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HomeStreet estimates $23M Q4'17 tax benefit

HomeStreet Inc. expects its net deferred tax liability position to result in a one-time, noncash tax benefit of approximately $23 million in the fourth quarter of 2017, in light of the new corporate tax rate.

The $23 million translates to approximately 85 cents per common share.

On the other hand, the Seattle-based company projects a 1- to 5-basis-point decrease in its Dec. 31, 2017, regulatory capital ratios. This is because of an expected increase in the amount of mortgage servicing rights, net of deferred tax assets, that will be deducted from regulatory capital.