Exhibit 99.1
HarborOne Bancorp, Inc. Announces 2017 Third Quarter Earnings
Contact: Joseph F. Casey, EVP, COO, CFO
Brockton, Massachusetts (October 19, 2017): HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced third quarter 2017 net income of $2.8 million, or $0.09 per share, as compared to $3.2 million, or $0.10 per share, for the prior quarter and net income of $3.6 million, or $0.11 per share, for the same quarter last year.
The Company reported net income of $8.8 million, or $0.28 per share, for the nine months ended September 30, 2017 compared to net income of $3.0 million for the same period in 2016. The Company’s year-to-date results for 2016 included a one-time contribution of $4.8 million to The HarborOne Foundation; excluding this non-recurring expense, net income would have been $5.9 million.
James W. Blake, President and CEO stated, “We continue to capitalize on our commercial loan growth strategy. Despite a very competitive market, we increased our commercial real estate loans 26% and commercial loans 11% since year end which continues to improve our year-to-date margins.”
Net Interest Income
The Company’s net interest and dividend income was $19.3 million for the quarter ended September 30, 2017, up $1.1 million, or 5.8%, from $18.2 million for the quarter ended June 30, 2017 and up $3.4 million, or 21.2%, from $15.9 million for the quarter ended September 30, 2016. The interest rate spread and net interest margin on a tax-equivalent basis were 2.91% and 3.07%, respectively, for the quarter ended September 30, 2017 compared to 2.87% and 3.03%, respectively, for the quarter ended June 30, 2017 and 2.78% and 2.93%, respectively, for the quarter ended September 30, 2016.
The increase in net interest income from the previous quarter reflects a $1.5 million, or 6.9%, increase in total interest and dividend income and an increase of $448,000, or 12.1% in total interest expense. The increase in interest and dividend income is primarily due to a $680,000 prepayment penalty and commercial loan growth that provided an increase in average outstanding loans of $61.0 million. The yield on loans increased to 3.95% for the quarter ended September 30, 2017 from 3.82% for the quarter ended June 30, 2017. The increase in interest expense is due to an increase in average interest-bearing deposits of $40.4 million with a 4 basis point increase in the cost of those funds and an increase in average FHLB advances of $33.0 million offset by a 6 basis point decrease in total cost of borrowed funds.
The increase in net interest income over the prior year quarter is primarily due to growth in the Company’s average loan balances to $2.19 billion from $1.98 billion and an increase in the yield on loans to 3.95% from 3.61%, again primarily driven by commercial loan growth as well as higher rates on variable rate loans and the prepayment penalty. Total interest and dividend income increased $4.3 million, or 22.2%, and total interest expense increased $885,000, or 27.1%.
Noninterest Income
Noninterest income increased to $14.6 million for the quarter ended September 30, 2017, up $328,000, or 2.3%, from the quarter ended June 30, 2017. The increase is primarily due to changes in the mortgage servicing rights fair value adjustments, which largely reflect fluctuations in the 10-year Constant Maturity Treasury rate and residential real estate mortgage loan rates. Changes in the mortgage servicing rights fair value adjustments amounted to a $488,000 decrease in the third quarter of 2017 compared to a $1.1 million decrease in the second quarter of 2017 and a $351,000 increase in the third quarter of 2016. Noninterest income decreased $6.2 million, or 29.9%, as compared to the quarter ended September 30, 2016, primarily driven by a decrease of $6.3 million, or 37.2%, in mortgage banking income. Compared to the same quarter prior year, mortgage originations by Merrimack Mortgage Company, LLC decreased 29.7% in 2017 primarily as a result of higher residential mortgage interest rates and reduced refinance volume in 2017.
Noninterest Expense
Noninterest expenses were $28.4 million for the quarter ended September 30, 2017, an increase of $1.6 million, or 5.8%, from the quarter ended June 30, 2017. The increase was primarily due to the increase in compensation and benefits of $1.0 million or 6.2%, in equity awards expense relating to awards given in the current quarter that will be expensed over three years, and an increase in commissions consistent with the increase in mortgage originations from the second to third quarter of 2017. Noninterest expenses decreased $1.2 million, or 4.0%, from the quarter ended September 30, 2016 primarily due to a decrease in mortgage loan originations which contributed to a decrease in compensation and benefits of $1.5 million and a decrease of $1.4 million in loan expense. The decreases were offset by increases in occupancy expense of $493,000, marketing expense of $544,000 and professional fees expense of $417,000.
Asset Quality
The Company recorded a provision for loan losses of $921,000 for the quarter ended September 30, 2017, $470,000 for the quarter ended June 30, 2017 and $1.7 million for the quarter ended September 30, 2016. The provisions for the third quarter of 2017 were due to commercial loan growth and an additional specific reserve of $375,000 on a substandard commercial loan. Second quarter provisions were a result of commercial loan growth. The provisions for the third quarter 2016 reflected commercial loan growth as well as an
increase in net charge-offs in the quarter ended and the establishment of a $360,000 specific reserve for a substandard commercial loan. In the first quarter of 2017, the Company adjusted general reserve allocations for commercial real estate and commercial loans based on updated peer data. The updated peer data resulted in lower general reserve rates on these loan types; however, this decrease was partially offset by commercial loan growth. Changes in the provision for loan losses are based on management’s assessment of loan portfolio growth and composition changes, historical charge-off trends, and ongoing evaluation of credit quality and current economic conditions. The allowance for loan losses was $17.9 million, or 0.84%, of total loans at September 30, 2017, compared to $17.2 million, or 0.82%, of total loans, at June 30, 2017 and $15.8 million, or 0.82%, of total loans at September 30, 2016. Net charge-offs totaled $169,000 for the quarter ended September 30, 2017, or 0.03%, of average loans outstanding on an annualized basis, compared to $173,000, or 0.03%, for the quarter ended June 30, 2017 and $317,000, or 0.07%, for the quarter ended September 30, 2016.
Nonperforming assets were $20.6 million at September 30, 2017 compared to $22.5 million at June 30, 2017 and $26.0 million at September 30, 2016. Nonperforming assets as a percentage of total assets were 0.78% at September 30, 2017, 0.86% at June 30, 2017 and 1.11% at September 30, 2016. The steady decline reflects the Company’s continued efforts to minimize nonperforming assets through diligent collection efforts, prudent workout arrangements and strong underwriting.
Balance Sheet
Total assets increased $27.4 million, or 1.0%, to $2.66 billion at September 30, 2017 from $2.63 billion at June 30, 2017. Net loans increased $25.1 million, or 1.2%, to $2.10 billion at September 30, 2017 from $2.08 billion at June 30, 2017. The net increase in loans for the three months ended September 30, 2017 was primarily due to increases of $30.7 million in commercial real estate loans and $9.8 million in construction loans partially offset by a decrease of $1.7 million in residential real estate loans, $2.6 million in commercial and industrial loans, and $9.7 million in consumer loans. Loans held for sale increased $4.4 million, or 4.7%, to $96.2 million at September 30, 2017 from $91.9 million at June 30, 2017 due to the seasonal increase in residential mortgage originations.
Total deposits increased $9.8 million, or 0.5%, to $2.00 billion at September 30, 2017 from $1.99 billion at June 30, 2017. Compared to the prior quarter non-certificate accounts increased $31.0 million, brokered deposits decreased $19.7 million and term certificate accounts decreased $1.6 million. The increase in non-certificate accounts was primarily due to an increase in money market accounts. Borrowings were $276.4 million at September 30, 2017 and $265.1 million at June 30, 2017.
Total stockholders’ equity was $340.6 million at September 30, 2017 compared to $336.6 million at June 30, 2017 and $327.9 million at September 30, 2016. The tangible common equity to tangible assets ratio was 12.36% at September 30, 2017, 12.34% at June 30, 2017 and 13.47% at September 30, 2016. At September 30, 2017, the Company and the Bank exceed all regulatory capital requirements.
About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, the largest co-operative bank in New England. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Southeastern Massachusetts through a network of 14 full-service branches, two limited service branches, a commercial loan office in Providence, Rhode Island, a residential lending office in Westford, Massachusetts, and 13 free-standing ATMs. The Bank also provides a range of educational services through “HarborOne U,” with classes on small business, financial literacy and personal enrichment at two campuses located adjacent to our Brockton and Mansfield locations. Merrimack Mortgage Company, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with 33 offices in Massachusetts, New Hampshire and Maine, and also does business in seven additional states.
Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in the value of securities in the Company’s investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the Annual Report on Form 10‑K and Quarterly Reports on Form 10‑Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or
assumptions prove incorrect, HarborOne Bancorp, Inc.’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.
Use of Non-GAAP Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The Company’s management believes that the supplemental non-GAAP information, which consists of the tax equivalent basis for yields, the efficiency ratio, tangible common equity to tangible assets ratio and tangible book value per share is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
HarborOne Bancorp, Inc.
Consolidated Balance Sheet Trend
(Unaudited)
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| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, | |||||
(Dollars in thousands) |
| 2017 |
| 2017 |
| 2017 |
| 2016 |
| 2016 | |||||
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Assets |
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Cash and due from banks |
| $ | 15,393 |
| $ | 17,492 |
| $ | 18,621 |
| $ | 16,464 |
| $ | 15,706 |
Short-term investments |
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| 79,412 |
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| 84,105 |
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| 83,778 |
|
| 33,751 |
|
| 3,549 |
Total cash and cash equivalents |
|
| 94,805 |
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| 101,597 |
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| 102,399 |
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| 50,215 |
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| 19,255 |
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Securities available for sale, at fair value |
|
| 166,122 |
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| 160,795 |
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| 165,348 |
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| 136,469 |
|
| 115,397 |
Securities held to maturity, at amortized cost |
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| 47,752 |
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| 45,660 |
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| 46,531 |
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| 47,877 |
|
| 49,213 |
Federal Home Loan Bank stock, at cost |
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| 16,356 |
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| 16,356 |
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| 17,863 |
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| 15,749 |
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| 15,255 |
Loans held for sale, at fair value |
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| 96,201 |
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| 91,849 |
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| 51,932 |
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| 86,443 |
|
| 114,054 |
Loans: |
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Residential real estate |
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| 769,418 |
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| 771,121 |
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| 765,368 |
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| 770,935 |
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| 774,404 |
Commercial real estate |
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| 623,054 |
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| 592,325 |
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| 557,174 |
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| 495,801 |
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| 450,945 |
Construction |
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| 76,668 |
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| 66,908 |
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| 69,134 |
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| 58,443 |
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| 40,438 |
Total mortgage loans on real estate |
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| 1,469,140 |
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| 1,430,354 |
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| 1,391,676 |
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| 1,325,179 |
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| 1,265,787 |
Commercial |
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| 111,627 |
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| 114,234 |
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| 111,849 |
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| 100,501 |
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| 88,718 |
Consumer |
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| 533,707 |
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| 543,394 |
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| 551,603 |
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| 563,104 |
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| 555,874 |
Loans |
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| 2,114,474 |
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| 2,087,982 |
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| 2,055,128 |
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| 1,988,784 |
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| 1,910,379 |
Less: Allowance for loan losses |
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| (17,933) |
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| (17,181) |
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| (16,884) |
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| (16,968) |
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| (15,832) |
Net deferred loan costs |
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| 8,035 |
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| 8,682 |
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| 9,041 |
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| 9,931 |
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| 10,336 |
Net loans |
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| 2,104,576 |
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| 2,079,483 |
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| 2,047,285 |
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| 1,981,747 |
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| 1,904,883 |
Mortgage servicing rights, at fair value |
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| 20,376 |
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| 20,313 |
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| 20,839 |
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| 20,333 |
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| 15,534 |
Goodwill and other intangible assets |
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| 13,519 |
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| 13,541 |
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| 13,563 |
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| 13,585 |
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| 13,607 |
Other assets |
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| 99,752 |
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| 102,476 |
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| 100,384 |
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| 95,892 |
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| 99,935 |
Total assets |
| $ | 2,659,459 |
| $ | 2,632,070 |
| $ | 2,566,144 |
| $ | 2,448,310 |
| $ | 2,347,133 |
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Liabilities and Stockholders' Equity |
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Deposits: |
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NOW and demand deposit accounts |
| $ | 395,728 |
| $ | 395,150 |
| $ | 392,012 |
| $ | 365,869 |
| $ | 358,628 |
Regular savings and club accounts |
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| 404,465 |
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| 398,883 |
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| 338,338 |
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| 316,947 |
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| 317,198 |
Money market deposit accounts |
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| 666,613 |
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| 641,776 |
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| 646,123 |
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| 595,211 |
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| 596,377 |
Brokered deposits |
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| 73,127 |
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| 92,803 |
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| 77,774 |
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| 54,045 |
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| 20,236 |
Term certificate accounts |
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| 463,612 |
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| 465,179 |
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| 470,490 |
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| 472,681 |
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| 442,472 |
Total deposits |
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| 2,003,545 |
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| 1,993,791 |
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| 1,924,737 |
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| 1,804,753 |
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| 1,734,911 |
Short-term borrowed funds |
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| 10,000 |
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| 30,000 |
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| 75,000 |
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| 80,000 |
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| 50,000 |
Long-term borrowed funds |
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| 266,366 |
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| 235,117 |
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| 200,118 |
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| 195,119 |
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| 195,120 |
Other liabilities and accrued expenses |
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| 38,947 |
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| 36,527 |
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| 33,554 |
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| 39,054 |
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| 39,188 |
Total liabilities |
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| 2,318,858 |
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| 2,295,435 |
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| 2,233,409 |
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| 2,118,926 |
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| 2,019,219 |
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Common stock |
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| 327 |
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| 321 |
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| 321 |
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| 321 |
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| 321 |
Additional paid-in capital |
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| 145,525 |
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| 144,705 |
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| 144,555 |
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| 144,420 |
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| 144,175 |
Unearned compensation - ESOP |
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| (10,833) |
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| (10,982) |
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| (11,130) |
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| (11,278) |
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| (11,575) |
Retained earnings |
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| 205,997 |
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| 203,159 |
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| 199,946 |
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| 197,211 |
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| 194,275 |
Accumulated other comprehensive income (loss) |
|
| (415) |
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| (568) |
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| (957) |
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| (1,290) |
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| 718 |
Total stockholders' equity |
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| 340,601 |
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| 336,635 |
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| 332,735 |
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| 329,384 |
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| 327,914 |
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Total liabilities and stockholders' equity |
| $ | 2,659,459 |
| $ | 2,632,070 |
| $ | 2,566,144 |
| $ | 2,448,310 |
| $ | 2,347,133 |
HarborOne Bancorp, Inc.
Consolidated Statements of Net Income - Trend
(Unaudited)
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| Quarters Ended | |||||||||||||
|
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, | |||||
(Dollars in thousands, except per share amounts) |
| 2017 |
| 2017 |
| 2017 |
| 2016 |
| 2016 | |||||
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Interest and dividend income: |
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Interest and fees on loans |
| $ | 20,990 |
| $ | 19,640 |
| $ | 19,135 |
| $ | 18,092 |
| $ | 17,144 |
Interest on loans held for sale |
|
| 796 |
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| 620 |
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| 546 |
|
| 788 |
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| 866 |
Interest on securities |
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| 1,334 |
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| 1,332 |
|
| 1,216 |
|
| 1,002 |
|
| 988 |
Other interest and dividend income |
|
| 294 |
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| 320 |
|
| 252 |
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| 167 |
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| 164 |
Total interest and dividend income |
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| 23,414 |
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| 21,912 |
|
| 21,149 |
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| 20,049 |
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| 19,162 |
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Interest expense: |
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Interest on deposits |
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| 2,812 |
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| 2,567 |
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| 2,432 |
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| 2,283 |
|
| 2,092 |
Interest on borrowed funds |
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| 1,333 |
|
| 1,130 |
|
| 1,285 |
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| 1,211 |
|
| 1,168 |
Total interest expense |
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| 4,145 |
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| 3,697 |
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| 3,717 |
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| 3,494 |
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| 3,260 |
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Net interest and dividend income |
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| 19,269 |
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| 18,215 |
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| 17,432 |
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| 16,555 |
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| 15,902 |
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Provision for loan losses |
|
| 921 |
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| 470 |
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| 265 |
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| 1,456 |
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| 1,710 |
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Net interest income, after provision for loan losses |
|
| 18,348 |
|
| 17,745 |
|
| 17,167 |
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| 15,099 |
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| 14,192 |
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Noninterest income: |
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Mortgage banking income: |
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Changes in mortgage servicing rights fair value |
|
| (488) |
|
| (1,052) |
|
| (442) |
|
| 2,970 |
|
| 351 |
Other |
|
| 11,071 |
|
| 11,200 |
|
| 7,846 |
|
| 12,404 |
|
| 16,513 |
Total mortgage banking income |
|
| 10,583 |
|
| 10,148 |
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| 7,404 |
|
| 15,374 |
|
| 16,864 |
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Deposit account fees |
|
| 3,172 |
|
| 3,071 |
|
| 2,845 |
|
| 2,979 |
|
| 3,010 |
Income on retirement plan annuities |
|
| 114 |
|
| 113 |
|
| 110 |
|
| 111 |
|
| 111 |
Gain on sale of consumer loans |
|
| — |
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| — |
|
| 78 |
|
| — |
|
| — |
Bank-owned life insurance income |
|
| 260 |
|
| 261 |
|
| 257 |
|
| 263 |
|
| 275 |
Other income |
|
| 498 |
|
| 706 |
|
| 760 |
|
| 557 |
|
| 609 |
Total noninterest income |
|
| 14,627 |
|
| 14,299 |
|
| 11,454 |
|
| 19,284 |
|
| 20,869 |
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Noninterest expenses: |
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Compensation and benefits |
|
| 17,325 |
|
| 16,319 |
|
| 14,924 |
|
| 18,521 |
|
| 18,812 |
Occupancy and equipment |
|
| 2,951 |
|
| 2,724 |
|
| 2,986 |
|
| 2,516 |
|
| 2,458 |
Data processing |
|
| 1,547 |
|
| 1,528 |
|
| 1,522 |
|
| 1,557 |
|
| 1,450 |
Loan expense |
|
| 1,884 |
|
| 1,882 |
|
| 1,363 |
|
| 2,710 |
|
| 3,316 |
Marketing |
|
| 1,136 |
|
| 1,041 |
|
| 482 |
|
| 835 |
|
| 592 |
Professional fees |
|
| 1,126 |
|
| 1,080 |
|
| 930 |
|
| 822 |
|
| 709 |
Deposit insurance |
|
| 397 |
|
| 446 |
|
| 462 |
|
| 208 |
|
| 437 |
Other expenses |
|
| 2,072 |
|
| 1,858 |
|
| 1,736 |
|
| 2,194 |
|
| 1,835 |
Total noninterest expenses |
|
| 28,438 |
|
| 26,878 |
|
| 24,405 |
|
| 29,363 |
|
| 29,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
| 4,537 |
|
| 5,166 |
|
| 4,216 |
|
| 5,020 |
|
| 5,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
| 1,699 |
|
| 1,953 |
|
| 1,481 |
|
| 2,084 |
|
| 1,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
| $ | 2,838 |
| $ | 3,213 |
| $ | 2,735 |
| $ | 2,936 |
| $ | 3,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.09 |
| $ | 0.10 |
| $ | 0.09 |
| $ | 0.09 |
| $ | 0.11 |
Diluted |
| $ | 0.09 |
| $ | 0.10 |
| $ | 0.09 |
| $ | 0.09 |
| $ | 0.11 |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 31,303,281 |
|
| 31,013,002 |
|
| 30,998,163 |
|
| 30,973,588 |
|
| 30,943,808 |
Diluted |
|
| 31,303,281 |
|
| 31,013,002 |
|
| 30,998,163 |
|
| 30,973,588 |
|
| 30,943,808 |
HarborOne Bancorp, Inc.
Consolidated Statements of Net Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nine Months Ended September 30, |
|
|
|
|
| |||||
(Dollars in thousands, except per share amounts) |
| 2017 |
| 2016 |
| $ Change |
| % Change |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
| $ | 59,765 |
| $ | 49,080 |
| $ | 10,685 |
| 21.8 | % |
Interest on loans held for sale |
|
| 1,962 |
|
| 1,907 |
|
| 55 |
| 2.9 |
|
Interest on securities |
|
| 3,882 |
|
| 3,110 |
|
| 772 |
| 24.8 |
|
Other interest and dividend income |
|
| 866 |
|
| 610 |
|
| 256 |
| 42.0 |
|
Total interest and dividend income |
|
| 66,475 |
|
| 54,707 |
|
| 11,768 |
| 21.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
| 7,811 |
|
| 6,427 |
|
| 1,384 |
| 21.5 |
|
Interest on borrowed funds |
|
| 3,748 |
|
| 3,840 |
|
| (92) |
| (2.4) |
|
Total interest expense |
|
| 11,559 |
|
| 10,267 |
|
| 1,292 |
| 12.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income |
|
| 54,916 |
|
| 44,440 |
|
| 10,476 |
| 23.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
| 1,656 |
|
| 2,716 |
|
| (1,060) |
| (39.0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, after provision for loan losses |
|
| 53,260 |
|
| 41,724 |
|
| 11,536 |
| 27.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking income: |
|
|
|
|
|
|
|
|
|
|
|
|
Changes in mortgage servicing rights fair value |
|
| (1,982) |
|
| (4,100) |
|
| 2,118 |
| 51.7 |
|
Other |
|
| 30,117 |
|
| 39,725 |
|
| (9,608) |
| (24.2) |
|
Total mortgage banking income |
|
| 28,135 |
|
| 35,625 |
|
| (7,490) |
| (21.0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account fees |
|
| 9,088 |
|
| 8,685 |
|
| 403 |
| 4.6 |
|
Income on retirement plan annuities |
|
| 337 |
|
| 325 |
|
| 12 |
| 3.7 |
|
Gain on sale of consumer loans |
|
| 78 |
|
| 79 |
|
| (1) |
| (1.3) |
|
Gain on sale and call of securities, net |
|
| — |
|
| 283 |
|
| (283) |
| (100.0) |
|
Bank-owned life insurance income |
|
| 778 |
|
| 825 |
|
| (47) |
| (5.7) |
|
Other income |
|
| 1,964 |
|
| 1,997 |
|
| (33) |
| (1.7) |
|
Total noninterest income |
|
| 40,380 |
|
| 47,819 |
|
| (7,439) |
| (15.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
| 48,568 |
|
| 50,552 |
|
| (1,984) |
| (3.9) |
|
Occupancy and equipment |
|
| 8,661 |
|
| 7,705 |
|
| 956 |
| 12.4 |
|
Data processing |
|
| 4,597 |
|
| 4,310 |
|
| 287 |
| 6.7 |
|
Loan expense |
|
| 5,129 |
|
| 7,036 |
|
| (1,907) |
| (27.1) |
|
Marketing |
|
| 2,659 |
|
| 1,764 |
|
| 895 |
| 50.7 |
|
Professional fees |
|
| 3,136 |
|
| 1,888 |
|
| 1,248 |
| 66.1 |
|
Deposit insurance |
|
| 1,305 |
|
| 1,258 |
|
| 47 |
| 3.7 |
|
Prepayment penalties on Federal Home Loan Bank |
|
| — |
|
| 400 |
|
| (400) |
| (100.0) |
|
Charitable foundation contributions |
|
| — |
|
| 4,820 |
|
| (4,820) |
| (100.0) |
|
Other expenses |
|
| 5,666 |
|
| 5,602 |
|
| 64 |
| 1.1 |
|
Total noninterest expenses |
|
| 79,721 |
|
| 85,335 |
|
| (5,614) |
| (6.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
| 13,919 |
|
| 4,208 |
|
| 9,711 |
| 230.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
| 5,133 |
|
| 1,213 |
|
| 3,920 |
| 323.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
| $ | 8,786 |
| $ | 2,995 |
| $ | 5,791 |
| 193.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.28 |
|
| N/A |
|
| N/A |
|
|
|
Diluted |
| $ | 0.28 |
|
| N/A |
|
| N/A |
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 31,109,104 |
|
| N/A |
|
| N/A |
|
|
|
Diluted |
|
| 31,109,104 |
|
| N/A |
|
| N/A |
|
|
|
HarborOne Bancorp, Inc.
Average Balances / Yields
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Quarters Ended |
| ||||||||||||||||||||||
|
| September 30, 2017 |
| June 30, 2017 |
| September 30, 2016 |
| ||||||||||||||||||
|
| Average |
|
|
|
|
| Average |
|
|
|
|
| Average |
|
|
|
|
| ||||||
|
| Outstanding |
|
|
| Yield/ |
| Outstanding |
|
|
| Yield/ |
| Outstanding |
|
|
| Yield/ |
| ||||||
|
| Balance |
| Interest |
| Cost (6) |
| Balance |
| Interest |
| Cost (6) |
| Balance |
| Interest |
| Cost (6) |
| ||||||
|
| (Dollars in thousands) |
| ||||||||||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
| $ | 2,190,303 |
| $ | 21,786 |
| 3.95 | % | $ | 2,129,280 |
| $ | 20,260 |
| 3.82 | % | $ | 1,983,249 |
| $ | 18,010 |
| 3.61 | % |
Investment securities (2) |
|
| 206,761 |
|
| 1,409 |
| 2.70 |
|
| 209,691 |
|
| 1,408 |
| 2.69 |
|
| 166,816 |
|
| 1,065 |
| 2.54 |
|
Other interest-earning assets |
|
| 102,589 |
|
| 294 |
| 1.14 |
|
| 81,370 |
|
| 320 |
| 1.58 |
|
| 18,030 |
|
| 164 |
| 3.62 |
|
Total interest-earning assets |
|
| 2,499,653 |
|
| 23,489 |
| 3.73 |
|
| 2,420,341 |
|
| 21,988 |
| 3.64 |
|
| 2,168,095 |
|
| 19,239 |
| 3.53 |
|
Noninterest-earning assets |
|
| 128,966 |
|
|
|
|
|
|
| 129,281 |
|
|
|
|
|
|
| 130,498 |
|
|
|
|
|
|
Total assets |
| $ | 2,628,619 |
|
|
|
|
|
| $ | 2,549,622 |
|
|
|
|
|
| $ | 2,298,593 |
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
| $ | 402,470 |
|
| 195 |
| 0.19 |
| $ | 351,948 |
|
| 151 |
| 0.17 |
| $ | 319,202 |
|
| 139 |
| 0.17 |
|
NOW accounts |
|
| 125,636 |
|
| 20 |
| 0.06 |
|
| 128,794 |
|
| 20 |
| 0.06 |
|
| 120,704 |
|
| 19 |
| 0.06 |
|
Money market accounts |
|
| 646,873 |
|
| 970 |
| 0.59 |
|
| 654,127 |
|
| 821 |
| 0.50 |
|
| 612,761 |
|
| 685 |
| 0.44 |
|
Certificates of deposit |
|
| 463,077 |
|
| 1,382 |
| 1.18 |
|
| 469,249 |
|
| 1,369 |
| 1.17 |
|
| 434,519 |
|
| 1,246 |
| 1.14 |
|
Brokered deposit |
|
| 82,976 |
|
| 245 |
| 1.17 |
|
| 76,555 |
|
| 206 |
| 1.08 |
|
| 549 |
|
| 3 |
| 2.17 |
|
Total interest-bearing deposits |
|
| 1,721,032 |
|
| 2,812 |
| 0.65 |
|
| 1,680,673 |
|
| 2,567 |
| 0.61 |
|
| 1,487,735 |
|
| 2,092 |
| 0.56 |
|
FHLB advances |
|
| 287,858 |
|
| 1,333 |
| 1.84 |
|
| 254,832 |
|
| 1,130 |
| 1.78 |
|
| 232,587 |
|
| 1,168 |
| 2.00 |
|
Total interest-bearing liabilities |
|
| 2,008,890 |
|
| 4,145 |
| 0.82 |
|
| 1,935,505 |
|
| 3,697 |
| 0.77 |
|
| 1,720,322 |
|
| 3,260 |
| 0.75 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
| 251,579 |
|
|
|
|
|
|
| 250,654 |
|
|
|
|
|
|
| 217,930 |
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
| 30,815 |
|
|
|
|
|
|
| 29,432 |
|
|
|
|
|
|
| 32,888 |
|
|
|
|
|
|
Total liabilities |
|
| 2,291,284 |
|
|
|
|
|
|
| 2,215,591 |
|
|
|
|
|
|
| 1,971,140 |
|
|
|
|
|
|
Total equity |
|
| 337,335 |
|
|
|
|
|
|
| 334,031 |
|
|
|
|
|
|
| 327,453 |
|
|
|
|
|
|
Total liabilities and equity |
| $ | 2,628,619 |
|
|
|
|
|
| $ | 2,549,622 |
|
|
|
|
|
| $ | 2,298,593 |
|
|
|
|
|
|
Tax equivalent net interest income |
|
|
|
|
| 19,344 |
|
|
|
|
|
|
| 18,291 |
|
|
|
|
|
|
| 15,979 |
|
|
|
Tax equivalent interest rate spread (3) |
|
|
|
|
|
|
| 2.91 | % |
|
|
|
|
|
| 2.87 | % |
|
|
|
|
|
| 2.78 | % |
Less: tax equivalent adjustment |
|
|
|
|
| 75 |
|
|
|
|
|
|
| 76 |
|
|
|
|
|
|
| 77 |
|
|
|
Net interest income as reported |
|
|
|
| $ | 19,269 |
|
|
|
|
|
| $ | 18,215 |
|
|
|
|
|
| $ | 15,902 |
|
|
|
Net interest-earning assets (4) |
| $ | 490,763 |
|
|
|
|
|
| $ | 484,836 |
|
|
|
|
|
| $ | 447,773 |
|
|
|
|
|
|
Net interest margin (5) |
|
|
|
|
|
|
| 3.06 | % |
|
|
|
|
|
| 3.02 | % |
|
|
|
|
|
| 2.92 | % |
Tax equivalent effect |
|
|
|
|
|
|
| 0.01 |
|
|
|
|
|
|
| 0.01 |
|
|
|
|
|
|
| 0.01 |
|
Net interest margin on a fully tax equivalent basis |
|
|
|
|
|
|
| 3.07 | % |
|
|
|
|
|
| 3.03 | % |
|
|
|
|
|
| 2.93 | % |
Average interest-earning assets to average interest-bearing liabilities |
|
| 124.43 | % |
|
|
|
|
|
| 125.05 | % |
|
|
|
|
|
| 126.03 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loans held for sale, nonaccruing loan balances and interest received on such loans. |
| ||||||||||||||||||||||||
(2) Includes securities available for sale and securities held to maturity. Interest income from tax exempt securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented. The yield on investments before tax equivalent adjustments for the quarters presented were 2.56%, 2.55%, and 2.36%, respectively. |
| ||||||||||||||||||||||||
(3) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
| ||||||||||||||||||||||||
(4) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
| ||||||||||||||||||||||||
(5) Net interest margin represents net interest income divided by average total interest-earning assets. |
| ||||||||||||||||||||||||
(6) Annualized |
| ||||||||||||||||||||||||
HarborOne Bancorp, Inc.
Average Balances / Yields
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year to Date |
| ||||||||||||||
|
| September 30, 2017 |
| September 30, 2016 |
| ||||||||||||
|
| Average |
|
|
|
|
| Average |
|
|
|
|
| ||||
|
| Outstanding |
|
|
| Yield/ |
| Outstanding |
|
|
| Yield/ |
| ||||
|
| Balance |
| Interest |
| Cost (6) |
| Balance |
| Interest |
| Cost (6) |
| ||||
|
| (Dollars in thousands) |
| ||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
| $ | 2,144,071 |
| $ | 61,727 |
| 3.85 | % | $ | 1,889,578 |
| $ | 50,987 |
| 3.60 | % |
Investment securities (2) |
|
| 204,693 |
|
| 4,109 |
| 2.68 |
|
| 174,692 |
|
| 3,344 |
| 2.56 |
|
Other interest-earning assets |
|
| 79,354 |
|
| 866 |
| 1.46 |
|
| 48,977 |
|
| 610 |
| 1.65 |
|
Total interest-earning assets |
|
| 2,428,118 |
|
| 66,702 |
| 3.67 |
|
| 2,113,247 |
|
| 54,941 |
| 3.47 |
|
Noninterest-earning assets |
|
| 132,054 |
|
|
|
|
|
|
| 127,996 |
|
|
|
|
|
|
Total assets |
| $ | 2,560,172 |
|
|
|
|
|
| $ | 2,241,243 |
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
| $ | 360,660 |
|
| 497 |
| 0.18 |
| $ | 312,672 |
|
| 407 |
| 0.17 |
|
NOW accounts |
|
| 125,902 |
|
| 59 |
| 0.06 |
|
| 119,495 |
|
| 56 |
| 0.06 |
|
Money market accounts |
|
| 642,764 |
|
| 2,544 |
| 0.53 |
|
| 628,669 |
|
| 2,112 |
| 0.45 |
|
Certificates of deposit |
|
| 467,342 |
|
| 4,101 |
| 1.17 |
|
| 446,624 |
|
| 3,849 |
| 1.15 |
|
Brokered deposit |
|
| 75,140 |
|
| 610 |
| 1.08 |
|
| 184 |
|
| 3 |
| 2.18 |
|
Total interest-bearing deposits |
|
| 1,671,808 |
|
| 7,811 |
| 0.62 |
|
| 1,507,644 |
|
| 6,427 |
| 0.57 |
|
FHLB advances |
|
| 278,181 |
|
| 3,748 |
| 1.80 |
|
| 245,693 |
|
| 3,840 |
| 2.09 |
|
Total interest-bearing liabilities |
|
| 1,949,989 |
|
| 11,559 |
| 0.79 |
|
| 1,753,337 |
|
| 10,267 |
| 0.78 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
| 246,512 |
|
|
|
|
|
|
| 218,960 |
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
| 29,750 |
|
|
|
|
|
|
| 29,451 |
|
|
|
|
|
|
Total liabilities |
|
| 2,226,251 |
|
|
|
|
|
|
| 2,001,748 |
|
|
|
|
|
|
Total equity |
|
| 333,921 |
|
|
|
|
|
|
| 239,495 |
|
|
|
|
|
|
Total liabilities and equity |
| $ | 2,560,172 |
|
|
|
|
|
| $ | 2,241,243 |
|
|
|
|
|
|
Tax equivalent net interest income |
|
|
|
|
| 55,143 |
|
|
|
|
|
|
| 44,674 |
|
|
|
Tax equivalent interest rate spread (3) |
|
|
|
|
|
|
| 2.88 | % |
|
|
|
|
|
| 2.69 | % |
Less: tax equivalent adjustment |
|
|
|
|
| 227 |
|
|
|
|
|
|
| 234 |
|
|
|
Net interest income as reported |
|
|
|
| $ | 54,916 |
|
|
|
|
|
| $ | 44,440 |
|
|
|
Net interest-earning assets (4) |
| $ | 478,129 |
|
|
|
|
|
| $ | 359,910 |
|
|
|
|
|
|
Net interest margin (5) |
|
|
|
|
|
|
| 3.02 | % |
|
|
|
|
|
| 2.81 | % |
Tax equivalent effect |
|
|
|
|
|
|
| 0.02 |
|
|
|
|
|
|
| 0.01 |
|
Net interest margin on a fully tax equivalent basis |
|
|
|
|
|
|
| 3.04 | % |
|
|
|
|
|
| 2.82 | % |
Average interest-earning assets to average interest-bearing liabilities |
|
| 124.52 | % |
|
|
|
|
|
| 120.53 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loans held for sale, nonaccruing loan balances and interest received on such loans. |
| ||||||||||||||||
(2) Includes securities available for sale and securities held to maturity. Interest income from tax exempt securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented. The yield on investments before tax equivalent adjustments was 2.54% and 2.38% for the nine months ended September 30, 2017 and 2016, respectively. |
| ||||||||||||||||
(3) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest bearing liabilities. |
| ||||||||||||||||
(4) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
| ||||||||||||||||
(5) Net interest margin represents net interest income divided by average total interest-earning assets. |
| ||||||||||||||||
(6) Annualized |
| ||||||||||||||||
HarborOne Bancorp, Inc.
Average Balances and Yield Trend
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Balances - Trend - Quarters Ended |
| |||||||||||||
|
| September 30, 2017 |
| June 30, 2017 |
| March 31, 2017 |
| December 31, 2016 |
| September 30, 2016 |
| |||||
|
| (In thousands) |
| |||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
| $ | 2,190,303 |
| $ | 2,129,280 |
| $ | 2,111,768 |
| $ | 2,055,444 |
| $ | 1,983,249 |
|
Investment securities (2) |
|
| 206,761 |
|
| 209,691 |
|
| 197,525 |
|
| 168,485 |
|
| 166,816 |
|
Other interest-earning assets |
|
| 102,589 |
|
| 81,370 |
|
| 67,428 |
|
| 38,912 |
|
| 18,030 |
|
Total interest-earning assets |
|
| 2,499,653 |
|
| 2,420,341 |
|
| 2,376,721 |
|
| 2,262,841 |
|
| 2,168,095 |
|
Noninterest-earning assets |
|
| 128,966 |
|
| 129,281 |
|
| 124,148 |
|
| 126,899 |
|
| 130,498 |
|
Total assets |
| $ | 2,628,619 |
| $ | 2,549,622 |
| $ | 2,500,869 |
| $ | 2,389,740 |
| $ | 2,298,593 |
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
| $ | 402,470 |
| $ | 351,948 |
| $ | 326,731 |
| $ | 319,166 |
| $ | 319,202 |
|
NOW accounts |
|
| 125,636 |
|
| 128,794 |
|
| 123,340 |
|
| 124,134 |
|
| 120,704 |
|
Money market accounts |
|
| 646,873 |
|
| 654,127 |
|
| 627,073 |
|
| 602,263 |
|
| 612,761 |
|
Certificates of deposit |
|
| 463,077 |
|
| 469,249 |
|
| 469,774 |
|
| 458,491 |
|
| 434,519 |
|
Brokered deposit |
|
| 82,976 |
|
| 76,555 |
|
| 65,698 |
|
| 39,689 |
|
| 549 |
|
Total interest-bearing deposits |
|
| 1,721,032 |
|
| 1,680,673 |
|
| 1,612,616 |
|
| 1,543,743 |
|
| 1,487,735 |
|
FHLB advances |
|
| 287,858 |
|
| 254,832 |
|
| 291,896 |
|
| 257,568 |
|
| 232,587 |
|
Total interest-bearing liabilities |
|
| 2,008,890 |
|
| 1,935,505 |
|
| 1,904,512 |
|
| 1,801,311 |
|
| 1,720,322 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
| 251,579 |
|
| 250,654 |
|
| 237,056 |
|
| 227,918 |
|
| 217,930 |
|
Other noninterest-bearing liabilities |
|
| 30,815 |
|
| 29,432 |
|
| 28,981 |
|
| 31,055 |
|
| 32,888 |
|
Total liabilities |
|
| 2,291,284 |
|
| 2,215,591 |
|
| 2,170,549 |
|
| 2,060,284 |
|
| 1,971,140 |
|
Total equity |
|
| 337,335 |
|
| 334,031 |
|
| 330,320 |
|
| 329,456 |
|
| 327,453 |
|
Total liabilities and equity |
| $ | 2,628,619 |
| $ | 2,549,622 |
| $ | 2,500,869 |
| $ | 2,389,740 |
| $ | 2,298,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized Yield Trend - Quarters Ended |
| |||||||||||||
|
| September 30, 2017 |
| June 30, 2017 |
| March 31, 2017 |
| December 31, 2016 |
| September 30, 2016 |
| |||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
| 3.95 | % |
| 3.82 | % |
| 3.78 | % |
| 3.65 | % |
| 3.61 | % |
Investment securities (2) |
|
| 2.70 | % |
| 2.69 | % |
| 2.65 | % |
| 2.55 | % |
| 2.54 | % |
Other interest-earning assets |
|
| 1.14 | % |
| 1.58 | % |
| 1.52 | % |
| 1.71 | % |
| 3.62 | % |
Total interest-earning assets |
|
| 3.73 | % |
| 3.64 | % |
| 3.62 | % |
| 3.54 | % |
| 3.53 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
| 0.19 | % |
| 0.17 | % |
| 0.19 | % |
| 0.18 | % |
| 0.17 | % |
NOW accounts |
|
| 0.06 | % |
| 0.06 | % |
| 0.06 | % |
| 0.06 | % |
| 0.06 | % |
Money market accounts |
|
| 0.59 | % |
| 0.50 | % |
| 0.49 | % |
| 0.46 | % |
| 0.44 | % |
Certificates of deposit |
|
| 1.18 | % |
| 1.17 | % |
| 1.17 | % |
| 1.16 | % |
| 1.14 | % |
Brokered deposit |
|
| 1.17 | % |
| 1.08 | % |
| 0.98 | % |
| 0.92 | % |
| 2.17 | % |
Total interest-bearing deposits |
|
| 0.65 | % |
| 0.61 | % |
| 0.61 | % |
| 0.59 | % |
| 0.56 | % |
FHLB advances |
|
| 1.84 | % |
| 1.78 | % |
| 1.79 | % |
| 1.87 | % |
| 2.00 | % |
Total interest-bearing liabilities |
|
| 0.82 | % |
| 0.77 | % |
| 0.79 | % |
| 0.77 | % |
| 0.75 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loans held for sale, nonaccruing loan balances and interest received on such loans. |
| |||||||||||||||
(2) Includes securities available for sale and securities held to maturity. |
| |||||||||||||||
HarborOne Bancorp, Inc.
Selected Financial Highlights
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Quarters Ended |
| |||||||||||||
|
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
Performance Ratios (annualized): |
| 2017 |
| 2017 |
| 2017 |
| 2016 |
| 2016 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return (loss) on average assets (ROAA) |
|
| 0.43 | % |
| 0.50 | % |
| 0.44 | % |
| 0.49 | % |
| 0.62 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return (loss) on average equity (ROAE) |
|
| 3.37 | % |
| 3.85 | % |
| 3.31 | % |
| 3.56 | % |
| 4.34 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (1) |
|
| 83.83 | % |
| 82.60 | % |
| 84.41 | % |
| 81.87 | % |
| 80.46 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This non-GAAP measure represents noninterest expense divided by the sum of net interest income and noninterest income | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| At or for the Quarters Ended |
| |||||||||||||
|
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
Asset Quality |
| 2017 |
| 2017 |
| 2017 |
| 2016 |
| 2016 |
| |||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets |
| $ | 20,627 |
| $ | 22,522 |
| $ | 23,471 |
| $ | 22,946 |
| $ | 25,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
| 0.78 | % |
| 0.86 | % |
| 0.91 | % |
| 0.94 | % |
| 1.11 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans |
|
| 0.84 | % |
| 0.82 | % |
| 0.82 | % |
| 0.85 | % |
| 0.82 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge offs |
| $ | 169 |
| $ | 173 |
| $ | 349 |
| $ | 320 |
| $ | 317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net charge offs/average loans |
|
| 0.03 | % |
| 0.03 | % |
| 0.07 | % |
| 0.06 | % |
| 0.07 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to nonperforming loans |
|
| 91.47 | % |
| 80.04 | % |
| 78.17 | % |
| 80.12 | % |
| 65.92 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| |||||
Capital and Share Related |
| 2017 |
| 2017 |
| 2017 |
| 2016 |
| 2016 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock outstanding |
|
| 32,662,295 |
|
| 32,120,880 |
|
| 32,120,880 |
|
| 32,120,880 |
|
| 32,120,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
| $ | 10.43 |
| $ | 10.48 |
| $ | 10.36 |
| $ | 10.25 |
| $ | 10.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share (1) |
| $ | 10.01 |
| $ | 10.06 |
| $ | 9.94 |
| $ | 9.83 |
| $ | 9.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity / tangible assets (2) |
|
| 12.36 | % |
| 12.34 | % |
| 12.50 | % |
| 12.97 | % |
| 13.47 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This non-GAAP ratio is total stockholders' equity less goodwill and other intangible assets divided by common stock outstanding. | ||||||||||||||||
(2) This non-GAAP ratio is total stockholders' equity less goodwill and other intangible assets to total assets less goodwill and other intangible assets. | ||||||||||||||||