NASDAQ:HMST HomeStreet Q4 2024 Earnings Report $11.24 -0.03 (-0.23%) As of 11:29 AM Eastern This is a fair market value price provided by Polygon.io. Learn more. Earnings HistoryForecast HomeStreet EPS ResultsActual EPS-$0.27Consensus EPS -$0.22Beat/MissMissed by -$0.05One Year Ago EPSN/AHomeStreet Revenue ResultsActual RevenueN/AExpected Revenue$41.31 millionBeat/MissN/AYoY Revenue GrowthN/AHomeStreet Announcement DetailsQuarterQ4 2024Date1/27/2025TimeAfter Market ClosesConference Call DateTuesday, January 28, 2025Conference Call Time1:00PM ETUpcoming EarningsHomeStreet's Q1 2025 earnings is scheduled for Tuesday, April 29, 2025, with a conference call scheduled at 4:00 PM ET. Check back for transcripts, audio, and key financial metrics as they become available.Q1 2025 Earnings ReportConference Call ResourcesConference Call AudioConference Call TranscriptSlide DeckPress Release (8-K)Annual Report (10-K)Earnings HistoryCompany ProfileSlide DeckFull Screen Slide DeckPowered by HomeStreet Q4 2024 Earnings Call TranscriptProvided by QuartrJanuary 28, 2025 ShareLink copied to clipboard.PresentationSkip to Participants Operator00:00:00Good afternoon. My name is Brika, and I will be your conference operator today. At this time, I would like to welcome everyone to the 4Q 2024 Analyst Earnings Call for HomeStreet Bank. Presenting on today's call will be Mark K. Mason, Chairman, President and Chief Executive Officer of HomeStreet Bank and John M. Operator00:00:27Mitchell, Executive Vice President and Chief Financial Officer. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, there will be an analyst question and answer session. Thank you. Mr. Operator00:00:56Mason, you may begin your conference. Mark MasonChairman, CEO & President at HomeStreet00:01:01Hello, and thank you for joining us for our Q4 2024 analyst earnings call. Before we begin, I'd like to remind you that our detailed earnings release and our investor presentation were filed with the SEC on Form 8 ks yesterday and are available on our website at ir.homestreet.com under the News and Events link. In addition, a recording and a transcript of this call will be available at the same address following our call. Please note that during our call today, we will make certain predictive statements that reflect our current views, the expectations and uncertainties about the company's performance and our financial results. These are likely forward looking statements that are made subject to the Safe Harbor statements included in yesterday's earnings release, our Forms 8 ks, our investor deck and the risk factors disclosed in our other public filings. Mark MasonChairman, CEO & President at HomeStreet00:01:54Additionally, reconciliations to non GAAP measures referred to on our call today can be found in our earnings release and investor deck. Joining me today is our Chief Financial Officer, John Mitchell. John will briefly discuss our financial results and then I'd like to give an update on our results of operations and our outlook going forward. We will then respond to questions from our analysts. John? John MichelEVP & CFO at HomeStreet00:02:18Thank you, Mark. Good morning, everyone, and thank you for joining us. In the Q4 of 2024, our net loss was $123,300,000 or $6.54 per share as compared to our net loss of $7,300,000 or $0.39 per share in the Q3 of 2024. The 4th quarter results include an $88,800,000 pre tax loss or a tax effected $67,100,000 loss on the sale of $990,000,000 of multifamily loans and a $53,300,000 deferred tax asset valuation allowance. On a core basis, which excludes the impact of the loss on the sale of multifamily loans, the deferred tax asset valuation allowance and merger related expenses, our net loss was $5,100,000 or $0.27 per share as compared to our net loss of $6,000,000 or $0.32 per share in the Q3 of 2024. John MichelEVP & CFO at HomeStreet00:03:14On a core basis, our loss before taxes was $6,400,000 in the 4th quarter as compared to $7,800,000 in the 3rd quarter. The decrease in core loss before income taxes was primarily due to an increase in net interest income and a decrease in non interest expense. Due to our cumulative losses over the last 3 years, accounting rules require us provide evaluation allowance for the balance of our net deferred tax assets, which includes the deferred tax benefit of unrealized losses on our available for sale securities portfolio. Accordingly, in the Q4 of 2024, we recorded a $53,300,000 deferred tax asset valuation allowance, which was recorded as an income tax expense. Excluding this allowance, the income tax benefit would have been $22,400,000 and would have resulted in an effective tax rate of 24.3 percent for the Q4 of 2024. John MichelEVP & CFO at HomeStreet00:04:12Given our expectation of income before taxes in the near term and going forward, we expect to recognize no tax expense on our income tax before taxes when realized over the next few years. Our net interest income in the Q4 of 2024 was $1,000,000 higher than the Q3 of 2024, due to an increase in our net interest margin from 1.33 percent to 1.38%. The increase in the net margin was due to a 11 basis point decrease in the rates paid on interest bearing liabilities, partially offset by a 3 basis point decrease in the yield on interest earning assets. As a result of decreases in the Fed funds rate, the yield on a variable rate loans decreased. The decrease in short term interest rates resulted in lower rates paid on our certificates of deposit, borrowings and long term debt. John MichelEVP & CFO at HomeStreet00:05:05There is no provision for credit losses recognized during either the 4th or Q3 of 2024. For the Q4 of 2024, the benefits of the reduction in loan balances resulting from the loan sale was offset by specific reserves on commercial loans. In the Q4, we continue to experience a minimal level of identified credit issues in our loan portfolio and a lack of significant potential credit issues arising in future periods. Going forward, we expect the ratio of our allowance for credit losses to our held for investment loan portfolio to be relatively stable and provisioning in future periods to generally reflect changes in the compensation of and balance of our loans held for investment, assuming our history of minimal charge offs continues. During the Q4 of 2024, our ratios of non performing assets to total assets and total loans delinquent over 30 days, including non accrual loans, increased partially a result of the sale of $990,000,000 of multifamily loans in the Q4. John MichelEVP & CFO at HomeStreet00:06:05As of December 31, 2024, our ratio of non performing assets to total assets was 71 basis points and our ratio of total loans delinquent over 30 days including non accrual loans to total loans was 106 basis points. The $15,000,000 increase in non accrual loans during the Q4 was primarily related to a syndicated commercial loan in which we are participating. Non interest income in the Q4 of 2024 decreased from the Q3 of 2024, primarily due to the $88,800,000 loss on the sale of multifamily loans. Gain on sales of Sandy Mae DUS loans were $1,700,000 in the 4th quarter as compared to no gain in the 3rd quarter. Non interest expenses were $5,200,000 lower in the Q4 of 2024 due to a $1,700,000 decrease in compensation benefits and a $4,200,000 decrease in general, administrative and other expenses, which are partially offset by a $1,200,000 increase in occupancy expenses. John MichelEVP & CFO at HomeStreet00:07:07The decrease in compensation and benefits was primarily due to a 3% decrease in FTE. The decrease in general, administrative and other expenses was due to a $4,900,000 difference in merger expenses related to negotiated reductions in incurred expenses from consultants and expense reimbursement from our merger accounting partner related to integration planning, consulting fees and related expenses. The increase in occupancy costs reflect an updated estimate of the cost impact of a lease space for which the sublease was not extended and expired in 2024. One anomaly of the timing of our loan sale at the end of December was the impact it had on our Tier 1 leverage regulatory capital ratio. Because this ratio is based on average assets, our computing ratio was temporarily suppressed. John MichelEVP & CFO at HomeStreet00:07:58If the $990,000,000 loan sale had occurred at the beginning of the quarter, on a pro form a basis, the Tier 1 leverage ratio for the company and the bank would have been approximately 6.46% and 8.17%, respectively. With expectations of future earnings and continued decreases in total assets, we expect the Tier one capital ratio in future periods to equal or exceed these pro form a levels. There is no similar impact to all other regulatory capital ratios because they are based on any period balance. I will now turn the call over to Mark. Mark MasonChairman, CEO & President at HomeStreet00:08:32Thank you, John. After termination of the merger in the Q4, we adopted a new strategic plan which included the sale of $990,000,000 of multifamily loans, a sale we closed on December 30, 2024. We sold loans with a weighted average interest rate of 3.3% and used the proceeds to pay off Federal Home Loan Bank advances and broker deposits the weighted average interest rate of 4.65 percent. The broker deposits were paid off in early January 2025. As a result of the loan sale, we improved our liquidity position, increased our available contingent funding and reduced our commercial real estate concentrations, as well as our loan to deposit ratio. Mark MasonChairman, CEO & President at HomeStreet00:09:18As of year end, our cash and securities balances of 1.5 $1,000,000,000 were 18 percent of total assets. Our net non core funding dependency ratio declined to 19.9%. Our contingent funding availability was $5,200,000,000 equal to 80% of total deposits and our loan deposit ratio declined at 97.4%. As expected, with the decrease in interest rates, our margin expanded in the 4th quarter due primarily to decreases in our funding costs. We anticipate that this balance sheet repositioning will return the company to profitability in the first half of this year and generate continuous growth in earnings for the foreseeable future as a consequence of the scheduled repricing of our remaining multifamily and other commercial real estate loans, further planned reductions in borrowings, the expectation of ongoing reductions in short term interest rates and continued effective non interest expense management. Mark MasonChairman, CEO & President at HomeStreet00:10:22Of course, these expectations assume continued strong credit in the absence of other changes in the economy or otherwise, which might adversely impact these expectations. As John mentioned, our non interest expenses were lower in the Q4 and we continue to experience lower compensation and benefits costs through reductions in FTE, which were 864 in December of 2023, declining to 792 in the Q4 of last year and 776 for the month of December. We achieved these reductions through not replacing attrition generally and reorganizing responsibilities. Excluding brokered deposits, our average deposit balances were $80,000,000 higher in the 4th quarter as compared to the 3rd quarter due to the approximately 90% roll rate on our certificates of deposit and our ability to attract new depositors. Our level of uninsured deposits remains low at 9% of total deposits as well. Mark MasonChairman, CEO & President at HomeStreet00:11:26It is important to note that our deposits have continued to exhibit significant loyalty and resilience during the last 3 years despite external and internal stressors, including rising interest rates, bank failures, lower earnings and losses and a terminated merger. As John mentioned earlier, our ratios of non performing assets, disposal assets and loans delinquent over 30 days, including non accrual loans increased, partially as a result of the multifamily loan sale in the Q4 and the downgrading of a syndicated commercial loan in which we are participating that is in forbearance today and out of covenant compliance. The bank lending group is working with the borrower on a turnaround plan. The private equity sponsors of this company continue to support it, and we believe the borrower will ultimately successfully recover without loss to the lending group. As a result of the loss on the loan sale and related tax impacts and the impact of increasing interest rates during the Q4 on the value of our securities portfolio, our tangible book value per share decreased to $20.67 as of year end. Mark MasonChairman, CEO & President at HomeStreet00:12:39The increase in interest rates also impacted our fair value as our estimated tangible fair value per share decreased to $12.41 as of December 31, 2024. It should be noted that our estimate of tangible fair value per share is solely based on the market value of individual financial instruments and does not assign any additional value to our core deposit franchise, which we believe is substantial. This additional franchise value was shown in the initial value of our proposed merger last year. The initial value of that merger based upon the exchange ratio and the current price of the stock we were to receive was meaningfully higher than our estimated tangible fair value per share as of the prior quarter end. We have all seen and read about the property damage and loss of life in the Southern California wildfires. Mark MasonChairman, CEO & President at HomeStreet00:13:37We have significant exposure in commercial real estate, primarily multifamily, and single family loans in or near the affected areas. Fortunately, we've only been advised of a loss on 8 single family residences with additional partial damage or other impacts to 19 additional homes. All of these properties have current full insurance coverage, so we feel comfortable we will not suffer any losses associated with these wildfires. We will have or be providing forbearance and assistance where possible to help our customers through this very challenging situation. As of December 31, 2024, our accumulated other comprehensive income balance, which is a component of our shareholders' equity, was a negative $87,000,000 And while this represents a $4.62 reduction on our tangible book value per share, we know it is not a permanent impairment in the value of our equity. Mark MasonChairman, CEO & President at HomeStreet00:14:38It has no impact on our regulatory capital levels. Given available liquidity, earnings and cash flow of our bank, we don't anticipate a need to sell any of these securities to meet our cash needs. So we don't anticipate realizing these temporary write downs. As noted earlier, we did have to provide an allowance for the $28,300,000 of deferred tax assets related to our available for sale securities, which did impact our regulatory capital levels. The current interest rate environment has impacted our fair value and created significant challenges for our company over the past several years. Mark MasonChairman, CEO & President at HomeStreet00:15:17The rate and general deposit competition from banks continues. However, with the ongoing repricing of our loan portfolio and recent interest rate reductions with the expectation of additional interest rate reductions, our current and forecasted results are improving. Ultimately, we will experience an environment of stable rates, which has historically provided significantly better financial performance for our bank. We believe we have taken significant steps to endure this period, improve future earnings and preserve the value of our business so that we can evaluate strategic alternatives going forward from a position of greater stability and strength. The Board of Directors is dedicated to continuing to evaluate all strategic alternatives to maximize shareholder value as we move forward. Mark MasonChairman, CEO & President at HomeStreet00:16:08In summary, with the successful execution of a new strategic plan, we're optimistic about our ability to return to profitability early this year to continuously improve our results in the future and to ultimately return significant value to our shareholders. With that, that concludes our prepared comments today. We appreciate your attention and John and I would be happy to answer questions from our analysts at this time. Investors are welcome to reach out to John or I after the call if they have questions that are not covered during this session. Operator, if you would Operator00:17:12We have the first question on the phone lines from Woody Lay with KBW. Please go ahead. Woody LayVice President at Keefe, Bruyette & Woods (KBW)00:17:20Hey, thanks for taking my questions. Wanted to start with the NIM. It should see a pretty meaningful pickup next quarter with the loan sales factored in. When you think of the NIM trajectory, is there a breakeven level in the NIM that you're targeting to achieve in the first half of the year that gets you back to the return in profitability? John MichelEVP & CFO at HomeStreet00:17:44We don't have a targeted number specifically, but we do expect as Mark said, you could see what the change in difference between 3.30 and 4.65 were on the those loans that we sold and the debt that we did retire. The expectations going forward is that, obviously, as with any kind of security or loan, it's going to take a couple of years to fully recover the value, but it does impact the positive impact on earnings immediately in the Q1 and going forward. Mark MasonChairman, CEO & President at HomeStreet00:18:15Plus, we have the impact of loan repricing, 1st quarter and moving forward. Woody LayVice President at Keefe, Bruyette & Woods (KBW)00:18:25Yes. So the expectation is that you don't need additional rate cuts from here to hit profitability in the first half of the year? Mark MasonChairman, CEO & President at HomeStreet00:18:35That's correct. Woody LayVice President at Keefe, Bruyette & Woods (KBW)00:18:39Got it. So you completed the loan sale, which was great to see. And as you're thinking about the return to profitability and growing from there, are there any other strategic initiatives or actions that need to take place in the near term? Mark MasonChairman, CEO & President at HomeStreet00:19:01No. It's a pretty simple strategy. Now having said that, we are doing what we can to accelerate the process of returning to profitability and then thereafter improving it. Things like working proactively Mark MasonChairman, CEO & President at HomeStreet00:19:18with Mark MasonChairman, CEO & President at HomeStreet00:19:18our commercial real estate borrowers who have upcoming repricing to hopefully rewrite those loans, either to sell or to improve their yields. Until you get very close to repricing dates, as you would expect, most borrowers aren't ready to preemptively restructure their debt. But given the current posture of the Federal Reserve on slowing rate decreases, we are getting more attention from the borrowers earlier than we have previously. Woody LayVice President at Keefe, Bruyette & Woods (KBW)00:19:56Got it. All right. That's all for me. Thanks for taking my question. Mark MasonChairman, CEO & President at HomeStreet00:20:01Thanks, Woody. Operator00:20:04Thank you. We now have another question from Matthew Clark with Piper Sandler. Please go ahead when you're ready, Matthew. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:20:13Thanks. Good morning, everyone. Just starting on around the NIM, do you have a spot rate on deposits after you paid down the brokered CDs here in January? Just trying to get a sense for where we stand here in January. John MichelEVP & CFO at HomeStreet00:20:32As of December 31, our spot rate of all our deposits was $2.65 excluding our broker deposits, it's 2.39 Going forward, we did pay off some of the broker deposits already in the Q1, and we intend to pay them off over the next few months and going forward. So we'll get down to that close to that 239 pretty quickly. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:20:57Got it. Okay. That's helpful. And then on the new non performer, the commercial participation, can you just remind us how much you have in syndicated or participations in terms of the exposure there overall? Mark MasonChairman, CEO & President at HomeStreet00:21:21That's not a number we generally disclose. I think that it's a little south of $200,000,000 at this point roughly. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:21:31Okay. That's fine. And then just on the DTA, and you guys mentioned the fair value of tangible book based on the rate changes. But I just want to confirm that DTA is portable. I mean a buyer could use that right and put it to work. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:21:51So your tangible book of 12 and change is could be grossed up by the DTA. Is that fair? Mark MasonChairman, CEO & President at HomeStreet00:21:59It is. I mean, it's going to be converted into net operating loss carry forward. Now, remember, there is Section 382 in the tax code that deals with limitations on annual utilization in the event of a change of control. But given what we believe the value of the company is, we think that those annual limitations are not likely to reduce the full value. John MichelEVP & CFO at HomeStreet00:22:24And also just to be clear, we did add back the valuation allowance in terms of computing tangible book value per share. So if you look at the schedule on the back of the earnings release and in the deck, you'll see the computation that shows the added deck because the value is transferable and also realizable by us. Right. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:22:47Okay. So it's embedded in that $12.50 something? John MichelEVP & CFO at HomeStreet00:22:51Yes. Mark MasonChairman, CEO & President at HomeStreet00:22:52Yes. And that's in the calculation of GAAP measures. You'll see the number. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:22:58Okay. Sorry about that. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:23:01And then just any update on potential conversations with or conversations with potential buyers, is that started yet, is it been ongoing, I guess where do we stand on that front? Mark MasonChairman, CEO & President at HomeStreet00:23:14I think I spoke to it in my prepared comments that the Board of Directors is continuously reviewing strategic alternatives and that's what we can say at this time. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:23:33Okay, fair enough. Thank you. Mark MasonChairman, CEO & President at HomeStreet00:23:36Thanks, Matt. Operator00:23:39Thank you. We have Timothy Coffey with Janney. Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:23:55Thanks, Martin and gentlemen. Hey, Tim. I guess my first question has to do with kind of the fee income line items and servicing, the mortgage servicing. Did the loan sale have a material impact on what those values might be going forward or is that totally separate? Mark MasonChairman, CEO & President at HomeStreet00:24:15Remember, we sold portfolio loans, so we weren't previously recording servicing fees, so it doesn't impact that line item. There is a potential impact of retained servicing, and I say potential because even though we retained it, there is some probability that the buyer will be securitizing some meaningful portion of those loans. And at that point, we would have to transfer the servicing or the buyer has told us to transfer servicing to a regular servicing provider, a CMBS servicer. John MichelEVP & CFO at HomeStreet00:25:00And just to be clear, we did not recognize a mortgage servicing asset related to that because of the temporary nature. Mark MasonChairman, CEO & President at HomeStreet00:25:05Right, because of the uncertainty of the timing of how long we'll service and how much. Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:25:11Okay, great. That's helpful. And Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:25:18gain on what is your kind of 3 out of Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:25:20phases, but I'll say that bluntly. What is your appetite for doing more originate to sale business going forward? Mark MasonChairman, CEO & President at HomeStreet00:25:28It's large. It's tempered somewhat by both ends of those transactions. 1, the application activity for new loans has not yet picked up substantially, though there is some activity. I think I spoke a little bit to borrower trends. 2, most of the secondary market activity for buyers of loans has been focused on buying legacy low rate loans. Mark MasonChairman, CEO & President at HomeStreet00:26:09And so we're not quite sure yet how significant the appetite will be for newly originated loans, but we're in discussions with several parties at this time, hopefully to establish a flow program. Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:26:27Okay. And then on non interest expenses, obviously, you're doing what you can to lower that number. Is there more that you can do in the near term? Mark MasonChairman, CEO & President at HomeStreet00:26:42Boy, we're really down to very small opportunities at this point. We never I mean, we never thought we would get down below 800 on FTE, which means we're probably running a little thin and we have some positions that we were holding open in anticipation of the prior proposed merger. Having said that, we're trying to hold the line on add backs to really critical positions. And now if volume changes, particularly in the origination areas, we'll have to add some support, but that is less costly support generally. So we think we're getting pretty close to what we can do. Mark MasonChairman, CEO & President at HomeStreet00:27:36Unfortunately, each year, you do have inflation and compensation. And to be competitive, to retain and attract anyone we need to attract, we're going to have to, like everyone else, provide merit increases this year. We're using a budget of about 3% again, which we think is consistent with our market. So, even where we're at, inflation is going Mark MasonChairman, CEO & President at HomeStreet00:27:59to hit our comp line. John MichelEVP & CFO at HomeStreet00:28:01Yes. On the other expenses too, no big changes in our other G and A expenses per se, other than as we continue to move forward here and restructure our balance sheet, we expect our FDIC insurance fees to go down slightly. Secondly, from the occupancy costs, we are kind of going through and managing those down. As we move out of the spaces, we are not going renewed because we have adopted a remote and somewhat remote environment for the company. John MichelEVP & CFO at HomeStreet00:28:34And so those are the two areas that you may see some stability or slight decrease in expenses. Mark MasonChairman, CEO & President at HomeStreet00:28:40Having said that, it's a tough market to sublet space. Yes. But they're expiring. Yes, they're expiring. Yes. Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:28:50Okay. Great. Well, thank you. Those are my questions. Mark MasonChairman, CEO & President at HomeStreet00:28:53Thanks, Tim. Operator00:28:57Thank you. I can confirm we currently have no questions registered. I do apologize. We have yes, that does conclude the end of the Q and A session. And I'd like to hand it back to management for some closing. Mark MasonChairman, CEO & President at HomeStreet00:29:45Thank you very much for joining us for our Q4 and full year analyst call today. Again, if any investors would like to ask questions or arrange a conference call with John and I, please give us a shout. You know how to find us. Thank you. Operator00:30:08Thank you all for joining the call today. I can confirm that that concludes today's call. Please enjoy the rest of your day and you may now disconnect.Read moreParticipantsExecutivesMark MasonChairman, CEO & PresidentJohn MichelEVP & CFOAnalystsWoody LayVice President at Keefe, Bruyette & Woods (KBW)Matthew ClarkMD & Senior Research Analyst at Piper Sandler CompaniesTimothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery ScottPowered by Conference Call Audio Live Call not available Earnings Conference CallHomeStreet Q4 202400:00 / 00:00Speed:1x1.25x1.5x2xTranscript SectionsPresentationParticipants Earnings DocumentsSlide DeckPress Release(8-K)Annual report(10-K) HomeStreet Earnings HeadlinesHomeStreet: Loan Portfolio Repositioning To Support Profitability, Sustainability, And UpsideApril 17, 2025 | seekingalpha.comPiper Sandler Remains a Hold on HomeStreet (HMST)April 2, 2025 | markets.businessinsider.comNew “Trump” currency proposed in DCAccording to one of the most connected men in Washington… A surprising new bill was just introduced in Washington. Its purpose: to put Donald Trump’s face on the $100 note. All to celebrate a new “golden age” for America. April 25, 2025 | Paradigm Press (Ad)Mechanics Bank And HomeStreet Announce Merger AgreementApril 2, 2025 | nasdaq.comAfter failed merger last year, HomeStreet tries again with California bankMarch 31, 2025 | bizjournals.com$HAREHOLDER ALERT: The M&A Class Action Firm Investigates the Merger of HomeStreet, Inc. - HMSTMarch 31, 2025 | prnewswire.comSee More HomeStreet Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like HomeStreet? Sign up for Earnings360's daily newsletter to receive timely earnings updates on HomeStreet and other key companies, straight to your email. Email Address About HomeStreetHomeStreet (NASDAQ:HMST) operates as the bank holding company for HomeStreet Bank that provides commercial, mortgage, and consumer/retail banking services in the Western United States. The company offers personal and business checking, savings, interest-bearing negotiable order of withdrawal, and money market accounts, as well as certificates of deposit; credit cards; insurance; and treasury management services. Its loan products include commercial real estate (CRE), multifamily, construction and land development, owner occupied CRE and commercial business loans; and single family, home equity, and other loans. In addition, the company offers online, mobile, and telephone banking. It serves small and medium sized businesses, real estate investors, professional firms, and individuals. The company operates through branches and ATMs. The company was formerly known as Continental Mortgage and Loan Company. HomeStreet, Inc. was incorporated in 1921 and is headquartered in Seattle, Washington.View HomeStreet ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Market Anticipation Builds: Joby Stock Climbs Ahead of EarningsIs Intuitive Surgical a Buy After Volatile Reaction to Earnings?Seismic Shift at Intel: Massive Layoffs Precede Crucial EarningsRocket Lab Lands New Contract, Builds Momentum Ahead of EarningsAmazon's Earnings Could Fuel a Rapid Breakout Tesla Earnings Miss, But Musk Refocuses and Bulls ReactQualcomm’s Range Narrows Ahead of Earnings as Bulls Step In Upcoming Earnings Cadence Design Systems (4/28/2025)Welltower (4/28/2025)Waste Management (4/28/2025)AstraZeneca (4/29/2025)Booking (4/29/2025)DoorDash (4/29/2025)Honeywell International (4/29/2025)Mondelez International (4/29/2025)PayPal (4/29/2025)Regeneron Pharmaceuticals (4/29/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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PresentationSkip to Participants Operator00:00:00Good afternoon. My name is Brika, and I will be your conference operator today. At this time, I would like to welcome everyone to the 4Q 2024 Analyst Earnings Call for HomeStreet Bank. Presenting on today's call will be Mark K. Mason, Chairman, President and Chief Executive Officer of HomeStreet Bank and John M. Operator00:00:27Mitchell, Executive Vice President and Chief Financial Officer. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, there will be an analyst question and answer session. Thank you. Mr. Operator00:00:56Mason, you may begin your conference. Mark MasonChairman, CEO & President at HomeStreet00:01:01Hello, and thank you for joining us for our Q4 2024 analyst earnings call. Before we begin, I'd like to remind you that our detailed earnings release and our investor presentation were filed with the SEC on Form 8 ks yesterday and are available on our website at ir.homestreet.com under the News and Events link. In addition, a recording and a transcript of this call will be available at the same address following our call. Please note that during our call today, we will make certain predictive statements that reflect our current views, the expectations and uncertainties about the company's performance and our financial results. These are likely forward looking statements that are made subject to the Safe Harbor statements included in yesterday's earnings release, our Forms 8 ks, our investor deck and the risk factors disclosed in our other public filings. Mark MasonChairman, CEO & President at HomeStreet00:01:54Additionally, reconciliations to non GAAP measures referred to on our call today can be found in our earnings release and investor deck. Joining me today is our Chief Financial Officer, John Mitchell. John will briefly discuss our financial results and then I'd like to give an update on our results of operations and our outlook going forward. We will then respond to questions from our analysts. John? John MichelEVP & CFO at HomeStreet00:02:18Thank you, Mark. Good morning, everyone, and thank you for joining us. In the Q4 of 2024, our net loss was $123,300,000 or $6.54 per share as compared to our net loss of $7,300,000 or $0.39 per share in the Q3 of 2024. The 4th quarter results include an $88,800,000 pre tax loss or a tax effected $67,100,000 loss on the sale of $990,000,000 of multifamily loans and a $53,300,000 deferred tax asset valuation allowance. On a core basis, which excludes the impact of the loss on the sale of multifamily loans, the deferred tax asset valuation allowance and merger related expenses, our net loss was $5,100,000 or $0.27 per share as compared to our net loss of $6,000,000 or $0.32 per share in the Q3 of 2024. John MichelEVP & CFO at HomeStreet00:03:14On a core basis, our loss before taxes was $6,400,000 in the 4th quarter as compared to $7,800,000 in the 3rd quarter. The decrease in core loss before income taxes was primarily due to an increase in net interest income and a decrease in non interest expense. Due to our cumulative losses over the last 3 years, accounting rules require us provide evaluation allowance for the balance of our net deferred tax assets, which includes the deferred tax benefit of unrealized losses on our available for sale securities portfolio. Accordingly, in the Q4 of 2024, we recorded a $53,300,000 deferred tax asset valuation allowance, which was recorded as an income tax expense. Excluding this allowance, the income tax benefit would have been $22,400,000 and would have resulted in an effective tax rate of 24.3 percent for the Q4 of 2024. John MichelEVP & CFO at HomeStreet00:04:12Given our expectation of income before taxes in the near term and going forward, we expect to recognize no tax expense on our income tax before taxes when realized over the next few years. Our net interest income in the Q4 of 2024 was $1,000,000 higher than the Q3 of 2024, due to an increase in our net interest margin from 1.33 percent to 1.38%. The increase in the net margin was due to a 11 basis point decrease in the rates paid on interest bearing liabilities, partially offset by a 3 basis point decrease in the yield on interest earning assets. As a result of decreases in the Fed funds rate, the yield on a variable rate loans decreased. The decrease in short term interest rates resulted in lower rates paid on our certificates of deposit, borrowings and long term debt. John MichelEVP & CFO at HomeStreet00:05:05There is no provision for credit losses recognized during either the 4th or Q3 of 2024. For the Q4 of 2024, the benefits of the reduction in loan balances resulting from the loan sale was offset by specific reserves on commercial loans. In the Q4, we continue to experience a minimal level of identified credit issues in our loan portfolio and a lack of significant potential credit issues arising in future periods. Going forward, we expect the ratio of our allowance for credit losses to our held for investment loan portfolio to be relatively stable and provisioning in future periods to generally reflect changes in the compensation of and balance of our loans held for investment, assuming our history of minimal charge offs continues. During the Q4 of 2024, our ratios of non performing assets to total assets and total loans delinquent over 30 days, including non accrual loans, increased partially a result of the sale of $990,000,000 of multifamily loans in the Q4. John MichelEVP & CFO at HomeStreet00:06:05As of December 31, 2024, our ratio of non performing assets to total assets was 71 basis points and our ratio of total loans delinquent over 30 days including non accrual loans to total loans was 106 basis points. The $15,000,000 increase in non accrual loans during the Q4 was primarily related to a syndicated commercial loan in which we are participating. Non interest income in the Q4 of 2024 decreased from the Q3 of 2024, primarily due to the $88,800,000 loss on the sale of multifamily loans. Gain on sales of Sandy Mae DUS loans were $1,700,000 in the 4th quarter as compared to no gain in the 3rd quarter. Non interest expenses were $5,200,000 lower in the Q4 of 2024 due to a $1,700,000 decrease in compensation benefits and a $4,200,000 decrease in general, administrative and other expenses, which are partially offset by a $1,200,000 increase in occupancy expenses. John MichelEVP & CFO at HomeStreet00:07:07The decrease in compensation and benefits was primarily due to a 3% decrease in FTE. The decrease in general, administrative and other expenses was due to a $4,900,000 difference in merger expenses related to negotiated reductions in incurred expenses from consultants and expense reimbursement from our merger accounting partner related to integration planning, consulting fees and related expenses. The increase in occupancy costs reflect an updated estimate of the cost impact of a lease space for which the sublease was not extended and expired in 2024. One anomaly of the timing of our loan sale at the end of December was the impact it had on our Tier 1 leverage regulatory capital ratio. Because this ratio is based on average assets, our computing ratio was temporarily suppressed. John MichelEVP & CFO at HomeStreet00:07:58If the $990,000,000 loan sale had occurred at the beginning of the quarter, on a pro form a basis, the Tier 1 leverage ratio for the company and the bank would have been approximately 6.46% and 8.17%, respectively. With expectations of future earnings and continued decreases in total assets, we expect the Tier one capital ratio in future periods to equal or exceed these pro form a levels. There is no similar impact to all other regulatory capital ratios because they are based on any period balance. I will now turn the call over to Mark. Mark MasonChairman, CEO & President at HomeStreet00:08:32Thank you, John. After termination of the merger in the Q4, we adopted a new strategic plan which included the sale of $990,000,000 of multifamily loans, a sale we closed on December 30, 2024. We sold loans with a weighted average interest rate of 3.3% and used the proceeds to pay off Federal Home Loan Bank advances and broker deposits the weighted average interest rate of 4.65 percent. The broker deposits were paid off in early January 2025. As a result of the loan sale, we improved our liquidity position, increased our available contingent funding and reduced our commercial real estate concentrations, as well as our loan to deposit ratio. Mark MasonChairman, CEO & President at HomeStreet00:09:18As of year end, our cash and securities balances of 1.5 $1,000,000,000 were 18 percent of total assets. Our net non core funding dependency ratio declined to 19.9%. Our contingent funding availability was $5,200,000,000 equal to 80% of total deposits and our loan deposit ratio declined at 97.4%. As expected, with the decrease in interest rates, our margin expanded in the 4th quarter due primarily to decreases in our funding costs. We anticipate that this balance sheet repositioning will return the company to profitability in the first half of this year and generate continuous growth in earnings for the foreseeable future as a consequence of the scheduled repricing of our remaining multifamily and other commercial real estate loans, further planned reductions in borrowings, the expectation of ongoing reductions in short term interest rates and continued effective non interest expense management. Mark MasonChairman, CEO & President at HomeStreet00:10:22Of course, these expectations assume continued strong credit in the absence of other changes in the economy or otherwise, which might adversely impact these expectations. As John mentioned, our non interest expenses were lower in the Q4 and we continue to experience lower compensation and benefits costs through reductions in FTE, which were 864 in December of 2023, declining to 792 in the Q4 of last year and 776 for the month of December. We achieved these reductions through not replacing attrition generally and reorganizing responsibilities. Excluding brokered deposits, our average deposit balances were $80,000,000 higher in the 4th quarter as compared to the 3rd quarter due to the approximately 90% roll rate on our certificates of deposit and our ability to attract new depositors. Our level of uninsured deposits remains low at 9% of total deposits as well. Mark MasonChairman, CEO & President at HomeStreet00:11:26It is important to note that our deposits have continued to exhibit significant loyalty and resilience during the last 3 years despite external and internal stressors, including rising interest rates, bank failures, lower earnings and losses and a terminated merger. As John mentioned earlier, our ratios of non performing assets, disposal assets and loans delinquent over 30 days, including non accrual loans increased, partially as a result of the multifamily loan sale in the Q4 and the downgrading of a syndicated commercial loan in which we are participating that is in forbearance today and out of covenant compliance. The bank lending group is working with the borrower on a turnaround plan. The private equity sponsors of this company continue to support it, and we believe the borrower will ultimately successfully recover without loss to the lending group. As a result of the loss on the loan sale and related tax impacts and the impact of increasing interest rates during the Q4 on the value of our securities portfolio, our tangible book value per share decreased to $20.67 as of year end. Mark MasonChairman, CEO & President at HomeStreet00:12:39The increase in interest rates also impacted our fair value as our estimated tangible fair value per share decreased to $12.41 as of December 31, 2024. It should be noted that our estimate of tangible fair value per share is solely based on the market value of individual financial instruments and does not assign any additional value to our core deposit franchise, which we believe is substantial. This additional franchise value was shown in the initial value of our proposed merger last year. The initial value of that merger based upon the exchange ratio and the current price of the stock we were to receive was meaningfully higher than our estimated tangible fair value per share as of the prior quarter end. We have all seen and read about the property damage and loss of life in the Southern California wildfires. Mark MasonChairman, CEO & President at HomeStreet00:13:37We have significant exposure in commercial real estate, primarily multifamily, and single family loans in or near the affected areas. Fortunately, we've only been advised of a loss on 8 single family residences with additional partial damage or other impacts to 19 additional homes. All of these properties have current full insurance coverage, so we feel comfortable we will not suffer any losses associated with these wildfires. We will have or be providing forbearance and assistance where possible to help our customers through this very challenging situation. As of December 31, 2024, our accumulated other comprehensive income balance, which is a component of our shareholders' equity, was a negative $87,000,000 And while this represents a $4.62 reduction on our tangible book value per share, we know it is not a permanent impairment in the value of our equity. Mark MasonChairman, CEO & President at HomeStreet00:14:38It has no impact on our regulatory capital levels. Given available liquidity, earnings and cash flow of our bank, we don't anticipate a need to sell any of these securities to meet our cash needs. So we don't anticipate realizing these temporary write downs. As noted earlier, we did have to provide an allowance for the $28,300,000 of deferred tax assets related to our available for sale securities, which did impact our regulatory capital levels. The current interest rate environment has impacted our fair value and created significant challenges for our company over the past several years. Mark MasonChairman, CEO & President at HomeStreet00:15:17The rate and general deposit competition from banks continues. However, with the ongoing repricing of our loan portfolio and recent interest rate reductions with the expectation of additional interest rate reductions, our current and forecasted results are improving. Ultimately, we will experience an environment of stable rates, which has historically provided significantly better financial performance for our bank. We believe we have taken significant steps to endure this period, improve future earnings and preserve the value of our business so that we can evaluate strategic alternatives going forward from a position of greater stability and strength. The Board of Directors is dedicated to continuing to evaluate all strategic alternatives to maximize shareholder value as we move forward. Mark MasonChairman, CEO & President at HomeStreet00:16:08In summary, with the successful execution of a new strategic plan, we're optimistic about our ability to return to profitability early this year to continuously improve our results in the future and to ultimately return significant value to our shareholders. With that, that concludes our prepared comments today. We appreciate your attention and John and I would be happy to answer questions from our analysts at this time. Investors are welcome to reach out to John or I after the call if they have questions that are not covered during this session. Operator, if you would Operator00:17:12We have the first question on the phone lines from Woody Lay with KBW. Please go ahead. Woody LayVice President at Keefe, Bruyette & Woods (KBW)00:17:20Hey, thanks for taking my questions. Wanted to start with the NIM. It should see a pretty meaningful pickup next quarter with the loan sales factored in. When you think of the NIM trajectory, is there a breakeven level in the NIM that you're targeting to achieve in the first half of the year that gets you back to the return in profitability? John MichelEVP & CFO at HomeStreet00:17:44We don't have a targeted number specifically, but we do expect as Mark said, you could see what the change in difference between 3.30 and 4.65 were on the those loans that we sold and the debt that we did retire. The expectations going forward is that, obviously, as with any kind of security or loan, it's going to take a couple of years to fully recover the value, but it does impact the positive impact on earnings immediately in the Q1 and going forward. Mark MasonChairman, CEO & President at HomeStreet00:18:15Plus, we have the impact of loan repricing, 1st quarter and moving forward. Woody LayVice President at Keefe, Bruyette & Woods (KBW)00:18:25Yes. So the expectation is that you don't need additional rate cuts from here to hit profitability in the first half of the year? Mark MasonChairman, CEO & President at HomeStreet00:18:35That's correct. Woody LayVice President at Keefe, Bruyette & Woods (KBW)00:18:39Got it. So you completed the loan sale, which was great to see. And as you're thinking about the return to profitability and growing from there, are there any other strategic initiatives or actions that need to take place in the near term? Mark MasonChairman, CEO & President at HomeStreet00:19:01No. It's a pretty simple strategy. Now having said that, we are doing what we can to accelerate the process of returning to profitability and then thereafter improving it. Things like working proactively Mark MasonChairman, CEO & President at HomeStreet00:19:18with Mark MasonChairman, CEO & President at HomeStreet00:19:18our commercial real estate borrowers who have upcoming repricing to hopefully rewrite those loans, either to sell or to improve their yields. Until you get very close to repricing dates, as you would expect, most borrowers aren't ready to preemptively restructure their debt. But given the current posture of the Federal Reserve on slowing rate decreases, we are getting more attention from the borrowers earlier than we have previously. Woody LayVice President at Keefe, Bruyette & Woods (KBW)00:19:56Got it. All right. That's all for me. Thanks for taking my question. Mark MasonChairman, CEO & President at HomeStreet00:20:01Thanks, Woody. Operator00:20:04Thank you. We now have another question from Matthew Clark with Piper Sandler. Please go ahead when you're ready, Matthew. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:20:13Thanks. Good morning, everyone. Just starting on around the NIM, do you have a spot rate on deposits after you paid down the brokered CDs here in January? Just trying to get a sense for where we stand here in January. John MichelEVP & CFO at HomeStreet00:20:32As of December 31, our spot rate of all our deposits was $2.65 excluding our broker deposits, it's 2.39 Going forward, we did pay off some of the broker deposits already in the Q1, and we intend to pay them off over the next few months and going forward. So we'll get down to that close to that 239 pretty quickly. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:20:57Got it. Okay. That's helpful. And then on the new non performer, the commercial participation, can you just remind us how much you have in syndicated or participations in terms of the exposure there overall? Mark MasonChairman, CEO & President at HomeStreet00:21:21That's not a number we generally disclose. I think that it's a little south of $200,000,000 at this point roughly. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:21:31Okay. That's fine. And then just on the DTA, and you guys mentioned the fair value of tangible book based on the rate changes. But I just want to confirm that DTA is portable. I mean a buyer could use that right and put it to work. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:21:51So your tangible book of 12 and change is could be grossed up by the DTA. Is that fair? Mark MasonChairman, CEO & President at HomeStreet00:21:59It is. I mean, it's going to be converted into net operating loss carry forward. Now, remember, there is Section 382 in the tax code that deals with limitations on annual utilization in the event of a change of control. But given what we believe the value of the company is, we think that those annual limitations are not likely to reduce the full value. John MichelEVP & CFO at HomeStreet00:22:24And also just to be clear, we did add back the valuation allowance in terms of computing tangible book value per share. So if you look at the schedule on the back of the earnings release and in the deck, you'll see the computation that shows the added deck because the value is transferable and also realizable by us. Right. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:22:47Okay. So it's embedded in that $12.50 something? John MichelEVP & CFO at HomeStreet00:22:51Yes. Mark MasonChairman, CEO & President at HomeStreet00:22:52Yes. And that's in the calculation of GAAP measures. You'll see the number. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:22:58Okay. Sorry about that. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:23:01And then just any update on potential conversations with or conversations with potential buyers, is that started yet, is it been ongoing, I guess where do we stand on that front? Mark MasonChairman, CEO & President at HomeStreet00:23:14I think I spoke to it in my prepared comments that the Board of Directors is continuously reviewing strategic alternatives and that's what we can say at this time. Matthew ClarkMD & Senior Research Analyst at Piper Sandler Companies00:23:33Okay, fair enough. Thank you. Mark MasonChairman, CEO & President at HomeStreet00:23:36Thanks, Matt. Operator00:23:39Thank you. We have Timothy Coffey with Janney. Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:23:55Thanks, Martin and gentlemen. Hey, Tim. I guess my first question has to do with kind of the fee income line items and servicing, the mortgage servicing. Did the loan sale have a material impact on what those values might be going forward or is that totally separate? Mark MasonChairman, CEO & President at HomeStreet00:24:15Remember, we sold portfolio loans, so we weren't previously recording servicing fees, so it doesn't impact that line item. There is a potential impact of retained servicing, and I say potential because even though we retained it, there is some probability that the buyer will be securitizing some meaningful portion of those loans. And at that point, we would have to transfer the servicing or the buyer has told us to transfer servicing to a regular servicing provider, a CMBS servicer. John MichelEVP & CFO at HomeStreet00:25:00And just to be clear, we did not recognize a mortgage servicing asset related to that because of the temporary nature. Mark MasonChairman, CEO & President at HomeStreet00:25:05Right, because of the uncertainty of the timing of how long we'll service and how much. Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:25:11Okay, great. That's helpful. And Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:25:18gain on what is your kind of 3 out of Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:25:20phases, but I'll say that bluntly. What is your appetite for doing more originate to sale business going forward? Mark MasonChairman, CEO & President at HomeStreet00:25:28It's large. It's tempered somewhat by both ends of those transactions. 1, the application activity for new loans has not yet picked up substantially, though there is some activity. I think I spoke a little bit to borrower trends. 2, most of the secondary market activity for buyers of loans has been focused on buying legacy low rate loans. Mark MasonChairman, CEO & President at HomeStreet00:26:09And so we're not quite sure yet how significant the appetite will be for newly originated loans, but we're in discussions with several parties at this time, hopefully to establish a flow program. Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:26:27Okay. And then on non interest expenses, obviously, you're doing what you can to lower that number. Is there more that you can do in the near term? Mark MasonChairman, CEO & President at HomeStreet00:26:42Boy, we're really down to very small opportunities at this point. We never I mean, we never thought we would get down below 800 on FTE, which means we're probably running a little thin and we have some positions that we were holding open in anticipation of the prior proposed merger. Having said that, we're trying to hold the line on add backs to really critical positions. And now if volume changes, particularly in the origination areas, we'll have to add some support, but that is less costly support generally. So we think we're getting pretty close to what we can do. Mark MasonChairman, CEO & President at HomeStreet00:27:36Unfortunately, each year, you do have inflation and compensation. And to be competitive, to retain and attract anyone we need to attract, we're going to have to, like everyone else, provide merit increases this year. We're using a budget of about 3% again, which we think is consistent with our market. So, even where we're at, inflation is going Mark MasonChairman, CEO & President at HomeStreet00:27:59to hit our comp line. John MichelEVP & CFO at HomeStreet00:28:01Yes. On the other expenses too, no big changes in our other G and A expenses per se, other than as we continue to move forward here and restructure our balance sheet, we expect our FDIC insurance fees to go down slightly. Secondly, from the occupancy costs, we are kind of going through and managing those down. As we move out of the spaces, we are not going renewed because we have adopted a remote and somewhat remote environment for the company. John MichelEVP & CFO at HomeStreet00:28:34And so those are the two areas that you may see some stability or slight decrease in expenses. Mark MasonChairman, CEO & President at HomeStreet00:28:40Having said that, it's a tough market to sublet space. Yes. But they're expiring. Yes, they're expiring. Yes. Timothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery Scott00:28:50Okay. Great. Well, thank you. Those are my questions. Mark MasonChairman, CEO & President at HomeStreet00:28:53Thanks, Tim. Operator00:28:57Thank you. I can confirm we currently have no questions registered. I do apologize. We have yes, that does conclude the end of the Q and A session. And I'd like to hand it back to management for some closing. Mark MasonChairman, CEO & President at HomeStreet00:29:45Thank you very much for joining us for our Q4 and full year analyst call today. Again, if any investors would like to ask questions or arrange a conference call with John and I, please give us a shout. You know how to find us. Thank you. Operator00:30:08Thank you all for joining the call today. I can confirm that that concludes today's call. Please enjoy the rest of your day and you may now disconnect.Read moreParticipantsExecutivesMark MasonChairman, CEO & PresidentJohn MichelEVP & CFOAnalystsWoody LayVice President at Keefe, Bruyette & Woods (KBW)Matthew ClarkMD & Senior Research Analyst at Piper Sandler CompaniesTimothy CoffeyMD & Associate Director of Depository Research at Janney Montgomery ScottPowered by