Research Desk Line-up: New York Community Bancorp Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 1, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on HomeStreet, Inc. (NASDAQ: HMST), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=HMST, following the Company's posting of its financial results on October 23, 2017, for the third quarter of the fiscal year 2017. The real estate lender Company's net interest income increased 9% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the Savings & Loans industry. Pro-TD has currently selected New York Community Bancorp, Inc. (NYSE: NYCB) for due-diligence and potential coverage as the Company reported on October 25, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on New York Community Bancorp when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HMST; also brushing on NYCB. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=HMST

http://protraderdaily.com/optin/?symbol=NYCB

Earnings Reviewed

For the three months ended September 30, 2017, HomeStreet's adjusted revenues decreased 15% to $134.72 million from $158.55 million in Q3 FY16. The adjusted revenue surpassed analysts' expectations of $129.9 million.

During Q3 FY17, HomeStreet's total interest income increased 12% to $61.98 million from $55.33 million in the same period of last year. For the reported quarter, the Company's interest expenses increased 31% to $11.14 million from $8.53 million in Q3 FY16. For the reported quarter, the Company's net interest income increased 9% to $50.84 million from $46.80 million in Q3 FY16. For the reported quarter, the Company's net interest margin was 3.40% compared to 3.34% in Q3 FY16.

During Q3 FY17, HomeStreet's total non-interest income decreased 25% to $83.88 million from $111.75 million in the comparable period of last year. For the reported quarter, the Company's salaries and related expenses decreased 5% to $75.37 million from $79.16 million in Q3 FY16. For the reported quarter, the Company's G&A expenses increased 8% to $16.15 million from $14.95 million in Q3 FY16. During Q3 FY17, HomeStreet's amortization expenses decreased 19% to $470,000 from $579,000 in Q3 FY16. During Q3 FY17, HomeStreet's total non-interest expenses were $114.70 million compared to $114.40 million in Q3 FY16.

During Q3 FY17, HomeStreet's net income decreased 50% to $13.84 million from $27.70 million in the corresponding period of last year. During Q3 FY17, HomeStreet's adjusted net income decreased 40.8% to $16.59 million from $28.03 million in Q3 FY16. For the reported quarter, the Company's diluted earnings per share (EPS) decreased 54% to $0.51 from $1.12 in Q3 FY16. For the reported quarter, the Company's adjusted diluted EPS decreased 45.5% to $0.61 from $1.12 in Q3 FY16. The adjusted diluted EPS surpassed analysts' expectations of $0.43.

Segment Details

Commercial and Consumer Banking - During Q3 FY17, HomeStreet's Commercial and Consumer Banking segment's net interest income increased 15.1% to $45.31 million from $39.34 million in the same period of last year. For the reported quarter, the segment's net income increased 37.7% to $13.96 million from $10.13 million in Q3 FY16. For the reported quarter, the segment's efficiency ratio was 64.88% compared to 65.51% in Q3 FY16.

Mortgage Banking - During Q3 FY17, HomeStreet's Mortgage Banking segment's net interest income decreased 26.6% to $5.5 million from $7.5 million in the comparable period of last year. For the reported quarter, the segment's net loss was $123,000 compared to net income of $17.6 million in Q3 FY16.

Asset Quality

During Q3 FY17, HomeStreet's allowance for credit losses increased 8.4% to $38.20 million from $35.23 million in the corresponding period of last year.

For the reported quarter, the Company's non-accrual loans to total loans ratio was 0.35% compared to 0.68% in Q3 FY16.

For the reported quarter, the Company's total non-performing assets decreased 41.8% to $18.83 million from $32.31 million in Q3 FY16.

Balance Sheet

As on September 30, 2017, HomeStreet's cash and cash equivalents increased 2% to $55.05 million from $53.93 million as on December 31, 2016.

During Q3 FY17, the Company's investment securities decreased 12% to $919.46 million from $1.04 billion in the fourth quarter of 2016.

For the reported quarter, the Company's total assets increased 9% to $6.80 billion from $6.24 billion in Q4 FY16.

As on September 30, 2017, HomeStreet's total deposits increased 5% to $4.67 billion from $4.43 billion in Q4 FY16.

During Q3 FY17, HomeStreet's efficiency ratio was 85.13% compared to 72.15% in the same period of last year.

Stock Performance

On Tuesday, October 31, 2017, the stock closed the trading session at $29.05, marginally up 0.52% from its previous closing price of $28.90. A total volume of 178.53 thousand shares have exchanged hands. HomeStreet's stock price surged 4.87% in the last one month, 10.25% in the past three months, and 11.73% in the previous six months. The stock is trading at a PE ratio of 21.58 and currently has a market cap of $780.46 million.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily