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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 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
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 May 1, 2024, there were 44,675,732 shares of the Registrant’s common stock, par value $0.01 per share, outstanding.

Index

PAGE

Glossary of Acronyms and Terms

1

PART I.

FINANCIAL INFORMATION

ITEM 1.

Financial Statements

Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited)

2

Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 (unaudited)

3

Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and 2023 (unaudited)

4

Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited)

5

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited)

6

Notes to Consolidated Financial Statements (unaudited)

Note 1. Summary of Significant Accounting Policies

8

Note 2. Debt Securities

9

Note 3. Loans Held for Sale

12

Note 4. Loans and Allowance for Credit Losses

13

Note 5. Mortgage Loan Servicing

19

Note 6. Goodwill and Other Intangible Assets

20

Note 7. Deposits

21

Note 8. Borrowings

22

Note 9. Other Commitments and Contingencies

23

Note 10. Derivatives

24

Note 11. Operating Lease ROU Assets and Liabilities

29

Note 12. Minimum Regulatory Capital Requirements

30

Note 13. Comprehensive (Loss) Income

32

Note 14. Fair Value of Assets and Liabilities

32

Note 15. Earnings Per Share

38

Note 16. Revenue Recognition

39

Note 17. Segment Reporting

39

ITEM 2.

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

41

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

59

ITEM 4.

Controls and Procedures

59

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

60

ITEM 1A.

Risk Factors

60

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

61

ITEM 3.

Defaults Upon Senior Securities

61

ITEM 4.

Mine Safety Disclosures

61

ITEM 5.

Other Information

61

ITEM 6.

Exhibits

62

EXHIBIT INDEX

62

SIGNATURE

63

Table of Contents

Glossary of Acronyms and Terms

The following is a list of common acronyms and terms used regularly in our financial reporting:

ACL

Allowance for Credit Losses

Bank

HarborOne Bank

BIC

Borrower-in-custody

BOLI

Bank-owned life insurance

BTFP

Bank Term Funding Program

DCF

Discounted cash flow

DIF

Massachusetts Depositors Insurance Fund

EPS

Earnings Per Share

ESOP

Employee Stock Ownership Plan

EVE

Equity at risk

Exchange Act

Securities Exchange Act of 1934, as amended

FDIC

Federal Deposit Insurance Corporation

Federal Reserve

Board of Governors of the Federal Reserve System

FHLB

Federal Home Loan Bank

FRBB

Federal Reserve Bank of Boston

GAAP

Accounting principles generally accepted in the United States of America

HarborOne Mortgage

HarborOne Mortgage, LLC

Management

Company’s management

MSRs

Mortgage servicing rights

PPP

Paycheck Protection Program

ROU

Right-of-use

SBA

U.S. Small Business Administration

SEC

U.S. Securities and Exchange Commission

SOFR

Secured Overnight Financing Rate

Subordinated Notes

$35.0 million in fixed-to-floating-rate subordinated notes due 2028

Treasury

U.S. Department of the Treasury

USA PATRIOT Act

The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001

1

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Balance Sheets (unaudited)

March 31, 

December 31, 

(in thousands, except share data)

    

2024

2023

 

Assets

    

 

Cash and due from banks

$

36,340

$

38,876

Short-term investments

357,101

188,474

Total cash and cash equivalents

393,441

227,350

Securities available for sale, at fair value

291,008

290,151

Securities held to maturity, at amortized cost (fair value of $19,102 at March 31, 2024 and $19,262 at December 31. 2023)

19,724

19,796

Federal Home Loan Bank stock, at cost

26,565

27,098

Asset held for sale

348

348

Loans held for sale, at fair value

16,434

19,686

Loans

4,776,685

4,750,311

Less: Allowance for credit losses on loans

(48,185)

(47,972)

Net loans

4,728,500

4,702,339

Accrued interest receivable

19,470

18,169

Mortgage servicing rights, at fair value

46,597

46,111

Property and equipment, net

47,913

48,749

Retirement plan annuities

15,315

15,170

Bank-owned life insurance

95,421

94,675

Goodwill

59,042

59,042

Intangible assets

1,326

1,515

Other assets

101,118

97,697

Total assets

$

5,862,222

$

5,667,896

Liabilities and Stockholders’ Equity

Deposits:

Demand deposit accounts

$

677,152

$

659,973

NOW accounts

305,071

305,825

Regular savings and club accounts

1,110,404

1,265,315

Money market deposit accounts

1,061,145

966,201

Term certificate accounts

852,326

863,457

Brokered deposits

387,926

326,638

Total deposits

4,394,024

4,387,409

Borrowings

754,380

568,462

Mortgagors’ escrow accounts

10,364

8,872

Accrued interest payable

7,302

5,251

Other liabilities and accrued expenses

118,469

114,143

Total liabilities

5,284,539

5,084,137

Commitments and contingencies (Notes 7, 12 and 13)

Common stock, $0.01 par value; 150,000,000 shares authorized; 60,512,221 and 60,255,288 shares issued; 45,055,006 and 45,401,224 shares outstanding at March 31, 2024 and December 31, 2023, respectively

598

598

Additional paid-in capital

487,277

486,502

Retained earnings

363,591

359,656

Treasury stock, at cost, 15,457,215 and 14,854,064 shares at March 31, 2024 and December 31, 2023, respectively

(199,853)

(193,590)

Accumulated other comprehensive loss

(48,604)

(43,622)

Unearned compensation - ESOP

(25,326)

(25,785)

Total stockholders’ equity

577,683

583,759

Total liabilities and stockholders’ equity

$

5,862,222

$

5,667,896

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

2

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Income (unaudited)

Three Months Ended March 31, 

(in thousands, except share data)

  

2024

  

2023

  

Interest and dividend income:

Interest and fees on loans

$

59,937

$

52,771

Interest on loans held for sale

243

286

Interest on taxable securities

2,065

2,079

Other interest and dividend income

4,659

803

Total interest and dividend income

66,904

55,939

Interest expense:

Interest on deposits

26,899

15,913

Interest on borrowings

9,423

5,105

Interest on subordinated debentures

523

Total interest expense

36,322

21,541

Net interest and dividend income

30,582

34,398

Provision (benefit) for credit losses

(168)

1,866

Net interest and dividend income, after provision for credit losses

30,750

32,532

Noninterest income:

Mortgage banking income:

Gain on sale of mortgage loans

2,013

2,224

Changes in mortgage servicing rights fair value

54

(1,692)

Other

2,276

2,216

Total mortgage banking income

4,343

2,748

Deposit account fees

4,983

4,733

Income on retirement plan annuities

145

119

Bank-owned life insurance income

746

500

Other income

524

590

Total noninterest income

10,741

8,690

Noninterest expense:

Compensation and benefits

17,636

17,799

Occupancy and equipment

4,781

5,040

Data processing

2,479

2,346

Loan expenses

371

313

Marketing

816

1,181

Deposit expenses

690

534

Postage and printing

438

457

Professional fees

1,457

1,501

Foreclosed and repossessed assets

4

(17)

Deposit insurance

1,164

510

Other expenses

1,914

1,845

Total noninterest expense

31,750

31,509

Income before income taxes

9,741

9,713

Income tax provision

2,441

2,416

Net income

$

7,300

$

7,297

Earnings per common share:

Basic

$

0.17

$

0.16

Diluted

$

0.17

$

0.16

Weighted average shares outstanding:

Basic

41,912,421

44,857,224

Diluted

42,127,037

45,284,240

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

3

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Comprehensive (Loss) Income (unaudited)

Three Months Ended March 31, 

(in thousands)

2024

2023

     

Net income

$

7,300

$

7,297

Other comprehensive (loss) income:

Unrealized gain/loss on cashflow hedge:

Unrealized holding gains(losses)

718

(170)

Reclassification adjustment for net gains included in net income

(1,235)

(1,018)

Net change in unrealized losses on derivatives in cashflow hedging instruments

(517)

(1,188)

Related tax effect

148

334

Net-of-tax amount

(369)

(854)

Unrealized gain/loss on securities available for sale:

Unrealized holding (losses) gains

(4,940)

7,089

Related tax effect

348

(1,563)

Net-of-tax amount

(4,592)

5,526

Postretirement benefit:

Adjustment of accumulated obligation for postretirement benefits

(1)

Reclassification adjustment for gains recognized in net periodic benefit cost

(20)

Net gains

(21)

Related tax effect

Net-of-tax amount

(21)

Total other comprehensive (loss) income

(4,982)

4,672

Comprehensive income

$

2,318

$

11,969

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

4

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 December 31, 2022

48,961,452

$

596

$

483,031

$

356,438

$

(148,384)

$

(47,082)

$

(27,623)

$

616,976

Comprehensive income

7,297

4,672

11,969

Dividends declared of $0.075 per share

(3,281)

(3,281)

ESOP shares committed to be released (57,681 shares)

312

459

771

Restricted stock awards granted, net of forfeitures

157,059

Share-based compensation expense

1

488

489

Treasury stock purchased

(2,055,424)

(27,130)

(27,130)

Balance at March 31, 2023

47,063,087

$

597

$

483,831

$

360,454

$

(175,514)

$

(42,410)

$

(27,164)

$

599,794

Balance at December 31, 2023

45,401,224

598

486,502

359,656

(193,590)

(43,622)

(25,785)

$

583,759

Comprehensive income (loss)

7,300

(4,982)

2,318

Dividends declared of $0.08 per share

(3,365)

(3,365)

ESOP shares committed to be released (57,681 shares)

162

459

621

Restricted stock awards granted, net of forfeitures

193,073

Performance stock units vested

63,860

Share-based compensation expense

613

613

Treasury stock purchased

(603,151)

(6,263)

(6,263)

Balance at March 31, 2024

45,055,006

$

598

$

487,277

$

363,591

$

(199,853)

$

(48,604)

$

(25,326)

$

577,683

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

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Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Cash Flows (unaudited)

    

Three Months Ended March 31, 

(in thousands)

    

2024

    

2023

Cash flows from operating activities:

Net income

$

7,300

$

7,297

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

(168)

1,866

Net amortization of securities premiums/discounts

88

106

Proceeds from sale of loans

92,798

81,760

Loans originated for sale

(87,755)

(74,940)

Accretion of net deferred loan costs/fees and premiums

(56)

(88)

Depreciation and amortization of premises and equipment

946

973

Change in mortgage servicing rights fair value

(275)

1,692

Mortgage servicing rights capitalized

(211)

(634)

Accretion of fair value adjustment on loans and deposits, net

(92)

(39)

Amortization of other intangible assets

189

190

Amortization of subordinated debt issuance costs

32

Net gains on mortgage loan sales, including fair value adjustments

(1,790)

(2,232)

Bank-owned life insurance income

(746)

(500)

Income on retirement plan annuities

(145)

(119)

Net loss (gain) on sale and write-down of other real estate owned and repossessed assets

4

(17)

ESOP expense

621

771

Share-based compensation expense

613

489

Decrease in operating lease ROU assets

462

728

Decrease in operating lease liabilities

(443)

(727)

Change in other assets

(3,803)

4,139

Change in other liabilities

7,437

(11,082)

Net cash provided by operating activities

14,974

9,665

Cash flows from investing activities:

Activity in securities available for sale:

Maturities, prepayments and calls

4,801

5,073

Purchases

(10,689)

Activity in securities held to maturity:

Maturities, prepayment and calls

74

113

Net redemption (purchase) of FHLB stock

533

(3,518)

Participation-in loan purchases

(7,342)

Net loan (originations) payments

(27,822)

(65,510)

Proceeds from sale of other real estate owned and repossessed assets

65