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HarborOne Bancorp, Inc. Announces 2021 First Quarter Earnings

HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $19.4 million, or $0.37 per basic and diluted share, for the first quarter of 2021, compared to $17.6 million, or $0.33 per basic and diluted share, for the preceding quarter and $4.7 million, or $0.09 per basic and diluted share, for the same period last year. The current quarter results reflect $91,000 in non-interest expense related to the COVID-19 pandemic; however no provision for loan losses directly related to the COVID-19 pandemic was recorded in the quarter ended March 31, 2021. COVID-19 pandemic charges included in the quarters ended December 31, 2020 and March 31, 2020 were provision for loan losses of $1.7 million and $1.5 million, respectively, and non-interest expense of $47,000 and $329,000, respectively.

Selected First Quarter Financial Highlights:

  • Reported EPS of $0.37 per share, up 12% on a linked quarter basis.
  • Increased quarterly dividend by approximately 67%, to $0.05 per share.
  • Recorded a provision expense of $91,000, reflecting a stabilizing outlook, loan growth and minimal charge-offs.
  • HarborOne Mortgage reported net income of $11.7 million on $760 million of loan closings and a positive fair value adjustment of $4.4 million on mortgage servicing rights.
  • Improved return on average assets to 1.73% and improved return on average equity to 11.13%.
  • Deposit growth of $168.4 million, or 4.8%, on a linked quarter basis with improved cost of funds.

“The fundamentals of the business remain sound and we continue to execute against our strategic plan,” said Jim Blake CEO. “Our new digital appointment banking program is live and we will soon be opening two new branches.” Added Joseph Casey, President and COO, “We have great confidence that we have the right tools and the right team to continue to fuel customer success as we slowly emerge from the impacts of the pandemic.”

Net Interest Income

The Company’s net interest and dividend income was $32.1 million for the quarter ended March 31, 2021, down $698,000, or 2.1%, from $32.8 million for the quarter ended December 31, 2020 and up $5.4 million, or 20.0%, from $26.7 million for the quarter ended March 31, 2020. The tax equivalent interest rate spread and net interest margin were 2.99% and 3.14%, respectively, for the quarter ended March 31, 2021, compared to 3.03% and 3.22%, respectively, for the quarter ended December 31, 2020, and 2.58% and 2.91%, respectively, for the quarter ended March 31, 2020. Net interest margin and the tax equivalent interest rate spread were negatively impacted by accelerated residential real estate mortgage payoffs, the effect of which also drove the yields on mortgage-backed securities and residential real estate loans lower as compared to the preceding quarter. The decrease in the yield on interest-earning assets was partially offset by the continued favorable repricing of deposits. It is expected that interest rates will remain low during 2021, resulting in continued margin pressure.

The quarter over quarter decrease in net interest and dividend income included a decrease of $1.9 million, or 5.0%, in total interest and dividend income and a decrease of $1.2 million, or 23.6%, in total interest expense. The decrease in total interest and dividend income primarily reflected a 20-basis point decrease in the yield on average earning assets. The yield on loans was 3.93% for the quarter ended March 31, 2021, down from 4.00% for the quarter ended December 31, 2020, primarily a result of a 17-basis point decrease in the yield on residential real estate loans as higher rate mortgage loans continue to pay off. Also impacted by mortgage payoffs, the yield on investment securities decreased 69 basis points, primarily a result of accelerated amortization of premiums on mortgage-backed securities. The three months ended March 31, 2021 and December 31, 2020 include the recognition of deferred fees on Paycheck Protection Program loans in the amount of $1.5 million and $1.3 million, respectively. Interest on loans in the first quarter included $1.2 million in accretion income from the fair value discount on loans acquired from Coastway Bancorp, Inc. and $153,000 in prepayment penalties on commercial loans. Accretion income and prepayment penalties in the preceding quarter were $1.4 million and $244,000, respectively.

The decrease in total interest expense primarily reflected a decrease in interest rates, resulting in a 15-basis point decrease in the cost of interest-bearing deposits. The mix of deposits continues to shift as customers move to more liquid options. The average balance of certificates of deposit accounts decreased quarter over quarter by $41.8 million, while the savings account average balance increased $90.0 million from the preceding quarter. Average FHLB advances decreased $17.4 million as the need for short-term borrowed funds diminished, and the cost of borrowed funds decreased 4 basis points, resulting in a decrease of $119,000 in interest expense on FHLB borrowings.

The increase in net interest and dividend income from the prior year quarter reflected a decrease of $6.7 million, or 63.8%, in total interest expense, partially offset by a $1.3 million, or 3.6%, decrease in total interest and dividend income. The decreases reflect rate and volume changes in both interest-bearing assets and liabilities. The cost of interest-bearing liabilities decreased 96 basis points while the average balance increased $135.0 million. The yield on interest-earning assets decreased 55 basis points while the average balance increased $456.7 million.

Noninterest Income

Total noninterest income increased $782,000, or 2.1%, to $37.8 million for the quarter ended March 31, 2021, from $37.0 million for the quarter ended December 31, 2020. Strong mortgage demand spurred by low mortgage rates continued to provide higher- than-usual mortgage origination activity and other mortgage banking income for HarborOne Mortgage, LLC. The $760.2 million in mortgage loan closings resulted in a gain on loan sales of $24.8 million for the quarter ended March 31, 2021, as compared to $28.3 million for the preceding quarter. Other mortgage banking income was flat. Residential mortgage loan payoffs resulted in a decrease of mortgage servicing rights in the amount of $1.6 million and $1.4 million for the three months ended March 31, 2021 and December 31, 2020, respectively. The change in the fair value of the mortgage servicing rights is consistent with the change in the 10-year Treasury Constant Maturity rate, as interest rates rise and prepayment speeds slow, mortgage servicing rights values tend to increase. The 10-year Treasury Constant Maturity rate increased 81 basis points in the first quarter of 2021, resulting in a $5.0 million increase in fair value of mortgage servicing rights. The fair value of the mortgage servicing rights increased $366,000 for the quarter ended December 31, 2020. The low interest rate environment spurred increased purchase and refinance activity during 2020 and, despite an increase in mortgage rates, loan demand remained strong in the first quarter of 2021 with a locked residential mortgage pipeline at March 31, 2021 of $412.7 million. The uptick in mortgage rates and low for-sale inventory is expected to dampen the results of HarborOne Mortgage, LLC during the remainder of 2021 as compared to 2020.

Total noninterest income increased $19.2 million, or 102.9%, as compared to the quarter ended March 31, 2020, primarily due to a $22.5 million, or 219.8%, increase in mortgage banking income, primarily driven by volume.

Noninterest Expense

Total noninterest expenses were $42.8 million for the quarter ended March 31, 2021, an increase of $1.5 million, or 3.7%, from the quarter ended December 31, 2020, primarily driven by a $711,000 increase in occupancy and equipment expense, a $332,000 increase in compensation and benefits expense, and a $331,000 increase in professional fees. The increase in occupancy expense reflects increases related to grounds maintenance and software related expense. For the three months ended March 31, 2021, COVID-19 pandemic expenses, which are also included in other expenses, amounted to $91,000 compared to $47,000 in the preceding quarter. Due to the uncertain nature of the COVID-19 pandemic, we may continue to have additional expenses for personnel, cleaning, and other initiatives to support our employees and customers.

Total noninterest expenses increased $7.6 million, or 21.7%, from the quarter ended March 31, 2020. Compensation and benefits increased $6.3 million, loan expenses increased $1.2 million, and occupancy and equipment expense increased $693,000, partially offset by a $1.0 million decrease in other expenses. The increase in compensation and benefits and loan expenses primarily reflected the increased volume of residential real estate mortgage originations. The decrease in other expenses reflects a decrease of $238,000 in COVID-19 pandemic expense and a $248,000 decrease in the Board of Directors’ equity award expense as original grants were fully vested in the third quarter of 2020.

Income Tax Provision

The effective tax rate was 28.1% for the quarter ended March 31, 2021, compared to 15.7% for the quarter ended December 31, 2020 and 26.5% for the quarter ended March 31, 2020. The effective tax rate for the quarter ended December 31, 2020 was impacted by a 2016 federal tax refund of $1.9 million recognized on the expiration of the statute of limitations.

Provision for Loan Losses and Asset Quality

The Company recorded a provision for loan losses of $91,000 for the quarter ended March 31, 2021, compared to $7.6 million for the quarter ended December 31, 2020 and $3.7 million for the quarter ended March 31, 2020. The allowance for loan losses was $55.4 million, or 1.60%, of total loans at March 31, 2021, compared to $55.4 million, or 1.59%, of total loans at December 31, 2020 and $26.4 million, or 0.83%, of total loans at March 31, 2020. Changes in the provision for loan losses are based on management’s assessment of loan portfolio growth and composition changes, historical charge-off trends, and ongoing evaluation of credit quality and current economic conditions.

The provision for loan losses for the quarter ended March 31, 2021 included adjustments based on our quarterly analysis of our historical and peer loss experience rates and commercial loan growth. Given stabilized credit quality trends, we made no additional provision directly related to the COVID-19 pandemic in the first quarter of 2021 as loan deferrals have largely expired without significant delinquency issues, and trends in the at-risk portfolios remained positive. The provision for loan losses for the quarter ended December 31, 2020 included adjustments for our quarterly analysis of our historical and peer loss experience rates, commercial real estate loan growth, and a $1.7 million provision directly related to the estimate of inherent losses resulting from the impact of the COVID-19 pandemic. The preceding quarter allowance for loan losses also reflects an additional provision expense and charge-off in the amount of $937,000 related to two non-performing commercial loans that were transferred out of portfolio and subsequently sold during the quarter ended December 31, 2020. The provision for loan losses for the quarter ended March 31, 2020 primarily included an additional provision to cover a $1.2 million commercial real estate loan charge-off unrelated to the COVID-19 pandemic, and a $1.5 million provision directly related to the initial estimate of inherent losses resulting from the impact of the COVID-19 pandemic.

In estimating the provision for the COVID-19 pandemic, management considered economic factors, including unemployment rates and the interest rate environment, the volume and dollar amount of requests for payment deferrals, the loan risk profile of each loan type, and whether the loans were purchased. As a result of generally stable trends, management determined additional provisions related to the COVID-19 pandemic were not warranted in the first quarter of 2021. An additional 10 basis points of provisions were provided to the commercial loan categories for the three months ended December 31, 2020, amounting to $1.7 million. No additional provisions specific to the COVID-19 pandemic were provided for the residential real estate or consumer loan portfolios in the fourth quarter of 2020. The additional provisions provided to each category for the three months ended March 31, 2020 amounted to allocations of $310,000 to the residential real estate portfolio, $965,000 to the commercial portfolio, and $189,000 to the consumer portfolio.

Management continues to evaluate our loan portfolio, particularly the commercial loan portfolio, in light of current economic conditions, the mitigating effects of government stimulus, and loan modification efforts designed to limit the long-term impacts of the COVID-19 pandemic. Our commercial loan portfolio is diversified across many sectors and is largely secured by commercial real estate loans, which make up 71.8% of the total commercial loan portfolio. Management has identified six sectors as the most susceptible to increased credit risk as a result of the COVID-19 pandemic: retail, office space, hotels, health and social services, restaurants, and recreation. The total loan portfolio of the six commercial sectors identified as at risk totaled $917.9 million, which represents 42.3% of the commercial loan portfolio. The at-risk sectors include $719.2 million in commercial real estate loans, $159.6 million in commercial and industrial loans, and $39.1 million in commercial construction loans. Non-performing loans included in the at-risk sectors amounted to $12.7 million at March 31, 2021, of which $12.2 million was included in the hotels sector.

As of March 31, 2021, the retail sector was $262.1 million, or 12.1%, of total commercial loans, and included $220.0 million in commercial real estate loans, $25.8 million in commercial and industrial loans, and $16.3 million in commercial construction loans. U.S. Small Business Administration Paycheck Protection Program (“PPP”) loans included in this sector totaled $1.9 million. We have provided deferrals for loans in this sector with outstanding principal balances of $45.2 million. We originated $5.4 million loans during the first quarter that are within the retail sector. The new loans are supported by leases to credit-related tenants, owner-occupants, and/or supplemental facilities to existing borrowers in good standing.

As of March 31, 2021, the office space sector was $204.6 million, or 9.4%, of total commercial loans, and included $187.8 million in commercial real estate loans, $15.9 million in commercial and industrial loans, and $854,000 in commercial construction loans. We provided deferrals for loans in the sector with outstanding principal balances of $13.5 million. No PPP loans were originated in this sector. We originated $12.0 million loans during the first quarter that are within the office space sector.

As of March 31, 2021, the hotel sector was $196.6 million, or 9.1%, of total commercial loans, and included $186.1 million in commercial real estate loans, $2.4 million in commercial and industrial loans, and $8.1 million in commercial construction loans. PPP loans included in the sector totaled $194,000. We have provided deferrals for loans in this sector with outstanding principal balances of $115.9 million, $99.0 million that have expired deferral periods and are paying as agreed, and $254,000 that have expired deferral periods and are greater than 30 days delinquent. At March 31, 2021, nonperforming loans included in the hotel sector amount to $12.2 million. One of the non-accrual loans amounts to $9.0 million with a deferral period that expires in the second quarter of 2021, however it was determined in the fourth quarter of 2020 that weaknesses in the borrower’s credit warranted a downgrade to substandard and nonaccrual status. A specific reserve of $1.8 million has been allocated to this loan.

The health and social services sector amounted to $182.4 million, or 8.4%, of total commercial loans, as of March 31, 2021 and included $100.8 million in commercial real estate loans, $79.9 million in commercial and industrial loans, and $1.8 million in commercial construction loans. Paycheck Protection Program loans included in the sector totaled $26.8 million, and we have provided deferrals for loans in this sector with outstanding principal balances of $12.5 million.

As of March 31, 2021, the restaurant sector amounted to $52.4 million, or 2.4%, of total commercial loans, including $4.1 million in PPP loans. We provided deferrals for loans in this sector with outstanding principal balances of $16.4 million. The recreation sector amounted to $19.9 million, or 0.9%, of total commercial loans, including $873,000 in PPP loans. We provided deferrals for loans in this sector with outstanding principal balances of $15.5 million.

We provided access to the PPP to both our existing customers and new customers, to ensure small businesses in our communities have access to this important lifeline for their businesses. During the first quarter of 2021 we originated $81.6 million in PPP with processing fees of $3.9 million and processed forgiveness on $43.9 million loans. As of March 31, 2021, PPP loans amounted to $164.3 million and there was $5.0 million in deferred processing fee income that will be recognized over the life of the loans.

We are also working with commercial loan customers that may need payment deferrals or other accommodations to keep their loans out of default through the COVID-19 pandemic. As of March 31, 2021, we have 169 payment deferrals on commercial loans with a total principal balance of $301.8 million, or 13.9%, of total commercial loans, of which $219.0 million are loans included in an at-risk sector. As of March 31, 2021, 89.1% of the commercial deferrals have expired and the borrower is making payments as agreed, 0.01% of the commercial deferrals have expired and the borrower is delinquent, and 10.8% are in active deferral period. The active commercial deferrals expire during 2021. We continue to consider requests for additional deferrals or new deferrals at March 31, 2021 for commercial credits.

The residential loan and consumer loan portfolios have not experienced significant credit quality deterioration as of March 31, 2021; however, the continuing impact and uncertain nature of the COVID-19 pandemic may result in increases in delinquencies, charge-offs and loan modifications in these portfolios through the remainder of 2021. As of March 31, 2021, we had 163 payment deferrals on residential mortgage loans with a total principal balance of $46.1 million, or 4.3% of total residential loans, of which 88.9% of the deferrals have expired and are paying as agreed, 3.2% have expired and are delinquent and 7.9% are in active deferral periods. We had 434 payment deferrals on consumer loans with a total principal balance of $10.3 million, or 4.5%, of total consumer loans, of which 93.6% of the deferrals have expired and are paying as agreed. Requests for additional extensions on residential mortgage loans and consumer loans were not significant as of March 31, 2021.

Net charge-offs totaled $102,000 for the quarter ended March 31, 2021, or 0.01%, of average loans outstanding on an annualized basis, compared to $1.4 million, or 0.16% of average loans outstanding on an annualized basis, for the quarter ended December 31, 2020 and $1.4 million, or 0.18%, of average loans outstanding on an annualized basis, for the quarter ended March 31, 2020. Net-charge offs for the quarter ended December 31, 2020 included a charge-off in the amount of $937,000 recorded on the sale of two nonperforming commercial loans and net charge-offs for the quarter ended March 31, 2020 included a $1.2 million charge-off on a commercial real estate loan.

Credit quality performance has remained strong with total nonperforming assets of $32.9 million at March 31, 2021, compared to $34.7 million at December 31, 2020 and $32.1 million at March 31, 2020. The decrease in nonperforming assets from the preceding quarter reflects a $1.0 million decrease in nonperforming residential real estate loans. Nonperforming assets as a percentage of total assets were 0.71% at March 31, 2021, 0.77% at December 31, 2020, and 0.78% at March 31, 2020.

Balance Sheet

Total assets increased $122.3 million, or 2.7%, to $4.61 billion at March 31, 2021 from $4.48 billion at December 31, 2020. The increase primarily reflects an increase of $107.4 million in short-term investments and a $27.7 million increase in securities available for sale.

Net loans decreased $33.2 million, or 1.00%, to $3.41 billion at March 31, 2021 from $3.44 billion at December 31, 2020. The net decrease in loans for the three months ended March 31, 2021 was primarily due to decreases in consumer loans of $45.6 million and residential real estate loans of $43.6 million, partially offset by increases in commercial and industrial loans of $35.3 million, commercial construction loans of $12.9 million and commercial real estate loans of $7.8 million. The allowance for loan losses was flat at $55.4 million at March 31, 2021 and December 31, 2020.

Total deposits increased $168.4 million, or 4.8%, to $3.67 billion at March 31, 2021 from $3.51 billion at December 31, 2020. Compared to the prior quarter, non-certificate accounts increased $204.2 million and term certificate accounts decreased $35.9 million. FHLB borrowings decreased $51.6 million, or 34.6%, to $97.5 million at March 31, 2021 from $149.1 million at December 31, 2020.

Total stockholders’ equity was $698.1 million at March 31, 2021, compared to $696.3 million at December 31, 2020 and $675.1 million at March 31, 2020. The Company adopted a share repurchase program on September 3, 2020 to repurchase up to 2,920,900 shares of the Company’s common stock, or approximately 5% of the Company’s outstanding shares. The Company repurchased 1,202,730 shares at an average cost of $12.13 per share in the first quarter of 2021 and 1,533,500 shares in the fourth quarter of 2020 at an average cost of $10.27 per share, recorded in treasury stock on the balance sheet. The Company adopted a second share repurchase program on April 16, 2021 to repurchase up to 2,790,903 shares of the Company’s common stock, or approximately 5% of the Company’s outstanding shares pending a non-objection from the Federal Reserve Bank of Boston. The tangible common equity to tangible assets ratio was 13.77% at March 31, 2021, 14.11% at December 31, 2020, and 14.90% at March 31, 2020. At March 31, 2021, the Company and the Bank had strong capital positions and exceeded all regulatory capital requirements.

About HarborOne Bancorp, Inc.

HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, a Massachusetts-chartered savings bank. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Eastern Massachusetts and Rhode Island through a network of 26 full-service branches located in Massachusetts and Rhode Island, and a commercial lending office in each of Boston, Massachusetts and Providence, Rhode Island. The Bank also provides a range of educational services through “HarborOne U,” with classes on small business, financial literacy and personal enrichment at two campuses located adjacent to our Brockton and Mansfield locations. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with more than 30 offices in Massachusetts, Rhode Island, New Hampshire, Maine, and New Jersey and is licensed to lend in five additional 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. 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, the negative impacts and disruptions of the COVID-19 pandemic and the measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; changes in-- general business and economic conditions 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 customer behavior; turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; 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; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; 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 Securities and Exchange Commission (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 Bancorp, Inc.’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 the tax equivalent basis for yields, the efficiency ratio, 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

(in thousands)

 

2021

 

2020

 

2020

 

2020

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

37,074

 

 

$

31,777

 

 

$

29,180

 

 

$

30,355

 

 

$

35,264

 

Short-term investments

 

 

281,451

 

 

 

174,093

 

 

 

108,338

 

 

 

218,617

 

 

 

200,156

 

Total cash and cash equivalents

 

 

318,525

 

 

 

205,870

 

 

 

137,518

 

 

 

248,972

 

 

 

235,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale, at fair value

 

 

304,168

 

 

 

276,498

 

 

 

280,308

 

 

 

262,710

 

 

 

249,789

 

Federal Home Loan Bank stock, at cost

 

 

7,572

 

 

 

8,738

 

 

 

11,631

 

 

 

15,786

 

 

 

13,530

 

Asset held for sale

 

 

 

 

 

 

 

 

 

 

 

8,536

 

 

 

8,536

 

Loans held for sale, at fair value

 

 

210,494

 

 

 

208,612

 

 

 

190,373

 

 

 

158,898

 

 

 

118,316

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

 

1,559,056

 

 

 

1,551,265

 

 

 

1,380,071

 

 

 

1,317,145

 

 

 

1,211,435

 

Commercial construction

 

 

112,187

 

 

 

99,331

 

 

 

211,953

 

 

 

194,549

 

 

 

160,993

 

Commercial and industrial

 

 

499,728

 

 

 

464,393

 

 

 

480,129

 

 

 

456,192

 

 

 

317,559

 

Total commercial loans

 

 

2,170,971

 

 

 

2,114,989

 

 

 

2,072,153

 

 

 

1,967,886

 

 

 

1,689,987

 

Residential real estate

 

 

1,062,229

 

 

 

1,105,823

 

 

 

1,130,935

 

 

 

1,151,606

 

 

 

1,102,639

 

Consumer

 

 

228,279

 

 

 

273,830

 

 

 

312,743

 

 

 

354,530

 

 

 

391,244

 

Loans

 

 

3,461,479

 

 

 

3,494,642

 

 

 

3,515,831

 

 

 

3,474,022

 

 

 

3,183,870

 

Less: Allowance for loan losses

 

 

(55,384

)

 

 

(55,395

)

 

 

(49,223

)

 

 

(36,107

)

 

 

(26,389

)

Net loans

 

 

3,406,095

 

 

 

3,439,247

 

 

 

3,466,608

 

 

 

3,437,915

 

 

 

3,157,481

 

Mortgage servicing rights, at fair value

 

 

33,939

 

 

 

24,833

 

 

 

20,159

 

 

 

16,127

 

 

 

13,207

 

Goodwill

 

 

69,802

 

 

 

69,802

 

 

 

69,802

 

 

 

69,802

 

 

 

69,802

 

Other intangible assets

 

 

4,047

 

 

 

4,370

 

 

 

4,694

 

 

 

5,141

 

 

 

5,588

 

Other assets

 

 

251,316

 

 

 

245,645

 

 

 

247,226

 

 

 

241,019

 

 

 

229,537

 

Total assets

 

$

4,605,958

 

 

$

4,483,615

 

 

$

4,428,319

 

 

$

4,464,906

 

 

$

4,101,206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposit accounts

 

$

777,959

 

 

$

689,672

 

 

$

650,336

 

 

$

642,971

 

 

$

439,793

 

NOW accounts

 

 

224,869

 

 

 

218,584

 

 

 

202,020

 

 

 

199,400

 

 

 

174,971

 

Regular savings and club accounts

 

 

1,113,450

 

 

 

998,994

 

 

 

912,017

 

 

 

876,753

 

 

 

744,564

 

Money market deposit accounts

 

 

861,867

 

 

 

866,661

 

 

 

815,644

 

 

 

831,653

 

 

 

809,622

 

Term certificate accounts

 

 

696,438

 

 

 

732,298

 

 

 

785,871

 

 

 

757,897

 

 

 

852,274

 

Total deposits

 

 

3,674,583

 

 

 

3,506,209

 

 

 

3,365,888

 

 

 

3,308,674

 

 

 

3,021,224

 

Short-term borrowed funds

 

 

 

 

 

35,000

 

 

 

95,000

 

 

 

200,000

 

 

 

104,000

 

Long-term borrowed funds

 

 

97,488

 

 

 

114,097

 

 

 

141,106

 

 

 

141,114

 

 

 

181,123

 

Subordinated debt

 

 

34,064

 

 

 

34,033

 

 

 

34,002

 

 

 

33,970

 

 

 

33,938

 

Other liabilities and accrued expenses

 

 

101,750

 

 

 

97,962

 

 

 

98,220

 

 

 

96,693

 

 

 

85,782

 

Total liabilities

 

 

3,907,885

 

 

 

3,787,301

 

 

 

3,734,216

 

 

 

3,780,451

 

 

 

3,426,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

585

 

 

 

584

 

 

 

584

 

 

 

584

 

 

 

584

 

Additional paid-in capital

 

 

465,832

 

 

 

464,176

 

 

 

463,531

 

 

 

462,881

 

 

 

461,616

 

Unearned compensation - ESOP

 

 

(30,840

)

 

 

(31,299

)

 

 

(31,759

)

 

 

(32,218

)

 

 

(32,678

)

Retained earnings

 

 

294,116

 

 

 

277,312

 

 

 

261,304

 

 

 

251,032

 

 

 

242,080

 

Treasury stock

 

 

(31,460

)

 

 

(16,644

)

 

 

(1,333

)

 

 

(721

)

 

 

(721

)

Accumulated other comprehensive income

 

 

(160

)

 

 

2,185

 

 

 

1,776

 

 

 

2,897

 

 

 

4,258

 

Total stockholders' equity

 

 

698,073

 

 

 

696,314

 

 

 

694,103

 

 

 

684,455

 

 

 

675,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

4,605,958

 

 

$

4,483,615

 

 

$

4,428,319

 

 

$

4,464,906

 

 

$

4,101,206

 

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

(in thousands, except share data)

 

2021

 

2020

 

2020

 

2020

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

33,860

 

$

35,274

 

 

$

34,496

 

 

$

33,970

 

 

$

34,025

 

Interest on loans held for sale

 

 

1,324

 

 

 

1,267

 

 

 

1,060

 

 

 

988

 

 

 

577

 

Interest on securities

 

 

585

 

 

 

1,064

 

 

 

1,317

 

 

 

1,424

 

 

 

1,808

 

Other interest and dividend income

 

 

78

 

 

 

115

 

 

 

175

 

 

 

239

 

 

 

759

 

Total interest and dividend income

 

 

35,847

 

 

 

37,720

 

 

 

37,048

 

 

 

36,621

 

 

 

37,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,720

 

 

 

3,775

 

 

 

4,520

 

 

 

5,805

 

 

 

8,693

 

Interest on FHLB borrowings

 

 

552

 

 

 

671

 

 

 

835

 

 

 

845

 

 

 

1,253

 

Interest on subordinated debentures

 

 

523

 

 

 

524

 

 

 

524

 

 

 

524

 

 

 

523

 

Total interest expense

 

 

3,795

 

 

 

4,970

 

 

 

5,879

 

 

 

7,174

 

 

 

10,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

 

32,052

 

 

 

32,750

 

 

 

31,169

 

 

 

29,447

 

 

 

26,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

91

 

 

 

7,608

 

 

 

13,454

 

 

 

10,004

 

 

 

3,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income, after provision for loan losses

 

 

31,961

 

 

 

25,142

 

 

 

17,715

 

 

 

19,443

 

 

 

22,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of mortgage loans

 

 

24,802

 

 

 

28,274

 

 

 

34,055

 

 

 

30,862

 

 

 

12,278

 

Changes in mortgage servicing rights fair value

 

 

3,409

 

 

 

(1,041

)

 

 

(193

)

 

 

(1,111

)

 

 

(4,387

)

Other

 

 

4,515

 

 

 

4,522

 

 

 

4,259

 

 

 

4,049

 

 

 

2,343

 

Total mortgage banking income

 

 

32,726

 

 

 

31,755

 

 

 

38,121

 

 

 

33,800

 

 

 

10,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit account fees

 

 

3,852

 

 

 

3,667

 

 

 

3,451

 

 

 

2,969

 

 

 

3,931

 

Income on retirement plan annuities

 

 

104

 

 

 

106

 

 

 

104

 

 

 

103

 

 

 

101

 

Gain on sale and call of securities, net

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

2,525

 

Bank-owned life insurance income

 

 

493

 

 

 

550

 

 

 

560

 

 

 

554

 

 

 

551

 

Other income

 

 

634

 

 

 

949

 

 

 

2,203

 

 

 

1,143

 

 

 

1,296

 

Total noninterest income

 

 

37,809

 

 

 

37,027

 

 

 

44,439

 

 

 

38,577

 

 

 

18,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

27,454

 

 

 

27,122

 

 

 

29,839

 

 

 

27,469

 

 

 

21,185

 

Occupancy and equipment

 

 

5,256

 

 

 

4,545

 

 

 

4,581

 

 

 

4,152

 

 

 

4,563

 

Data processing

 

 

2,343

 

 

 

2,235

 

 

 

2,119

 

 

 

2,277

 

 

 

2,180

 

Loan expense

 

 

2,435

 

 

 

2,689

 

 

 

3,167

 

 

 

2,702

 

 

 

1,253

 

Marketing

 

 

813

 

 

 

640

 

 

 

817

 

 

 

1,057

 

 

 

876

 

Professional fees

 

 

1,583

 

 

 

1,252

 

 

 

1,458

 

 

 

1,518

 

 

 

1,228

 

Deposit insurance

 

 

320

 

 

 

320

 

 

 

310

 

 

 

279

 

 

 

271

 

Other expenses

 

 

2,598

 

 

 

2,483

 

 

 

3,409

 

 

 

4,323

 

 

 

3,604

 

Total noninterest expenses

 

 

42,802

 

 

 

41,286

 

 

 

45,700

 

 

 

43,777

 

 

 

35,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

26,968

 

 

 

20,883

 

 

 

16,454

 

 

 

14,243

 

 

 

6,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

7,576

 

 

 

3,283

 

 

 

4,561

 

 

 

3,668

 

 

 

1,705

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

19,392

 

 

$

17,600

 

 

$

11,893

 

 

$

10,575

 

 

$

4,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.37

 

 

$

0.33

 

 

$

0.22

 

 

$

0.19

 

 

$

0.09

 

Diluted

 

$

0.37

 

 

$

0.33

 

 

$

0.22

 

 

$

0.19

 

 

$

0.09

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

52,537,409

 

 

 

53,947,868

 

 

 

54,465,339

 

 

 

54,450,146

 

 

 

54,392,465

 

Diluted

 

 

53,000,830

 

 

 

53,973,737

 

 

 

54,465,339

 

 

 

54,450,146

 

 

 

54,392,465

 

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

 

(dollars in thousands, except share data)

 

2021

 

2020

 

$ Change

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

33,860

 

$

34,025

 

 

$

(165

)

 

(0.5

)%

Interest on loans held for sale

 

 

1,324

 

 

 

577

 

 

 

747

 

 

129.5

 

Interest on securities

 

 

585

 

 

 

1,808

 

 

 

(1,223

)

 

(67.6

)

Other interest and dividend income

 

 

78

 

 

 

759

 

 

 

(681

)

 

(89.7

)

Total interest and dividend income

 

 

35,847

 

 

 

37,169

 

 

 

(1,322

)

 

(3.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,720

 

 

 

8,693

 

 

 

(5,973

)

 

(68.7

)

Interest on FHLB borrowings

 

 

552

 

 

 

1,253

 

 

 

(701

)

 

(55.9

)

Interest on subordinated debentures

 

 

523

 

 

 

523

 

 

 

 

 

0.0

 

Total interest expense

 

 

3,795

 

 

 

10,469

 

 

 

(6,674

)

 

(63.8

)

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

 

32,052

 

 

 

26,700

 

 

 

5,352

 

 

20.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

91

 

 

 

3,749

 

 

 

(3,658

)

 

(97.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income, after provision for loan losses

 

 

31,961

 

 

 

22,951

 

 

 

9,010

 

 

39.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking income:

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of mortgage loans

 

 

24,802

 

 

 

12,278

 

 

 

12,524

 

 

102.0

 

Changes in mortgage servicing rights fair value

 

 

3,409

 

 

 

(4,387

)

 

 

7,796

 

 

177.7

 

Other

 

 

4,515

 

 

 

2,343

 

 

 

2,172

 

 

92.7

 

Total mortgage banking income

 

 

32,726

 

 

 

10,234

 

 

 

22,492

 

 

219.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit account fees

 

 

3,852

 

 

 

3,931

 

 

 

(79

)

 

(2.0

)

Income on retirement plan annuities

 

 

104

 

 

 

101

 

 

 

3

 

 

3.0

 

Gain on sale and call of securities, net

 

 

 

 

 

2,525

 

 

 

(2,525

)

 

(100.0

)

Bank-owned life insurance income

 

 

493

 

 

 

551

 

 

 

(58

)

 

(10.5

)

Other income

 

 

634

 

 

 

1,296

 

 

 

(662

)

 

(51.1

)

Total noninterest income

 

 

37,809

 

 

 

18,638

 

 

 

19,171

 

 

102.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

27,454

 

 

 

21,185

 

 

 

6,269

 

 

29.6

 

Occupancy and equipment

 

 

5,256

 

 

 

4,563

 

 

 

693

 

 

15.2

 

Data processing

 

 

2,343

 

 

 

2,180

 

 

 

163

 

 

7.5

 

Loan expense

 

 

2,435

 

 

 

1,253

 

 

 

1,182

 

 

94.3

 

Marketing

 

 

813

 

 

 

876

 

 

 

(63

)

 

(7.2

)

Professional fees

 

 

1,583

 

 

 

1,228

 

 

 

355

 

 

28.9

 

Deposit insurance

 

 

320

 

 

 

271

 

 

 

49

 

 

18.1

 

Other expenses

 

 

2,598

 

 

 

3,604

 

 

 

(1,006

)

 

(27.9

)

Total noninterest expenses

 

 

42,802

 

 

 

35,160

 

 

 

7,642

 

 

21.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

26,968

 

 

 

6,429

 

 

 

20,539

 

 

319.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

7,576

 

 

 

1,705

 

 

 

5,871

 

 

344.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

19,392

 

 

$

4,724

 

 

$

14,668

 

 

310.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.37

 

 

$

0.09

 

 

 

 

 

 

Diluted

 

$

0.37

 

 

$

0.09

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

52,537,409

 

 

 

54,392,465

 

 

 

 

 

 

Diluted

 

 

53,000,830

 

 

 

54,392,465

 

 

 

 

 

 

HarborOne Bancorp, Inc.

Average Balances / Yields

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

 

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

 

 

Outstanding

 

 

 

Yield/

 

Outstanding

 

 

 

Yield/

 

Outstanding

 

 

 

Yield/

 

 

 

Balance

 

Interest

 

Cost (6)

 

Balance

 

Interest

 

Cost (6)

 

Balance

 

Interest

 

Cost (6)

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

271,357

 

$

585

 

0.87

%

$

271,511

 

$

1,064

 

1.56

%

$

275,632

 

$

1,822

 

2.66

%

Other interest-earning assets

 

 

180,526

 

 

78

 

0.18

 

 

84,969

 

 

115

 

0.54

 

 

186,619

 

 

759

 

1.64

 

Loans held for sale

 

 

193,426

 

 

1,324

 

2.78

 

 

178,980

 

 

1,267

 

2.82

 

 

61,548

 

 

577

 

3.77

 

Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans (2)

 

 

2,161,076

 

 

20,780

 

3.90

 

 

2,112,377

 

 

20,823

 

3.92

 

 

1,647,667

 

 

18,123

 

4.42

 

Residential real estate loans (2)

 

 

1,084,292

 

 

10,340

 

3.87

 

 

1,106,286

 

 

11,242

 

4.04

 

 

1,100,177

 

 

11,544

 

4.22

 

Consumer loans (2)

 

 

253,014

 

 

2,740

 

4.39

 

 

292,665

 

 

3,209

 

4.36

 

 

415,317

 

 

4,358

 

4.22

 

Total loans

 

 

3,498,382

 

 

33,860

 

3.93

 

 

3,511,328

 

 

35,274

 

4.00

 

 

3,163,161

 

 

34,025

 

4.33

 

Total interest-earning assets

 

 

4,143,691

 

 

35,847

 

3.51

 

 

4,046,788

 

 

37,720

 

3.71

 

 

3,686,960

 

 

37,183

 

4.06

 

Noninterest-earning assets

 

 

330,257

 

 

 

 

 

 

 

317,663

 

 

 

 

 

 

 

314,193

 

 

 

 

 

 

Total assets

 

$

4,473,948

 

 

 

 

 

 

$

4,364,451

 

 

 

 

 

 

$

4,001,153

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

1,058,820

 

 

537

 

0.21

 

$

968,766

 

 

621

 

0.26

 

$

686,031

 

 

1,298

 

0.76

 

NOW accounts

 

 

212,282

 

 

37

 

0.07

 

 

205,845

 

 

40

 

0.08

 

 

158,702

 

 

31

 

0.08

 

Money market accounts

 

 

861,518

 

 

560

 

0.26

 

 

840,674

 

 

710

 

0.34

 

 

835,154

 

 

2,583

 

1.24

 

Certificates of deposit

 

 

608,089

 

 

1,444

 

0.96

 

 

649,919

 

 

2,206

 

1.35

 

 

794,883

 

 

4,357

 

2.20

 

Brokered deposits

 

 

100,000

 

 

142

 

0.58

 

 

109,788

 

 

198

 

0.72

 

 

92,189

 

 

424

 

1.85

 

Total interest-bearing deposits

 

 

2,840,709

 

 

2,720

 

0.39

 

 

2,774,992

 

 

3,775

 

0.54

 

 

2,566,959

 

 

8,693

 

1.36

 

FHLB advances

 

 

102,383

 

 

552

 

2.19

 

 

119,763

 

 

671

 

2.23

 

 

241,302

 

 

1,253

 

2.09

 

Subordinated debentures

 

 

34,048

 

 

523

 

6.23

 

 

34,015

 

 

524

 

6.13

 

 

33,919

 

 

523

 

6.20

 

Total borrowings

 

 

136,431

 

 

1,075

 

3.20

 

 

153,778

 

 

1,195

 

3.09

 

 

275,221

 

 

1,776

 

2.60

 

Total interest-bearing liabilities

 

 

2,977,140

 

 

3,795

 

0.52

 

 

2,928,770

 

 

4,970

 

0.68

 

 

2,842,180

 

 

10,469

 

1.48

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

706,274

 

 

 

 

 

 

 

656,227

 

 

 

 

 

 

 

419,620

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

 

93,380

 

 

 

 

 

 

 

84,387

 

 

 

 

 

 

 

67,714

 

 

 

 

 

 

Total liabilities

 

 

3,776,794

 

 

 

 

 

 

 

3,669,384

 

 

 

 

 

 

 

3,329,514

 

 

 

 

 

 

Total stockholders' equity

 

 

697,154

 

 

 

 

 

 

 

695,067

 

 

 

 

 

 

 

671,639

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

4,473,948

 

 

 

 

 

 

$

4,364,451

 

 

 

 

 

 

$

4,001,153

 

 

 

 

 

 

Tax equivalent net interest income

 

 

 

 

 

32,052

 

 

 

 

 

 

 

32,750

 

 

 

 

 

 

 

26,714

 

 

 

Tax equivalent interest rate spread (3)

 

 

 

 

 

 

 

2.99

%

 

 

 

 

 

 

3.03

%

 

 

 

 

 

 

2.58

%

Less: tax equivalent adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

Net interest income as reported

 

 

 

 

$

32,052

 

 

 

 

 

 

$

32,750

 

 

 

 

 

 

$

26,700

 

 

 

Net interest-earning assets (4)

 

$

1,166,551

 

 

 

 

 

 

$

1,118,018

 

 

 

 

 

 

$

844,780

 

 

 

 

 

 

Net interest margin (5)

 

 

 

 

 

 

 

3.14

%

 

 

 

 

 

 

3.22

%

 

 

 

 

 

 

2.91

%

Tax equivalent effect

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin on a fully tax equivalent basis

 

 

 

 

 

 

 

3.14

%

 

 

 

 

 

 

3.22

%

 

 

 

 

 

 

2.91

%

Average interest-earning assets to average interest-bearing liabilities

 

 

139.18

%

 

 

 

 

 

 

138.17

%

 

 

 

 

 

 

129.72

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits, including demand deposits

 

$

3,546,983

 

$

2,720

 

 

 

$

3,431,219

 

$

3,775

 

 

 

$

2,986,579

 

$

8,693

 

 

 

Cost of total deposits

 

 

 

 

 

 

 

0.31

%

 

 

 

 

 

 

0.44

%

 

 

 

 

 

 

1.17

%

Total funding liabilities, including demand deposits

 

$

3,683,414

 

$

3,795

 

 

 

$

3,584,997

 

$

4,970

 

 

 

$

3,261,800

 

$

10,469

 

 

 

Cost of total funding liabilities

 

 

 

 

 

 

 

0.42

%

 

 

 

 

 

 

0.55

%

 

 

 

 

 

 

1.29

%

(1) Includes securities available for sale.  Interest income from tax exempt securities is computed on a taxable equivalent basis using a tax rate of 21% for the quarters presented.  The yield on investments before tax equivalent adjustments for the quarter ended March 31, 2020 was 2.64%.

(2) Includes nonaccruing loan balances and interest received on such loans.

(3) Tax equivalent interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(4) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

(5) Net interest margin represents net interest income divided by average total interest-earning assets.

(6) Annualized.

HarborOne Bancorp, Inc.

 

Average Balances and Yield Trend

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Balances - Trend - Quarters Ended

 

 

 

March 31, 2021

 

December 31, 2020

 

September 30, 2020

 

June 30, 2020

 

March 31, 2020

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

271,357

 

$

271,511

 

$

269,477

 

$

240,025

 

$

275,632

 

Other interest-earning assets

 

 

180,526

 

 

84,969

 

 

121,384

 

 

222,840

 

 

186,619

 

Loans held for sale

 

 

193,426

 

 

178,980

 

 

139,418

 

 

119,047

 

 

61,548

 

Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans (2)

 

 

2,161,076

 

 

2,112,377

 

 

2,017,492

 

 

1,872,349

 

 

1,647,667

 

Residential real estate loans (2)

 

 

1,084,292

 

 

1,106,286

 

 

1,135,947

 

 

1,123,896

 

 

1,100,177

 

Consumer loans (2)

 

 

253,014

 

 

292,665

 

 

333,623

 

 

372,929

 

 

415,317

 

Total loans

 

 

3,498,382

 

 

3,511,328

 

 

3,487,062

 

 

3,369,174

 

 

3,163,161

 

Total interest-earning assets

 

 

4,143,691

 

 

4,046,788

 

 

4,017,341

 

 

3,951,086

 

 

3,686,960

 

Noninterest-earning assets

 

 

330,257

 

 

317,663

 

 

333,444

 

 

334,452

 

 

314,193

 

Total assets

 

$

4,473,948

 

$

4,364,451

 

$

4,350,785

 

$

4,285,538

 

$

4,001,153

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

1,058,820

 

$

968,766

 

$

897,751

 

$

842,560

 

$

686,031

 

NOW accounts

 

 

212,282

 

 

205,845

 

 

199,982

 

 

187,560

 

 

158,702

 

Money market accounts

 

 

861,518

 

 

840,674

 

 

825,732

 

 

826,939

 

 

835,154

 

Certificates of deposit

 

 

608,089

 

 

649,919

 

 

684,002

 

 

730,756

 

 

794,883

 

Brokered deposits

 

 

100,000

 

 

109,788

 

 

139,887

 

 

66,701

 

 

92,189

 

Total interest-bearing deposits

 

 

2,840,709

 

 

2,774,992

 

 

2,747,354

 

 

2,654,516

 

 

2,566,959

 

FHLB advances

 

 

102,383

 

 

119,763

 

 

149,750

 

 

258,679

 

 

241,302

 

Subordinated debentures

 

 

34,048

 

 

34,015

 

 

33,983

 

 

33,951

 

 

33,919

 

Total borrowings

 

 

136,431

 

 

153,778

 

 

183,733

 

 

292,630

 

 

275,221

 

Total interest-bearing liabilities

 

 

2,977,140

 

 

2,928,770

 

 

2,931,087

 

 

2,947,146

 

 

2,842,180

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

706,274

 

 

656,227

 

 

641,353

 

 

585,715

 

 

419,620

 

Other noninterest-bearing liabilities

 

 

93,380

 

 

84,387

 

 

89,319

 

 

72,808

 

 

67,714

 

Total liabilities

 

 

3,776,794

 

 

3,669,384

 

 

3,661,759

 

 

3,605,669

 

 

3,329,514

 

Total stockholders' equity

 

 

697,154

 

 

695,067

 

 

689,026

 

 

679,869

 

 

671,639

 

Total liabilities and stockholders' equity

 

$

4,473,948

 

$

4,364,451

 

$

4,350,785

 

$

4,285,538

 

$

4,001,153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized Yield Trend - Quarters Ended

 

 

 

March 31, 2021

 

December 31, 2020

 

September 30, 2020

 

June 30, 2020

 

March 31, 2020

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

 

0.87

%

 

1.56

%

 

1.95

%

 

2.40

%

 

2.66

%

Other interest-earning assets

 

 

0.18

%

 

0.54

%

 

0.57

%

 

0.43

%

 

1.64

%

Loans held for sale

 

 

2.78

%

 

2.82

%

 

3.02

%

 

3.34

%

 

3.77

%

Commercial loans (2)

 

 

3.90

%

 

3.92

%

 

3.76

%

 

3.91

%

 

4.42

%

Residential real estate loans (2)

 

 

3.87

%

 

4.04

%

 

4.14

%

 

4.23

%

 

4.22

%

Consumer loans (2)

 

 

4.39

%

 

4.36

%

 

4.29

%

 

4.27

%

 

4.22

%

Total loans

 

 

3.93

%

 

4.00

%

 

3.94

%

 

4.06

%

 

4.33

%

Total interest-earning assets

 

 

3.51

%

 

3.71

%

 

3.67

%

 

3.73

%

 

4.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

0.21

%

 

0.26

%

 

0.26

%

 

0.40

%

 

0.76

%

NOW accounts

 

 

0.07

%

 

0.08

%

 

0.08

%

 

0.07

%

 

0.08

%

Money market accounts

 

 

0.26

%

 

0.34

%

 

0.36

%

 

0.59

%

 

1.24

%

Certificates of deposit

 

 

0.96

%

 

1.35

%

 

1.68

%

 

1.91

%

 

2.20

%

Brokered deposits

 

 

0.58

%

 

0.72

%

 

0.72

%

 

1.56

%

 

1.85

%

Total interest-bearing deposits

 

 

0.39

%

 

0.54

%

 

0.65

%

 

0.88

%

 

1.36

%

FHLB advances

 

 

2.19

%

 

2.23

%

 

2.22

%

 

1.31

%

 

2.09

%

Subordinated debentures

 

 

6.23

%

 

6.13

%

 

6.13

%

 

6.21

%

 

6.20

%

Total borrowings

 

 

3.20

%

 

3.09

%

 

2.94

%

 

1.88

%

 

2.60

%

Total interest-bearing liabilities

 

 

0.52

%

 

0.68

%

 

0.80

%

 

0.98

%

 

1.48

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes securities available for sale and securities held to maturity.

 

(2) Includes nonaccruing loan balances and interest received on such loans.

 

HarborOne Bancorp, Inc.

 

Selected Financial Highlights

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

Performance Ratios (annualized):

 

2021

 

2020

 

2020

 

2020

 

2020

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROAA)

 

 

1.73

%

 

1.61

%

 

1.09

%

 

0.99

%

 

0.47

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity (ROAE)

 

 

11.13

%

 

10.13

%

 

6.90

%

 

6.22

%

 

2.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest expense

 

$

42,802

 

$

41,286

 

$

45,700

 

$

43,777

 

$

35,160

 

Less: Amortization of other intangible assets

 

 

324

 

 

324

 

 

447

 

 

447

 

 

447

 

Total adjusted noninterest expense

 

$

42,478

 

$

40,962

 

$

45,253

 

$

43,330

 

$

34,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

$

32,052

 

$

32,750

 

$

31,169

 

$

29,447

 

$

26,700

 

Total noninterest income

 

 

37,809

 

 

37,027

 

 

44,439

 

 

38,577

 

 

18,638

 

Total revenue

 

$

69,861

 

$

69,777

 

$

75,608

 

$

68,024

 

$

45,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (1)

 

 

60.80

%

 

58.70

%

 

59.85

%

 

63.70

%

 

76.56

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

At or for the Quarters Ended

 

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

Asset Quality

 

2021

 

2020

 

2020

 

2020

 

2020

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets

 

$

32,886

 

$

34,696

 

$

40,925

 

$

38,599

 

$

32,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to total assets

 

 

0.71

%

 

0.77

%

 

0.93

%

 

0.86

%

 

0.78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses to total loans

 

 

1.60

%

 

1.59

%

 

1.40

%

 

1.04

%

 

0.83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs

 

$

102

 

$

1,436

 

$

338

 

$

286

 

$

1,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized net charge-offs/average loans

 

 

0.01

%

 

0.16

%

 

0.04

%

 

0.03

%

 

0.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses to nonperforming loans

 

 

171.20

%

 

162.40

%

 

122.86

%

 

94.86

%

 

83.52

%

HarborOne Bancorp, Inc.

 

Selected Financial Highlights

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

Capital and Share Related

 

2021

 

2020

 

2020

 

2020

 

2020

 

(dollars in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock outstanding

 

 

56,228,762

 

 

57,205,458

 

 

58,342,464

 

 

58,418,021

 

 

58,418,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

12.41

 

$

12.17

 

$

11.90

 

$

11.72

 

$

11.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

$

698,073

 

$

696,314

 

$

694,103

 

$

684,455

 

$

675,139

 

Less: Goodwill

 

 

69,802

 

 

69,802

 

 

69,802

 

 

69,802

 

 

69,802

 

Less: Other intangible assets (1)

 

 

4,047

 

 

4,370

 

 

4,694

 

 

5,141

 

 

5,588

 

Tangible common equity

 

$

624,224

 

$

622,142

 

$

619,607

 

$

609,512

 

$

599,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share (2)

 

$

11.10

 

$

10.88

 

$

10.62

 

$

10.43

 

$

10.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

4,605,958

 

$

4,483,615

 

$

4,428,319

 

$

4,464,906

 

$

4,101,206

 

Less: Goodwill

 

 

69,802

 

 

69,802

 

 

69,802

 

 

69,802

 

 

69,802

 

Less: Other intangible assets (1)

 

 

4,047

 

 

4,370

 

 

4,694

 

 

5,141

 

 

5,588

 

Tangible assets

 

$

4,532,109

 

$

4,409,443

 

$

4,353,823

 

$

4,389,963

 

$

4,025,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity / tangible assets (3)

 

 

13.77

%

 

14.11

%

 

14.23

%

 

13.88

%

 

14.90

%

(1) Other intangible assets includes core deposit intangible and noncompete intangible.

(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 Statements of Net Income

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HarborOne Mortgage

 

HarborOne Bank

 

 

For the Quarter Ended

 

For the Quarter Ended

 

 

March 31,

 

December 31,

 

March 31,

 

March 31,

 

December 31,

 

March 31,

 

 

2021

 

2020

 

2020

 

2021

 

2020

 

2020

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

$

1,250

 

 

$

1,215

 

 

$

281

 

 

$

31,248

 

 

$

31,969

 

 

$

26,510

 

Provision for loan losses

 

 

 

 

 

 

 

 

 

 

 

91

 

 

 

7,608

 

 

 

3,749

 

Net interest and dividend income, after provision for loan losses

 

 

1,250

 

 

 

1,215

 

 

 

281

 

 

 

31,157

 

 

 

24,361

 

 

 

22,761

 

Mortgage banking income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of mortgage loans

 

 

24,802

 

 

 

28,274

 

 

 

12,278

 

 

 

 

 

 

 

 

 

 

Intersegment gain (loss)

 

 

662

 

 

 

704

 

 

 

400

 

 

 

(662

)

 

 

(704

)

 

 

(400

)

Changes in mortgage servicing rights fair value

 

 

3,123

 

 

 

(679

)

 

 

(3,217

)

 

 

286

 

 

 

(362

)

 

 

(1,170

)

Other

 

 

4,215

 

 

 

4,193

 

 

 

1,992

 

 

 

300

 

 

 

329

 

 

 

351

 

Total mortgage banking income (loss)

 

 

32,802

 

 

 

32,492

 

 

 

11,453

 

 

 

(76

)

 

 

(737

)

 

 

(1,219

)

Other noninterest income (loss)

 

 

(8

)

 

 

3

 

 

 

(122

)

 

 

5,091

 

 

 

5,269

 

 

 

8,526

 

Total noninterest income

 

 

32,794

 

 

 

32,495

 

 

 

11,331

 

 

 

5,015

 

 

 

4,532

 

 

 

7,307

 

Noninterest expense

 

 

18,057

 

 

 

18,470

 

 

 

10,578

 

 

 

24,463

 

 

 

22,548

 

 

 

24,288

 

Income before income taxes

 

 

15,987

 

 

 

15,240

 

 

 

1,034

 

 

 

11,709

 

 

 

6,345

 

 

 

5,780

 

Provision for income taxes

 

 

4,333

 

 

 

4,297

 

 

 

239

 

 

 

3,435

 

 

 

(1,672

)

 

 

1,601

 

Net income

 

$

11,654

 

 

$

10,943

 

 

$

795

 

 

$

8,274

 

 

$

8,017

 

 

$

4,179

 

HarborOne Bancorp, Inc.

 

COVID Loans at Risk as of March 31, 2021

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At Risk Sectors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent

 

 

 

 

 

 

 

 

 

Health

 

 

 

 

 

Total

 

 

 

at risk

 

 

 

 

 

 

 

 

 

and Social

 

 

 

 

 

at risk

 

Total

 

sector

 

 

 

Retail

 

Office Space

 

Hotels

 

Services

 

Restaurants

 

Recreation

 

sectors

 

loans

 

to total

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

220,044

 

$

187,796

 

$

186,057

 

$

100,806

 

$

9,957

 

$

14,576

 

$

719,236

 

$

1,559,056

 

46.1

%

Commercial and industrial

 

 

25,754

 

 

15,915

 

 

2,441

 

 

79,858

 

 

30,335

 

 

5,327

 

 

159,630

 

 

499,728

 

31.9

 

Commercial construction

 

 

16,287

 

 

854

 

 

8,080

 

 

1,763

 

 

12,086

 

 

 

 

39,070

 

 

112,187

 

34.8

 

Total

 

$

262,085

 

$

204,565

 

$

196,578

 

$

182,427

 

$

52,378

 

$

19,903

 

$

917,936

 

$

2,170,971

 

42.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding principal, commercial deferrals

 

$

45,228

 

$

13,495

 

$

115,932

 

$

12,546

 

$

16,352

 

$

15,460

 

$

219,013

 

$

301,762

 

72.6

%

PPP loans, net of fees

 

$

1,866

 

$

 

$

194

 

$

26,817

 

$

4,060

 

$

873

 

$

33,810

 

$

159,315

 

21.2

%

Nonaccrual loans

 

$

387

 

$

 

$

12,217

 

$

52

 

$

10

 

$

 

$

12,666

 

$

32,355

 

39.1

%

 

 

 

 

 

 

 

 

 

 

 

 

% Active

 

 

 

 

 

 

 

 

 

 

 

 

 

deferrals to

 

 

 

Deferrals

 

Deferrals

 

 

 

 

 

Total

 

total

 

 

 

expired &

 

expired &

 

Active

 

Total

 

outstanding

 

outstanding

 

(dollars in thousands)

 

paying

 

delinquent

 

deferrals

 

deferrals

 

loans

 

loans

 

 

 

#

 

 

$

 

#

 

 

$

 

#

 

 

$

 

#

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

66

 

$

227,407

 

 

$

 

5

 

$

32,466

 

71

 

$

259,873

 

$

1,559,056

 

2.1

%

Commercial and industrial

 

96

 

 

41,628

 

2

 

 

261

 

 

 

 

98

 

 

41,889

 

 

499,728

 

 

Commercial construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

112,187

 

 

Total commercial loans

 

162

 

$

269,035

 

2

 

$

261

 

5

 

$

32,466

 

169

 

$

301,762

 

$

2,170,971

 

1.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family

 

131

 

$

39,774

 

7

 

$

1,461

 

9

 

$

3,653

 

147

 

$

44,888

 

$

892,263

 

0.4

%

Home Equity

 

16

 

 

1,238

 

 

 

 

 

 

 

16

 

 

1,238

 

 

138,123

 

 

Residential construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,843

 

 

Total residential real estate

 

147

 

$

41,012

 

7

 

$

1,461

 

9

 

$

3,653

 

163

 

$

46,126

 

$

1,062,229

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

402

 

$

9,655

 

16

 

$

298

 

16

 

$

357

 

434

 

$

10,310

 

$

228,279

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

 

711

 

$

319,702

 

25

 

$

2,020

 

30

 

$

36,476

 

766

 

$

358,198

 

$

3,461,479

 

1.1

%

 

 

Active deferrals expiring by quarter

(dollars in thousands)

 

6/30/2021

 

9/30/2021

 

12/31/2021

 

3/31/2022

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

21,461

 

$

3,265

 

$

7,740

 

$

 

$

32,466

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

Commercial construction

 

 

 

 

 

 

 

 

 

 

Total commercial loans

 

$

21,461

 

$

3,265

 

$

7,740

 

$

 

$

32,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family

 

$

3,653

 

$

 

$

 

$

 

$

3,653

Home equity

 

 

 

 

 

 

 

 

 

 

Residential construction

 

 

 

 

 

 

 

 

 

 

Total residential real estate

 

$

3,653

 

$

 

$

 

$

 

$

3,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

$

233

 

$

124

 

$

 

$

 

$

357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

 

$

25,347

 

$

3,389

 

$

7,740

 

$

 

$

36,476

 

Contacts

Linda Simmons, EVP, CFO (508) 895-1379

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