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Dec 31, 2023
HarborOne Q4 2023 Earnings Report
Net loss reported due to goodwill impairment at HarborOne Mortgage, deposit growth observed, and share repurchase program continued.
Key Takeaways
HarborOne Bancorp, Inc. reported a net loss of $7.1 million for Q4 2023, impacted by a $10.8 million goodwill impairment at HarborOne Mortgage. Excluding this impairment, net income would have been $3.7 million. Deposit growth, excluding brokered deposits, was 4.4% year-over-year, and loan growth was 4.4% year-over-year. The company continued its share repurchase program, redeeming $35 million in subordinated debt.
Net loss of $7.1 million, or $0.17 per diluted share, compared to net income of $9.6 million, or $0.21 per diluted share, for the same period last year.
Excluding the goodwill impairment, net income was $3.7 million, or $0.09 per diluted share.
Deposit growth, excluding brokered deposits, of 4.4% year over year.
Loan growth of 4.4% year over year.
Forward Guidance
The current market expectations for 2024 suggest falling rates throughout the year, although pressure may remain on deposit pricing in competitive markets as financial institutions continue to prioritize customer deposit funding.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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