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HarborOne Bancorp, Inc. Announces 2024 Second Quarter Results

HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $7.3 million, or $0.18 per diluted share, for the second quarter of 2024, compared to a net income of $7.3 million, or $0.17 per diluted share for the preceding quarter, and net income of $7.5 million, or $0.17 per diluted share for the same period last year. Net income for the six months ended June 30, 2024 was $14.6 million, or $0.35 per diluted share, compared to $14.8 million, or $0.33 per diluted share for the same period in 2023.

Selected Financial Highlights:

  • Loan growth of $62.5 million, or 5.2% annualized; client deposit growth of $66.9 million, or 6.7% annualized.
  • Improved asset quality; nonperforming loans as a percentage of total loans were 0.20% compared to 0.25% last quarter.
  • Net interest margin improvement to 2.31% from 2.25% on a linked-quarter basis.
  • Commenced new share repurchase program to repurchase approximately 5% of outstanding shares over the next year.
  • $1.8 million gain on sale of former Bank headquarters, partially offset by a $1.0 million loss on sale of low-yielding securities.

“I am pleased with our team’s execution this quarter, producing 19% annualized revenue growth, and improved net interest margin, through balanced loan and deposit growth,” said Joseph F. Casey, President and CEO. “Additionally, we improved our already solid asset quality.”

Net Interest Income

Net interest and dividend income was $31.4 million for the quarter ended June 30, 2024, compared to $30.6 million for the quarter ended March 31, 2024, and $32.1 million for the quarter ended June 30, 2023. The tax equivalent interest rate spread and net interest margin were 1.66% and 2.31%, respectively, for the quarter ended June 30, 2024, compared to 1.62% and 2.25%, respectively, for the quarter ended March 31, 2024, and 1.89% and 2.45%, respectively, for the quarter ended June 30, 2023.

On a linked-quarter basis, the increase in the net interest margin, interest rate spread and net interest and dividend income reflects average interest-earning assets increasing $1.6 million and the yield on interest-earning assets increasing 7 basis points, while average interest-bearing liabilities decreased $10.9 million and the cost of those liabilities increased 3 basis points. The cost of interest-bearing deposits, excluding brokered deposits, increased 10 basis points, primarily due to certificate of deposit rollovers at higher rates. Average checking account balances increased $25.7 million on a linked-quarter basis.

The $750,000 decrease in net interest and dividend income from the prior year quarter reflects an increase of $7.9 million, or 27.5%, in total interest expense, partially offset by an increase of $7.2 million, or 11.8%, in total interest and dividend income. The total cost of funding liabilities increased 53 basis points, while the average balance increased $199.2 million, and the yield on interest-earning assets increased 35 basis points, while the average balance increased $216.7 million.

Noninterest Income

Total noninterest income improved $1.2 million, or 11.0%, to $11.9 million for the quarter ended June 30, 2024, from $10.7 million for the quarter ended March 31, 2024. HarborOne Mortgage, LLC (“HarborOne Mortgage”) capitalized on the seasonal increase in residential real estate sales, with gain on loan sales of $3.1 million from mortgage closings of $173.0 million for the quarter ended June 30, 2024, compared to $2.0 million from mortgage loan closings of $102.1 million on a linked-quarter basis. Mortgage loan closings for the quarter ended June 30, 2023 were $172.2 million with a gain on loan sales of $3.3 million. The rate-locked pipeline is up $29.0 million on a linked-quarter basis and up $11.5 million compared to June 30, 2023.

The mortgage servicing rights (“MSR”) valuation declined $273,000 for the three months ended June 30, 2024, compared to an increase of $628,000 in the MSR valuation for the three months ended March 31, 2024. Although key benchmark interest rates used in the valuation model increased slightly from the prior quarter, the MSR valuation was negative as a result of model assumption caps. The impact on the MSR valuation of principal payments on the underlying mortgages was $545,000 and $353,000 for the quarters ended June 30, 2024 and March 31, 2024, respectively. During the first quarter of 2024, HarborOne Mortgage executed an economic hedge to partially mitigate potential MSR valuation losses in a declining rate environment. For the three months ended June 30, 2024 and March 31, 2024, the hedging loss was $280,000 and $221,000, respectively.

Total noninterest income for the quarter ended June 30, 2024 included a $1.8 million gain on the sale-leaseback of the building that currently houses HarborOne’s Legion Parkway banking center in downtown Brockton and previously served as the Bank’s headquarters. The sale-leaseback continues the Company’s longtime commitment to Brockton, which was made in conjunction with a partnership to revitalize the downtown area, with plans for a mixed-use property that includes a lease-back by the Company for a state-of-the-art HarborOne banking center. The gain was partially offset by $675,000 in contribution expense from the bargain purchase element of the property sale and a $1.0 million loss on the sale of $17.5 million of available-for-sale securities with a weighted average book yield of 2.84%, as we take opportunities to improve the yield on earning assets. Management utilized the proceeds upon settlement to pay down wholesale funding carrying a rate of approximately 5.53%.

Total noninterest income decreased $743,000, or 5.9%, compared to the quarter ended June 30, 2023, primarily due to a $1.6 million, or 27.2%, decrease in mortgage banking income, partially offset by the gain noted above. The prior year quarter also reflected a $915,000 million increase in the MSR valuation.

Noninterest Expense

Total noninterest expense increased $1.3 million, or 4.4%, to $33.1 million for the quarter ended June 30, 2024, from $31.8 million for the quarter ended March 31, 2024. The primary driver was a $1.3 million increase in compensation and benefits expenses due to both an increase in mortgage bankers during the quarter, and an increase in mortgage originator’s commission consistent with the increase in residential real estate mortgage origination volume. Additionally, marketing expense increased $552,000, primarily due to the $675,000 contribution expense noted above.

Total noninterest expense increased $1.4 million, or 4.5%, compared to the prior year quarter of $31.7 million. The primary driver was a $756,000 increase in compensation and benefits expenses due to accruals for incentive expense in the current period and none in the prior year period.

Asset Quality and Allowance for Credit Losses

Total nonperforming assets were $9.8 million at June 30, 2024, compared to $12.2 million at March 31, 2024 and $20.2 million at June 30, 2023. Nonperforming assets as a percentage of total assets were 0.17% at June 30, 2024, 0.21% at March 31, 2024, and 0.36% at June 30, 2023. During the second quarter of 2024, a single nonperforming credit, included in the business-oriented hotel loan segment, with a carrying value of $1.8 million, was paid-off.

The Company recorded a $615,000 provision for credit losses for the quarter ended June 30, 2024. The provision for loan credit losses was $1.1 million, partially offset by a negative provision of $534,000 for unfunded commitments. For the quarter ended March 31, 2024, a negative provision for credit losses of $168,000 was recorded, a result of $506,000 negative provision for unfunded commitments partially offset by a provision for loan credit losses of $338,000. The Company recorded a provision for credit losses of $3.3 million for the quarter ended June 30, 2023, driven by a provision for loan credit losses of $3.5 million and a negative $215,000 provision for unfunded commitments. Loan credit loss provisioning primarily reflects replenishment of the allowance for credit losses (“ACL”) on loans due to charge-offs and loan growth. The June 30, 2024 ACL estimate also includes annually updated model assumptions.

Net charge-offs totaled $195,000, or 0.02%, of average loans outstanding on an annualized basis, for the quarter ended June 30, 2024, $125,000, or 0.01% of average loans outstanding on an annualized basis, for the quarter ended March 30, 2024, and $2.7 million, or 0.23% of average loans outstanding on an annualized basis, for the quarter ended June 30, 2023.

The ACL on loans was $49.1 million, or 1.02% of total loans, at June 30, 2024, compared to $48.2 million, or 1.01% of total loans, at March 31, 2024 and $47.8 million, or 1.02% of total loans, at June 30, 2023. The ACL on unfunded commitments, included in other liabilities on the unaudited Consolidated Balance Sheets, amounted to $2.9 million at June 30, 2024, compared to $3.4 million at March 31, 2024 and $4.8 million at June 30, 2023.

Management continues to closely monitor the loan portfolio for signs of deterioration in light of speculation that commercial real estate values may deteriorate as the market adjusts to higher vacancies and interest rates. The commercial real estate portfolio is centered in New England, with approximately 75% of the portfolio secured by property located in Massachusetts and Rhode Island. Approximately 60% of the commercial real estate loans are fixed-rate loans which, in the opinion of management, have limited near-term maturity risk. As of June 30, 2024 and March 31, 2024, commercial loans rated “watch” amounted to $87.7 million and $67.9 million, respectively. Loans are rated “watch” at the point when there are signs of potential weakness. Management performs comprehensive reviews and works proactively with creditworthy borrowers facing financial distress and implements prudent workouts and accommodations to improve the Bank’s prospects of contractual repayment.

Three sub-sectors that management identified as potentially more susceptible to weakness includes business-oriented hotels, non-anchored retail space, and metro office space. As of June 30, 2024, business-oriented hotels loans included 12 loans with a total outstanding balance of $119.7 million, non-anchored retail space loans included 29 loans with a total outstanding balance of $48.6 million, and metro office space loans included one loan with a total outstanding balance of $6.2 million. All of the loans in these groups were performing in accordance with their terms.

Balance Sheet

Total assets decreased $75.2 million, or 1.3%, to $5.79 billion at June 30, 2024, from $5.86 billion at March 31, 2024. The linked-quarter decrease primarily reflects a decrease in cash and cash equivalents, partially offset by loan growth.

Available-for-sale securities decreased $21.9 million to $269.1 million at June 30, 2024 from $291.0 million at March 31, 2024 due to the sale noted above. The unrealized loss on securities available for sale decreased to $65.3 million as of June 30, 2024, as compared to $67.0 million of unrealized losses as of March 31, 2024. Securities held to maturity were flat at $19.7 million, or 0.3% of total assets, at June 30, 2024.

Loans increased $62.5 million, or 1.3%, to $4.84 billion at June 30, 2024, from $4.78 billion at March 31, 2024. The linked-quarter increase was primarily due to increases in commercial and industrial loans of $27.8 million, commercial real estate loans of $25.2 million, and $11.0 million of residential mortgage loans.

Total deposits increased $64.3 million to $4.46 billion at June 30, 2024 from $4.39 billion at March 31, 2024. Compared to the prior quarter, non-certificate accounts decreased $66.0 million and term certificate accounts increased $133.0 million, as a competitive rate environment continued to pressure deposit mix and rates. Brokered deposits decreased $2.7 million. As of June 30, 2024, FDIC-insured deposits were approximately 76% of total deposits, including Bank subsidiary deposits.

Borrowed funds decreased $135.0 million to $619.4 million at June 30, 2024 from $754.4 million at March 31, 2024, as excess liquidity was used to paydown high rate borrowings. As of June 30, 2024, the Bank had $1.16 billion in available borrowing capacity across multiple relationships.

Total stockholders’ equity was $577.3 million at June 30, 2024, compared to $577.7 million at March 31, 2024. Stockholders’ equity decreased 0.1% when compared to the prior quarter, as net income was offset by share repurchases and dividends. The Company continues to implement and execute share repurchase programs, repurchasing 1,230,353 shares at an average price of $10.37, including $0.10 per share of excise tax, during the six months ended June 30, 2024. The tangible-common-equity-to-tangible-assets ratio(1) was 9.03% at June 30, 2024, 8.92% at March 31, 2024, and 9.38% at June 30, 2023. At June 30, 2024, the Company and the Bank had strong capital positions, exceeding all regulatory capital requirements, and are considered well-capitalized.

(1) This non-GAAP ratio is total stockholders’ equity less goodwill and intangible assets to total assets less goodwill and intangible assets.

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. The Company’s management believes that the supplemental non-GAAP information, which consists of income statement results excluding the goodwill impairment charge, total adjusted noninterest expense excluding the goodwill impairment charge, diluted earnings per share excluding the goodwill impairment charge, return on average assets (ROAA), excluding the goodwill impairment charge, return on average equity (ROAE), excluding goodwill impairment charge, the efficiency ratio, efficiency ratio excluding the goodwill impairment charge, tangible-common-equity-to-tangible-assets ratio and tangible book value per share, are utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. 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.

Consolidated Balance Sheet Trend

(Unaudited)

 

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(in thousands)

 

2024

 

2024

 

2023

 

2023

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

48,097

 

 

$

36,340

 

 

$

38,876

 

 

$

38,573

 

 

$

43,525

 

Short-term investments

 

 

186,965

 

 

 

357,101

 

 

 

188,474

 

 

 

208,211

 

 

 

209,326

 

Total cash and cash equivalents

 

 

235,062

 

 

 

393,441

 

 

 

227,350

 

 

 

246,784

 

 

 

252,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale, at fair value

 

 

269,078

 

 

 

291,008

 

 

 

290,151

 

 

 

271,078

 

 

 

292,012

 

Securities held to maturity, at amortized cost

 

 

19,725

 

 

 

19,724

 

 

 

19,796

 

 

 

19,795

 

 

 

19,839

 

Federal Home Loan Bank stock, at cost

 

 

25,311

 

 

 

26,565

 

 

 

27,098

 

 

 

23,378

 

 

 

27,123

 

Asset held for sale

 

 

 

 

 

348

 

 

 

348

 

 

 

966

 

 

 

966

 

Loans held for sale, at fair value

 

 

41,814

 

 

 

16,434

 

 

 

19,686

 

 

 

17,796

 

 

 

20,949

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

 

2,380,881

 

 

 

2,355,672

 

 

 

2,343,675

 

 

 

2,349,886

 

 

 

2,286,688

 

Commercial construction

 

 

233,926

 

 

 

234,811

 

 

 

208,443

 

 

 

191,224

 

 

 

228,902

 

Commercial and industrial

 

 

499,043

 

 

 

471,215

 

 

 

466,443

 

 

 

450,547

 

 

 

453,422

 

Total commercial loans

 

 

3,113,850

 

 

 

3,061,698

 

 

 

3,018,561

 

 

 

2,991,657

 

 

 

2,969,012

 

Residential real estate

 

 

1,706,678

 

 

 

1,695,686

 

 

 

1,709,714

 

 

 

1,706,950

 

 

 

1,701,766

 

Consumer

 

 

18,704

 

 

 

19,301

 

 

 

22,036

 

 

 

24,247

 

 

 

27,425

 

Loans

 

 

4,839,232

 

 

 

4,776,685

 

 

 

4,750,311

 

 

 

4,722,854

 

 

 

4,698,203

 

Less: Allowance for credit losses on loans

 

 

(49,139

)

 

 

(48,185

)

 

 

(47,972

)

 

 

(48,312

)

 

 

(47,821

)

Net loans

 

 

4,790,093

 

 

 

4,728,500

 

 

 

4,702,339

 

 

 

4,674,542

 

 

 

4,650,382

 

Mortgage servicing rights, at fair value

 

 

46,209

 

 

 

46,597

 

 

 

46,111

 

 

 

49,201

 

 

 

48,176

 

Goodwill

 

 

59,042

 

 

 

59,042

 

 

 

59,042

 

 

 

69,802

 

 

 

69,802

 

Other intangible assets

 

 

1,136

 

 

 

1,326

 

 

 

1,515

 

 

 

1,704

 

 

 

1,893

 

Other assets

 

 

299,565

 

 

 

279,237

 

 

 

274,460

 

 

 

289,341

 

 

 

275,261

 

Total assets

 

$

5,787,035

 

 

$

5,862,222

 

 

$

5,667,896

 

 

$

5,664,387

 

 

$

5,659,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposit accounts

 

$

689,800

 

 

$

677,152

 

 

$

659,973

 

 

$

708,847

 

 

$

717,572

 

NOW accounts

 

 

308,016

 

 

 

305,071

 

 

 

305,825

 

 

 

289,141

 

 

 

286,956

 

Regular savings and club accounts

 

 

989,720

 

 

 

1,110,404

 

 

 

1,265,315

 

 

 

1,324,635

 

 

 

1,390,906

 

Money market deposit accounts

 

 

1,100,215

 

 

 

1,061,145

 

 

 

966,201

 

 

 

951,128

 

 

 

834,120

 

Term certificate accounts

 

 

985,293

 

 

 

852,326

 

 

 

863,457

 

 

 

859,266

 

 

 

742,931

 

Brokered deposits

 

 

385,253

 

 

 

387,926

 

 

 

326,638

 

 

 

276,941

 

 

 

315,003

 

Total deposits

 

 

4,458,297

 

 

 

4,394,024

 

 

 

4,387,409

 

 

 

4,409,958

 

 

 

4,287,488

 

Borrowings

 

 

619,372

 

 

 

754,380

 

 

 

568,462

 

 

 

475,470

 

 

 

604,568

 

Subordinated debt

 

 

 

 

 

 

 

 

 

 

 

34,380

 

 

 

34,348

 

Other liabilities and accrued expenses

 

 

132,037

 

 

 

136,135

 

 

 

128,266

 

 

 

159,945

 

 

 

137,318

 

Total liabilities

 

 

5,209,706

 

 

 

5,284,539

 

 

 

5,084,137

 

 

 

5,079,753

 

 

 

5,063,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

598

 

 

 

598

 

 

 

598

 

 

 

597

 

 

 

597

 

Additional paid-in capital

 

 

487,980

 

 

 

487,277

 

 

 

486,502

 

 

 

485,144

 

 

 

484,544

 

Unearned compensation - ESOP

 

 

(24,866

)

 

 

(25,326

)

 

 

(25,785

)

 

 

(26,245

)

 

 

(26,704

)

Retained earnings

 

 

367,584

 

 

 

363,591

 

 

 

359,656

 

 

 

369,930

 

 

 

364,709

 

Treasury stock

 

 

(205,944

)

 

 

(199,853

)

 

 

(193,590

)

 

 

(187,803

)

 

 

(181,324

)

Accumulated other comprehensive loss

 

 

(48,023

)

 

 

(48,604

)

 

 

(43,622

)

 

 

(56,989

)

 

 

(46,290

)

Total stockholders' equity

 

 

577,329

 

 

 

577,683

 

 

 

583,759

 

 

 

584,634

 

 

 

595,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

5,787,035

 

 

$

5,862,222

 

 

$

5,667,896

 

 

$

5,664,387

 

 

$

5,659,254

 

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)

 

 

Quarters Ended

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(in thousands, except share data)

 

2024

 

2024

 

2023

 

2023

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

61,512

 

 

$

59,937

 

 

$

59,499

 

 

$

58,124

 

 

$

55,504

Interest on loans held for sale

 

 

347

 

 

 

243

 

 

 

369

 

 

 

370

 

 

 

326

Interest on securities

 

 

2,121

 

 

 

2,065

 

 

 

2,001

 

 

 

2,003

 

 

 

2,035

Other interest and dividend income

 

 

3,971

 

 

 

4,659

 

 

 

2,516

 

 

 

2,667

 

 

 

2,935

Total interest and dividend income

 

 

67,951

 

 

 

66,904

 

 

 

64,385

 

 

 

63,164

 

 

 

60,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

27,272

 

 

 

26,899

 

 

 

27,310

 

 

 

25,039

 

 

 

20,062

Interest on borrowings

 

 

9,329

 

 

 

9,423

 

 

 

6,260

 

 

 

6,439

 

 

 

8,114

Interest on subordinated debentures

 

 

 

 

 

 

 

 

1,122

 

 

 

606

 

 

 

524

Total interest expense

 

 

36,601

 

 

 

36,322

 

 

 

34,692

 

 

 

32,084

 

 

 

28,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

 

31,350

 

 

 

30,582

 

 

 

29,693

 

 

 

31,080

 

 

 

32,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision (benefit) for credit losses

 

 

615

 

 

 

(168

)

 

 

644

 

 

 

(113

)

 

 

3,283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income, after provision for credit losses

 

 

30,735

 

 

 

30,750

 

 

 

29,049

 

 

 

31,193

 

 

 

28,817

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of mortgage loans

 

 

3,143

 

 

 

2,013

 

 

 

2,176

 

 

 

2,704

 

 

 

3,300

Changes in mortgage servicing rights fair value

 

 

(1,098

)

 

 

54

 

 

 

(3,553

)

 

 

125

 

 

 

436

Other

 

 

2,356

 

 

 

2,276

 

 

 

2,301

 

 

 

2,270

 

 

 

2,312

Total mortgage banking income

 

 

4,401

 

 

 

4,343

 

 

 

924

 

 

 

5,099

 

 

 

6,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit account fees

 

 

5,223

 

 

 

4,983

 

 

 

5,178

 

 

 

5,133

 

 

 

5,012

Income on retirement plan annuities

 

 

141

 

 

 

145

 

 

 

147

 

 

 

146

 

 

 

128

Gain on sale of asset held for sale

 

 

1,809

 

 

 

 

 

 

 

 

 

 

 

 

Loss on sale of securities

 

 

(1,041

)

 

 

 

 

 

 

 

 

 

 

 

Bank-owned life insurance income

 

 

758

 

 

 

746

 

 

 

1,207

 

 

 

531

 

 

 

511

Other income

 

 

628

 

 

 

524

 

 

 

1,448

 

 

 

689

 

 

 

963

Total noninterest income

 

 

11,919

 

 

 

10,741

 

 

 

8,904

 

 

 

11,598

 

 

 

12,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

18,976

 

 

 

17,636

 

 

 

19,199

 

 

 

18,699

 

 

 

18,220

Occupancy and equipment

 

 

4,636

 

 

 

4,781

 

 

 

4,670

 

 

 

4,430

 

 

 

4,633

Data processing

 

 

2,375

 

 

 

2,479

 

 

 

2,474

 

 

 

2,548

 

 

 

2,403

Loan expense (income)

 

 

461

 

 

 

371

 

 

 

(317

)

 

 

385

 

 

 

417

Marketing

 

 

1,368

 

 

 

816

 

 

 

811

 

 

 

794

 

 

 

925

Professional fees

 

 

1,236

 

 

 

1,457

 

 

 

1,690

 

 

 

1,374

 

 

 

1,114

Deposit insurance

 

 

993

 

 

 

1,164

 

 

 

795

 

 

 

1,004

 

 

 

1,176

Goodwill impairment

 

 

 

 

 

 

 

 

10,760

 

 

 

 

 

 

Other expenses

 

 

3,099

 

 

 

3,046

 

 

 

3,132

 

 

 

2,638

 

 

 

2,837

Total noninterest expenses

 

 

33,144

 

 

 

31,750

 

 

 

43,214

 

 

 

31,872

 

 

 

31,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

9,510

 

 

 

9,741

 

 

 

(5,261

)

 

 

10,919

 

 

 

9,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

2,214

 

 

 

2,441

 

 

 

1,850

 

 

 

2,507

 

 

 

2,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

7,296

 

 

$

7,300

 

 

$

(7,111

)

 

$

8,412

 

 

$

7,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.18

 

 

$

0.17

 

 

$

(0.17

)

 

$

0.20

 

 

$

0.17

Diluted

 

$

0.18

 

 

$

0.17

 

 

$

(0.17

)

 

$

0.20

 

 

$

0.17

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

41,293,787

 

 

 

41,912,421

 

 

 

42,111,872

 

 

 

42,876,893

 

 

 

43,063,507

Diluted

 

 

41,370,289

 

 

 

42,127,037

 

 

 

42,299,858

 

 

 

42,983,477

 

 

 

43,133,455

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)

 

 

For the Six Months Ended June 30,

 

 

 

 

(dollars in thousands, except share data)

 

2024

 

2023

 

$ Change

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

121,449

 

 

$

108,275

 

 

$

13,174

 

 

12.2

%

Interest on loans held for sale

 

 

590

 

 

 

612

 

 

 

(22

)

 

(3.6

)

Interest on securities

 

 

4,186

 

 

 

4,114

 

 

 

72

 

 

1.8

 

Other interest and dividend income

 

 

8,630

 

 

 

3,738

 

 

 

4,892

 

 

130.9

 

Total interest and dividend income

 

 

134,855

 

 

 

116,739

 

 

 

18,116

 

 

15.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

54,171

 

 

 

35,975

 

 

 

18,196

 

 

50.6

 

Interest on borrowings

 

 

18,752

 

 

 

13,219

 

 

 

5,533

 

 

41.9

 

Interest on subordinated debentures

 

 

 

 

 

1,047

 

 

 

(1,047

)

 

(100.0

)

Total interest expense

 

 

72,923

 

 

 

50,241

 

 

 

22,682

 

 

45.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

 

61,932

 

 

 

66,498

 

 

 

(4,566

)

 

(6.9

)

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

447

 

 

 

5,149

 

 

 

(4,702

)

 

(91.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income, after provision for credit losses

 

 

61,485

 

 

 

61,349

 

 

 

136

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking income:

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of mortgage loans

 

 

5,156

 

 

 

5,524

 

 

 

(368

)

 

(6.7

)

Changes in mortgage servicing rights fair value

 

 

(1,044

)

 

 

(1,256

)

 

 

212

 

 

16.9

 

Other

 

 

4,632

 

 

 

4,528

 

 

 

104

 

 

2.3

 

Total mortgage banking income

 

 

8,744

 

 

 

8,796

 

 

 

(52

)

 

(0.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Deposit account fees

 

 

10,206

 

 

 

9,745

 

 

 

461

 

 

4.7

 

Income on retirement plan annuities

 

 

286

 

 

 

247

 

 

 

39

 

 

15.8

 

Gain on sale of asset held for sale

 

 

1,809

 

 

 

 

 

 

1,809

 

 

100.0

 

Loss on sale of securities

 

 

(1,041

)

 

 

 

 

 

(1,041

)

 

(100.0

)

Bank-owned life insurance income

 

 

1,504

 

 

 

1,011

 

 

 

493

 

 

48.8

 

Other income

 

 

1,152

 

 

 

1,553

 

 

 

(401

)

 

(25.8

)

Total noninterest income

 

 

22,660

 

 

 

21,352

 

 

 

1,308

 

 

6.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

36,612

 

 

 

36,019

 

 

 

593

 

 

1.6

 

Occupancy and equipment

 

 

9,417

 

 

 

9,673

 

 

 

(256

)

 

(2.6

)

Data processing

 

 

4,854

 

 

 

4,749

 

 

 

105

 

 

2.2

 

Loan expense

 

 

832

 

 

 

730

 

 

 

102

 

 

14.0

 

Marketing

 

 

2,184

 

 

 

2,106

 

 

 

78

 

 

3.7

 

Professional fees

 

 

2,693

 

 

 

2,615

 

 

 

78

 

 

3.0

 

Deposit insurance

 

 

2,157

 

 

 

1,686

 

 

 

471

 

 

27.9

 

Other expenses

 

 

6,145

 

 

 

5,656

 

 

 

489

 

 

8.6

 

Total noninterest expenses

 

 

64,894

 

 

 

63,234

 

 

 

1,660

 

 

2.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

19,251

 

 

 

19,467

 

 

 

(216

)

 

(1.1

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

4,655

 

 

 

4,691

 

 

 

(36

)

 

(0.8

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

14,596

 

 

$

14,776

 

 

$

(180

)

 

(1.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

0.34

 

 

 

 

 

 

Diluted

 

$

0.35

 

 

$

0.33

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

41,603,104

 

 

 

43,955,411

 

 

 

 

 

 

Diluted

 

 

41,748,663

 

 

 

44,203,893

 

 

 

 

 

 

HarborOne Bancorp, Inc.

Average Balances and Yield Trend

(Unaudited)

 

 

 

Quarters Ended

 

 

 

June 30, 2024

 

March 31, 2024

 

June 30, 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)

 

$

374,730

 

$

2,121

 

2.28

%

$

372,787

 

$

2,065

 

2.23

%

$

381,762

 

$

2,035

 

2.14

%

Other interest-earning assets

 

 

306,361

 

 

3,971

 

5.21

 

 

356,470

 

 

4,659

 

5.26

 

 

238,891

 

 

2,935

 

4.93

 

Loans held for sale

 

 

20,775

 

 

347

 

6.72

 

 

14,260

 

 

243

 

6.85

 

 

19,614

 

 

326

 

6.67

 

Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans (2)(3)

 

 

3,091,004

 

 

43,023

 

5.60

 

 

3,040,835

 

 

41,653

 

5.51

 

 

2,938,292

 

 

38,842

 

5.30

 

Residential real estate loans (3)(4)

 

 

1,695,059

 

 

18,393

 

4.36

 

 

1,700,694

 

 

18,175

 

4.30

 

 

1,682,860

 

 

16,456

 

3.92

 

Consumer loans (3)

 

 

19,221

 

 

352

 

7.37

 

 

20,539

 

 

358

 

7.01

 

 

29,025

 

 

419

 

5.79

 

Total loans

 

 

4,805,284

 

 

61,768

 

5.17

 

 

4,762,068

 

 

60,186

 

5.08

 

 

4,650,177

 

 

55,717

 

4.81

 

Total interest-earning assets

 

 

5,507,150

 

 

68,207

 

4.98

 

 

5,505,585

 

 

67,153

 

4.91

 

 

5,290,444

 

 

61,013

 

4.63

 

Noninterest-earning assets

 

 

300,847

 

 

 

 

 

 

 

299,153

 

 

 

 

 

 

 

305,132

 

 

 

 

 

 

Total assets

 

$

5,807,997

 

 

 

 

 

 

$

5,804,738

 

 

 

 

 

 

$

5,595,576

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

1,058,524

 

 

4,305

 

1.64

 

$

1,186,201

 

 

5,523

 

1.87

 

$

1,421,622

 

 

6,165

 

1.74

 

NOW accounts

 

 

299,536

 

 

88

 

0.12

 

 

289,902

 

 

75

 

0.10

 

 

280,501

 

 

59

 

0.08

 

Money market accounts

 

 

1,069,153

 

 

10,186

 

3.83

 

 

994,353

 

 

9,313

 

3.77

 

 

802,373

 

 

6,256

 

3.13

 

Certificates of deposit

 

 

931,255

 

 

9,946

 

4.30

 

 

855,070

 

 

8,554

 

4.02

 

 

708,087

 

 

5,273

 

2.99

 

Brokered deposits

 

 

300,385

 

 

2,747

 

3.68

 

 

356,459

 

 

3,434

 

3.87

 

 

281,614

 

 

2,309

 

3.29

 

Total interest-bearing deposits

 

 

3,658,853

 

 

27,272

 

3.00

 

 

3,681,985

 

 

26,899

 

2.94

 

 

3,494,197

 

 

20,062

 

2.30

 

Borrowings

 

 

776,852

 

 

9,329

 

4.83

 

 

764,623

 

 

9,423

 

4.96

 

 

666,345

 

 

8,114

 

4.88

 

Subordinated debentures

 

 

 

 

 

 

 

 

 

 

 

 

34,331

 

 

524

 

6.12

 

Total borrowings

 

 

776,852

 

 

9,329

 

4.83

 

 

764,623

 

 

9,423

 

4.96

 

 

700,676

 

 

8,638

 

4.94

 

Total interest-bearing liabilities

 

 

4,435,705

 

 

36,601

 

3.32

 

 

4,446,608

 

 

36,322

 

3.29

 

 

4,194,873

 

 

28,700

 

2.74

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

670,494

 

 

 

 

 

 

 

654,436

 

 

 

 

 

 

 

712,081

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

 

126,477

 

 

 

 

 

 

 

119,289

 

 

 

 

 

 

 

88,363

 

 

 

 

 

 

Total liabilities

 

 

5,232,676

 

 

 

 

 

 

 

5,220,333

 

 

 

 

 

 

 

4,995,317

 

 

 

 

 

 

Total stockholders' equity

 

 

575,321

 

 

 

 

 

 

 

584,405

 

 

 

 

 

 

 

600,259

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

5,807,997

 

 

 

 

 

 

$

5,804,738

 

 

 

 

 

 

$

5,595,576

 

 

 

 

 

 

Tax equivalent net interest income

 

 

 

 

 

31,606

 

 

 

 

 

 

 

30,831

 

 

 

 

 

 

 

32,313

 

 

 

Tax equivalent interest rate spread (5)

 

 

 

 

 

 

 

1.66

%

 

 

 

 

 

 

1.62

%

 

 

 

 

 

 

1.89

%

Less: tax equivalent adjustment

 

 

 

 

 

256

 

 

 

 

 

 

 

249

 

 

 

 

 

 

 

213

 

 

 

Net interest income as reported

 

 

 

 

$

31,350

 

 

 

 

 

 

$

30,582

 

 

 

 

 

 

$

32,100

 

 

 

Net interest-earning assets (6)

 

$

1,071,445

 

 

 

 

 

 

$

1,058,977

 

 

 

 

 

 

$

1,095,571

 

 

 

 

 

 

Net interest margin (7)

 

 

 

 

 

 

 

2.29

%

 

 

 

 

 

 

2.23

%

 

 

 

 

 

 

2.43

%

Tax equivalent effect

 

 

 

 

 

 

 

0.02

 

 

 

 

 

 

 

0.02

 

 

 

 

 

 

 

0.02

 

Net interest margin on a fully tax equivalent basis

 

 

 

 

 

 

 

2.31

%

 

 

 

 

 

 

2.25

%

 

 

 

 

 

 

2.45

%

Ratio of interest-earning assets to interest-bearing liabilities

 

 

124.16

%

 

 

 

 

 

 

123.82

%

 

 

 

 

 

 

126.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits, including demand deposits

 

$

4,329,347

 

$

27,272

 

 

 

$

4,336,421

 

$

26,899

 

 

 

$

4,206,278

 

$

20,062

 

 

 

Cost of total deposits

 

 

 

 

 

 

 

2.53

%

 

 

 

 

 

 

2.49

%

 

 

 

 

 

 

1.91

%

Total funding liabilities, including demand deposits

 

$

5,106,199

 

$

36,601

 

 

 

$

5,101,044

 

$

36,322

 

 

 

$

4,906,954

 

$

28,700

 

 

 

Cost of total funding liabilities

 

 

 

 

 

 

 

2.88

%

 

 

 

 

 

 

2.86

%

 

 

 

 

 

 

2.35

%

(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 Six Months Ended

 

 

 

June 30, 2024

 

June 30, 2023

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

 

 

Outstanding

 

 

 

Yield/

 

Outstanding

 

 

 

Yield/

 

 

 

Balance

 

Interest

 

Cost (8)

 

Balance

 

Interest

 

Cost (8)

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

373,758

 

$

4,186

 

2.25

%

$

384,517

 

$

4,114

 

2.16

%

Other interest-earning assets

 

 

331,416

 

 

8,630

 

5.24

 

 

151,644

 

 

3,738

 

4.97

 

Loans held for sale

 

 

17,517

 

 

590

 

6.77

 

 

18,865

 

 

612

 

6.54

 

Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans (2)(3)

 

 

3,065,921

 

 

84,675

 

5.55

 

 

2,919,980

 

 

75,679

 

5.23

 

Residential real estate loans (3)(4)

 

 

1,697,878

 

 

36,568

 

4.33

 

 

1,665,083

 

 

32,072

 

3.88

 

Consumer loans (3)

 

 

19,879

 

 

711

 

7.19

 

 

32,647

 

 

938

 

5.79

 

Total loans

 

 

4,783,678

 

 

121,954

 

5.13

 

 

4,617,710

 

 

108,689

 

4.75

 

Total interest-earning assets

 

 

5,506,369

 

 

135,360

 

4.94

 

 

5,172,736

 

 

117,153

 

4.57

 

Noninterest-earning assets

 

 

299,999

 

 

 

 

 

 

 

309,198

 

 

 

 

 

 

Total assets

 

$

5,806,368

 

 

 

 

 

 

$

5,481,934

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

1,122,362

 

 

9,827

 

1.76

 

$

1,440,403

 

 

11,610

 

1.63

 

NOW accounts

 

 

294,719

 

 

163

 

0.11

 

 

278,164

 

 

95

 

0.07

 

Money market accounts

 

 

1,031,753

 

 

19,499

 

3.80

 

 

813,472

 

 

11,494

 

2.85

 

Certificates of deposit

 

 

893,162

 

 

18,501

 

4.17

 

 

630,791

 

 

7,958

 

2.54

 

Brokered deposits

 

 

328,422

 

 

6,181

 

3.78

 

 

305,885

 

 

4,818

 

3.18

 

Total interest-bearing deposits

 

 

3,670,418

 

 

54,171

 

2.97

 

 

3,468,715

 

 

35,975

 

2.09

 

FHLB and FRB borrowings

 

 

770,738

 

 

18,752

 

4.89

 

 

557,823

 

 

13,219

 

4.78

 

Subordinated debentures

 

 

 

 

 

 

 

34,315

 

 

1,047

 

6.15

 

Total borrowings

 

 

770,738

 

 

18,752

 

4.89

 

 

592,138

 

 

14,266

 

4.86

 

Total interest-bearing liabilities

 

 

4,441,156

 

 

72,923

 

3.30

 

 

4,060,853

 

 

50,241

 

2.49

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

662,465

 

 

 

 

 

 

 

716,782

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

 

122,884

 

 

 

 

 

 

 

95,054

 

 

 

 

 

 

Total liabilities

 

 

5,226,505

 

 

 

 

 

 

 

4,872,689

 

 

 

 

 

 

Total stockholders' equity

 

 

579,863

 

 

 

 

 

 

 

609,245

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

5,806,368

 

 

 

 

 

 

$

5,481,934

 

 

 

 

 

 

Tax equivalent net interest income

 

 

 

 

 

62,437

 

 

 

 

 

 

 

66,912

 

 

 

Tax equivalent interest rate spread (5)

 

 

 

 

 

 

 

1.64

%

 

 

 

 

 

 

2.07

%

Less: tax equivalent adjustment

 

 

 

 

 

505

 

 

 

 

 

 

 

414

 

 

 

Net interest income as reported

 

 

 

 

$

61,932

 

 

 

 

 

 

$

66,498

 

 

 

Net interest-earning assets (6)

 

$

1,065,213

 

 

 

 

 

 

$

1,111,883

 

 

 

 

 

 

Net interest margin (7)

 

 

 

 

 

 

 

2.26

%

 

 

 

 

 

 

2.59

%

Tax equivalent effect

 

 

 

 

 

 

 

0.02

 

 

 

 

 

 

 

0.02

 

Net interest margin on a fully tax equivalent basis

 

 

 

 

 

 

 

2.28

%

 

 

 

 

 

 

2.61

%

Ratio of interest-earning assets to interest-bearing liabilities

 

 

123.99

%

 

 

 

 

 

 

127.38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits, including demand deposits

 

$

4,332,883

 

$

54,171

 

 

 

$

4,185,497

 

$

35,975

 

 

 

Cost of total deposits

 

 

 

 

 

 

 

2.51

%

 

 

 

 

 

 

1.73

%

Total funding liabilities, including demand deposits

 

$

5,103,621

 

$

72,923

 

 

 

$

4,777,635

 

$

50,241

 

 

 

Cost of total funding liabilities

 

 

 

 

 

 

 

2.87

%

 

 

 

 

 

 

2.12

%

Tax-exempt income on industrial revenue bonds is included in commercial loans on a tax-equivalent basis.

(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)

 

 

 

Average Balances - Trend - Quarters Ended

 

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

 

 

2024

 

2024

 

2023

 

2023

 

2023

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

374,730

 

$

372,787

 

$

370,683

 

$

375,779

 

$

381,762

 

Other interest-earning assets

 

 

306,361

 

 

356,470

 

 

205,929

 

 

207,234

 

 

238,891

 

Loans held for sale

 

 

20,775

 

 

14,260

 

 

20,010

 

 

20,919

 

 

19,614

 

Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans (2)(3)

 

 

3,091,004

 

 

3,040,835

 

 

3,005,840

 

 

2,980,817

 

 

2,938,292

 

Residential real estate loans (3)(4)

 

 

1,695,059

 

 

1,700,694

 

 

1,707,978

 

 

1,700,383

 

 

1,682,860

 

Consumer loans (3)

 

 

19,221

 

 

20,539

 

 

22,324

 

 

25,126

 

 

29,025

 

Total loans

 

 

4,805,284

 

 

4,762,068

 

 

4,736,142

 

 

4,706,326

 

 

4,650,177

 

Total interest-earning assets

 

 

5,507,150

 

 

5,505,585

 

 

5,332,764

 

 

5,310,258

 

 

5,290,444

 

Noninterest-earning assets

 

 

300,847

 

 

299,153

 

 

313,729

 

 

314,030

 

 

305,132

 

Total assets

 

$

5,807,997

 

$

5,804,738

 

$

5,646,493

 

$

5,624,288

 

$

5,595,576

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

1,058,524

 

$

1,186,201

 

$

1,307,774

 

$

1,360,728

 

$

1,421,622

 

NOW accounts

 

 

299,536

 

 

289,902

 

 

290,147

 

 

274,329

 

 

280,501

 

Money market accounts

 

 

1,069,153

 

 

994,353

 

 

963,223

 

 

910,694

 

 

802,373

 

Certificates of deposit

 

 

931,255

 

 

855,070

 

 

859,274

 

 

818,182

 

 

708,087

 

Brokered deposits

 

 

300,385

 

 

356,459

 

 

288,449

 

 

287,428

 

 

281,614

 

Total interest-bearing deposits

 

 

3,658,853

 

 

3,681,985

 

 

3,708,867

 

 

3,651,361

 

 

3,494,197

 

Borrowings

 

 

776,852

 

 

764,623

 

 

507,520

 

 

508,001

 

 

666,345

 

Subordinated debentures

 

 

 

 

 

 

22,614

 

 

34,364

 

 

34,331

 

Total borrowings

 

 

776,852

 

 

764,623

 

 

530,134

 

 

542,365

 

 

700,676

 

Total interest-bearing liabilities

 

 

4,435,705

 

 

4,446,608

 

 

4,239,001

 

 

4,193,726

 

 

4,194,873

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

670,494

 

 

654,436

 

 

683,548

 

 

705,009

 

 

712,081

 

Other noninterest-bearing liabilities

 

 

126,477

 

 

119,289

 

 

137,239

 

 

126,742

 

 

88,363

 

Total liabilities

 

 

5,232,676

 

 

5,220,333

 

 

5,059,788

 

 

5,025,477

 

 

4,995,317

 

Total stockholders' equity

 

 

575,321

 

 

584,405

 

 

586,705

 

 

598,811

 

 

600,259

 

Total liabilities and stockholders' equity

 

$

5,807,997

 

$

5,804,738

 

$

5,646,493

 

$

5,624,288

 

$

5,595,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized Yield Trend - Quarters Ended

 

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

 

 

2024

 

2024

 

2023

 

2023

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

 

2.28

%

 

2.23

%

 

2.14

%

 

2.11

%

 

2.14

%

Other interest-earning assets

 

 

5.21

%

 

5.26

%

 

4.85

%

 

5.11

%

 

4.93

%

Loans held for sale

 

 

6.72

%

 

6.85

%

 

7.32

%

 

7.02

%

 

6.67

%

Commercial loans (2)(3)

 

 

5.60

%

 

5.51

%

 

5.45

%

 

5.38

%

 

5.30

%

Residential real estate loans (3)(4)

 

 

4.36

%

 

4.30

%

 

4.21

%

 

4.09

%

 

3.92

%

Consumer loans (3)

 

 

7.37

%

 

7.01

%

 

6.82

%

 

6.51

%

 

5.79

%

Total loans

 

 

5.17

%

 

5.08

%

 

5.01

%

 

4.92

%

 

4.81

%

Total interest-earning assets

 

 

4.98

%

 

4.91

%

 

4.81

%

 

4.74

%

 

4.63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

1.64

%

 

1.87

%

 

2.09

%

 

1.98

%

 

1.74

%

NOW accounts

 

 

0.12

%

 

0.10

%

 

0.17

%

 

0.11

%

 

0.08

%

Money market accounts

 

 

3.83

%

 

3.77

%

 

3.83

%

 

3.64

%

 

3.13

%

Certificates of deposit

 

 

4.30

%

 

4.02

%

 

3.85

%

 

3.50

%

 

2.99

%

Brokered deposits

 

 

3.68

%

 

3.87

%

 

3.71

%

 

3.60

%

 

3.29

%

Total interest-bearing deposits

 

 

3.00

%

 

2.94

%

 

2.92

%

 

2.72

%

 

2.30

%

Borrowings

 

 

4.83

%

 

4.96

%

 

4.89

%

 

5.03

%

 

4.88

%

Subordinated debentures

 

 

%

 

%

 

19.68

%

 

7.00

%

 

6.12

%

Total borrowings

 

 

4.83

%

 

4.96

%

 

5.52

%

 

5.15

%

 

4.94

%

Total interest-bearing liabilities

 

 

3.32

%

 

3.29

%

 

3.25

%

 

3.04

%

 

2.74

%

(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.

HarborOne Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

 

 

 

Quarters Ended

 

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

Performance Ratios (annualized):

 

2024

 

2024

 

2023

 

2023

 

2023

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

7,296

 

$

7,300

 

$

(7,111)

 

$

8,411

 

$

7,450

 

Less: Goodwill impairment charge

 

 

 

 

 

 

10,760

 

 

 

 

 

Net income, excluding goodwill impairment charge(1)

 

$

7,296

 

$

7,300

 

$

3,649

 

$

8,411

 

$

7,450

 

Average Assets

 

$

5,807,997

 

$

5,804,738

 

$

5,646,493

 

$

5,624,288

 

$

5,595,576

 

Average Equity

 

$

575,321

 

$

584,405

 

$

586,705

 

$

598,811

 

$

600,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROAA)

 

 

0.50

%

 

0.50

%

 

(0.50)

%

 

0.60

%

 

0.54

%

Return on average assets (ROAA), excluding goodwill impairment charge(2)

 

 

0.50

%

 

0.50

%

 

0.26

%

 

0.60

%

 

0.54

%

Return on average equity (ROAE)

 

 

5.07

%

 

5.00

%

 

(4.85)

%

 

5.62

%

 

4.98

%

Return on average equity (ROAE), excluding goodwill impairment charge(3)

 

 

5.07

%

 

5.00

%

 

2.49

%

 

5.62

%

 

4.98

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest expense

 

$

33,144

 

$

31,750

 

$

43,214

 

$

31,872

 

$

31,725

 

Less: Amortization of other intangible assets

 

 

189

 

 

189

 

 

189

 

 

189

 

 

189

 

Total adjusted noninterest expense

 

 

32,955

 

 

31,561

 

 

43,025

 

 

31,683

 

 

31,536

 

Less: Goodwill impairment charge

 

 

 

 

 

 

10,760

 

 

 

 

 

Total adjusted noninterest expense, excluding goodwill impairment(4)

 

$

32,955

 

$

31,561

 

$

32,265

 

$

31,683

 

$

31,536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

$

31,350

 

$

30,582

 

$

29,693

 

$

31,080

 

$

32,100

 

Total noninterest income

 

 

11,919

 

 

10,741

 

 

8,904

 

 

11,598

 

 

12,662

 

Total revenue

 

$

43,269

 

$

41,323

 

$

38,597

 

$

42,678

 

$

44,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (5)

 

 

76.16

%

 

76.38

%

 

111.47

%

 

74.24

%

 

70.45

%

Efficiency ratio, excluding goodwill impairment charge(6)

 

 

76.16

%

 

76.38

%

 

83.59

%

 

74.24

%

 

70.45

%

(1) This non-GAAP measure represents net income, excluding goodwill impairment charge

(2) This non-GAAP measure represents net income, excluding goodwill impairment charge to average assets

(3) This non-GAAP measure represents net income, excluding goodwill impairment charge to average equity

(4) This non-GAAP measure represents adjusted noninterest expense, excluding goodwill impairment charge

(5) This non-GAAP measure represents adjusted noninterest expense divided by total revenue

(6) This non-GAAP measure represents adjusted noninterest expense, excluding goodwill impairment divided by total revenue

 

 

At or for the Quarters Ended

 

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

Asset Quality

 

2024

 

2024

 

2023

 

2023

 

2023

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets

 

$

9,766

 

$

12,201

 

$

17,582

 

$

18,795

 

$

20,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to total assets

 

 

0.17

%

 

0.21

%

 

0.31

%

 

0.33

%

 

0.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses on loans to total loans

 

 

1.02

%

 

1.01

%

 

1.01

%

 

1.02

%

 

1.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

 

$

195

 

$

125

 

$

1,311

 

$

(18

$

2,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized net charge-offs (recoveries)/average loans

 

 

0.02

%

 

0.01

%

 

0.11

%

 

%

 

0.23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses on loans to nonperforming loans

 

 

503.18

%

 

396.27

%

 

273.92

%

 

257.21

%

 

236.62

%

HarborOne Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

 

 

Quarters Ended

 

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

Capital and Share Related

 

2024

 

2024

 

2023

 

2023

 

2023

 

(dollars in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock outstanding

 

 

44,459,490

 

 

45,055,006

 

 

45,401,224

 

 

45,915,364

 

 

46,575,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

12.99

 

$

12.82

 

$

12.86

 

$

12.73

 

$

12.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

$

577,329

 

$

577,683

 

$

583,759

 

$

584,634

 

$

595,532

 

Less: Goodwill

 

 

59,042

 

 

59,042

 

 

59,042

 

 

69,802

 

 

69,802

 

Less: Other intangible assets (1)

 

 

1,136

 

 

1,326

 

 

1,515

 

 

1,704

 

 

1,893

 

Tangible common equity

 

$

517,151

 

$

517,315

 

$

523,202

 

$

513,128

 

$

523,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share (2)

 

$

11.63

 

$

11.48

 

$

11.52

 

$

11.18

 

$

11.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

5,787,035

 

$

5,862,222

 

$

5,667,896

 

$

5,664,387

 

$

5,659,254

 

Less: Goodwill

 

 

59,042

 

 

59,042

 

 

59,042

 

 

69,802

 

 

69,802

 

Less: Other intangible assets

 

 

1,136

 

 

1,326

 

 

1,515

 

 

1,704

 

 

1,893

 

Tangible assets

 

$

5,726,857

 

$

5,801,854

 

$

5,607,339

 

$

5,592,881

 

$

5,587,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity / tangible assets (3)

 

 

9.03

%

 

8.92

%

 

9.33

%

 

9.17

%

 

9.38

%

(1) Other intangible assets are core deposit intangibles.

(2) This non-GAAP ratio is total stockholders' equity less goodwill and intangible assets divided by common stock outstanding.

(3) This non-GAAP ratio is total stockholders' equity less goodwill and intangible assets to total assets less goodwill and intangible assets.

HarborOne Bancorp, Inc.

 

Segments Key Financial Data

 

(Unaudited)

 
 

 

Quarters Ended

 

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

Statements of Net Income for HarborOne Bank Segment:

 

2024

 

2024

 

2023

 

2023

 

2023

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

$

31,098

 

 

$

30,485

 

 

$

30,637

 

 

$

31,468

 

 

$

32,490

 

 

Provision (benefit) for credit losses

 

 

615

 

 

 

(168

)

 

 

644

 

 

 

(113

)

 

 

3,283

 

 

Net interest and dividend income, after provision for credit losses

 

 

30,483

 

 

 

30,653

 

 

 

29,993

 

 

 

31,581

 

 

 

29,207

 

 

Mortgage banking income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intersegment loss

 

 

(464

)

 

 

(236

)

 

 

(159

)

 

 

(198

)

 

 

(358

)

 

Changes in mortgage servicing rights fair value

 

 

(74

)

 

 

(32

)

 

 

(257

)

 

 

18

 

 

 

29

 

 

Other

 

 

180

 

 

 

180

 

 

 

185

 

 

 

188

 

 

 

195

 

 

Total mortgage banking (loss) income

 

 

(358

)

 

 

(88

)

 

 

(231

)

 

 

8

 

 

 

(134

)

 

Other noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit account fees

 

 

5,223

 

 

 

4,983

 

 

 

5,178

 

 

 

5,132

 

 

 

5,013

 

 

Income on retirement plan annuities

 

 

141

 

 

 

145

 

 

 

147

 

 

 

146

 

 

 

128

 

 

Gain on sale of asset held for sale

 

 

1,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on sale of securities

 

 

(1,041

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank-owned life insurance income

 

 

758

 

 

 

746

 

 

 

1,207

 

 

 

531

 

 

 

511

 

 

Other income

 

 

624

 

 

 

517

 

 

 

1,405

 

 

 

694

 

 

 

962

 

 

Total noninterest income

 

 

7,156

 

 

 

6,303

 

 

 

7,706

 

 

 

6,511

 

 

 

6,480

 

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

15,627

 

 

 

15,307

 

 

 

16,535

 

 

 

15,238

 

 

 

15,067

 

 

Occupancy and equipment

 

 

4,052

 

 

 

4,150

 

 

 

4,038

 

 

 

3,828

 

 

 

3,910

 

 

Data processing

 

 

2,363

 

 

 

2,470

 

 

 

2,462

 

 

 

2,527

 

 

 

2,355

 

 

Loan expense

 

 

188

 

 

 

71

 

 

 

153

 

 

 

128

 

 

 

96

 

 

Marketing

 

 

1,331

 

 

 

783

 

 

 

751

 

 

 

709

 

 

 

787

 

 

Professional fees

 

 

771

 

 

 

1,056

 

 

 

1,404

 

 

 

914

 

 

 

699

 

 

Deposit insurance

 

 

992

 

 

 

1,164

 

 

 

794

 

 

 

1,004

 

 

 

1,176

 

 

Other expenses

 

 

2,467

 

 

 

2,406

 

 

 

2,476

 

 

 

1,924

 

 

 

2,103

 

 

Total noninterest expenses

 

 

27,791

 

 

 

27,407

 

 

 

28,613

 

 

 

26,272

 

 

 

26,193

 

 

Less: Amortization of other intangible assets

 

 

189

 

 

 

189

 

 

 

189

 

 

 

190

 

 

 

189

 

 

Total adjusted noninterest expense

 

 

27,602

 

 

 

27,218

 

 

 

28,424

 

 

 

26,082

 

 

 

26,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

9,848

 

 

 

9,549

 

 

 

9,086

 

 

 

11,820

 

 

 

9,494

 

 

Provision for income taxes

 

 

2,310

 

 

 

2,386

 

 

 

2,535

 

 

 

2,716

 

 

 

2,193

 

 

Net income

 

$

7,538

 

 

$

7,163

 

 

$

6,551

 

 

$

9,104

 

 

$

7,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (1) - QTD

 

 

72.15

%

 

 

73.99

%

 

 

74.13

%

 

 

68.67

%

 

 

66.73

%

 

Efficiency ratio (1) - YTD

 

 

73.05

%

 

 

73.99

%

 

 

68.49

%

 

 

66.64

%

 

 

65.67

%

 

(1) This non-GAAP measure represents adjusted noninterest expense divided by total revenue

HarborOne Bancorp, Inc.

Segments Key Financial Data

(Unaudited)

 

 

 

Quarters Ended

 

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

Statements of Net Income for HarborOne Mortgage Segment:

 

2024

 

2024

 

2023

 

2023

 

2023

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

$

240

 

 

$

80

 

$

160

 

 

$

199

 

 

$

120

 

Mortgage banking income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of mortgage loans

 

 

3,141

 

 

 

2,013

 

 

2,176

 

 

 

2,704

 

 

 

3,300

 

Intersegment gain

 

 

464

 

 

 

308

 

 

56

 

 

 

249

 

 

 

90

 

Changes in mortgage servicing rights fair value

 

 

(1,024

)

 

 

86

 

 

(3,296

)

 

 

107

 

 

 

407

 

Other

 

 

2,177

 

 

 

2,097

 

 

2,116

 

 

 

2,082

 

 

 

2,117

 

Total mortgage banking income

 

 

4,758

 

 

 

4,504

 

 

1,052

 

 

 

5,142

 

 

 

5,914

 

Other noninterest income (loss)

 

 

4

 

 

 

10

 

 

2

 

 

 

(4

)

 

 

 

Total noninterest income

 

 

4,762

 

 

 

4,514

 

 

1,054

 

 

 

5,138

 

 

 

5,914

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

3,944

 

 

 

2,919

 

 

3,217

 

 

 

4,014

 

 

 

3,700

 

Occupancy and equipment

 

 

547

 

 

 

604

 

 

596

 

 

 

567

 

 

 

688

 

Data processing

 

 

11

 

 

 

9

 

 

13

 

 

 

21

 

 

 

48

 

Loan expense

 

 

274

 

 

 

304

 

 

(470

)

 

 

258

 

 

 

321

 

Marketing

 

 

36

 

 

 

33

 

 

60

 

 

 

85

 

 

 

138

 

Professional fees

 

 

131

 

 

 

132

 

 

120

 

 

 

155

 

 

 

180

 

Goodwill impairment

 

 

 

 

 

 

 

10,760

 

 

 

 

 

 

 

Other expenses

 

 

326

 

 

 

310

 

 

371

 

 

 

390

 

 

 

418

 

Total noninterest expenses

 

 

5,269

 

 

 

4,311

 

 

14,667

 

 

 

5,490

 

 

 

5,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

(267

)

 

 

283

 

 

(13,453

)

 

 

(153

)

 

 

541

 

Income tax (benefit) provision

 

 

(76

)

 

 

60

 

 

(596

)

 

 

(15

)

 

 

232

 

Net income (loss)

 

$

(191

)

 

$

223

 

$

(12,857

)

 

$

(138

)

 

$

309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closed loan volume

 

$

172,994

 

 

$

102,101

 

$

124,225

 

 

$

157,572

 

 

$

172,153

 

Gain on sale margin

 

 

1.82

%

 

 

1.97

%

 

1.75

%

 

 

1.72

%

 

 

1.92

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (1) - QTD

 

 

105.34

%

 

 

93.84

%

 

1,208.15

%

 

 

102.87

%

 

 

91.03

%

Efficiency ratio, excluding goodwill impairment (2) - QTD

 

 

105.34

%

 

 

93.84

%

 

321.83

%

 

 

102.87

%

 

 

91.03

%

Efficiency ratio (1) - YTD

 

 

99.83

%

 

 

93.84

%

 

192.98

%

 

 

109.91

%

 

 

113.87

%

Efficiency ratio, excluding goodwill impairment (2) - YTD

 

 

99.83

%

 

 

93.84

%

 

125.94

%

 

 

109.91

%

 

 

113.87

%

(1) This non-GAAP measure represents noninterest expense divided by total revenue

(2) This non-GAAP measure represents noninterest expense, excluding goodwill impairment divided by total revenue

Category: Earnings Release

Source: HarborOne Bancorp, Inc.

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