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BROCKTON, Mass. - HarborOne Bancorp, Inc. (NASDAQ:HONE) reported first quarter earnings that fell short of analyst expectations, sending shares down 2% in early trading.
The Massachusetts-based bank holding company posted net income of $5.5 million, or $0.14 per diluted share, for the quarter ended March 31, 2025. This missed the analyst consensus estimate of $0.18 per share. Revenue came in at $41.36 million, below the $44.22 million analysts were expecting.
Net income decreased 38.1% compared to $8.9 million, or $0.21 per share, in the previous quarter. The company cited a $2.9 million decline in mortgage banking income as a key factor behind the earnings drop.
"The first quarter represents a solid start to the year," said Joseph F. Casey, President & CEO, highlighting growth in commercial and industrial loans and lower deposit costs.
Net interest margin improved slightly to 2.39%, up 3 basis points from the prior quarter. However, net interest income declined $358,000 to $31.5 million.
Total (EPA:TTEF) deposits increased $68 million to $4.62 billion, with non-brokered deposits rising $79.6 million or 1.9%. The loan-to-deposit ratio improved to 104.38% from 106.63% last quarter.
HarborOne increased its quarterly dividend by 12.5% and repurchased 513,855 shares during the quarter.
The company’s residential mortgage unit saw an 11.8% YoY increase in loan closings despite high mortgage rates. However, mortgage banking income fell as closings declined sequentially from $179.1 million to $114.1 million.
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