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Mar 31, 2020
HarborOne Q1 2020 Earnings Report
Net income increased compared to the same period last year, driven by growth in commercial loans and deposits, and a comprehensive COVID-19 pandemic response.
Key Takeaways
HarborOne Bancorp, Inc. reported a net income of $4.7 million, or $0.09 per basic and diluted share, for the first quarter of 2020. The results reflect charges of $1.5 million to the provision for loan losses and $329,000 to non-interest expense related to the COVID-19 pandemic.
Total commercial loans amounted to $1.7 billion, up 4% from the preceding quarter and up 20% year over year.
Total deposits amounted to $3.0 billion, up 3% from the preceding quarter and up 7% year over year.
Residential real estate mortgage origination activity continued from the preceding quarter amounting to $355.4 million, increasing 125% year over year.
HarborOne is well positioned with strong capital and liquidity to operate in a challenging and volatile economic environment.
Forward Guidance
The interest rate environment is expected to continue to be volatile, and future net interest margin compression is anticipated in 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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