HomeStreet, Inc. Reports First Quarter 2020 Results and Quarterly Dividend Authorization
HomeStreet, Inc. (HMST)
Last homestreet, inc. earnings: 4/27 04:03 pm
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US:NASDAQ Investor Relations:
ir.homestreet.com
Company Research
Source: Business Wire
Key highlights and developments:Adopted the Current Expected Credit Losses ("CECL") accounting standard resulting in an increase in our allowance for credit losses of $3.7 million at January 1, 2020, or 9%, as compared to our December 31, 2019 aggregate reserve levels. This "Day 1" adjustment was recorded in retained earnings and did not impact net incomeRecorded a provision for credit losses of $14.0 million in the first quarter of 2020 exclusively due to the forecasted economic impacts of COVID-19Reported net income for the first quarter of 2020 of $7.1 million, or $0.30 per diluted share, compared with $11.0 million, or $0.45 per diluted share for the fourth quarter of 2019Reported core net income for the first quarter of 2020 of $8.1 million, or $0.34 per diluted share, compared with $12.7 million, or $0.52 per diluted share for the fourth quarter of 2019Reported core pre provision income from continuing operations before income taxes of $24.1 million in the first quarter of 2020I
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