HarborOne Bancorp, Inc. Announces Increase in Quarterly Cash Dividend to $0.07 Per Share
March 31 2022 - 8:00AM
Business Wire
HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE), the
holding company of HarborOne Bank, today announced that its Board
of Directors has declared a quarterly cash dividend of $0.07 per
share, which represents an increase of $0.02 per share, or 40%
compared to its most recent dividend paid on January 18, 2022. The
dividend will be paid on April 27, 2022 to all shareholders of
record as of the close of business on April 13, 2022.
“We are very pleased to provide an increase to the quarterly
cash dividend payment on the Company’s common stock from $0.05 to
$0.07 commencing in the first quarter of 2022,” said James W.
Blake, Chief Executive Officer of the Company. “The dividend
increase is well supported by our current and projected earnings as
we continue executing our business plan.” Joseph F. Casey,
President and Chief Operating Officer of the Company, stated: “Our
strong financial performance enables us to increase our quarterly
cash dividend while maintaining sufficient capital to support our
strategic growth initiatives.”
The increased quarterly dividend level equates to an annualized
dividend rate of $0.28 per common share.
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; changes in
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’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 30 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, and New Hampshire and is licensed to
lend in seven additional states.
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Linda Simmons, EVP, CFO (508) 895-1379
HarborOne Bancorp (NASDAQ:HONE)
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