Financial Performance - Consolidated net income for the three months ended September 30, 2024, was $3.9 million, down from $8.4 million in the same period of 2023[199]. - The Bank's net income decreased by $4.2 million, or 46.0%, to $4.9 million for the three months ended September 30, 2024, compared to $9.1 million for the same period in 2023[217]. - For the nine months ended September 30, 2024, the Bank's net income decreased by $5.8 million, or 22.9%, to $19.6 million from $25.5 million in the prior year[218]. - Total noninterest income was $6.7 million for the three months ended September 30, 2024, compared to $6.5 million for the same period in 2023, representing an increase of $154,000 or 2.4%[221]. - Total noninterest income for the nine months ended September 30, 2024, was $13.1 million, down from $14.2 million in the prior year[232]. Asset and Loan Growth - Total assets increased by $108.1 million, or 1.9%, to $5.78 billion at September 30, 2024, from $5.67 billion at December 31, 2023[181]. - Net loans increased by $123.2 million, or 2.6%, to $4.83 billion at September 30, 2024, from $4.70 billion at December 31, 2023[185]. - Total loans reached $4,860,168 thousand, generating interest income of $64,047 thousand at an average yield of 5.24%, up from $4,706,326 thousand and $58,375 thousand at 4.92%[202]. - The total loan balance as of September 30, 2024, was $4.88 billion, compared to $4.75 billion at December 31, 2023[243]. - Total deposits increased by $148.8 million to $4.54 billion as of September 30, 2024, reflecting a 3.4% growth compared to December 31, 2023[193]. Credit Quality and Allowance for Credit Losses - The allowance for credit losses on loans increased by $6.0 million, or 12.6%, to $54.0 million at September 30, 2024[185]. - The allowance for credit losses to total loans ratio was 1.11% as of September 30, 2024, up from 1.01% at December 31, 2023[243]. - The Bank recorded a provision for credit losses of $5.9 million for the three months ended September 30, 2024, reflecting a specific reserve allocation for a single credit of $4.7 million[219]. - Net charge-offs totaled $182,000, or 0.02%, of average loans outstanding for the quarter ended September 30, 2024, compared to net recoveries of $18,000 for the same period in 2023[220]. - The total amount of loans to borrowers experiencing financial difficulty was $15.3 million as of September 30, 2024[247]. Interest Income and Expense - Interest and dividend income on a tax equivalent basis increased by $6.1 million, or 9.6%, to $69.5 million for the three months ended September 30, 2024, compared to $63.4 million for the same period in 2023[206]. - Interest expense increased by $5.0 million, or 15.8%, to $37.1 million for the three months ended September 30, 2024, from $32.1 million for the same period in 2023[208]. - Interest expense on deposits increased by $4.9 million, or 19.7%, reflecting deposit growth and a 45-basis-point increase in rates paid[208]. - The net interest margin on a full tax equivalent basis increased by 2 basis points to 2.36% for the three months ended September 30, 2024, from 2.34% for the same period in 2023[210]. - Net interest and dividend income increased by $1.0 million, or 3.2%, to $32.3 million for the three months ended September 30, 2024, compared to $31.3 million for the same period in 2023[210]. Deposits and Funding - Noninterest-bearing deposits rose by $53.4 million, or 8.1%, while regular savings deposits decreased by $339.1 million, or 26.8%[193]. - Brokered deposits increased by $47.1 million, or 14.4%, indicating a strategic move to seek additional funding[193]. - The company reported $373.7 million in brokered deposits as of September 30, 2024, to supplement core deposit fluctuations[266]. - The company has additional borrowing capacity of $830.3 million from the FHLB and $419.2 million from the FRBB based on collateral pledged[265]. - The company borrowed $175 million for a one-year term under the BTFP during the first quarter of 2024[196]. Regulatory Capital and Liquidity - Total stockholders' equity was $584.2 million, a slight increase of 0.1% from $583.8 million at December 31, 2023[197]. - The tangible-common-equity-to-tangible-assets ratio was 9.17% as of September 30, 2024, consistent with the previous year[198]. - The company exceeded all regulatory capital requirements and is considered "well capitalized" under regulatory guidelines as of September 30, 2024[269]. - As of September 30, 2024, the company has immediate liquid resources in cash and cash equivalents amounting to $224.3 million, primarily on deposit with the FRBB[265]. - The company’s liquidity risk management process aims to provide continuous access to sufficient, reasonably priced funds[264]. Noninterest Expense and Operational Efficiency - Total noninterest expense was $26.8 million for the three months ended September 30, 2024, reflecting a 1.8% increase from $26.3 million in the prior year[226]. - Compensation and benefits decreased by 2.0% to $14.9 million for the three months ended September 30, 2024, compared to $15.2 million in the prior year[226]. - Noninterest expense for the three months ended September 30, 2024, was $5.6 million, a 2% increase from $5.5 million in the prior year[238]. - The bank recorded an intersegment loss of $1.1 million for the nine months ended September 30, 2024, compared to a loss of $153,000 in the prior year[222]. - The loss on sale of securities was realized on the sale of $17.5 million of available-for-sale securities with a weighted average book yield of 2.84%[225]. Mortgage and Loan Segment Performance - The bank purchased $86.8 million of residential mortgage loans from HarborOne Mortgage during the nine months ended September 30, 2024, down from $132.4 million in the prior year[224]. - Gain on sale of mortgage loans for the three months ended September 30, 2024, was $3.8 million, a decrease of 25.6% from $5.1 million in the prior year[232]. - The bank's mortgage segment recorded a net loss of $1.1 million for the three and nine months ended September 30, 2024, compared to a net loss of $138,000 in the prior year[231]. - The change in mortgage servicing rights fair value declined by $3.3 million for the three months ended September 30, 2024, reflecting the decrease in benchmark residential rates[234]. - Conventional loans accounted for 66.1% of total loans in Q3 2024, up from 62.9% in Q3 2023[236].

Financial Performance - HarborOne Bancorp reported quarterly earnings of $0.10 per share, missing the Zacks Consensus Estimate of $0.18 per share, and down from $0.20 per share a year ago, representing an earnings surprise of -44.44% [1] - The company posted revenues of $42.46 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.09%, and down from $42.68 million year-over-year [1] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.18 on revenues of $43.49 million, and for the current fiscal year, it is $0.71 on revenues of $171.05 million [4] - The estimate revisions trend for HarborOne Bancorp is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [4] Market Comparison - HarborOne Bancorp shares have increased by approximately 11.1% since the beginning of the year, compared to the S&P 500's gain of 21.5% [2] - The Banks - Northeast industry, to which HarborOne Bancorp belongs, is currently in the top 19% of over 250 Zacks industries, suggesting a positive outlook for the sector [5]

Financial Performance - Net income for Q3 2024 was $3.9 million, or $0.10 per diluted share, down from $7.3 million, or $0.18 per diluted share in Q2 2024, and $8.4 million, or $0.20 per diluted share in Q3 2023[1]. - Net income for the nine months ended September 30, 2024, was $18,520,000, a decrease of 20.1% compared to $23,188,000 in the same period of 2023[11]. - Earnings per common share (basic) for the nine months ended September 30, 2024, was $0.45, down from $0.53 in the previous year[11]. - Net income, excluding goodwill impairment charge, for September 30, 2024, was $3,924,000, a decrease from $7,296,000 in June 30, 2024[15]. - Total revenue for September 30, 2024, was $42,461,000, compared to $43,269,000 in June 30, 2024, reflecting a decline of 1.87%[15]. Loan and Deposit Growth - Loan growth was $40.3 million, or 3.3% annualized, while client deposit growth was $89.5 million, or 8.8% annualized[2]. - Total loans increased to $4,860,168 thousand, up from $4,805,284 thousand, reflecting a growth of 1.14%[12]. - Total deposits increased to $4,536,177 thousand from $4,458,297 thousand in the previous quarter, reflecting a growth of approximately 1.75%[9]. - Total deposits, including demand deposits, rose to $4,451,242 thousand, an increase from $4,329,347 thousand, representing a growth of 2.82%[12]. - Commercial loans totaled $3,141,445 thousand, up from $3,113,850 thousand in June 2024, indicating an increase of about 0.89%[9]. Income and Expenses - Total noninterest income decreased by $1.4 million, or 11.3%, to $10.6 million in Q3 2024, primarily due to a decline in mortgage banking income[3]. - Total noninterest expenses increased to $97,162,000, reflecting a 2.2% rise from $95,106,000 in the prior year[11]. - Total noninterest expense decreased by $876,000, or 2.6%, to $32.3 million in Q3 2024, driven by a reduction in marketing expenses[5]. - Total adjusted noninterest expense, excluding goodwill impairment, was $32,078,000 for September 30, 2024, compared to $32,955,000 in June 30, 2024[15]. Asset and Equity Position - Total assets decreased by $11.1 million, or 0.2%, to $5.78 billion at September 30, 2024, reflecting a decrease in cash and cash equivalents[6]. - Total stockholders' equity increased by 1.2% to $584.2 million at September 30, 2024, as unrealized losses on available-for-sale securities decreased[6]. - Total stockholders' equity increased to $584,202 thousand from $577,329 thousand in the previous quarter, reflecting a growth of approximately 1.5%[9]. - The tangible-common-equity-to-tangible-assets ratio was 9.17% at September 30, 2024, indicating a strong capital position exceeding regulatory requirements[6]. Credit Quality - Total nonperforming assets rose to $28.4 million at September 30, 2024, compared to $9.8 million at June 30, 2024, primarily due to a single $17.2 million credit[6]. - The provision for credit losses was $5.9 million in Q3 2024, with a specific reserve allocation of $4.7 million for the aforementioned credit[6]. - The allowance for credit losses on loans was $54,004 thousand, resulting in net loans of $4,825,499 thousand[9]. - Provision for credit losses rose to $6,350,000, an increase of 26.1% compared to $5,036,000 in the previous year[11]. - The allowance for credit losses on loans to total loans was 1.11% as of September 30, 2024, compared to 1.02% in June 30, 2024[16]. Efficiency and Ratios - The efficiency ratio improved to 75.55% for September 30, 2024, down from 76.16% in June 30, 2024[15]. - The efficiency ratio excluding goodwill impairment charge was not specified but is considered useful for evaluating financial condition[8]. - The ratio of interest-earning assets to interest-bearing liabilities was 124.89%, slightly up from 124.16%[12]. - Tangible common equity to tangible assets ratio was 9.17% as of September 30, 2024, compared to 9.03% in June 30, 2024[17]. Segment Performance - Net interest and dividend income for HarborOne Bank segment increased to $31,780 thousand in September 2024, up from $31,098 thousand in June 2024, representing a growth of 2.2%[18]. - Total noninterest income for HarborOne Bank segment was $6,665 thousand in September 2024, a decrease from $7,156 thousand in June 2024, reflecting a decline of 6.9%[18]. - Income before income taxes for HarborOne Bank segment was $5,790 thousand in September 2024, down from $9,848 thousand in June 2024, a decline of 41.5%[18]. - Net income for HarborOne Mortgage segment was a loss of $1,137 thousand in September 2024, compared to a loss of $191 thousand in June 2024[19]. - Closed loan volume for HarborOne Mortgage segment increased to $209,525 thousand in September 2024 from $172,994 thousand in June 2024, a growth of 21.1%[19].

Financial Position - Total assets increased by $119.1 million, or 2.1%, to $5.79 billion at June 30, 2024, from $5.67 billion at December 31, 2023[151] - Total deposits increased by $70.9 million, or 1.6%, to $4.46 billion at June 30, 2024, from $4.39 billion at December 31, 2023[158] - Total stockholders' equity decreased by 1.1% to $577.3 million at June 30, 2024, compared to $583.8 million at December 31, 2023[161] - Total assets increased to $5,806,368 thousand as of June 30, 2024, compared to $5,481,934 thousand as of June 30, 2023[168] - Total equity decreased to $579,863 thousand as of June 30, 2024, from $609,245 thousand as of June 30, 2023[168] Loan and Deposit Activity - Net loans increased by $87.8 million, or 1.9%, to $4.79 billion at June 30, 2024, from $4.70 billion at December 31, 2023[153] - Loans held for sale increased by $22.1 million to $41.8 million at June 30, 2024, reflecting increased loan production[152] - Noninterest-bearing deposits increased by $29.8 million, or 4.5%, to $689.8 million at June 30, 2024[158] - Brokered deposits increased by $58.6 million, or 17.9%, to $385.3 million at June 30, 2024[158] - The total loan balance as of June 30, 2024, was $4.84 billion, up from $4.75 billion at December 31, 2023, indicating growth in the loan portfolio[201] Income and Expenses - Consolidated net income for the three months ended June 30, 2024, was $7.3 million, slightly down from $7.5 million for the same period in 2023[163] - Interest and dividend income on a tax equivalent basis increased by $7.2 million, or 11.8%, to $68.2 million for the three months ended June 30, 2024, compared to $61.0 million for the same period in 2023[171] - Interest expense increased by $7.9 million, or 27.5%, to $36.6 million for the three months ended June 30, 2024, from $28.7 million for the same period in 2023[172] - Net interest and dividend income decreased by $707,000, or 2.2%, to $31.6 million for the three months ended June 30, 2024, compared to $32.3 million for the same period in 2023[174] - Noninterest expense increased by $1.6 million, or 6.1%, for the three months ended June 30, 2024, compared to the same period in 2023[181] Credit Quality - The allowance for credit losses on loans increased by $1.2 million, or 2.4%, to $49.1 million at June 30, 2024[153] - The provision for credit losses was $615,000 for the three months ended June 30, 2024, a decrease of $2.7 million, or 81.3%, compared to $3.3 million for the same period in 2023[181] - Net charge-offs totaled $195,000, or 0.02%, of average loans outstanding for the quarter ended June 30, 2024, compared to $2.7 million, or 0.23%, for the same period in 2023[183] - Nonperforming assets totaled $9.8 million at June 30, 2024, a significant decrease from $17.6 million at December 31, 2023, reflecting improved asset quality[202] - The allowance for credit losses to total loans was 1.02% as of June 30, 2024, compared to 1.01% at the end of 2023, indicating stable credit quality management[201] Interest Rate Risk and Liquidity - The Company’s primary market risk is interest-rate risk, managed through an Asset/Liability Committee that establishes exposure limits[210] - The Company’s liquidity sources include deposit inflows, loan repayments, and borrowings from the FHLB[217] - As of June 30, 2024, the company has immediate liquid resources in cash and cash equivalents totaling $235.1 million, primarily on deposit with FRBB[219] - The company had $385.3 million in brokered deposits as of June 30, 2024, to supplement core deposit fluctuations and loan growth[221] - The company believes it can meet its contractual obligations through adequate cash levels and liquidity management[222] Market and Economic Conditions - The estimated Economic Value of Equity (EVE) decreased by $182,118, or 32.2%, under a +300 basis points interest rate scenario as of June 30, 2024[215] - The Company’s net interest income simulation results indicate a potential decrease of 12.0% in Year One and 14.7% in Year Two under a +300 basis points interest rate scenario as of June 30, 2024[212] - Management continues to monitor the loan portfolio closely for signs of deterioration, particularly in the commercial real estate sector, amid rising vacancies and interest rates[203] - Management identified business-oriented hotels, non-anchored retail space, and metro office space as sectors potentially more susceptible to weakness, with total outstanding balances of $119.7 million, $48.6 million, and $6.2 million respectively[204] - The commercial real estate portfolio is primarily located in New England, with 75% secured by properties in Massachusetts and Rhode Island, highlighting regional concentration[203]

Core Viewpoint - HarborOne Bancorp (HONE) shows a significant improvement in earnings outlook, making it an attractive investment option as analysts continue to raise their earnings estimates [1][2] Earnings Estimate Revisions - Current-quarter earnings estimate is $0.18 per share, reflecting a -10% change from the previous year, but has increased by 7.58% over the last 30 days due to three upward revisions [4] - For the full year, the earnings estimate stands at $0.68 per share, representing a +9.68% change from the year-ago figure, with a 5.47% increase in consensus estimates driven by three upward revisions [5] Analyst Sentiment - There is strong agreement among analysts in revising earnings estimates upward, leading to a Zacks Rank 2 (Buy) for HarborOne Bancorp, indicating positive sentiment and potential for outperformance [3][6] Stock Performance - HarborOne Bancorp shares have increased by 18.6% over the past four weeks, suggesting investor confidence in the company's earnings growth prospects [7]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: HarborOne Bancorp (HONE) - HONE currently holds a Momentum Style Score of A, indicating strong momentum potential [2][3] - Over the past week, HONE shares increased by 7.78%, outperforming the Zacks Banks - Northeast industry, which rose by 4.74% [4] - In a longer timeframe, HONE's monthly price change of 22.82% is significantly better than the industry's 14.15% performance [4] Trading Volume - HONE's average 20-day trading volume is 132,511 shares, which serves as a bullish indicator when combined with rising stock prices [5] Earnings Estimates - Recent trends show that 2 earnings estimates for HONE have increased, while none have decreased, raising the consensus estimate from $0.64 to $0.66 over the past 60 days [12] - For the next fiscal year, 2 estimates have also moved upwards with no downward revisions [12] Performance Comparison - Over the past quarter, HONE shares have risen by 27.38%, and by 27.74% over the last year, significantly outperforming the S&P 500, which increased by 7.18% and 20.85% respectively [11] Investment Recommendation - Given the strong performance metrics and positive earnings outlook, HONE is rated as a 2 (Buy) stock, making it a promising candidate for investors seeking momentum opportunities [7][9]

HarborOne Bancorp, which belongs to the Zacks Banks - Northeast industry, posted revenues of $43.27 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.99%. This compares to year-ago revenues of $44.76 million. The company has topped consensus revenue estimates three times over the last four quarters. What's Next for HarborOne Bancorp? Ahead of this earnings release, the estimate revisions trend for HarborOne Bancorp: mixed. While the magnitude and direction of estimate rev ...

HarborOne Bancorp, Inc. Announces 2024 Second Quarter Results Selected Financial Highlights: 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, 2 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38955 HarborOne Bancorp, Inc. (Exact name of registrant as specified in its charter) Massachusetts 81-1607465 (State or other jurisdiction of (I ...

For the quarter ended March 2024, HarborOne Bancorp (HONE) reported revenue of $41.32 million, down 4.1% over the same period last year. EPS came in at $0.17, compared to $0.16 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $39.98 million, representing a surprise of +3.36%. The company delivered an EPS surprise of +30.77%, with the consensus EPS estimate being $0.13.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...