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. was the bank holding company for HarborOne Bank and HarborOne Mortgage, LLC before its completed acquisition by Eastern Bankshares, Inc.
News about HONE centered on bank operating results, net interest margin, expenses, noninterest income, loan and deposit conditions, shareholder voting matters, merger-related expenses, and the completion and consideration mechanics of the transaction that ended HarborOne's separate public-company status.
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HarborOne Bancorp (NASDAQ: HONE) reported a net income of $7.3 million, or $0.16 per diluted share, in Q1 2023, down from $9.6 million and $12.3 million in Q4 2022 and Q1 2022, respectively. Aiming for efficiency, the company anticipates annual cost savings of $4.1 million from recent measures, including branch closures. Capital return to shareholders reached $3.3 million through dividends with a 7% increase in the quarterly dividend. Net interest income decreased to $34.4 million, impacted by rising funding costs, while noninterest income fell by 12.2% to $8.7 million. Total assets grew by 4.0% to $5.57 billion, driven by a $73.0 million increase in loans. Despite challenges, management maintains confidence in credit quality and liquidity, managing a disciplined underwriting approach amid economic uncertainties.
HarborOne Bancorp, Inc. (NASDAQ: HONE) has declared a quarterly cash dividend of $0.075 per share, marking a 7% increase from the previous dividend of $0.07 paid on January 17, 2023. The dividend will be disbursed on April 26, 2023, to shareholders on record as of April 12, 2023. This increase, supported by the company's current and projected earnings, equates to an annualized rate of $0.30 per share.
HarborOne Bancorp, Inc. (NASDAQ: HONE) has scheduled its 2023 annual meeting of shareholders for May 17, 2023, at 10:00 a.m. local time, to be held at Goodwin Procter LLP, Boston, Massachusetts. Shareholders on record as of March 21, 2023, will be eligible to vote. The Company will issue further details in its proxy statement. HarborOne Bancorp operates HarborOne Bank, which offers financial services in Eastern Massachusetts and Rhode Island through 31 full-service branches and additional resources like “HarborOne U” for financial education.
HarborOne Bancorp, Inc. (NASDAQ: HONE) reported a net income of $45.6 million for 2022, a 22.1% drop from $58.5 million in 2021. For Q4 2022, net income was $9.6 million, down from $13.8 million in Q3 2022. Key highlights include a 13.4% increase in net interest income to $39.2 million, driven by growth in loans and deposit growth of 13.8%. Nonperforming loans decreased significantly to 0.32% of total loans. However, total noninterest income fell 30.5% QoQ. The Company's total assets rose by 7.5% to $5.36 billion, reflecting strong loan growth.