HarborOne Bancorp, Inc. reported a net income of $27.4 million, or $0.66 per diluted share, for the fiscal year ending December 31, 2024, marking a significant increase from the previous year's net income of $16.1 million, or $0.37 per diluted share. The company's total revenue for 2024 was $172.6 million, a slight increase from $169.1 million in 2023. The growth in net income was attributed to a rise in net interest income, which totaled $125.7 million, despite a decrease in noninterest income, which amounted to $46.9 million compared to $41.9 million in the prior year.
The company experienced notable changes in its financial performance compared to the previous fiscal period. The provision for credit losses increased to $8.3 million from $5.7 million in 2023, reflecting the company's proactive approach to managing credit risk amid a challenging economic environment. The allowance for credit losses on loans rose to $56.1 million, or 1.16% of total loans, up from $48.0 million, or 1.01% of total loans, at the end of 2023. This increase was driven by loan growth and specific reserve allocations.
Strategically, HarborOne Bancorp continued to expand its operations, maintaining a network of 30 full-service branches across Massachusetts and Rhode Island, along with commercial lending offices in Boston and Providence. The company also reported a 3.7% increase in total deposits, which reached $4.55 billion, driven by growth in consumer and business deposits, as well as brokered deposits. The total loan portfolio increased to $4.85 billion, with commercial and industrial loans growing by 27.4% to $594.5 million.
Operationally, the company reported a total employee headcount of 535 as of December 31, 2024, reflecting a commitment to maintaining a skilled workforce. The company also noted a significant increase in mortgage loan production, with closed loans totaling $663.7 million, up from $579.5 million in 2023. This increase was attributed to a favorable interest rate environment and heightened demand for residential mortgages. The company’s mortgage servicing rights were valued at $44.5 million, down from $46.1 million in the previous year, reflecting changes in market conditions.
Looking ahead, HarborOne Bancorp expressed optimism about its growth prospects, emphasizing its focus on expanding its commercial loan portfolio while managing credit risk effectively. The company remains committed to enhancing its product offerings and customer service to capture new business opportunities in its market area. However, management acknowledged potential challenges, including rising interest rates and economic uncertainties, which could impact future performance.
About HarborOne Bancorp, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.