HarborOne Bancorp, Inc. Announces 2023 Fourth Quarter Results

HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $16.1 million, or $0.37 per diluted share, for the year ended December 31, 2023, a decrease of $29.5 million, or 64.7%, compared to net income of $45.6 million, or $0.97 per diluted share, for the year ended December 31, 2022. For the fourth quarter of 2023, the Company reported a net loss of $7.1 million, or $0.17 per diluted share, compared to net income of $8.4 million, or $0.20 per diluted share, for the preceding quarter and net income of $9.6 million, or $0.21 per diluted share, for the same period last year.

The results for the quarter and year ended December 31, 2023 were significantly impacted by the full impairment of goodwill at Harbor One Mortgage, LLC (“HarborOne Mortgage”) in the amount of $10.8 million. Throughout 2023 HarborOne Mortgage, and the mortgage banking industry in general, faced significant headwinds. The combination of the average residential mortgage rate reaching twenty-year highs during 2023 and a housing market with low inventory and higher prices, generated the lowest annual residential mortgage loan origination volume in two decades. As a result of these conditions, the impairment analysis of goodwill completed in the fourth quarter resulted in a determination that the goodwill at HarborOne Mortgage was fully impaired.

Excluding the HarborOne Mortgage goodwill impairment charge of $10.8 million, included in noninterest expense, net income and diluted earnings per share for the quarter and year ended December 31, 2023 were $3.7 million, or $0.09⁽¹⁾ per diluted share and $26.9 million, or $0.62⁽¹⁾ per diluted share, respectively. Goodwill impairment is a non-cash charge that has no impact on our liquidity, or regulatory capital ratios.

Selected Financial Highlights:

• Deposit growth, excluding brokered deposits, of $172.7 million, or 4.4%, year over year.
• Strong asset quality; nonperforming loans as a percentage of total loans were 0.37% compared to 0.39% last quarter
• Excluding the goodwill impairment, reduced noninterest expense 8.2% year over year.
• Loan growth of $200.6 million, or 4.4%, year over year.
• Continued share repurchase program, repurchasing 570,527 shares at an average cost of $10.15 per share, totaling $5.8 million.
• Redeemed $35 million subordinated debt with an 8.45% interest rate.

“I am very proud of the progress our team is making in building our relationship bank model,” said Joseph F. Casey, President and CEO. “We have customer deposit growth of over 4% in 2023, as well as growth in deposit market share in about 80% of our markets. This growth will position us well for the future.”

Net Interest Income
The Company’s net interest and dividend income was $29.7 million for the quarter ended December 31, 2023, compared to $31.1 million for the quarter ended September 30, 2023, and $39.2 million for the quarter ended December 31, 2022. The tax equivalent interest rate spread and net interest margin were 1.56% and 2.23%, respectively, for the quarter ended December 31, 2023, compared to 1.70% and 2.34%, respectively, for the quarter ended September 30, 2023, and 2.88% and 3.23%, respectively, for the quarter ended December 31, 2022.

On December 1, 2023, the Company elected to redeem its subordinated notes in the amount of $35 million. This early redemption resulted in interest expense of $620,000 for the remaining unamortized issuance costs during the quarter. Issuance cost amortization recorded in the quarter ended September 30, 2023 was $32,000. For the quarter ended December 31, 2023, the tax equivalent interest rate spread and net interest margin excluding the additional amortization were 1.62% and 2.27%, respectively.

On a linked-quarter basis, the decreases in net interest and dividend income, tax equivalent interest rate spread, and net interest margin primarily reflect a higher cost of funding, partially offset by increased loan balances and yields, with liability repricing outpacing assets. While the yield on interest-earning assets increased 7 basis points from the preceding quarter, the cost of interest-bearing liabilities increased 21 basis points, in a competitive deposit pricing market.

The $9.5 million decrease in net interest and dividend income from the prior year quarter reflects an increase of $22.0 million, or 172.6%, in total interest expense, partially offset by an increase of $12.5 million, or 24.0%, in total interest and dividend income. The changes reflect rate and volume changes in both interest-bearing assets and liabilities. The cost of interest-bearing liabilities increased 186 basis points, while the average balance increased $597.7 million, and the yield on interest-earning assets increased 54 basis points, while the average balance increased $496.8 million.

The quarter and year-to-date results reflect the continuing impact of the successive federal funds rate increases that occurred from March 2022 to July 2023 totaling 525 basis points. 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.

Noninterest Income
Total noninterest income decreased $2.7 million, or 23.2%, to $8.9 million for the quarter ended December 31, 2023, from $11.6 million for the quarter ended September 30, 2023. The decrease was primarily driven by a decrease in the mortgage servicing rights (“MSR”) valuation for the three months ended December 31, 2023 of $3.1 million, compared to an increase of $770,000 for the three months ended September 30, 2023. The MSR valuation was negatively impacted by key benchmark rates used in the valuation model, which decreased from the prior quarter. The impact on the MSR of principal payments on the underlying mortgages was $487,000 and $645,000 for the quarters ended, December 31, 2023 and September 30, 2023, respectively.

Persistent low inventory of for-sale residential real estate and elevated mortgage interest rates continued to impact the results of HarborOne Mortgage with gain on loan sales of $2.2 million from mortgage loan closings of $124.2 million for the quarter ended December 31, 2023, compared to $2.7 million in gain on loan sales from mortgage loan closings of $157.6 million in the preceding quarter.

Total noninterest income for the quarter and year ended December 31, 2023 included a $305,000 gain on sale of a former bank branch, and $582,000 recognized on a revenue enhancing Bank-owned life insurance (“BOLI”) surrender and exchange strategy. The BOLI income was offset by a $464,000 corresponding tax impact included in the provision for income taxes and a modified endowment contract charge included in noninterest expense.

Total noninterest income decreased $996,000, or 10.1%, compared to the quarter ended December 31, 2022, primarily due to a $1.1 million, or 53.7%, decrease in mortgage banking income. The prior year quarter reflected a $2.1 million decrease in the fair value of the MSR.

Noninterest Expense
Total noninterest expense increased $11.3 million, or 35.6% to $43.2 million for the quarter ended December 31, 2023, from $31.9 million for the quarter ended September 30, 2023. Excluding the one-time $10.8 million goodwill impairment charge, noninterest expenses for the quarter ended December 31, 2023 were $32.4 million. The linked-quarter increase, excluding the goodwill impairment charge, was $582,000. Loan expense for the quarter ended December 31, 2023 includes a $629,000 reversal of repurchase reserve at HarborOne Mortgage based on updated assumptions used to determine the estimate.

Total noninterest expense increased $8.6 million, or 24.7% compared to the prior year quarter of $34.6 million. Excluding the goodwill impairment charge, noninterest expenses decreased $2.2 million from the prior year quarter. Full-time equivalent employees decreased 80 for the year ended December 31, 2023, as HarborOne Mortgage and the Bank proactively enacted cost saving measures, including reductions in force. The reduction in force resulted in a decrease in compensation and benefits expense of $905,000, primarily reflecting decreased salary, mortgage origination commission and incentive accruals, and an occupancy and equipment expense decrease of $265,000. These decreases were partially offset by a $409,000 increase in deposit insurance expense.

Asset Quality and Allowance for Credit Losses
Total nonperforming assets were $17.6 million at December 31, 2023, compared to $18.8 million at September 30, 2023 and $14.8 million at December 31, 2022. Nonperforming assets as a percentage of total assets were 0.31% at December 31, 2023, 0.33% at September 30, 2023, and 0.28% at December 31, 2022.

The Company recorded a provision for loan credit losses of $970,000 and $6.7 million for the quarter and year ended December 31, 2023. The provision for loan credit losses for the quarter and year ended December 31, 2022 was $2.1 million and $5.7 million, respectively, and the Company recorded a provision for loan credit losses of $474,000 for the quarter ended September 30, 2023. Net charge-offs totaled $1.3 million, or 0.11%, and $4.0 million, or 0.08%, of average loans outstanding on an annualized basis, for the quarter and year ended December 31, 2023, respectively. Net charge-offs totaled $2.1 million, or 0.19%, of average loans outstanding on an annualized basis, for the quarter ended December 31, 2022 and net recoveries totaled $18,000 for the quarter ended September 30, 2023. Loan credit loss provisioning for the fourth quarter and the years ended December 31, 2023 and 2022, primarily reflect replenishment of the allowance for credit losses (“ACL”) on loans due to charge-offs and loan growth.

The ACL on loans was $48.0 million, or 1.01% of total loans, at December 31, 2023, compared to $48.3 million, or 1.02% of total loans, at September 30, 2023 and $45.2 million, or 0.99% of total loans, at December 31, 2022. The ACL on unfunded commitments, included in other liabilities on the unaudited Consolidated Balance Sheets, amounted to $3.9 million at December 31, 2023, compared to $4.2 million at September 30, 2023 and $4.9 million at December 31, 2022.

Management continues to closely monitor the loan portfolio for signs of deterioration in light of speculation that commercial real estate values may deteriorate as the market adjusts to higher vacancies and interest rates. The commercial real estate portfolio is centered in New England, with approximately 75% of the portfolio secured by property located in Massachusetts and Rhode Island. Approximately 60% of the commercial real estate loans are fixed-rate loans with, in the opinion of management, limited near-term maturity risk.

Management also continues to monitor certain sectors within the commercial real estate segment that may be particularly susceptible to increased credit risk as a result of trends that were precipitated by the COVID-19 pandemic and may be exacerbated by current economic conditions. This includes business-oriented hotels, non-anchored retail space, and metro office space. As of December 31, 2023, business-oriented hotels loans included 14 loans with a total outstanding balance of $122.7 million, non-anchored retail space loans included 28 loans with a total outstanding balance of $44.8 million, and metro office space loans included two loans with a total outstanding balance of $10.8 million. During the fourth quarter of 2023, a charge-off of $1.3 million was recorded on one of the metro office space loans based on a purchase and sale agreement that is expected to close in the second quarter of 2024. As of December 31, 2023, this loan has a carrying value of $5.7 million, was rated doubtful and on nonaccrual. There is also one business-oriented hotel credit with a carrying value of $1.7 million that was rated substandard and on nonaccrual. The other loans in these groups were performing in accordance with their terms.

Balance Sheet
Total assets were $5.67 billion and $5.36 billion as of December 31, 2023 and 2022, respectively, and $5.66 billion at September 30, 2023. The linked-quarter increase and year-over-year increase primarily reflect increases in total loans and cash and cash equivalents.

Available-for-sale securities were $290.2 million and $301.1 million at December 31, 2023 and 2022, respectively and $271.1 million at September 30, 2023. The unrealized loss on securities available for sale was $62.0 million and $68.3 million as of December 31, 2023 and 2022, respectively, as compared to $81.3 million of unrealized losses as of September 30, 2023. Securities held to maturity were flat at $19.8 million, or 0.4% of total assets, during 2023.

Loans increased $27.5 million, or 0.6%, to $4.75 billion at December 31, 2023, from $4.72 billion at September 30, 2023. The increase in loans for the three months ended December 31, 2023 was primarily due to increases in commercial construction loans of $17.2 million, commercial and industrial loans of $15.9 million, and residential mortgage loans of $2.8 million, partially offset by decreases in commercial real estate loans of $6.2 million and consumer loans of $2.2 million.

Total deposits were $4.39 billion at December 31, 2023 and $4.41 billion at September 30, 2023. Compared to the prior quarter, non-certificate accounts decreased $76.4 million and term certificate accounts increased $4.2 million, as competitive rate specials attracted term certificate deposits during the quarter. Brokered deposits increased $49.7 million. As of December 31, 2023, FDIC-insured deposits were approximately 68% of total deposits, including Bank subsidiary deposits. Including Depositors Insurance Fund (“DIF”) excess insurance coverage that remains available until February 24, 2024, insured deposits are approximately 84% of total deposits, including Bank subsidiary deposits. Although the Bank exited the DIF as of February 24, 2023, insurance remains in place for funds on deposit as of that date for one year, or until maturity for term certificates.

FHLB borrowings increased $93.0 million to $568.5 million at December 31, 2023 from $475.5 million at September 30, 2023. As of December 31, 2023, the Bank had $1.18 billion in available borrowing capacity across multiple relationships. Additionally, on December 1, 2023, the Company redeemed its $35.0 million in subordinated debt.

Total stockholders’ equity was $583.8 million at December 31, 2023, compared to $584.6 million at September 30, 2023 and $617.0 million at December 31, 2022. Stockholders’ equity decreased 0.1% when compared to the prior quarter, as net loss and share repurchases were partially offset by a decrease in unrealized loss on available-for-sale securities. As of December 31, 2023, the Company’s sixth share repurchase program, commenced in the third quarter of 2023, is ongoing with 1,223,050 shares repurchased, at an average price of $10.05, including $0.10 per share of excise tax, since commencement. The tangible-common-equity-to-tangible-assets ratio⁽²⁾ was 9.33% at December 31, 2023, 9.17% at September 30, 2023, and 10.31% at December 31, 2022. At December 31, 2023, the Company and the Bank had strong capital positions, exceeding all regulatory capital requirements, and are considered well-capitalized.

⁽¹⁾ This non-GAAP ratio is net loss less goodwill impairment to weighted average shares outstanding on a diluted basis.
⁽²⁾ This non-GAAP ratio is total stockholders equity less goodwill and intangible assets to total assets less goodwill and intangible assets.

About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, a Massachusetts-chartered trust company. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Eastern Massachusetts and Rhode Island through a network of 30 full-service banking centers located in Massachusetts and Rhode Island, and commercial lending offices in Boston, Massachusetts and Providence, Rhode Island. HarborOne Bank also provides a range of educational resources through “HarborOne U,” with free digital content, webinars, and recordings for small business and personal financial education. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, provides mortgage lending services throughout New England and other states.

Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, changes in general business and economic conditions (including inflation and concerns about inflation) on a national basis and in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in interest rates; changes in customer behavior; ongoing turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; increases in loan default and charge-off rates; decreases in the value of securities in the Company’s investment portfolio; fluctuations in real estate values; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; competitive pressures from other financial institutions; acquisitions may not produce results at levels or within time frames originally anticipated; cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest, and pandemics; changes in regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the Annual Report on Form 10‑K and Quarterly Reports on Form 10‑Q as filed with the SEC, which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, HarborOne’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Use of Non-GAAP Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The Company’s management believes that the supplemental non-GAAP information, which consists of income statement results excluding the goodwill impairment charge, total noninterest expense excluding the goodwill impairment charge, diluted earnings per share excluding the impairment charge, Return on average assets (ROAA), excluding the goodwill impairment charge, Return on average equity (ROAE), excluding goodwill impairment charge, the efficiency ratio, efficiency ratio excluding the goodwill impairment charge, tangible common equity to tangible assets ratio and tangible book value per share, is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

HarborOne Bancorp, Inc. Consolidated Balance Sheet Trend (Unaudited)
		December 31,			September 30,			June 30,			March 31,			December 31,
(in thousands)		2023			2023			2023			2023			2022
Assets
Cash and due from banks		$	38,876		$	38,573		$	43,525		$	38,989		$	39,712
Short-term investments			188,474			208,211			209,326			210,765			58,305
Total cash and cash equivalents			227,350			246,784			252,851			249,754			98,017
Securities available for sale, at fair value			290,151			271,078			292,012			303,059			301,149
Securities held to maturity, at amortized cost			19,796			19,795			19,839			19,838			19,949
Federal Home Loan Bank stock, at cost			27,098			23,378			27,123			23,589			20,071
Asset held for sale			348			966			966			—			—
Loans held for sale, at fair value			19,686			17,796			20,949			13,956			18,544
Loans:
Commercial real estate			2,343,675			2,349,886			2,286,688			2,286,727			2,250,344
Commercial construction			208,443			191,224			228,902			212,689			199,311
Commercial and industrial			466,443			450,547			453,422			423,036			424,275
Total commercial loans			3,018,561			2,991,657			2,969,012			2,922,452			2,873,930
Residential real estate			1,709,714			1,706,950			1,701,766			1,667,934			1,634,319
Consumer			22,036			24,247			27,425			32,246			41,421
Loans			4,750,311			4,722,854			4,698,203			4,622,632			4,549,670
Less: Allowance for credit losses on loans			(47,972)			(48,312)			(47,821)			(46,994)			(45,236)
Net loans			4,702,339			4,674,542			4,650,382			4,575,638			4,504,434
Mortgage servicing rights, at fair value			46,111			49,201			48,176			47,080			48,138
Goodwill			59,042			69,802			69,802			69,802			69,802
Other intangible assets			1,515			1,704			1,893			2,082			2,272
Other assets			274,460			289,341			275,261			268,060			277,169
Total assets		$	5,667,896		$	5,664,387		$	5,659,254		$	5,572,858		$	5,359,545
Liabilities and Stockholders' Equity
Deposits:
Demand deposit accounts		$	659,973		$	708,847		$	717,572		$	726,548		$	762,576
NOW accounts			305,825			289,141			286,956			287,376			297,692
Regular savings and club accounts			1,265,315			1,324,635			1,390,906			1,455,318			1,468,172
Money market deposit accounts			966,201			951,128			834,120			796,008			861,704
Term certificate accounts			863,457			859,266			742,931			653,553			497,975
Brokered deposits			326,638			276,941			315,003			322,927			301,380
Total deposits			4,387,409			4,409,958			4,287,488			4,241,730			4,189,499
FHLB borrowings			568,462			475,470			604,568			590,665			400,675
Subordinated debt			—			34,380			34,348			34,317			34,285
Other liabilities and accrued expenses			128,266			159,945			137,318			106,352			118,110
Total liabilities			5,084,137			5,079,753			5,063,722			4,973,064			4,742,569
Common stock			598			597			597			597			596
Additional paid-in capital			486,502			485,144			484,544			483,831			483,031
Unearned compensation - ESOP			(25,785)			(26,245)			(26,704)			(27,164)			(27,623)
Retained earnings			359,656			369,930			364,709			360,454			356,438
Treasury stock			(193,590)			(187,803)			(181,324)			(175,514)			(148,384)
Accumulated other comprehensive loss			(43,622)			(56,989)			(46,290)			(42,410)			(47,082)
Total stockholders' equity			583,759			584,634			595,532			599,794			616,976
Total liabilities and stockholders' equity		$	5,667,896		$	5,664,387		$	5,659,254		$	5,572,858		$	5,359,545

HarborOne Bancorp, Inc. Consolidated Statements of Net Income - Trend (Unaudited)
		Quarters Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
(in thousands, except share data)		2023			2023			2023			2023			2022
Interest and dividend income:
Interest and fees on loans		$	59,499		$	58,124		$	55,504		$	52,771		$	49,177
Interest on loans held for sale			369			370			326			286			334
Interest on securities			2,001			2,003			2,035			2,079			2,045
Other interest and dividend income			2,516			2,667			2,935			803			359
Total interest and dividend income			64,385			63,164			60,800			55,939			51,915
Interest expense:
Interest on deposits			27,310			25,039			20,062			15,913			8,499
Interest on FHLB and FRB borrowings			6,260			6,439			8,114			5,105			3,703
Interest on subordinated debentures			1,122			606			524			523			524
Total interest expense			34,692			32,084			28,700			21,541			12,726
Net interest and dividend income			29,693			31,080			32,100			34,398			39,189
Provision (benefit) for credit losses			644			(113)			3,283			1,866			2,108
Net interest and dividend income, after provision for credit losses			29,049			31,193			28,817			32,532			37,081
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans			2,176			2,704			3,300			2,224			2,301
Changes in mortgage servicing rights fair value			(3,553)			125			436			(1,692)			(2,631)
Other			2,301			2,270			2,312			2,216			2,325
Total mortgage banking income			924			5,099			6,048			2,748			1,995
Deposit account fees			5,178			5,133			5,012			4,733			5,031
Income on retirement plan annuities			147			146			128			119			118
Bank-owned life insurance income			1,207			531			511			500			501
Other income			1,448			689			963			590			2,255
Total noninterest income			8,904			11,598			12,662			8,690			9,900
Noninterest expenses:
Compensation and benefits			19,199			18,699			18,220			17,799			20,104
Occupancy and equipment			4,670			4,430			4,633			5,040			4,935
Data processing			2,474			2,548			2,403			2,346			2,359
Loan (income) expense			(317)			385			417			313			169
Marketing			811			794			925			1,181			862
Professional fees			1,690			1,374			1,114			1,501			1,446
Deposit insurance			795			1,004			1,176			510			385
Goodwill impairment			10,760			—			—			—			—
Other expenses			3,132			2,638			2,837			2,819			4,384
Total noninterest expenses			43,214			31,872			31,725			31,509			34,644
(Loss) income before income taxes			(5,261)			10,919			9,754			9,713			12,337
Income tax provision			1,850			2,507			2,275			2,416			2,760
Net (loss) income		$	(7,111)		$	8,412		$	7,479		$	7,297		$	9,577
(Losses) earnings per common share:
Basic		$	(0.17)		$	0.20		$	0.17		$	0.16		$	0.21
Diluted		$	(0.17)		$	0.20		$	0.17		$	0.16		$	0.21
Weighted average shares outstanding:
Basic			42,111,872			42,876,893			43,063,507			44,857,224			45,321,491
Diluted			42,299,858			42,983,477			43,133,455			45,284,240			45,861,658

HarborOne Bancorp, Inc. Consolidated Statements of Net Income - Trend (Unaudited)
		For the Years Ended December 31,
(dollars in thousands, except share data)		2023			2022			$ Change			% Change
Interest and dividend income:
Interest and fees on loans		$	225,898		$	162,340		$	63,558		39.2	%
Interest on loans held for sale			1,351			1,306			45		3.4
Interest on securities			8,118			7,590			528		7.0
Other interest and dividend income			8,921			694			8,227		1185.4
Total interest and dividend income			244,288			171,930			72,358		42.1
Interest expense:
Interest on deposits			88,324			15,630			72,694		465.1
Interest on FHLB and FRB borrowings			25,918			5,219			20,699		396.6
Interest on subordinated debentures			2,775			2,095			680		32.5
Total interest expense			117,017			22,944			94,073		410.0
Net interest and dividend income			127,271			148,986			(21,715)		(14.6)
Provision for credit losses			5,680			5,660			20		0.4
Net interest and dividend income, after provision for credit losses			121,591			143,326			(21,735)		(15.2)
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans			10,404			15,970			(5,566)		(34.9)
Changes in mortgage servicing rights fair value			(4,684)			5,332			(10,016)		(187.8)
Other			9,099			9,948			(849)		(8.5)
Total mortgage banking income			14,819			31,250			(16,431)		(52.6)
Deposit account fees			20,056			19,265			791		4.1
Income on retirement plan annuities			540			456			84		18.4
Bank-owned life insurance income			2,749			1,981			768		38.8
Other income			3,690			4,357			(667)		(15.3)
Total noninterest income			41,854			57,309			(15,455)		(27.0)
Noninterest expenses:
Compensation and benefits			73,917			83,273			(9,356)		(11.2)
Occupancy and equipment			18,773			19,767			(994)		(5.0)
Data processing			9,771			9,170			601		6.6
Loan expense			798			1,387			(589)		(42.5)
Marketing			3,711			3,916			(205)		(5.2)
Professional fees			5,679			6,122			(443)		(7.2)
Deposit insurance			3,485			1,445			2,040		141.2
Goodwill impairment			10,760			—			10,760		0.0
Other expenses			11,426			13,826			(2,400)		(17.4)
Total noninterest expenses			138,320			138,906			(586)		(0.4)
Income before income taxes			25,125			61,729			(36,604)		(59.3)
Income tax provision			9,048			16,140			(7,092)		(43.9)
Net income		$	16,077		$	45,589		$	(29,512)		(64.7)	%
Earnings per common share:
Basic		$	0.37		$	0.98
Diluted		$	0.37		$	0.97
Weighted average shares outstanding:
Basic			43,221,738			46,483,664
Diluted			43,419,622			47,118,457

HarborOne Bancorp, Inc. Average Balances / Yields (Unaudited)
		Quarters Ended
		December 31, 2023								September 30, 2023								December 31, 2022
		Average								Average								Average
		Outstanding						Yield/		Outstanding						Yield/		Outstanding						Yield/
		Balance			Interest			Cost (8)		Balance			Interest			Cost (8)		Balance			Interest			Cost (8)
		(dollars in thousands)
Interest-earning assets:
Investment securities (1)		$	370,683		$	2,001		2.14	%	$	375,779		$	2,003		2.11	%	$	388,247		$	2,045		2.09	%
Other interest-earning assets			205,929			2,516		4.85			207,234			2,667		5.11			42,640			359		3.34
Loans held for sale			20,010			369		7.32			20,919			370		7.02			22,350			334		5.93
Loans
Commercial loans (2)(3)			3,005,840			41,263		5.45			2,980,817			40,438		5.38			2,770,667			34,351		4.92
Residential real estate loans (3)(4)			1,707,978			18,103		4.21			1,700,383			17,525		4.09			1,566,389			14,352		3.64
Consumer loans (3)			22,324			384		6.82			25,126			412		6.51			45,629			632		5.50
Total loans			4,736,142			59,750		5.01			4,706,326			58,375		4.92			4,382,685			49,335		4.47
Total interest-earning assets			5,332,764			64,636		4.81			5,310,258			63,415		4.74			4,835,922			52,073		4.27
Noninterest-earning assets			313,729								314,030								311,372
Total assets		$	5,646,493							$	5,624,288							$	5,147,294
Interest-bearing liabilities:
Savings accounts		$	1,307,774			6,875		2.09		$	1,360,728			6,787		1.98		$	1,408,493			3,591		1.01
NOW accounts			290,147			122		0.17			274,329			75		0.11			291,890			40		0.05
Money market accounts			963,223			9,288		3.83			910,694			8,355		3.64			878,609			3,312		1.50
Certificates of deposit			859,274			8,329		3.85			818,182			7,212		3.50			487,121			1,062		0.86
Brokered deposits			288,449			2,696		3.71			287,428			2,610		3.60			148,460			494		1.32
Total interest-bearing deposits			3,708,867			27,310		2.92			3,651,361			25,039		2.72			3,214,573			8,499		1.05
FHLB and FRB borrowings			507,520			6,260		4.89			508,001			6,439		5.03			392,508			3,703		3.74
Subordinated debentures			22,614			1,122		19.68			34,364			606		7.00			34,268			524		6.07
Total borrowings			530,134			7,382		5.52			542,365			7,045		5.15			426,776			4,227		3.93
Total interest-bearing liabilities			4,239,001			34,692		3.25			4,193,726			32,084		3.04			3,641,349			12,726		1.39
Noninterest-bearing liabilities:
Noninterest-bearing deposits			683,548								705,009								788,572
Other noninterest-bearing liabilities			137,239								126,742								101,621
Total liabilities			5,059,788								5,025,477								4,531,542
Total stockholders' equity			586,705								598,811								615,752
Total liabilities and stockholders' equity		$	5,646,493							$	5,624,288							$	5,147,294
Tax equivalent net interest income						29,944								31,331								39,347
Tax equivalent interest rate spread (5)								1.56	%							1.70	%							2.88	%
Less: tax equivalent adjustment						251								251								158
Net interest income as reported					$	29,693							$	31,080							$	39,189
Net interest-earning assets (6)		$	1,093,763							$	1,116,532							$	1,194,573
Net interest margin (7)								2.21	%							2.32	%							3.22	%
Tax equivalent effect								0.02								0.02								0.01
Net interest margin on a fully tax equivalent basis								2.23	%							2.34	%							3.23	%
Ratio of interest-earning assets to interest-bearing liabilities			125.80	%							126.62	%							132.81	%
Supplemental information:
Total deposits, including demand deposits		$	4,392,415		$	27,310				$	4,356,370		$	25,039				$	4,003,145		$	8,499
Cost of total deposits								2.47	%							2.28	%							0.84	%
Total funding liabilities, including demand deposits		$	4,922,549		$	34,692				$	4,898,735		$	32,084				$	4,429,921		$	12,726
Cost of total funding liabilities								2.80	%							2.60	%							1.14	%

(1)	Includes securities available for sale and securities held to maturity.
(2)	Tax-exempt income on industrial revenue bonds is included in commercial loans on a tax-equivalent basis.
(3)	Includes nonaccruing loan balances and interest received on such loans.
(4)	Includes the basis adjustments of certain loans included in fair value hedging relationships.
(5)	Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(6)	Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
(7)	Net interest margin represents net interest income divided by average total interest-earning assets.
(8)	Annualized.

HarborOne Bancorp, Inc. Average Balances / Yields (Unaudited)
		For the Years Ended
		December 31, 2023								December 31, 2022
		Average								Average
		Outstanding						Yield/		Outstanding						Yield/
		Balance			Interest			Cost (8)		Balance			Interest			Cost (8)
		(dollars in thousands)
Interest-earning assets:
Investment securities (1)		$	378,828		$	8,118		2.14	%	$	390,894		$	7,590		1.94	%
Other interest-earning assets			179,338			8,921		4.97			70,987			694		0.98
Loans held for sale			19,671			1,351		6.87			27,409			1,306		4.76
Loans
Commercial loans (2)(3)			2,956,956			157,379		5.32			2,493,646			110,305		4.42
Residential real estate loans (3)(4)			1,684,793			67,701		4.02			1,398,190			48,645		3.48
Consumer loans (3)			28,149			1,734		6.16			78,766			3,811		4.84
Total loans			4,669,898			226,814		4.86			3,970,602			162,761		4.10
Total interest-earning assets			5,247,735			245,204		4.67			4,459,892			172,351		3.86
Noninterest-earning assets			311,558								314,670
Total assets		$	5,559,293							$	4,774,562
Interest-bearing liabilities:
Savings accounts		$	1,386,891			25,271		1.82		$	1,284,364			5,794		0.45
NOW accounts			280,218			292		0.10			302,530			156		0.05
Money market accounts			875,722			29,138		3.33			879,133			5,632		0.64
Certificates of deposit			735,614			23,499		3.19			495,066			3,248		0.66
Brokered deposits			296,838			10,124		3.41			112,939			800		0.71
Total interest-bearing deposits			3,575,283			88,324		2.47			3,074,032			15,630		0.51
FHLB and FRB borrowings			532,586			25,918		4.87			170,748			5,219		3.06
Subordinated debentures			31,378			2,775		8.84			34,221			2,095		6.12
Total borrowings			563,964			28,693		5.09			204,969			7,314		3.57
Total interest-bearing liabilities			4,139,247			117,017		2.83			3,279,001			22,944		0.70
Noninterest-bearing liabilities:
Noninterest-bearing deposits			705,438								771,299
Other noninterest-bearing liabilities			113,675								85,995
Total liabilities			4,958,360								4,136,295
Total stockholders' equity			600,933								638,267
Total liabilities and stockholders' equity		$	5,559,293							$	4,774,562
Tax equivalent net interest income						128,187								149,407
Tax equivalent interest rate spread (5)								1.84	%							3.16	%
Less: tax equivalent adjustment						916								421
Net interest income as reported					$	127,271							$	148,986
Net interest-earning assets (6)		$	1,108,488							$	1,180,891
Net interest margin (7)								2.43	%							3.34	%
Tax equivalent effect								0.01								0.01
Net interest margin on a fully tax equivalent basis								2.44	%							3.35	%
Ratio of interest-earning assets to interest-bearing liabilities			126.78	%							136.01	%
Supplemental information:
Total deposits, including demand deposits		$	4,280,721		$	88,324				$	3,845,331		$	15,630
Cost of total deposits								2.06	%							0.41	%
Total funding liabilities, including demand deposits		$	4,844,685		$	117,017				$	4,050,300		$	22,944
Cost of total funding liabilities								2.42	%							0.57	%

(1)	Includes securities available for sale and securities held to maturity.
(2)	Tax-exempt income on industrial revenue bonds is included in commercial loans on a tax-equivalent basis.
(3)	Includes nonaccruing loan balances and interest received on such loans.
(4)	Includes the basis adjustments of certain loans included in fair value hedging relationships.
(5)	Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(6)	Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
(7)	Net interest margin represents net interest income divided by average total interest-earning assets.

HarborOne Bancorp, Inc. Average Balances and Yield Trend (Unaudited)
		Average Balances - Trend - Quarters Ended
			December 31,			September 30,			June 30,			March 31,			December 31,
			2023			2023			2023			2023			2022
		(in thousands)
Interest-earning assets:
Investment securities (1)		$	370,683		$	375,779		$	381,762		$	387,303		$	388,247
Other interest-earning assets			205,929			207,234			238,891			63,426			42,640
Loans held for sale			20,010			20,919			19,614			18,108			22,350
Loans
Commercial loans (2)(3)			3,005,840			2,980,817			2,938,292			2,901,464			2,770,667
Residential real estate loans (3)(4)			1,707,978			1,700,383			1,682,860			1,647,109			1,566,389
Consumer loans (3)			22,324			25,126			29,025			36,310			45,629
Total loans			4,736,142			4,706,326			4,650,177			4,584,883			4,382,685
Total interest-earning assets			5,332,764			5,310,258			5,290,444			5,053,720			4,835,922
Noninterest-earning assets			313,729			314,030			305,132			313,309			311,372
Total assets		$	5,646,493		$	5,624,288		$	5,595,576		$	5,367,029		$	5,147,294
Interest-bearing liabilities:
Savings accounts		$	1,307,774		$	1,360,728		$	1,421,622		$	1,459,392		$	1,408,493
NOW accounts			290,147			274,329			280,501			275,801			291,890
Money market accounts			963,223			910,694			802,373			824,694			878,609
Certificates of deposit			859,274			818,182			708,087			552,636			487,121
Brokered deposits			288,449			287,428			281,614			330,426			148,460
Total interest-bearing deposits			3,708,867			3,651,361			3,494,197			3,442,949			3,214,573
FHLB and FRB borrowings			507,520			508,001			666,345			448,096			392,508
Subordinated debentures			22,614			34,364			34,331			34,298			34,268
Total borrowings			530,134			542,365			700,676			482,394			426,776
Total interest-bearing liabilities			4,239,001			4,193,726			4,194,873			3,925,343			3,641,349
Noninterest-bearing liabilities:
Noninterest-bearing deposits			683,548			705,009			712,081			721,536			788,572
Other noninterest-bearing liabilities			137,239			126,742			88,363			101,820			101,621
Total liabilities			5,059,788			5,025,477			4,995,317			4,748,699			4,531,542
Total stockholders' equity			586,705			598,811			600,259			618,330			615,752
Total liabilities and stockholders' equity		$	5,646,493		$	5,624,288		$	5,595,576		$	5,367,029		$	5,147,294
		Annualized Yield Trend - Quarters Ended
			December 31,			September 30,			June 30,			March 31,			December 31,
			2023			2023			2023			2023			2022
Interest-earning assets:
Investment securities (1)			2.14	%		2.11	%		2.14	%		2.18	%		2.09	%
Other interest-earning assets			4.85	%		5.11	%		4.93	%		5.13	%		3.34	%
Loans held for sale			7.32	%		7.02	%		6.67	%		6.41	%		5.93	%
Commercial loans (2)(3)			5.45	%		5.38	%		5.30	%		5.15	%		4.92	%
Residential real estate loans (3)(4)			4.21	%		4.09	%		3.92	%		3.85	%		3.64	%
Consumer loans (3)			6.82	%		6.51	%		5.79	%		5.80	%		5.50	%
Total loans			5.01	%		4.92	%		4.81	%		4.69	%		4.47	%
Total interest-earning assets			4.81	%		4.74	%		4.63	%		4.51	%		4.27	%
Interest-bearing liabilities:
Savings accounts			2.09	%		1.98	%		1.74	%		1.51	%		1.01	%
NOW accounts			0.17	%		0.11	%		0.08	%		0.05	%		0.05	%
Money market accounts			3.83	%		3.64	%		3.13	%		2.58	%		1.50	%
Certificates of deposit			3.85	%		3.50	%		2.99	%		1.97	%		0.86	%
Brokered deposits			3.71	%		3.60	%		3.29	%		3.08	%		1.32	%
Total interest-bearing deposits			2.92	%		2.72	%		2.30	%		1.87	%		1.05	%
FHLB and FRB borrowings			4.89	%		5.03	%		4.88	%		4.62	%		3.74	%
Subordinated debentures			19.68	%		7.00	%		6.12	%		6.18	%		6.07	%
Total borrowings			5.52	%		5.15	%		4.94	%		4.73	%		3.93	%
Total interest-bearing liabilities			3.25	%		3.04	%		2.74	%		2.23	%		1.39	%

(1)	Includes securities available for sale and securities held to maturity.
(2)	Tax-exempt income on industrial revenue bonds is included in commercial loans on a tax-equivalent basis.
(3)	Includes nonaccruing loan balances and interest received on such loans.
(4)	Includes the basis adjustments of certain loans included in fair value hedging relationships.

HarborOne Bancorp, Inc. Selected Financial Highlights (Unaudited)
		Quarters Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
Performance Ratios (annualized):		2023			2023			2023			2023			2022
(dollars in thousands)
Net (loss) income		$	(7,111)		$	8,411		$	7,450		$	7,297		$	9,577
Less: Goodwill impairment charge			10,760			—			—			—			—
Net income, excluding goodwill impairment charge		$	3,649		$	8,411		$	7,450		$	7,297		$	9,577
Average Assets		$	5,646,493		$	5,624,288		$	5,595,576		$	5,367,029		$	5,147,294
Average Equity		$	586,705		$	598,811		$	600,258		$	618,330		$	615,752
Return on average assets (ROAA)			(0.50)	%		0.60	%		0.54	%		0.54	%		0.74	%
Return on average assets (ROAA), excluding goodwill impairment charge(1)			0.26	%		0.60	%		0.54	%		0.54	%		0.74	%
Return on average equity (ROAE)			(4.85)	%		5.62	%		4.98	%		4.72	%		6.22	%
Return on average equity (ROAE), excluding goodwill impairment charge(2)			2.49	%		5.62	%		4.98	%		4.72	%		6.22	%
Total noninterest expense		$	43,214		$	31,872		$	31,725		$	31,509		$	34,644
Less: Amortization of other intangible assets			189			189			189			189			189
Total adjusted noninterest expense			43,025			31,683			31,536			31,320			34,455
Less: Goodwill impairment charge			10,760			—			—			—			—
Total adjusted noninterest expense, excluding goodwill impairment		$	32,265		$	31,683		$	31,536		$	31,320		$	34,455
Net interest and dividend income		$	29,693		$	31,080		$	32,100		$	34,398		$	39,189
Total noninterest income			8,904			11,598			12,662			8,690			9,900
Total revenue		$	38,597		$	42,678		$	44,762		$	43,088		$	49,089
Efficiency ratio (3)			111.47	%		74.24	%		70.45	%		72.69	%		70.19	%
Efficiency ratio, excluding goodwill impairment charge(4)			83.59	%		74.24	%		70.45	%		72.69	%		70.19	%

(1)	This non-GAAP measure represents net income, excluding goodwill impairment charge to average assets
(2)	This non-GAAP measure represents net income, excluding goodwill impairment charge to average equity
(3)	This non-GAAP measure represents adjusted noninterest expense divided by total revenue
(4)	This non-GAAP measure represents adjusted noninterest expense, excluding goodwill impairment divided by total revenue

		At or for the Quarters Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
Asset Quality		2023			2023			2023			2023			2022
(dollars in thousands)
Total nonperforming assets		$	17,582		$	18,795		$	20,234		$	12,300		$	14,840
Nonperforming assets to total assets			0.31	%		0.33	%		0.36	%		0.22	%		0.28	%
Allowance for credit losses on loans to total loans			1.01	%		1.02	%		1.02	%		1.02	%		0.99	%
Net charge-offs (recoveries)		$	1,311		$	(18)		$	2,671		$	(11)		$	2,067
Annualized net charge-offs (recoveries)/average loans			0.11	%		—	%		0.23	%		—	%		0.19	%
Allowance for credit losses on loans to nonperforming loans			273.92	%		257.21	%		236.62	%		383.50	%		305.93	%

HarborOne Bancorp, Inc. Selected Financial Highlights (Unaudited)
		Quarters Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
Capital and Share Related		2023			2023			2023			2023			2022
(dollars in thousands, except share data)
Common stock outstanding			45,401,224			45,915,364			46,575,478			47,063,087			48,961,452
Book value per share		$	12.86		$	12.73		$	12.79		$	12.74		$	12.60
Tangible common equity:
Total stockholders' equity		$	583,759		$	584,634		$	595,532		$	599,794		$	616,976
Less: Goodwill			59,042			69,802			69,802			69,802			69,802
Less: Other intangible assets (1)			1,515			1,704			1,893			2,082			2,272
Tangible common equity		$	523,202		$	513,128		$	523,837		$	527,910		$	544,902
Tangible book value per share (2)		$	11.52		$	11.18		$	11.25		$	11.22		$	11.13
Tangible assets:
Total assets		$	5,667,896		$	5,664,387		$	5,659,254		$	5,572,858		$	5,359,545
Less: Goodwill			59,042			69,802			69,802			69,802			69,802
Less: Other intangible assets			1,515			1,704			1,893			2,082			2,272
Tangible assets		$	5,607,339		$	5,592,881		$	5,587,559		$	5,500,974		$	5,287,471
Tangible common equity / tangible assets (3)			9.33	%		9.17	%		9.38	%		9.60	%		10.31	%

(1)	Other intangible assets are core deposit intangibles.
(2)	This non-GAAP ratio is total stockholders' equity less goodwill and intangible assets divided by common stock outstanding.
(3)	This non-GAAP ratio is total stockholders' equity less goodwill and intangible assets to total assets less goodwill and intangible assets.

HarborOne Bancorp, Inc. Segments Key Financial Data (Unaudited)
		Quarters Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
Statements of Net Income for HarborOne Bank Segment:		2023			2023			2023			2023			2022
		(Dollars in thousands)
Net interest and dividend income		$	30,637		$	31,468		$	32,490		$	34,562		$	39,258
Provision (benefit) for credit losses			644			(113)			3,283			1,866			2,108
Net interest and dividend income, after provision for credit losses			29,993			31,581			29,207			32,696			37,150
Mortgage banking income:
Intersegment loss			(159)			(198)			(358)			(348)			(997)
Changes in mortgage servicing rights fair value			(257)			18			29			(136)			(263)
Other			185			188			195			201			203
Total mortgage banking (loss) income			(231)			8			(134)			(283)			(1,057)
Other noninterest income:
Deposit account fees			5,178			5,132			5,013			4,733			5,031
Income on retirement plan annuities			147			146			128			119			118
Bank-owned life insurance income			1,207			531			511			500			501
Other income			1,405			694			962			590			2,129
Total noninterest income			7,706			6,511			6,480			5,659			6,722
Noninterest expenses:
Compensation and benefits			16,535			15,238			15,067			14,764			16,531
Occupancy and equipment			4,038			3,828			3,910			4,295			4,236
Data processing			2,462			2,527			2,355			2,305			2,285
Loan expense			153			128			96			87			55
Marketing			751			709			787			1,063			747
Professional fees			1,404			914			699			996			1,027
Deposit insurance			794			1,004			1,176			510			385
Other expenses			2,476			1,924			2,103			2,170			3,478
Total noninterest expenses			28,613			26,272			26,193			26,190			28,744
Less: Amortization of other intangible assets			189			190			189			189			189
Total adjusted noninterest expense			28,424			26,082			26,004			26,001			28,555
Income before income taxes			9,086			11,820			9,494			12,165			15,128
Provision for income taxes			2,535			2,716			2,193			3,115			2,817
Net income		$	6,551		$	9,104		$	7,301		$	9,050		$	12,311
Efficiency ratio (1) - QTD			74.13	%		68.67	%		66.73	%		64.65	%		62.10	%
Efficiency ratio (1) - YTD			68.49	%		66.64	%		65.67	%		64.65	%		64.25	%

(1)	This non-GAAP measure represents adjusted noninterest expense divided by total revenue

HarborOne Bancorp, Inc. Segments Key Financial Data (Unaudited)
		Quarters Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
Statements of Net Income for HarborOne Mortgage Segment:		2023			2023			2023			2023			2022
		(Dollars in thousands)
Net interest and dividend income		$	160		$	199		$	120		$	327		$	419
Mortgage banking income:
Gain on sale of mortgage loans			2,176			2,704			3,300			2,224			2,301
Intersegment gain			56			249			90			454			553
Changes in mortgage servicing rights fair value			(3,296)			107			407			(1,556)			(2,368)
Other			2,116			2,082			2,117			2,015			2,122
Total mortgage banking income			1,052			5,142			5,914			3,137			2,608
Other noninterest income (loss)			2			(4)			—			—			126
Total noninterest income			1,054			5,138			5,914			3,137			2,734
Noninterest expenses:
Compensation and benefits			3,217			4,014			3,700			3,575			3,825
Occupancy and equipment			596			567			688			701			663
Data processing			13			21			48			41			74
Loan expense			(470)			258			321			226			114
Marketing			60			85			138			118			115
Professional fees			120			155			180			257			115
Goodwill impairment			10,760			—			—			—			—
Other expenses			371			390			418			404			546
Total noninterest expenses			14,667			5,490			5,493			5,322			5,452
(Loss) income before income taxes			(13,453)			(153)			541			(1,858)			(2,299)
Income tax (benefit) provision			(596)			(15)			232			(565)			—
Net (loss) income		$	(12,857)		$	(138)		$	309		$	(1,293)		$	(2,299)
Efficiency ratio (1) - QTD			1,208.15	%		102.87	%		91.03	%		153.64	%		172.91	%
Efficiency ratio, excluding goodwill impairment (2) - QTD			321.83	%		102.87	%		91.03	%		153.64	%		172.91	%
Efficiency ratio (1) - YTD			192.98	%		109.91	%		113.87	%		153.64	%		77.92	%
Efficiency ratio, excluding goodwill impairment (2) - YTD			125.94	%		109.91	%		113.87	%		153.64	%		77.92	%

(1)	This non-GAAP measure represents noninterest expense divided by total revenue
(2)	This non-GAAP measure represents noninterest expense, excluding goodwill impairment divided by total revenue

Category: Earnings Release

View source version on businesswire.com: https://www.businesswire.com/news/home/20240129251452/en/

The HarborOne Bancorp Stock at the time of publication of the news with a raise of +0,45 % to 11,20EUR on Lang & Schwarz stock exchange (30. Januar 2024, 14:32 Uhr).