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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 September 30, 2022

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
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

770 Oak Street, Brockton, Massachusetts

02301

(Address of principal executive offices)

(Zip Code)

(508) 895-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act

Title of each Class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value

HONE

The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 3, 2022, there were 49,188,495 shares of the Registrant’s common stock, par value $0.01 per share, outstanding

Index

PAGE

PART I.

FINANCIAL INFORMATION

ITEM 1.

Financial Statements

Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (unaudited)

1

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)

2

Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)

3

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)

4

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 (unaudited)

6

Notes to Consolidated Financial Statements (unaudited)

Note 1. Summary of Significant Accounting Policies

8

Note 2. Debt Securities

10

Note 3. Loans Held for Sale

14

Note 4. Loans and Allowance for Credit Losses

15

Note 5. Mortgage Loan Servicing

24

Note 6. Goodwill and Other Intangible Assets

25

Note 7. Deposits

25

Note 8. Borrowings

26

Note 9. Other Commitments and Contingencies

27

Note 10. Derivatives

29

Note 11. Operating Lease Right-of-Use Assets and Liabilities

31

Note 12. Minimum Regulatory Capital Requirements

32

Note 13. Comprehensive (Loss) Income

34

Note 14. Fair Value of Assets and Liabilities

35

Note 15. Earnings Per Share (“EPS”)

42

Note 16. Revenue Recognition

43

Note 17. Segment Reporting

43

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

46

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

68

ITEM 4.

Controls and Procedures

68

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

69

ITEM 1A.

Risk Factors

69

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

69

ITEM 3.

Defaults Upon Senior Securities

69

ITEM 4.

Mine Safety Disclosures

69

ITEM 5.

Other Information

69

ITEM 6.

Exhibits

70

EXHIBIT INDEX

70

SIGNATURE

71

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Balance Sheets (unaudited)

September 30, 

December 31, 

(in thousands, except share data)

    

2022

2021

 

Assets

    

 

Cash and due from banks

$

39,910

$

35,549

Short-term investments

46,044

159,170

Total cash and cash equivalents

85,954

194,719

Securities available for sale, at fair value

304,852

394,036

Securities held to maturity, at amortized cost

15,000

Federal Home Loan Bank stock, at cost

15,973

5,931

Asset held for sale

881

Loans held for sale, at fair value

18,805

45,642

Loans

4,197,354

3,607,733

Less: Allowance for credit losses on loans

(44,621)

(45,377)

Net loans

4,152,733

3,562,356

Accrued interest receivable

12,746

10,624

Other real estate owned and repossessed assets

74

53

Mortgage servicing rights, at fair value

49,861

38,268

Property and equipment, net

49,115

50,745

Retirement plan annuities

14,511

14,174

Bank-owned life insurance

91,452

89,972

Goodwill

69,802

69,802

Intangible assets

2,461

3,164

Other assets

104,304

73,038

Total assets

$

4,987,643

$

4,553,405

Liabilities and Stockholders' Equity

Deposits:

Demand deposit accounts

$

795,945

$

743,051

NOW accounts

308,191

313,733

Regular savings and club accounts

1,289,825

1,138,979

Money market deposit accounts

889,517

858,970

Term certificate accounts

599,632

627,916

Total deposits

3,883,110

3,682,649

Short-term borrowed funds

330,000

Long-term borrowed funds

15,684

55,711

Subordinated debt

34,254

34,159

Mortgagors' escrow accounts

9,842

8,459

Accrued interest payable

950

1,083

Other liabilities and accrued expenses

102,433

92,083

Total liabilities

4,376,273

3,874,144

Commitments and contingencies (Notes 9 and 10)

Common stock, $0.01 par value; 150,000,000 shares authorized; 59,919,254 and 59,087,487 shares issued; 49,202,660 and 52,390,478 shares outstanding at September 30, 2022 and December 31, 2021, respectively

593

585

Additional paid-in capital

480,617

469,934

Retained earnings

350,049

325,699

Treasury stock, at cost, 10,716,594 and 6,693,504 shares at September 30, 2022 and December 31, 2021, respectively

(143,125)

(85,859)

Accumulated other comprehensive loss

(48,681)

(1,637)

Unearned compensation - ESOP

(28,083)

(29,461)

Total stockholders' equity

611,370

679,261

Total liabilities and stockholders' equity

$

4,987,643

$

4,553,405

The accompanying notes are an integral part of these unaudited interim Consolidated Financial Statements.

1

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Income (unaudited)

Three Months Ended September 30, 

Nine Months Ended September 30, 

(in thousands, except share data)

  

2022

  

2021

  

2022

  

2021

Interest and dividend income:

Interest and fees on loans

$

42,065

$

33,680

$

113,163

$

101,646

Interest on loans held for sale

377

665

972

2,841

Interest on taxable securities

1,971

1,293

5,545

2,671

Other interest and dividend income

143

170

335

384

Total interest and dividend income

44,556

35,808

120,015

107,542

Interest expense:

Interest on deposits

3,491

2,050

7,131

7,072

Interest on FHLB borrowings

1,209

431

1,516

1,514

Interest on subordinated debentures

524

524

1,571

1,571

Total interest expense

5,224

3,005

10,218

10,157

Net interest and dividend income

39,332

32,803

109,797

97,385

Provision (benefit) for credit losses

668

(1,627)

3,552

(5,822)

Net interest and dividend income, after provision (benefit) for credit losses

38,664

34,430

106,245

103,207

Noninterest income:

Mortgage banking income:

Gain on sale of mortgage loans

3,809

12,756

13,669

51,820

Changes in mortgage servicing rights fair value

1,816

(992)

7,963

(135)

Other

2,453

3,882

7,623

12,472

Total mortgage banking income

8,078

15,646

29,255

64,157

Deposit account fees

4,870

4,658

14,234

13,056

Income on retirement plan annuities

119

108

338

318

Gain on sale and call of securities, net

241

241

Bank-owned life insurance income

503

515

1,480

1,516

Other income

675

842

2,102

2,234

Total noninterest income

14,245

22,010

47,409

81,522

Noninterest expense:

Compensation and benefits

20,991

24,760

63,169

77,360

Occupancy and equipment

4,829

4,765

14,832

14,723

Data processing

2,311

2,205

6,811

6,910

Loan expenses

355

1,323

1,218

5,008

Marketing

850

880

3,054

2,524

Deposit expenses

587

431

1,646

1,209

Postage and printing

373

396

1,204

1,215

Professional fees

1,457

1,362

4,676

4,432

Prepayment penalties on Federal Home Loan Bank advances

1,095

1,095

Foreclosed and repossessed assets

(308)

18

(332)

Deposit insurance

357

341

1,060

993

Other expenses

2,363

2,024

6,574

5,537

Total noninterest expense

34,473

39,274

104,262

120,674

Income before income taxes

18,436

17,166

49,392

64,055

Income tax provision

4,678

4,907

13,380

18,128

Net income

$

13,758

$

12,259

$

36,012

$

45,927

Earnings per common share:

Basic

$

0.30

$

0.25

$

0.77

$

0.89

Diluted

$

0.30

$

0.24

$

0.76

$

0.88

Weighted average shares outstanding:

Basic

45,830,737

49,801,123

46,875,312

51,362,252

Diluted

46,420,527

50,663,415

47,541,647

52,094,749

The accompanying notes are an integral part of these unaudited interim Consolidated Financial Statements.

2

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Comprehensive (Loss) Income (unaudited)

Three Months Ended September 30, 

Nine Months Ended September 30, 

(in thousands)

    

2022

2021

2022

2021

     

Net income

$

13,758

$

12,259

$

36,012

$

45,927

Other comprehensive income:

Unrealized gain/loss on cash flow hedge:

Unrealized holding gains (losses)

2,658

22

7,386

1,392

Reclassification adjustment for net losses (gains) included in net income

(420)

140

(380)

373

Net change in unrealized gains (losses) on derivatives in cash flow hedging instruments

2,238

162

7,006

1,765

Related tax effect

(628)

(46)

(1,968)

(494)

Net-of-tax amount

1,610

116

5,038

1,271

Unrealized gain/loss on securities available for sale:

Unrealized holding (losses) gains

(20,554)

(2,406)

(66,806)

(5,626)

Reclassification adjustment for net realized gains

(241)

(241)

Net unrealized (losses) gains

(20,554)

(2,647)

(66,806)

(5,867)

Related tax effect

4,530

584

14,724

1,293

Net-of-tax amount

(16,024)

(2,063)

(52,082)

(4,574)

Total other comprehensive (loss) income

(14,414)

(1,947)

(47,044)

(3,303)

Comprehensive (loss) income

$

(656)

$

10,312

$

(11,032)

$

42,624

The accompanying notes are an integral part of these unaudited interim Consolidated Financial Statements.

3

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

Accumulated

Common Stock

Additional

Treasury

Other

Unearned

Total

Outstanding

Paid-in

Retained

Stock,

Comprehensive

Compensation

Stockholders'

(in thousands, except share data)

Shares

Amount

Capital

Earnings

at Cost

Income (Loss)

- ESOP

Equity

Balance at June 30, 2021

55,735,623

$

585

$

467,194

$

305,831

$

(38,588)

$

829

$

(30,380)

$

705,471

Comprehensive income

12,259

(1,947)

10,312

Dividends declared of $0.05 per share

(2,407)

(2,407)

ESOP shares committed to be released (57,680 shares)

340

459

799

Restricted stock awards forfeited

(3,000)

Share-based compensation expense

992

992

Treasury stock purchased

(2,500,513)