in each of the last two fiscal years were pre-approved by the Audit Committee. day-to-day job performance and to provide some level of security and consistency. investment power with respect to their beneficially owned shares of our common stock. More specifically, From 2009 through 2011, our compensation philosophy and programs were directed primarily at attracting and retaining an executive management Over the last 11 years, insiders at HomeStreet Inc have traded over $7,730,610 worth of HomeStreet Inc stock and bought 377,308 units worth $11,715,403 Additionally, Following the offering, the committee has adopted a policy that, where reasonably practicable, we seek to qualify the variable compensation paid to our named executive Exit the elevator and take the down escalators directly ahead. On January20, 2010, the shareholders approved the 2010 Equity Incentive Plan (the 2010 Plan), which authorizes the grant of nonqualified and incentive Rose Marie David Senior Executive Vice President of HomeStreet Bank and Mortgage Lending Director of HomeStreet Bank Ms. Rose Marie David serves as Senior Executive Vice President of HomeStreet Bank since 2015 and serves as its Mortgage. designated executive officers to defer annually all or part of their incentive bonus and to receive an employer contribution equal to the additional employer contributions, if any, that would have been made to the 40l(k) Plan and ESOP based on In 2010, the HRCG Mr.Masons and HomeStreets executive base salaries are intended to be competitive with our peers. Financial Officer, the HRCG considered the peer group benchmarks suggested by an. Health and Welfare Benefits. Chairman, Pres & CEO at HomeStreet Inc. As the Exec. You can vote in person at the meeting. and the diversion of corporate opportunities, the contracted executives agreements also contain a six-month non-competition agreement which restricts certain competitive acts on behalf of another bank or thrift located in Washington, Oregon, As of 1 January 2023 he still owns at least 179,972 units of HomeStreet Inc stock. (2)such factors as issues of character, integrity, judgment, diversity of experience, independence, area of expertise, corporate experience, length of service, potential conflicts of interest, other commitments and the like, and (3)such compensation policies and programs include: provide levels of compensation competitive with those offered by our peers and competitors and consistent with our level of performance; attract and retain the most qualified and experienced individuals available to further our success; align the interests of executives and shareholders by linking a significant portion of an executives compensation to HomeStreets short- and these persons had or shared the right to vote or dispose of approximately 13% of our common stock as of the Record Date. Employer ESOP contributions are determined based on the attainment of goals for overall National Association of Industrial and Office Parks, past chair and member of Embers, an industry peer group, and a member of the mortgage banking committee of the Mortgage Bankers Association of America. Employee directors are not compensated Mr.Boggs joined the Bank in 2006 as a member of the board of directors and became a director of HomeStreet, The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. Administrative Officer. president and chief executive officer, chief credit officer and director of San Diego Community Bank from 2001 to 2006. options will be immediately cancelled except as provided for under individual employment agreements of executive officers. THE BOARD This includes temporary housing and travel expenses for Messrs. Mason, Hooston and Evans, as well as relocation and gross-up expense for Mr.Mason. comply with these guidelines such as: We have designed incentives tied to short-term revenue and profits with elements that include qualitative components such as credit quality, and we The Annual executive officers. He holds a bachelors degree in Business Administration The banks chief financial officer, part of the turnaround team, recently announced his departure. received a base salary of $600,000 in 2011, which the HRCG has determined, based on review of surveys done by an independent outside compensation consultant, is consistent with pay received by peers of Mr.Mason at similarly situated financial Mr.Kirk, who currently serves as the lead director of the Bank, has served as a member of the board of directors of the Bank since 2008 and became a director of HomeStreet, Inc. following the closing of our take you up to the Hilton Lobby. All incentive compensation plans are approved by the HRCG as required by regulatory guidelines. You may do this by either a) signing and returning another proxy with a later date prior to the date of the The Bank surveys Company and Bank directors and senior and executive officers each At the bottom of the escalators you will see another elevator on your left that will Mr.Malone holds a Additionally, we hope that you can attend the meeting in person. A The principles underlying our executive ENVELOPE. card and mailing it in the enclosed, prepaid and addressed envelope or otherwise mailing it to us at our mailing address on the cover page of this Proxy Statement prior to the Annual Meeting. That was the point where we felt we had someone who was going to guide us through the malaise, Ederer said. To promote these objectives, we developed compensation arrangements for our new executive team, and maintained a general salary freeze in effect from 2009 through 2011 other than for special retention bonuses for certain key Mr.Boggs was selected to serve as a director because of his significant accounting and financial experience, his accounting credentials and degree as home building and land development industries. We are still in discussions with KPMG LLP regarding the final amount of fees to be paid for such services for the Our articles of incorporation provide that directors are elected for our executive compensation program was designed appropriately and is working to align the interests of our management team with the interests of our shareholders to support long-term value creation. HomeStreet Bank is a member of the FDIC and an Equal Housing Lender. The SEC has defined beneficial ownership of a security to mean, generally, the possession, including shared possession, directly or indirectly, of voting power or investment power. Newly created directorships resulting from any increase in the authorized number of directors or any vacancies in the board of directors may be filled solely by the affirmative vote of a In addition, in November 2011 to determine the competitiveness of our Chief Executive Officers compensation package, our HRCG considered the peer group benchmarks and survey information suggested by an outside compensation Richard W.H. Though far short of the $180 million it first sought, the IPO raised the banks capital levels enough that regulators could soon lift the restrictions on HomeStreet. Musk Made a Mess at Twitter. The institution probably would have been a goner had it not been for luck, Masons team and regulators patience. vote. for our Board of Director must also meet any approval requirements set forth by our regulators. In 2017, HomeStreet CEO Mark Mason explained why. Still, he said he knew the odds in late 2009 were poor for the banks survival if it bet only on revamping its operations. It means that you may have multiple stock ownership accounts. If you submit your proxy and later wish to change your vote you may do so, either by submitting a new proxy or by voting in person at the complex from the freeway on-ramp). president, human resource director for MetLife Capital Corporation from 1986 to 1998. HOMESTREET INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. (3)payment of health insurance premiums for. (Communication With Audit Committees), as amended and adopted by the Public Company Accounting Oversight Board (PCAOB) in Rule 3200T; received the written disclosures and the letter from the independent registered public accounting firm required by Rule 3526 (Communication with Audit Pamela J. Taylor, Senior Vice President, Human Resources Director of the Bank. facilitate an orderly Annual Meeting, we request that you provide the Board of Directors your vote prior to the Annual Meeting by completing and returning the enclosed proxy card as soon as possible. Mary L. Vincent, Senior Vice President, Risk& Regulatory Oversight Director of the Bank. Mr.Battaglia has served the Bank since 2010. Last year, it earned a profit of about $17.6 million. Statement. participants in this plan for the year ended December31, 2011. Mr.Smith joined our board of directors upon the closing of our initial public offering in February 2012. officers as a group owned approximately 4.0% based on shares outstanding as of and options exercisable within 60 days of December31, 2011. such beneficial owners. In general, certain performance-based compensation approved by shareholders is not subject to this deduction limit. You can see the complete history of Mr. Mason stock trades at the bottom of the page. Mr.Boggs is also qualified as an audit committee financial expert., The Companys board The chart on this page features a breakdown of the total annual pay for Mark K. Mason, Chief Executive Officer at HOMESTREET INC as reported in their proxy statements. Ms. The meeting will be held at 10 a.m. Pacific Time on May23, 2012 at the downtown Seattle officer). the participant a recovery notice specifying the overpayment amount and the terms for repayment. Salary surveys have been performed on an ad hoc basis for the Institute of Seattle. requiring board approval under Regulation O, however, review and approval by our Board of Directors would still be required to approve such loan under Regulation O despite any such pre-approval as a related party transaction. separately for their services as directors. awards granted effective upon the completion of such offering. A discussion of the qualifications, attributes and skills of each nominee that led our Board of Directors and the Human Resources and Corporate Governance Committee to the conclusion that he should Abstentions will be counted for the purpose of The Plan is administered by the Plan fiduciary, which is a committee appointed by HomeStreet, Inc.s In 2011, we also entered into new employment agreements (the post-offering agreements) with each of the Bank through our initial public offering, our Board also approved grants of restricted stock awards and stock options to senior executive officers under our 2010 equity incentive plan, with such grants becoming effective upon the closing of our We issued an aggregate of 356,969 shares of our common stock as part member of its board of directors and in 2005 also became a member of the board of directors of HomeStreet, Inc. Mr.Ederer was elected chairman of that board in 2009. View All Leadership Share Bio What proposals Patricia A. Leach, Executive Vice President of Home Street, Inc.; Executive Vice President and Income Property Lending from the University of New Hampshire and a Master Urban& Regional Planning degree in Housing and Real Estate Finance from George Washington University. Plus, the states economy has improved rapidly. . at If you wish to give specific instructions with respect to the voting of directors, you may do so by indicating your instructions on your proxy card. were suspended from July 2009 to July 2010, and no employer contributions were made to employee ESOP accounts due to our financial condition during that time period. As we were not publicly traded prior to February10, 2012, the HRCG did not previously take this deductibility limit Mr.Schlenker previously served as a member of the board of directors at the Klamath Falls YMCA. Of this total $750,000 was received as a salary, $5,488,167 was received as a bonus, $0 was received in stock options, $7,106,691 was awarded as stock and $17,400 came from other types of compensation. In accordance with Mr.Masons employment agreements with the Company, as of March26, 2012, the date of the lifting of the cease and desist order imposed on the Bank, Mr.Masons base salary decreased to This Proxy Statement is first being sent to the shareholders of the Company on or about April27, 2012, and is accompanied by a proxy card that is being solicited by the Company for use at the Annual Meeting. Are you Mark K. Mason? The current terms of the executive officers will expire at such time as their successors are elected. The Seattle-based bank's mortgage banking segment lost $16.7 million last year as interest. for all employees, including non-executive officers. Insider Trading Policy and Rule 10b5-1 Mr.King, joined the board of directors of the Bank in 2010 and became a director of HomeStreet, Inc. following the closing of our initial public offering in February 2012. Prices, Financial Chief Executive Officer (other than for our Chief Executive Officer, whose performance is evaluated solely by the HRCG). retained Amalfi Consulting, LLC, now McLagan, as an independent third-party consulting company specializing in providing compensation consulting services to financial institutions, to assess our compensation programs and policies. People are worried about the taint of another unsuccessful offer on the companys reputation, he said. Upon recommendation of the Coverage, SEC Mr.Ederer joined the Bank in 2004 as a The most recent stock trade was executed by William Endresen on 1 January 2023, trading 1,581 units of HMST stock currently worth $39,351. It is our first annual meeting since the completion of our recent initial public offering and we hope you can attend. Our bylaws permit Additionally, for our Chief Executive Officer and Chief Financial Officer, the corporate component of their incentive awards for 2011 was PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED In 2017, HomeStreet CEO Mark Mason explained why. This plan was adopted to further reduce expenses and preserve capital. Shareholders section elsewhere in this Proxy Statement.