HarborOne Bancorp Reports Q1 2025 Earnings Decline

HarborOne ( (HONE) ) has released its Q1 earnings. Here is a breakdown of the information HarborOne presented to its investors.

HarborOne Bancorp, Inc., a Massachusetts-chartered trust company, operates as the holding company for HarborOne Bank, serving consumers, businesses, and municipalities in Eastern Massachusetts and Rhode Island through a network of banking centers and commercial lending offices.

In the first quarter of 2025, HarborOne Bancorp, Inc. reported a net income of $5.5 million, or $0.14 per diluted share, marking a decrease of 38.1% from the previous quarter. The decline was primarily attributed to a reduction in mortgage banking income.

Key financial highlights for the quarter included a slight improvement in the net interest margin to 2.39%, stable noninterest expenses at $32.9 million, and a notable increase in deposits by $79.6 million. The company also saw a reduction in the cost of deposits and executed significant share repurchases.

Despite challenges in mortgage banking, the company achieved growth in commercial and industrial loans and reduced loan delinquencies. The balance sheet showed a decrease in total assets and loans, but an increase in available-for-sale securities and total deposits.

Looking ahead, HarborOne Bancorp, Inc. remains focused on maintaining strong loan growth and managing costs effectively, while navigating the challenges posed by fluctuating mortgage rates and economic conditions.