HomeStreet in Seattle Files to Raise $125 Million

HomeStreet (HMST) in Seattle has filed to sell up to $125 million in securities.

The $1.8 billion-asset company said in a regulatory filing that it could sell common and preferred stock, senior and subordinated debt, warrants and other securities. The company did not price any of the securities or state when it plans to offer any of them.

The company said it could use proceeds from any sales for general corporate purposes.

Separately, HomeStreet said it earned $2.3 million in the first quarter, compared to $10.9 million a year earlier. The company lost $861,000 in the fourth quarter, which included $4.1 million of acquisition-related expenses.

The company sold about $300 million of single-family mortgage in the first quarter as part of a plan to restructure its loans-held-for-investment portfolio, Mark Mason, HomeStreet's chief executive, said in a press release. "This action enables us to meet our loan portfolio diversification goals and provides the company additional lending liquidity to support our loan portfolio growth targets."

HomeStreet also reported nearly $291 million in new loan commitments during the first quarter.

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