HarborOne Bancorp, Inc. Announces 12.5% Increase in First Quarter 2025 Dividend

Rhea-AI Summary

HarborOne Bancorp (NASDAQ: HONE) has announced a 12.5% increase in its quarterly cash dividend, raising it from $0.08 to $0.09 per share. The increased dividend will be paid on April 23, 2025, to shareholders of record as of April 9, 2025.

The new dividend level translates to an annualized dividend rate of $0.36 per common share. President and CEO Joseph F. Casey stated that the dividend increase is supported by the company's current and projected earnings as they continue executing their business plan.

Positive

• 12.5% increase in quarterly dividend from $0.08 to $0.09 per share
• Management indicates strong current and projected earnings

Negative

• None.

Insights

Banking Financial Analyst

HarborOne Bancorp's 12.5% dividend increase from $0.08 to $0.09 quarterly ($0.36 annualized) represents a positive signal for shareholders, albeit modest in absolute terms. At the current $10.63 share price, this translates to approximately 3.4% annualized yield.

What makes this particularly noteworthy is the timing and context. Bank dividend increases carry special significance as they require implicit regulatory approval and indicate management's confidence in capital adequacy. With banks facing pressure from interest rate fluctuations and potential credit quality concerns, HarborOne's willingness to boost shareholder returns suggests strong fundamental performance.

CEO Casey's statement that the increase is "supported by current and projected earnings" indicates the bank believes this payout level is sustainable without compromising growth initiatives or capital requirements. For a regional bank with a $467 million market cap, this balanced approach to capital allocation demonstrates prudent management while still prioritizing shareholder returns.

While not transformative news, this dividend boost provides tangible value to income-focused investors and signals management's positive outlook on the bank's financial trajectory in an uncertain economic environment.

BROCKTON, Mass.--(BUSINESS WIRE)-- HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE), the holding company of HarborOne Bank, today announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share, which represents an increase of $0.01 per share, or 12.5%, compared to its most recent dividend paid on January 14, 2025. The dividend will be paid on April 23, 2025 to all shareholders of record as of the close of business on April 9, 2025.

“We are very pleased to provide an increase of 12.5% to the quarterly cash dividend payment on the Company’s common stock from $0.08 to $0.09 commencing in the first quarter of 2025,” said Joseph F. Casey, President and Chief Executive Officer of the Company. “The dividend increase is supported by our current and projected earnings as we continue executing our business plan.”

The increased quarterly dividend level equates to an annualized dividend rate of $0.36 per common share.

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. 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 customer behavior; ongoing turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; 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, the Company’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.

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 branches located in Massachusetts and Rhode Island, and a commercial lending office in each of 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.

Category: All Releases

View source version on businesswire.com: https://www.businesswire.com/news/home/20250327863798/en/

Stephen W. Finocchio, EVP Chief Financial Officer (508) 895-1180

Source: HarborOne Bancorp, Inc.

FAQ

What is the new quarterly dividend amount for HarborOne Bancorp (HONE) in Q1 2025?

HarborOne Bancorp's new quarterly dividend is $0.09 per share, representing a 12.5% increase from the previous $0.08 per share.

When will HarborOne's (HONE) increased dividend be paid to shareholders?

The increased dividend will be paid on April 23, 2025, to shareholders of record as of April 9, 2025.

What is the new annualized dividend rate for HarborOne (HONE) following the Q1 2025 increase?

Following the increase, HarborOne's annualized dividend rate is $0.36 per common share.

What was the percentage increase in HarborOne's (HONE) quarterly dividend for Q1 2025?

HarborOne increased its quarterly dividend by 12.5%, raising it by $0.01 per share.