HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ:
HONE), the holding company for HarborOne Bank (the “Bank”),
announced net income of $7.3 million, or $0.18 per diluted share,
for the second quarter of 2024, compared to a net income of $7.3
million, or $0.17 per diluted share for the preceding quarter, and
net income of $7.5 million, or $0.17 per diluted share for the same
period last year. Net income for the six months ended June 30, 2024
was $14.6 million, or $0.35 per diluted share, compared to $14.8
million, or $0.33 per diluted share for the same period in
2023.
Selected Financial Highlights:
- Loan growth of $62.5 million, or 5.2% annualized; client
deposit growth of $66.9 million, or 6.7% annualized.
- Improved asset quality; nonperforming loans as a percentage of
total loans were 0.20% compared to 0.25% last quarter.
- Net interest margin improvement to 2.31% from 2.25% on a
linked-quarter basis.
- Commenced new share repurchase program to repurchase
approximately 5% of outstanding shares over the next year.
- $1.8 million gain on sale of former Bank headquarters,
partially offset by a $1.0 million loss on sale of low-yielding
securities.
“I am pleased with our team’s execution this quarter, producing
19% annualized revenue growth, and improved net interest margin,
through balanced loan and deposit growth,” said Joseph F. Casey,
President and CEO. “Additionally, we improved our already solid
asset quality.”
Net Interest Income Net interest and dividend income was
$31.4 million for the quarter ended June 30, 2024, compared to
$30.6 million for the quarter ended March 31, 2024, and $32.1
million for the quarter ended June 30, 2023. The tax equivalent
interest rate spread and net interest margin were 1.66% and 2.31%,
respectively, for the quarter ended June 30, 2024, compared to
1.62% and 2.25%, respectively, for the quarter ended March 31,
2024, and 1.89% and 2.45%, respectively, for the quarter ended June
30, 2023.
On a linked-quarter basis, the increase in the net interest
margin, interest rate spread and net interest and dividend income
reflects average interest-earning assets increasing $1.6 million
and the yield on interest-earning assets increasing 7 basis points,
while average interest-bearing liabilities decreased $10.9 million
and the cost of those liabilities increased 3 basis points. The
cost of interest-bearing deposits, excluding brokered deposits,
increased 10 basis points, primarily due to certificate of deposit
rollovers at higher rates. Average checking account balances
increased $25.7 million on a linked-quarter basis.
The $750,000 decrease in net interest and dividend income from
the prior year quarter reflects an increase of $7.9 million, or
27.5%, in total interest expense, partially offset by an increase
of $7.2 million, or 11.8%, in total interest and dividend income.
The total cost of funding liabilities increased 53 basis points,
while the average balance increased $199.2 million, and the yield
on interest-earning assets increased 35 basis points, while the
average balance increased $216.7 million.
Noninterest Income Total noninterest income improved $1.2
million, or 11.0%, to $11.9 million for the quarter ended June 30,
2024, from $10.7 million for the quarter ended March 31, 2024.
HarborOne Mortgage, LLC (“HarborOne Mortgage”) capitalized on the
seasonal increase in residential real estate sales, with gain on
loan sales of $3.1 million from mortgage closings of $173.0 million
for the quarter ended June 30, 2024, compared to $2.0 million from
mortgage loan closings of $102.1 million on a linked-quarter basis.
Mortgage loan closings for the quarter ended June 30, 2023 were
$172.2 million with a gain on loan sales of $3.3 million. The
rate-locked pipeline is up $29.0 million on a linked-quarter basis
and up $11.5 million compared to June 30, 2023.
The mortgage servicing rights (“MSR”) valuation declined
$273,000 for the three months ended June 30, 2024, compared to an
increase of $628,000 in the MSR valuation for the three months
ended March 31, 2024. Although key benchmark interest rates used in
the valuation model increased slightly from the prior quarter, the
MSR valuation was negative as a result of model assumption caps.
The impact on the MSR valuation of principal payments on the
underlying mortgages was $545,000 and $353,000 for the quarters
ended June 30, 2024 and March 31, 2024, respectively. During the
first quarter of 2024, HarborOne Mortgage executed an economic
hedge to partially mitigate potential MSR valuation losses in a
declining rate environment. For the three months ended June 30,
2024 and March 31, 2024, the hedging loss was $280,000 and
$221,000, respectively.
Total noninterest income for the quarter ended June 30, 2024
included a $1.8 million gain on the sale-leaseback of the building
that currently houses HarborOne’s Legion Parkway banking center in
downtown Brockton and previously served as the Bank’s headquarters.
The sale-leaseback continues the Company’s longtime commitment to
Brockton, which was made in conjunction with a partnership to
revitalize the downtown area, with plans for a mixed-use property
that includes a lease-back by the Company for a state-of-the-art
HarborOne banking center. The gain was partially offset by $675,000
in contribution expense from the bargain purchase element of the
property sale and a $1.0 million loss on the sale of $17.5 million
of available-for-sale securities with a weighted average book yield
of 2.84%, as we take opportunities to improve the yield on earning
assets. Management utilized the proceeds upon settlement to pay
down wholesale funding carrying a rate of approximately 5.53%.
Total noninterest income decreased $743,000, or 5.9%, compared
to the quarter ended June 30, 2023, primarily due to a $1.6
million, or 27.2%, decrease in mortgage banking income, partially
offset by the gain noted above. The prior year quarter also
reflected a $915,000 million increase in the MSR valuation.
Noninterest Expense Total noninterest expense increased
$1.3 million, or 4.4%, to $33.1 million for the quarter ended June
30, 2024, from $31.8 million for the quarter ended March 31, 2024.
The primary driver was a $1.3 million increase in compensation and
benefits expenses due to both an increase in mortgage bankers
during the quarter, and an increase in mortgage originator’s
commission consistent with the increase in residential real estate
mortgage origination volume. Additionally, marketing expense
increased $552,000, primarily due to the $675,000 contribution
expense noted above.
Total noninterest expense increased $1.4 million, or 4.5%,
compared to the prior year quarter of $31.7 million. The primary
driver was a $756,000 increase in compensation and benefits
expenses due to accruals for incentive expense in the current
period and none in the prior year period.
Asset Quality and Allowance for Credit Losses Total
nonperforming assets were $9.8 million at June 30, 2024, compared
to $12.2 million at March 31, 2024 and $20.2 million at June 30,
2023. Nonperforming assets as a percentage of total assets were
0.17% at June 30, 2024, 0.21% at March 31, 2024, and 0.36% at June
30, 2023. During the second quarter of 2024, a single nonperforming
credit, included in the business-oriented hotel loan segment, with
a carrying value of $1.8 million, was paid-off.
The Company recorded a $615,000 provision for credit losses for
the quarter ended June 30, 2024. The provision for loan credit
losses was $1.1 million, partially offset by a negative provision
of $534,000 for unfunded commitments. For the quarter ended March
31, 2024, a negative provision for credit losses of $168,000 was
recorded, a result of $506,000 negative provision for unfunded
commitments partially offset by a provision for loan credit losses
of $338,000. The Company recorded a provision for credit losses of
$3.3 million for the quarter ended June 30, 2023, driven by a
provision for loan credit losses of $3.5 million and a negative
$215,000 provision for unfunded commitments. Loan credit loss
provisioning primarily reflects replenishment of the allowance for
credit losses (“ACL”) on loans due to charge-offs and loan growth.
The June 30, 2024 ACL estimate also includes annually updated model
assumptions.
Net charge-offs totaled $195,000, or 0.02%, of average loans
outstanding on an annualized basis, for the quarter ended June 30,
2024, $125,000, or 0.01% of average loans outstanding on an
annualized basis, for the quarter ended March 30, 2024, and $2.7
million, or 0.23% of average loans outstanding on an annualized
basis, for the quarter ended June 30, 2023.
The ACL on loans was $49.1 million, or 1.02% of total loans, at
June 30, 2024, compared to $48.2 million, or 1.01% of total loans,
at March 31, 2024 and $47.8 million, or 1.02% of total loans, at
June 30, 2023. The ACL on unfunded commitments, included in other
liabilities on the unaudited Consolidated Balance Sheets, amounted
to $2.9 million at June 30, 2024, compared to $3.4 million at March
31, 2024 and $4.8 million at June 30, 2023.
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 which, in the opinion of management, have limited
near-term maturity risk. As of June 30, 2024 and March 31, 2024,
commercial loans rated “watch” amounted to $87.7 million and $67.9
million, respectively. Loans are rated “watch” at the point when
there are signs of potential weakness. Management performs
comprehensive reviews and works proactively with creditworthy
borrowers facing financial distress and implements prudent workouts
and accommodations to improve the Bank’s prospects of contractual
repayment.
Three sub-sectors that management identified as potentially more
susceptible to weakness includes business-oriented hotels,
non-anchored retail space, and metro office space. As of June 30,
2024, business-oriented hotels loans included 12 loans with a total
outstanding balance of $119.7 million, non-anchored retail space
loans included 29 loans with a total outstanding balance of $48.6
million, and metro office space loans included one loan with a
total outstanding balance of $6.2 million. All of the loans in
these groups were performing in accordance with their terms.
Balance Sheet Total assets decreased $75.2 million, or
1.3%, to $5.79 billion at June 30, 2024, from $5.86 billion at
March 31, 2024. The linked-quarter decrease primarily reflects a
decrease in cash and cash equivalents, partially offset by loan
growth.
Available-for-sale securities decreased $21.9 million to $269.1
million at June 30, 2024 from $291.0 million at March 31, 2024 due
to the sale noted above. The unrealized loss on securities
available for sale decreased to $65.3 million as of June 30, 2024,
as compared to $67.0 million of unrealized losses as of March 31,
2024. Securities held to maturity were flat at $19.7 million, or
0.3% of total assets, at June 30, 2024.
Loans increased $62.5 million, or 1.3%, to $4.84 billion at June
30, 2024, from $4.78 billion at March 31, 2024. The linked-quarter
increase was primarily due to increases in commercial and
industrial loans of $27.8 million, commercial real estate loans of
$25.2 million, and $11.0 million of residential mortgage loans.
Total deposits increased $64.3 million to $4.46 billion at June
30, 2024 from $4.39 billion at March 31, 2024. Compared to the
prior quarter, non-certificate accounts decreased $66.0 million and
term certificate accounts increased $133.0 million, as a
competitive rate environment continued to pressure deposit mix and
rates. Brokered deposits decreased $2.7 million. As of June 30,
2024, FDIC-insured deposits were approximately 76% of total
deposits, including Bank subsidiary deposits.
Borrowed funds decreased $135.0 million to $619.4 million at
June 30, 2024 from $754.4 million at March 31, 2024, as excess
liquidity was used to paydown high rate borrowings. As of June 30,
2024, the Bank had $1.16 billion in available borrowing capacity
across multiple relationships.
Total stockholders’ equity was $577.3 million at June 30, 2024,
compared to $577.7 million at March 31, 2024. Stockholders’ equity
decreased 0.1% when compared to the prior quarter, as net income
was offset by share repurchases and dividends. The Company
continues to implement and execute share repurchase programs,
repurchasing 1,230,353 shares at an average price of $10.37,
including $0.10 per share of excise tax, during the six months
ended June 30, 2024. The tangible-common-equity-to-tangible-assets
ratio(1) was 9.03% at June 30, 2024, 8.92% at March 31, 2024, and
9.38% at June 30, 2023. At June 30, 2024, 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 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; 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, 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 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.
HarborOne Bancorp,
Inc.
Consolidated Balance Sheet
Trend
(Unaudited)
June 30,
March 31,
December 31,
September 30,
June 30,
(in thousands)
2024
2024
2023
2023
2023
Assets
Cash and due from banks
$
48,097
$
36,340
$
38,876
$
38,573
$
43,525
Short-term investments
186,965
357,101
188,474
208,211
209,326
Total cash and cash equivalents
235,062
393,441
227,350
246,784
252,851
Securities available for sale, at fair
value
269,078
291,008
290,151
271,078
292,012
Securities held to maturity, at amortized
cost
19,725
19,724
19,796
19,795
19,839
Federal Home Loan Bank stock, at cost
25,311
26,565
27,098
23,378
27,123
Asset held for sale
—
348
348
966
966
Loans held for sale, at fair value
41,814
16,434
19,686
17,796
20,949
Loans:
Commercial real estate
2,380,881
2,355,672
2,343,675
2,349,886
2,286,688
Commercial construction
233,926
234,811
208,443
191,224
228,902
Commercial and industrial
499,043
471,215
466,443
450,547
453,422
Total commercial loans
3,113,850
3,061,698
3,018,561
2,991,657
2,969,012
Residential real estate
1,706,678
1,695,686
1,709,714
1,706,950
1,701,766
Consumer
18,704
19,301
22,036
24,247
27,425
Loans
4,839,232
4,776,685
4,750,311
4,722,854
4,698,203
Less: Allowance for credit losses on
loans
(49,139
)
(48,185
)
(47,972
)
(48,312
)
(47,821
)
Net loans
4,790,093
4,728,500
4,702,339
4,674,542
4,650,382
Mortgage servicing rights, at fair
value
46,209
46,597
46,111
49,201
48,176
Goodwill
59,042
59,042
59,042
69,802
69,802
Other intangible assets
1,136
1,326
1,515
1,704
1,893
Other assets
299,565
279,237
274,460
289,341
275,261
Total assets
$
5,787,035
$
5,862,222
$
5,667,896
$
5,664,387
$
5,659,254
Liabilities and Stockholders'
Equity
Deposits:
Demand deposit accounts
$
689,800
$
677,152
$
659,973
$
708,847
$
717,572
NOW accounts
308,016
305,071
305,825
289,141
286,956
Regular savings and club accounts
989,720
1,110,404
1,265,315
1,324,635
1,390,906
Money market deposit accounts
1,100,215
1,061,145
966,201
951,128
834,120
Term certificate accounts
985,293
852,326
863,457
859,266
742,931
Brokered deposits
385,253
387,926
326,638
276,941
315,003
Total deposits
4,458,297
4,394,024
4,387,409
4,409,958
4,287,488
Borrowings
619,372
754,380
568,462
475,470
604,568
Subordinated debt
—
—
—
34,380
34,348
Other liabilities and accrued expenses
132,037
136,135
128,266
159,945
137,318
Total liabilities
5,209,706
5,284,539
5,084,137
5,079,753
5,063,722
Common stock
598
598
598
597
597
Additional paid-in capital
487,980
487,277
486,502
485,144
484,544
Unearned compensation - ESOP
(24,866
)
(25,326
)
(25,785
)
(26,245
)
(26,704
)
Retained earnings
367,584
363,591
359,656
369,930
364,709
Treasury stock
(205,944
)
(199,853
)
(193,590
)
(187,803
)
(181,324
)
Accumulated other comprehensive loss
(48,023
)
(48,604
)
(43,622
)
(56,989
)
(46,290
)
Total stockholders' equity
577,329
577,683
583,759
584,634
595,532
Total liabilities and stockholders'
equity
$
5,787,035
$
5,862,222
$
5,667,896
$
5,664,387
$
5,659,254
HarborOne Bancorp,
Inc.
Consolidated Statements of Net
Income - Trend
(Unaudited)
Quarters Ended
June 30,
March 31,
December 31,
September 30,
June 30,
(in thousands, except share data)
2024
2024
2023
2023
2023
Interest and dividend income:
Interest and fees on loans
$
61,512
$
59,937
$
59,499
$
58,124
$
55,504
Interest on loans held for sale
347
243
369
370
326
Interest on securities
2,121
2,065
2,001
2,003
2,035
Other interest and dividend income
3,971
4,659
2,516
2,667
2,935
Total interest and dividend income
67,951
66,904
64,385
63,164
60,800
Interest expense:
Interest on deposits
27,272
26,899
27,310
25,039
20,062
Interest on borrowings
9,329
9,423
6,260
6,439
8,114
Interest on subordinated debentures
—
—
1,122
606
524
Total interest expense
36,601
36,322
34,692
32,084
28,700
Net interest and dividend income
31,350
30,582
29,693
31,080
32,100
Provision (benefit) for credit losses
615
(168
)
644
(113
)
3,283
Net interest and dividend income, after
provision for credit losses
30,735
30,750
29,049
31,193
28,817
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans
3,143
2,013
2,176
2,704
3,300
Changes in mortgage servicing rights fair
value
(1,098
)
54
(3,553
)
125
436
Other
2,356
2,276
2,301
2,270
2,312
Total mortgage banking income
4,401
4,343
924
5,099
6,048
Deposit account fees
5,223
4,983
5,178
5,133
5,012
Income on retirement plan annuities
141
145
147
146
128
Gain on sale of asset held for sale
1,809
—
—
—
—
Loss on sale of securities
(1,041
)
—
—
—
—
Bank-owned life insurance income
758
746
1,207
531
511
Other income
628
524
1,448
689
963
Total noninterest income
11,919
10,741
8,904
11,598
12,662
Noninterest expenses:
Compensation and benefits
18,976
17,636
19,199
18,699
18,220
Occupancy and equipment
4,636
4,781
4,670
4,430
4,633
Data processing
2,375
2,479
2,474
2,548
2,403
Loan expense (income)
461
371
(317
)
385
417
Marketing
1,368
816
811
794
925
Professional fees
1,236
1,457
1,690
1,374
1,114
Deposit insurance
993
1,164
795
1,004
1,176
Goodwill impairment
—
—
10,760
—
—
Other expenses
3,099
3,046
3,132
2,638
2,837
Total noninterest expenses
33,144
31,750
43,214
31,872
31,725
Income (loss) before income taxes
9,510
9,741
(5,261
)
10,919
9,754
Income tax provision
2,214
2,441
1,850
2,507
2,275
Net income (loss)
$
7,296
$
7,300
$
(7,111
)
$
8,412
$
7,479
Earnings (losses) per common share:
Basic
$
0.18
$
0.17
$
(0.17
)
$
0.20
$
0.17
Diluted
$
0.18
$
0.17
$
(0.17
)
$
0.20
$
0.17
Weighted average shares outstanding:
Basic
41,293,787
41,912,421
42,111,872
42,876,893
43,063,507
Diluted
41,370,289
42,127,037
42,299,858
42,983,477
43,133,455
HarborOne Bancorp,
Inc.
Consolidated Statements of Net
Income - Trend
(Unaudited)
For the Six Months Ended June
30,
(dollars in thousands, except share
data)
2024
2023
$ Change
% Change
Interest and dividend income:
Interest and fees on loans
$
121,449
$
108,275
$
13,174
12.2
%
Interest on loans held for sale
590
612
(22
)
(3.6
)
Interest on securities
4,186
4,114
72
1.8
Other interest and dividend income
8,630
3,738
4,892
130.9
Total interest and dividend income
134,855
116,739
18,116
15.5
Interest expense:
Interest on deposits
54,171
35,975
18,196
50.6
Interest on borrowings
18,752
13,219
5,533
41.9
Interest on subordinated debentures
—
1,047
(1,047
)
(100.0
)
Total interest expense
72,923
50,241
22,682
45.1
Net interest and dividend income
61,932
66,498
(4,566
)
(6.9
)
Provision for credit losses
447
5,149
(4,702
)
(91.3
)
Net interest and dividend income, after
provision for credit losses
61,485
61,349
136
0.2
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans
5,156
5,524
(368
)
(6.7
)
Changes in mortgage servicing rights fair
value
(1,044
)
(1,256
)
212
16.9
Other
4,632
4,528
104
2.3
Total mortgage banking income
8,744
8,796
(52
)
(0.6
)
Deposit account fees
10,206
9,745
461
4.7
Income on retirement plan annuities
286
247
39
15.8
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
1,504
1,011
493
48.8
Other income
1,152
1,553
(401
)
(25.8
)
Total noninterest income
22,660
21,352
1,308
6.1
Noninterest expenses:
Compensation and benefits
36,612
36,019
593
1.6
Occupancy and equipment
9,417
9,673
(256
)
(2.6
)
Data processing
4,854
4,749
105
2.2
Loan expense
832
730
102
14.0
Marketing
2,184
2,106
78
3.7
Professional fees
2,693
2,615
78
3.0
Deposit insurance
2,157
1,686
471
27.9
Other expenses
6,145
5,656
489
8.6
Total noninterest expenses
64,894
63,234
1,660
2.6
Income before income taxes
19,251
19,467
(216
)
(1.1
)
Income tax provision
4,655
4,691
(36
)
(0.8
)
Net income
$
14,596
$
14,776
$
(180
)
(1.2
)%
Earnings per common share:
Basic
$
0.35
$
0.34
Diluted
$
0.35
$
0.33
Weighted average shares outstanding:
Basic
41,603,104
43,955,411
Diluted
41,748,663
44,203,893
HarborOne Bancorp,
Inc.
Average Balances and Yield
Trend
(Unaudited)
Quarters Ended
June 30, 2024
March 31, 2024
June 30, 2023
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)
$
374,730
$
2,121
2.28
%
$
372,787
$
2,065
2.23
%
$
381,762
$
2,035
2.14
%
Other interest-earning assets
306,361
3,971
5.21
356,470
4,659
5.26
238,891
2,935
4.93
Loans held for sale
20,775
347
6.72
14,260
243
6.85
19,614
326
6.67
Loans
Commercial loans (2)(3)
3,091,004
43,023
5.60
3,040,835
41,653
5.51
2,938,292
38,842
5.30
Residential real estate loans (3)(4)
1,695,059
18,393
4.36
1,700,694
18,175
4.30
1,682,860
16,456
3.92
Consumer loans (3)
19,221
352
7.37
20,539
358
7.01
29,025
419
5.79
Total loans
4,805,284
61,768
5.17
4,762,068
60,186
5.08
4,650,177
55,717
4.81
Total interest-earning assets
5,507,150
68,207
4.98
5,505,585
67,153
4.91
5,290,444
61,013
4.63
Noninterest-earning assets
300,847
299,153
305,132
Total assets
$
5,807,997
$
5,804,738
$
5,595,576
Interest-bearing liabilities:
Savings accounts
$
1,058,524
4,305
1.64
$
1,186,201
5,523
1.87
$
1,421,622
6,165
1.74
NOW accounts
299,536
88
0.12
289,902
75
0.10
280,501
59
0.08
Money market accounts
1,069,153
10,186
3.83
994,353
9,313
3.77
802,373
6,256
3.13
Certificates of deposit
931,255
9,946
4.30
855,070
8,554
4.02
708,087
5,273
2.99
Brokered deposits
300,385
2,747
3.68
356,459
3,434
3.87
281,614
2,309
3.29
Total interest-bearing deposits
3,658,853
27,272
3.00
3,681,985
26,899
2.94
3,494,197
20,062
2.30
Borrowings
776,852
9,329
4.83
764,623
9,423
4.96
666,345
8,114
4.88
Subordinated debentures
—
—
—
—
—
—
34,331
524
6.12
Total borrowings
776,852
9,329
4.83
764,623
9,423
4.96
700,676
8,638
4.94
Total interest-bearing liabilities
4,435,705
36,601
3.32
4,446,608
36,322
3.29
4,194,873
28,700
2.74
Noninterest-bearing
liabilities:
Noninterest-bearing deposits
670,494
654,436
712,081
Other noninterest-bearing liabilities
126,477
119,289
88,363
Total liabilities
5,232,676
5,220,333
4,995,317
Total stockholders' equity
575,321
584,405
600,259
Total liabilities and stockholders'
equity
$
5,807,997
$
5,804,738
$
5,595,576
Tax equivalent net interest income
31,606
30,831
32,313
Tax equivalent interest rate spread
(5)
1.66
%
1.62
%
1.89
%
Less: tax equivalent adjustment
256
249
213
Net interest income as reported
$
31,350
$
30,582
$
32,100
Net interest-earning assets (6)
$
1,071,445
$
1,058,977
$
1,095,571
Net interest margin (7)
2.29
%
2.23
%
2.43
%
Tax equivalent effect
0.02
0.02
0.02
Net interest margin on a fully tax
equivalent basis
2.31
%
2.25
%
2.45
%
Ratio of interest-earning assets to
interest-bearing liabilities
124.16
%
123.82
%
126.12
%
Supplemental information:
Total deposits, including demand
deposits
$
4,329,347
$
27,272
$
4,336,421
$
26,899
$
4,206,278
$
20,062
Cost of total deposits
2.53
%
2.49
%
1.91
%
Total funding liabilities, including
demand deposits
$
5,106,199
$
36,601
$
5,101,044
$
36,322
$
4,906,954
$
28,700
Cost of total funding liabilities
2.88
%
2.86
%
2.35
%
(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 and Yield
Trend
(Unaudited)
For the Six Months
Ended
June 30, 2024
June 30, 2023
Average
Average
Outstanding
Yield/
Outstanding
Yield/
Balance
Interest
Cost (8)
Balance
Interest
Cost (8)
(dollars in thousands)
Interest-earning assets:
Investment securities (1)
$
373,758
$
4,186
2.25
%
$
384,517
$
4,114
2.16
%
Other interest-earning assets
331,416
8,630
5.24
151,644
3,738
4.97
Loans held for sale
17,517
590
6.77
18,865
612
6.54
Loans
Commercial loans (2)(3)
3,065,921
84,675
5.55
2,919,980
75,679
5.23
Residential real estate loans (3)(4)
1,697,878
36,568
4.33
1,665,083
32,072
3.88
Consumer loans (3)
19,879
711
7.19
32,647
938
5.79
Total loans
4,783,678
121,954
5.13
4,617,710
108,689
4.75
Total interest-earning assets
5,506,369
135,360
4.94
5,172,736
117,153
4.57
Noninterest-earning assets
299,999
309,198
Total assets
$
5,806,368
$
5,481,934
Interest-bearing liabilities:
Savings accounts
$
1,122,362
9,827
1.76
$
1,440,403
11,610
1.63
NOW accounts
294,719
163
0.11
278,164
95
0.07
Money market accounts
1,031,753
19,499
3.80
813,472
11,494
2.85
Certificates of deposit
893,162
18,501
4.17
630,791
7,958
2.54
Brokered deposits
328,422
6,181
3.78
305,885
4,818
3.18
Total interest-bearing deposits
3,670,418
54,171
2.97
3,468,715
35,975
2.09
FHLB and FRB borrowings
770,738
18,752
4.89
557,823
13,219
4.78
Subordinated debentures
—
—
—
34,315
1,047
6.15
Total borrowings
770,738
18,752
4.89
592,138
14,266
4.86
Total interest-bearing liabilities
4,441,156
72,923
3.30
4,060,853
50,241
2.49
Noninterest-bearing
liabilities:
Noninterest-bearing deposits
662,465
716,782
Other noninterest-bearing liabilities
122,884
95,054
Total liabilities
5,226,505
4,872,689
Total stockholders' equity
579,863
609,245
Total liabilities and stockholders'
equity
$
5,806,368
$
5,481,934
Tax equivalent net interest income
62,437
66,912
Tax equivalent interest rate spread
(5)
1.64
%
2.07
%
Less: tax equivalent adjustment
505
414
Net interest income as reported
$
61,932
$
66,498
Net interest-earning assets (6)
$
1,065,213
$
1,111,883
Net interest margin (7)
2.26
%
2.59
%
Tax equivalent effect
0.02
0.02
Net interest margin on a fully tax
equivalent basis
2.28
%
2.61
%
Ratio of interest-earning assets to
interest-bearing liabilities
123.99
%
127.38
%
Supplemental information:
Total deposits, including demand
deposits
$
4,332,883
$
54,171
$
4,185,497
$
35,975
Cost of total deposits
2.51
%
1.73
%
Total funding liabilities, including
demand deposits
$
5,103,621
$
72,923
$
4,777,635
$
50,241
Cost of total funding liabilities
2.87
%
2.12
%
Tax-exempt income on industrial revenue
bonds is included in commercial loans on a tax-equivalent
basis.
(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 and Yield
Trend
(Unaudited)
Average Balances - Trend -
Quarters Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
(in thousands)
Interest-earning assets:
Investment securities (1)
$
374,730
$
372,787
$
370,683
$
375,779
$
381,762
Other interest-earning assets
306,361
356,470
205,929
207,234
238,891
Loans held for sale
20,775
14,260
20,010
20,919
19,614
Loans
Commercial loans (2)(3)
3,091,004
3,040,835
3,005,840
2,980,817
2,938,292
Residential real estate loans (3)(4)
1,695,059
1,700,694
1,707,978
1,700,383
1,682,860
Consumer loans (3)
19,221
20,539
22,324
25,126
29,025
Total loans
4,805,284
4,762,068
4,736,142
4,706,326
4,650,177
Total interest-earning assets
5,507,150
5,505,585
5,332,764
5,310,258
5,290,444
Noninterest-earning assets
300,847
299,153
313,729
314,030
305,132
Total assets
$
5,807,997
$
5,804,738
$
5,646,493
$
5,624,288
$
5,595,576
Interest-bearing liabilities:
Savings accounts
$
1,058,524
$
1,186,201
$
1,307,774
$
1,360,728
$
1,421,622
NOW accounts
299,536
289,902
290,147
274,329
280,501
Money market accounts
1,069,153
994,353
963,223
910,694
802,373
Certificates of deposit
931,255
855,070
859,274
818,182
708,087
Brokered deposits
300,385
356,459
288,449
287,428
281,614
Total interest-bearing deposits
3,658,853
3,681,985
3,708,867
3,651,361
3,494,197
Borrowings
776,852
764,623
507,520
508,001
666,345
Subordinated debentures
—
—
22,614
34,364
34,331
Total borrowings
776,852
764,623
530,134
542,365
700,676
Total interest-bearing liabilities
4,435,705
4,446,608
4,239,001
4,193,726
4,194,873
Noninterest-bearing
liabilities:
Noninterest-bearing deposits
670,494
654,436
683,548
705,009
712,081
Other noninterest-bearing liabilities
126,477
119,289
137,239
126,742
88,363
Total liabilities
5,232,676
5,220,333
5,059,788
5,025,477
4,995,317
Total stockholders' equity
575,321
584,405
586,705
598,811
600,259
Total liabilities and stockholders'
equity
$
5,807,997
$
5,804,738
$
5,646,493
$
5,624,288
$
5,595,576
Annualized Yield Trend -
Quarters Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Interest-earning assets:
Investment securities (1)
2.28
%
2.23
%
2.14
%
2.11
%
2.14
%
Other interest-earning assets
5.21
%
5.26
%
4.85
%
5.11
%
4.93
%
Loans held for sale
6.72
%
6.85
%
7.32
%
7.02
%
6.67
%
Commercial loans (2)(3)
5.60
%
5.51
%
5.45
%
5.38
%
5.30
%
Residential real estate loans (3)(4)
4.36
%
4.30
%
4.21
%
4.09
%
3.92
%
Consumer loans (3)
7.37
%
7.01
%
6.82
%
6.51
%
5.79
%
Total loans
5.17
%
5.08
%
5.01
%
4.92
%
4.81
%
Total interest-earning assets
4.98
%
4.91
%
4.81
%
4.74
%
4.63
%
Interest-bearing liabilities:
Savings accounts
1.64
%
1.87
%
2.09
%
1.98
%
1.74
%
NOW accounts
0.12
%
0.10
%
0.17
%
0.11
%
0.08
%
Money market accounts
3.83
%
3.77
%
3.83
%
3.64
%
3.13
%
Certificates of deposit
4.30
%
4.02
%
3.85
%
3.50
%
2.99
%
Brokered deposits
3.68
%
3.87
%
3.71
%
3.60
%
3.29
%
Total interest-bearing deposits
3.00
%
2.94
%
2.92
%
2.72
%
2.30
%
Borrowings
4.83
%
4.96
%
4.89
%
5.03
%
4.88
%
Subordinated debentures
—
%
—
%
19.68
%
7.00
%
6.12
%
Total borrowings
4.83
%
4.96
%
5.52
%
5.15
%
4.94
%
Total interest-bearing liabilities
3.32
%
3.29
%
3.25
%
3.04
%
2.74
%
(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
June 30,
March 31,
December 31,
September 30,
June 30,
Performance Ratios
(annualized):
2024
2024
2023
2023
2023
(dollars in thousands)
Net income (loss)
$
7,296
$
7,300
$
(7,111)
$
8,411
$
7,450
Less: Goodwill impairment charge
—
—
10,760
—
—
Net income, excluding goodwill impairment
charge(1)
$
7,296
$
7,300
$
3,649
$
8,411
$
7,450
Average Assets
$
5,807,997
$
5,804,738
$
5,646,493
$
5,624,288
$
5,595,576
Average Equity
$
575,321
$
584,405
$
586,705
$
598,811
$
600,258
Return on average assets (ROAA)
0.50
%
0.50
%
(0.50)
%
0.60
%
0.54
%
Return on average assets (ROAA), excluding
goodwill impairment charge(2)
0.50
%
0.50
%
0.26
%
0.60
%
0.54
%
Return on average equity (ROAE)
5.07
%
5.00
%
(4.85)
%
5.62
%
4.98
%
Return on average equity (ROAE), excluding
goodwill impairment charge(3)
5.07
%
5.00
%
2.49
%
5.62
%
4.98
%
Total noninterest expense
$
33,144
$
31,750
$
43,214
$
31,872
$
31,725
Less: Amortization of other intangible
assets
189
189
189
189
189
Total adjusted noninterest expense
32,955
31,561
43,025
31,683
31,536
Less: Goodwill impairment charge
—
—
10,760
—
—
Total adjusted noninterest expense,
excluding goodwill impairment(4)
$
32,955
$
31,561
$
32,265
$
31,683
$
31,536
Net interest and dividend income
$
31,350
$
30,582
$
29,693
$
31,080
$
32,100
Total noninterest income
11,919
10,741
8,904
11,598
12,662
Total revenue
$
43,269
$
41,323
$
38,597
$
42,678
$
44,762
Efficiency ratio (5)
76.16
%
76.38
%
111.47
%
74.24
%
70.45
%
Efficiency ratio, excluding goodwill
impairment charge(6)
76.16
%
76.38
%
83.59
%
74.24
%
70.45
%
(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
June 30,
March 31,
December 31,
September 30,
June 30,
Asset Quality
2024
2024
2023
2023
2023
(dollars in thousands)
Total nonperforming assets
$
9,766
$
12,201
$
17,582
$
18,795
$
20,234
Nonperforming assets to total assets
0.17
%
0.21
%
0.31
%
0.33
%
0.36
%
Allowance for credit losses on loans to
total loans
1.02
%
1.01
%
1.01
%
1.02
%
1.02
%
Net charge-offs (recoveries)
$
195
$
125
$
1,311
$
(18
)
$
2,671
Annualized net charge-offs
(recoveries)/average loans
0.02
%
0.01
%
0.11
%
—
%
0.23
%
Allowance for credit losses on loans to
nonperforming loans
503.18
%
396.27
%
273.92
%
257.21
%
236.62
%
HarborOne Bancorp,
Inc.
Selected Financial
Highlights
(Unaudited)
Quarters Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Capital and Share Related
2024
2024
2023
2023
2023
(dollars in thousands, except share
data)
Common stock outstanding
44,459,490
45,055,006
45,401,224
45,915,364
46,575,478
Book value per share
$
12.99
$
12.82
$
12.86
$
12.73
$
12.79
Tangible common equity:
Total stockholders' equity
$
577,329
$
577,683
$
583,759
$
584,634
$
595,532
Less: Goodwill
59,042
59,042
59,042
69,802
69,802
Less: Other intangible assets (1)
1,136
1,326
1,515
1,704
1,893
Tangible common equity
$
517,151
$
517,315
$
523,202
$
513,128
$
523,837
Tangible book value per share (2)
$
11.63
$
11.48
$
11.52
$
11.18
$
11.25
Tangible assets:
Total assets
$
5,787,035
$
5,862,222
$
5,667,896
$
5,664,387
$
5,659,254
Less: Goodwill
59,042
59,042
59,042
69,802
69,802
Less: Other intangible assets
1,136
1,326
1,515
1,704
1,893
Tangible assets
$
5,726,857
$
5,801,854
$
5,607,339
$
5,592,881
$
5,587,559
Tangible common equity / tangible assets
(3)
9.03
%
8.92
%
9.33
%
9.17
%
9.38
%
(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
June 30,
March 31,
December 31,
September 30,
June 30,
Statements of Net Income for HarborOne
Bank Segment:
2024
2024
2023
2023
2023
(Dollars in thousands)
Net interest and dividend income
$
31,098
$
30,485
$
30,637
$
31,468
$
32,490
Provision (benefit) for credit losses
615
(168
)
644
(113
)
3,283
Net interest and dividend income, after
provision for credit losses
30,483
30,653
29,993
31,581
29,207
Mortgage banking income:
Intersegment loss
(464
)
(236
)
(159
)
(198
)
(358
)
Changes in mortgage servicing rights fair
value
(74
)
(32
)
(257
)
18
29
Other
180
180
185
188
195
Total mortgage banking (loss) income
(358
)
(88
)
(231
)
8
(134
)
Other noninterest income:
Deposit account fees
5,223
4,983
5,178
5,132
5,013
Income on retirement plan annuities
141
145
147
146
128
Gain on sale of asset held for sale
1,809
—
—
—
—
Loss on sale of securities
(1,041
)
—
—
—
—
Bank-owned life insurance income
758
746
1,207
531
511
Other income
624
517
1,405
694
962
Total noninterest income
7,156
6,303
7,706
6,511
6,480
Noninterest expenses:
Compensation and benefits
15,627
15,307
16,535
15,238
15,067
Occupancy and equipment
4,052
4,150
4,038
3,828
3,910
Data processing
2,363
2,470
2,462
2,527
2,355
Loan expense
188
71
153
128
96
Marketing
1,331
783
751
709
787
Professional fees
771
1,056
1,404
914
699
Deposit insurance
992
1,164
794
1,004
1,176
Other expenses
2,467
2,406
2,476
1,924
2,103
Total noninterest expenses
27,791
27,407
28,613
26,272
26,193
Less: Amortization of other intangible
assets
189
189
189
190
189
Total adjusted noninterest expense
27,602
27,218
28,424
26,082
26,004
Income before income taxes
9,848
9,549
9,086
11,820
9,494
Provision for income taxes
2,310
2,386
2,535
2,716
2,193
Net income
$
7,538
$
7,163
$
6,551
$
9,104
$
7,301
Efficiency ratio (1) - QTD
72.15
%
73.99
%
74.13
%
68.67
%
66.73
%
Efficiency ratio (1) - YTD
73.05
%
73.99
%
68.49
%
66.64
%
65.67
%
(1) This non-GAAP measure represents
adjusted noninterest expense divided by total revenue
HarborOne Bancorp,
Inc.
Segments Key Financial
Data
(Unaudited)
Quarters Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Statements of Net Income for HarborOne
Mortgage Segment:
2024
2024
2023
2023
2023
(Dollars in thousands)
Net interest and dividend income
$
240
$
80
$
160
$
199
$
120
Mortgage banking income:
Gain on sale of mortgage loans
3,141
2,013
2,176
2,704
3,300
Intersegment gain
464
308
56
249
90
Changes in mortgage servicing rights fair
value
(1,024
)
86
(3,296
)
107
407
Other
2,177
2,097
2,116
2,082
2,117
Total mortgage banking income
4,758
4,504
1,052
5,142
5,914
Other noninterest income (loss)
4
10
2
(4
)
—
Total noninterest income
4,762
4,514
1,054
5,138
5,914
Noninterest expenses:
Compensation and benefits
3,944
2,919
3,217
4,014
3,700
Occupancy and equipment
547
604
596
567
688
Data processing
11
9
13
21
48
Loan expense
274
304
(470
)
258
321
Marketing
36
33
60
85
138
Professional fees
131
132
120
155
180
Goodwill impairment
—
—
10,760
—
—
Other expenses
326
310
371
390
418
Total noninterest expenses
5,269
4,311
14,667
5,490
5,493
Income (loss) before income taxes
(267
)
283
(13,453
)
(153
)
541
Income tax (benefit) provision
(76
)
60
(596
)
(15
)
232
Net income (loss)
$
(191
)
$
223
$
(12,857
)
$
(138
)
$
309
Closed loan volume
$
172,994
$
102,101
$
124,225
$
157,572
$
172,153
Gain on sale margin
1.82
%
1.97
%
1.75
%
1.72
%
1.92
%
Efficiency ratio (1) - QTD
105.34
%
93.84
%
1,208.15
%
102.87
%
91.03
%
Efficiency ratio, excluding goodwill
impairment (2) - QTD
105.34
%
93.84
%
321.83
%
102.87
%
91.03
%
Efficiency ratio (1) - YTD
99.83
%
93.84
%
192.98
%
109.91
%
113.87
%
Efficiency ratio, excluding goodwill
impairment (2) - YTD
99.83
%
93.84
%
125.94
%
109.91
%
113.87
%
(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 Source: HarborOne Bancorp, Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240725061729/en/
Stephen W. Finocchio, Executive Vice President and Chief
Financial Officer (508)-895-1180 sfinocchio@harborone.com
HarborOne Bancorp (NASDAQ:HONE)
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