HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ:
HONE), the holding company for HarborOne Bank (the “Bank”),
announced net income of $8.9 million, or $0.21 per diluted share,
for the quarter ended December 31, 2024, an increase of $5.0
million, or 126.5%, compared to net income of $3.9 million, or
$0.10 per diluted share, for the quarter ended September 30, 2024.
The Company reported net income of $27.4 million, or $0.66 per
diluted share, for the year ended December 31, 2024, compared to
net income of $16.1 million, or $0.37 per diluted share, for the
prior year.
Fourth Quarter Financial Highlights:
- Net income of $8.9 million, or $0.21 per diluted share,
partially driven by a $546,000 release of tax reserve for uncertain
tax positions that were resolved. Excluding the reserve release,
net income was $8.3 million or $0.20 per diluted share.
- Net interest margin of 2.36%, flat on a linked-quarter
basis.
- Average deposits, excluding brokered deposits, increased $62.9
million, or 6.1% annualized, on a linked-quarter basis.
- The loans-to-deposits ratio improved 94 basis points during the
quarter, from 107.57% to 106.63%.
- Credit loss provision of $1.9 million, increasing coverage
ratio to 1.16%.
- Bank Term Funding Program (“BTFP”) borrowing of $175.0 million
paid in full, driving a decline in average borrowings of $95.9
million during the quarter. As a result of the BTFP borrowing
payoff and lower short-term interest rates, borrowing costs
declined 25 basis points compared to the linked quarter.
- HarborOne Mortgage, LLC (“HarborOne Mortgage”) generated net
income of $1.1 million, as compared to a $1.1 million loss on a
linked-quarter basis.
- Share repurchases of 394,457 at an average cost of $12.64 per
share.
Joseph F. Casey, President and CEO commented on the results, “I
am proud of our team’s efforts in continuing to grow our
relationship banking model in 2024. The fourth quarter was our
strongest of the year, with continued growth in deposits at reduced
interest rates, $1.1 million of net income from our mortgage
segment, and insignificant net charge offs. We are looking forward
to carrying the positive momentum into 2025.”
Net Interest Income
On a linked-quarter basis, net interest and dividend income
declined $66,000 from $31.9 million to $31.8 million. The
linked-quarter decrease was impacted by:
- Net interest margin on an FTE basis was 2.36%, flat compared to
the third quarter.
- Yield on loans declined 10 basis points as floating-rate assets
repriced during the quarter, partially offset by an $8.3 million
increase in the average loan balance. The loan yield was also
negatively impacted by a decline in prepayment penalty fees of
$249,000.
- Cost of deposits, excluding brokered deposits, decreased 6
basis points, and the average balance of deposits, excluding
brokered deposits, increased $62.9 million, primarily due to
increases in money market accounts and certificates of
deposits.
- Borrowing costs improved 25 basis points, and average balances
declined $95.9 million, primarily a result of the payoff of the
BTFP borrowing.
Noninterest Income
On a linked-quarter basis, total noninterest income increased
$3.1 million, or 29.5%, to $13.7 million, from $10.6 million. The
linked-quarter increase was impacted by:
- HarborOne Mortgage realized a $4.0 million gain on loan sales
from mortgage closings of $179.1 million in the fourth quarter,
compared to $3.8 million from mortgage loan closings of $209.5
million in the third quarter. The rate-locked pipeline was down
$30.7 million on a linked-quarter basis, as an uptick in mortgage
rates, seasonal slow-down, and low for-sale inventory constrained
loan demand.
- The mortgage servicing rights (“MSR”) valuation increased $1.9
million compared to a decrease of $2.8 million for the third
quarter of 2024, including the impact of principal payments on the
underlying mortgages of $588,000 and $690,000 for the quarters
ended December 31, 2024 and September 30, 2024, respectively. The
fourth quarter MSR valuation gain was offset by a $1.3 million
economic hedging loss, whereas the third quarter included a
$845,000 hedging gain.
- Deposit account fees in the fourth quarter included $690,000
earned from annual VISA volume incentives.
- Noninterest income in the third quarter included a $529,000
interest rate swap fee, and there was no such fee in the fourth
quarter.
Noninterest Expense
On a linked-quarter basis, total noninterest expense increased
$605,000 or 1.9%, to $32.9 million, compared to $32.3 million. The
linked-quarter increase was impacted by:
- A $302,000 increase in compensation and benefits reflects a
third quarter accrual reversal for management incentive based on
estimated performance results, and there was no such reversal in
the fourth quarter.
- Professional fees increased $159,000 primarily for consulting
services.
- Deposit insurance increased $135,000, reflecting increased
deposit balances as of the assessment date.
- Other expenses increased $127,000, primarily reflecting an
increase in cloud computing expenses.
Balance Sheet
On a linked-quarter basis, total assets decreased $22.8 million,
or 0.4%, to $5.75 billion, from $5.78 billion. The linked-quarter
decrease was impacted by:
- Available-for-sale securities decreased $12.9 million to $263.9
million from the prior quarter. In the fourth quarter, the
unrealized loss on securities available for sale increased to $65.2
million, as compared to $52.2 million in the prior quarter.
Securities held to maturity were $19.6 million.
- Loans declined $27.0 million, or 0.6%, to $4.85 billion, from
$4.88 billion the prior quarter.
- Total deposits increased $14.6 million to $4.55 billion from
$4.54 billion the prior quarter. Non-certificate accounts decreased
$19.4 million and term certificate accounts increased $6.2 million,
as a competitive rate environment continued to pressure deposit mix
and rates. Brokered deposits increased $27.8 million, primarily to
support the payoff of the BTFP borrowing. As of December 31, 2024,
FDIC-insured deposits were approximately 74% of total deposits,
including Bank subsidiary deposits.
- Borrowed funds decreased $22.8 million to $516.6 million
compared to $539.4 million at the prior quarter end. During the
fourth quarter the Bank repaid the $175.0 million BTFP borrowing in
full. As of December 31, 2024, the Bank had $1.29 billion in
available borrowing capacity across multiple relationships.
- Total stockholders’ equity was $575.0 million compared to
$584.2 million at the prior quarter end. Stockholders’ equity
decreased 1.6% when compared to the prior quarter, as net income
was offset by an increase in unrealized losses on
available-for-sale securities, share repurchases, and
dividends.
- The tangible-common-equity-to-tangible-assets ratio (1) was
9.05% at December 31, 2024, compared to 9.17% at September 30,
2024. Book value per share and tangible book value per share(1)
declined modestly quarter over quarter from $13.24 to $13.15 and
from $11.88 to $11.78, respectively, as a result of the increase in
unrealized losses on the investment portfolio due to the increase
in interest rates across the yield curve during the quarter.
(1) Non-GAAP financial measure. Refer to the Reconciliation of
Non-GAAP Financial Measures.
2024 Financial Highlights
- Net income increased $11.3 million, or 70.5%, to $27.4 million,
or $0.66 per diluted share, for the year ended December 31, 2024,
compared to net income of $16.1 million, or $0.37 per diluted
share, for the prior year. The 2023 results included a goodwill
impairment charge of $10.8 million.
- Return on average assets and return on average equity for the
year ended December 31, 2024 were 0.47% and 4.71%, respectively
compared to 0.29% and 2.68%, respectively, for the same period last
year.
- Loan growth of $102.2 million, or 2.2% was funded by client
deposit growth of $88.5 million, or 2.2%.
- The loans-to-deposits ratio improved to 106.63% at December 31,
2024 from 108.27% at December 31, 2023.
- Borrowing costs declined 33 basis points to 4.76% from 5.09%
during 2024.
- During 2024, the Company continued to implement and execute
share repurchase programs, repurchasing 1,895,980 shares at an
average price of $11.15, including $0.10 per share of excise
tax.
Asset Quality and Allowance for Credit Losses
Total nonperforming assets were $29.5 million at December 31,
2024, compared to $28.4 million at September 30, 2024 and $17.6
million at December 31, 2023. Nonperforming assets as a percentage
of total assets were 0.51% at December 31, 2024, 0.49% at September
30, 2024, and 0.31% at December 31, 2023.
The Company recorded a $1.9 million provision for credit losses
for the quarter ended December 31, 2024. The provision for loan
credit losses was $2.2 million and the provision for unfunded
commitments was a negative $228,000. The provision for loan credit
losses was primarily due to a further specific reserve allocation
for a previously identified classified commercial real estate loan,
qualitative factor adjustments, and a decrease in loan balances.
The specific reserve allocation was recorded in anticipation of a
loan workout that includes the assumption of a modified loan by a
new borrower. For the quarter ended September 30, 2024, the Company
had recorded a provision for credit losses of $5.9 million,
primarily related to one credit.
The ACL on loans was $56.1 million, or 1.16% of total loans, at
December 31, 2024, compared to $54.0 million, or 1.11% of total
loans, at September 30, 2024. The ACL on unfunded commitments,
included in other liabilities on the unaudited Consolidated Balance
Sheets, amounted to $3.5 million at December 31, 2024, compared to
$3.7 million at September 30, 2024.
Net charge-offs totaled $58,000 for the quarter ended December
31, 2024 and $182,000, or 0.02% of average loans outstanding on an
annualized basis, for the quarter ended September 30, 2024.
As of December 31, 2024 and September 30, 2024, total criticized
and classified commercial loans amounted to $178.6 million and
$134.3 million, respectively. The quarterly increases in total
criticized and classified commercial loans primarily reflects
continued pressure on commercial real estate values. During the
second half 2024, management performed comprehensive reviews of
loans and borrower relationships to identify potential weaknesses
and to ensure heightened vigilance to further weakness with the
continued market uncertainty.
About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. is the holding company for HarborOne
Bank, a Massachusetts-chartered trust company. HarborOne Bank
serves the financial needs of consumers, businesses, and
municipalities throughout Eastern Massachusetts and Rhode Island
through a network of 30 full-service banking centers located in
Massachusetts and Rhode Island, and commercial lending offices in
Boston, Massachusetts and Providence, Rhode Island. HarborOne Bank
also provides a range of educational resources through “HarborOne
U,” with free digital content, webinars, and recordings for small
business and personal financial education. HarborOne Mortgage, LLC,
a subsidiary of HarborOne Bank, provides mortgage lending services
throughout New England and other states.
Forward Looking Statements
Certain statements herein constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act and are intended to be
covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. We may also make forward-looking
statements in other documents we file with the Securities and
Exchange Commission (“SEC”), in our annual reports to shareholders,
in press releases and other written materials, and in oral
statements made by our officers, directors or employees. Such
statements may be identified by words such as “believes,” “will,”
“would,” “expects,” “project,” “may,” “could,” “developments,”
“strategic,” “launching,” “opportunities,” “anticipates,”
“estimates,” “intends,” “plans,” “targets” and similar expressions.
These statements are based upon the current beliefs and
expectations of the Company’s management and are subject to
significant risks and uncertainties. Actual results may differ
materially from those set forth in the forward-looking statements
as a result of numerous factors. Factors that could cause such
differences to exist include, but are not limited to, changes in
general business and economic conditions (including inflation and
concerns about inflation) on a national basis and in the local
markets in which the Company operates, including changes that
adversely affect borrowers’ ability to service and repay the
Company’s loans; changes in interest rates; changes in customer
behavior; ongoing turbulence in the capital and debt markets and
the impact of such conditions on the Company’s business activities;
increases in loan default and charge-off rates; decreases in the
value of securities in the Company’s investment portfolio;
fluctuations in real estate values; the possibility that future
credit losses may be higher than currently expected due to changes
in economic assumptions, customer behavior or adverse economic
developments; the adequacy of loan loss reserves; decreases in
deposit levels necessitating increased borrowing to fund loans and
investments; competitive pressures from other financial
institutions; cybersecurity incidents, fraud, natural disasters,
war, terrorism, civil unrest, and future pandemics; changes in
regulation; changes in accounting standards and practices; the risk
that goodwill and intangibles recorded in the Company’s financial
statements will become impaired; demand for loans in the Company’s
market area; the Company’s ability to attract and maintain
deposits; risks related to the implementation of acquisitions,
dispositions, and restructurings; the risk that the Company may not
be successful in the implementation of its business strategy;
changes in assumptions used in making such forward-looking
statements and the risk factors described in the Annual Report on
Form 10‑K and Quarterly Reports on Form 10‑Q as filed with the SEC,
which are available at the SEC’s website, www.sec.gov. Should one
or more of these risks materialize or should underlying beliefs or
assumptions prove incorrect, HarborOne’s actual results could
differ materially from those discussed. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this release. The Company disclaims
any obligation to publicly update or revise any forward-looking
statements to reflect changes in underlying assumptions or factors,
new information, future events or other changes, except as required
by law.
Use of Non-GAAP Measures
In addition to results presented in accordance with generally
accepted accounting principles (“GAAP”), this press release
contains certain non-GAAP financial measures including: “core net
income,” “core earnings per common share,” “core return on average
earning assets,” “core return on average earning equity,”
“efficiency ratio,” “core efficiency ratio,” “tax equivalent
efficiency ratio,” “tax equivalent core efficiency ratio,” “total
adjusted noninterest expense”, “core noninterest expense,” “tax
equivalent net interest and dividend income,” “total core
noninterest income,” “tax equivalent total core revenue,” “tangible
common equity,” “average tangible common equity,” “tangible
assets,” “tangible book value per share,” “tangible common equity
to tangible assets,” “return on average tangible common equity,”
“core return on average tangible common equity” and certain ratios
derived from these measures. Non-GAAP measures are utilized by
management, regulators and market analysts to evaluate the
Company’s financial position and therefore such information is
useful to investors.
The tax equivalent basis adjusts for the tax-favored status from
certain loans held by the Bank that are not taxable for federal
income tax purposes.
Core net income, core noninterest income and core noninterest
expense exclude certain items that management does not consider
indicative of ongoing financial performance or enhances
comparability of results with prior periods. These adjustments
include goodwill impairment charges, gain or loss on the sale of
certain assets and release of reserve for uncertain tax
position.
These disclosures should not be viewed as a substitute for
financial results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures which may
be presented by other companies. Because non-GAAP financial
measures are not standardized, it may not be possible to compare
these financial measures with other companies’ non-GAAP financial
measures having the same or similar names.
HarborOne Bancorp,
Inc.
Selected Financial
Highlights
(Unaudited)
For the Quarters Ended
December 31,
2024
September 30,
2024
June 30, 2024
March 31, 2024
December 31,
2023
(Dollars in thousands)
Earnings data
Net interest and dividend income
$
31,827
$
31,893
$
31,350
$
30,582
$
29,693
Noninterest income
$
13,689
$
10,568
$
11,919
$
10,741
$
8,904
Total revenue
$
45,516
$
42,461
$
43,269
$
41,323
$
38,597
Noninterest expense
$
32,873
$
32,268
$
33,144
$
31,750
$
43,214
Pre-tax, pre-provision income (loss)
$
12,643
$
10,193
$
10,125
$
9,573
$
(4,617
)
Provision for credit (benefits) losses
$
1,927
$
5,903
$
615
$
(168
)
$
644
Income (loss) before income taxes
$
10,716
$
4,290
$
9,510
$
9,741
$
(5,261
)
Net income (loss)
$
8,887
$
3,924
$
7,296
$
7,300
$
(7,111
)
Core net income (1)
$
8,341
$
3,924
$
6,689
$
7,300
$
3,649
Per-share data
Earnings per share, diluted
$
0.21
$
0.10
$
0.18
$
0.17
$
(0.17
)
Core earnings per share, diluted(1)
$
0.20
$
0.10
$
0.16
$
0.17
$
0.09
Book value per share
$
13.15
$
13.24
$
12.99
$
12.82
$
12.86
Tangible book value per share(1)
$
11.78
$
11.88
$
11.63
$
11.48
$
11.52
Profitability
Return on average assets
0.62
%
0.27
%
0.50
%
0.50
%
(0.50
)%
Core return on average assets(1)
0.58
%
0.27
%
0.45
%
0.50
%
0.26
%
Return on average equity
6.08
%
2.69
%
5.07
%
5.00
%
(4.85
)%
Core Return on average equity(1)
5.71
%
2.69
%
4.54
%
5.00
%
2.49
%
Return on average tangible common
equity(1)
6.78
%
3.00
%
5.67
%
5.57
%
(5.52
)%
Core return on average tangible common
equity(1)
6.36
%
3.00
%
5.19
%
5.57
%
2.83
%
Net interest margin on a fully tax
equivalent basis(1)
2.36
%
2.36
%
2.31
%
2.25
%
2.23
%
Cost of total deposits
2.62
%
2.68
%
2.53
%
2.49
%
2.47
%
Efficiency ratio(1)
71.81
%
75.55
%
76.16
%
76.38
%
111.47
%
Core efficiency ratio(1)
71.81
%
75.55
%
77.54
%
76.38
%
83.59
%
Tax equivalent efficiency ratio(1)
71.09
%
74.75
%
75.72
%
75.92
%
110.75
%
Tax equivalent core efficiency
ratio(1)
71.09
%
74.75
%
77.08
%
75.92
%
83.05
%
Balance Sheet
Total assets
$
5,753,133
$
5,775,967
$
5,787,035
$
5,862,222
$
5,667,896
Total loans
$
4,852,499
$
4,879,503
$
4,839,232
$
4,776,685
$
4,750,311
Total deposits
$
4,550,753
$
4,536,177
$
4,458,297
$
4,394,024
$
4,387,409
Total loans / total deposits
106.63
%
107.57
%
108.54
%
108.71
%
108.27
%
Asset quality
Allowance for credit losses ("ACL")
$
56,101
$
54,004
$
49,139
$
48,185
$
47,972
Nonperforming assets
$
29,473
$
28,408
$
9,766
$
12,201
$
17,582
Non-performing loans to total loans
0.61
%
0.58
%
0.20
%
0.25
%
0.37
%
Allowance for credit losses on loans to
non-performing loans
190.41
%
190.10
%
503.16
%
396.26
%
273.92
%
Allowance for credit losses on loans to
total loans
1.16
%
1.11
%
1.02
%
1.01
%
1.01
%
Net loans charged off as a percent of
average loans outstanding
-
%
0.02
%
0.02
%
0.01
%
0.11
%
Capital adequacy
Stockholders' equity / assets
9.99
%
10.11
%
9.98
%
9.85
%
10.30
%
Tangible common equity / tangible
assets(1)
9.05
%
9.17
%
9.03
%
8.92
%
9.33
%
Common equity tier 1 ratio ("CET1")(1)
11.79
%
11.67
%
11.73
%
11.97
%
11.99
%
Risk weighted assets
$
4,795,304
$
4,827,022
$
4,822,128
$
4,727,354
$
4,727,192
(1)Non-GAAP financial measure. Refer to
the Reconciliation of Non-GAAP Financial Measures
HarborOne Bancorp,
Inc.
Consolidated Balance Sheet
Trend
(Unaudited)
Period ended
December 31,
September 30,
June 30,
March 31,
December 31,
(in thousands)
2024
2024
2024
2024
2023
Assets
Cash and due from banks
$
44,090
$
39,668
$
48,097
$
36,340
$
38,876
Short-term investments
186,981
184,611
186,965
357,101
188,474
Total cash and cash equivalents
231,071
224,279
235,062
393,441
227,350
Securities available for sale, at fair
value
263,904
276,817
269,078
291,008
290,151
Securities held to maturity, at amortized
cost
19,627
19,625
19,725
19,724
19,796
Federal Home Loan Bank stock, at cost
23,277
17,476
25,311
26,565
27,098
Asset held for sale
-
-
-
348
348
Loans held for sale, at fair value
36,768
28,467
41,814
16,434
19,686
Loans:
Commercial real estate
2,280,309
2,321,148
2,380,881
2,355,672
2,343,675
Commercial construction
252,691
270,389
233,926
234,811
208,443
Commercial and industrial
594,453
549,908
499,043
471,215
466,443
Total commercial loans
3,127,453
3,141,445
3,113,850
3,061,698
3,018,561
Residential real estate
1,707,556
1,719,882
1,706,678
1,695,686
1,709,714
Consumer
17,490
18,176
18,704
19,301
22,036
Loans
4,852,499
4,879,503
4,839,232
4,776,685
4,750,311
Less: Allowance for credit losses on
loans
(56,101
)
(54,004
)
(49,139
)
(48,185
)
(47,972
)
Net loans
4,796,398
4,825,499
4,790,093
4,728,500
4,702,339
Mortgage servicing rights, at fair
value
44,500
43,067
46,209
46,597
46,111
Goodwill
59,042
59,042
59,042
59,042
59,042
Other intangible assets
757
947
1,136
1,326
1,515
Other assets
277,789
280,748
299,565
279,237
274,460
Total assets
$
5,753,133
$
5,775,967
$
5,787,035
$
5,862,222
$
5,667,896
Liabilities and Stockholders'
Equity
Deposits:
Demand deposit accounts
$
690,647
$
713,379
$
689,800
$
677,152
$
659,973
NOW accounts
298,337
296,322
308,016
305,071
305,825
Regular savings and club accounts
895,232
926,192
989,720
1,110,404
1,265,315
Money market deposit accounts
1,195,209
1,162,930
1,100,215
1,061,145
966,201
Term certificate accounts
1,069,844
1,063,672
985,293
852,326
863,457
Brokered deposits
401,484
373,682
385,253
387,926
326,638
Total deposits
4,550,753
4,536,177
4,458,297
4,394,024
4,387,409
Borrowings
516,555
539,364
619,372
754,380
568,462
Other liabilities and accrued expenses
110,814
116,224
132,037
136,135
128,266
Total liabilities
$
5,178,122
$
5,191,765
$
5,209,706
$
5,284,539
$
5,084,137
Common stock
598
598
598
598
598
Additional paid-in capital
489,532
488,983
487,980
487,277
486,502
Unearned compensation - ESOP
(23,947
)
(24,407
)
(24,866
)
(25,326
)
(25,785
)
Retained earnings
373,861
368,222
367,584
363,591
359,656
Treasury stock
(215,138
)
(210,197
)
(205,944
)
(199,853
)
(193,590
)
Accumulated other comprehensive loss
(49,895
)
(38,997
)
(48,023
)
(48,604
)
(43,622
)
Total stockholders' equity
$
575,011
$
584,202
$
577,329
$
577,683
$
583,759
Total liabilities and stockholders'
equity
$
5,753,133
$
5,775,967
$
5,787,035
$
5,862,222
$
5,667,896
HarborOne Bancorp,
Inc.
Consolidated Statements of Net
Income
(Unaudited)
Three Months Ended
Years Ended
December 31,
December 31,
(in thousands, except share data)
2024
2023
2024
2023
Interest and dividend income:
Interest and fees on loans
$
62,415
$
59,499
$
247,459
$
225,898
Interest on loans held for sale
517
369
1,653
1,351
Interest on securities
1,996
2,001
8,147
8,118
Other interest and dividend income
2,591
2,516
14,149
8,921
Total interest and dividend income
67,519
64,385
271,408
244,288
Interest expense:
Interest on deposits
29,963
27,310
114,103
88,324
Interest on borrowings
5,729
6,260
31,653
25,918
Interest on subordinated debentures
-
1,122
-
2,775
Total interest expense
35,692
34,692
145,756
117,017
Net interest and dividend
income
31,827
29,693
125,652
127,271
Provision for credit losses
1,927
644
8,277
5,680
Net interest and dividend income, after
provision for credit losses
29,900
29,049
117,375
121,591
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans
3,952
2,176
12,860
10,404
Changes in mortgage servicing rights fair
value
(19
)
(3,553
)
(3,704
)
(4,684
)
Other
2,431
2,301
9,453
9,099
Total mortgage banking income
6,364
924
18,609
14,819
Deposit account fees
6,024
5,796
21,600
20,674
Income on retirement plan annuities
121
147
529
540
Gain on sale of asset held for sale
-
-
1,809
-
Loss on sale of securities
-
-
(1,041
)
-
Bank-owned life insurance income
769
1,207
3,050
2,749
Other income
411
830
2,361
3,072
Total noninterest income
13,689
8,904
46,917
41,854
Noninterest expenses:
Compensation and benefits
18,853
19,199
74,016
73,917
Occupancy and equipment
4,477
4,670
18,522
18,773
Data processing
2,626
2,474
10,191
9,771
Loan expense
525
(317
)
1,814
798
Marketing
599
811
3,332
3,711
Professional fees
1,451
1,690
5,436
5,679
Deposit insurance
1,163
795
4,348
3,485
Goodwill impairment
-
10,760
-
10,760
Other expenses
3,179
3,132
12,376
11,426
Total noninterest expenses
32,873
43,214
130,035
138,320
Income (loss) before income
taxes
10,716
(5,261
)
34,257
25,125
Income tax provision
1,829
1,850
6,850
9,048
Net income (loss)
$
8,887
$
(7,111
)
$
27,407
$
16,077
Earnings (loss) per common
share:
Basic
$
0.21
$
(0.17
)
$
0.66
$
0.37
Diluted
$
0.21
$
(0.17
)
$
0.66
$
0.37
Weighted average shares
outstanding:
Basic
40,700,783
42,111,872
41,220,885
43,221,738
Diluted
41,062,421
42,299,858
41,472,106
43,419,622
HarborOne Bancorp,
Inc.
Consolidated Statements of Net
Income - Trend
(Unaudited)
Quarters Ended
December 31,
September 30,
June 30,
March 31,
December 31,
(dollars in thousands, except share
data)
2024
2024
2024
2024
2023
Interest and dividend income:
Interest and fees on loans
$
62,415
$
63,595
$
61,512
$
59,937
$
59,499
Interest on loans held for sale
517
546
347
243
369
Interest on securities
1,996
1,965
2,121
2,065
2,001
Other interest and dividend income
2,591
2,928
3,971
4,659
2,516
Total interest and dividend income
67,519
69,034
67,951
66,904
64,385
Interest expense:
Interest on deposits
29,963
29,969
27,272
26,899
27,310
Interest on borrowings
5,729
7,172
9,329
9,423
6,260
Interest on subordinated debentures
-
-
-
-
1,122
Total interest expense
35,692
37,141
36,601
36,322
34,692
Net interest and dividend
income
31,827
31,893
31,350
30,582
29,693
Provision (benefit) for credit
losses
1,927
5,903
615
(168
)
644
Net interest and dividend income, after
provision (benefit) for credit losses
29,900
25,990
30,735
30,750
29,049
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans
3,952
3,752
3,143
2,013
2,176
Changes in mortgage servicing rights fair
value
(19
)
(2,641
)
(1,098
)
54
(3,553
)
Other
2,431
2,390
2,356
2,276
2,301
Total mortgage banking income
6,364
3,501
4,401
4,343
924
Deposit account fees
6,024
5,370
5,223
4,983
5,796
Income on retirement plan annuities
121
122
141
145
147
Gain on sale of asset held for sale
-
-
1,809
-
-
Loss on sale of securities
-
-
(1,041
)
-
-
Bank-owned life insurance income
769
777
758
746
1,207
Other income
411
798
628
524
830
Total noninterest income
13,689
10,568
11,919
10,741
8,904
Noninterest expenses:
Compensation and benefits
18,853
18,551
18,976
17,636
19,199
Occupancy and equipment
4,477
4,628
4,636
4,781
4,670
Data processing
2,626
2,711
2,375
2,479
2,474
Loan expense
525
457
461
371
(317
)
Marketing
599
549
1,368
816
811
Professional fees
1,451
1,292
1,236
1,457
1,690
Deposit insurance
1,163
1,028
993
1,164
795
Goodwill impairment
-
-
-
-
10,760
Other expenses
3,179
3,052
3,099
3,046
3,132
Total noninterest expenses
32,873
32,268
33,144
31,750
43,214
Income (loss) before income
taxes
10,716
4,290
9,510
9,741
(5,261
)
Income tax provision
1,829
366
2,214
2,441
1,850
Net income (loss)
$
8,887
$
3,924
$
7,296
$
7,300
$
(7,111
)
Earnings (loss) per common share:
Basic
$
0.21
$
0.10
$
0.18
$
0.17
$
(0.17
)
Diluted
$
0.21
$
0.10
$
0.18
$
0.17
$
(0.17
)
Weighted average shares outstanding:
Basic
40,700,783
40,984,857
41,293,787
41,912,421
42,111,872
Diluted
41,062,421
41,336,985
41,370,289
42,127,037
42,299,858
HarborOne Bancorp,
Inc.
Asset Quality
(Unaudited)
As of or for the Three Months
Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2024
2024
2024
2024
2023
Non-performing Assets
Nonaccruing loans:
Commercial real estate and
construction
$
16,836
$
17,171
$
-
$
1,496
$
7,416
Commercial and industrial
2,204
1,743
1,773
1,744
1,791
Residential mortgages, construction, and
HELOC
10,409
9,451
7,949
8,866
8,258
Consumer
14
43
44
54
48
Total nonaccruing loans
29,463
28,408
9,766
12,160
17,513
Other real estate owned
-
-
-
-
-
Repossessed assets
10
-
-
41
69
Total nonperforming assets
$
29,473
$
28,408
$
9,766
$
12,201
$
17,582
Total nonperforming loans to total
loans
0.61
%
0.58
%
0.20
%
0.25
%
0.37
%
Total nonperforming assets to total
assets
0.51
%
0.49
%
0.17
%
0.21
%
0.31
%
Allowance for credit losses on
loans
Beginning balance
$
54,004
$
49,139
$
48,185
$
47,972
$
48,312
Net (charge-offs)recoveries:
Commercial real estate and
construction
40
3
-
100
(1,253
)
Commercial and industrial
(57
)
(146
)
(184
)
(182
)
(81
)
Residential mortgages and HELOC
1
-
5
3
4
Consumer
(42
)
(39
)
(16
)
(46
)
18
Total net charge-offs:
(58
)
(182
)
(195
)
(125
)
(1,312
)
Provision for loan credit losses
2,155
5,047
1,149
338
972
Ending balance
$
56,101
$
54,004
$
49,139
$
48,185
$
47,972
Allowance for credit losses on loans to
total loans
1.16
%
1.11
%
1.02
%
1.01
%
1.01
%
Allowance for credit losses on loans to
nonaccruing loans
190.41
%
190.10
%
503.16
%
396.26
%
273.92
%
Annualized net charge-offs
(recoveries)/average loans
-
%
0.02
%
0.02
%
0.01
%
0.11
%
Provision (credit) for unfunded
commitments
$
(228
)
$
856
$
(534
)
$
(506
)
$
(328
)
Allowance for unfunded commitments
$
3,506
$
3,734
$
2,878
$
3,412
$
3,918
Delinquency
Total delinquent loans
$
37,427
$
21,325
$
12,990
$
12,160
$
19,603
Total delinquent loans to total loans
0.77
%
0.44
%
0.27
%
0.25
%
0.41
%
HarborOne Bancorp,
Inc.
Average Balances and Yield
Trend
(Unaudited)
Quarters Ended
December 31, 2024
September 30, 2024
December 31, 2023
Average
Average
Average
Outstanding
Yield/
Outstanding
Yield/
Outstanding
Yield/
Balance
Interest
Cost (8)
Balance
Interest
Cost (8)
Balance
Interest
Cost (8)
(dollars in thousands)
Interest-earning assets:
Investment securities (1)
$
350,041
$
1,996
2.27
%
$
351,897
$
1,965
2.22
%
$
370,683
$
2,001
2.14
%
Other interest-earning assets
203,695
2,591
5.06
207,096
2,928
5.62
205,929
2,516
4.85
Loans held for sale
31,358
517
6.56
30,897
546
7.03
20,010
369
7.32
Loans
Commercial loans (2)(3)
3,139,356
43,845
5.56
3,129,428
44,859
5.70
3,005,840
41,263
5.45
Residential real estate loans (3)(4)
1,711,481
18,685
4.34
1,712,295
18,837
4.38
1,707,978
18,103
4.21
Consumer loans (3)
17,583
343
7.76
18,445
351
7.57
22,324
384
6.82
Total loans
4,868,420
62,873
5.14
4,860,168
64,047
5.24
4,736,142
59,750
5.01
Total interest-earning assets
5,453,514
67,977
4.96
5,450,058
69,486
5.07
5,332,764
64,636
4.81
Noninterest-earning assets
295,057
303,765
313,729
Total assets
$
5,748,571
$
5,753,823
$
5,646,493
Interest-bearing liabilities:
Savings accounts
$
924,514
3,339
1.44
$
963,570
3,807
1.57
$
1,307,774
6,875
2.09
NOW accounts
292,332
110
0.15
292,620
104
0.14
290,147
122
0.17
Money market accounts
1,184,006
10,565
3.55
1,130,148
10,953
3.86
963,223
9,288
3.83
Certificates of deposit
1,075,594
12,391
4.58
1,028,509
11,819
4.57
859,274
8,329
3.85
Brokered deposits
376,154
3,558
3.76
340,301
3,286
3.84
288,449
2,696
3.71
Total interest-bearing deposits
3,852,600
29,963
3.09
3,755,148
29,969
3.17
3,708,867
27,310
2.92
Borrowings
512,802
5,729
4.44
608,736
7,172
4.69
507,520
6,260
4.89
Subordinated debentures
-
-
-
-
-
-
22,614
1,122
19.68
Total borrowings
512,802
5,729
4.44
608,736
7,172
4.69
530,134
7,382
5.52
Total interest-bearing liabilities
4,365,402
35,692
3.25
4,363,884
37,141
3.39
4,239,001
34,692
3.25
Noninterest-bearing
liabilities:
Noninterest-bearing deposits
697,364
696,094
683,548
Other noninterest-bearing liabilities
101,371
109,796
137,239
Total liabilities
5,164,137
5,169,774
5,059,788
Total stockholders' equity
584,433
584,049
586,705
Total liabilities and stockholders'
equity
$
5,748,571
$
5,753,823
$
5,646,493
Tax equivalent net interest income
32,285
32,345
29,944
Tax equivalent interest rate spread
(5)
1.71
%
1.68
%
1.56
%
Less: tax equivalent adjustment
458
452
251
Net interest income as reported
$
31,827
$
31,893
$
29,693
Net interest-earning assets (6)
$
1,088,112
$
1,086,174
$
1,093,763
Net interest margin (7)
2.32
%
2.33
%
2.21
%
Tax equivalent effect
0.04
0.03
0.02
Net interest margin on a fully tax
equivalent basis
2.36
%
2.36
%
2.23
%
Ratio of interest-earning assets to
interest-bearing liabilities
124.93
%
124.89
%
125.80
%
Supplemental information:
Total deposits, including demand
deposits
$
4,549,964
$
29,963
$
4,451,242
$
29,969
$
4,392,415
$
27,310
Cost of total deposits
2.62
%
2.68
%
2.47
%
Total funding liabilities, including
demand deposits
$
5,062,766
$
35,692
$
5,059,978
$
37,141
$
4,922,549
$
34,692
Cost of total funding liabilities
2.80
%
2.92
%
2.80
%
(1) Includes securities available for sale
and securities held to maturity.
(2) Tax-exempt income on industrial
revenue bonds is included in commercial loans on a tax-equivalent
basis.
(3) Includes nonaccruing loan balances and
interest received on such loans.
(4) Includes the basis adjustments of
certain loans included in fair value hedging relationships.
(5) Net interest rate spread represents
the difference between the yield on average interest-earning assets
and the cost of average interest-bearing liabilities.
(6) Net interest-earning assets represents
total interest-earning assets less total interest-bearing
liabilities.
(7) Net interest margin represents net
interest income divided by average total interest-earning
assets.
(8) Annualized
HarborOne Bancorp,
Inc.
Average Balances and Yield
Trend
(Unaudited)
For The Year Ended
December 31, 2024
December 31, 2023
Average
Average
Outstanding
Yield/
Outstanding
Yield/
Balance
Interest
Cost
Balance
Interest
Cost
(dollars in thousands)
Interest-earning assets:
Investment securities (1)
$
362,301
$
8,147
2.25
%
$
378,828
$
8,118
2.14
%
Other interest-earning assets
268,061
14,149
5.28
179,338
8,921
4.97
Loans held for sale
24,360
1,653
6.79
19,671
1,351
6.87
Loans
Commercial loans (2)(3)
3,100,344
173,671
5.60
2,956,956
157,379
5.32
Residential real estate loans (3)(4)
1,704,921
74,090
4.35
1,684,793
67,701
4.02
Consumer loans (3)
18,941
1,404
7.41
28,149
1,734
6.16
Total loans
4,824,206
249,165
5.16
4,669,898
226,814
4.86
Total interest-earning assets
5,478,928
273,114
4.98
5,247,735
245,204
4.67
Noninterest-earning assets
299,703
311,558
Total assets
$
5,778,631
$
5,559,293
Interest-bearing liabilities:
Savings accounts
$
1,032,715
16,974
1.64
$
1,386,891
25,271
1.82
NOW accounts
293,592
377
0.13
280,218
292
0.10
Money market accounts
1,094,757
41,017
3.75
875,722
29,138
3.33
Certificates of deposit
973,041
42,710
4.39
735,614
23,499
3.19
Brokered deposits
343,406
13,025
3.79
296,838
10,124
3.41
Total interest-bearing deposits
3,737,511
114,103
3.05
3,575,283
88,324
2.47
FHLB and FRB borrowings
665,179
31,653
4.76
532,586
25,918
4.87
Subordinated debentures
-
-
-
31,378
2,775
8.84
Total borrowings
665,179
31,653
4.76
563,964
28,693
5.09
Total interest-bearing liabilities
4,402,690
145,756
3.31
4,139,247
117,017
2.83
Noninterest-bearing
liabilities:
Noninterest-bearing deposits
679,691
705,438
Other noninterest-bearing liabilities
114,186
113,675
Total liabilities
5,196,567
4,958,360
Total stockholders' equity
582,064
600,933
Total liabilities and stockholders'
equity
$
5,778,631
$
5,559,293
Tax equivalent net interest income
127,358
128,187
Tax equivalent interest rate spread
(5)
1.67
%
1.84
%
Less: tax equivalent adjustment
1,706
916
Net interest income as reported
$
125,652
$
127,271
Net interest-earning assets (6)
$
1,076,238
$
1,108,488
Net interest margin (7)
2.29
%
2.43
%
Tax equivalent effect
0.03
0.01
Net interest margin on a fully tax
equivalent basis
2.32
%
2.44
%
Ratio of interest-earning assets to
interest-bearing liabilities
124.45
%
126.78
%
Supplemental information:
Total deposits, including demand
deposits
$
4,417,202
$
114,103
$
4,280,721
$
88,324
Cost of total deposits
2.58
%
2.06
%
Total funding liabilities, including
demand deposits
$
5,082,381
$
145,756
$
4,844,685
$
117,017
Cost of total funding liabilities
2.87
%
2.42
%
(1) Includes securities available for sale
and securities held to maturity.
(2) Tax-exempt income on industrial
revenue bonds is included in commercial loans on a tax-equivalent
basis.
(3) Includes nonaccruing loan balances and
interest received on such loans.
(4) Includes the basis adjustments of
certain loans included in fair value hedging relationships.
(5) Net interest rate spread represents
the difference between the yield on average interest-earning assets
and the cost of average interest-bearing liabilities.
(6) Net interest-earning assets represents
total interest-earning assets less total interest-bearing
liabilities.
(7) Net interest margin represents net
interest income divided by average total interest-earning
assets.
HarborOne Bancorp,
Inc.
Segments Key Financial
Data
(Unaudited)
Quarters Ended
Statements of Net Income for HarborOne
Bank Segment:
December 31,
2024
September 30,
2024
June 30, 2024
March 31, 2024
December 31,
2023
(Dollars in thousands)
Net interest and dividend income
$
31,681
$
31,780
$
31,098
$
30,485
$
30,637
Provision (benefit) for credit losses
1,927
5,903
615
(168
)
644
Net interest and dividend income, after
provision for credit losses
29,754
25,877
30,483
30,653
29,993
Mortgage banking income:
Intersegment loss
(161
)
(357
)
(464
)
(236
)
(159
)
Changes in mortgage servicing rights fair
value
80
(220
)
(74
)
(32
)
(257
)
Other
169
175
180
180
185
Total mortgage banking (loss) income
88
(402
)
(358
)
(88
)
(231
)
Other noninterest income:
Deposit account fees
6,024
5,370
5,223
4,983
5,796
Income on retirement plan annuities
121
122
141
145
147
Gain on sale of asset held for sale
-
-
1,809
-
-
Loss on sale of securities
-
-
(1,041
)
-
-
Bank-owned life insurance income
769
777
758
746
1,207
Other income
383
798
624
517
787
Total noninterest income
7,385
6,665
7,156
6,303
7,706
Total noninterest expenses
27,400
26,752
27,791
27,407
28,613
Income before income taxes
9,739
5,790
9,848
9,549
9,086
Provision for income taxes
2,015
875
2,310
2,386
2,535
Net income
$
7,724
$
4,915
$
7,538
$
7,163
$
6,551
Efficiency ratio (Non-GAAP)
Noninterest expense, as presented
(GAAP)
$
27,400
$
26,752
$
27,791
$
27,407
$
28,613
Less: Amortization of other intangible
assets
190
190
189
189
189
Total adjusted noninterest
expense(non-GAAP)
(A)
$
27,210
$
26,562
$
27,602
$
27,218
$
28,424
Net interest and dividend income
(GAAP)
$
31,681
$
31,780
$
31,098
$
30,485
$
30,637
Plus: tax equivalent adjustment
458
452
256
249
251
Tax equivalent net interest and dividend
income (non-GAAP)
(B)
$
32,139
$
32,232
$
31,354
$
30,734
$
30,888
Total noninterest income
(C)
$
7,385
$
6,665
$
7,156
$
6,303
$
7,706
Less:
Gain on sale of asset held for sale
-
-
1,809
-
-
Loss on sale of securities
-
-
(1,041
)
-
-
Core total noninterest income
(non-GAAP)
(D)
$
7,385
$
6,665
$
6,388
$
6,303
$
7,706
Tax equivalent efficiency ratio
(non-GAAP)
(A)/(B+C)
68.84
%
68.29
%
71.67
%
73.49
%
73.65
%
Tax equivalent core efficiency ratio
(non-GAAP)
(A)/(B+D)
68.84
%
68.29
%
73.13
%
73.49
%
73.65
%
HarborOne Bancorp,
Inc.
Segments Key Financial
Data
(Unaudited)
Quarters Ended
Statements of Net Income for HarborOne
Mortgage Segment:
December 31,
2024
September 30,
2024
June 30, 2024
March 31, 2024
December 31,
2023
(Dollars in thousands)
Net interest and dividend income
$
140
$
105
$
240
$
80
$
160
Mortgage banking income:
Gain on sale of mortgage loans
3,954
3,752
3,141
2,013
2,176
Intersegment gain
48
277
464
308
56
Changes in mortgage servicing rights fair
value
(99
)
(2,421
)
(1,024
)
86
(3,296
)
Other
2,260
2,215
2,177
2,097
2,116
Total mortgage banking income
6,163
3,823
4,758
4,504
1,052
Other noninterest income (loss)
-
-
4
10
2
Total noninterest income
6,163
3,823
4,762
4,514
1,054
Total noninterest expenses
5,490
5,600
5,269
4,311
14,667
Income (loss) before income taxes
813
(1,672
)
(267
)
283
(13,453
)
Income tax (benefit) provision
(320
)
(535
)
(76
)
60
(596
)
Net income (loss)
$
1,133
$
(1,137
)
$
(191
)
$
223
$
(12,857
)
Closed loan volume
$
179,077
$
209,525
$
172,994
$
102,102
$
124,225
Gain on sale margin
2.21
%
1.79
%
1.82
%
1.97
%
1.75
%
Efficiency ratio (non-GAAP)
Noninterest expense, as presented
(GAAP)
(A)
$
5,490
$
5,600
$
5,269
$
4,311
$
14,667
Less: Goodwill impairment charge
-
-
-
-
10,760
Core noninterest expense (non-GAAP)
(B)
$
5,490
$
5,600
$
5,269
$
4,311
$
3,907
Net interest and dividend income
(GAAP)
$
140
$
105
$
240
$
80
$
160
Total noninterest income (GAAP)
6,163
3,823
4,762
4,514
1,054
Total revenue
(C)
$
6,303
$
3,928
$
5,002
$
4,594
$
1,214
Efficiency ratio (non-GAAP)
(A)/(C)
87.10
%
142.57
%
105.34
%
93.84
%
1,208.15
%
Core efficiency ratio (non-GAAP)
(B)/(C)
87.10
%
142.57
%
105.34
%
93.84
%
321.83
%
HarborOne Bancorp,
Inc.
Non-GAAP
Reconciliation
(Unaudited)
As of or for the Three Months
Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2024
2024
2024
2024
2023
Core Net Income
Net income (loss), as presented (GAAP)
(A)
$
8,887
$
3,924
$
7,296
$
7,300
$
(7,111
)
Add: Goodwill impairment charge
-
-
-
-
10,760
Less: Gain on sale of asset held for sale,
net of taxes
-
-
1,429
-
-
Less: Loss on sale of securities, net of
taxes
-
-
(822
)
-
-
Less: Release of uncertain position
reserve
546
-
-
-
-
Core Net Income (non-GAAP)
(B)
$
8,341
$
3,924
$
6,689
$
7,300
$
3,649
Weighted average shares outstanding for
the period:
Basic
(C)
40,700,783
40,984,857
41,293,787
41,912,421
42,111,872
Diluted
(D)
41,062,421
41,336,985
41,370,289
42,127,037
42,299,858
Earnings (loss) per common share
(GAAP):
Basic
(A)/(C)
$
0.21
$
0.10
$
0.18
$
0.17
$
(0.17
)
Diluted
(A)/(D)
$
0.21
$
0.10
$
0.18
$
0.17
$
(0.17
)
Core Earnings per common share
(non-GAAP):
Basic
(B)/(C)
$
0.20
$
0.10
$
0.16
$
0.17
$
0.09
Diluted
(B)/(D)
$
0.20
$
0.10
$
0.16
$
0.17
$
0.09
Return on average assets, as presented
(GAAP)
(A)/(E)
0.62
%
0.27
%
0.50
%
0.50
%
(0.50
)
%
Core return on average earning
assets(non-GAAP)
(B)/(E)
0.58
%
0.27
%
0.46
%
0.50
%
0.26
%
Average assets
(E)
$
5,748,571
$
5,753,823
$
5,807,997
$
5,804,738
$
5,646,493
Return on average equity, as presented
(GAAP)
(A)/(F)
6.08
%
2.69
%
5.07
%
5.00
%
(4.85
)
%
Core return on average earning
equity(non-GAAP)
(B)/(F)
5.71
%
2.69
%
4.65
%
5.00
%
2.49
%
Average equity
(F)
$
584,433
$
584,049
$
575,321
$
584,405
$
586,705
Efficiency Ratio
Noninterest expense, as presented
(GAAP)
$
32,873
$
32,268
$
33,144
$
31,750
$
43,214
Less: Amortization of other intangible
assets
190
190
189
189
189
Total adjusted noninterest
expense(non-GAAP)
(G)
$
32,683
$
32,078
$
32,955
$
31,561
$
43,025
Less: Goodwill impairment charge
-
-
-
-
10,760
Core noninterest expense (non-GAAP)
(H)
$
32,683
$
32,078
$
32,955
$
31,561
$
32,265
Net interest and dividend income
(GAAP)
(I)
$
31,827
$
31,893
$
31,350
$
30,582
$
29,693
Plus: tax equivalent adjustment
458
452
256
249
251
Tax equivalent net interest and dividend
income (non-GAAP)
(J)
32,285
32,345
31,606
30,831
29,944
Total noninterest income
(K)
13,689
10,568
11,919
10,741
8,904
Less:
Gain on sale of asset held for sale
-
-
1,809
-
-
Loss on sale of securities
-
-
(1,041
)
-
-
Total core noninterest income
(non-GAAP)
(L)
13,689
10,568
11,151
10,741
8,904
Tax equivalent total core revenue
(non-GAAP)
(M)
$
45,974
$
42,913
$
42,757
$
41,572
$
38,848
Efficiency ratio (non-GAAP)
(G)/(I)+(K)
71.81
%
75.55
%
76.16
%
76.38
%
111.47
%
Core efficiency ratio (non-GAAP)
(H)/(I)+(L)
71.81
%
75.55
%
77.54
%
76.38
%
83.59
%
Tax equivalent efficiency ratio
(non-GAAP)
(G)/(J)+(K)
71.09
%
74.75
%
75.72
%
75.92
%
110.75
%
Tax equivalent core efficiency ratio
(non-GAAP)
(H)/(M)
71.09
%
74.75
%
77.08
%
75.92
%
83.05
%
HarborOne Bancorp,
Inc.
Non-GAAP
Reconciliation
(Unaudited)
As of or for the Three Months
Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2024
2024
2024
2024
2023
Tangible equity and assets
Total stockholders' equity, as presented
(GAAP)
(N)
$
575,011
$
584,202
$
577,329
$
577,683
$
583,759
Less: Goodwill and other intangible
assets
59,799
59,989
60,178
60,368
60,557
Tangible common equity(non-GAAP)
(O)
$
515,212
$
524,213
$
517,151
$
517,315
$
523,202
Average stockholders' equity
(P)
$
584,433
$
584,049
$
575,321
$
584,405
$
586,705
Less: Average goodwill and other
intangible assets
59,888
60,077
60,262
60,465
71,296
Average tangible common
equity(non-GAAP)
(Q)
$
524,545
$
523,972
$
515,059
$
523,940
$
515,409
Total assets, as presented(GAAP)
$
5,753,133
$
5,775,967
$
5,787,035
$
5,862,222
$
5,667,896
Less: Goodwill and other intangible
assets
59,799
59,989
60,178
60,368
60,557
Tangible assets(non-GAAP)
(R)
$
5,693,334
$
5,715,978
$
5,726,857
$
5,801,854
$
5,607,339
Common stock outstanding
(S)
43,723,278
44,130,134
44,459,490
45,055,006
45,401,224
Book value per share
(N)/(S)
$
13.15
$
13.24
$
12.99
$
12.82
$
12.86
Tangible book value per share
(non-GAAP)
(O)/(S)
$
11.78
$
11.88
$
11.63
$
11.48
$
11.52
Tangible common equity/tangible assets
(non-GAAP)
(O)/(R)
9.05
%
9.17
%
9.03
%
8.92
%
9.33
%
Return on average tangible common equity
(non-GAAP)
(A)/(Q)
6.78
%
3.00
%
5.67
%
5.57
%
(5.52)
%
Core return on average tangible common
equity (non-GAAP)
(B)/(Q)
6.36
%
3.00
%
5.19
%
5.57
%
2.83
%
Category: Earnings Release
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250129718726/en/
Stephen W. Finocchio, Executive Vice President and Chief
Financial Officer (508)-895-1180 sfinocchio@harborone.com
HarborOne Bancorp (NASDAQ:HONE)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
HarborOne Bancorp (NASDAQ:HONE)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
