HarborOne Bancorp Q2 net income up 46.5%

Overview

• HarborOne Q2 net income rises 46.5% qtr/qtr, driven by higher noninterest income

• Net interest margin improves to 2.52%, up 13 basis points qtr/qtr

• On April 24, 2025, co announced merger with Eastern Bankshares

• Suspends share repurchase program, pending completion of the merger with Eastern

Result Drivers

• MORTGAGE BANKING - HarborOne Mortgage realized a $3.4 mln gain on loan sales, driven by stable mortgage rates and "strong" spring market

• NET INTEREST MARGIN - Improved by 13 basis points due to higher prepayment fees and decreased deposit costs

• NONINTEREST INCOME - Increased by $2.3 mln, supported by higher mortgage banking income and higher swap and deposit fee income

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for HarborOne Bancorp Inc is $12.00, about 2.4% below its July 23 closing price of $12.29

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release: ID:nBwpSFsca