HarborOne Bancorp Reports Strong Q4 and Annual Gains

HarborOne ( (HONE) ) has released its Q4 earnings. Here is a breakdown of the information HarborOne presented to its investors.

HarborOne Bancorp, Inc., a Massachusetts-based financial institution, serves eastern Massachusetts and Rhode Island through HarborOne Bank and its subsidiary, HarborOne Mortgage, LLC, providing a wide range of banking and mortgage services. In the fourth quarter of 2024, HarborOne Bancorp reported a significant increase in net income to $8.9 million, or $0.21 per diluted share, marking a 126.5% rise from the previous quarter. This growth was partly attributed to a release of tax reserves and improvements in the company’s mortgage segment, which saw a $1.1 million net income compared to a loss in the prior quarter. Key financial highlights include a stable net interest margin at 2.36%, a 6.1% annualized increase in average deposits, and a notable reduction in borrowing costs by 25 basis points. The company successfully repaid its Bank Term Funding Program borrowing, further reducing average borrowings by nearly $96 million. HarborOne’s strategic focus on enhancing its relationship banking model has resulted in solid fiscal performance, evidenced by its 70.5% increase in annual net income to $27.4 million. The company’s management remains optimistic about maintaining this positive trajectory into 2025, leveraging its successful deposit growth strategy and strong mortgage performance.