Subsequent Event

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENT

SUBSEQUENT EVENT:

On April 4, 2019 the Company announced that the Bank executed a definitive agreement for Homebridge Financial Services, Inc. (“Homebridge”) to acquire the assets of up to 50 stand-alone, satellite, and fulfillment offices related to the Bank's home loan center based single family mortgage origination business, and to make offers of employment to certain of HomeStreet's related personnel (the "Transaction"). Homebridge has agreed to a purchase price of the net book value of the acquired assets, which is approximately $4.9 million, plus a premium of $1.0 million, which may be reduced by up to $2.0 million for reimbursement by HomeStreet of certain transaction expenses incurred by Homebridge, as well as the assumption of certain home loan center and fulfillment office lease obligations. In the event Homebridge realizes a certain level of mortgage loan originations for the twelve months following the closing of the Transaction, HomeStreet will be entitled to an additional payment of up to $1.0 million at that time.

The Transaction remains subject to certain employee and branch office state licensing requirements and other customary closing conditions, and is expected to be substantially completed in the second quarter of 2019.