UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 28, 2021
 
HOMESTREET, INC.
(Exact name of registrant as specified in its charter)
 
Washington   001-35424   91-0186600
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification No.)
601 Union Street, Ste. 2000, Seattle, WA 98101
(Address of principal executive offices) (Zip Code)
(206) 623-3050
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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, No Par Value HMST Nasdaq Stock Market LLC
☐ 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 12(a) of the Exchange Act.



Item 8.01 Other Events

On January 28, 2021, the Board of Directors of HomeStreet, Inc. ("HomeStreet" or the Company) approved a cash dividend of $0.25 per share, to be paid on February 24, 2021 to shareholders of record as of the close of business on February 9, 2021. In the same meeting, the Board of Directors also authorized an extension to the Company's share repurchase program (the "Repurchase Program") pursuant to which the Company may purchase up to an additional $25 million of its issued and outstanding Common Stock, no par value, at prevailing market rates at the time of such purchase. A press release announcing these two actions by the Board is included as an exhibit to this Current Report on Form 8-K.


Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit 99.1



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 29, 2021
HomeStreet, Inc.
By:   /s/ John M. Michel
  John M. Michel
  Executive Vice President and Chief Financial Officer
 





LETTERHEAD1A.JPG
HomeStreet Announces Authorization of $25 Million Share Repurchase and Increases Common Stock Dividend by 67% to $0.25 Per Share

SEATTLE – January 29, 2021 – HomeStreet, Inc. (Nasdaq: HMST) or (“HomeStreet”), the parent company of HomeStreet Bank (the “Bank” and together with HomeStreet, the “Company”), today announced that the Board of Directors has approved an expansion of our share repurchase program and an increase in our quarterly dividend.

The approved expansion of our share repurchase program allows for the repurchase for up to $25 million in aggregate amount of shares of the Company’s common stock. Under this program, the Company may repurchase shares from time to time in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and applicable federal securities laws. The share repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion.
The Board of Directors also approved an increase in our cash dividend from $0.15 to $0.25 per common share. The dividend is payable on February 24, 2021 to stockholders of record at the close of business on February 09, 2021.

“Due to our strong financial results for the quarter and year ended December 31, 2020, and our strong capital and liquidity positions, we are pleased to announce these returns of capital,” said Mark K. Mason, HomeStreet’s Chairman of the Board, President, and Chief Executive Officer. “In making these decisions, the Board considered our current risk profile, COVID-related economic and credit uncertainty, and our expectations for continued strong financial results. Active capital management is a key component of our strategy to create long-term shareholder value.”

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Forward-Looking Statements
This press release contains forward-looking statements concerning HomeStreet, Inc., HomeStreet Bank (and any consolidated subsidiaries of HomeStreet, Inc. and HomeStreet Bank) and their operations, performance, financial condition and likelihood of success, as well as plans and expectations for future actions and events. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on many beliefs, assumptions, estimates and expectations of our future performance, taking into account information currently available to us, and include statements about the impacts of COVID-19 on our business and operating strategies and plans and on the economies and communities we serve, our expectations about future performance and financial condition, long term


value creation, reduction in volatility, reliability of earnings, provisions and allowances for credit losses, cost reduction initiatives, performance of our continued operations relative to our past operations, the nature and magnitude of additional expected charges related the exit of our home loan center-based mortgage operations and restructuring activities. When used in this press release, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "should," "will" and "would" and similar expressions (including the negative of these terms) may help identify forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond management's control. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date.

About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and an Equal Housing Lender.

Contacts:

Investor Relations:

Gerhard Erdelji, 206-515-4039
gerhard.erdelji@homestreet.com

or

Media Relations:

Misty Ford, 206-876-5506
misty.ford@homestreet.com