HarborOne Bancorp(HONE) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $8.9 million, or $0.21 per diluted share, a 126.5% increase from $3.9 million, or $0.10 per diluted share in Q3 2024[1] - Total revenue for Q4 2024 was $45,516,000, up from $38,597,000 in Q4 2023, marking an increase of 18.0%[25] - Net income for Q4 2024 was $8,887,000, compared to a loss of $7,111,000 in Q4 2023, indicating a significant turnaround[25] - Basic earnings per share increased to $0.66 for the year ended December 31, 2024, compared to $0.37 in 2023, reflecting an increase of 78.4%[29] - Net income for the year ended December 31, 2024, was $27,407 thousand, significantly higher than the $16,077 thousand reported in 2023, representing a growth of 70.5%[29] Asset Quality - Total nonperforming assets were $29.5 million, representing 0.51% of total assets, up from 0.49% in the previous quarter[10] - Nonperforming loans to total loans ratio improved to 0.61% in Q4 2024 from 0.37% in Q4 2023, indicating better asset quality[25] - The allowance for credit losses increased to $56,101,000 in Q4 2024 from $47,972,000 in Q4 2023, showing a proactive approach to managing credit risk[25] - Total delinquent loans increased to $37,427,000 in Q4 2024 from $19,603,000 in Q4 2023, reflecting challenges in loan performance[33] Income and Expenses - Noninterest income rose by $3.1 million, or 29.5%, to $13.7 million compared to $10.6 million in the previous quarter[6] - Total noninterest expenses decreased to $130,035 thousand for the year ended December 31, 2024, down from $138,320 thousand in 2023, a reduction of 6.0%[29] - Total noninterest expenses for Q4 2024 were $32,873,000, a decrease from $43,214,000 in Q4 2023, showing effective cost management[31] Deposits and Loans - Total deposits increased by $14.6 million to $4.55 billion, with brokered deposits rising by $27.8 million to support BTFP borrowing payoff[12] - Average deposits, excluding brokered deposits, increased by $62.9 million, or 6.1% annualized, on a linked-quarter basis[4] - Total loans stood at $4,852,499,000 in Q4 2024, a slight decrease from $4,879,503,000 in Q3 2024, reflecting a cautious lending strategy[25] - Total loans increased to $4,824,206 thousand in 2024, compared to $4,669,898 thousand in 2023, reflecting a growth of 3.3%[39] Capital and Equity - Total stockholders' equity decreased by 1.6% to $575.0 million, impacted by unrealized losses on available-for-sale securities and share repurchases[12] - The common equity tier 1 ratio (CET1) was reported at 11.79% in Q4 2024, slightly up from 11.99% in Q4 2023, indicating stable capital adequacy[25] - Tangible common equity (non-GAAP) was $515,212 million, down from $524,213 million in the prior quarter[49] Efficiency and Ratios - The efficiency ratio improved to 71.81% in Q4 2024 from 111.47% in Q4 2023, demonstrating enhanced operational efficiency[25] - The efficiency ratio (non-GAAP) improved to 68.84% in Q4 2024 from 73.65% in Q4 2023, indicating enhanced operational efficiency[43] - Return on average assets (GAAP) improved to 0.62% from 0.27% in the previous quarter, indicating better asset utilization[47] Interest Income - The net interest margin remained flat at 2.36% compared to the previous quarter[4] - Total interest and dividend income for Q4 2024 was $67,519,000, an increase from $64,385,000 in Q4 2023, representing a year-over-year growth of 3.3%[31] - Net interest income reported at $31,827 thousand, reflecting an increase from $29,693 thousand in the same quarter last year[35]