Loading...
•
Jun 30, 2020
HarborOne Q2 2020 Earnings Report
Net income increased and mortgage banking income saw substantial growth due to record mortgage closings.
Key Takeaways
HarborOne Bancorp, Inc. reported a significant increase in net income for the second quarter of 2020, driven by strong mortgage banking income and an increase in net interest income. The company's digital banking also saw growth, and it initiated a cash dividend.
Net income increased to $10.6 million, or $0.19 per share.
Net interest income increased by 10.3% quarter over quarter, and the net interest margin increased by 9 basis points.
Mortgage banking income increased significantly, with record residential real estate mortgage closings of $856.5 million.
Total deposits increased by 10.0% to $3.3 billion.
Forward Guidance
The 2020 results for HarborOne Mortgage are uncertain in light of the COVID-19 pandemic. The low mortgage interest rate environment spurred increased purchase and refinance activity in the first half of the year, continuing into the third quarter of 2020 with a locked residential mortgage pipeline at June 30, 2020 of $497.7 million; however, economic uncertainty and increased unemployment rates may have a negative impact on mortgage loan originations in the second half of 2020.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...