HomeStreet Announces a $75 Million Expansion of Our Share Repurchase Program and Common Stock Dividend of $0.35 Per Share, a 40% Increase
28 January 2022 - 11:30AM
Business Wire
HomeStreet, Inc. (Nasdaq: HMST) or (“HomeStreet”), the parent
company of HomeStreet Bank (the “Bank” and together with
HomeStreet, the “Company”), today announced that the Board of
Directors has approved an expansion of our share repurchase
program, subject to the approval or nonobjection of its regulators,
and a $0.35 per share quarterly dividend, which represents a 40%
increase from the dividend paid in the prior quarter.
The Company will utilize proceeds from its $100 million
subordinated note offering completed on January 19, 2022 to fund
the approved expansion of our share repurchase program allows for
the additional repurchase of up to $75 million in aggregate amount
of shares of the Company’s common stock. Under this program, the
Company may repurchase shares from time to time in the open market,
in privately negotiated stock purchases or pursuant to any trading
plan that may be adopted in accordance with Rule 10b-18 and Rule
10b5-1 under the Securities Exchange Act of 1934, as amended, and
applicable federal securities laws. The share repurchase plan does
not obligate the Company to acquire any particular amount of common
stock, and it may be terminated, modified or suspended at any time
at the Company's discretion.
The Board of Directors also approved a dividend of $0.35 per
common share. The dividend is payable on February 23, 2022 to
shareholders of record at the close of business on February 9,
2022.
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial
services company headquartered in Seattle, Washington, serving
consumers and businesses in the Western United States and Hawaii.
The Company is principally engaged in real estate lending,
including mortgage banking activities, and commercial and consumer
banking. Its principal subsidiaries are HomeStreet Bank and
HomeStreet Capital Corporation. HomeStreet Bank is the winner of
the 2022 "Best Small Bank" in Washington Newsweek magazine award.
Certain information about our business can be found on our investor
relations web site, located at http://ir.homestreet.com. HomeStreet
Bank is a member of the FDIC and an Equal Housing Lender.
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version on businesswire.com: https://www.businesswire.com/news/home/20220127005860/en/
Executive Vice President and Chief Financial Officer:
HomeStreet, Inc. John Michel (206) 515-2291
john.michel@homestreet.com http://ir.homestreet.com
or
Media Relations: Misty Ford, 206-876-5506
misty.ford@homestreet.com
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