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HarborOne Bancorp Inc. (HONE) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $5.75 billion, an increase from $5.67 billion at the end of 2023. This growth was primarily driven by an increase in loans, which rose by $102.2 million.
Net income for the year was reported at $27.4 million, or $0.66 per diluted share, compared to $16.1 million, or $0.37 per diluted share, for the previous year. The improvement is attributed to a reduction in goodwill impairment charges.
The company reported a provision for credit losses of $8.3 million, up from $5.7 million in 2023, reflecting provisioning for loan growth and specific reserve allocations.
Deposits increased by $163.3 million to $4.55 billion, with growth in consumer and business deposits, brokered deposits, and municipal deposits.
The company's net interest margin on a tax-equivalent basis decreased to 2.32% from 2.44% in the prior year, impacted by rising interest rates and increased cost of deposits.
Noninterest income rose to $46.9 million from $41.9 million, driven by higher mortgage banking income and gains from asset sales.
Noninterest expense decreased to $130.0 million from $138.3 million, primarily due to the absence of a goodwill impairment charge recorded in the previous year.
The bank's allowance for credit losses was $56.1 million, or 1.16% of total loans, reflecting an increase from $48.0 million, or 1.01% of total loans, at the end of 2023.
HarborOne Bancorp's stockholders' equity decreased slightly to $575.0 million from $583.8 million, influenced by share repurchases and dividend payments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HarborOne Bancorp Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.