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Bank holding companies

HarborOne Bancorp Reports 2Q24 Earnings of $7.3M

Strategic Insights

— 1 min read

Massachusetts-based bank holding company HarborOne Bancorp has announced its second-quarter earnings for 2024, revealing a net income of $7.3 million, or $0.18 per diluted share. This marks a slight increase from the previous quarter's net income of $7.3 million, or $0.17 per diluted share, and a decrease from the same period last year's net income of $7.5 million, or $0.17 per diluted share. The company's six-month net income for the period 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.

Key Takeaways:

  • HarborOne Bancorp reported net income of $7.3 million, or $0.18 per diluted share, for the second quarter of 2024.
  • The company achieved loan growth of $62.5 million, or 5.2% annualized, and client deposit growth of $66.9 million, or 6.7% annualized.
  • HarborOne's asset quality improved, with nonperforming loans as a percentage of total loans decreasing to 0.20% from 0.25% last quarter.
  • The company's net interest margin increased to 2.31% from 2.25% on a linked-quarter basis.
  • HarborOne commenced a new share repurchase program to repurchase approximately 5% of outstanding shares over the next year.
  • The company recorded a $1.8 million gain on the sale of its former bank headquarters, partially offset by a $1.0 million loss on the sale of low-yielding securities.

Statistics:

  • Loan growth increased by $62.5 million, or 5.2% annualized.
  • Client deposit growth increased by $66.9 million, or 6.7% annualized.
  • Nonperforming loans as a percentage of total loans decreased to 0.20% from 0.25% last quarter.
  • Net interest margin improved to 2.31% from 2.25% on a linked-quarter basis.
  • HarborOne commenced a new share repurchase program to repurchase approximately 5% of outstanding shares over the next year.
  • The company recorded a $1.8 million gain on the sale of its former bank headquarters.

Sources:

  • Banking and Credit News, "HarborOne Bancorp Posts 2Q24 Results" (July 26, 2024)

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