Seattle’s HomeStreet Sees Fourth Quarter Net Income More Than Triple
SEATTLE (AP) — HomeStreet’s fourth-quarter net income more than tripled as its mortgage banking business strengthened and it made more money from fees.
The financial services company, parent to HomeStreet Bank, reported Monday that it earned $21.5 million, or $1.46 per share, for the period ended Dec. 31. That compares with $7 million, or $1.21 per share, a year earlier.
HomeStreet Inc., which went public about a year ago, said that its quarterly net interest income, or earnings from deposits and loans, climbed 30 percent to $16.6 million from $12.8 million.
Noninterest income, or income from fees and other sources, more than doubled to $71.7 million from $27.5 million.
For the year, the Seattle company earned $82.1 million, or $5.98 per share. In the prior year it earned $16.1 million, or $2.80 per share.
Net interest income rose 25 percent to $60.7 million from $48.5 million, while noninterest income more than doubled to $237.5 million from $97.2 million.
Its shares finished at $25.27 on Friday. They have traded in a 52-week range of $12 set last February to $27.74 set almost two weeks ago.
The banking company operates mainly in the Pacific Northwest and Hawaii.
Copyright 2013 The Associated Press.