HarborOne Bancorp, Inc. Announces 2022 First Quarter Earnings
HarborOne Bancorp (NASDAQ: HONE) reported a net income of $12.3 million for Q1 2022, down from $19.4 million year-over-year. Earnings per share remained at $0.25, with significant commercial loan growth of $123.3 million or 5.5%. Total assets rose 0.8% to $4.59 billion, with total deposits at $3.76 billion. The net interest margin ticked up to 3.21%, while nonperforming assets improved to 0.57% of total assets. A 40% dividend increase was announced alongside a fourth share repurchase program.
- Commercial loan growth of $123.3 million (5.5%)
- Core deposit growth of $109.5 million (3.6%)
- Increased quarterly dividend rate by 40%, from $0.05 to $0.07
- Net interest margin increased to 3.21%
- Strong credit quality with nonperforming assets down to 0.57%
- Net income declined from $19.4 million year-over-year to $12.3 million
- Noninterest income decreased 49.6% compared to Q1 2021
- Effective tax rate increased to 28.5% from 23.2% in the previous quarter
- Total stockholders' equity decreased 4.4% quarter-over-quarter
Selected First Quarter Financial Highlights:
-
Return on average assets was
1.08% and return on average equity was7.35% . -
Commercial loan growth of
, or$123.3 million 5.5% . -
Core deposit growth of
, or$109.5 million 3.6% . -
Net interest margin increased 2 basis points to
3.21% . -
Strong credit quality with nonperforming assets to total assets down 22 basis points to
0.57% . -
Announced fourth share repurchase program after completing third share repurchase program at
per share.$14.64 -
Raised quarterly dividend rate
40% , from to$0.05 per quarter.$0.07
“We remain focused on the core fundamentals of deposit and loan growth, as we continue to invest in building out our small business banking team and tools. The launch of our new BusinessOne lending platform for small businesses will provide our business banking customers with quick access to the capital they need to help them achieve their growth objectives,” said
Net Interest Income
The Company’s net interest and dividend income was
The
The increase in net interest and dividend income from the prior year quarter reflected a decrease of
Noninterest Income
Total noninterest income decreased
The change in the fair value of mortgage servicing rights positively impacted mortgage banking income; resulting in an increase of
Deposit account fees decreased
Total noninterest income decreased
Noninterest Expense
Total noninterest expenses were
Total noninterest expenses decreased
Income Tax Provision
The effective tax rate was
Asset Quality and Allowance for Credit Losses
Effective
Credit quality performance has remained strong with total nonperforming assets of
Net charges-offs totaled
The ACL was
Although we have not experienced any significant negative trends in the at-risk sectors previously identified, Management continues to monitor commercial loan sectors that may be susceptible to increased credit risk as a result of the COVID-19 pandemic: retail, office space, hotels, restaurants, and recreation. The five commercial sectors identified as at-risk totaled
Balance Sheet
Total assets increased
Loans increased
Total deposits were
Total stockholders’ equity was
About
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
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.
Category: Earnings
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Consolidated Balance Sheet Trend |
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(Unaudited) |
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(in thousands) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
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Assets |
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Cash and due from banks |
|
$ |
41,862 |
|
|
$ |
35,549 |
|
|
$ |
42,589 |
|
|
$ |
41,328 |
|
|
$ |
37,074 |
|
Short-term investments |
|
|
97,870 |
|
|
|
159,170 |
|
|
|
277,050 |
|
|
|
374,319 |
|
|
|
281,451 |
|
Total cash and cash equivalents |
|
|
139,732 |
|
|
|
194,719 |
|
|
|
319,639 |
|
|
|
415,647 |
|
|
|
318,525 |
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Securities available for sale, at fair value |
|
|
361,529 |
|
|
|
394,036 |
|
|
|
390,552 |
|
|
|
353,848 |
|
|
|
304,168 |
|
|
|
|
5,931 |
|
|
|
5,931 |
|
|
|
6,828 |
|
|
|
7,241 |
|
|
|
7,572 |
|
Asset held for sale |
|
|
678 |
|
|
|
881 |
|
|
|
881 |
|
|
|
— |
|
|
|
— |
|
Loans held for sale, at fair value |
|
|
25,690 |
|
|
|
45,642 |
|
|
|
77,052 |
|
|
|
103,886 |
|
|
|
210,494 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Commercial real estate |
|
|
1,816,484 |
|
|
|
1,699,877 |
|
|
|
1,573,284 |
|
|
|
1,561,873 |
|
|
|
1,559,056 |
|
Commercial construction |
|
|
154,059 |
|
|
|
136,563 |
|
|
|
152,685 |
|
|
|
107,585 |
|
|
|
112,187 |
|
Commercial and industrial |
|
|
410,787 |
|
|
|
421,608 |
|
|
|
414,814 |
|
|
|
467,479 |
|
|
|
499,728 |
|
Total commercial loans |
|
|
2,381,330 |
|
|
|
2,258,048 |
|
|
|
2,140,783 |
|
|
|
2,136,937 |
|
|
|
2,170,971 |
|
Residential real estate |
|
|
1,252,920 |
|
|
|
1,217,980 |
|
|
|
1,160,689 |
|
|
|
1,096,370 |
|
|
|
1,062,229 |
|
Consumer |
|
|
103,100 |
|
|
|
131,705 |
|
|
|
156,272 |
|
|
|
186,430 |
|
|
|
228,279 |
|
Loans |
|
|
3,737,350 |
|
|
|
3,607,733 |
|
|
|
3,457,744 |
|
|
|
3,419,737 |
|
|
|
3,461,479 |
|
Less: Allowance for credit losses on loans |
|
|
(41,765 |
) |
|
|
(45,377 |
) |
|
|
(47,988 |
) |
|
|
(51,273 |
) |
|
|
(55,384 |
) |
Net loans |
|
|
3,695,585 |
|
|
|
3,562,356 |
|
|
|
3,409,756 |
|
|
|
3,368,464 |
|
|
|
3,406,095 |
|
Mortgage servicing rights, at fair value |
|
|
45,043 |
|
|
|
38,268 |
|
|
|
36,540 |
|
|
|
35,955 |
|
|
|
33,939 |
|
|
|
|
69,802 |
|
|
|
69,802 |
|
|
|
69,802 |
|
|
|
69,802 |
|
|
|
69,802 |
|
Other intangible assets |
|
|
2,930 |
|
|
|
3,164 |
|
|
|
3,399 |
|
|
|
3,723 |
|
|
|
4,047 |
|
Other assets |
|
|
244,405 |
|
|
|
238,606 |
|
|
|
252,645 |
|
|
|
257,856 |
|
|
|
251,316 |
|
Total assets |
|
$ |
4,591,325 |
|
|
$ |
4,553,405 |
|
|
$ |
4,567,094 |
|
|
$ |
4,616,422 |
|
|
$ |
4,605,958 |
|
|
|
|
|
|
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|
|
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|
|
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Liabilities and Stockholders' Equity |
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Deposits: |
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|
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Demand deposit accounts |
|
$ |
771,172 |
|
|
$ |
743,051 |
|
|
$ |
756,917 |
|
|
$ |
800,118 |
|
|
$ |
777,959 |
|
NOW accounts |
|
|
310,090 |
|
|
|
313,733 |
|
|
|
300,577 |
|
|
|
250,099 |
|
|
|
224,869 |
|
Regular savings and club accounts |
|
|
1,218,656 |
|
|
|
1,138,979 |
|
|
|
1,144,595 |
|
|
|
1,123,123 |
|
|
|
1,113,450 |
|
Money market deposit accounts |
|
|
864,316 |
|
|
|
858,970 |
|
|
|
832,441 |
|
|
|
832,006 |
|
|
|
861,867 |
|
Term certificate accounts |
|
|
597,746 |
|
|
|
627,916 |
|
|
|
659,850 |
|
|
|
682,594 |
|
|
|
696,438 |
|
Total deposits |
|
|
3,761,980 |
|
|
|
3,682,649 |
|
|
|
3,694,380 |
|
|
|
3,687,940 |
|
|
|
3,674,583 |
|
Long-term borrowed funds |
|
|
55,702 |
|
|
|
55,711 |
|
|
|
55,720 |
|
|
|
87,479 |
|
|
|
97,488 |
|
Subordinated debt |
|
|
34,191 |
|
|
|
34,159 |
|
|
|
34,128 |
|
|
|
34,096 |
|
|
|
34,064 |
|
Other liabilities and accrued expenses |
|
|
90,387 |
|
|
|
101,625 |
|
|
|
102,834 |
|
|
|
101,436 |
|
|
|
101,750 |
|
Total liabilities |
|
|
3,942,260 |
|
|
|
3,874,144 |
|
|
|
3,887,062 |
|
|
|
3,910,951 |
|
|
|
3,907,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Common stock |
|
|
591 |
|
|
|
585 |
|
|
|
585 |
|
|
|
585 |
|
|
|
585 |
|
Additional paid-in capital |
|
|
477,302 |
|
|
|
469,934 |
|
|
|
468,526 |
|
|
|
467,194 |
|
|
|
465,832 |
|
Unearned compensation - ESOP |
|
|
(29,002 |
) |
|
|
(29,461 |
) |
|
|
(29,921 |
) |
|
|
(30,380 |
) |
|
|
(30,840 |
) |
Retained earnings |
|
|
332,734 |
|
|
|
325,699 |
|
|
|
315,683 |
|
|
|
305,831 |
|
|
|
294,116 |
|
|
|
|
(113,513 |
) |
|
|
(85,859 |
) |
|
|
(73,723 |
) |
|
|
(38,588 |
) |
|
|
(31,460 |
) |
Accumulated other comprehensive income (loss) |
|
|
(19,047 |
) |
|
|
(1,637 |
) |
|
|
(1,118 |
) |
|
|
829 |
|
|
|
(160 |
) |
Total stockholders' equity |
|
|
649,065 |
|
|
|
679,261 |
|
|
|
680,032 |
|
|
|
705,471 |
|
|
|
698,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total liabilities and stockholders' equity |
|
$ |
4,591,325 |
|
|
$ |
4,553,405 |
|
|
$ |
4,567,094 |
|
|
$ |
4,616,422 |
|
|
$ |
4,605,958 |
|
|
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Consolidated Statements of Net Income - Trend |
||||||||||||||||||
(Unaudited) |
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|
|||
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Quarters Ended |
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|
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|
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|
|
|
|
|
|
|
||||||||
(in thousands, except share data) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest and fees on loans |
|
$ |
33,576 |
|
$ |
34,177 |
|
|
$ |
33,680 |
|
|
$ |
34,106 |
|
|
$ |
33,860 |
Interest on loans held for sale |
|
|
264 |
|
|
501 |
|
|
|
665 |
|
|
|
852 |
|
|
|
1,324 |
Interest on securities |
|
|
1,701 |
|
|
1,541 |
|
|
|
1,293 |
|
|
|
793 |
|
|
|
585 |
Other interest and dividend income |
|
|
61 |
|
|
134 |
|
|
|
170 |
|
|
|
136 |
|
|
|
78 |
Total interest and dividend income |
|
|
35,602 |
|
|
36,353 |
|
|
|
35,808 |
|
|
|
35,887 |
|
|
|
35,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest on deposits |
|
|
1,621 |
|
|
1,651 |
|
|
|
2,050 |
|
|
|
2,302 |
|
|
|
2,720 |
Interest on FHLB borrowings |
|
|
188 |
|
|
193 |
|
|
|
431 |
|
|
|
531 |
|
|
|
552 |
Interest on subordinated debentures |
|
|
523 |
|
|
524 |
|
|
|
524 |
|
|
|
524 |
|
|
|
523 |
Total interest expense |
|
|
2,332 |
|
|
2,368 |
|
|
|
3,005 |
|
|
|
3,357 |
|
|
|
3,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net interest and dividend income |
|
|
33,270 |
|
|
33,985 |
|
|
|
32,803 |
|
|
|
32,530 |
|
|
|
32,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Provision for credit losses |
|
|
338 |
|
|
(1,436 |
) |
|
|
(1,627 |
) |
|
|
(4,286 |
) |
|
|
91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net interest and dividend income, after provision for credit losses |
|
|
32,932 |
|
|
35,421 |
|
|
|
34,430 |
|
|
|
36,816 |
|
|
|
31,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mortgage banking income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gain on sale of mortgage loans |
|
|
5,322 |
|
|
10,063 |
|
|
|
12,756 |
|
|
|
14,262 |
|
|
|
24,802 |
Changes in mortgage servicing rights fair value |
|
|
5,285 |
|
|
(245 |
) |
|
|
(992 |
) |
|
|
(2,552 |
) |
|
|
3,409 |
Other |
|
|
2,558 |
|
|
3,359 |
|
|
|
3,882 |
|
|
|
4,075 |
|
|
|
4,515 |
Total mortgage banking income |
|
|
13,165 |
|
|
13,177 |
|
|
|
15,646 |
|
|
|
15,785 |
|
|
|
32,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deposit account fees |
|
|
4,472 |
|
|
4,783 |
|
|
|
4,658 |
|
|
|
4,546 |
|
|
|
3,852 |
Income on retirement plan annuities |
|
|
107 |
|
|
109 |
|
|
|
108 |
|
|
|
106 |
|
|
|
104 |
Gain on sale and call of securities, net |
|
|
— |
|
|
— |
|
|
|
241 |
|
|
|
— |
|
|
|
— |
Bank-owned life insurance income |
|
|
483 |
|
|
506 |
|
|
|
515 |
|
|
|
508 |
|
|
|
493 |
Other income |
|
|
834 |
|
|
589 |
|
|
|
842 |
|
|
|
758 |
|
|
|
634 |
Total noninterest income |
|
|
19,061 |
|
|
19,164 |
|
|
|
22,010 |
|
|
|
21,703 |
|
|
|
37,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Compensation and benefits |
|
|
20,723 |
|
|
24,564 |
|
|
|
24,760 |
|
|
|
25,146 |
|
|
|
27,454 |
Occupancy and equipment |
|
|
5,428 |
|
|
4,923 |
|
|
|
4,765 |
|
|
|
4,702 |
|
|
|
5,256 |
Data processing |
|
|
2,241 |
|
|
2,244 |
|
|
|
2,205 |
|
|
|
2,362 |
|
|
|
2,343 |
Loan expense |
|
|
478 |
|
|
732 |
|
|
|
1,323 |
|
|
|
1,250 |
|
|
|
2,435 |
Marketing |
|
|
1,218 |
|
|
1,120 |
|
|
|
880 |
|
|
|
831 |
|
|
|
813 |
Professional fees |
|
|
1,539 |
|
|
1,443 |
|
|
|
1,362 |
|
|
|
1,487 |
|
|
|
1,583 |
Deposit insurance |
|
|
349 |
|
|
345 |
|
|
|
341 |
|
|
|
332 |
|
|
|
320 |
Prepayment penalties on |
|
|
— |
|
|
— |
|
|
|
1,095 |
|
|
|
— |
|
|
|
— |
Other expenses |
|
|
2,859 |
|
|
2,817 |
|
|
|
2,543 |
|
|
|
2,488 |
|
|
|
2,598 |
Total noninterest expenses |
|
|
34,835 |
|
|
38,188 |
|
|
|
39,274 |
|
|
|
38,598 |
|
|
|
42,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Income before income taxes |
|
|
17,158 |
|
|
16,397 |
|
|
|
17,166 |
|
|
|
19,921 |
|
|
|
26,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Income tax provision |
|
|
4,891 |
|
|
3,807 |
|
|
|
4,907 |
|
|
|
5,645 |
|
|
|
7,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
12,267 |
|
$ |
12,590 |
|
|
$ |
12,259 |
|
|
$ |
14,276 |
|
|
$ |
19,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
0.26 |
|
$ |
0.26 |
|
|
$ |
0.25 |
|
|
$ |
0.28 |
|
|
$ |
0.37 |
Diluted |
|
$ |
0.25 |
|
$ |
0.25 |
|
|
$ |
0.24 |
|
|
$ |
0.27 |
|
|
$ |
0.37 |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Basic |
|
|
47,836,410 |
|
|
48,918,539 |
|
|
|
49,801,123 |
|
|
|
51,778,293 |
|
|
|
52,537,409 |
Diluted |
|
|
48,690,420 |
|
|
49,828,379 |
|
|
|
50,663,415 |
|
|
|
52,650,071 |
|
|
|
53,000,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Consolidated Statements of Net Income |
|||||||||||||
(Unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
For the Three Months Ended |
|
|
|
|
|||||||
(dollars in thousands, except share data) |
|
2022 |
|
2021 |
|
$ Change |
|
% Change |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
||
Interest and fees on loans |
|
$ |
33,576 |
|
$ |
33,860 |
|
$ |
(284 |
) |
|
(0.8 |
)% |
Interest on loans held for sale |
|
|
264 |
|
|
1,324 |
|
|
(1,060 |
) |
|
(80.1 |
) |
Interest on securities |
|
|
1,701 |
|
|
585 |
|
|
1,116 |
|
|
190.8 |
|
Other interest and dividend income |
|
|
61 |
|
|
78 |
|
|
(17 |
) |
|
(21.8 |
) |
Total interest and dividend income |
|
|
35,602 |
|
|
35,847 |
|
|
(245 |
) |
|
(0.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
||
Interest on deposits |
|
|
1,621 |
|
|
2,720 |
|
|
(1,099 |
) |
|
(40.4 |
) |
Interest on FHLB borrowings |
|
|
188 |
|
|
552 |
|
|
(364 |
) |
|
(65.9 |
) |
Interest on subordinated debentures |
|
|
523 |
|
|
523 |
|
|
— |
|
|
0.0 |
|
Total interest expense |
|
|
2,332 |
|
|
3,795 |
|
|
(1,463 |
) |
|
(38.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||
Net interest and dividend income |
|
|
33,270 |
|
|
32,052 |
|
|
1,218 |
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Provision for credit losses |
|
|
338 |
|
|
91 |
|
|
247 |
|
|
271.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net interest and dividend income, after provision for credit losses |
|
|
32,932 |
|
|
31,961 |
|
|
971 |
|
|
3.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
||
Mortgage banking income: |
|
|
|
|
|
|
|
|
|
|
|
||
Gain on sale of mortgage loans |
|
|
5,322 |
|
|
24,802 |
|
|
(19,480 |
) |
|
(78.5 |
) |
Changes in mortgage servicing rights fair value |
|
|
5,285 |
|
|
3,409 |
|
|
1,876 |
|
|
55.0 |
|
Other |
|
|
2,558 |
|
|
4,515 |
|
|
(1,957 |
) |
|
(43.3 |
) |
Total mortgage banking income |
|
|
13,165 |
|
|
32,726 |
|
|
(19,561 |
) |
|
(59.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||
Deposit account fees |
|
|
4,472 |
|
|
3,852 |
|
|
620 |
|
|
16.1 |
|
Income on retirement plan annuities |
|
|
107 |
|
|
104 |
|
|
3 |
|
|
2.9 |
|
Bank-owned life insurance income |
|
|
483 |
|
|
493 |
|
|
(10 |
) |
|
(2.0 |
) |
Other income |
|
|
834 |
|
|
634 |
|
|
200 |
|
|
31.5 |
|
Total noninterest income |
|
|
19,061 |
|
|
37,809 |
|
|
(18,748 |
) |
|
(49.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
||
Compensation and benefits |
|
|
20,723 |
|
|
27,454 |
|
|
(6,731 |
) |
|
(24.5 |
) |
Occupancy and equipment |
|
|
5,428 |
|
|
5,256 |
|
|
172 |
|
|
3.3 |
|
Data processing |
|
|
2,241 |
|
|
2,343 |
|
|
(102 |
) |
|
(4.4 |
) |
Loan expense |
|
|
478 |
|
|
2,435 |
|
|
(1,957 |
) |
|
(80.4 |
) |
Marketing |
|
|
1,218 |
|
|
813 |
|
|
405 |
|
|
49.8 |
|
Professional fees |
|
|
1,539 |
|
|
1,583 |
|
|
(44 |
) |
|
(2.8 |
) |
Deposit insurance |
|
|
349 |
|
|
320 |
|
|
29 |
|
|
9.1 |
|
Other expenses |
|
|
2,859 |
|
|
2,598 |
|
|
261 |
|
|
10.0 |
|
Total noninterest expenses |
|
|
34,835 |
|
|
42,802 |
|
|
(7,967 |
) |
|
(18.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||
Income before income taxes |
|
|
17,158 |
|
|
26,968 |
|
|
(9,810 |
) |
|
(36.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||
Income tax provision |
|
|
4,891 |
|
|
7,576 |
|
|
(2,685 |
) |
|
(35.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||
Net income |
|
$ |
12,267 |
|
$ |
19,392 |
|
$ |
(7,125 |
) |
|
(36.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
$ |
0.26 |
|
$ |
0.37 |
|
|
|
|
|
||
Diluted |
|
$ |
0.25 |
|
$ |
0.37 |
|
|
|
|
|
||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
|
47,836,410 |
|
|
52,537,409 |
|
|
|
|
|
||
Diluted |
|
|
48,690,420 |
|
|
53,000,830 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Average Balances / Yields |
|||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
||||||
|
|
Outstanding |
|
|
|
Yield/ |
|
Outstanding |
|
|
|
Yield/ |
|
Outstanding |
|
|
|
Yield/ |
|
||||||
|
|
Balance |
|
Interest |
|
Cost (6) |
|
Balance |
|
Interest |
|
Cost (6) |
|
Balance |
|
Interest |
|
Cost (6) |
|
||||||
|
|
(dollars in thousands) |
|
||||||||||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities (1) |
|
$ |
393,364 |
|
$ |
1,701 |
|
1.75 |
% |
$ |
394,301 |
|
$ |
1,541 |
|
1.55 |
% |
$ |
271,357 |
|
$ |
585 |
|
0.87 |
% |
Other interest-earning assets |
|
|
150,569 |
|
|
61 |
|
0.16 |
|
|
286,026 |
|
|
134 |
|
0.19 |
|
|
180,526 |
|
|
78 |
|
0.18 |
|
Loans held for sale |
|
|
29,842 |
|
|
264 |
|
3.59 |
|
|
63,833 |
|
|
501 |
|
3.11 |
|
|
193,426 |
|
|
1,324 |
|
2.78 |
|
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans (2) |
|
|
2,291,343 |
|
|
22,095 |
|
3.91 |
|
|
2,165,739 |
|
|
22,658 |
|
4.15 |
|
|
2,161,076 |
|
|
20,780 |
|
3.90 |
|
Residential real estate loans (2) |
|
|
1,220,703 |
|
|
10,142 |
|
3.37 |
|
|
1,171,608 |
|
|
9,870 |
|
3.34 |
|
|
1,084,292 |
|
|
10,340 |
|
3.87 |
|
Consumer loans (2) |
|
|
118,242 |
|
|
1,339 |
|
4.59 |
|
|
143,577 |
|
|
1,649 |
|
4.56 |
|
|
253,014 |
|
|
2,740 |
|
4.39 |
|
Total loans |
|
|
3,630,288 |
|
|
33,576 |
|
3.75 |
|
|
3,480,924 |
|
|
34,177 |
|
3.90 |
|
|
3,498,382 |
|
|
33,860 |
|
3.93 |
|
Total interest-earning assets |
|
|
4,204,063 |
|
|
35,602 |
|
3.43 |
|
|
4,225,084 |
|
|
36,353 |
|
3.41 |
|
|
4,143,691 |
|
|
35,847 |
|
3.51 |
|
Noninterest-earning assets |
|
|
326,811 |
|
|
|
|
|
|
|
337,310 |
|
|
|
|
|
|
|
330,257 |
|
|
|
|
|
|
Total assets |
|
$ |
4,530,874 |
|
|
|
|
|
|
$ |
4,562,394 |
|
|
|
|
|
|
$ |
4,473,948 |
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
1,165,683 |
|
|
366 |
|
0.13 |
|
$ |
1,147,855 |
|
|
247 |
|
0.09 |
|
$ |
1,058,820 |
|
|
537 |
|
0.21 |
|
NOW accounts |
|
|
301,279 |
|
|
36 |
|
0.05 |
|
|
300,459 |
|
|
40 |
|
0.05 |
|
|
212,282 |
|
|
37 |
|
0.07 |
|
Money market accounts |
|
|
858,792 |
|
|
303 |
|
0.14 |
|
|
839,977 |
|
|
307 |
|
0.15 |
|
|
861,518 |
|
|
560 |
|
0.26 |
|
Certificates of deposit |
|
|
522,211 |
|
|
729 |
|
0.57 |
|
|
543,208 |
|
|
878 |
|
0.64 |
|
|
608,089 |
|
|
1,444 |
|
0.96 |
|
Brokered deposits |
|
|
100,000 |
|
|
187 |
|
0.76 |
|
|
100,000 |
|
|
179 |
|
0.71 |
|
|
100,000 |
|
|
142 |
|
0.58 |
|
Total interest-bearing deposits |
|
|
2,947,965 |
|
|
1,621 |
|
0.22 |
|
|
2,931,499 |
|
|
1,651 |
|
0.22 |
|
|
2,840,709 |
|
|
2,720 |
|
0.39 |
|
FHLB advances |
|
|
55,706 |
|
|
188 |
|
1.37 |
|
|
55,714 |
|
|
193 |
|
1.37 |
|
|
102,383 |
|
|
552 |
|
2.19 |
|
Subordinated debentures |
|
|
34,173 |
|
|
523 |
|
6.21 |
|
|
34,144 |
|
|
524 |
|
6.09 |
|
|
34,048 |
|
|
523 |
|
6.23 |
|
Total borrowings |
|
|
89,879 |
|
|
711 |
|
3.21 |
|
|
89,858 |
|
|
717 |
|
3.17 |
|
|
136,431 |
|
|
1,075 |
|
3.20 |
|
Total interest-bearing liabilities |
|
|
3,037,844 |
|
|
2,332 |
|
0.31 |
|
|
3,021,357 |
|
|
2,368 |
|
0.31 |
|
|
2,977,140 |
|
|
3,795 |
|
0.52 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
738,578 |
|
|
|
|
|
|
|
768,361 |
|
|
|
|
|
|
|
706,274 |
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
86,763 |
|
|
|
|
|
|
|
92,034 |
|
|
|
|
|
|
|
93,380 |
|
|
|
|
|
|
Total liabilities |
|
|
3,863,185 |
|
|
|
|
|
|
|
3,881,752 |
|
|
|
|
|
|
|
3,776,794 |
|
|
|
|
|
|
Total stockholders' equity |
|
|
667,689 |
|
|
|
|
|
|
|
680,642 |
|
|
|
|
|
|
|
697,154 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
4,530,874 |
|
|
|
|
|
|
$ |
4,562,394 |
|
|
|
|
|
|
$ |
4,473,948 |
|
|
|
|
|
|
Tax equivalent net interest income |
|
|
|
|
|
33,270 |
|
|
|
|
|
|
|
33,985 |
|
|
|
|
|
|
|
32,052 |
|
|
|
Tax equivalent interest rate spread (3) |
|
|
|
|
|
|
|
3.12 |
% |
|
|
|
|
|
|
3.10 |
% |
|
|
|
|
|
|
2.99 |
% |
Less: tax equivalent adjustment |
|
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
Net interest income as reported |
|
|
|
|
$ |
33,270 |
|
|
|
|
|
|
$ |
33,985 |
|
|
|
|
|
|
$ |
32,052 |
|
|
|
Net interest-earning assets (4) |
|
$ |
1,166,219 |
|
|
|
|
|
|
$ |
1,203,727 |
|
|
|
|
|
|
$ |
1,166,551 |
|
|
|
|
|
|
Net interest margin (5) |
|
|
|
|
|
|
|
3.21 |
% |
|
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
3.14 |
% |
Tax equivalent effect |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
Net interest margin on a fully tax equivalent basis |
|
|
|
|
|
|
|
3.21 |
% |
|
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
3.14 |
% |
Average interest-earning assets to average interest-bearing liabilities |
|
|
138.39 |
% |
|
|
|
|
|
|
139.84 |
% |
|
|
|
|
|
|
139.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits, including demand deposits |
|
$ |
3,686,543 |
|
$ |
1,621 |
|
|
|
$ |
3,699,860 |
|
$ |
1,651 |
|
|
|
$ |
3,546,983 |
|
$ |
2,720 |
|
|
|
Cost of total deposits |
|
|
|
|
|
|
|
0.18 |
% |
|
|
|
|
|
|
0.18 |
% |
|
|
|
|
|
|
0.31 |
% |
Total funding liabilities, including demand deposits |
|
$ |
3,776,422 |
|
$ |
2,332 |
|
|
|
$ |
3,789,718 |
|
$ |
2,368 |
|
|
|
$ |
3,683,414 |
|
$ |
3,795 |
|
|
|
Cost of total funding liabilities |
|
|
|
|
|
|
|
0.25 |
% |
|
|
|
|
|
|
0.25 |
% |
|
|
|
|
|
|
0.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes securities available for sale. Interest income from tax exempt securities is computed on a tax equivalent basis using a tax rate of |
|
||||||||||||||||||||||||
(2) Includes nonaccruing loan balances and interest received on such loans. |
|
||||||||||||||||||||||||
(3) Tax equivalent interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
|
||||||||||||||||||||||||
(4) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
|
||||||||||||||||||||||||
(5) Net interest margin represents net interest income divided by average total interest-earning assets. |
|
||||||||||||||||||||||||
(6) Annualized. |
|
||||||||||||||||||||||||
|
||||||||||||||||
Average Balances and Yield Trend |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances - Trend - Quarters Ended |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
(in thousands) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities (1) |
|
$ |
393,364 |
|
$ |
394,301 |
|
$ |
358,927 |
|
$ |
325,205 |
|
$ |
271,357 |
|
Other interest-earning assets |
|
|
150,569 |
|
|
286,026 |
|
|
372,892 |
|
|
397,979 |
|
|
180,526 |
|
Loans held for sale |
|
|
29,842 |
|
|
63,833 |
|
|
84,399 |
|
|
115,240 |
|
|
193,426 |
|
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans (2) |
|
|
2,291,343 |
|
|
2,165,739 |
|
|
2,121,432 |
|
|
2,152,105 |
|
|
2,161,076 |
|
Residential real estate loans (2) |
|
|
1,220,703 |
|
|
1,171,608 |
|
|
1,121,898 |
|
|
1,064,481 |
|
|
1,084,292 |
|
Consumer loans (2) |
|
|
118,242 |
|
|
143,577 |
|
|
170,366 |
|
|
205,856 |
|
|
253,014 |
|
Total loans |
|
|
3,630,288 |
|
|
3,480,924 |
|
|
3,413,696 |
|
|
3,422,442 |
|
|
3,498,382 |
|
Total interest-earning assets |
|
|
4,204,063 |
|
|
4,225,084 |
|
|
4,229,914 |
|
|
4,260,866 |
|
|
4,143,691 |
|
Noninterest-earning assets |
|
|
326,811 |
|
|
337,310 |
|
|
347,060 |
|
|
339,438 |
|
|
330,257 |
|
Total assets |
|
$ |
4,530,874 |
|
$ |
4,562,394 |
|
$ |
4,576,974 |
|
$ |
4,600,304 |
|
$ |
4,473,948 |
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
1,165,683 |
|
$ |
1,147,855 |
|
$ |
1,136,131 |
|
$ |
1,118,494 |
|
$ |
1,058,820 |
|
NOW accounts |
|
|
301,279 |
|
|
300,459 |
|
|
283,725 |
|
|
231,075 |
|
|
212,282 |
|
Money market accounts |
|
|
858,792 |
|
|
839,977 |
|
|
832,340 |
|
|
853,586 |
|
|
861,518 |
|
Certificates of deposit |
|
|
522,211 |
|
|
543,208 |
|
|
570,570 |
|
|
589,964 |
|
|
608,089 |
|
Brokered deposits |
|
|
100,000 |
|
|
100,000 |
|
|
100,000 |
|
|
100,000 |
|
|
100,000 |
|
Total interest-bearing deposits |
|
|
2,947,965 |
|
|
2,931,499 |
|
|
2,922,766 |
|
|
2,893,119 |
|
|
2,840,709 |
|
FHLB advances |
|
|
55,706 |
|
|
55,714 |
|
|
84,438 |
|
|
96,823 |
|
|
102,383 |
|
Subordinated debentures |
|
|
34,173 |
|
|
34,144 |
|
|
34,111 |
|
|
34,080 |
|
|
34,048 |
|
Total borrowings |
|
|
89,879 |
|
|
89,858 |
|
|
118,549 |
|
|
130,903 |
|
|
136,431 |
|
Total interest-bearing liabilities |
|
|
3,037,844 |
|
|
3,021,357 |
|
|
3,041,315 |
|
|
3,024,022 |
|
|
2,977,140 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
738,578 |
|
|
768,361 |
|
|
756,927 |
|
|
784,521 |
|
|
706,274 |
|
Other noninterest-bearing liabilities |
|
|
86,763 |
|
|
92,034 |
|
|
90,366 |
|
|
88,577 |
|
|
93,380 |
|
Total liabilities |
|
|
3,863,185 |
|
|
3,881,752 |
|
|
3,888,608 |
|
|
3,897,120 |
|
|
3,776,794 |
|
Total stockholders' equity |
|
|
667,689 |
|
|
680,642 |
|
|
688,366 |
|
|
703,184 |
|
|
697,154 |
|
Total liabilities and stockholders' equity |
|
$ |
4,530,874 |
|
$ |
4,562,394 |
|
$ |
4,576,974 |
|
$ |
4,600,304 |
|
$ |
4,473,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Yield Trend - Quarters Ended |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities (1) |
|
|
1.75 |
% |
|
1.55 |
% |
|
1.43 |
% |
|
0.98 |
% |
|
0.87 |
% |
Other interest-earning assets |
|
|
0.16 |
% |
|
0.19 |
% |
|
0.18 |
% |
|
0.14 |
% |
|
0.18 |
% |
Loans held for sale |
|
|
3.59 |
% |
|
3.11 |
% |
|
3.13 |
% |
|
2.97 |
% |
|
2.78 |
% |
Commercial loans (2) |
|
|
3.91 |
% |
|
4.15 |
% |
|
4.19 |
% |
|
4.11 |
% |
|
3.90 |
% |
Residential real estate loans (2) |
|
|
3.37 |
% |
|
3.34 |
% |
|
3.31 |
% |
|
3.67 |
% |
|
3.87 |
% |
Consumer loans (2) |
|
|
4.59 |
% |
|
4.56 |
% |
|
4.50 |
% |
|
4.44 |
% |
|
4.39 |
% |
Total loans |
|
|
3.75 |
% |
|
3.90 |
% |
|
3.91 |
% |
|
4.00 |
% |
|
3.93 |
% |
Total interest-earning assets |
|
|
3.43 |
% |
|
3.41 |
% |
|
3.36 |
% |
|
3.38 |
% |
|
3.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
0.13 |
% |
|
0.09 |
% |
|
0.13 |
% |
|
0.17 |
% |
|
0.21 |
% |
NOW accounts |
|
|
0.05 |
% |
|
0.05 |
% |
|
0.06 |
% |
|
0.07 |
% |
|
0.07 |
% |
Money market accounts |
|
|
0.14 |
% |
|
0.15 |
% |
|
0.19 |
% |
|
0.20 |
% |
|
0.26 |
% |
Certificates of deposit |
|
|
0.57 |
% |
|
0.64 |
% |
|
0.76 |
% |
|
0.84 |
% |
|
0.96 |
% |
Brokered deposits |
|
|
0.76 |
% |
|
0.71 |
% |
|
0.64 |
% |
|
0.62 |
% |
|
0.58 |
% |
Total interest-bearing deposits |
|
|
0.22 |
% |
|
0.22 |
% |
|
0.28 |
% |
|
0.32 |
% |
|
0.39 |
% |
FHLB advances |
|
|
1.37 |
% |
|
1.37 |
% |
|
2.03 |
% |
|
2.20 |
% |
|
2.19 |
% |
Subordinated debentures |
|
|
6.21 |
% |
|
6.09 |
% |
|
6.09 |
% |
|
6.17 |
% |
|
6.23 |
% |
Total borrowings |
|
|
3.21 |
% |
|
3.17 |
% |
|
3.20 |
% |
|
3.23 |
% |
|
3.20 |
% |
Total interest-bearing liabilities |
|
|
0.31 |
% |
|
0.31 |
% |
|
0.39 |
% |
|
0.45 |
% |
|
0.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes securities available for sale. |
|
|||||||||||||||
(2) Includes nonaccruing loan balances and interest received on such loans. |
|
|||||||||||||||
|
||||||||||||||||
Selected Financial Highlights |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Performance Ratios (annualized): |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
|||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (ROAA) |
|
|
1.08 |
% |
|
1.10 |
% |
|
1.07 |
% |
|
1.24 |
% |
|
1.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity (ROAE) |
|
|
7.35 |
% |
|
7.40 |
% |
|
7.12 |
% |
|
8.12 |
% |
|
11.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
34,835 |
|
$ |
38,188 |
|
$ |
39,274 |
|
$ |
38,598 |
|
$ |
42,802 |
|
Less: Amortization of other intangible assets |
|
|
235 |
|
|
235 |
|
|
324 |
|
|
324 |
|
|
324 |
|
Total adjusted noninterest expense |
|
$ |
34,600 |
|
$ |
37,953 |
|
$ |
38,950 |
|
$ |
38,274 |
|
$ |
42,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income |
|
$ |
33,270 |
|
$ |
33,985 |
|
$ |
32,803 |
|
$ |
32,530 |
|
$ |
32,052 |
|
Total noninterest income |
|
|
19,061 |
|
|
19,164 |
|
|
22,010 |
|
|
21,703 |
|
|
37,809 |
|
Total revenue |
|
$ |
52,331 |
|
$ |
53,149 |
|
$ |
54,813 |
|
$ |
54,233 |
|
$ |
69,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (1) |
|
|
66.12 |
% |
|
71.41 |
% |
|
71.06 |
% |
|
70.57 |
% |
|
60.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This non-GAAP measure represents adjusted noninterest expense divided by total revenue |
|
|
|
At or for the Quarters Ended |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset Quality |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
|||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets |
|
$ |
26,109 |
|
$ |
36,186 |
|
$ |
36,514 |
|
$ |
32,731 |
|
$ |
32,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
|
0.57 |
% |
|
0.79 |
% |
|
0.80 |
% |
|
0.71 |
% |
|
0.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans to total loans |
|
|
1.12 |
% |
|
1.26 |
% |
|
1.39 |
% |
|
1.50 |
% |
|
1.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
|
$ |
2,730 |
|
$ |
1,174 |
|
$ |
1,658 |
|
$ |
(175) |
|
$ |
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net charge-offs/average loans |
|
|
0.30 |
% |
|
0.13 |
% |
|
0.19 |
% |
|
(0.02) |
% |
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans to nonperforming loans |
|
|
159.96 |
% |
|
125.60 |
% |
|
131.52 |
% |
|
158.08 |
% |
|
171.18 |
% |
|
||||||||||||||||
Selected Financial Highlights |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital and Share Related |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
|||||
(dollars in thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock outstanding |
|
|
51,257,696 |
|
|
52,390,478 |
|
|
53,232,110 |
|
|
55,735,623 |
|
|
56,228,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
12.66 |
|
$ |
12.97 |
|
$ |
12.77 |
|
$ |
12.66 |
|
$ |
12.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
649,065 |
|
$ |
679,261 |
|
$ |
680,032 |
|
$ |
705,471 |
|
$ |
698,073 |
|
Less: |
|
|
69,802 |
|
|
69,802 |
|
|
69,802 |
|
|
69,802 |
|
|
69,802 |
|
Less: Other intangible assets (1) |
|
|
2,930 |
|
|
3,164 |
|
|
3,399 |
|
|
3,723 |
|
|
4,047 |
|
Tangible common equity |
|
$ |
576,333 |
|
$ |
606,295 |
|
$ |
606,831 |
|
$ |
631,946 |
|
$ |
624,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share (2) |
|
$ |
11.24 |
|
$ |
11.57 |
|
$ |
11.40 |
|
$ |
11.34 |
|
$ |
11.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,591,325 |
|
$ |
4,553,405 |
|
$ |
4,567,094 |
|
$ |
4,616,422 |
|
$ |
4,605,958 |
|
Less: |
|
|
69,802 |
|
|
69,802 |
|
|
69,802 |
|
|
69,802 |
|
|
69,802 |
|
Less: Other intangible assets |
|
|
2,930 |
|
|
3,164 |
|
|
3,399 |
|
|
3,723 |
|
|
4,047 |
|
Tangible assets |
|
$ |
4,518,593 |
|
$ |
4,480,439 |
|
$ |
4,493,893 |
|
$ |
4,542,897 |
|
$ |
4,532,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity / tangible assets (3) |
|
|
12.75 |
% |
|
13.53 |
% |
|
13.50 |
% |
|
13.91 |
% |
|
13.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
||||||||||||||||
|
|||||||||||||||||||||||
Segments Statements of Net Income |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
HarborOne Mortgage |
|
|
|||||||||||||||||||
|
|
For the Quarter Ended |
|
For the Quarter Ended |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
2022 |
|
2021 |
|
2021 |
|
2022 |
|
2021 |
|
2021 |
|||||||||||
|
|
(in thousands) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest and dividend income |
|
$ |
350 |
|
$ |
571 |
|
|
$ |
1,250 |
|
|
$ |
33,424 |
|
|
$ |
33,909 |
|
|
$ |
31,248 |
|
Provision for credit losses |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
338 |
|
|
|
(1,436 |
) |
|
|
91 |
|
Net interest and dividend income, after provision for loan losses |
|
|
350 |
|
|
571 |
|
|
|
1,250 |
|
|
|
33,086 |
|
|
|
35,345 |
|
|
|
31,157 |
|
Mortgage banking income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gain on sale of mortgage loans |
|
|
5,322 |
|
|
10,063 |
|
|
|
24,802 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Intersegment gain (loss) |
|
|
837 |
|
|
496 |
|
|
|
662 |
|
|
|
(608 |
) |
|
|
(720 |
) |
|
|
(662 |
) |
Changes in mortgage servicing rights fair value |
|
|
4,695 |
|
|
(315 |
) |
|
|
3,123 |
|
|
|
590 |
|
|
|
70 |
|
|
|
286 |
|
Other |
|
|
2,325 |
|
|
3,108 |
|
|
|
4,215 |
|
|
|
233 |
|
|
|
251 |
|
|
|
300 |
|
Total mortgage banking income (loss) |
|
|
13,179 |
|
|
13,352 |
|
|
|
32,802 |
|
|
|
215 |
|
|
|
(399 |
) |
|
|
(76 |
) |
Other noninterest income (loss) |
|
|
9 |
|
|
7 |
|
|
|
(8 |
) |
|
|
5,887 |
|
|
|
5,980 |
|
|
|
5,091 |
|
Total noninterest income |
|
|
13,188 |
|
|
13,359 |
|
|
|
32,794 |
|
|
|
6,102 |
|
|
|
5,581 |
|
|
|
5,015 |
|
Noninterest expense |
|
|
7,761 |
|
|
10,467 |
|
|
|
18,057 |
|
|
|
26,825 |
|
|
|
27,396 |
|
|
|
24,463 |
|
Income before income taxes |
|
|
5,777 |
|
|
3,463 |
|
|
|
15,987 |
|
|
|
12,363 |
|
|
|
13,530 |
|
|
|
11,709 |
|
Provision for income taxes |
|
|
1,541 |
|
|
664 |
|
|
|
4,333 |
|
|
|
3,557 |
|
|
|
3,060 |
|
|
|
3,435 |
|
Net income |
|
$ |
4,236 |
|
$ |
2,799 |
|
|
$ |
11,654 |
|
|
$ |
8,806 |
|
|
$ |
10,470 |
|
|
$ |
8,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
COVID Loans at Risk as of |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Risk Sectors |
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
at risk |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
at risk |
|
Total |
|
sector |
|
|||||||
|
|
Retail |
|
Office Space |
|
Hotels |
|
Restaurants |
|
Recreation |
|
sectors |
|
loans |
|
to total |
|
|||||||
|
|
(dollars in thousands) |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
249,010 |
|
$ |
182,041 |
|
$ |
251,081 |
|
$ |
16,183 |
|
$ |
14,351 |
|
$ |
712,666 |
|
$ |
1,816,484 |
|
39.2 |
% |
Commercial and industrial |
|
|
31,811 |
|
|
12,858 |
|
|
3,134 |
|
|
21,786 |
|
|
4,193 |
|
|
73,782 |
|
|
410,787 |
|
18.0 |
|
Commercial construction |
|
|
19,076 |
|
|
1,028 |
|
|
9,342 |
|
|
18,575 |
|
|
696 |
|
|
48,717 |
|
|
154,059 |
|
31.6 |
|
Total |
|
$ |
299,897 |
|
$ |
195,927 |
|
$ |
263,557 |
|
$ |
56,544 |
|
$ |
19,240 |
|
$ |
835,165 |
|
$ |
2,381,330 |
|
35.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loans, net of fees |
|
$ |
522 |
|
$ |
— |
|
$ |
1,252 |
|
$ |
1,706 |
|
$ |
1,251 |
|
$ |
4,731 |
|
$ |
13,155 |
|
36.0 |
% |
Nonaccrual loans |
|
$ |
49 |
|
$ |
— |
|
$ |
10,752 |
|
$ |
— |
|
$ |
— |
|
$ |
10,801 |
|
$ |
26,109 |
|
41.4 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220427006182/en/
Source:
FAQ
What were the earnings results for HarborOne Bancorp in Q1 2022?
How did HarborOne's loan growth perform in the first quarter of 2022?
What is the status of nonperforming assets for HarborOne as of Q1 2022?
What changes were made to HarborOne's dividend in Q1 2022?