HarborOne Bancorp, Inc. Announces 2020 Fourth Quarter Earnings
HarborOne Bancorp (NASDAQ: HONE) reported a net income of $17.6 million, or $0.33 per share, for Q4 2020, up from $11.9 million in Q3 2020 and $4.3 million in Q4 2019. For the year, net income totaled $44.8 million, a significant increase compared to $18.3 million in 2019. Major financial highlights include a 145.6% rise in mortgage banking income, totaling $31.9 million, and a 4.2% growth in deposits. The return on average assets stood at 1.61%, while the return on equity reached 10.13%.
- Net income increased to $17.6 million in Q4 2020, up 47.1% quarter-over-quarter.
- Full year net income rose to $44.8 million, a 144.5% increase from 2019.
- Mortgage banking income surged to $31.9 million, up 145.6% year-over-year.
- Deposits grew by $140.3 million, or 4.2%, reflecting strong customer confidence.
- Noninterest income declined by $7.3 million, or 16.4%, from Q3 2020.
- Loan losses provision increased to $7.6 million, indicating potential future credit risks.
HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of
Selected Fourth Quarter Financial Highlights:
-
Record EPS with net income of
$17.6 million -
Allowance for loan loss at
1.59% of loans and1.64% of loans, excluding Paycheck Protection Program loans -
Mortgage banking income grew to
$31.9 million , or145.6% as compared to the fourth quarter 2019 -
Net interest margin expanded 13 basis points to
3.22% -
Return on average assets was
1.61% and return on average equity was10.13% - Continued commercial loan growth providing expanded commercial deposit growth
-
Deposit growth of
$140.3 million , or4.2% , with improved cost of funds and favorable mix
“We’re pleased that the momentum we had in Q3 continued into Q4. It’s a testament to the tremendous teamwork and commitment to our customers during a very challenging time,” said James Blake, CEO. “While the pandemic presented both personal and professional challenges for most of us, it forced us to rethink many aspects of our business. As a result we will be a better company moving forward,” added Joseph Casey, President and COO. “We’re very focused on continuing to deliver a tremendous customer experience.”
Net Interest Income
The Company’s net interest and dividend income was
The components of the quarter over quarter increase in net interest and dividend income reflected an increase of
The decrease in total interest expense primarily reflected a decrease in interest rates, resulting in an 11 basis point decrease in the cost of interest-bearing deposits. The mix of deposits continues to shift as customers move to more liquid options. The average balance of certificates of deposit accounts decreased quarter over quarter by
The increase in net interest and dividend income from the prior year quarter reflected a decrease of
Noninterest Income
Total noninterest income decreased
Total noninterest income increased
Noninterest Expense
Total noninterest expenses were
Total noninterest expenses increased
Income Tax Provision
The effective tax rate was
Provision for Loan Losses and Asset Quality
The Company recorded a provision for loan losses of
The provision for loan losses for the quarter ended December 31, 2020 included adjustments for our quarterly analysis of our historical and peer loss experience rates, commercial real estate loan growth, and a
In estimating the provision for the COVID-19 pandemic, management considered economic factors, including unemployment rates and the interest rate environment, the volume and dollar amount of requests for payment deferrals, the loan risk profile of each loan type, and whether the loans were purchased. An additional 10 basis points of provisions were provided to the commercial loan categories for the three months ended December 31, 2020, amounting to
Management continues to evaluate our loan portfolio, particularly the commercial loan portfolio, in light of the expected decrease in economic activity, the mitigating effects of government stimulus, and loan modification efforts designed to limit the long term impacts of the COVID-19 pandemic. Our commercial loan portfolio is diversified across many sectors and is largely secured by commercial real estate loans, which make up
As of December 31, 2020, the retail sector was
As of December 31, 2020, the office space sector was
As of December 31, 2020, the hotel sector was
The health and social services sector amounted to
As of December 31, 2020, the restaurant sector amounted to
We provided access to the Paycheck Protection Program to both our existing customers and new customers, to ensure small businesses in our communities have access to this important lifeline for their businesses. As of December 31, 2020, Paycheck Protection Program loans amounted to
We are also working with commercial loan customers that may need payment deferrals or other accommodations to keep their loans out of default through the COVID-19 pandemic. As of December 31, 2020, we have provided 171 payment deferrals on commercial loans with a total principal balance of
The residential loan and consumer loan portfolios have not experienced significant credit quality deterioration as of December 31, 2020; however, the continuing impact and uncertain nature of the COVID-19 pandemic may result in increases in delinquencies, charge offs and loan modifications in these portfolios through the remainder of 2021. As of December 31, 2020, we had provided 172 payment deferrals on residential mortgage loans with a total principal balance of
Net charge offs totaled
Total nonperforming assets were
Balance Sheet
Total assets increased
Net loans decreased
Total deposits increased
Total stockholders’ equity was
About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, a Massachusetts-chartered savings bank. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Eastern Massachusetts and Rhode Island through a network of 26 full-service branches located in Massachusetts and Rhode Island, and a commercial lending office in each of Boston, Massachusetts and Providence, Rhode Island. The Bank also provides a range of educational services through “HarborOne U,” with classes on small business, financial literacy and personal enrichment at two campuses located adjacent to our Brockton and Mansfield locations. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with more than 30 offices in Massachusetts, Rhode Island, New Hampshire, Maine, New Jersey and Florida and is licensed to lend in four additional 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. 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, the negative impacts and disruptions of the COVID-19 pandemic and the measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; the length and extent of economic contraction as a result of the COVID-19 pandemic; the effects of continued deterioration in employment levels, general business and economic conditions 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; 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; acquisitions may not produce results at levels or within time frames originally anticipated; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; 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 Securities and Exchange Commission (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 Bancorp, Inc.’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 the tax equivalent basis for yields, the efficiency ratio, tangible common equity to tangible assets ratio and tangible book value per share is 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.
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December 31, |
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September 30, |
|
June 30, |
|
March 31, |
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December 31, |
|||||
(in thousands) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|||||
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
31,777 |
|
$ |
29,180 |
|
$ |
30,355 |
|
$ |
35,264 |
|
$ |
24,464 |
Short-term investments |
|
|
174,093 |
|
|
108,338 |
|
|
218,617 |
|
|
200,156 |
|
|
187,152 |
Total cash and cash equivalents |
|
|
205,870 |
|
|
137,518 |
|
|
248,972 |
|
|
235,420 |
|
|
211,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale, at fair value |
|
|
276,498 |
|
|
280,308 |
|
|
262,710 |
|
|
249,789 |
|
|
239,473 |
Securities held to maturity, at amortized cost |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
26,372 |
Federal Home Loan Bank stock, at cost |
|
|
8,738 |
|
|
11,631 |
|
|
15,786 |
|
|
13,530 |
|
|
17,121 |
Asset held for sale |
|
|
— |
|
|
— |
|
|
8,536 |
|
|
8,536 |
|
|
8,536 |
Loans held for sale, at fair value |
|
|
208,612 |
|
|
190,373 |
|
|
158,898 |
|
|
118,316 |
|
|
110,552 |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
|
1,551,265 |
|
|
1,380,071 |
|
|
1,317,145 |
|
|
1,211,435 |
|
|
1,168,412 |
Commercial construction |
|
|
99,331 |
|
|
211,953 |
|
|
194,549 |
|
|
160,993 |
|
|
153,907 |
Commercial and industrial |
|
|
464,393 |
|
|
480,129 |
|
|
456,192 |
|
|
317,559 |
|
|
306,282 |
Total commercial loans |
|
|
2,114,989 |
|
|
2,072,153 |
|
|
1,967,886 |
|
|
1,689,987 |
|
|
1,628,601 |
Residential real estate |
|
|
1,105,823 |
|
|
1,130,935 |
|
|
1,151,606 |
|
|
1,102,639 |
|
|
1,107,076 |
Consumer |
|
|
273,830 |
|
|
312,743 |
|
|
354,530 |
|
|
391,244 |
|
|
435,881 |
Loans |
|
|
3,494,642 |
|
|
3,515,831 |
|
|
3,474,022 |
|
|
3,183,870 |
|
|
3,171,558 |
Less: Allowance for loan losses |
|
|
(55,395) |
|
|
(49,223) |
|
|
(36,107) |
|
|
(26,389) |
|
|
(24,060) |
Net loans |
|
|
3,439,247 |
|
|
3,466,608 |
|
|
3,437,915 |
|
|
3,157,481 |
|
|
3,147,498 |
Mortgage servicing rights, at fair value |
|
|
24,833 |
|
|
20,159 |
|
|
16,127 |
|
|
13,207 |
|
|
17,150 |
Goodwill |
|
|
69,802 |
|
|
69,802 |
|
|
69,802 |
|
|
69,802 |
|
|
69,802 |
Other intangible assets |
|
|
4,370 |
|
|
4,694 |
|
|
5,141 |
|
|
5,588 |
|
|
6,035 |
Other assets |
|
|
245,645 |
|
|
247,226 |
|
|
241,019 |
|
|
229,537 |
|
|
204,766 |
Total assets |
|
$ |
4,483,615 |
|
$ |
4,428,319 |
|
$ |
4,464,906 |
|
$ |
4,101,206 |
|
$ |
4,058,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
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|
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Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposit accounts |
|
$ |
689,672 |
|
$ |
650,336 |
|
$ |
642,971 |
|
$ |
439,793 |
|
$ |
406,403 |
NOW accounts |
|
|
218,584 |
|
|
202,020 |
|
|
199,400 |
|
|
174,971 |
|
|
165,877 |
Regular savings and club accounts |
|
|
998,994 |
|
|
912,017 |
|
|
876,753 |
|
|
744,564 |
|
|
626,685 |
Money market deposit accounts |
|
|
866,661 |
|
|
815,644 |
|
|
831,653 |
|
|
809,622 |
|
|
856,830 |
Term certificate accounts |
|
|
732,298 |
|
|
785,871 |
|
|
757,897 |
|
|
852,274 |
|
|
887,078 |
Total deposits |
|
|
3,506,209 |
|
|
3,365,888 |
|
|
3,308,674 |
|
|
3,021,224 |
|
|
2,942,873 |
Short-term borrowed funds |
|
|
35,000 |
|
|
95,000 |
|
|
200,000 |
|
|
104,000 |
|
|
183,000 |
Long-term borrowed funds |
|
|
114,097 |
|
|
141,106 |
|
|
141,114 |
|
|
181,123 |
|
|
171,132 |
Subordinated debt |
|
|
34,033 |
|
|
34,002 |
|
|
33,970 |
|
|
33,938 |
|
|
33,907 |
Other liabilities and accrued expenses |
|
|
97,962 |
|
|
98,220 |
|
|
96,693 |
|
|
85,782 |
|
|
62,215 |
Total liabilities |
|
|
3,787,301 |
|
|
3,734,216 |
|
|
3,780,451 |
|
|
3,426,067 |
|
|
3,393,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
584 |
|
|
584 |
|
|
584 |
|
|
584 |
|
|
584 |
Additional paid-in capital |
|
|
464,176 |
|
|
463,531 |
|
|
462,881 |
|
|
461,616 |
|
|
460,232 |
Unearned compensation - ESOP |
|
|
(31,299) |
|
|
(31,759) |
|
|
(32,218) |
|
|
(32,678) |
|
|
(33,137) |
Retained earnings |
|
|
277,312 |
|
|
261,304 |
|
|
251,032 |
|
|
242,080 |
|
|
237,356 |
Treasury stock |
|
|
(16,644) |
|
|
(1,333) |
|
|
(721) |
|
|
(721) |
|
|
(721) |
Accumulated other comprehensive income |
|
|
2,185 |
|
|
1,776 |
|
|
2,897 |
|
|
4,258 |
|
|
1,480 |
Total stockholders' equity |
|
|
696,314 |
|
|
694,103 |
|
|
684,455 |
|
|
675,139 |
|
|
665,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
4,483,615 |
|
$ |
4,428,319 |
|
$ |
4,464,906 |
|
$ |
4,101,206 |
|
$ |
4,058,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended |
|||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|||||
(in thousands, except share data) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
35,274 |
|
$ |
34,496 |
|
$ |
33,970 |
|
$ |
34,025 |
|
$ |
36,195 |
Interest on loans held for sale |
|
|
1,267 |
|
|
1,060 |
|
|
988 |
|
|
577 |
|
|
1,120 |
Interest on securities |
|
|
1,064 |
|
|
1,317 |
|
|
1,424 |
|
|
1,808 |
|
|
1,580 |
Other interest and dividend income |
|
|
115 |
|
|
175 |
|
|
239 |
|
|
759 |
|
|
828 |
Total interest and dividend income |
|
|
37,720 |
|
|
37,048 |
|
|
36,621 |
|
|
37,169 |
|
|
39,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
3,775 |
|
|
4,520 |
|
|
5,805 |
|
|
8,693 |
|
|
9,480 |
Interest on FHLB borrowings |
|
|
671 |
|
|
835 |
|
|
845 |
|
|
1,253 |
|
|
1,385 |
Interest on subordinated debentures |
|
|
524 |
|
|
524 |
|
|
524 |
|
|
523 |
|
|
524 |
Total interest expense |
|
|
4,970 |
|
|
5,879 |
|
|
7,174 |
|
|
10,469 |
|
|
11,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income |
|
|
32,750 |
|
|
31,169 |
|
|
29,447 |
|
|
26,700 |
|
|
28,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
7,608 |
|
|
13,454 |
|
|
10,004 |
|
|
3,749 |
|
|
1,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income, after provision for loan losses |
|
|
25,142 |
|
|
17,715 |
|
|
19,443 |
|
|
22,951 |
|
|
27,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of mortgage loans |
|
|
28,274 |
|
|
34,055 |
|
|
30,862 |
|
|
12,278 |
|
|
9,471 |
Changes in mortgage servicing rights fair value |
|
|
(1,041) |
|
|
(193) |
|
|
(1,111) |
|
|
(4,387) |
|
|
625 |
Other |
|
|
4,676 |
|
|
4,281 |
|
|
4,110 |
|
|
2,571 |
|
|
2,894 |
Total mortgage banking income |
|
|
31,909 |
|
|
38,143 |
|
|
33,861 |
|
|
10,462 |
|
|
12,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account fees |
|
|
3,667 |
|
|
3,451 |
|
|
2,969 |
|
|
3,931 |
|
|
4,274 |
Income on retirement plan annuities |
|
|
106 |
|
|
104 |
|
|
103 |
|
|
101 |
|
|
102 |
Loss on asset held for sale |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(482) |
Gain on sale and call of securities, net |
|
|
— |
|
|
— |
|
|
8 |
|
|
2,525 |
|
|
— |
Bank-owned life insurance income |
|
|
550 |
|
|
560 |
|
|
554 |
|
|
551 |
|
|
343 |
Other income |
|
|
949 |
|
|
2,203 |
|
|
1,143 |
|
|
1,296 |
|
|
912 |
Total noninterest income |
|
|
37,181 |
|
|
44,461 |
|
|
38,638 |
|
|
18,866 |
|
|
18,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
27,122 |
|
|
29,839 |
|
|
27,469 |
|
|
21,185 |
|
|
23,719 |
Occupancy and equipment |
|
|
4,545 |
|
|
4,581 |
|
|
4,152 |
|
|
4,563 |
|
|
4,366 |
Data processing |
|
|
2,235 |
|
|
2,119 |
|
|
2,277 |
|
|
2,180 |
|
|
2,251 |
Loan expense |
|
|
2,843 |
|
|
3,189 |
|
|
2,763 |
|
|
1,481 |
|
|
1,893 |
Marketing |
|
|
640 |
|
|
817 |
|
|
1,057 |
|
|
876 |
|
|
771 |
Professional fees |
|
|
1,252 |
|
|
1,458 |
|
|
1,518 |
|
|
1,228 |
|
|
2,470 |
Deposit insurance |
|
|
320 |
|
|
310 |
|
|
279 |
|
|
271 |
|
|
5 |
Other expenses |
|
|
2,483 |
|
|
3,409 |
|
|
4,323 |
|
|
3,604 |
|
|
3,260 |
Total noninterest expenses |
|
|
41,440 |
|
|
45,722 |
|
|
43,838 |
|
|
35,388 |
|
|
38,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
20,883 |
|
|
16,454 |
|
|
14,243 |
|
|
6,429 |
|
|
6,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
3,283 |
|
|
4,561 |
|
|
3,668 |
|
|
1,705 |
|
|
2,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,600 |
|
$ |
11,893 |
|
$ |
10,575 |
|
$ |
4,724 |
|
$ |
4,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.33 |
|
$ |
0.22 |
|
$ |
0.19 |
|
$ |
0.09 |
|
$ |
0.08 |
Diluted |
|
$ |
0.33 |
|
$ |
0.22 |
|
$ |
0.19 |
|
$ |
0.09 |
|
$ |
0.08 |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
53,947,868 |
|
|
54,465,339 |
|
|
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "HarborOne Bancorp, Inc. Announces 2020 Fourth Quarter Earnings FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were HarborOne Bancorp's earnings for Q4 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "HarborOne Bancorp reported net income of $17.6 million, or $0.33 per share, for Q4 2020."
}
},
{
"@type": "Question",
"name": "How much did HarborOne Bancorp's net income grow in 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The net income for HarborOne Bancorp grew to $44.8 million in 2020, a 144.5% increase compared to 2019."
}
},
{
"@type": "Question",
"name": "What factors contributed to HarborOne's mortgage banking income growth?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Mortgage banking income grew due to record demand and low mortgage rates, totaling $31.9 million in Q4 2020."
}
},
{
"@type": "Question",
"name": "Did HarborOne Bancorp increase its provisions for loan losses?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Yes, HarborOne recorded a provision for loan losses of $7.6 million for Q4 2020."
}
},
{
"@type": "Question",
"name": "What is the stock symbol for HarborOne Bancorp?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The stock symbol for HarborOne Bancorp is HONE."
}
}
]
}
FAQ
What were HarborOne Bancorp's earnings for Q4 2020?
HarborOne Bancorp reported net income of $17.6 million, or $0.33 per share, for Q4 2020.
How much did HarborOne Bancorp's net income grow in 2020?
The net income for HarborOne Bancorp grew to $44.8 million in 2020, a 144.5% increase compared to 2019.
What factors contributed to HarborOne's mortgage banking income growth?
Mortgage banking income grew due to record demand and low mortgage rates, totaling $31.9 million in Q4 2020.
Did HarborOne Bancorp increase its provisions for loan losses?
Yes, HarborOne recorded a provision for loan losses of $7.6 million for Q4 2020.
What is the stock symbol for HarborOne Bancorp?
The stock symbol for HarborOne Bancorp is HONE.
HarborOne Bancorp, Inc.
NASDAQ:HONEHONE RankingsHONE Latest NewsHONE Stock Data
591.52M
44.41M
12.88%
57.86%
0.57%
Banks - Regional
State Commercial Banks
United States of America
BROCKTON
| ||||||