Homestreet 401(k) match, vesting and fees

Vesting — Participants are vested 100% immediately in their contributions to the Plan, the Company’s matching contributions, plus actual earnings thereon. Forfeitures — Forfeitures in participants’ Employer Matching Contribution Account will be used first to reduce eligible Plan expenses and then to reinstate any non-vested benefits required to be reinstated for rehired participants. Any remaining forfeitures will be used to reduce future Employer contributions to the Plan. At December 31, 2024 and 2023, there were $1,141 and $4,659, respectively, of unallocated forfeitures in the Plan. Notes Receivable from Participants — Participants may borrow, first, from their rollover account, second, from their employee contribution accounts and, third, from their vested employer matching contribution account under the Plan.

The Plan includes an auto-enrollment provision whereby all newly hired eligible employees are automatically enrolled in the Plan unless they elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 5% of eligible compensation and their contributions are invested in a designated model allocation fund based on the number of years until the participant's expected retirement which may be changed by the participant.

A participant’s combined pre-tax 401(k) contributions, plus any Roth 401(k) contributions cannot exceed 80% of the participant’s eligible compensation or the annual contribution limit established by the Internal Revenue Service, whichever is less.

Notes Receivable from Participants — Participants may borrow, first, from their rollover account, second, from their employee contribution accounts and, third, from their vested employer matching contribution account under the Plan. Participants may borrow from their account a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance, excluding the value of HomeStreet, Inc. stock. The loan term generally may not exceed 5 years, but can be longer if the loan is used to acquire the participant’s principal residence. The loans are secured by the balance in the participant’s account and the outstanding loans as of December 31, 2024, bear interest at rates that range from 4.25% to 9.50%, which are commensurate with local prevailing rates as determined quarterly by the Plan administrator. Principal and interest are paid ratably through bi-weekly payroll deductions. As of December 31, 2024, the loans mature through 2037.