Welcome to our dedicated page for HarborOne Bancorp news (Ticker: HONE), a resource for investors and traders seeking the latest updates and insights on HarborOne Bancorp stock.
HarborOne Bancorp, Inc. (NASDAQ: HONE) is a prominent bank holding company based in New England. As the largest state-chartered cooperative bank in the region, HarborOne boasts an impressive $2.1 billion in assets. For nearly a century, the company has steadfastly adhered to its mission of total commitment to customers, communities, and colleagues.
HarborOne serves 11 communities throughout southeastern Massachusetts with 14 full-service branches, offering a comprehensive suite of personal and small business banking products and services. Additionally, the bank provides state-of-the-art online and mobile banking tools to facilitate seamless financial management for its customers.
The company's mortgage and consumer lending services extend throughout eastern Massachusetts and northern Rhode Island. HarborOne's commercial lending team, consisting of seasoned veterans, specializes in delivering 'big bank' services with a local bank feel. The team offers expertise in loans, lines of credit, cash management services, and commercial real estate, addressing the diverse needs of today's business leaders.
HarborOne Bancorp operates through two primary segments: HarborOne Bank and HarborOne Mortgage. The bank segment provides a range of financial services, including deposit acceptance, lending, credit cards, money market accounts, and wealth management. The mortgage segment focuses on originating residential mortgage loans.
With branches located in Massachusetts and Rhode Island, and commercial lending offices in Boston and Providence, HarborOne is committed to fostering the growth and success of its communities. Initiatives like HarborOne U underscore this commitment by providing educational resources and support to local residents.
Recent achievements reflect the company's dynamic and forward-looking approach. HarborOne continues to expand its service offerings and strengthen its market presence, ensuring it remains a trusted partner for individuals and businesses alike.
HarborOne Bancorp (NASDAQ: HONE) reported net income of $7.3 million, or $0.18 per diluted share, for Q2 2024. Key highlights include:
- Loan growth of $62.5 million (5.2% annualized)
- Client deposit growth of $66.9 million (6.7% annualized)
- Improved net interest margin to 2.31% from 2.25%
- Commenced new share repurchase program for approximately 5% of outstanding shares
- $1.8 million gain on sale of former headquarters, partially offset by $1.0 million loss on sale of low-yielding securities
The company saw improved asset quality, with nonperforming loans at 0.20% of total loans, down from 0.25% last quarter. Total assets decreased 1.3% to $5.79 billion, while loans increased 1.3% to $4.84 billion.
HarborOne Bank has transferred ownership of its former headquarters at 68 Legion Parkway, Brockton, to NeighborWorks Housing Solutions (NHS) as part of a redevelopment project called 'Liberty on Legion'. The deal, signed on June 28, 2024, aims to revitalize downtown Brockton. Pre-development will begin in 2025, with construction starting in 2026 and completing by 2028. The mixed-use property will feature a new HarborOne Banking Center, NHS headquarters, and 50-60 mixed-income apartments. Mayor Robert Sullivan praised the partnership for its community impact.
HarborOne Bancorp, the holding company of HarborOne Bank, has declared a cash dividend of $0.08 per share for the second quarter of 2024.
The dividend will be paid on July 24, 2024, to shareholders of record as of July 10, 2024. The company trades under the stock symbol 'HONE' on NASDAQ.
HarborOne Bank has announced the recipients of its 2024 ONECommunity Scholarships, awarding a total of $100,000 to 20 students from Massachusetts and Rhode Island. Each recipient will receive a $5,000 scholarship, which will be paid directly to the college or university they will attend in the fall of 2024. This initiative is part of HarborOne Bank's long-term commitment, started in 2016, to support college affordability and invest in educational opportunities. To date, the ONECommunity Scholarship Program has granted $900,000 in scholarships. The bank plans to invest a total of $1 million over a 10-year period aimed at fostering educational excellence and community involvement among high school seniors.
HarborOne Bancorp announced a share repurchase program approved by its Board of Directors, allowing the company to buy back up to 2,222,568 shares, approximately 5% of its outstanding shares, for a total of up to $20 million.
The repurchases can be made in open market transactions under a trading plan consistent with SEC Rule 10b5-1. The program, ending May 28, 2025, gives flexibility regarding the timing and number of shares repurchased based on price, market conditions, and other corporate priorities. The company is not obligated to purchase a specific number of shares, and the program can be suspended or terminated at any time without prior notice.
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