057 |  |  | 5.77 | % |  | $ | 372,319 |  |  | 4.0 | % |  | NA |  | NA
Common equity Tier 1 capital (to risk-weighted assets) | 477,057 |  |  | 8.62 | % |  | 249,109 |  |  | 4.5 | % |  | NA |  | NA
Tier 1 risk-based capital (to risk-weighted assets) | 537,057 |  |  | 9.70 | % |  | 332,145 |  |  | 6.0 | % |  | NA |  | NA
Total risk-based capital (to risk-weighted assets) | 677,225 |  |  | 12.23 | % |  | 442,860 |  |  | 8.0 | % |  | NA |  | NA
HomeStreet Bank |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage capital (to average assets) | $ | 678,869 |  |  | 7.30 | % |  | $ | 372,132 |  |  | 4.0 | % |  | $ | 465,165 |  |  | 5.0 | %
Common equity Tier 1 capital (to risk-weighted assets) | 678,869 |  |  | 12.27 | % |  | 249,000 |  |  | 4.5 | % |  | 359,667 |  |  | 6.5 | %
Tier 1 risk-based capital (to risk-weighted assets) | 678,869 |  |  | 12.27 | % |  | 332,001 |  |  | 6.0 | % |  | 442,667 |  |  | 8.0 | %
Total risk-based capital (to risk-weighted assets) | 720,498 |  |  | 13.02 | % |  | 442,667 |  |  | 8.0 | % |  | 553,334 |  |  | 10.0 | %

As of the dates set forth in the above table, the Company exceeded the minimum required capital ratios applicable to it and the Bank’s capital ratios exceeded the minimums necessary to qualify as a well-capitalized depository institution under the prompt corrective action regulations. In addition to the minimum capital ratios, both HomeStreet Inc. and HomeStreet Bank are required to maintain a capital conservation buffer consisting of additional Common Equity Tier 1 Capital of more than 2.5% above the required minimum levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses. The required ratios for capital adequacy set forth in the above table do not include the Capital Rules’ additional capital conservation buffer, though both the Company and Bank maintained capital ratios necessary to satisfy the capital conservation buffer requirements as of the dates indicated. At March 31, 2025, capital conservation buffers for the Company and the Bank were 3.87% and 5.40%, respectively.
The Company did not declare a cash dividend in the quarter and currently does not plan to pay any quarterly dividends in 2025. The amount and declaration of future cash dividends are subject to approval by our Board of Directors and certain statutory requirements and regulatory restrictions.
We had no material commitments for capital expenditures as of March 31, 2025.
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Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements presented in accordance with GAAP, we use certain use certain non-GAAP measures of financial performance.
In this Form 10-Q, we use the following non-GAAP measures: (i) tangible common equity and tangible assets as we believe this information is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of capital ratios; (ii) core net income (loss) and effective tax rate on core net income (loss) before income taxes, which excludes the loss on the sale of $990 million of multifamily loans in the fourth quarter of 2024 due to the unusual nature and size of the loan sale, the deferred tax asset valuation allowance recognized in the fourth quarter of 2024 because it is a significant unusual item, loss on debt extinguishment in the fourth quarter of 2024 and merger related expenses and the related tax impact as we believe this measure is a better comparison to be used for projecting future results; and, (iii) core noninterest expenses which excludes the loss on debt extinguishment in the fourth quarter of 2024 and merger related expenses as we believe this measure is a better comparison to be used for projecting future noninterest expenses, and (iv) efficiency ratio which is the ratio of noninterest expense to the sum of net interest income and noninterest income, excluding certain items of income or expense considered non-core and excluding taxes incurred and payable to the state of Washington as such taxes are not classified as income taxes and we believe including them in noninterest expense impacts the comparability of our results to those companies whose operations are in states where assessed taxes on business are classified as income taxes.
These supplemental performance measures, as well as additional measures derived from these supplemental performance measures, may vary from, and may not be comparable to, similarly titled measures provided by other companies in our industry. Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. A non-GAAP financial measure may also be a financial metric that is not required by GAAP or other applicable requirements.
We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by providing additional information used by management that is not otherwise required by GAAP or other applicable requirements. Our management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate a comparison of our performance to prior periods. We believe these measures are frequently used by securities analysts, investors and other parties in the evaluation of companies in our industry. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP. In the information below, we have provided reconciliations of, where applicable, the most comparable GAAP financial measures to the non-GAAP measures used in this Form 10-Q, or a computation of the measure.
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Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures or the computation of the measure:

| For the Quarter Ended
(in thousands, except ratio, rate and share data) | March 31, 2025 |  | December 31, 2024 |  |  |  | March 31, 2024
Core net income (loss) |  |  |  |  |  |  |
Net income (loss) | $ | (4,465) |  |  | $ | (123,327) |  |  |  |  | $ | (7,497) |
Adjustments (tax effected) |  |  |  |  |  |  |
Loss on loan sale | — |  |  | 67,058 |  |  |  |  | — |
Merger related expenses (recoveries) | 1,599 |  |  | (2,534) |  |  |  |  | 2,028 |
Loss on debt extinguishment | — |  |  | 353 |  |  |  |  | — |
Deferred tax asset valuation allowance | — |  |  | 53,310 |  |  |  |  | — |
Total | $ | (2,866) |  |  | $ | (5,140) |  |  |  |  | $ | (5,469) |
Core net income (loss) per fully diluted share |  |  |  |  |  |  |
Fully diluted shares | 18,920,808 |  |  | 18,857,565 |  |  |  |  | 18,856,870 |
Computed amount | $ | (0.15) |  |  | $ | (0.27) |  |  |  |  | $ | (0.29) |
Return on average tangible equity (annualized) |  |  |  |  |  |
Average shareholders' equity | $ | 404,800 |  |  | $ | 529,299 |  |  |  |  | $ | 537,627 |
Less: Average intangibles | (6,976) |  |  | (7,542) |  |  |  |  | (9,403) |
Average tangible equity | 397,824 |  |  | 521,757 |  |  |  |  | 528,224 |
Net income (loss) | $ | (4,465) |  |  | $ | (123,327) |  |  |  |  | $ | (7,497) |
Adjustments (tax effected) |  |  |  |  |  |
Amortization of core deposit intangibles | 374 |  |  | 487 |  |  |  |  | 488 |
Tangible income applicable to shareholders | $ | (4,091) |  |  | $ | (122,840) |  |  |  |  | $ | (7,009) |
Ratio | (4.2) | % |  | (93.7) | % |  |  |  | (5.3) | %
Return on average tangible equity (annualized) - Core |  |  |  |  |  |  |
Average tangible equity | $ | 397,824 |  |  | $ | 521,757 |  |  |  |  | $ | 528,224 |
Core net income (loss) (per above) | $ | (2,866) |  |  | $ | (5,140) |  |  |  |  | $ | (5,469) |
Adjustments (tax effected) |  |  |  |  |  |  |
Amortization on core deposit intangibles | 374 |  |  | 487 |  |  |  |  | 488 |
Tangible income (loss) applicable to shareholders | $ | (2,492) |  |  | $ | (4,653) |  |  |  |  | $ | (4,981) |
Ratio | (2.5) | % |  | (3.5) | % |  |  |  | (3.8) | %
Return on average equity (annualized) - Core |  |  |  |
Average shareholders' equity (per above) | $ | 404,800 |  |  | $ | 529,299 |  |  |  |  | $ | 537,627 |
Core net income (loss) (per above) | (2,866) |  |  | (5,140) |  |  |  |  | (5,469) |
Ratio | (2.9) | % |  | (3.9) | % |  |  |  | (4.1) | %
Efficiency ratio |  |  |  |  |  |  |
Noninterest expense |  |  |  |  |  |  |
Total | $ | 49,108 |  |  | $ | 43,953 |  |  |  |  | $ | 52,164 |
Adjustments: |  |  |  |  |  |  |
Merger related expenses or recoveries | (2,050) |  |  | 3,249 |  |  |  |  | (2,600) |
Loss on debt extinguishment | — |  |  | (452) |  |  |  |  | — |
State of Washington taxes | (386) |  |  | (157) |  |  |  |  | (452) |
Adjusted total | $ | 46,672 |  |  | $ | 46,593 |  |  |  |  | $ | 49,112 |

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| For the Quarter Ended
(in thousands, except ratio, rate and share data) | March 31, 2025 |  | December 31, 2024 |  |  |  | March 31, 2024
Total revenues |  |  |  |  |  |  |
Net interest income | $ | 33,221 |  |  | $ | 29,616 |  |  |  |  | $ | 32,151 |
Noninterest income | 12,136 |  |  | (78,124) |  |  |  |  | 9,454 |
Loss on loan sale | — |  |  | 88,818 |  |  |  |  | — |
Total | $ | 45,357 |  |  | $ | 40,310 |  |  |  |  | $ | 41,605 |
Ratio | 102.9 | % |  | 115.6 | % |  |  |  | 118.0 | %
Return on Average assets (annualized) - Core |  |  |  |  |  |  |
Average Assets | $ | 7,870,934 |  |  | $ | 9,127,103 |  |  |  |  | $ | 9,502,189 |
Core net income (loss) - per above | (2,866) |  |  | (5,140) |  |  |  |  | (5,469) |
Ratio | (0.15) | % |  | (0.22) | % |  |  |  | (0.23) | %
Effective tax rate used in computations above (1) | 22.0 | % |  | 22.0 | % |  |  |  | 22.0 | %

(1) Effective tax rate indicated is used for all adjustments except the loss on loan sale. The gross effective tax rate of 24.5% was used for the loss on loan sale due to the large size of the loss in relation to permanent differences that could impact our gross effective rate.

| As of |
(in thousands, except ratio, rate and share data) | March 31, 2025 |  | December 31, 2024 |
Tangible book value per share |  |  |  |
Shareholders' equity | $ | 400,751 |  |  | $ | 396,997 |  |
Less: Intangible assets | (6,662) |  |  | (7,141) |  |
Tangible shareholder's equity | $ | 394,089 |  |  | $ | 389,856 |  |
Common shares outstanding | 18,920,808 |  |  | 18,857,565 |  |
Computed amount | $ | 20.83 |  |  | $ | 20.67 |  |
Tangible common equity to tangible assets |  |  |  |
Tangible shareholder's equity (per above) | $ | 394,089 |  |  | $ | 389,856 |  |
Tangible assets |  |  |  |
Total assets | $ | 7,803,631 |  |  | $ | 8,123,698 |  |
Less: Intangible assets | (6,662) |  |  | (7,141) |  |
Net | $ | 7,796,969 |  |  | $ | 8,116,557 |  |
Ratio | 5.1 | % |  | 4.8 | % |

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ITEM 3 | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk Management
Market risk is defined as the sensitivity of income, fair value measurements and capital to changes in interest rates, foreign currency exchange rates, commodity prices and other relevant market rates or prices. The primary market risks that we are exposed to are price and interest rate risks. Price risk is defined as the risk to current or anticipated earnings or capital arising from changes in the value of either assets or liabilities that are entered into as part of distributing or managing risk. Interest rate risk is defined as risk to current or anticipated earnings or capital arising from movements in interest rates.
For the Company, price and interest rate risks arise from the financial instruments and positions we hold. This includes loans, MSRs, investment securities, deposits, borrowings, long-term debt and derivative financial instruments. Due to the nature of our current operations, we are not subject to foreign currency exchange or commodity price risk. Our real estate loan portfolio is subject to risks associated with the local economies of our various markets, in particular, the regional economy of the western United States, including Hawaii.
The spread between the yield on interest-earning assets and the cost of interest-bearing liabilities and the relative dollar amounts of these assets and liabilities are the principal items affecting net interest income. Changes in net interest rates (interest rate risk) are influenced to a significant degree by the repricing characteristics of assets and liabilities (timing risk), the relationship between various rates (basis risk), customer options (option risk) and changes in the shape of the yield curve (time-sensitive risk). We manage the available-for-sale investment securities portfolio while maintaining a balance between risk and return. The Company's funding strategy is to grow core deposits while we efficiently supplement using wholesale borrowings.
We estimate the sensitivity of our net interest income to changes in market interest rates using an interest rate simulation model that includes assumptions related to the level of balance sheet growth, deposit repricing characteristics and the rate of prepayments for multiple interest rate change scenarios. Interest rate sensitivity depends on certain repricing characteristics in our interest-earnings assets and interest-bearing liabilities, including the maturity structure of assets and liabilities and their repricing characteristics during the periods of changes in market interest rates. Effective interest rate risk management seeks to ensure both assets and liabilities respond to changes in interest rates within an acceptable timeframe, minimizing the impact of interest rate changes on net interest income and capital. Interest rate sensitivity is measured as the difference between the volume of assets and liabilities, at a point in time, that are subject to repricing at various time horizons, known as interest rate sensitivity gaps.
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The following table presents sensitivity gaps for these different intervals:

| At March 31, 2025
(in thousands) | 3 Mos. or Less |  | More Than 3 Mos. to 6 Mos. |  | More Than 6 Mos. to 12 Mos. |  | More Than 12 Mos. to 3 Yrs. |  | More Than 3 Yrs. to 5 Yrs. |  | More Than 5 to 15 Yrs. |  | More Than 15 Yrs. |  | Non-Rate- Sensitive |  | Total
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash & cash equivalents | $ | 252,162 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 252,162 |
FHLB Stock | $ | 45,047 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,873 |  |  | — |  |  | 49,920 |
Investment securities (1) | 173,529 |  |  | 86,937 |  |  | 29,729 |  |  | 105,151 |  |  | 160,634 |  |  | 481,289 |  |  | 18,049 |  |  | — |  |  | 1,055,318 |
LHFS | 34,734 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34,734 |
LHFI (1) | 1,304,541 |  |  | 389,786 |  |  | 583,830 |  |  | 1,685,376 |  |  | 1,297,590 |  |  | 736,877 |  |  | 65,216 |  |  | — |  |  | 6,063,216 |
Total | 1,810,013 |  |  | 476,723 |  |  | 613,559 |  |  | 1,790,527 |  |  | 1,458,224 |  |  | 1,218,166 |  |  | 88,138 |  |  | — |  |  | 7,455,350 |
Non-interest-earning assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 348,281 |  |  | 348,281 |
Total assets | $ | 1,810,013 |  |  | $ | 476,723 |  |  | $ | 613,559 |  |  | $ | 1,790,527 |  |  | $ | 1,458,224 |  |  | $ | 1,218,166 |  |  | $ | 88,138 |  |  | $ | 348,281 |  |  | $ | 7,803,631 |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposit accounts (2) | $ | 327,400 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 327,400 |
Savings accounts (2) | 233,240 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 233,240 |
Money market accounts (2) | 1,437,024 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,437,024 |
Certificates of deposit | 1,318,840 |  |  | 983,308 |  |  | 492,262 |  |  | 19,573 |  |  | 2,713 |  |  | 1 |  |  | 1 |  |  | — |  |  | 2,816,698 |
FHLB advances | — |  |  | — |  |  | 450,000 |  |  | 550,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000,000 |
FRB borrowings | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term debt (3) | 61,857 |  |  | (1,415) |  |  | — |  |  | 164,781 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 225,223 |
Total | 3,378,361 |  |  | 981,893 |  |  | 942,262 |  |  | 734,354 |  |  | 2,713 |  |  | 1 |  |  | 1 |  |  | — |  |  | 6,039,585 |
Non-interest bearing liabilities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,363,295 |  |  | 1,363,295 |
Shareholders' Equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 400,751 |  |  | 400,751 |
Total liabilities and shareholders' equity | $ | 3,378,361 |  |  | $ | 981,893 |  |  | $ | 942,262 |  |  | $ | 734,354 |  |  | $ | 2,713 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1,764,046 |  |  | $ | 7,803,631 |
Interest sensitivity gap | $ | (1,568,348) |  |  | $ | (505,170) |  |  | $ | (328,703) |  |  | $ | 1,056,174 |  |  | $ | 1,455,511 |  |  | $ | 1,218,165 |  |  | $ | 88,137 |  |  |  |  |
Cumulative interest sensitivity gap |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $ | (1,568,348) |  |  | $ | (2,073,518) |  |  | $ | (2,402,221) |  |  | $ | (1,346,047) |  |  | $ | 109,464 |  |  | $ | 1,327,629 |  |  | $ | 1,415,766 |  |  |  |  |
As a % of total assets | (20) | % |  | (27) | % |  | (31) | % |  | (17) | % |  | 1 | % |  | 17 | % |  | 18 | % |  |  |  |
As a % of cumulative interest-bearing liabilities | 54 | % |  | 52 | % |  | 55 | % |  | 78 | % |  | 102 | % |  | 122 | % |  | 123 | % |  |  |  |

(1)Based on contractual maturities, repricing dates and forecasted principal payments assuming normal amortization and, where applicable, prepayments.
(2)Assumes 100% of interest-bearing non-maturity deposits are subject to repricing in three months or less.
(3)Based on contractual maturity.
As of March 31, 2025, the Company is considered liability sensitive as exhibited by the gap table above and our net interest income sensitivity analysis.
Changes in the mix of interest-earning assets or interest-bearing liabilities can either increase or decrease the net interest margin, without affecting interest rate sensitivity. In addition, the interest rate spread between an earning asset and its funding liability can vary significantly, while the timing of repricing for both the asset and the liability remains the same, thereby impacting net interest income. This characteristic is referred to as basis risk. Varying interest rate environments can create unexpected changes in
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prepayment levels of assets and liabilities that are not reflected in the interest rate sensitivity analysis. These prepayments may have a significant impact on our net interest margin. Because of these factors, an interest sensitivity gap analysis may not provide an accurate assessment of our actual exposure to changes in interest rates.
The estimated impact on our net interest income over a time horizon of one year and the change in net portfolio value as of March 31, 2025 and December 31, 2024 are provided in the table below. For the scenarios shown, the interest rate simulation assumes an instantaneous and parallel shift in market interest rates and no change in the composition or size of the balance sheet.

|  | At March 31, 2025 |  | At December 31, 2024
Change in Interest Rates (basis points) (1) |  | Percentage Change
| Net Interest Income (2) |  | Net Portfolio Value (3) |  | Net Interest Income (2) |  | Net Portfolio Value (3)
+300 |  | (6.8) | % |  | (11.1) | % |  | (4.0) | % |  | (14.5) | %
+200 |  | (3.9) | % |  | (4.9) | % |  | (1.5) | % |  | (6.6) | %
+100 |  | (1.7) | % |  | (2.3) | % |  | (0.5) | % |  | (2.6) | %
-100 |  | 1.4 | % |  | (0.2) | % |  | 0.3 | % |  | (0.2) | %
-200 |  | 2.5 | % |  | (2.8) | % |  | 0.1 | % |  | (3.8) | %
-300 |  | 7.3 | % |  | (6.4) | % |  | — | % |  | (12.3) | %

(1)For purposes of our model, we assume interest rates will not go below zero. This "floor" limits the effect of a potential negative interest rate shock in a low rate environment.
(2)This percentage change represents the impact to net interest income for a one-year period, assuming there is no change in the structure of the balance sheet.
(3)This percentage change represents the impact to the net present value of equity, assuming there is no change in the structure of the balance sheet.
The changes in interest rate sensitivity between December 31, 2024 and March 31, 2025 reflected the impact of lower market interest rates, a slightly steepened yield curve and changes to overall balance sheet composition. Some of the assumptions made in the simulation model may not materialize and unanticipated events and circumstances will occur. In addition, the simulation model does not take into account any future actions that we could undertake to mitigate an adverse impact due to changes in interest rates from those expected, in the actual level of market interest rates or competitive influences on our deposits.
Current Banking Environment
Market conditions and external factors may unpredictably impact the competitive landscape for deposits in the banking industry. Additionally, the higher interest rate environment has increased competition for liquidity and the premium at which liquidity is available to meet funding needs. Reliance on secondary funding sources could increase the Company's overall cost of funding and reduce net interest income. As of March 31, 2025, the Company had available contingent liquidity of $5.5 billion which is equal to 91% of its total deposits and the level of uninsured deposits was 9% of total deposits. The Company believes it has sufficient liquidity to meet its current needs.
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ITEM 4 CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company carried out an evaluation, with the participation of our management and under the supervision of our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined under Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2025.
Changes in Internal Control over Financial Reporting
As required by Rule 13a-15(d), our management, including our Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of our internal control over financial reporting to determine whether any changes occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
There were no changes to our internal control over financial reporting that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1 LEGAL PROCEEDINGS
Because the nature of our business involves the collection of numerous accounts, the validity of liens and compliance with various state and federal lending laws, we are subject to various legal proceedings in the ordinary course of our business related to foreclosures, bankruptcies, condemnation and quiet title actions and alleged statutory and regulatory violations. We are also subject to legal proceedings in the ordinary course of business related to employment matters. We do not expect that these proceedings, taken individually or as a whole, will have a material adverse effect on our business, financial position or our results of operations. There are currently no matters that, in the opinion of management, would have a material adverse effect on our consolidated financial position, results of operation or liquidity, or for which there would be a reasonable possibility of such a loss based on information known at this time.
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ITEM 1A RISK FACTORS
Refer to Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of factors that could materially and adversely affect our business, financial condition, liquidity, results of operations and capital position. There have been no material changes in our risk factors from those described in our 2024 Annual Report on Form 10-K, other than the risk factors set forth below.
Risks Related to the Merger
The pendency of the Merger could adversely affect our business, results of operations and financial condition.
The pendency of the Merger could cause disruptions in and create uncertainty surrounding our business, including affecting our relationships with our existing and future customers, suppliers and employees, which could have an adverse effect on our business, results of operations and financial condition, regardless of whether the proposed Merger is completed. In particular, we could potentially lose additional important personnel as a result of the departure of employees who decide to pursue other opportunities in light of the Merger. We could also potentially lose additional customers or suppliers, and business relationships with new customers or supplier contracts could be delayed or decreased. In addition, we have allocated, and will continue to allocate, significant management resources towards the completion of the transaction, which could adversely affect our business and results of operations.
We are subject to restrictions on the conduct of our business prior to the consummation of the Merger as provided in the Merger Agreement, including, among other things, certain restrictions on our ability to acquire other businesses, sell or transfer our assets, and amend our organizational documents. These restrictions could result in our inability to respond effectively to competitive pressures, industry developments and future opportunities, retain key employees and may otherwise harm our business, results of operations and financial condition.
Because of the risks associated with the Merger, we can provide no assurance that the Merger will close on the terms and conditions we currently anticipate.
Regulatory approvals may not be received, may take longer than expected, or may impose conditions that are not presently anticipated or that could have an adverse effect on the combined company following the Merger.
Before the Merger may be completed, various consents, approvals, waiver or non-objections must be obtained from state and federal governmental authorities, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (“FDIC”), the California Department of Financial Protection and Innovation (“DFPI”),the Director of the State of Washington Department of Financial Institutions, and certain applications or notices must be filed with the Oregon Department of Consumer and Business Services (the “ODCBS”) and the Hawaii Department of Commerce and Consumer Affairs (the “HDCCA”) with respect to Mechanics Bank maintaining the existing HomeStreet Bank offices in such states. These approvals could be delayed or not obtained at all, including due to an adverse development in either party’s regulatory standing or in any other factors considered by regulators when granting such approvals; governmental, political or community group inquires, investigations or opposition; or changes in legislation or the political environment generally. Some recent transactions comparable to the Merger have encountered lengthy delays, and the Merger may be subject to similar delays in obtaining its required approvals.
The approvals that are granted may impose terms and conditions, limitations, obligations or costs, or place restrictions on the conduct of the combined company’s business or require changes to the terms of the transactions contemplated by the Merger agreement. There can be no assurance that regulators will not impose any such conditions, limitations, obligations or restrictions and that such conditions, limitations, obligations or restrictions will not have the effect of delaying the completion of any of the transactions contemplated by the Merger Agreement, imposing additional material costs on or materially limiting the revenues of the combined company following the Merger or otherwise reducing the anticipated benefits of the Merger if the Merger were consummated successfully within the expected time frame. In addition, there can be no assurance that any such conditions, terms, obligations or restrictions will not result in the delay or abandonment of the Merger, as Mechanics Bank and its affiliates are not required (and without the consent of Mechanics Bank, HomeStreet and its subsidiaries are not permitted) to take, or agree to take, any action or agree to any condition or restriction in connection with obtaining the required permits, authorizations, consents, orders or approvals of governmental entities that would reasonably be expected to have, either individually or in the aggregate, a material adverse effect (as defined in the Merger Agreement) on HomeStreet and its subsidiaries, taken as a whole, after giving effect to the Merger (a “material burdensome condition”). Additionally, the completion of the Merger is conditioned on the absence of certain orders, injunctions or decrees by any court or governmental entity of competent jurisdiction that would prohibit or make illegal the completion of any of the transactions contemplated by the Merger Agreement.
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The Merger Agreement and the transactions contemplated by the Merger Agreement are subject to approval by shareholders of the Company.
The Merger cannot be completed unless, among other conditions, the Merger Agreement and the transactions contemplated by the Merger Agreement are approved by the affirmative vote of a majority of the outstanding shares of the Company’s common stock entitled to vote thereon (the “Requisite Company Vote”). If the Company’s shareholders do not approve the Merger and related transactions by the Requisite Company Vote, the Merger cannot be completed.
Combining the Company and Mechanics Bank may be more difficult, costly, or time-consuming than expected, and the combined company may fail to realize the anticipated benefits of the Merger.
The success of the Merger will depend, in part, on the ability to realize the anticipated cost savings from combining the businesses of the Company and Mechanics Bank. To realize the anticipated benefits and cost savings from the Merger, the Company and Mechanics Bank must successfully integrate and combine their businesses in a manner that permits those cost savings to be realized without adversely affecting current revenues and future growth. If the Company and Mechanics Bank are not able to successfully achieve these objectives, the anticipated benefits of the Merger may not be realized fully or at all or may take longer to realize than expected. In addition, the actual cost savings of the Merger could be less than anticipated, and integration may result in additional and unforeseen expenses.
An inability to realize the full extent of the anticipated benefits of the Merger and the other transactions contemplated by the Merger Agreement, as well as any delays encountered in the integration process, could have an adverse effect upon the revenues, levels of expenses and operating results of the combined company following the completion of the Merger, which may adversely affect the value of the common stock of the combined company following the completion of the Merger.
The Company and Mechanics Bank have operated and, until the completion of the Merger, must continue to operate independently. It is possible that the integration process could result in the loss of key employees, the disruption of the Company’s ongoing businesses or inconsistencies in standards, controls, procedures and policies that adversely affect the Company’s ability to maintain relationships with clients, customers, depositors and employees or to achieve the anticipated benefits and cost savings of the Merger. In addition, the loss of key employees could adversely affect the Company’s ability to successfully conduct its business, which could have an adverse effect on the Company’s financial results and the value of the Company’s common stock. Integration efforts between the companies may also divert management attention and resources.
Failure to complete the Merger could negatively impact the Company.
If the Merger is not completed for any reason, including as a result of the Company’s shareholders’ failure to approve the HomeStreet articles amendment proposal or the HomeStreet share issuance proposal or Mechanics Bank shareholders’ failure to approve the Merger proposal by written consent, there may be various adverse consequences and the Company may experience negative reactions from the financial markets and from its customers and employees. For example, the ongoing business may be adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Merger, without realizing any of the anticipated benefits of completing the Merger. Additionally, if the Merger Agreement is terminated, the market price of the Company’s common stock could decline, including to the extent that the current market prices reflect a market presumption that the Merger will be completed. The Company or Mechanics Bank could also be subject to litigation related to any failure to complete the Merger, including litigation seeking to force the Company and/or Mechanics Bank to perform their respective obligations under the Merger Agreement. If the Merger Agreement is terminated under certain circumstances, the Company may be required to pay a termination fee of $10 million to Mechanics Bank.
In addition, the Company has incurred and will incur substantial expenses in connection with the completion of the transactions contemplated by the Merger Agreement, as well as the costs and expenses of preparing, filing, printing and mailing the proxy statement/prospectus/consent solicitation statement, and all filing and other fees paid in connection with the Merger. If the Merger is not completed, the Company would have to pay these expenses without realizing the expected benefits of the Merger. Any of the foregoing, or other risks arising in connection with the failure of or delay in consummating the Merger, including the diversion of management’s attention from pursuing other opportunities and the constraints in the Merger Agreement on the ability to make significant changes to the Company’s ongoing business during the pendency of the Merger, could have a material adverse effect on the Company’s businesses, financial conditions and results of operations.
Additionally, the Company’s business may be adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Merger, without realizing any of the anticipated benefits of completing the Merger. If the Merger Agreement is terminated and the Company’s board of directors seeks another merger or business combination, the
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Company’s shareholders cannot be certain that the Company will be able to find a party willing to engage in a transaction on more attractive terms than the proposed Merger.
Issuance of shares of common stock to Mechanics Bank shareholders in connection with the Merger may adversely affect the market price of the Company’s common stock.
The Merger is structured as a reverse merger whereby the existing shareholders of Mechanics Bank will receive common stock in the Company in exchange for their Mechanics Bank shares. Upon completion of the Merger, the Company will be renamed Mechanics Bancorp and remain a publicly traded company and the Company will issue approximately 202 million shares of common stock to Mechanics Bank shareholders. The issuance of these new shares of the Company’s common stock may result in fluctuations in the market price of the Company’s common stock, including a stock price decrease, including as a result of the dilution caused by such issuance.
In connection with the Merger, the Company’s outstanding debt obligations under its indentures will remain outstanding, and the combined company’s level of indebtedness following the completion of the Merger could adversely affect the combined company’s ability to raise additional capital or to meet its obligations.
In connection with the Merger the Company’s outstanding debt obligations under the indentures will remain outstanding. This debt, together with any future incurrence of additional indebtedness, could have important consequences for the combined company’s creditors and the combined company’s shareholders. For example, it could:
•limit the combined company’s ability to obtain additional financing for working capital, capital expenditures, debt service requirements, acquisitions and general corporate or other purposes;
•restrict the combined company from making strategic acquisitions or cause the combined company to make non-strategic divestitures;
•restrict the combined company from paying dividends to its shareholders;
•increase the combined company’s vulnerability to general economic and industry conditions; and
•require a substantial portion of cash flow from operations to be dedicated to the payment of principal and interest on the combined company’s indebtedness, thereby reducing the combined company’s ability to use cash flows to fund its operations, capital expenditures and future business opportunities.
The announcement of the proposed Merger could disrupt the Company’s relationships with its customers, suppliers, business partners and others, as well as its operating results and businesses generally.
Whether or not the Merger is ultimately consummated, as a result of uncertainty related to the proposed transactions, risks relating to the impact of the announcement of the Merger on the Company’s businesses include the following:
•its employees may experience uncertainty about their future roles, which might adversely affect the Company’s ability to retain and hire key personnel and other employees;
•customers, suppliers, business partners and other parties with which the Company maintain business relationships may experience uncertainty about the Company's future and seek alternative relationships with third parties, seek to alter their business relationships with the Company or fail to extend an existing relationship with the Company; and
•The Company has expended and will continue to expend significant costs, fees and expenses for professional services and transaction costs in connection with the proposed Merger.
If any of the aforementioned risks were to materialize, they could lead to significant costs or lost opportunities which may impact the Company's results of operations and financial condition.
The Merger Agreement limits the Company’s ability to pursue alternatives to the Merger and may discourage other companies from trying to acquire the Company.
The Merger Agreement contains “no shop” covenants that restrict the Company’s ability to, directly or indirectly, among other things, initiate, solicit, knowingly encourage or knowingly facilitate, inquiries or proposals with respect to, or, engage in any negotiations concerning, or provide any confidential or non-public information or data relating to, any alternative acquisition proposals, subject to certain exceptions. These provisions, in addition to a $10 million termination fee payable by the Company under certain circumstances, may discourage a potential third-party acquirer that might have an interest in acquiring all or a significant part of the Company from considering or making that acquisition proposal.
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Holders of Company common stock will have a substantially reduced ownership and voting interest in the combined company after the consummation of the Merger.
Shareholders of the Company currently have the right to vote in the election of the board of directors and on other matters affecting the Company. When the Merger is completed, each Company shareholder will become a shareholder of the combined company, with a percentage ownership of the shares of common stock of the combined company that is substantially smaller than the holder’s percentage ownership in the Company’s common stock individually prior to the consummation of the Merger. The current Company shareholders are estimated to own approximately 8.3% of the outstanding shares of the combined company on an economic basis and 8.7% of the voting power in the combined company immediately after the merger. Following the consummation of the Merger, a controlling shareholder and its controlled affiliates will control approximately 74.3% of the voting power of the combined company. Accordingly, Company shareholders are expected to have less influence over the management and policies of the combined company after the closing of the Merger than they now have on the management and policies of the Company
Shareholder litigation related to the merger could prevent or delay the completion of the Merger, result in the payment of damages or otherwise negatively impact the business and operations of the Company.
Shareholders of Mechanics Bank or the Company may file lawsuits against Mechanics Bank, the Company and/or the directors and officers of either company in connection with the Merger. One of the conditions to the closing is that there must be no order, injunction or decree issued by any court or governmental entity of competent jurisdiction or other legal restraint preventing the consummation of the Merger or any of the other transactions contemplated by the Merger Agreement. If any plaintiff were successful in obtaining an injunction prohibiting Mechanics Bank or the Company from completing the Merger or any of the other transactions contemplated by the Merger Agreement, then such injunction may delay or prevent the effectiveness of the Merger and could result in significant costs to Mechanics Bank or the Company, including any cost associated with the indemnification of directors and officers of each company. Mechanics Bank and the Company may incur costs in connection with the defense or settlement of any stockholder or shareholder lawsuits filed in connection with the Merger. Such litigation could have an adverse effect on the financial condition and results of operations of Mechanics Bank and the Company and could prevent or delay the completion of the Merger.
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ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Sales of Unregistered Securities
There were no sales of unregistered securities during the first quarter of 2025.
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4 MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5 OTHER INFORMATION
During the quarter ended March 31, 2025, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.
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ITEM 6 EXHIBITS
EXHIBIT INDEX

Exhibit Number |  | Description
31.1 |  | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
31.2 |  | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32 (1) |  | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
101 INS |  | Inline XBRL Instance Document
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF |  | Inline XBRL Taxonomy Extension Label Linkbase Document
101.LAB |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.PRE |  | Inline XBRL Taxonomy Extension Definitions Linkbase Document
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1) | This exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Seattle, State of Washington, on May 8, 2025.

| HomeStreet, Inc.
| By: | /s/ Mark K. Mason
|  | Mark K. Mason
|  | President and Chief Executive Officer
|  | (Principal Executive Officer)

| HomeStreet, Inc.
| By: | /s/ John M. Michel
|  | John M. Michel
|  | Executive Vice President and Chief Financial Officer
|  | (Principal Financial Officer and Accounting Officer)

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