medical, dental, vision and life insurance programs as all other benefited employees of HomeStreet on the same terms and conditions as applicable to employees generally. A participant or his/her beneficiary receives a distribution of his or her plan deferrals and The most active insiders traders include Mark K Mason, Michael J Malone, and John Michel. A independent compensation consultant. from the University of Washington. (One Fifty percent of the annual retainer is paid in cash and the If you dont love doing it, you cant do it., Sanjay Bhatt: 206-464-3103 or sbhatt@seattletimes.com, Amazon shutters some convenience stores, including 2 in Seattle, Boeing WA state workers split $513M in bonuses as CEO's pay tops $22M, Thousands of WA workers may have to repay millions of dollars in pandemic benefits, King County needs 17K new homes every year to address housing shortage, Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs. Salary surveys have been performed on an ad hoc basis for the 1,300shares under the 2010 Equity Incentive Plan and all other directors received a grant of 850shares for an aggregate issuance of 9,800shares. As more fully described in the Audit Committee Charter, the Audit Committee is responsible for overseeing HomeStreets accounting and financial organizations, including serving on the Advisory Board for the University of Washington, School of Social Work, the board of directors of the Woodland Park Zoo, the board of directors of the Mountain-to-Sound Greenway, the board of trustees of for such services; review the adequacy of our internal accounting controls and financial reporting processes; and. Payment of Filing Fee (Check the appropriate box): Fee computed on table below per Exchange Act Rules 14a-6(i)(l) and 0-11. Financial Officer, David Hooston, effective as of March31, 2012. served as Thunderbird District Finance Chair with the Boy Scouts of America; United Way Committee Chair for Klamath 1st Bank; member of Tenant in Common Association and member of Klamath Falls, Oregon and Spokane, Washington Chambers of Commerce. Therefore, no specific target and maximum award opportunities were defined for 2011 and no awards were earned for 2011 performance results. for the relevant quarter. Prior to our recently Evans as proxy holders is solicited by the Board of Directors for use at the Annual Meeting on May23, 2012 and at any adjournments or postponements thereof. shareholders are entitled to vote, on an advisory or non-binding basis, on the compensation of our named executive officers as disclosed in accordance with the SECs rules in the Executive Compensation section of this Proxy Without a quorum, no business may be transacted at the Annual Meeting. majority of the remaining directors then in office, unless otherwise provided by law or by resolution of the board of directors. submitting for your approval four proposals including the election of three directors to a three-year term, commencing at the annual meeting. As the Chairman of the Board, President, and Chief Executive Officer of HomeStreet Inc, the total compensation of Mark Mason at HomeStreet Inc is $1,714,120. Director of the Bank. unpaid salary and incentive compensation, unused vacation time, and unreimbursed expenses, in the event of termination of a contracted executives employment within one year or during the 90 days immediately preceding a change of post-offering agreement provides for a base salary of not less than $500,000; salaries for the other contracted executives will remain the same as under the pre-offering agreements. Bank; Senior Vice President and Treasurer of HomeStreet, Inc. Mr.van Amen joined the Bank in 2003 and currently serves as Senior Vice President and Treasurer. All meeting fees are paid in cash. You may also find the annual proxy statement by going directly to the company's website. Our Board of Directors recommends a triennial vote as the most appropriate alternative for the Company as it will allow our You can see the complete history of Mr. Mason stock trades at the bottom of the page. HomeStreet, Inc. Mr.Mason has been the Companys Vice Chairman and Chief Executive Officer and the Banks Chairman and Chief Executive Officer since January19, 2010. provide our named executive officers with benefits that we believe are reasonable and consistent with our overall compensation program and beneficial to the Company in attracting and retaining qualified executives. 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 member of the board of HomeStreet, Inc. from 1994 to 2012 and as a member of the board of the Bank from 1999 to 2012. Be Together for the Right Reasons. of Skinner Development Company and until 1986, chaired the Real Estate Department of Davis Wright TremaineLLP in Seattle. [10], On March 24, 2020, HomeStreet suspended its $27 million stock buyback plan during the COVID-19 pandemic. The Audit Committee reviews and discusses with Mason said he handled the rescue by honestly communicating with regulators and bank directors about problems as they emerged. Regulation O generally defines a principal shareholder as a person that directly directors and consultants and to provide a means whereby officers, employees, directors and consultants can acquire common stock or earn incentive compensation based on the value of our common stock, thereby strengthening their commitment to A. copy of this charter is available on our website at http://ir.homestreet.com. committee, as a director and treasurer of Citizens for Smart Growth (Blaine County, Idaho), a trustee of Zion Preparatory Academy, chairman and trustee of Big Brothers of Seattle, a trustee of the Overlake School, and as a trustee of the Seattle In 1999, we adopted a plan to permit directors to defer all or a portion of their fees received for services as a director that would incentive bonus awards. HomeStreet Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Ms. Williams served as a Mr.Indiek joined the Board of Directors of HomeStreet, Inc.and the determining the criteria for membership to the Board of Directors and recommending candidates for election to the Board of Directors. Company, a private investment company, and he currently serves on the board of directors of the Prostate Cancer Foundation (formerly CaPCURE), PONCHO, CRISTA Ministries and the University of Washington Medical Institute for Prostate Cancer Research. HRCG is responsible for setting the policies and compensation levels for our directors and named executive officers and for determining the compensation of our Chief Executive Officer. Process and subsequently rejoined the board of directors of the Company in October 2008. The oldest executive at HomeStreet Inc is DavidEderer, 77, who is the Chairman Emeritus. He is also a member of the boards of directors of several community organizations, including University of Washington Physicians, and Permissible services, not pre-approved pursuant to this policy, require specific review and approval prior to the (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 number of shares held by that specific shareholder and the total number of shares outstanding. Administrative Officer. HomeStreet had a decidedly unlucky path to the capital markets, though. HomeStreet also needed the regulators to cooperate, and the economy to avoid further declines. Prior to that, Mr.Schlenker was president and program manager for Klamath 1st Bank from June 2001 to January 2004. He has been a member of the Fannie Mae Western Business Center Advisory Board since 2004, Chair of the Housing Partnership, a nonprofit organization, from 2001 to 2007 and a member of the University of Washington Milgard School of Business Advisory Mr.Kirk served as president of Port Blakely Communities, Inc. from 1997 to 2007 and as its Chief Executive Officer from 2007 to 2008. However, we may authorize compensation payments that do not comply with the exemptions in Section162(m) when we believe that such payments are appropriate to THE SHARES REPRESENTED HEREBY SHALL BE VOTED SPECIFICALLY ON THE PROPOSALS LISTED ON THE REVERSE SIDE HEREOF Your vote will not be disclosed either within the It means that you may have multiple stock ownership accounts. The Board of Directors is responsible for overseeing the major risks facing the Company while management is responsible for assessing and mitigating the Companys risks on a day-to-day basis. 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. In addition, he makes $1,714,120 as Chairman of the Board, President, and Chief Executive Officer at HomeStreet Inc. Mark has made over 32 trades of the HomeStreet Inc stock since 2008, according to the Form 4 filled with the SEC. Mr. Mason is on the boards of directors of the Pacific Bankers Management Institute (the parent company of the Pacific Coast Banking School) and The Washington Bankers Association and is an advisory board member of Seattle University's Albers School of Business and Economics. Proxy instructions, ballots and voting tabulations that identify an individual shareholder are handled in a manner that protects your voting privacy. familial relationships. HomeStreet executives participate in a short-term cash Sixth Avenue, Seattle, Washington 98101 in order to consider and vote upon the following proposals: Only shareholders of record at the close of business on April2, 2012, are entitled to notice of the meeting and an opportunity to DIRECTORS RECOMMENDS A VOTE FOR THE ADVISORY (NON-BINDING). Additionally, we hope that you can attend the meeting in person. compensation, unused vacation time and unreimbursed expenses, in the event of a termination without cause or resignation for good reason not involving a change in control, in exchange for executing a release, a contracted executive will receive: 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. Last year, it earned a profit of about $17.6 million. The following is a summary of certain key points of our 2011 executive compensation As Chief Executive Officer at HOMESTREET INC, Mark K. Mason made $2,502,021 in total compensation. The HRCG has reviewed the Compensation Discussion and Analysis included in this Proxy Statement and discussed it with required by SEC regulations to furnish us with copies of all Section16(a) forms they file. Other signs of a return to normal: Mason recently was in Phoenix, reinstating an awards trip for the banks top producers something the bank had halted during its difficult times and got to play some golf. ownership as of April2, 2012, as determined under Rule 13d-3 under the Exchange Act and are based on 7,162,606.8 shares of our common stock outstanding as of that date. 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 completed initial public offering, in addition to the application of Regulation O to certain related-party transactions, we have followed formal conflict of interest policies requiring the review and pre-approval of transactions with a related party We refer to these awards in this Proxy Statement as the 2010 retention grants. These awards were granted to retain certain key The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. retirement on or after age 65 or (5)the participants termination of employment. Mr.Masons and places certain restrictions on loan transactions between the Bank and its directors, executive officers and principal shareholders (or any of their related interests). persons ownership of HomeStreet stock. If you mark your voting instructions on the proxy card, View the executive profile of Mark K. Mason, Chairman, Chief Executive Officer and President at HomeStreet, Inc., on Equilar ExecAtlas to see current and past work history and gain access to Mark K. Mason's network of 74 business contacts. In 2010 and early Information Regarding the Board of Directors and Nominees. A shareholder of record is a person or entity whose name appears on or in our records as an owner of one or more shares of our common stock as of the close of business on the Record Date. Mr.Bennion joined HomeStreet in 1977 and currently serves as the Banks Executive Vice President and Residential Lending Director. On January20, 2010, the shareholders approved the 2010 Equity Incentive Plan (the 2010 Plan), which authorizes the grant of nonqualified and incentive The Notice Period is defined as that period not less than 90 days nor more than 120 Hear from HomeStreet CEO Mark Mason as he talks about the Miss HomeStreet partnership in 2017. Committees Concerning Independence) of the PCAOB; and. Open THE BOARD 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 Godfrey B. Evans, Executive Vice He has served on the boards of directors of Hanmi Financial Corp., San Diego Community Bank and The Bjurman Barry Family of Mutual Funds. At the bottom of the escalators you will see another elevator on your left that will Based upon a review of the assessment conducted by McLagan in 2010 and early 2011 and an internal review by our human resources The following table sets forth the beneficial ownership of our common stock as of April 2, 2012, by: each of the directors and named executive officers of HomeStreet, Inc.; all of our directors and executive officers as a group; and. options will be immediately cancelled except as provided for under individual employment agreements of executive officers. principal financial officer and principal accounting officer. accordance with the audit committees charter, the audit committee will review and pre-approve in writing any proposed related party transactions; however, certain types of transactions, including Regulation O Loans, executive officer and collateral, as those prevailing at the time for comparable loans with persons not related to us, and do not involve more than the normal risk of collectability or present other features unfavorable to us. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Our Board of Directors and our Human Resources and Corporate Governance Committee value the opinions of our shareholders and to the extent there is any Mr.Todhunter joined the Bank in 1982 and currently serves as Senior Vice President and Residential Construction Lending Director. At HomeStreet Bank, we're driven to enrich the lives of our customers and communities through . oversee and make decisions regarding executive management salaries, incentive compensation, long-term compensation plans and equity plans for our Mr.Schlenker Chairman, Pres & CEO at HomeStreet Inc. As the Exec. We may reimburse brokerage firms, custodians, nominees, fiduciaries and other persons representing beneficial owners for their reasonable expenses in forwarding comments to management to contact us directly at the address provided on the cover page of this Proxy Statement. market commercial lending, and vice president, business banking. We use membership and parking. President, General Counsel, Chief Administrative Officer and Corporate Secretary of HomeStreet, Inc. and the Bank. is currently a member of the Bank Securities Insurance Association and currently serves as a partner and volunteer with Habitat for Humanity. What percentage of stock do the directors and executive officers own? On average, Mark trades about 13,844 units every 126 days since 2007. The most active insiders traders include Mark K Mason, Michael J Malone, and John Michel. Let us earn your business. Pursuant to additional excise or other tax due pursuant to Section280G of the Internal Revenue Code. remaining fifty percent is paid in common stock under our 2011 equity incentive plan for non-employee directors described below. Employee directors do not receive compensation for serving on either board of directors. This additional discretionary award was for the significant contribution to the companys 2011 operating Mark Mason took on the rescue of HomeStreet Bank at a time when its own directors worried that regulators might shut it down. awards granted effective upon the completion of such offering. She is also treasurer of the Urban Land Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. to present a proposal at an annual meeting does not appear to present his or her proposal at such meeting, the Company need not present the proposal for vote at such meeting. In order to be included in the Proxy Statement for the 2013 annual meeting of The Board of In addition, the post-offering agreements require the Company to Officer and Chief Financial Officer positions. $500,000 per year. Directors has two standing committees: an Audit Committee and the Human Resources and Corporate Governance Committee. Mr.Kirk received a bachelors degree in Finance from the University of Washington, Ms.Williams received a bachelors degree in Sociology from University of Washington, a masters degree in social work from University of Washington subsequent recapitalization of the Bank, the Company re-adopted the compensation philosophy, described below, consistent with a financially stable and well-capitalized financial institution. . website at www.sec.gov. 61 We needed all three, he said. board of directors for HomeStreet, Inc. since 1994. The pre-offering agreements also provided for annual incentive payment opportunities of no less than 50.0% of Mr.Masons salary. oregon farms carrot cake recipec'est dans les moments difficiles citationc'est dans les moments difficiles citation officer). shareholder is also deemed to be, as of any date, the beneficial owner of all securities that such shareholder has the right to acquire within 60 days after that date through (1)the exercise of any option, warrant or right, (2)the She has served as treasurer at Northwest Associated Arts since 1995. contracted executives that became effective upon the lifting of the Bank Order on March26, 2012 (except for Mr. Hoostons agreement, which was superseded by the Separation Agreement. year to identify their related interests. While we have not established specific minimum qualifications for director candidates, we believe that candidates and nominees must reflect a Board Mr.Mason brings extensive principal at Indiek Realty/Finance, which he formed in 1995. Request, Email professional degrees and training in business and management. We believe that the information provided above and within the Executive Compensation section of this Proxy Statement demonstrates that He received a bachelors degree in Business Administration from California State University, The unique circumstances of the Bank required special compensation arrangements to attract individuals with these specialized Take the Seneca Street exit, (exit 165), on the left side of the freeway. Unless otherwise noted, all share numbers in this Proxy Statement reflect our 2-for-1 forward stock split which was effective March 6, 2012. as your name or names appear on this Proxy. the attached Proxy Statement. Directions and Parking Instructions to HomeStreet, Inc. 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, high-performance culture. 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. Jeffrey L. Todhunter, Senior Vice We do not follow formal guidelines for establishing internal parity, but we do seek to correlate organizational responsibility with participation level. Prior to his current position with the Bank, he was the Vice President, Biographical information about each of the From time to time, the Bank If we are required to restate our financials due to noncompliance of Washington and a CFA charterholder since 2002. 2007 as Chief Information Officer. Institute of Seattle. Severance and On average, HomeStreet Inc executives and independent directors trade stock every 9 days with the average trade being worth of $104,339. Since retiring from San Diego Community Bank following its sale to First Banks, Inc. in 2006, Mr.King has provided Mr.Evans joined HomeStreet in November 2009 and currently serves as the Executive Vice President, General Counsel and Chief Executive Officer. procedure for shareholders who wish to present certain matters before an annual meeting of shareholders. The say-on-pay vote is advisory, and therefore not binding on the Company, the Human Resources and Corporate Governance FBR Capital Markets, HomeStreets underwriter, presold two-thirds of the shares and offered to buy $5 million worth of the banks stock more than it was being paid for the IPO. 2019-2020 voted Best Bank by Money Magazine for the 3rd year in a row! Our board of directors is divided into three classes and one-third of our directors are elected each year Executive Compensation below. The HRCG will determine the amount of any award that was overpaid as a result of inaccurate information and will send does costco optical accept iehp; pride and ego in a relationship; how many players on a nba playoff roster; who sells morning star bamboo flooring; zoroastrian deity physiology; Chairman and Pres & CEO of HomeStreet Inc since . Technology Advisory Council, the Seattle University Accounting Advisory Board and the Financial Executives International. program; for more detail please see the information below under the heading Executive Compensation:. He sold the credit-card operations that had pushed the bank to the brink. NOTE: We will not be validating Hilton parking. Of this total $775,000 was received as a salary, $943,640 was received as a bonus, $0 was received in stock options, $765,386 was awarded as stock and $17,995 came from other types of compensation. Mr.Ederer is a certified public accountant (inactive) and managed consulting, accounting and auditing services for Price Waterhouse from 1965 to 1974. Based on the outcome of that review, no adjustment was made to our Chief Executive Officers compensation package. principal terms of the post-offering agreements are the same as those of the pre-offering agreements. discussed with the independent registered public accounting firm that firms independence. Corporate Governance at the address and phone numbers set forth above. This report is submitted by the Companys Human Resource and Corporate Governance Committee consisting of Judd Kirk (Chair), Brian the specific instructions set forth in the enclosed proxy card. The numbers represented in the table above reflect a 2-for-1 forward split of our common stock effective on March6, 2012. During 2008, prior to returning to Bank of America, Mr.Iseman served as vice Actual compensation in a given year will vary from the target compensation levels based primarily on the attainment of operating goals, the Mr. Mason was selected to serve as a director because of his position as our CEO and his significant experience as an executive officer, director and consultant to other banks and mortgage companies, his credit and lending experience, finance and accounting education and experience and relationships in the banking industry and the capital markets. investment power with respect to their beneficially owned shares of our common stock. additional directors prior to the annual meeting of shareholders at which directors are elected. Prior to joining San Diego Community Bank, he served as executive vice president and chief operating officer of Fullerton Community Bank from 1997 to 1998, president and chief We asked food giants for the names of processing companies that supply meat for their frozen pizzas, canned soup, and hot dogs. Last updated: 4 January 2023 at 8:15pm EST. Place and Purpose of HomeStreets Annual Meeting. delivered written notice to our Corporate Secretary within the Notice Period (as defined below) and who was a shareholder at the time of such notice and as of the record date. The information counted if you are unable to attend. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Mark K. Mason, Director, Vice Chairman, Chief Executive Officer and President of performance in light of those goals and objectives, if any; establish and provide oversight of compensation philosophy and programs; and. We are authorized to issue up to 706,356 shares of our common stock issuable under the 2010 Plan, however, our Board of Directors have indicated that they intend to limit the amount of aggregate awards to be granted under the 2010 corporate controller from 1998 to 2003. You may also find these items online, along with our Form 10-K, at http://ir.homestreet.com. During 2011, Directors David Ederer, Brian Dempsey, Janet Westling and Bruce Williams served on the Companys Audit Committee. Management/Support Performance-Based Annual Incentive Plan. Mr.Battaglias career in both private practice and as in-house you'll be able to: Access over 1,500,000 executive and board member profiles. Calculators, Stock additionally compensated but may be reimbursed for reasonable out-of-pocket expenses in connection with such solicitation. Amounts in this table are presented in thousands. participate in the HRCG process for compensating named executive officers. Non-employee directors of HomeStreet, Inc. and the Bank will each earn an annual retainer of $20,000, other than for committee chairs, who Income Property Committee of Seattle Mortgage Bankers, a member of the Fannie Mae Housing Impact Advisory Council and a member of the Fannie Mae Partnership Office Advisory Council. Income at a target of $43.3 million (2)reducing non-performing assets to total assets to 5.8% (3)reducing classified assets to total assets to below 9.0% (4)achieving a net interest margin of at least 2.46% and (5)increasing Williams worked as an attorney at Perkins Coie LLP in Seattle. During the year ended December31, 2011, the Board of Directors held 22 meetings. Mr.Kirk has previously served as the chairman of the WSBA Real Property, Probate and Trust Section. Our Board is divided into classes of directors, with each class serving a three-year term. Harvard Business School and a bachelors degree in economics from DePauw University. In general, See Equity Incentive Compensation Equity Grants Effective at Closing of our Initial Public Offering.. independence. Election of Directors. it mean if I get more than one proxy card? Mr.Smith has worked for Miller and Smith Inc., a privately held residential land development and home building company in metropolitan Washington, D.C., since 1992, and has served as its president since 1998. 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. salaries of each named executive officer. The HRCG typically considers several factors when setting the base A map and directions to the meeting location can be found at the back of HomeStreets difficult quest for capital was over. These agreements continue for a term of three years executive officers and key employees were appropriate and consistent with the regional banking industry. For 2011, the awards that could have been earned by our named executive officers are described in Grants of Plan-Based Awards below. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. 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. The oldest executive at HomeStreet Inc is DavidEderer, 77, who is the Chairman Emeritus. each person known to us to be the beneficial owner of more than 5% of any class of our securities. and he received his bachelors degree in Accounting from the University of Washington. Its always better to be lucky than smart and unlucky, said Anderson. This vote is not intended to address any He previously served as chairman. senior managers upon the closing of our initial public offering, which we completed in February 2012, in order to maintain the existing ownership percentage targets for those executive officers and senior managers. HomeStreets executive base salaries are intended to be competitive with our peers. We use employment agreements with our named executive officers to retain those key executives and the talent, skills, experience and expertise that The election of directors requires that the candidates elected receive a plurality of votes, which means that the three candidates receiving the largest number of votes