Flush with cash from investors and profits, HomeStreet bets on mortgage loans – Puget Sound Business Journal

HomeStreet Bank    saw a big boost in profits for the first quarter of 2012, compared to a loss a year ago, as the Seattle-based bank continues to show revved-up life 11 weeks after going public and raising $88.7 million from shareholders.

HomeStreet Inc. (HMST), the parent company of HomeStreet Bank, reported net income of $19 million ($3.55 per share) for the quarter that ended March 31. A year ago, the bank posted a loss of $7.4 million a share (a loss of $2.76 a share), while in the fourth quarter of 2011, HomeStreet saw net income of $7 million ($2.42 per share).

The bank’s stock rose more than 4 percent Monday, selling at $34.92 a share.

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via Flush with cash from investors and profits, HomeStreet bets on mortgage loans – Puget Sound Business Journal.