HarborOne Bancorp(HONE)2024-10-24 12:39Financial Performance - Net income for Q3 2024 was 0.10 per diluted share, down from 0.18 per diluted share in Q2 2024, and 0.20 per diluted share in Q3 2023[1]. - Net income for the nine months ended September 30, 2024, was 23,188,000 in the same period of 2023[11]. - Earnings per common share (basic) for the nine months ended September 30, 2024, was 0.53 in the previous year[11]. - Net income, excluding goodwill impairment charge, for September 30, 2024, was 7,296,000 in June 30, 2024[15]. - Total revenue for September 30, 2024, was 43,269,000 in June 30, 2024, reflecting a decline of 1.87%[15]. Loan and Deposit Growth - Loan growth was 89.5 million, or 8.8% annualized[2]. - Total loans increased to 4,805,284 thousand, reflecting a growth of 1.14%[12]. - Total deposits increased to 4,458,297 thousand in the previous quarter, reflecting a growth of approximately 1.75%[9]. - Total deposits, including demand deposits, rose to 4,329,347 thousand, representing a growth of 2.82%[12]. - Commercial loans totaled 3,113,850 thousand in June 2024, indicating an increase of about 0.89%[9]. Income and Expenses - Total noninterest income decreased by 10.6 million in Q3 2024, primarily due to a decline in mortgage banking income[3]. - Total noninterest expenses increased to 95,106,000 in the prior year[11]. - Total noninterest expense decreased by 32.3 million in Q3 2024, driven by a reduction in marketing expenses[5]. - Total adjusted noninterest expense, excluding goodwill impairment, was 32,955,000 in June 30, 2024[15]. Asset and Equity Position - Total assets decreased by 5.78 billion at September 30, 2024, reflecting a decrease in cash and cash equivalents[6]. - Total stockholders' equity increased by 1.2% to 584,202 thousand from 28.4 million at September 30, 2024, compared to 17.2 million credit[6]. - The provision for credit losses was 4.7 million for the aforementioned credit[6]. - The allowance for credit losses on loans was 4,825,499 thousand[9]. - Provision for credit losses rose 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 31,098 thousand in June 2024, representing a growth of 2.2%[18]. - Total noninterest income for HarborOne Bank segment was 7,156 thousand in June 2024, reflecting a decline of 6.9%[18]. - Income before income taxes for HarborOne Bank segment was 9,848 thousand in June 2024, a decline of 41.5%[18]. - Net income for HarborOne Mortgage segment was a loss of 191 thousand in June 2024[19]. - Closed loan volume for HarborOne Mortgage segment increased to 172,994 thousand in June 2024, a growth of 21.1%[19].