HarborOne Bancorp, Inc. Announces 2024 Third Quarter Results
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
Net Interest Income
Net interest and dividend income was
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
The
Noninterest Income
Total noninterest income decreased
The mortgage servicing rights (“MSR”) valuation declined
The prior quarter noninterest income included a
Total noninterest income decreased
Noninterest Expense
Total noninterest expense decreased
Total noninterest expense increased
Provision for Income Taxes
The effective tax rate for the three and nine months ended
Asset Quality and Allowance for Credit Losses
Total nonperforming assets were
The Company recorded a
Net charge-offs totaled
As of
Balance Sheet
Total assets decreased
Available-for-sale securities increased
Loans increased
Total deposits increased
Borrowed funds decreased
Total stockholders’ equity was
(1) This non-GAAP ratio is total stockholders’ equity less goodwill and intangible assets to total assets less goodwill and intangible assets. |
About
Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the
Use of Non-GAAP Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The Company’s management believes that the supplemental non-GAAP information, which consists of 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.
Consolidated Balance Sheet Trend (Unaudited) |
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(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 |
|
|
|
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 |
|
|
|
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 |
|
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|
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|
|
|
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|
|
|
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|
|
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|
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|
|
|
|
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 |
|
|
|
(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 |
Consolidated Statements of Net Income - Trend (Unaudited) |
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|
|
Quarters Ended |
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|
|||||
(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 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Net Income - Trend (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
|||||
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances and Yield Trend (Unaudited) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Quarters Ended |
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
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 |
Average Balances and Yield Trend (Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||
|
|
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. |
Average Balances and Yield Trend (Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances - Trend - Quarters Ended |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
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 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
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. |
Selected Financial Highlights (Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Quarters Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
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: |
|
|
— |
|
|
— |
|
|
— |
|
|
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: |
|
|
— |
|
|
— |
|
|
— |
|
|
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 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
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 |
% |
Selected Financial Highlights (Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Quarters Ended |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
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: |
|
|
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: |
|
|
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.
|
Segments Key Financial Data (Unaudited) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Quarters Ended |
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
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 |
Segments Key Financial Data (Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Quarters Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
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 |
|
||||
|
|
|
— |
|
|
— |
|
|
— |
|
|
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/
(508)-895-1180
sfinocchio@harborone.com
Source: