HarborOne Bancorp, Inc. Announces 2024 Third Quarter Results

Rhea-AI Summary

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.

Positive

• Loan growth of $40.3 million (3.3% annualized)
• Client deposit growth of $89.5 million (8.8% annualized)
• Net interest margin improvement to 2.33% from 2.29%
• Net interest income increased to $31.9 million from $31.4 million in previous quarter

Negative

• Net income decreased to $3.9 million from $7.3 million in previous quarter
• EPS declined to $0.10 from $0.18 in previous quarter
• $5.9 million credit loss provision required in Q3
• Nonperforming assets increased to $28.4 million from $9.8 million in previous quarter
• Classified commercial loans increased to $57.5 million from $1.7 million in previous quarter

Insights

Financial Analyst

HarborOne's Q3 2024 results show concerning trends with $3.9 million net income ($0.10/share), down significantly from $7.3 million in Q2 and $8.4 million YoY. The $5.9 million credit loss provision, primarily due to a troubled suburban office commercial real estate loan, is particularly worrying.

Key metrics reveal mixed performance:

• Net interest margin improved slightly to 2.33% from 2.29%
• Loan growth of $40.3 million (3.3% annualized)
• Client deposit growth of $89.5 million (8.8% annualized)
• Nonperforming assets jumped to $28.4 million (0.49% of total assets)

The significant increase in classified commercial loans to $57.5 million from $1.7 million QoQ, particularly in the office sector, signals potential credit quality deterioration that warrants close monitoring.

BROCKTON, Mass.--(BUSINESS WIRE)-- HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $3.9 million, or $0.10 per diluted share, for the third quarter of 2024, compared to a net income of $7.3 million, or $0.18 per diluted share for the preceding quarter, and net income of $8.4 million, or $0.20 per diluted share for the same period last year. Net income for the nine months ended September 30, 2024 was $18.5 million, or $0.45 per diluted share, compared to $23.2 million, or $0.53 per diluted share for the same period in 2023. The third quarter of 2024 includes a credit loss provision of $5.9 million, primarily as a result of a suburban office commercial real estate credit.

Selected Quarterly Financial Highlights:

• Loan growth of $40.3 million, or 3.3% annualized.
• Client deposit growth of $89.5 million, or 8.8% annualized.
• Net interest margin improvement to 2.33% from 2.29% on a linked-quarter basis.
• Share repurchases of 347,670 at an average cost of $12.23 per share.

“I am pleased to see continued margin expansion coupled with an almost $90 million increase in client deposits. Our balance sheet is positioned for margin improvement from declining cost of funds enabled by lower market interest rates,” said Joseph F. Casey, President and CEO.

Net Interest Income
Net interest and dividend income was $31.9 million for the quarter ended September 30, 2024, compared to $31.4 million for the quarter ended June 30, 2024, and $31.1 million for the quarter ended September 30, 2023. Net interest margin was 2.33% for the quarter ended September 30, 2024, compared to 2.29% for the quarter ended June 30, 2024, and 2.32% for the quarter ended September 30, 2023.

On a linked-quarter basis, the increase in net interest income and net interest margin primarily reflects the utilization of excess cash to pay down higher-cost borrowings. Also impacting margin, the yield on loans increased 7 basis points and the average balance increased $54.9 million, while the cost of deposits, excluding brokered, increased 13 basis points and the average balance of deposits excluding brokered increased $82.0 million. Average checking account balances increased $18.7 million and average certificates of deposits increased $97.3 million on a linked-quarter basis.

The $813,000 increase in net interest and dividend income from the prior year quarter reflects an increase of $5.9 million, or 9.3%, in total interest and dividend income, partially offset by an increase of $5.1 million, or 15.8%, in total interest expense. The total cost of funding liabilities increased 32 basis points, while the average balance increased $161.2 million, and the yield on interest-earning assets increased 33 basis points, while the average balance increased $139.8 million.

Noninterest Income
Total noninterest income decreased $1.4 million, or 11.3%, to $10.6 million for the quarter ended September 30, 2024, from $11.9 million for the quarter ended June 30, 2024. HarborOne Mortgage, LLC (“HarborOne Mortgage”) realized a $3.8 million gain on loan sales from mortgage closings of $209.5 million for the quarter ended September 30, 2024, compared to $3.1 million from mortgage loan closings of $173.0 million on a linked-quarter basis. Mortgage loan closings for the quarter ended September 30, 2023 were $157.6 million with a gain on loan sales of $2.7 million. Despite a drop in mortgage rates, the rate-locked pipeline was down $8.7 million on a linked-quarter basis as for-sale inventory continues to constrain loan demand.

The mortgage servicing rights (“MSR”) valuation declined $2.6 million for the three months ended September 30, 2024, compared to a decrease of $1.1 million in the MSR valuation for the three months ended June 30, 2024, as key benchmark interest rates used in the valuation model decreased from the prior quarter. The impact on the MSR valuation of principal payments on the underlying mortgages was $690,000 and $545,000 for the quarters ended September 30, 2024 and June 30, 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 September 30, 2024 the hedging gain was $845,000, compared to a $280,000 hedging loss for the three months ended June 30, 2024.

The prior quarter noninterest income included a $1.8 million gain on the sale-leaseback of a banking center in downtown Brockton and a $1.0 million loss on the sale of $17.5 million of available-for-sale securities, and no such items occurred in the quarter ended September 30, 2024.

Total noninterest income decreased $1.0 million, or 8.9%, compared to the quarter ended September 30, 2023, primarily due to a $1.6 million, or 31.3%, decrease in mortgage banking income as the $1.0 million improvement on the gain on sale of mortgage loans was offset by the loss on the MSR valuation. The prior year quarter reflected a $125,000 increase in the MSR valuation. The decrease in mortgage banking income was partially offset by improved earnings on the bank-owned life insurance and an increase in deposit account fees.

Noninterest Expense
Total noninterest expense decreased $876,000 or 2.6%, to $32.3 million for the quarter ended September 30, 2024, from $33.1 million for the quarter ended June 30, 2024. The primary driver was a $819,000 decrease in marketing expense. In the prior quarter, marketing expense included a $675,000 contribution for the bargain purchase price on the sale-leaseback noted above. Compensation and benefits expenses decreased $425,000 due to accrual adjustments for 2024 management incentives partially offset by increased commission on mortgage originations.

Total noninterest expense increased $396,000, or 1.2%, compared to the prior year quarter of $31.9 million. The primary driver was a $414,000 increase in other expenses due to an increase in cloud computing expenses and deposit expenses.

Provision for Income Taxes
The effective tax rate for the three and nine months ended September 30, 2024 was 8.53% and 21.3%. The effective tax rate for the three months ended June 30, 2024 was 23.28%. The decrease on a linked quarter basis reflects a discrete tax benefit as a result of the filing of amended tax returns to properly reflect tax exempt interest.

Asset Quality and Allowance for Credit Losses
Total nonperforming assets were $28.4 million at September 30, 2024, compared to $9.8 million at June 30, 2024 and $18.8 million at September 30, 2023. Nonperforming assets as a percentage of total assets were 0.49% at September 30, 2024, 0.17% at June 30, 2024, and 0.33% at September 30, 2023. The third quarter 2024 increase is primarily a result of a single, $17.2 million credit, collateralized by suburban office space, that required a $4.7 million specific reserve allocation and is on nonaccrual status.

The Company recorded a $5.9 million provision for credit losses for the quarter ended September 30, 2024. The provision for loan credit losses was $5.0 million, and the provision for unfunded commitments was $855,000. The provision for loan credit losses was primarily due to the specific reserve allocation noted above and provisioning for commercial loan growth, partially offset by improved qualitative factor adjustments for residential real estate mortgages as consumer metrics considered in the model improved. For the quarter ended June 30, 2024, a provision for credit losses of $615,000 was recorded, a result of a provision for loan credit losses of $1.1 million partially offset by a $534,000 negative provision for unfunded commitments. The Company recorded a negative provision for credit losses of $113,000 for the quarter ended September 30, 2023. The ACL on loans was $54.0 million, or 1.11% of total loans, at September 30, 2024, compared to $49.1 million, or 1.02% of total loans, at June 30, 2024 and $48.3 million, or 1.02% of total loans, at September 30, 2023. The ACL on unfunded commitments, included in other liabilities on the unaudited Consolidated Balance Sheets, amounted to $3.7 million at September 30, 2024, compared to $2.9 million at June 30, 2024 and $4.2 million at September 30, 2023.

Net charge-offs totaled $182,000, or 0.02%, of average loans outstanding on an annualized basis, for the quarter ended September 30, 2024, $195,000, or 0.02% of average loans outstanding on an annualized basis, for the quarter ended June 30, 2024, and net recoveries of $18,000 for the quarter ended September 30, 2023.

As of September 30, 2024 and June 30, 2024, classified commercial loans amounted to $57.5 million and $1.7 million, respectively. The increase in classified loans on a linked quarter basis includes an increase of $48.0 million in commercial real estate loans, primarily from three credits included in the office sector that totaled to $37.0 million with a $5.2 million specific reserve allocation. Management continues to perform comprehensive reviews and works proactively with creditworthy borrowers facing financial stress to implement prudent accommodations to improve the Bank’s prospects of contractual repayment.

Balance Sheet
Total assets decreased $11.1 million, or 0.2%, to $5.78 billion at September 30, 2024, from $5.79 billion at June 30, 2024. The linked-quarter decrease primarily reflects a decrease in cash and cash equivalents and other assets, partially offset by loan growth.

Available-for-sale securities increased $7.7 million to $276.8 million at September 30, 2024 from $269.1 million at June 30, 2024. The unrealized loss on securities available for sale decreased to $52.2 million as of September 30, 2024, as compared to $65.3 million of unrealized losses as of June 30, 2024. Securities held to maturity were $19.6 million at September 30, 2024.

Loans increased $40.3 million, or 0.8%, to $4.88 billion at September 30, 2024, from $4.84 billion at June 30, 2024. The linked-quarter increase was primarily due to increases in commercial and industrial loans of $50.9 million, commercial construction loans of $36.5 million, and $13.2 million of residential mortgage loans, partially offset by a decrease of $59.7 million in commercial real estate loans.

Total deposits increased $77.9 million to $4.54 billion at September 30, 2024 from $4.46 billion at June 30, 2024. Compared to the prior quarter, non-certificate accounts increased $11.1 million and term certificate accounts increased $78.4 million, as a competitive rate environment continued to pressure deposit mix and rates. Brokered deposits decreased $11.6 million. As of September 30, 2024, FDIC-insured deposits were approximately 74% of total deposits, including Bank subsidiary deposits.

Borrowed funds decreased $80.0 million to $539.4 million at September 30, 2024 from $619.4 million at June 30, 2024, as excess liquidity was used to paydown high rate borrowings. As of September 30, 2024, the Bank had $1.27 billion in available borrowing capacity across multiple relationships.

Total stockholders’ equity was $584.2 million at September 30, 2024, compared to $577.3 million at June 30, 2024. Stockholders’ equity increased 1.2% when compared to the prior quarter, as unrealized losses on available-for-sale securities decreased and net income was offset by share repurchases and dividends. The Company continues to implement and execute share repurchase programs, repurchasing 1,501,523 shares at an average price of $10.76, including $0.10 per share of excise tax, during the nine months ended September 30, 2024. The tangible-common-equity-to-tangible-assets ratio⁽¹⁾ was 9.17% at September 30, 2024, 9.03% at June 30, 2024, and 9.17% at September 30, 2023. At September 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)
		September 30,			June 30,			March 31,			December 31,			September 30,
(in thousands)		2024			2024			2024			2023			2023
Assets
Cash and due from banks		$	39,668		$	48,097		$	36,340		$	38,876		$	38,573
Short-term investments			184,611			186,965			357,101			188,474			208,211
Total cash and cash equivalents			224,279			235,062			393,441			227,350			246,784
Securities available for sale, at fair value			276,817			269,078			291,008			290,151			271,078
Securities held to maturity, at amortized cost			19,625			19,725			19,724			19,796			19,795
Federal Home Loan Bank stock, at cost			17,476			25,311			26,565			27,098			23,378
Asset held for sale			—			—			348			348			966
Loans held for sale, at fair value			28,467			41,814			16,434			19,686			17,796
Loans:
Commercial real estate			2,321,148			2,380,881			2,355,672			2,343,675			2,349,886
Commercial construction			270,389			233,926			234,811			208,443			191,224
Commercial and industrial			549,908			499,043			471,215			466,443			450,547
Total commercial loans			3,141,445			3,113,850			3,061,698			3,018,561			2,991,657
Residential real estate			1,719,882			1,706,678			1,695,686			1,709,714			1,706,950
Consumer			18,176			18,704			19,301			22,036			24,247
Loans			4,879,503			4,839,232			4,776,685			4,750,311			4,722,854
Less: Allowance for credit losses on loans			(54,004)			(49,139)			(48,185)			(47,972)			(48,312)
Net loans			4,825,499			4,790,093			4,728,500			4,702,339			4,674,542
Mortgage servicing rights, at fair value			43,067			46,209			46,597			46,111			49,201
Goodwill			59,042			59,042			59,042			59,042			69,802
Other intangible assets			947			1,136			1,326			1,515			1,704
Other assets			280,748			299,565			279,237			274,460			289,341
Total assets		$	5,775,967		$	5,787,035		$	5,862,222		$	5,667,896		$	5,664,387
Liabilities and Stockholders' Equity
Deposits:
Demand deposit accounts		$	713,379		$	689,800		$	677,152		$	659,973		$	708,847
NOW accounts			296,322			308,016			305,071			305,825			289,141
Regular savings and club accounts			926,192			989,720			1,110,404			1,265,315			1,324,635
Money market deposit accounts			1,162,930			1,100,215			1,061,145			966,201			951,128
Term certificate accounts			1,063,672			985,293			852,326			863,457			859,266
Brokered deposits			373,682			385,253			387,926			326,638			276,941
Total deposits			4,536,177			4,458,297			4,394,024			4,387,409			4,409,958
Borrowings			539,364			619,372			754,380			568,462			475,470
Subordinated debt			—			—			—			—			34,380
Other liabilities and accrued expenses			116,224			132,037			136,135			128,266			159,945
Total liabilities			5,191,765			5,209,706			5,284,539			5,084,137			5,079,753
Common stock			598			598			598			598			597
Additional paid-in capital			488,983			487,980			487,277			486,502			485,144
Unearned compensation - ESOP			(24,407)			(24,866)			(25,326)			(25,785)			(26,245)
Retained earnings			368,222			367,584			363,591			359,656			369,930
Treasury stock			(210,197)			(205,944)			(199,853)			(193,590)			(187,803)
Accumulated other comprehensive loss			(38,997)			(48,023)			(48,604)			(43,622)			(56,989)
Total stockholders' equity			584,202			577,329			577,683			583,759			584,634
Total liabilities and stockholders' equity		$	5,775,967		$	5,787,035		$	5,862,222		$	5,667,896		$	5,664,387

HarborOne Bancorp, Inc. Consolidated Statements of Net Income - Trend (Unaudited)
		Quarters Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
(in thousands, except share data)		2024			2024			2024			2023			2023
Interest and dividend income:
Interest and fees on loans		$	63,595		$	61,512		$	59,937		$	59,499		$	58,124
Interest on loans held for sale			546			347			243			369			370
Interest on securities			1,965			2,121			2,065			2,001			2,003
Other interest and dividend income			2,928			3,971			4,659			2,516			2,667
Total interest and dividend income			69,034			67,951			66,904			64,385			63,164
Interest expense:
Interest on deposits			29,969			27,272			26,899			27,310			25,039
Interest on borrowings			7,172			9,329			9,423			6,260			6,439
Interest on subordinated debentures			—			—			—			1,122			606
Total interest expense			37,141			36,601			36,322			34,692			32,084
Net interest and dividend income			31,893			31,350			30,582			29,693			31,080
Provision (benefit) for credit losses			5,903			615			(168)			644			(113)
Net interest and dividend income, after provision for credit losses			25,990			30,735			30,750			29,049			31,193
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans			3,752			3,143			2,013			2,176			2,704
Changes in mortgage servicing rights fair value			(2,641)			(1,098)			54			(3,553)			125
Other			2,390			2,356			2,276			2,301			2,270
Total mortgage banking income			3,501			4,401			4,343			924			5,099
Deposit account fees			5,370			5,223			4,983			5,178			5,133
Income on retirement plan annuities			122			141			145			147			146
Gain on sale of asset held for sale			—			1,809			—			—			—
Loss on sale of securities			—			(1,041)			—			—			—
Bank-owned life insurance income			777			758			746			1,207			531
Other income			798			628			524			1,448			689
Total noninterest income			10,568			11,919			10,741			8,904			11,598
Noninterest expenses:
Compensation and benefits			18,551			18,976			17,636			19,199			18,699
Occupancy and equipment			4,628			4,636			4,781			4,670			4,430
Data processing			2,711			2,375			2,479			2,474			2,548
Loan expense (income)			457			461			371			(317)			385
Marketing			549			1,368			816			811			794
Professional fees			1,292			1,236			1,457			1,690			1,374
Deposit insurance			1,028			993			1,164			795			1,004
Goodwill impairment			—			—			—			10,760			—
Other expenses			3,052			3,099			3,046			3,132			2,638
Total noninterest expenses			32,268			33,144			31,750			43,214			31,872
Income (loss) before income taxes			4,290			9,510			9,741			(5,261)			10,919
Income tax provision			366			2,214			2,441			1,850			2,507
Net income (loss)		$	3,924		$	7,296		$	7,300		$	(7,111)		$	8,412
Earnings (losses) per common share:
Basic		$	0.10		$	0.18		$	0.17		$	(0.17)		$	0.20
Diluted		$	0.10		$	0.18		$	0.17		$	(0.17)		$	0.20
Weighted average shares outstanding:
Basic			40,984,857			41,293,787			41,912,421			42,111,872			42,876,893
Diluted			41,336,985			41,370,289			42,127,037			42,299,858			42,983,477

HarborOne Bancorp, Inc. Consolidated Statements of Net Income - Trend (Unaudited)
		For the Nine Months Ended September 30,
(dollars in thousands, except share data)		2024			2023			$ Change			% Change
Interest and dividend income:
Interest and fees on loans		$	185,044		$	166,399		$	18,645		11.2	%
Interest on loans held for sale			1,136			982			154		15.7
Interest on securities			6,151			6,117			34		0.6
Other interest and dividend income			11,558			6,405			5,153		80.5
Total interest and dividend income			203,889			179,903			23,986		13.3
Interest expense:
Interest on deposits			84,140			61,014			23,126		37.9
Interest on borrowings			25,924			19,658			6,266		31.9
Interest on subordinated debentures			—			1,653			(1,653)		(100.0)
Total interest expense			110,064			82,325			27,739		33.7
Net interest and dividend income			93,825			97,578			(3,753)		(3.8)
Provision for credit losses			6,350			5,036			1,314		26.1
Net interest and dividend income, after provision for credit losses			87,475			92,542			(5,067)		(5.5)
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans			8,908			8,228			680		8.3
Changes in mortgage servicing rights fair value			(3,685)			(1,131)			(2,554)		(225.8)
Other			7,022			6,798			224		3.3
Total mortgage banking income			12,245			13,895			(1,650)		(11.9)
Deposit account fees			15,576			14,878			698		4.7
Income on retirement plan annuities			408			393			15		3.8
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			2,281			1,542			739		47.9
Other income			1,950			2,242			(292)		(13.0)
Total noninterest income			33,228			32,950			278		0.8
Noninterest expenses:
Compensation and benefits			55,163			54,718			445		0.8
Occupancy and equipment			14,045			14,103			(58)		(0.4)
Data processing			7,565			7,297			268		3.7
Loan expense			1,289			1,115			174		15.6
Marketing			2,733			2,900			(167)		(5.8)
Professional fees			3,985			3,989			(4)		(0.1)
Deposit insurance			3,185			2,690			495		18.4
Other expenses			9,197			8,294			903		10.9
Total noninterest expenses			97,162			95,106			2,056		2.2
Income before income taxes			23,541			30,386			(6,845)		(22.5)
Income tax provision			5,021			7,198			(2,177)		(30.2)
Net income		$	18,520		$	23,188		$	(4,668)		(20.1)	%
Earnings per common share:
Basic		$	0.45		$	0.53
Diluted		$	0.45		$	0.53
Weighted average shares outstanding:
Basic			41,395,517			43,591,954
Diluted			41,609,933			43,793,137

HarborOne Bancorp, Inc. Average Balances and Yield Trend (Unaudited)
		Quarters Ended
		September 30, 2024										June 30, 2024										September 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)		$	351,897			$	1,965		2.22	%		$	374,730			$	2,121		2.28	%		$	375,779		$	2,003		2.11	%
Other interest-earning assets			207,096				2,928		5.62				306,361				3,971		5.21				207,234			2,667		5.11
Loans held for sale			30,897				546		7.03				20,775				347		6.72				20,919			370		7.02
Loans
Commercial loans (2)(3)			3,129,428				44,859		5.70				3,091,004				43,023		5.60				2,980,817			40,438		5.38
Residential real estate loans (3)(4)			1,712,295				18,837		4.38				1,695,059				18,393		4.36				1,700,383			17,525		4.09
Consumer loans (3)			18,445				351		7.57				19,221				352		7.37				25,126			412		6.51
Total loans			4,860,168				64,047		5.24				4,805,284				61,768		5.17				4,706,326			58,375		4.92
Total interest-earning assets			5,450,058				69,486		5.07				5,507,150				68,207		4.98				5,310,258			63,415		4.74
Noninterest-earning assets			303,765										300,847										314,030
Total assets		$	5,753,823									$	5,807,997									$	5,624,288
Interest-bearing liabilities:
Savings accounts		$	963,570				3,807		1.57			$	1,058,524				4,305		1.64			$	1,360,728			6,787		1.98
NOW accounts			292,620				104		0.14				299,536				88		0.12				274,329			75		0.11
Money market accounts			1,130,148				10,953		3.86				1,069,153				10,186		3.83				910,694			8,355		3.64
Certificates of deposit			1,028,509				11,819		4.57				931,255				9,946		4.30				818,182			7,212		3.50
Brokered deposits			340,301				3,286		3.84				300,385				2,747		3.68				287,428			2,610		3.60
Total interest-bearing deposits			3,755,148				29,969		3.17				3,658,853				27,272		3.00				3,651,361			25,039		2.72
Borrowings			608,736				7,172		4.69				776,852				9,329		4.83				508,001			6,439		5.03
Subordinated debentures			—				—		-				—				—		-				34,364			606		7.00
Total borrowings			608,736				7,172		4.69				776,852				9,329		4.83				542,365			7,045		5.15
Total interest-bearing liabilities			4,363,884				37,141		3.39				4,435,705				36,601		3.32				4,193,726			32,084		3.04
Noninterest-bearing liabilities:
Noninterest-bearing deposits			696,094										670,494										705,009
Other noninterest-bearing liabilities			109,796										126,477										126,742
Total liabilities			5,169,774										5,232,676										5,025,477
Total stockholders' equity			584,049										575,321										598,811
Total liabilities and stockholders' equity		$	5,753,823									$	5,807,997									$	5,624,288
Tax equivalent net interest income							32,345										31,606									31,331
Tax equivalent interest rate spread (5)									1.68	%									1.66	%								1.70	%
Less: tax equivalent adjustment							452										256									251
Net interest income as reported						$	31,893									$	31,350								$	31,080
Net interest-earning assets (6)		$	1,086,174									$	1,071,445									$	1,116,532
Net interest margin (7)									2.33	%									2.29	%								2.32	%
Tax equivalent effect									0.03										0.02									0.02
Net interest margin on a fully tax equivalent basis									2.36	%									2.31	%								2.34	%
Ratio of interest-earning assets to interest-bearing liabilities			124.89	%									124.16	%									126.62	%
Supplemental information:
Total deposits, including demand deposits		$	4,451,242			$	29,969					$	4,329,347			$	27,272					$	4,356,370		$	25,039
Cost of total deposits									2.68	%									2.53	%								2.28	%
Total funding liabilities, including demand deposits		$	5,059,978			$	37,141					$	5,106,199			$	36,601					$	4,898,735		$	32,084
Cost of total funding liabilities									2.92	%									2.88	%								2.60	%

(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 Nine Months Ended
		September 30, 2024									September 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)		$	366,418		$	6,151		2.24	%		$	381,572		$	6,117		2.14	%
Other interest-earning assets			289,673			11,558		5.33				170,377			6,405		5.03
Loans held for sale			22,010			1,136		6.89				19,557			982		6.71
Loans
Commercial loans (2)(3)			3,087,245			129,825		5.62				2,940,483			116,116		5.28
Residential real estate loans (3)(4)			1,702,718			55,405		4.35				1,676,979			49,598		3.95
Consumer loans (3)			19,397			1,062		7.31				30,112			1,350		5.99
Total loans			4,809,360			186,292		5.17				4,647,574			167,064		4.81
Total interest-earning assets			5,487,461			205,137		4.99				5,219,080			180,568		4.63
Noninterest-earning assets			301,264									310,826
Total assets		$	5,788,725								$	5,529,906
Interest-bearing liabilities:
Savings accounts		$	1,069,045			13,635		1.70			$	1,413,553			18,397		1.74
NOW accounts			294,014			267		0.12				276,872			170		0.08
Money market accounts			1,064,791			30,452		3.82				846,235			19,849		3.14
Certificates of deposit			938,608			30,320		4.31				693,941			15,170		2.92
Brokered deposits			332,410			9,466		3.80				299,665			7,428		3.31
Total interest-bearing deposits			3,698,868			84,140		3.04				3,530,266			61,014		2.31
FHLB and FRB borrowings			716,343			25,924		4.83				541,034			19,658		4.86
Subordinated debentures			—			—		—				34,331			1,653		6.44
Total borrowings			716,343			25,924		4.83				575,365			21,311		4.95
Total interest-bearing liabilities			4,415,211			110,064		3.33				4,105,631			82,325		2.68
Noninterest-bearing liabilities:
Noninterest-bearing deposits			673,757									712,815
Other noninterest-bearing liabilities			118,488									105,732
Total liabilities			5,207,456									4,924,178
Total stockholders' equity			581,269									605,728
Total liabilities and stockholders' equity		$	5,788,725								$	5,529,906
Tax equivalent net interest income						95,073									98,243
Tax equivalent interest rate spread (5)								1.66	%								1.95	%
Less: tax equivalent adjustment						1,248									665
Net interest income as reported					$	93,825								$	97,578
Net interest-earning assets (6)		$	1,072,250								$	1,113,449
Net interest margin (7)								2.28	%								2.50	%
Tax equivalent effect								0.03									0.02
Net interest margin on a fully tax equivalent basis								2.31	%								2.52	%
Ratio of interest-earning assets to interest-bearing liabilities			124.29	%								127.12	%
Supplemental information:
Total deposits, including demand deposits		$	4,372,625		$	84,140					$	4,243,081		$	61,014
Cost of total deposits								2.57	%								1.92	%
Total funding liabilities, including demand deposits		$	5,088,968		$	110,064					$	4,818,446		$	82,325
Cost of total funding liabilities								2.89	%								2.28	%

(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
			September 30,			June 30,			March 31,			December 31,			September 30,
			2024			2024			2024			2023			2023
		(in thousands)
Interest-earning assets:
Investment securities (1)		$	351,897		$	374,730		$	372,787		$	370,683		$	375,779
Other interest-earning assets			207,096			306,361			356,470			205,929			207,234
Loans held for sale			30,897			20,775			14,260			20,010			20,919
Loans
Commercial loans (2)(3)			3,129,428			3,091,004			3,040,835			3,005,840			2,980,817
Residential real estate loans (3)(4)			1,712,295			1,695,059			1,700,694			1,707,978			1,700,383
Consumer loans (3)			18,445			19,221			20,539			22,324			25,126
Total loans			4,860,168			4,805,284			4,762,068			4,736,142			4,706,326
Total interest-earning assets			5,450,058			5,507,150			5,505,585			5,332,764			5,310,258
Noninterest-earning assets			303,765			300,847			299,153			313,729			314,030
Total assets		$	5,753,823		$	5,807,997		$	5,804,738		$	5,646,493		$	5,624,288
Interest-bearing liabilities:
Savings accounts		$	963,570		$	1,058,524		$	1,186,201		$	1,307,774		$	1,360,728
NOW accounts			292,620			299,536			289,902			290,147			274,329
Money market accounts			1,130,148			1,069,153			994,353			963,223			910,694
Certificates of deposit			1,028,509			931,255			855,070			859,274			818,182
Brokered deposits			340,301			300,385			356,459			288,449			287,428
Total interest-bearing deposits			3,755,148			3,658,853			3,681,985			3,708,867			3,651,361
Borrowings			608,736			776,852			764,623			507,520			508,001
Subordinated debentures			—			—			—			22,614			34,364
Total borrowings			608,736			776,852			764,623			530,134			542,365
Total interest-bearing liabilities			4,363,884			4,435,705			4,446,608			4,239,001			4,193,726
Noninterest-bearing liabilities:
Noninterest-bearing deposits			696,094			670,494			654,436			683,548			705,009
Other noninterest-bearing liabilities			109,796			126,477			119,289			137,239			126,742
Total liabilities			5,169,774			5,232,676			5,220,333			5,059,788			5,025,477
Total stockholders' equity			584,049			575,321			584,405			586,705			598,811
Total liabilities and stockholders' equity		$	5,753,823		$	5,807,997		$	5,804,738		$	5,646,493		$	5,624,288
		Annualized Yield Trend - Quarters Ended
			September 30,			June 30,			March 31,			December 31,			September 30,
			2024			2024			2024			2023			2023
Interest-earning assets:
Investment securities (1)			2.22	%		2.28	%		2.23	%		2.14	%		2.11	%
Other interest-earning assets			5.62	%		5.21	%		5.26	%		4.85	%		5.11	%
Loans held for sale			7.03	%		6.72	%		6.85	%		7.32	%		7.02	%
Commercial loans (2)(3)			5.70	%		5.60	%		5.51	%		5.45	%		5.38	%
Residential real estate loans (3)(4)			4.38	%		4.36	%		4.30	%		4.21	%		4.09	%
Consumer loans (3)			7.57	%		7.37	%		7.01	%		6.82	%		6.51	%
Total loans			5.24	%		5.17	%		5.08	%		5.01	%		4.92	%
Total interest-earning assets			5.07	%		4.98	%		4.91	%		4.81	%		4.74	%
Interest-bearing liabilities:
Savings accounts			1.57	%		1.64	%		1.87	%		2.09	%		1.98	%
NOW accounts			0.14	%		0.12	%		0.10	%		0.17	%		0.11	%
Money market accounts			3.86	%		3.83	%		3.77	%		3.83	%		3.64	%
Certificates of deposit			4.57	%		4.30	%		4.02	%		3.85	%		3.50	%
Brokered deposits			3.84	%		3.68	%		3.87	%		3.71	%		3.60	%
Total interest-bearing deposits			3.17	%		3.00	%		2.94	%		2.92	%		2.72	%
Borrowings			4.69	%		4.83	%		4.96	%		4.89	%		5.03	%
Subordinated debentures			-	%		-	%		-	%		19.68	%		7.00	%
Total borrowings			4.69	%		4.83	%		4.96	%		5.52	%		5.15	%
Total interest-bearing liabilities			3.39	%		3.32	%		3.29	%		3.25	%		3.04	%

(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
		September 30,				June 30,				March 31,				December 31,				September 30,
Performance Ratios (annualized):		2024				2024				2024				2023				2023
(dollars in thousands)
Net income (loss)		$	3,924			$	7,296			$	7,300			$	(7,111)			$	8,412
Less: Goodwill impairment charge			—				—				—				10,760				—
Net income, excluding goodwill impairment charge(1)		$	3,924			$	7,296			$	7,300			$	3,649			$	8,412
Average Assets		$	5,753,823			$	5,807,997			$	5,804,738			$	5,646,493			$	5,624,288
Average Equity		$	584,049			$	575,321			$	584,405			$	586,705			$	598,811
Return on average assets (ROAA)			0.27	%			0.50	%			0.50	%			(0.50)	%			0.60	%
Return on average assets (ROAA), excluding goodwill impairment charge(2)			0.27	%			0.50	%			0.50	%			0.26	%			0.60	%
Return on average equity (ROAE)			2.69	%			5.07	%			5.00	%			(4.85)	%			5.62	%
Return on average equity (ROAE), excluding goodwill impairment charge(3)			2.69	%			5.07	%			5.00	%			2.49	%			5.62	%
Total noninterest expense		$	32,268			$	33,144			$	31,750			$	43,214			$	31,872
Less: Amortization of other intangible assets			190				189				189				189				189
Total adjusted noninterest expense			32,078				32,955				31,561				43,025				31,683
Less: Goodwill impairment charge			—				—				—				10,760				—
Total adjusted noninterest expense, excluding goodwill impairment(4)		$	32,078			$	32,955			$	31,561			$	32,265			$	31,683
Net interest and dividend income		$	31,893			$	31,350			$	30,582			$	29,693			$	31,080
Total noninterest income			10,568				11,919				10,741				8,904				11,598
Total revenue		$	42,461			$	43,269			$	41,323			$	38,597			$	42,678
Efficiency ratio (5)			75.55	%			76.16	%			76.38	%			111.47	%			74.24	%
Efficiency ratio, excluding goodwill impairment charge(6)			75.55	%			76.16	%			76.38	%			83.59	%			74.24	%

(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
		September 30,				June 30,				March 31,				December 31,				September 30,
Asset Quality		2024				2024				2024				2023				2023
(dollars in thousands)
Total nonperforming assets		$	28,408			$	9,766			$	12,201			$	17,582			$	18,795
Nonperforming assets to total assets			0.49	%			0.17	%			0.21	%			0.31	%			0.33	%
Allowance for credit losses on loans to total loans			1.11	%			1.02	%			1.01	%			1.01	%			1.02	%
Net charge-offs (recoveries)		$	182			$	195			$	125			$	1,311			$	(18)
Annualized net charge-offs (recoveries)/average loans			0.02	%			0.02	%			0.01	%			0.11	%			—	%
Allowance for credit losses on loans to nonperforming loans			190.10	%			503.16	%			396.26	%			273.92	%			257.21	%

HarborOne Bancorp, Inc. Selected Financial Highlights (Unaudited)
		Quarters Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
Capital and Share Related		2024				2024				2024				2023				2023
(dollars in thousands, except share data)
Common stock outstanding			44,130,134				44,459,490				45,055,006				45,401,224				45,915,364
Book value per share		$	13.24			$	12.99			$	12.82			$	12.86			$	12.73
Tangible common equity:
Total stockholders' equity		$	584,202			$	577,329			$	577,683			$	583,759			$	584,634
Less: Goodwill			59,042				59,042				59,042				59,042				69,802
Less: Other intangible assets (1)			947				1,136				1,326				1,515				1,704
Tangible common equity		$	524,213			$	517,151			$	517,315			$	523,202			$	513,128
Tangible book value per share (2)		$	11.88			$	11.63			$	11.48			$	11.52			$	11.18
Tangible assets:
Total assets		$	5,775,967			$	5,787,035			$	5,862,222			$	5,667,896			$	5,664,387
Less: Goodwill			59,042				59,042				59,042				59,042				69,802
Less: Other intangible assets			947				1,136				1,326				1,515				1,704
Tangible assets		$	5,715,978			$	5,726,857			$	5,801,854			$	5,607,339			$	5,592,881
Tangible common equity / tangible assets (3)			9.17	%			9.03	%			8.92	%			9.33	%			9.17	%

(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
		September 30,				June 30,				March 31,				December 31,				September 30,
Statements of Net Income for HarborOne Bank Segment:		2024				2024				2024				2023				2023
		(Dollars in thousands)
Net interest and dividend income		$	31,780			$	31,098			$	30,485			$	30,637			$	31,468
Provision (benefit) for credit losses			5,903				615				(168)				644				(113)
Net interest and dividend income, after provision for credit losses			25,877				30,483				30,653				29,993				31,581
Mortgage banking income:
Intersegment loss			(357)				(464)				(236)				(159)				(198)
Changes in mortgage servicing rights fair value			(220)				(74)				(32)				(257)				18
Other			175				180				180				185				188
Total mortgage banking (loss) income			(402)				(358)				(88)				(231)				8
Other noninterest income:
Deposit account fees			5,370				5,223				4,983				5,178				5,132
Income on retirement plan annuities			122				141				145				147				146
Gain on sale of asset held for sale			—				1,809				—				—				—
Loss on sale of securities			—				(1,041)				—				—				—
Bank-owned life insurance income			777				758				746				1,207				531
Other income			798				624				517				1,405				694
Total noninterest income			6,665				7,156				6,303				7,706				6,511
Noninterest expenses:
Compensation and benefits			14,939				15,627				15,307				16,535				15,238
Occupancy and equipment			4,029				4,052				4,150				4,038				3,828
Data processing			2,686				2,363				2,470				2,462				2,527
Loan expense			143				187				71				153				128
Marketing			524				1,331				783				751				709
Professional fees			942				771				1,056				1,404				914
Deposit insurance			1,028				992				1,164				794				1,004
Other expenses			2,461				2,468				2,406				2,476				1,924
Total noninterest expenses			26,752				27,791				27,407				28,613				26,272
Less: Amortization of other intangible assets			190				189				189				189				190
Total adjusted noninterest expense			26,562				27,602				27,218				28,424				26,082
Income before income taxes			5,790				9,848				9,549				9,086				11,820
Provision for income taxes			875				2,310				2,386				2,535				2,716
Net income		$	4,915			$	7,538			$	7,163			$	6,551			$	9,104
Efficiency ratio (1) - QTD			69.09	%			72.15	%			73.99	%			74.13	%			68.67	%
Efficiency ratio (1) - YTD			71.71	%			73.05	%			73.99	%			68.49	%			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
		September 30,				June 30,				March 31,				December 31,				September 30,
Statements of Net Income for HarborOne Mortgage Segment:		2024				2024				2024				2023				2023
		(Dollars in thousands)
Net interest and dividend income		$	105			$	240			$	80			$	160			$	199
Mortgage banking income:
Gain on sale of mortgage loans			3,752				3,141				2,013				2,176				2,704
Intersegment gain			277				464				308				56				249
Changes in mortgage servicing rights fair value			(2,421)				(1,024)				86				(3,296)				107
Other			2,215				2,177				2,097				2,116				2,082
Total mortgage banking income			3,823				4,758				4,504				1,052				5,142
Other noninterest income (loss)			—				4				10				2				(4)
Total noninterest income			3,823				4,762				4,514				1,054				5,138
Noninterest expenses:
Compensation and benefits			4,215				3,944				2,919				3,217				4,014
Occupancy and equipment			562				547				604				596				567
Data processing			25				11				9				13				21
Loan expense			314				274				304				(470)				258
Marketing			25				36				33				60				85
Professional fees			162				131				132				120				155
Goodwill impairment			—				—				—				10,760				—
Other expenses			297				326				310				371				390
Total noninterest expenses			5,600				5,269				4,311				14,667				5,490
Income (loss) before income taxes			(1,672)				(267)				283				(13,453)				(153)
Income tax (benefit) provision			(535)				(76)				60				(596)				(15)
Net income (loss)		$	(1,137)			$	(191)			$	223			$	(12,857)			$	(138)
Closed loan volume		$	209,525			$	172,994			$	102,102			$	124,225			$	157,573
Gain on sale margin			1.79	%			1.82	%			1.97	%			1.75	%			1.72	%
Efficiency ratio (1) - QTD			142.57	%			105.34	%			93.84	%			1,208.15	%			102.87	%
Efficiency ratio, excluding goodwill impairment (2) - QTD			142.57	%			105.34	%			93.84	%			321.83	%			102.87	%
Efficiency ratio (1) - YTD			112.24	%			99.83	%			93.84	%			192.98	%			109.91	%
Efficiency ratio, excluding goodwill impairment (2) - YTD			112.24	%			99.83	%			93.84	%			125.94	%			109.91	%

(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

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023227939/en/

Stephen W. Finocchio, Executive Vice President and Chief Financial Officer

(508)-895-1180

sfinocchio@harborone.com

Source: HarborOne Bancorp, Inc.

FAQ

What was HarborOne Bancorp's (HONE) earnings per share in Q3 2024?

HarborOne Bancorp reported earnings of $0.10 per diluted share in Q3 2024.

How much was HarborOne's (HONE) loan growth in Q3 2024?

HarborOne reported loan growth of $40.3 million, representing a 3.3% annualized increase.

What was HarborOne's (HONE) net interest margin in Q3 2024?

HarborOne's net interest margin was 2.33% in Q3 2024, up from 2.29% in Q2 2024.

How much was HarborOne's (HONE) credit loss provision in Q3 2024?

HarborOne recorded a credit loss provision of $5.9 million in Q3 2024.