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Harborone Bancorp Inc - HONE STOCK NEWS

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Overview of HarborOne Bancorp Inc

HarborOne Bancorp Inc is a state‐chartered cooperative bank holding company that has been a pivotal player in New England's financial services sector for nearly a century. With a steadfast commitment to its customers, communities, and colleagues, the company efficiently operates through its dual segments: HarborOne Bank and HarborOne Mortgage. As an institution rooted in a rich history, HarborOne integrates traditional personalized banking with modern digital solutions, serving both individuals and businesses with a focus on cooperative banking, commercial lending, and comprehensive financial services.

Mission and Business Model

At its core, HarborOne Bancorp Inc is dedicated to creating value through community-based banking. The company’s mission is founded on the principle of total commitment to customer service, maintaining enduring relationships, and providing tailor-made financial solutions. Its business model encompasses both conventional deposit-taking and lending services, including personal and small business banking products, while also extending to mortgage and consumer lending. This diversified approach is designed not only to drive consistent operational performance but also to address the evolving financial needs of local communities in southeastern Massachusetts and beyond.

Comprehensive Financial Services

The firm offers an extensive array of financial services, such as accepting deposits, extending various types of loans, and offering cash management solutions. Its product suite spans credit cards, money market accounts, and wealth management services, ensuring a well-rounded portfolio for clients. The bank’s robust online and mobile banking tools provide state‐of‐the‐art, secure access to financial management platforms, addressing the growing demand for digital banking solutions while preserving the personalized service of local branches.

Branch Network and Digital Integration

HarborOne operates a widespread network of full-service branches strategically located throughout southeastern Massachusetts, complemented by a limited physical presence in Northern Rhode Island and dedicated commercial lending offices in major regional centers such as Boston and Providence. This geographical footprint allows the bank to deliver 'big bank' services with a local bank feel. The seamless integration of state-of-the-art online and mobile banking tools further enhances customer convenience, enabling users to access a broad range of financial products and services anytime and anywhere.

Commercial and Mortgage Lending Expertise

A significant aspect of HarborOne's operations is its focus on specialized lending services. The commercial lending division is composed of experienced professionals who deliver highly tailored solutions for business clients. These solutions include loans, lines of credit, cash management services, and commercial real estate financing. Similarly, the mortgage segment provides competitive offerings throughout eastern Massachusetts and northern Rhode Island, ensuring that both consumer and commercial borrowers receive precise, knowledgeable advice and support. This dual focus on mortgage and commercial lending underpins the company’s strong market stance in the region.

Community Focus and Local Expertise

HarborOne Bancorp Inc distinguishes itself by blending the expansive services of a major financial institution with the deep local expertise and community commitment typical of a small bank. The bank’s operational philosophy emphasizes the value of local relationships, community investment, and personalized service. By actively engaging with the communities it serves, HarborOne not only provides essential financial services but also plays a critical role in fostering local economic development. This commitment is evident in its enduring tradition of community-focused initiatives, robust customer service, and a employees’ deep understanding of regional market dynamics.

Technological Innovation and Customer Service

Embracing technological innovation, HarborOne has continuously invested in digital platforms that enhance both user experience and operational efficiency. The advanced online and mobile banking features are designed to meet modern consumer expectations for speed, security, and convenience, without sacrificing the personalized support typically provided through face-to-face interactions at its branches. This dual channel approach empowers clients by offering flexible banking options tailored to varying needs, whether for day-to-day transactions or comprehensive financial planning.

Strategic Market Positioning

Within the competitive landscape of financial services, HarborOne Bancorp Inc positions itself as a reliable and trusted institution that combines traditional banking values with modern efficiencies. Its unique market proposition lies in delivering full-spectrum financial services with a personalized touch. By maintaining a strong local presence while leveraging digital platforms, the company is able to effectively compete in a market that demands both technological innovation and time-tested customer relationships. The bank's focus on quality customer service, operational flexibility, and the cultivation of long-standing community ties underscores its significance within the broader industry.

In-Depth Analysis of Financial Services

The firm’s integrated approach to service delivery ensures that each product and solution is backed by extensive expertise and a deep understanding of customer needs. Whether it is offering robust deposit solutions, facilitating secured and unsecured loans, or delivering nuanced mortgage products, HarborOne employs precise risk management and credit assessment processes. This balanced approach not only protects customer interests but also reinforces the bank's reputation as a responsible and efficient financial partner. Clients can expect a comprehensive suite of services that are both innovative and aligned with traditional banking fundamentals.

Commitment to Operational Excellence

Operational excellence at HarborOne is driven by a dedicated team of industry veterans who bring decades of experience in both consumer and commercial finance. These professionals work collaboratively to implement strategic initiatives aimed at enhancing service delivery, strengthening financial performance, and ensuring robust risk management practices. The bank's organizational structure is designed to foster continuous improvement and accountability, ensuring that every customer interaction reflects its longstanding commitment to excellence.

Final Reflections

HarborOne Bancorp Inc remains an exemplary institution that harmonizes the benefits of a full-service financial organization with the personalized care and community integration typically associated with locally rooted banks. Its dual focus on digital innovation and local engagement underscores its adaptive business model, making it an enduring presence in the financial services industry. As the company continues to uphold its legacy while meeting contemporary consumer demands, it provides an informative example of how traditional banking methods can be successfully integrated with modern technological advancements to create a comprehensive, community-focused financial institution.

Rhea-AI Summary

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

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

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

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HarborOne Bancorp, Inc. reported net income of $7.3 million, or $0.17 per diluted share, for the first quarter of 2024, compared to a net loss of $7.1 million for the preceding quarter. Strong asset quality was highlighted, with nonperforming loans decreasing to 0.25%. Noninterest income increased by 20.6%, while noninterest expenses decreased by 26.5%. The company returned $9.2 million to shareholders through dividends and stock buybacks.
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HarborOne Bancorp, Inc. appoints Stephen W. Finocchio as Executive Vice President and CFO, bringing over 20 years of experience in treasury and strategic planning. Finocchio's expertise in driving growth and innovation in financial institutions adds value to HarborOne's leadership team.
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HarborOne Bancorp, Inc. (NASDAQ: HONE) announces a 6.7% increase in quarterly cash dividend to $0.08 per share, reflecting confidence in current and projected earnings. The dividend will be paid on April 24, 2024, to shareholders of record as of April 10, 2024.
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HarborOne Bancorp, Inc. (HONE) schedules its 2024 annual meeting of shareholders for May 15, 2024, at 10:00 a.m. local time in Boston, Massachusetts. Shareholders as of March 18, 2024, are eligible to vote at the meeting.
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HarborOne Bancorp, Inc. (NASDAQ: HONE) reported a net income of $16.1 million for the year ended December 31, 2023, a decrease of 64.7% compared to the previous year. The fourth quarter of 2023 saw a net loss of $7.1 million. The results were impacted by the full impairment of goodwill at Harbor One Mortgage, LLC. Excluding the impairment charge, net income for the year was $26.9 million. The company also experienced deposit and loan growth, reduced noninterest expense, and share repurchases.
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HarborOne Bancorp, Inc. (HONE) declares a quarterly cash dividend of $0.075 per share
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HarborOne Bancorp, Inc. announces net income of $8.4 million for Q3 2023, compared to $7.5 million for Q2 2023 and $13.8 million for Q3 2022. Deposit growth of $160.5 million, reduced noninterest expense by 7.5%, and loan growth of $24.7 million. Commenced sixth share repurchase program. Net interest income decreased, noninterest income decreased by $1.1 million, and noninterest expenses were flat. Nonperforming assets decreased to $18.8 million. Total assets remained flat at $5.66 billion. Loans increased by $24.7 million and total deposits increased to $4.41 billion.
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HarborOne awarded $12,500 to two small business entrepreneurs in their 8th annual Pitch Contest. Bee Balm Company won first place and $10,000 to increase capacity and donate 5% of profits to charities. Stack House won second place and $2,500 to provide sustainable careers. HarborOne supports small businesses through their business banking services and resources.
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FAQ

What is the current stock price of Harborone Bancorp (HONE)?

The current stock price of Harborone Bancorp (HONE) is $9.9 as of April 3, 2025.

What is the market cap of Harborone Bancorp (HONE)?

The market cap of Harborone Bancorp (HONE) is approximately 432.2M.

What is the core business of HarborOne Bancorp Inc?

HarborOne Bancorp Inc operates as a bank holding company providing comprehensive financial services including deposit-taking, lending, mortgage services, and digital banking solutions through its two primary segments.

How does HarborOne integrate traditional and modern banking?

The company blends the personalized service of full-service local branches with state-of-the-art online and mobile banking technologies, ensuring accessibility and a community-focused banking experience.

What types of financial services does HarborOne offer?

HarborOne offers a wide range of services such as personal and small business banking, mortgage and consumer lending, cash management, credit cards, money market accounts, and wealth management.

What distinguishes HarborOne in the competitive financial services industry?

Its unique combination of a strong local presence and sophisticated digital solutions, along with specialized commercial lending and a long-established community commitment, distinguishes HarborOne from its competitors.

Which geographical areas does HarborOne Bancorp Inc serve?

The company primarily serves communities in southeastern Massachusetts and expands its mortgage and lending operations in eastern Massachusetts and northern Rhode Island, with strategic offices in major regional centers.

What is the structure of HarborOne Bancorp Inc's operations?

HarborOne operates through two main segments: HarborOne Bank, which focuses on everyday banking services and consumer lending, and HarborOne Mortgage, dedicated to providing competitive mortgage services.

How does HarborOne support the local community?

The bank emphasizes a community-focused business model by maintaining strong local relationships, investing in community development, and offering personalized financial services tailored to the needs of local residents and businesses.

What expertise does HarborOne have in commercial lending?

HarborOne’s commercial lending team consists of seasoned professionals who offer specialized services like loans, lines of credit, and commercial real estate financing, addressing the diverse needs of modern business leaders.
Harborone Bancorp Inc

Nasdaq:HONE

HONE Rankings

HONE Stock Data

432.23M
37.82M
13.18%
59.7%
0.59%
Banks - Regional
State Commercial Banks
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United States
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