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HomeStreet 2012 net income jumps to $82.1m

US-based HomeStreet has reported record net income of $82.1m for the financial year 2012, up by 409% compared to $16.1m during the same period a year ago.

For the year ended on 31 December 2012, its net interest margin was 2.89%, up from 2.36% during the comparable period earlier year.

Return on average equity stood at 39.18% and return on average assets of 3.43% for the current fiscal.

Full year net interest income was $60.7m, up from $48.5m during the corresponding period a year ago.

Noninterest income was $237.5m, up from $97.2m in 2011, primarily driven by increased mortgage loan origination and sale revenue.

Noninterest expense stood at $183.1m, up by 44.8% from $126.5m during the comparable period last fiscal, primarily due to an increase in incentive compensation, including commissions to lending personnel, driven by growth in closed mortgage loan volume.

Headquartered in Seattle, Washington, HomeStreet operates as a bank holding company for HomeStreet Bank, which delivers consumer and commercial banking, investment and insurance products and services in Washington, Oregon and Hawaii.