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HomeStreet beats Street 3Q forecasts

SEATTLE (AP) _ HomeStreet Inc. (HMST) on Monday reported third-quarter earnings of $13.8 million.

On a per-share basis, the Seattle-based company said it had net income of 51 cents. Earnings, adjusted for restructuring costs and costs related to mergers and acquisitions, came to 61 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.

The real estate lender posted revenue of $145.9 million in the period. Its adjusted revenue was $134.7 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $129.9 million.

HomeStreet shares have fallen 9.5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $28.60, a rise of 18 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HMST at https://www.zacks.com/ap/HMST