HarborOne Bancorp, Inc. Announces Share Repurchase Program
July 05 2023 - 8:43AM
Business Wire
HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE) announced
today that its Board of Directors has adopted a share repurchase
program. Under the share repurchase program, which has received
regulatory approval, the Company may repurchase up to 2,325,489
shares of its common stock, or approximately 5% of the Company’s
current issued and outstanding shares.
Repurchases under this program may be made in open market
transactions, and pursuant to any trading plan that may be adopted
in accordance with Rule 10b5-1 of the Securities and Exchange
Commission. The timing and actual number of shares repurchased will
depend on a variety of factors including price, corporate and
regulatory requirements, market conditions, and other corporate
liquidity requirements and priorities. The repurchase program does
not obligate the Company to purchase any particular number of
shares.
Any repurchased shares will be held by the Company as authorized
but unissued shares. The repurchase program may be suspended or
terminated at any time without prior notice, and it will expire on
June 30, 2024.
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.
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 customer behavior; ongoing turbulence
in the capital and debt markets and the impact of such conditions
on the Company’s business activities; changes in interest rates;
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 future
pandemics; changes in regulation; changes in accounting standards
and practices; the risk that goodwill and intangibles recorded in
the Company’s financial statements will become impaired; demand for
loans in the Company’s market area; the Company’s ability to
attract and maintain deposits; risks related to the implementation
of acquisitions, dispositions, and restructurings; the risk that
the Company may not be successful in the implementation of its
business strategy; changes in assumptions used in making such
forward-looking statements and the risk factors described in the
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as
filed with the SEC, which are available at the SEC’s website,
www.sec.gov. Should one or more of these risks materialize or
should underlying beliefs or assumptions prove incorrect, the
Company’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.
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 31 full-service branches located in
Massachusetts and Rhode Island, and a commercial lending office in
each of 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, is a
full-service mortgage lender with 29 offices in Florida, Maine,
Massachusetts, New Jersey, Rhode Island, and New Hampshire, and is
licensed to lend in five additional states.
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Linda Simmons, EVP, CFO (508) 895-1379
HarborOne Bancorp (NASDAQ:HONE)
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