HarborOne Bancorp, Inc. Announces 2024 Third Quarter Results

BROCKTON, Mass.--(BUSINESS WIRE)--Oct. 24, 2024-- 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

Stephen W. Finocchio, Executive Vice President and Chief Financial Officer
(508)-895-1180
sfinocchio@harborone.com

Source: HarborOne Bancorp, Inc.