HomeStreet hits record low; sees interest margins declining in FY23

Mechanics Bancorp

25/04/2023 15:30

** Shares of HomeStreet Inc  HMST.O  down 31% at $11.9,
hitting a record low on Q1 profit miss, gloomy forecast 
    ** Stock's intra-day low of $11.52 was lower than its issue
price of $11.61 in Feb 10, 2012; on track to record its worst
performance ever if losses hold       
    ** Co reports profit of 27 cents/shr vs analysts' average
est of 40 cents/shr - Refinitiv Data
    ** HMST's Q1 net interest margin at 2.23% vs 2.53% in Q4
    ** CEO Mark K. Mason says company's net interest margins to
decline somewhat for the remainder of 2023 due to continued
funding cost pressures 
    ** HomeStreet stock is the worst performer on S&P Composite
1500 Regional Banks sub index  .SPCOMBNKS 
    ** Shares have lost 57% YTD
    

    
    
    

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))