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Mar 31, 2023
HarborOne Q1 2023 Earnings Report
Net income decreased due to challenges in Q1 2023, but credit quality, capital position, and deposit growth remained strong.
Key Takeaways
HarborOne Bancorp, Inc. reported a net income of $7.3 million, or $0.16 per diluted share, for the first quarter of 2023. The company focused on stability in its deposit base and implemented cost-saving measures.
Company-wide cost saving measures and organizational efficiencies expected to provide approximately $4.1 million in annual cost savings.
Returned $3.3 million of capital to shareholders via dividends and increased quarterly dividend by 7%.
Share repurchase program returned $26.8 million to shareholders, representing 2.0 million shares.
Nonperforming loans to total loans improved to 0.27%, compared to 0.32% on a linked-quarter basis, reflecting strong credit quality.
Loan growth of $73.0 million, or 1.6%, and deposit growth of $52.2 million, or 1.2%, on a linked-quarter basis.
Forward Guidance
Management expects to complete share repurchase program that commenced in the first quarter of 2023 in the second quarter of 2023 and reduce share repurchase activity due to recent market volatility and increased economic uncertainty.
Challenges Ahead
- Share repurchase activity is expected to be reduced in the second quarter of 2023 compared to recent prior quarters.
- Market volatility
- Increased economic uncertainty
Historical Earnings Impact
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Avg. Return Before/After Earnings
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