Long-term Debt Long-term Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 10–LONG-TERM DEBT:

The Company raised capital by issuing trust preferred securities ("TruPS") during the period from 2005 through 2007, resulting in a debt balance of $61.9 million at December 31, 2012. We acquired $3.1 million of TruPS debt through the acquisition of YNB in 2013, bringing our total TruPS long-term debt to $64.8 million at December 31, 2013. During the first quarter of 2014, we redeemed the TruPS that were acquired as part of the acquisition of YNB, bringing our TruPS balance to $61.9 million at December 31, 2014. In connection with the issuance of TruPS, HomeStreet, Inc. issued to HomeStreet Statutory Trust Junior Subordinated Deferrable Interest Debentures.

The Subordinated Debt Securities are as follows:

	HomeStreet Statutory
(in thousands)	I	II	III	IV
Date issued	June 2005	September 2005	February 2006	March 2007
Amount	$5,155	$20,619	$20,619	$15,464
Interest rate	3 MO LIBOR + 1.70%	3 MO LIBOR + 1.50%	3 MO LIBOR + 1.37%	3 MO LIBOR + 1.68%
Maturity date	June 2035	December 2035	March 2036	June 2037
Call option(1)	5 years	5 years	5 years	5 years

(1) Call options are exercisable at par.

Following the first call date, the HomeStreet Statutory TruPS debt adjusts quarterly with the change in the three-month LIBOR rate. The sole assets of the HomeStreet Statutory Trust are the Subordinated Debt Securities I, II, III, and IV.

During 2014, we recorded a loss on debt extinguishment of $573 thousand upon the early retirement of senior debt, which the remaining net acquired amount totaled $2.9 million and was settled for $3.5 million.