HarborOne Bancorp, Inc. Announces Share Repurchase Program
April 16 2021 - 4:00PM
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 is subject to
regulatory approval, the Company may repurchase up to 2,790,903
shares of the Company’s common stock, or approximately 5% of the
Company’s issued and outstanding shares as of March 31, 2021.
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
April 16, 2022.
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, the negative impacts and disruptions of the COVID-19
pandemic and the measures taken to contain its spread on our
employees, customers, business operations, credit quality,
financial position, liquidity and results of operations; the length
and extent of economic contraction as a result of the COVID-19
pandemic; the effects of continued deterioration in employment
levels, general business and economic conditions 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; 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; operational
risks including, but not limited to, cybersecurity incidents,
fraud, natural disasters, and future pandemics; changes in
regulation; reputational risk relating to the Company’s
participation in the Paycheck Protection Program and other
pandemic-related legislative and regulatory initiatives and
programs; 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
Securities and Exchange Commission (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 Bancorp, Inc.’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 savings bank. HarborOne Bank serves
the financial needs of consumers, businesses, and municipalities
throughout Eastern Massachusetts and Rhode Island through a network
of 26 full-service branches located in Massachusetts and Rhode
Island, and a commercial lending office in each of Boston,
Massachusetts and Providence, Rhode Island. The Bank also provides
a range of educational services through “HarborOne U,” with classes
on small business, financial literacy and personal enrichment at
two campuses located adjacent to our Brockton and Mansfield
locations. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank,
is a full-service mortgage lender with more than 30 offices in
Massachusetts, Rhode Island, New Hampshire, Maine, and New Jersey
and is licensed to lend in five additional states.
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version on businesswire.com: https://www.businesswire.com/news/home/20210416005516/en/
Linda Simmons, EVP, CFO (508) 895-1379
HarborOne Bancorp (NASDAQ:HONE)
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