HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ:
HONE), the holding company for HarborOne Bank (the “Bank”),
announced net income of $16.1 million, or $0.37 per diluted share,
for the year ended December 31, 2023, a decrease of $29.5 million,
or 64.7%, compared to net income of $45.6 million, or $0.97 per
diluted share, for the year ended December 31, 2022. For the fourth
quarter of 2023, the Company reported a net loss of $7.1 million,
or $0.17 per diluted share, compared to net income of $8.4 million,
or $0.20 per diluted share, for the preceding quarter and net
income of $9.6 million, or $0.21 per diluted share, for the same
period last year.
The results for the quarter and year ended December 31, 2023
were significantly impacted by the full impairment of goodwill at
Harbor One Mortgage, LLC (“HarborOne Mortgage”) in the amount of
$10.8 million. Throughout 2023 HarborOne Mortgage, and the mortgage
banking industry in general, faced significant headwinds. The
combination of the average residential mortgage rate reaching
twenty-year highs during 2023 and a housing market with low
inventory and higher prices, generated the lowest annual
residential mortgage loan origination volume in two decades. As a
result of these conditions, the impairment analysis of goodwill
completed in the fourth quarter resulted in a determination that
the goodwill at HarborOne Mortgage was fully impaired.
Excluding the HarborOne Mortgage goodwill impairment charge of
$10.8 million, included in noninterest expense, net income and
diluted earnings per share for the quarter and year ended December
31, 2023 were $3.7 million, or $0.09(1) per diluted share and $26.9
million, or $0.62(1) per diluted share, respectively. Goodwill
impairment is a non-cash charge that has no impact on our
liquidity, or regulatory capital ratios.
Selected Financial Highlights:
- Deposit growth, excluding brokered deposits, of $172.7 million,
or 4.4%, year over year.
- Strong asset quality; nonperforming loans as a percentage of
total loans were 0.37% compared to 0.39% last quarter
- Excluding the goodwill impairment, reduced noninterest expense
8.2% year over year.
- Loan growth of $200.6 million, or 4.4%, year over year.
- Continued share repurchase program, repurchasing 570,527 shares
at an average cost of $10.15 per share, totaling $5.8 million.
- Redeemed $35 million subordinated debt with an 8.45% interest
rate.
“I am very proud of the progress our team is making in building
our relationship bank model,” said Joseph F. Casey, President and
CEO. “We have customer deposit growth of over 4% in 2023, as well
as growth in deposit market share in about 80% of our markets. This
growth will position us well for the future.”
Net Interest Income The Company’s net interest and
dividend income was $29.7 million for the quarter ended December
31, 2023, compared to $31.1 million for the quarter ended September
30, 2023, and $39.2 million for the quarter ended December 31,
2022. The tax equivalent interest rate spread and net interest
margin were 1.56% and 2.23%, respectively, for the quarter ended
December 31, 2023, compared to 1.70% and 2.34%, respectively, for
the quarter ended September 30, 2023, and 2.88% and 3.23%,
respectively, for the quarter ended December 31, 2022.
On December 1, 2023, the Company elected to redeem its
subordinated notes in the amount of $35 million. This early
redemption resulted in interest expense of $620,000 for the
remaining unamortized issuance costs during the quarter. Issuance
cost amortization recorded in the quarter ended September 30, 2023
was $32,000. For the quarter ended December 31, 2023, the tax
equivalent interest rate spread and net interest margin excluding
the additional amortization were 1.62% and 2.27%, respectively.
On a linked-quarter basis, the decreases in net interest and
dividend income, tax equivalent interest rate spread, and net
interest margin primarily reflect a higher cost of funding,
partially offset by increased loan balances and yields, with
liability repricing outpacing assets. While the yield on
interest-earning assets increased 7 basis points from the preceding
quarter, the cost of interest-bearing liabilities increased 21
basis points, in a competitive deposit pricing market.
The $9.5 million decrease in net interest and dividend income
from the prior year quarter reflects an increase of $22.0 million,
or 172.6%, in total interest expense, partially offset by an
increase of $12.5 million, or 24.0%, in total interest and dividend
income. The changes reflect rate and volume changes in both
interest-bearing assets and liabilities. The cost of
interest-bearing liabilities increased 186 basis points, while the
average balance increased $597.7 million, and the yield on
interest-earning assets increased 54 basis points, while the
average balance increased $496.8 million.
The quarter and year-to-date results reflect the continuing
impact of the successive federal funds rate increases that occurred
from March 2022 to July 2023 totaling 525 basis points. The current
market expectations for 2024 suggest falling rates throughout the
year, although pressure may remain on deposit pricing in
competitive markets as financial institutions continue to
prioritize customer deposit funding.
Noninterest Income Total noninterest income decreased
$2.7 million, or 23.2%, to $8.9 million for the quarter ended
December 31, 2023, from $11.6 million for the quarter ended
September 30, 2023. The decrease was primarily driven by a decrease
in the mortgage servicing rights (“MSR”) valuation for the three
months ended December 31, 2023 of $3.1 million, compared to an
increase of $770,000 for the three months ended September 30, 2023.
The MSR valuation was negatively impacted by key benchmark rates
used in the valuation model, which decreased from the prior
quarter. The impact on the MSR of principal payments on the
underlying mortgages was $487,000 and $645,000 for the quarters
ended, December 31, 2023 and September 30, 2023, respectively.
Persistent low inventory of for-sale residential real estate and
elevated mortgage interest rates continued to impact the results of
HarborOne Mortgage with gain on loan sales of $2.2 million from
mortgage loan closings of $124.2 million for the quarter ended
December 31, 2023, compared to $2.7 million in gain on loan sales
from mortgage loan closings of $157.6 million in the preceding
quarter.
Total noninterest income for the quarter and year ended December
31, 2023 included a $305,000 gain on sale of a former bank branch,
and $582,000 recognized on a revenue enhancing Bank-owned life
insurance (“BOLI”) surrender and exchange strategy. The BOLI income
was offset by a $464,000 corresponding tax impact included in the
provision for income taxes and a modified endowment contract charge
included in noninterest expense.
Total noninterest income decreased $996,000, or 10.1%, compared
to the quarter ended December 31, 2022, primarily due to a $1.1
million, or 53.7%, decrease in mortgage banking income. The prior
year quarter reflected a $2.1 million decrease in the fair value of
the MSR.
Noninterest Expense Total noninterest expense increased
$11.3 million, or 35.6% to $43.2 million for the quarter ended
December 31, 2023, from $31.9 million for the quarter ended
September 30, 2023. Excluding the one-time $10.8 million goodwill
impairment charge, noninterest expenses for the quarter ended
December 31, 2023 were $32.4 million. The linked-quarter increase,
excluding the goodwill impairment charge, was $582,000. Loan
expense for the quarter ended December 31, 2023 includes a $629,000
reversal of repurchase reserve at HarborOne Mortgage based on
updated assumptions used to determine the estimate.
Total noninterest expense increased $8.6 million, or 24.7%
compared to the prior year quarter of $34.6 million. Excluding the
goodwill impairment charge, noninterest expenses decreased $2.2
million from the prior year quarter. Full-time equivalent employees
decreased 80 for the year ended December 31, 2023, as HarborOne
Mortgage and the Bank proactively enacted cost saving measures,
including reductions in force. The reduction in force resulted in a
decrease in compensation and benefits expense of $905,000,
primarily reflecting decreased salary, mortgage origination
commission and incentive accruals, and an occupancy and equipment
expense decrease of $265,000. These decreases were partially offset
by a $409,000 increase in deposit insurance expense.
Asset Quality and Allowance for Credit Losses Total
nonperforming assets were $17.6 million at December 31, 2023,
compared to $18.8 million at September 30, 2023 and $14.8 million
at December 31, 2022. Nonperforming assets as a percentage of total
assets were 0.31% at December 31, 2023, 0.33% at September 30,
2023, and 0.28% at December 31, 2022.
The Company recorded a provision for loan credit losses of
$970,000 and $6.7 million for the quarter and year ended December
31, 2023. The provision for loan credit losses for the quarter and
year ended December 31, 2022 was $2.1 million and $5.7 million,
respectively, and the Company recorded a provision for loan credit
losses of $474,000 for the quarter ended September 30, 2023. Net
charge-offs totaled $1.3 million, or 0.11%, and $4.0 million, or
0.08%, of average loans outstanding on an annualized basis, for the
quarter and year ended December 31, 2023, respectively. Net
charge-offs totaled $2.1 million, or 0.19%, of average loans
outstanding on an annualized basis, for the quarter ended December
31, 2022 and net recoveries totaled $18,000 for the quarter ended
September 30, 2023. Loan credit loss provisioning for the fourth
quarter and the years ended December 31, 2023 and 2022, primarily
reflect replenishment of the allowance for credit losses (“ACL”) on
loans due to charge-offs and loan growth.
The ACL on loans was $48.0 million, or 1.01% of total loans, at
December 31, 2023, compared to $48.3 million, or 1.02% of total
loans, at September 30, 2023 and $45.2 million, or 0.99% of total
loans, at December 31, 2022. The ACL on unfunded commitments,
included in other liabilities on the unaudited Consolidated Balance
Sheets, amounted to $3.9 million at December 31, 2023, compared to
$4.2 million at September 30, 2023 and $4.9 million at December 31,
2022.
Management continues to closely monitor the loan portfolio for
signs of deterioration in light of speculation that commercial real
estate values may deteriorate as the market adjusts to higher
vacancies and interest rates. The commercial real estate portfolio
is centered in New England, with approximately 75% of the portfolio
secured by property located in Massachusetts and Rhode Island.
Approximately 60% of the commercial real estate loans are
fixed-rate loans with, in the opinion of management, limited
near-term maturity risk.
Management also continues to monitor certain sectors within the
commercial real estate segment that may be particularly susceptible
to increased credit risk as a result of trends that were
precipitated by the COVID-19 pandemic and may be exacerbated by
current economic conditions. This includes business-oriented
hotels, non-anchored retail space, and metro office space. As of
December 31, 2023, business-oriented hotels loans included 14 loans
with a total outstanding balance of $122.7 million, non-anchored
retail space loans included 28 loans with a total outstanding
balance of $44.8 million, and metro office space loans included two
loans with a total outstanding balance of $10.8 million. During the
fourth quarter of 2023, a charge-off of $1.3 million was recorded
on one of the metro office space loans based on a purchase and sale
agreement that is expected to close in the second quarter of 2024.
As of December 31, 2023, this loan has a carrying value of $5.7
million, was rated doubtful and on nonaccrual. There is also one
business-oriented hotel credit with a carrying value of $1.7
million that was rated substandard and on nonaccrual. The other
loans in these groups were performing in accordance with their
terms.
Balance Sheet Total assets were $5.67 billion and $5.36
billion as of December 31, 2023 and 2022, respectively, and $5.66
billion at September 30, 2023. The linked-quarter increase and
year-over-year increase primarily reflect increases in total loans
and cash and cash equivalents.
Available-for-sale securities were $290.2 million and $301.1
million at December 31, 2023 and 2022, respectively and $271.1
million at September 30, 2023. The unrealized loss on securities
available for sale was $62.0 million and $68.3 million as of
December 31, 2023 and 2022, respectively, as compared to $81.3
million of unrealized losses as of September 30, 2023. Securities
held to maturity were flat at $19.8 million, or 0.4% of total
assets, during 2023.
Loans increased $27.5 million, or 0.6%, to $4.75 billion at
December 31, 2023, from $4.72 billion at September 30, 2023. The
increase in loans for the three months ended December 31, 2023 was
primarily due to increases in commercial construction loans of
$17.2 million, commercial and industrial loans of $15.9 million,
and residential mortgage loans of $2.8 million, partially offset by
decreases in commercial real estate loans of $6.2 million and
consumer loans of $2.2 million.
Total deposits were $4.39 billion at December 31, 2023 and $4.41
billion at September 30, 2023. Compared to the prior quarter,
non-certificate accounts decreased $76.4 million and term
certificate accounts increased $4.2 million, as competitive rate
specials attracted term certificate deposits during the quarter.
Brokered deposits increased $49.7 million. As of December 31, 2023,
FDIC-insured deposits were approximately 68% of total deposits,
including Bank subsidiary deposits. Including Depositors Insurance
Fund (“DIF”) excess insurance coverage that remains available until
February 24, 2024, insured deposits are approximately 84% of total
deposits, including Bank subsidiary deposits. Although the Bank
exited the DIF as of February 24, 2023, insurance remains in place
for funds on deposit as of that date for one year, or until
maturity for term certificates.
FHLB borrowings increased $93.0 million to $568.5 million at
December 31, 2023 from $475.5 million at September 30, 2023. As of
December 31, 2023, the Bank had $1.18 billion in available
borrowing capacity across multiple relationships. Additionally, on
December 1, 2023, the Company redeemed its $35.0 million in
subordinated debt.
Total stockholders’ equity was $583.8 million at December 31,
2023, compared to $584.6 million at September 30, 2023 and $617.0
million at December 31, 2022. Stockholders’ equity decreased 0.1%
when compared to the prior quarter, as net loss and share
repurchases were partially offset by a decrease in unrealized loss
on available-for-sale securities. As of December 31, 2023, the
Company’s sixth share repurchase program, commenced in the third
quarter of 2023, is ongoing with 1,223,050 shares repurchased, at
an average price of $10.05, including $0.10 per share of excise
tax, since commencement. The
tangible-common-equity-to-tangible-assets ratio(2) was 9.33% at
December 31, 2023, 9.17% at September 30, 2023, and 10.31% at
December 31, 2022. At December 31, 2023, 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 net loss less goodwill impairment to
weighted average shares outstanding on a diluted basis. (2) 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; acquisitions may not produce results at levels or
within time frames originally anticipated; cybersecurity incidents,
fraud, natural disasters, war, terrorism, civil unrest, and
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 noninterest expense
excluding the goodwill impairment charge, diluted earnings per
share excluding the 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, is 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)
December 31,
September 30,
June 30,
March 31,
December 31,
(in thousands)
2023
2023
2023
2023
2022
Assets
Cash and due from banks
$
38,876
$
38,573
$
43,525
$
38,989
$
39,712
Short-term investments
188,474
208,211
209,326
210,765
58,305
Total cash and cash equivalents
227,350
246,784
252,851
249,754
98,017
Securities available for sale, at fair
value
290,151
271,078
292,012
303,059
301,149
Securities held to maturity, at amortized
cost
19,796
19,795
19,839
19,838
19,949
Federal Home Loan Bank stock, at cost
27,098
23,378
27,123
23,589
20,071
Asset held for sale
348
966
966
—
—
Loans held for sale, at fair value
19,686
17,796
20,949
13,956
18,544
Loans:
Commercial real estate
2,343,675
2,349,886
2,286,688
2,286,727
2,250,344
Commercial construction
208,443
191,224
228,902
212,689
199,311
Commercial and industrial
466,443
450,547
453,422
423,036
424,275
Total commercial loans
3,018,561
2,991,657
2,969,012
2,922,452
2,873,930
Residential real estate
1,709,714
1,706,950
1,701,766
1,667,934
1,634,319
Consumer
22,036
24,247
27,425
32,246
41,421
Loans
4,750,311
4,722,854
4,698,203
4,622,632
4,549,670
Less: Allowance for credit losses on
loans
(47,972)
(48,312)
(47,821)
(46,994)
(45,236)
Net loans
4,702,339
4,674,542
4,650,382
4,575,638
4,504,434
Mortgage servicing rights, at fair
value
46,111
49,201
48,176
47,080
48,138
Goodwill
59,042
69,802
69,802
69,802
69,802
Other intangible assets
1,515
1,704
1,893
2,082
2,272
Other assets
274,460
289,341
275,261
268,060
277,169
Total assets
$
5,667,896
$
5,664,387
$
5,659,254
$
5,572,858
$
5,359,545
Liabilities and Stockholders'
Equity
Deposits:
Demand deposit accounts
$
659,973
$
708,847
$
717,572
$
726,548
$
762,576
NOW accounts
305,825
289,141
286,956
287,376
297,692
Regular savings and club accounts
1,265,315
1,324,635
1,390,906
1,455,318
1,468,172
Money market deposit accounts
966,201
951,128
834,120
796,008
861,704
Term certificate accounts
863,457
859,266
742,931
653,553
497,975
Brokered deposits
326,638
276,941
315,003
322,927
301,380
Total deposits
4,387,409
4,409,958
4,287,488
4,241,730
4,189,499
FHLB borrowings
568,462
475,470
604,568
590,665
400,675
Subordinated debt
—
34,380
34,348
34,317
34,285
Other liabilities and accrued expenses
128,266
159,945
137,318
106,352
118,110
Total liabilities
5,084,137
5,079,753
5,063,722
4,973,064
4,742,569
Common stock
598
597
597
597
596
Additional paid-in capital
486,502
485,144
484,544
483,831
483,031
Unearned compensation - ESOP
(25,785)
(26,245)
(26,704)
(27,164)
(27,623)
Retained earnings
359,656
369,930
364,709
360,454
356,438
Treasury stock
(193,590)
(187,803)
(181,324)
(175,514)
(148,384)
Accumulated other comprehensive loss
(43,622)
(56,989)
(46,290)
(42,410)
(47,082)
Total stockholders' equity
583,759
584,634
595,532
599,794
616,976
Total liabilities and stockholders'
equity
$
5,667,896
$
5,664,387
$
5,659,254
$
5,572,858
$
5,359,545
HarborOne Bancorp,
Inc.
Consolidated Statements of Net
Income - Trend
(Unaudited)
Quarters Ended
December 31,
September 30,
June 30,
March 31,
December 31,
(in thousands, except share data)
2023
2023
2023
2023
2022
Interest and dividend income:
Interest and fees on loans
$
59,499
$
58,124
$
55,504
$
52,771
$
49,177
Interest on loans held for sale
369
370
326
286
334
Interest on securities
2,001
2,003
2,035
2,079
2,045
Other interest and dividend income
2,516
2,667
2,935
803
359
Total interest and dividend income
64,385
63,164
60,800
55,939
51,915
Interest expense:
Interest on deposits
27,310
25,039
20,062
15,913
8,499
Interest on FHLB and FRB borrowings
6,260
6,439
8,114
5,105
3,703
Interest on subordinated debentures
1,122
606
524
523
524
Total interest expense
34,692
32,084
28,700
21,541
12,726
Net interest and dividend income
29,693
31,080
32,100
34,398
39,189
Provision (benefit) for credit losses
644
(113)
3,283
1,866
2,108
Net interest and dividend income, after
provision for credit losses
29,049
31,193
28,817
32,532
37,081
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans
2,176
2,704
3,300
2,224
2,301
Changes in mortgage servicing rights fair
value
(3,553)
125
436
(1,692)
(2,631)
Other
2,301
2,270
2,312
2,216
2,325
Total mortgage banking income
924
5,099
6,048
2,748
1,995
Deposit account fees
5,178
5,133
5,012
4,733
5,031
Income on retirement plan annuities
147
146
128
119
118
Bank-owned life insurance income
1,207
531
511
500
501
Other income
1,448
689
963
590
2,255
Total noninterest income
8,904
11,598
12,662
8,690
9,900
Noninterest expenses:
Compensation and benefits
19,199
18,699
18,220
17,799
20,104
Occupancy and equipment
4,670
4,430
4,633
5,040
4,935
Data processing
2,474
2,548
2,403
2,346
2,359
Loan (income) expense
(317)
385
417
313
169
Marketing
811
794
925
1,181
862
Professional fees
1,690
1,374
1,114
1,501
1,446
Deposit insurance
795
1,004
1,176
510
385
Goodwill impairment
10,760
—
—
—
—
Other expenses
3,132
2,638
2,837
2,819
4,384
Total noninterest expenses
43,214
31,872
31,725
31,509
34,644
(Loss) income before income taxes
(5,261)
10,919
9,754
9,713
12,337
Income tax provision
1,850
2,507
2,275
2,416
2,760
Net (loss) income
$
(7,111)
$
8,412
$
7,479
$
7,297
$
9,577
(Losses) earnings per common share:
Basic
$
(0.17)
$
0.20
$
0.17
$
0.16
$
0.21
Diluted
$
(0.17)
$
0.20
$
0.17
$
0.16
$
0.21
Weighted average shares outstanding:
Basic
42,111,872
42,876,893
43,063,507
44,857,224
45,321,491
Diluted
42,299,858
42,983,477
43,133,455
45,284,240
45,861,658
HarborOne Bancorp,
Inc.
Consolidated Statements of Net
Income - Trend
(Unaudited)
For the Years Ended December
31,
(dollars in thousands, except share
data)
2023
2022
$ Change
% Change
Interest and dividend income:
Interest and fees on loans
$
225,898
$
162,340
$
63,558
39.2
%
Interest on loans held for sale
1,351
1,306
45
3.4
Interest on securities
8,118
7,590
528
7.0
Other interest and dividend income
8,921
694
8,227
1185.4
Total interest and dividend income
244,288
171,930
72,358
42.1
Interest expense:
Interest on deposits
88,324
15,630
72,694
465.1
Interest on FHLB and FRB borrowings
25,918
5,219
20,699
396.6
Interest on subordinated debentures
2,775
2,095
680
32.5
Total interest expense
117,017
22,944
94,073
410.0
Net interest and dividend income
127,271
148,986
(21,715)
(14.6)
Provision for credit losses
5,680
5,660
20
0.4
Net interest and dividend income, after
provision for credit losses
121,591
143,326
(21,735)
(15.2)
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans
10,404
15,970
(5,566)
(34.9)
Changes in mortgage servicing rights fair
value
(4,684)
5,332
(10,016)
(187.8)
Other
9,099
9,948
(849)
(8.5)
Total mortgage banking income
14,819
31,250
(16,431)
(52.6)
Deposit account fees
20,056
19,265
791
4.1
Income on retirement plan annuities
540
456
84
18.4
Bank-owned life insurance income
2,749
1,981
768
38.8
Other income
3,690
4,357
(667)
(15.3)
Total noninterest income
41,854
57,309
(15,455)
(27.0)
Noninterest expenses:
Compensation and benefits
73,917
83,273
(9,356)
(11.2)
Occupancy and equipment
18,773
19,767
(994)
(5.0)
Data processing
9,771
9,170
601
6.6
Loan expense
798
1,387
(589)
(42.5)
Marketing
3,711
3,916
(205)
(5.2)
Professional fees
5,679
6,122
(443)
(7.2)
Deposit insurance
3,485
1,445
2,040
141.2
Goodwill impairment
10,760
—
10,760
0.0
Other expenses
11,426
13,826
(2,400)
(17.4)
Total noninterest expenses
138,320
138,906
(586)
(0.4)
Income before income taxes
25,125
61,729
(36,604)
(59.3)
Income tax provision
9,048
16,140
(7,092)
(43.9)
Net income
$
16,077
$
45,589
$
(29,512)
(64.7)
%
Earnings per common share:
Basic
$
0.37
$
0.98
Diluted
$
0.37
$
0.97
Weighted average shares outstanding:
Basic
43,221,738
46,483,664
Diluted
43,419,622
47,118,457
HarborOne Bancorp,
Inc.
Average Balances /
Yields
(Unaudited)
Quarters Ended
December 31, 2023
September 30, 2023
December 31, 2022
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)
$
370,683
$
2,001
2.14
%
$
375,779
$
2,003
2.11
%
$
388,247
$
2,045
2.09
%
Other interest-earning assets
205,929
2,516
4.85
207,234
2,667
5.11
42,640
359
3.34
Loans held for sale
20,010
369
7.32
20,919
370
7.02
22,350
334
5.93
Loans
Commercial loans (2)(3)
3,005,840
41,263
5.45
2,980,817
40,438
5.38
2,770,667
34,351
4.92
Residential real estate loans (3)(4)
1,707,978
18,103
4.21
1,700,383
17,525
4.09
1,566,389
14,352
3.64
Consumer loans (3)
22,324
384
6.82
25,126
412
6.51
45,629
632
5.50
Total loans
4,736,142
59,750
5.01
4,706,326
58,375
4.92
4,382,685
49,335
4.47
Total interest-earning assets
5,332,764
64,636
4.81
5,310,258
63,415
4.74
4,835,922
52,073
4.27
Noninterest-earning assets
313,729
314,030
311,372
Total assets
$
5,646,493
$
5,624,288
$
5,147,294
Interest-bearing liabilities:
Savings accounts
$
1,307,774
6,875
2.09
$
1,360,728
6,787
1.98
$
1,408,493
3,591
1.01
NOW accounts
290,147
122
0.17
274,329
75
0.11
291,890
40
0.05
Money market accounts
963,223
9,288
3.83
910,694
8,355
3.64
878,609
3,312
1.50
Certificates of deposit
859,274
8,329
3.85
818,182
7,212
3.50
487,121
1,062
0.86
Brokered deposits
288,449
2,696
3.71
287,428
2,610
3.60
148,460
494
1.32
Total interest-bearing deposits
3,708,867
27,310
2.92
3,651,361
25,039
2.72
3,214,573
8,499
1.05
FHLB and FRB borrowings
507,520
6,260
4.89
508,001
6,439
5.03
392,508
3,703
3.74
Subordinated debentures
22,614
1,122
19.68
34,364
606
7.00
34,268
524
6.07
Total borrowings
530,134
7,382
5.52
542,365
7,045
5.15
426,776
4,227
3.93
Total interest-bearing liabilities
4,239,001
34,692
3.25
4,193,726
32,084
3.04
3,641,349
12,726
1.39
Noninterest-bearing
liabilities:
Noninterest-bearing deposits
683,548
705,009
788,572
Other noninterest-bearing liabilities
137,239
126,742
101,621
Total liabilities
5,059,788
5,025,477
4,531,542
Total stockholders' equity
586,705
598,811
615,752
Total liabilities and stockholders'
equity
$
5,646,493
$
5,624,288
$
5,147,294
Tax equivalent net interest income
29,944
31,331
39,347
Tax equivalent interest rate spread
(5)
1.56
%
1.70
%
2.88
%
Less: tax equivalent adjustment
251
251
158
Net interest income as reported
$
29,693
$
31,080
$
39,189
Net interest-earning assets (6)
$
1,093,763
$
1,116,532
$
1,194,573
Net interest margin (7)
2.21
%
2.32
%
3.22
%
Tax equivalent effect
0.02
0.02
0.01
Net interest margin on a fully tax
equivalent basis
2.23
%
2.34
%
3.23
%
Ratio of interest-earning assets to
interest-bearing liabilities
125.80
%
126.62
%
132.81
%
Supplemental information:
Total deposits, including demand
deposits
$
4,392,415
$
27,310
$
4,356,370
$
25,039
$
4,003,145
$
8,499
Cost of total deposits
2.47
%
2.28
%
0.84
%
Total funding liabilities, including
demand deposits
$
4,922,549
$
34,692
$
4,898,735
$
32,084
$
4,429,921
$
12,726
Cost of total funding liabilities
2.80
%
2.60
%
1.14
%
(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 /
Yields
(Unaudited)
For the Years Ended
December 31, 2023
December 31, 2022
Average
Average
Outstanding
Yield/
Outstanding
Yield/
Balance
Interest
Cost (8)
Balance
Interest
Cost (8)
(dollars in thousands)
Interest-earning assets:
Investment securities (1)
$
378,828
$
8,118
2.14
%
$
390,894
$
7,590
1.94
%
Other interest-earning assets
179,338
8,921
4.97
70,987
694
0.98
Loans held for sale
19,671
1,351
6.87
27,409
1,306
4.76
Loans
Commercial loans (2)(3)
2,956,956
157,379
5.32
2,493,646
110,305
4.42
Residential real estate loans (3)(4)
1,684,793
67,701
4.02
1,398,190
48,645
3.48
Consumer loans (3)
28,149
1,734
6.16
78,766
3,811
4.84
Total loans
4,669,898
226,814
4.86
3,970,602
162,761
4.10
Total interest-earning assets
5,247,735
245,204
4.67
4,459,892
172,351
3.86
Noninterest-earning assets
311,558
314,670
Total assets
$
5,559,293
$
4,774,562
Interest-bearing liabilities:
Savings accounts
$
1,386,891
25,271
1.82
$
1,284,364
5,794
0.45
NOW accounts
280,218
292
0.10
302,530
156
0.05
Money market accounts
875,722
29,138
3.33
879,133
5,632
0.64
Certificates of deposit
735,614
23,499
3.19
495,066
3,248
0.66
Brokered deposits
296,838
10,124
3.41
112,939
800
0.71
Total interest-bearing deposits
3,575,283
88,324
2.47
3,074,032
15,630
0.51
FHLB and FRB borrowings
532,586
25,918
4.87
170,748
5,219
3.06
Subordinated debentures
31,378
2,775
8.84
34,221
2,095
6.12
Total borrowings
563,964
28,693
5.09
204,969
7,314
3.57
Total interest-bearing liabilities
4,139,247
117,017
2.83
3,279,001
22,944
0.70
Noninterest-bearing
liabilities:
Noninterest-bearing deposits
705,438
771,299
Other noninterest-bearing liabilities
113,675
85,995
Total liabilities
4,958,360
4,136,295
Total stockholders' equity
600,933
638,267
Total liabilities and stockholders'
equity
$
5,559,293
$
4,774,562
Tax equivalent net interest income
128,187
149,407
Tax equivalent interest rate spread
(5)
1.84
%
3.16
%
Less: tax equivalent adjustment
916
421
Net interest income as reported
$
127,271
$
148,986
Net interest-earning assets (6)
$
1,108,488
$
1,180,891
Net interest margin (7)
2.43
%
3.34
%
Tax equivalent effect
0.01
0.01
Net interest margin on a fully tax
equivalent basis
2.44
%
3.35
%
Ratio of interest-earning assets to
interest-bearing liabilities
126.78
%
136.01
%
Supplemental information:
Total deposits, including demand
deposits
$
4,280,721
$
88,324
$
3,845,331
$
15,630
Cost of total deposits
2.06
%
0.41
%
Total funding liabilities, including
demand deposits
$
4,844,685
$
117,017
$
4,050,300
$
22,944
Cost of total funding liabilities
2.42
%
0.57
%
(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.
HarborOne Bancorp,
Inc.
Average Balances and Yield
Trend
(Unaudited)
Average Balances - Trend -
Quarters Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
(in thousands)
Interest-earning assets:
Investment securities (1)
$
370,683
$
375,779
$
381,762
$
387,303
$
388,247
Other interest-earning assets
205,929
207,234
238,891
63,426
42,640
Loans held for sale
20,010
20,919
19,614
18,108
22,350
Loans
Commercial loans (2)(3)
3,005,840
2,980,817
2,938,292
2,901,464
2,770,667
Residential real estate loans (3)(4)
1,707,978
1,700,383
1,682,860
1,647,109
1,566,389
Consumer loans (3)
22,324
25,126
29,025
36,310
45,629
Total loans
4,736,142
4,706,326
4,650,177
4,584,883
4,382,685
Total interest-earning assets
5,332,764
5,310,258
5,290,444
5,053,720
4,835,922
Noninterest-earning assets
313,729
314,030
305,132
313,309
311,372
Total assets
$
5,646,493
$
5,624,288
$
5,595,576
$
5,367,029
$
5,147,294
Interest-bearing liabilities:
Savings accounts
$
1,307,774
$
1,360,728
$
1,421,622
$
1,459,392
$
1,408,493
NOW accounts
290,147
274,329
280,501
275,801
291,890
Money market accounts
963,223
910,694
802,373
824,694
878,609
Certificates of deposit
859,274
818,182
708,087
552,636
487,121
Brokered deposits
288,449
287,428
281,614
330,426
148,460
Total interest-bearing deposits
3,708,867
3,651,361
3,494,197
3,442,949
3,214,573
FHLB and FRB borrowings
507,520
508,001
666,345
448,096
392,508
Subordinated debentures
22,614
34,364
34,331
34,298
34,268
Total borrowings
530,134
542,365
700,676
482,394
426,776
Total interest-bearing liabilities
4,239,001
4,193,726
4,194,873
3,925,343
3,641,349
Noninterest-bearing
liabilities:
Noninterest-bearing deposits
683,548
705,009
712,081
721,536
788,572
Other noninterest-bearing liabilities
137,239
126,742
88,363
101,820
101,621
Total liabilities
5,059,788
5,025,477
4,995,317
4,748,699
4,531,542
Total stockholders' equity
586,705
598,811
600,259
618,330
615,752
Total liabilities and stockholders'
equity
$
5,646,493
$
5,624,288
$
5,595,576
$
5,367,029
$
5,147,294
Annualized Yield Trend -
Quarters Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Interest-earning assets:
Investment securities (1)
2.14
%
2.11
%
2.14
%
2.18
%
2.09
%
Other interest-earning assets
4.85
%
5.11
%
4.93
%
5.13
%
3.34
%
Loans held for sale
7.32
%
7.02
%
6.67
%
6.41
%
5.93
%
Commercial loans (2)(3)
5.45
%
5.38
%
5.30
%
5.15
%
4.92
%
Residential real estate loans (3)(4)
4.21
%
4.09
%
3.92
%
3.85
%
3.64
%
Consumer loans (3)
6.82
%
6.51
%
5.79
%
5.80
%
5.50
%
Total loans
5.01
%
4.92
%
4.81
%
4.69
%
4.47
%
Total interest-earning assets
4.81
%
4.74
%
4.63
%
4.51
%
4.27
%
Interest-bearing liabilities:
Savings accounts
2.09
%
1.98
%
1.74
%
1.51
%
1.01
%
NOW accounts
0.17
%
0.11
%
0.08
%
0.05
%
0.05
%
Money market accounts
3.83
%
3.64
%
3.13
%
2.58
%
1.50
%
Certificates of deposit
3.85
%
3.50
%
2.99
%
1.97
%
0.86
%
Brokered deposits
3.71
%
3.60
%
3.29
%
3.08
%
1.32
%
Total interest-bearing deposits
2.92
%
2.72
%
2.30
%
1.87
%
1.05
%
FHLB and FRB borrowings
4.89
%
5.03
%
4.88
%
4.62
%
3.74
%
Subordinated debentures
19.68
%
7.00
%
6.12
%
6.18
%
6.07
%
Total borrowings
5.52
%
5.15
%
4.94
%
4.73
%
3.93
%
Total interest-bearing liabilities
3.25
%
3.04
%
2.74
%
2.23
%
1.39
%
(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
December 31,
September 30,
June 30,
March 31,
December 31,
Performance Ratios
(annualized):
2023
2023
2023
2023
2022
(dollars in thousands)
Net (loss) income
$
(7,111)
$
8,411
$
7,450
$
7,297
$
9,577
Less: Goodwill impairment charge
10,760
—
—
—
—
Net income, excluding goodwill impairment
charge
$
3,649
$
8,411
$
7,450
$
7,297
$
9,577
Average Assets
$
5,646,493
$
5,624,288
$
5,595,576
$
5,367,029
$
5,147,294
Average Equity
$
586,705
$
598,811
$
600,258
$
618,330
$
615,752
Return on average assets (ROAA)
(0.50)
%
0.60
%
0.54
%
0.54
%
0.74
%
Return on average assets (ROAA), excluding
goodwill impairment charge(1)
0.26
%
0.60
%
0.54
%
0.54
%
0.74
%
Return on average equity (ROAE)
(4.85)
%
5.62
%
4.98
%
4.72
%
6.22
%
Return on average equity (ROAE), excluding
goodwill impairment charge(2)
2.49
%
5.62
%
4.98
%
4.72
%
6.22
%
Total noninterest expense
$
43,214
$
31,872
$
31,725
$
31,509
$
34,644
Less: Amortization of other intangible
assets
189
189
189
189
189
Total adjusted noninterest expense
43,025
31,683
31,536
31,320
34,455
Less: Goodwill impairment charge
10,760
—
—
—
—
Total adjusted noninterest expense,
excluding goodwill impairment
$
32,265
$
31,683
$
31,536
$
31,320
$
34,455
Net interest and dividend income
$
29,693
$
31,080
$
32,100
$
34,398
$
39,189
Total noninterest income
8,904
11,598
12,662
8,690
9,900
Total revenue
$
38,597
$
42,678
$
44,762
$
43,088
$
49,089
Efficiency ratio (3)
111.47
%
74.24
%
70.45
%
72.69
%
70.19
%
Efficiency ratio, excluding goodwill
impairment charge(4)
83.59
%
74.24
%
70.45
%
72.69
%
70.19
%
(1)
This non-GAAP measure represents net
income, excluding goodwill impairment charge to average assets
(2)
This non-GAAP measure represents net
income, excluding goodwill impairment charge to average equity
(3)
This non-GAAP measure represents adjusted
noninterest expense divided by total revenue
(4)
This non-GAAP measure represents adjusted
noninterest expense, excluding goodwill impairment divided by total
revenue
At or for the Quarters
Ended
December 31,
September 30,
June 30,
March 31,
December 31,
Asset Quality
2023
2023
2023
2023
2022
(dollars in thousands)
Total nonperforming assets
$
17,582
$
18,795
$
20,234
$
12,300
$
14,840
Nonperforming assets to total assets
0.31
%
0.33
%
0.36
%
0.22
%
0.28
%
Allowance for credit losses on loans to
total loans
1.01
%
1.02
%
1.02
%
1.02
%
0.99
%
Net charge-offs (recoveries)
$
1,311
$
(18)
$
2,671
$
(11)
$
2,067
Annualized net charge-offs
(recoveries)/average loans
0.11
%
—
%
0.23
%
—
%
0.19
%
Allowance for credit losses on loans to
nonperforming loans
273.92
%
257.21
%
236.62
%
383.50
%
305.93
%
HarborOne Bancorp,
Inc.
Selected Financial
Highlights
(Unaudited)
Quarters Ended
December 31,
September 30,
June 30,
March 31,
December 31,
Capital and Share Related
2023
2023
2023
2023
2022
(dollars in thousands, except share
data)
Common stock outstanding
45,401,224
45,915,364
46,575,478
47,063,087
48,961,452
Book value per share
$
12.86
$
12.73
$
12.79
$
12.74
$
12.60
Tangible common equity:
Total stockholders' equity
$
583,759
$
584,634
$
595,532
$
599,794
$
616,976
Less: Goodwill
59,042
69,802
69,802
69,802
69,802
Less: Other intangible assets (1)
1,515
1,704
1,893
2,082
2,272
Tangible common equity
$
523,202
$
513,128
$
523,837
$
527,910
$
544,902
Tangible book value per share (2)
$
11.52
$
11.18
$
11.25
$
11.22
$
11.13
Tangible assets:
Total assets
$
5,667,896
$
5,664,387
$
5,659,254
$
5,572,858
$
5,359,545
Less: Goodwill
59,042
69,802
69,802
69,802
69,802
Less: Other intangible assets
1,515
1,704
1,893
2,082
2,272
Tangible assets
$
5,607,339
$
5,592,881
$
5,587,559
$
5,500,974
$
5,287,471
Tangible common equity / tangible assets
(3)
9.33
%
9.17
%
9.38
%
9.60
%
10.31
%
(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
December 31,
September 30,
June 30,
March 31,
December 31,
Statements of Net Income for HarborOne
Bank Segment:
2023
2023
2023
2023
2022
(Dollars in thousands)
Net interest and dividend income
$
30,637
$
31,468
$
32,490
$
34,562
$
39,258
Provision (benefit) for credit losses
644
(113)
3,283
1,866
2,108
Net interest and dividend income, after
provision for credit losses
29,993
31,581
29,207
32,696
37,150
Mortgage banking income:
Intersegment loss
(159)
(198)
(358)
(348)
(997)
Changes in mortgage servicing rights fair
value
(257)
18
29
(136)
(263)
Other
185
188
195
201
203
Total mortgage banking (loss) income
(231)
8
(134)
(283)
(1,057)
Other noninterest income:
Deposit account fees
5,178
5,132
5,013
4,733
5,031
Income on retirement plan annuities
147
146
128
119
118
Bank-owned life insurance income
1,207
531
511
500
501
Other income
1,405
694
962
590
2,129
Total noninterest income
7,706
6,511
6,480
5,659
6,722
Noninterest expenses:
Compensation and benefits
16,535
15,238
15,067
14,764
16,531
Occupancy and equipment
4,038
3,828
3,910
4,295
4,236
Data processing
2,462
2,527
2,355
2,305
2,285
Loan expense
153
128
96
87
55
Marketing
751
709
787
1,063
747
Professional fees
1,404
914
699
996
1,027
Deposit insurance
794
1,004
1,176
510
385
Other expenses
2,476
1,924
2,103
2,170
3,478
Total noninterest expenses
28,613
26,272
26,193
26,190
28,744
Less: Amortization of other intangible
assets
189
190
189
189
189
Total adjusted noninterest expense
28,424
26,082
26,004
26,001
28,555
Income before income taxes
9,086
11,820
9,494
12,165
15,128
Provision for income taxes
2,535
2,716
2,193
3,115
2,817
Net income
$
6,551
$
9,104
$
7,301
$
9,050
$
12,311
Efficiency ratio (1) - QTD
74.13
%
68.67
%
66.73
%
64.65
%
62.10
%
Efficiency ratio (1) - YTD
68.49
%
66.64
%
65.67
%
64.65
%
64.25
%
(1)
This non-GAAP measure represents adjusted
noninterest expense divided by total revenue
HarborOne Bancorp,
Inc.
Segments Key Financial
Data
(Unaudited)
Quarters Ended
December 31,
September 30,
June 30,
March 31,
December 31,
Statements of Net Income for HarborOne
Mortgage Segment:
2023
2023
2023
2023
2022
(Dollars in thousands)
Net interest and dividend income
$
160
$
199
$
120
$
327
$
419
Mortgage banking income:
Gain on sale of mortgage loans
2,176
2,704
3,300
2,224
2,301
Intersegment gain
56
249
90
454
553
Changes in mortgage servicing rights fair
value
(3,296)
107
407
(1,556)
(2,368)
Other
2,116
2,082
2,117
2,015
2,122
Total mortgage banking income
1,052
5,142
5,914
3,137
2,608
Other noninterest income (loss)
2
(4)
—
—
126
Total noninterest income
1,054
5,138
5,914
3,137
2,734
Noninterest expenses:
Compensation and benefits
3,217
4,014
3,700
3,575
3,825
Occupancy and equipment
596
567
688
701
663
Data processing
13
21
48
41
74
Loan expense
(470)
258
321
226
114
Marketing
60
85
138
118
115
Professional fees
120
155
180
257
115
Goodwill impairment
10,760
—
—
—
—
Other expenses
371
390
418
404
546
Total noninterest expenses
14,667
5,490
5,493
5,322
5,452
(Loss) income before income taxes
(13,453)
(153)
541
(1,858)
(2,299)
Income tax (benefit) provision
(596)
(15)
232
(565)
—
Net (loss) income
$
(12,857)
$
(138)
$
309
$
(1,293)
$
(2,299)
Efficiency ratio (1) - QTD
1,208.15
%
102.87
%
91.03
%
153.64
%
172.91
%
Efficiency ratio, excluding goodwill
impairment (2) - QTD
321.83
%
102.87
%
91.03
%
153.64
%
172.91
%
Efficiency ratio (1) - YTD
192.98
%
109.91
%
113.87
%
153.64
%
77.92
%
Efficiency ratio, excluding goodwill
impairment (2) - YTD
125.94
%
109.91
%
113.87
%
153.64
%
77.92
%
(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/20240129251452/en/
Joseph F. Casey, President and Chief Executive Officer (508)
895-1312 jcasey@harborone.com
HarborOne Bancorp (NASDAQ:HONE)
Historical Stock Chart
Von Dez 2024 bis Jan 2025
HarborOne Bancorp (NASDAQ:HONE)
Historical Stock Chart
Von Jan 2024 bis Jan 2025
