Exhibit 12.1

HOMESTREET, INC.

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

(unaudited)

	Years Ended December 31,
	2013		2012		2011		2010			2009
Ratio of earnings to fixed charges (including interest on deposits)
Earnings:
Income (loss) before income tax expense	$	34,794	$	103,672	$	15,905	$	(33,550	)	$	(157,231	)
Add: Fixed charges, net		18,522		22,460		32,655		56,724			81,677
Income (loss) before income taxes and fixed charges	$	53,316	$	126,132	$	48,560	$	23,174		$	(75,554	)
Fixed charges:
Interest on borrowings	$	4,116	$	3,207	$	5,883	$	15,519		$	25,516
Interest on deposits		10,416		16,741		24,815		39,050			54,353
Estimated interest portion of rental expense		3,990		2,512		1,957		2,155			1,808
Total fixed charges	$	18,522	$	22,460	$	32,655	$	56,724		$	81,677
Ratio of earnings to fixed charges (including interest on deposits)		2.88		5.62		1.49		0.41			(0.93	)*

* Earnings to fixed charges was a deficiency of $75.6 million for the year ended December 31, 2009.

Ratio of earnings to fixed charges (excluding interest on deposits)
Earnings:
Income (loss) before income tax expense	$	34,794	$	103,672	$	15,905	$	(33,550	)	$	(157,231	)
Add: Fixed charges, net		8,106		5,719		7,840		17,674			27,324
Income (loss) before income taxes and fixed charges	$	42,900	$	109,391	$	23,745	$	(15,876	)	$	(129,907	)
Fixed charges:
Interest on borrowings	$	4,116	$	3,207	$	5,883	$	15,519		$	25,516
Estimated interest portion of rental expense		3,990		2,512		1,957		2,155			1,808
Total fixed charges	$	8,106	$	5,719	$	7,840	$	17,674		$	27,324
Ratio of earnings to fixed charges (excluding interest on deposits)		5.29		19.13		3.03		(0.90	)*		(4.75	)*

* Earnings to fixed charges was a deficiency of $15.9 million and $129.9 million for the years ended December 31, 2010 and 2009, respectively.