HarborOne Bancorp, Inc. (HONE) Bundle
A Brief History of HarborOne Bancorp, Inc. (HONE)
Formation and Early Years
HarborOne Bancorp, Inc. was established in 2014 as part of a reorganization of HarborOne Bank, which has roots dating back to 1917. The bank was originally founded as a cooperative savings bank in Brockton, Massachusetts. In its first year, HarborOne Bancorp raised approximately $19 million in its initial public offering (IPO), signaling a robust start for the institution.
Growth and Expansion
Over the years, HarborOne Bancorp has expanded its footprint significantly. As of 2022, the bank operated 20 branch locations across eastern Massachusetts and Rhode Island, serving a diverse clientele. HarborOne Bancorp reported total assets of approximately $2.1 billion and total deposits reaching around $1.7 billion in the same year.
Financial Highlights
In the fiscal year 2022, HarborOne Bancorp achieved notable financial performance metrics:
| Metric | 2022 Amount |
|---|---|
| Total Assets | $2.1 billion |
| Total Liabilities | $1.9 billion |
| Total Equity | $170 million |
| Net Income | $10.7 million |
| Return on Assets (ROA) | 0.51% |
| Return on Equity (ROE) | 6.27% |
Community Engagement and Philanthropy
HarborOne Bancorp is committed to community involvement and philanthropy. In 2022, the bank contributed approximately $500,000 to local nonprofit organizations and community initiatives, demonstrating its dedication to social responsibility.
Technological Advancements
To remain competitive, HarborOne Bancorp has invested in technology solutions, launching new digital banking platforms in 2021. These advancements have enabled the bank to serve its customers more effectively, offering mobile banking solutions and enhanced online services.
Stock Performance
As of October 2023, HarborOne Bancorp's stock (HONE) trades on the NASDAQ. The stock price has shown variability over recent years, with a reported share price of approximately $14.75, reflecting a market capitalization of about $213 million.
Regulatory Compliance
As a financial institution, HarborOne Bancorp adheres to strict regulatory frameworks. The bank successfully passed its latest regulatory review in September 2023, ensuring compliance with standards set forth by the Office of the Comptroller of the Currency (OCC) and other governing bodies.
Future Outlook
Looking ahead, HarborOne Bancorp plans to expand its digital offerings and enhance customer experience. Financial forecasts for 2023 project an increase in total assets by approximately 5%, with expectations to grow net income in line with expanding services and market presence.
Conclusion
The history of HarborOne Bancorp reflects resilience and growth in a competitive banking environment. With a commitment to community and continued financial success, the company is poised for future developments in the evolving financial landscape.
A Who Owns HarborOne Bancorp, Inc. (HONE)
Stock Ownership
As of the latest filings, HarborOne Bancorp, Inc. (HONE) has a distribution of ownership among various institutional investors and individual shareholders.
| Owner Type | Number of Shares Owned | Percentage of Shares Outstanding |
|---|---|---|
| Institutional Investors | 4,500,000 | 45.0% |
| Insiders | 1,200,000 | 12.0% |
| Retail Investors | 4,300,000 | 43.0% |
Top Institutional Holders
The composition of top institutional holders is a critical aspect of ownership analysis.
| Institution | Shares Held | Percentage of Ownership |
|---|---|---|
| The Vanguard Group, Inc. | 1,500,000 | 15.0% |
| BlackRock, Inc. | 1,200,000 | 12.0% |
| State Street Corporation | 800,000 | 8.0% |
Insider Ownership
Insider ownership plays a significant role in corporate governance and influence.
| Insider Name | Position | Shares Owned |
|---|---|---|
| James W. Blake | CEO | 500,000 |
| Thomas O’Brien | Chairman | 300,000 |
| Mary Ellen Warmerdam | CFO | 200,000 |
Shareholder Structure
The overall shareholder structure of HONE reflects a diverse mix of ownership.
| Shareholder Type | Count | Percentage |
|---|---|---|
| 10% and Greater | 3 | 27.0% |
| 5% to 9.9% | 5 | 22.0% |
| Less than 5% | 130 | 51.0% |
Recent Changes in Ownership
Recent changes in ownership can impact stock performance and stability.
| Transaction Type | Shares Affected | Date |
|---|---|---|
| Acquisition | 200,000 | July 15, 2023 |
| Sale | 150,000 | August 10, 2023 |
| Acquisition by Insider | 50,000 | September 1, 2023 |
Market Capitalization
The market capitalization of HarborOne Bancorp, Inc. is indicative of its size and investor perception.
- Current Share Price: $15.00
- Total Shares Outstanding: 10,000,000
- Market Capitalization: $150,000,000
Recent Stock Performance
The recent stock performance provides insight into investor confidence.
- 52-Week High: $18.00
- 52-Week Low: $12.00
- Year-to-Date Total Return: 5.5%
Dividends
Dividends are an important consideration for many investors.
- Current Dividend Yield: 2.0%
- Annual Dividends Paid: $3,000,000
- Last Dividend Declaration Date: August 20, 2023
Future Prospects
Future ownership trends may shift based on market conditions and company strategies.
- Projected Growth Rate: 6.0%
- Estimated Earnings per Share for Next Fiscal Year: $1.50
- Forward P/E Ratio: 10.0
HarborOne Bancorp, Inc. (HONE) Mission Statement
Company Overview
HarborOne Bancorp, Inc. is positioned as a leading community bank in the New England area, specifically in Massachusetts. Established in 1917, HarborOne aims to deliver a comprehensive range of financial services with a focus on community engagement and personalized customer service.
Mission Statement
The mission of HarborOne Bancorp, Inc. is to be the premier provider of financial services in the communities it serves, committed to the highest level of customer satisfaction, employee engagement, and community involvement.
Core Values
- Integrity: Maintaining transparent and honest relationships with customers, employees, and shareholders.
- Community Focus: Actively participating in community development and local initiatives.
- Customer Commitment: Prioritizing the needs and expectations of customers in every interaction.
- Teamwork: Fostering a collaborative environment among employees to enhance service quality.
- Innovation: Continuously adapting and improving banking products and services.
Financial Performance
As of the most recent fiscal year end, HarborOne Bancorp reported the following financial metrics:
| Metric | Amount (USD) |
|---|---|
| Total Assets | $2.4 Billion |
| Total Deposits | $1.9 Billion |
| Net Income | $14.4 Million |
| Earnings Per Share (EPS) | $0.70 |
| Return on Assets (ROA) | 0.59% |
| Return on Equity (ROE) | 5.68% |
Strategic Goals
- Enhance digital banking services to cater to a tech-savvy customer base.
- Expand branch networks and ATM locations to improve accessibility.
- Increase community involvement through local sponsorships and charitable donations.
- Maintain a strong capital position to support growth and stability.
Community Involvement
HarborOne Bancorp emphasizes its role in the community through various initiatives:
| Initiative | Description | Investment (USD) |
|---|---|---|
| Local Scholarships | Funding scholarships for local high school students. | $150,000 |
| Volunteer Programs | Employee volunteer hours for community service. | 2,000 hours |
| Financial Literacy Workshops | Hosting workshops for community members. | $50,000 |
Customer Base
HarborOne serves a diverse customer base, including:
| Customer Segment | Percentage of Total Customers |
|---|---|
| Residential Customers | 65% |
| Small Business Clients | 25% |
| Commercial Customers | 10% |
Future Outlook
HarborOne Bancorp plans to pursue growth opportunities through strategic partnerships, technology enhancements, and increased focus on customer satisfaction to align with its mission statement effectively.
How HarborOne Bancorp, Inc. (HONE) Works
Corporate Structure
HarborOne Bancorp, Inc. is a publicly traded company on the NASDAQ under the ticker symbol HONE. The company operates as a bank holding company for HarborOne Bank, which provides a range of financial services primarily to individuals and businesses in Massachusetts and Rhode Island.
Financial Overview
As of December 31, 2022, HarborOne Bancorp reported total assets of approximately $2.5 billion. The company’s total equity was about $275 million. The net income for the fiscal year 2022 was reported at approximately $21.5 million.
Revenue Streams
The primary revenue streams of HarborOne Bancorp include:
- Interest income from loans and securities
- Fees from banking services
- Mortgage banking activities
- Investment advisory services
Loan Portfolio
As of the end of 2022, the loan portfolio composition was as follows:
| Loan Type | Amount ($ Million) | Percentage of Total Loans |
|---|---|---|
| Commercial Loans | 650 | 40% |
| Residential Mortgages | 600 | 37.5% |
| Consumer Loans | 250 | 15.6% |
| Commercial Real Estate Loans | 150 | 9.4% |
Deposits and Funding
As of December 31, 2022, total deposits were approximately $2.1 billion. The deposit composition included:
- Savings Accounts: $600 million
- Checking Accounts: $900 million
- Time Deposits: $600 million
Investment Strategy
HarborOne Bancorp invests primarily in:
- U.S. Treasury securities
- Agency mortgages
- Municipal bonds
- Corporate bonds
Performance Ratios
The following performance ratios were reported for the year ending 2022:
| Ratio | Value |
|---|---|
| Return on Assets (ROA) | 0.85% |
| Return on Equity (ROE) | 7.8% |
| Net Interest Margin | 3.20% |
| Efficiency Ratio | 63.5% |
Capital Management
As of the end of 2022, HarborOne Bancorp maintained a Tier 1 capital ratio of 10.5%. The company is committed to maintaining regulatory capital ratios well above the minimum requirements set by federal regulators.
Community Engagement
HarborOne Bancorp is actively involved in community support through:
- Community development loans
- Financial literacy programs
- Charitable donations
Outlook and Future Plans
Management has indicated that future plans include expanding the loan portfolio, enhancing digital banking capabilities, and increasing community involvement. The bank aims to leverage technology to improve customer experience and operational efficiency.
How HarborOne Bancorp, Inc. (HONE) Makes Money
Loan Portfolio
HarborOne Bancorp generates its revenue primarily through interest income from its loan portfolio. As of December 31, 2022, the total outstanding loans were approximately $1.7 billion. The composition of the loan portfolio is as follows:
| Loan Type | Amount (in billions) | Percentage of Total Loans |
|---|---|---|
| Residential Mortgages | $1.15 | 67.6% |
| Commercial Real Estate | $0.35 | 20.6% |
| Consumer Loans | $0.10 | 5.9% |
| Commercial Loans | $0.10 | 5.9% |
Net Interest Margin
HarborOne Bancorp's net interest margin, which is a key profitability metric, was reported at 2.45% for the year ended 2022. This margin is calculated by subtracting the interest expense from the interest income and dividing by the average earning assets.
Fee Income
In addition to interest income, HarborOne Bancorp earns fee income from various banking services. For the fiscal year 2022, total non-interest income was approximately $10.5 million, breaking down into different categories:
| Fee Type | Amount (in millions) | Percentage of Non-Interest Income |
|---|---|---|
| Service Charges on Deposit Accounts | $3.2 | 30.5% |
| Mortgage Banking Income | $4.5 | 42.9% |
| Wealth Management Fees | $2.3 | 21.9% |
| Other Fees | $0.5 | 4.8% |
Cost Management
HarborOne Bancorp focuses on managing its operating expenses to optimize profitability. The efficiency ratio, which measures the proportion of non-interest expenses to total revenue, was recorded at 60% for the year ended December 31, 2022.
Investment Securities
The company's investment securities, which also contribute to income, amounted to approximately $350 million as of the end of 2022. The yield on these securities was around 1.75%.
Capital Adequacy
HarborOne Bancorp maintains a strong capital position with a common equity Tier 1 (CET1) capital ratio of 10.5% as of December 31, 2022, well above the regulatory minimum requirements.
Conclusion of Financial Performance
For the fiscal year ended December 31, 2022, HarborOne Bancorp reported total net income of approximately $25 million, reflecting the effectiveness of its revenue generation strategies and expense management practices.
HarborOne Bancorp, Inc. (HONE) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support