HarborOne Bancorp, Inc. - HONE STOCK NEWS

HarborOne Bank's EVP and Chief Legal Officer, Inez Friedman-Boyce, has been named to the Top 50 Women Leaders in Banking by Women We Admire. In her role, she oversees HarborOne's Legal and Compliance functions, SEC reporting, corporate governance, and manages the bank's Community Reinvestment Act program, which has earned multiple 'Outstanding' ratings.

Friedman-Boyce joined HarborOne in 2019 after 25 years in private legal practice, including 15 years as partner at Goodwin Procter. She serves as president and co-chair of Lawyers for Civil Rights and sits on the boards of OneGoal Massachusetts and Providence Performing Arts Center. She holds degrees from Amherst College and Georgetown University Law Center.

HarborOne Bancorp (NASDAQ: HONE) reported Q3 2024 net income of $3.9 million, or $0.10 per diluted share, down from $7.3 million in Q2 2024 and $8.4 million in Q3 2023. The quarter saw loan growth of $40.3 million and client deposit growth of $89.5 million. Net interest margin improved to 2.33% from 2.29%. The quarter included a $5.9 million credit loss provision, primarily due to a suburban office commercial real estate credit. Total assets were $5.78 billion, with loans increasing to $4.88 billion and deposits rising to $4.54 billion.

HarborOne Bancorp, Inc. (NASDAQ: HONE), the holding company of HarborOne Bank, has announced a quarterly cash dividend declaration. The Board of Directors has approved a dividend of $0.08 per share. This dividend will be paid on October 28, 2024 to shareholders of record at the close of business on October 14, 2024. The announcement demonstrates the company's commitment to providing regular returns to its shareholders.

HarborOne Bancorp (NASDAQ: HONE) reported net income of $7.3 million, or $0.18 per diluted share, for Q2 2024. Key highlights include:

- Loan growth of $62.5 million (5.2% annualized)
- Client deposit growth of $66.9 million (6.7% annualized)
- Improved net interest margin to 2.31% from 2.25%
- Commenced new share repurchase program for approximately 5% of outstanding shares
- $1.8 million gain on sale of former headquarters, partially offset by $1.0 million loss on sale of low-yielding securities

The company saw improved asset quality, with nonperforming loans at 0.20% of total loans, down from 0.25% last quarter. Total assets decreased 1.3% to $5.79 billion, while loans increased 1.3% to $4.84 billion.

HarborOne Bank has transferred ownership of its former headquarters at 68 Legion Parkway, Brockton, to NeighborWorks Housing Solutions (NHS) as part of a redevelopment project called 'Liberty on Legion'. The deal, signed on June 28, 2024, aims to revitalize downtown Brockton. Pre-development will begin in 2025, with construction starting in 2026 and completing by 2028. The mixed-use property will feature a new HarborOne Banking Center, NHS headquarters, and 50-60 mixed-income apartments. Mayor Robert Sullivan praised the partnership for its community impact.

HarborOne Bancorp, the holding company of HarborOne Bank, has declared a cash dividend of $0.08 per share for the second quarter of 2024.

The dividend will be paid on July 24, 2024, to shareholders of record as of July 10, 2024. The company trades under the stock symbol 'HONE' on NASDAQ.

HarborOne Bank has announced the recipients of its 2024 ONECommunity Scholarships, awarding a total of $100,000 to 20 students from Massachusetts and Rhode Island. Each recipient will receive a $5,000 scholarship, which will be paid directly to the college or university they will attend in the fall of 2024. This initiative is part of HarborOne Bank's long-term commitment, started in 2016, to support college affordability and invest in educational opportunities. To date, the ONECommunity Scholarship Program has granted $900,000 in scholarships. The bank plans to invest a total of $1 million over a 10-year period aimed at fostering educational excellence and community involvement among high school seniors.

HarborOne Bancorp announced a share repurchase program approved by its Board of Directors, allowing the company to buy back up to 2,222,568 shares, approximately 5% of its outstanding shares, for a total of up to $20 million.

The repurchases can be made in open market transactions under a trading plan consistent with SEC Rule 10b5-1. The program, ending May 28, 2025, gives flexibility regarding the timing and number of shares repurchased based on price, market conditions, and other corporate priorities. The company is not obligated to purchase a specific number of shares, and the program can be suspended or terminated at any time without prior notice.

HarborOne Bancorp, Inc. reported net income of $7.3 million, or $0.17 per diluted share, for the first quarter of 2024, compared to a net loss of $7.1 million for the preceding quarter. Strong asset quality was highlighted, with nonperforming loans decreasing to 0.25%. Noninterest income increased by 20.6%, while noninterest expenses decreased by 26.5%. The company returned $9.2 million to shareholders through dividends and stock buybacks.