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HarborOne Q1 2025 Earnings Report
HarborOne Bancorp, Inc. announced its first quarter 2025 results, with net income decreasing by 38.1% quarter-over-quarter, primarily due to a decrease in mortgage banking income.
Key Takeaways
HarborOne Bancorp, Inc. reported net income of $5.5 million for the first quarter of 2025, a decrease of $3.4 million from the previous quarter. Total revenue was $41.36 million, and diluted EPS was $0.14. The company saw strong commercial and industrial loan growth, improved its loans-to-deposits ratio, and increased its quarterly dividend.
Net income for Q1 2025 was $5.5 million, or $0.14 per diluted share, a decrease primarily due to a $2.9 million decrease in mortgage banking income.
Net interest margin improved by 3 basis points quarter-over-quarter to 2.39%.
Deposits, excluding brokered deposits, increased by $79.6 million, or 1.9%, quarter-over-quarter.
The loans-to-deposits ratio improved by 225 basis points during the quarter, from 106.63% to 104.38%.
Revenue by Segment
Forward Guidance
The report contains forward-looking statements based on current beliefs and expectations, subject to significant risks and uncertainties. Actual results may differ materially due to various factors.
Positive Outlook
- Continued strong commercial and industrial loan growth.
- Decreased commercial real estate balances, favoring payoffs over renewals for non-strong customer relationships.
- Lower loan delinquencies.
- Reduction of 15 basis points in the cost of deposits, excluding brokered deposits.
- Residential mortgage team delivered an 11.8% increase in year-over-year loan closings during a seasonally slow quarter.
Challenges Ahead
- Changes in general business and economic conditions, including inflation and liquidity concerns.
- Changes in interest rates and customer behavior.
- Ongoing turbulence in capital and debt markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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