HarborOne Bancorp, Inc. - HONE STOCK NEWS

HarborOne Bancorp (NASDAQ: HONE) reported a net income of $7.3 million, or $0.16 per diluted share, in Q1 2023, down from $9.6 million and $12.3 million in Q4 2022 and Q1 2022, respectively. Aiming for efficiency, the company anticipates annual cost savings of $4.1 million from recent measures, including branch closures. Capital return to shareholders reached $3.3 million through dividends with a 7% increase in the quarterly dividend. Net interest income decreased to $34.4 million, impacted by rising funding costs, while noninterest income fell by 12.2% to $8.7 million. Total assets grew by 4.0% to $5.57 billion, driven by a $73.0 million increase in loans. Despite challenges, management maintains confidence in credit quality and liquidity, managing a disciplined underwriting approach amid economic uncertainties.

HarborOne Bancorp, Inc. (NASDAQ: HONE) has declared a quarterly cash dividend of $0.075 per share, marking a 7% increase from the previous dividend of $0.07 paid on January 17, 2023. The dividend will be disbursed on April 26, 2023, to shareholders on record as of April 12, 2023. This increase, supported by the company's current and projected earnings, equates to an annualized rate of $0.30 per share.

HarborOne Bancorp, Inc. (NASDAQ: HONE) has scheduled its 2023 annual meeting of shareholders for May 17, 2023, at 10:00 a.m. local time, to be held at Goodwin Procter LLP, Boston, Massachusetts. Shareholders on record as of March 21, 2023, will be eligible to vote. The Company will issue further details in its proxy statement. HarborOne Bancorp operates HarborOne Bank, which offers financial services in Eastern Massachusetts and Rhode Island through 31 full-service branches and additional resources like “HarborOne U” for financial education.

HarborOne Bancorp, Inc. (NASDAQ: HONE) reported a net income of $45.6 million for 2022, a 22.1% drop from $58.5 million in 2021. For Q4 2022, net income was $9.6 million, down from $13.8 million in Q3 2022. Key highlights include a 13.4% increase in net interest income to $39.2 million, driven by growth in loans and deposit growth of 13.8%. Nonperforming loans decreased significantly to 0.32% of total loans. However, total noninterest income fell 30.5% QoQ. The Company's total assets rose by 7.5% to $5.36 billion, reflecting strong loan growth.

HarborOne Bancorp, Inc. (NASDAQ: HONE) declared a quarterly cash dividend of $0.07 per share, payable on January 17, 2023, to shareholders of record as of the close of business on January 3, 2023. This announcement reflects the company's ongoing commitment to returning value to its shareholders amidst the challenges posed by the COVID-19 pandemic. HarborOne Bancorp, operating through its bank in Massachusetts and Rhode Island, continues to prioritize its financial stability and customer service.

HarborOne Bancorp reported a third-quarter net income of $13.8 million, or $0.30 per share, reflecting a 37.8% increase from the previous quarter. Loan growth reached $285.4 million (7.3%), contributing to a total asset increase of $283.6 million (6.0%). Net interest income rose 12.7% to $39.3 million. However, total noninterest income decreased 35.3% year-over-year. The effective tax rate improved to 25.4% from 27.6% in the prior quarter. The bank maintains strong capital ratios while facing unrealized losses on securities.

HarborOne Bancorp, Inc. (NASDAQ: HONE) has declared a quarterly cash dividend of $0.07 per share, scheduled for payment on October 26, 2022 to shareholders of record as of October 12, 2022. This decision reflects the company’s ongoing commitment to return value to shareholders. The press release also includes cautionary statements about potential risks and uncertainties, emphasizing that actual results may differ from expectations due to various factors including economic conditions and credit risks.

HarborOne Bancorp, Inc. (NASDAQ: HONE) announced a share repurchase program approved by regulators, allowing the buyback of up to 2,450,208 shares, representing about 5% of outstanding shares. This program follows a previous buyback initiated on April 12, 2022. Shares will be purchased in open market transactions as per market conditions and operational requirements. The program can be suspended or terminated at any time and is set to expire on September 21, 2023.