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Jun 30, 2021
HarborOne Q2 2021 Earnings Report
Net income decreased and net interest income increased due to disciplined management and strategic investments.
Key Takeaways
HarborOne Bancorp, Inc. reported a net income of $14.3 million, or $0.27 per diluted share, for the second quarter of 2021. The company saw an increase in net interest income and focused on disciplined management of key business drivers.
Recorded a reversal of provision of $4.3 million, reflecting an improved economic outlook.
Maintained strong asset quality and had annualized net recoveries of 0.02%.
Completed first share repurchase program at an average price per share of $11.32; second share repurchase program launched.
Commercial loan growth of $24.2 million, or 1.2%, excluding the change in U.S. Small Business Administration Paycheck Protection Program (“PPP”) loans.
Forward Guidance
Company expects interest rates to remain low during 2021, resulting in continued margin pressure.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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