HarborOne Bancorp, Inc(NASDAQ:HONE) 
HarborOne Bancorp, Inc. operates as the holding company for HarborOne Bank that provides financial services to individuals, families, small and mid-size businesses, and municipalities. The company operates in two segments, HarborOne Bank and HarborOne Mortgage. Its primary deposit products include c...
Website: http://www.harborone.com
Founded: 1917
Full Time Employees: 675
Sector: Financial Services
Industry: Banks-Regional
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At a glance:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|
interest and dividend income: | |||||||||||
interest and fees on loans | 35,438 | 34,365,000 | 33,947,000 | 25,115,000 | 23,866,000 | 22,504,000 | 21,349,000 | 20,990,000 | 19,640,000 | 19,135,000 | 17,144,000 |
interest on loans held for sale | 542 | 358,000 | 648,000 | 625,000 | 521,000 | 411,000 | 777,000 | 796,000 | 620,000 | 546,000 | 866,000 |
interest on taxable securities | 1,703 | 1,663,000 | 1,582,000 | 1,412,000 | 1,351,000 | 1,279,000 | 1,172,000 | 1,118,000 | 1,116,000 | 998,000 | 768,000 |
interest on non-taxable securities | 147 | 184,000 | 206,000 | 217,000 | 216,000 | 217,000 | 217,000 | 216,000 | 216,000 | 218,000 | 220,000 |
other interest and dividend income | 448 | 483,000 | 540,000 | 480,000 | 297,000 | 274,000 | 294,000 | 294,000 | 320,000 | 252,000 | 164,000 |
total interest and dividend income | 38,278 | 37,053,000 | 36,923,000 | 27,849,000 | 26,251,000 | 24,685,000 | 23,809,000 | 23,414,000 | 21,912,000 | 21,149,000 | 19,162,000 |
interest expense: | |||||||||||
interest on deposits | 9,362 | 8,243,000 | 7,181,000 | 5,409,000 | 4,450,000 | 3,523,000 | 3,151,000 | 2,812,000 | 2,567,000 | 2,432,000 | 2,092,000 |
interest on fhlb borrowings | 1,679 | 2,275,000 | 2,400,000 | 1,130,000 | |||||||
interest on subordinated debentures | 524 | 505,000 | 552,000 | 189,000 | |||||||
total interest expense | 11,565 | 11,023,000 | 10,133,000 | 6,728,000 | 5,356,000 | 4,561,000 | 4,377,000 | 4,145,000 | 3,697,000 | 3,717,000 | 3,260,000 |
net interest and dividend income | 26,713 | 26,030,000 | 26,790,000 | 21,121,000 | 20,895,000 | 20,124,000 | 19,432,000 | 19,269,000 | 18,215,000 | 17,432,000 | 15,902,000 |
provision for loan losses | 1,750 | 857,000 | 1,502,000 | 632,000 | |||||||
net interest and dividend income, after provision for loan losses | 24,963 | ||||||||||
noninterest income: | |||||||||||
mortgage banking income: | |||||||||||
changes in mortgage servicing rights fair value | -2,241 | -2,151,000 | -1,734,000 | -378,000 | -306,000 | 1,022,000 | -74,000 | -488,000 | -1,052,000 | -442,000 | 351,000 |
other | 10,896 | 6,653,000 | 7,730,000 | 9,249,000 | 8,765,000 | 6,261,000 | 9,134,000 | 11,071,000 | 11,200,000 | 7,846,000 | 16,430,000 |
total mortgage banking income | 8,655 | 4,502,000 | 5,996,000 | 8,871,000 | 8,459,000 | 7,283,000 | 9,060,000 | 10,583,000 | 10,148,000 | 7,404,000 | 16,781,000 |
deposit account fees | 4,056 | 3,778,000 | 4,007,000 | 3,302,000 | 3,224,000 | 2,967,000 | 3,223,000 | 3,172,000 | 3,071,000 | 2,845,000 | 3,010,000 |
income on retirement plan annuities | 100 | 96,000 | 101,000 | 100,000 | 119,000 | 113,000 | 118,000 | 114,000 | 113,000 | 110,000 | 111,000 |
gain on sale and call of securities | 1,267 | ||||||||||
bank-owned life insurance income | 253 | 253,000 | 1,003,000 | 243,000 | 243,000 | 239,000 | 246,000 | 260,000 | 261,000 | 257,000 | 275,000 |
other income | 1,387 | 1,213,000 | 540,000 | 1,124,000 | 512,000 | 747,000 | 1,507,000 | 498,000 | 706,000 | 760,000 | 692,000 |
total noninterest income | 15,718 | 9,842,000 | 11,652,000 | 13,640,000 | 12,557,000 | 11,349,000 | 14,154,000 | 14,627,000 | 14,299,000 | 11,454,000 | 20,869,000 |
noninterest expense: | |||||||||||
compensation and benefits | 20,585 | 19,245,000 | 20,062,000 | 16,809,000 | 17,345,000 | 16,352,000 | 17,655,000 | 17,325,000 | 16,414,000 | 15,019,000 | 18,902,000 |
occupancy and equipment | 4,411 | 4,448,000 | 3,949,000 | 3,027,000 | 2,961,000 | 3,275,000 | 3,045,000 | 2,951,000 | 2,724,000 | 2,986,000 | 2,458,000 |
data processing | 2,199 | 2,046,000 | 1,965,000 | 1,702,000 | 1,569,000 | 1,553,000 | 1,560,000 | 1,547,000 | 1,528,000 | ||
loan expenses | 1,334 | 1,271,000 | 1,227,000 | 1,503,000 | 1,390,000 | 1,262,000 | 1,752,000 | 1,884,000 | 1,882,000 | 1,363,000 | 3,316,000 |
marketing | 1,177 | 958,000 | 611,000 | 639,000 | 1,084,000 | 999,000 | 936,000 | 1,136,000 | 1,041,000 | 482,000 | 592,000 |
deposit expenses | 434 | 350,000 | 355,000 | 308,000 | 327,000 | 330,000 | 330,000 | 311,000 | 367,000 | 341,000 | 325,000 |
postage and printing | 422 | 488,000 | 430,000 | 344,000 | 354,000 | 366,000 | 371,000 | 380,000 | 295,000 | 342,000 | 313,000 |
professional fees | 1,384 | 946,000 | 1,237,000 | 712,000 | 915,000 | 968,000 | 1,097,000 | 1,126,000 | 1,080,000 | 930,000 | 709,000 |
foreclosed and repossessed assets | -71,000 | 32,000 | -45,000 | 45,000 | 63,000 | 2,000 | 8,000 | 25,000 | 27,000 | 31,000 | |
deposit insurance | 589 | 666,000 | 572,000 | 540,000 | 491,000 | 494,000 | 412,000 | 397,000 | 446,000 | 462,000 | 437,000 |
merger expenses | |||||||||||
other expenses | 2,551 | 2,245,000 | 1,061,000 | 1,844,000 | |||||||
total noninterest expense | 35,081 | 32,592,000 | 36,593,000 | 27,383,000 | 28,518,000 | 27,599,000 | 29,693,000 | 28,438,000 | 26,878,000 | 24,405,000 | 29,609,000 |
income before income taxes | 5,600 | 2,423,000 | 347,000 | 6,746,000 | 4,048,000 | 3,066,000 | 3,133,000 | 4,537,000 | 5,166,000 | 4,216,000 | 5,452,000 |
income tax provision | 819 | 356,000 | 236,000 | 818,000 | 945,000 | 814,000 | 1,540,000 | 1,699,000 | 1,481,000 | 1,900,000 | |
net income | 4,781 | 2,067,000 | 111,000 | 5,928,000 | 3,103,000 | 2,252,000 | 1,593,000 | 2,838,000 | 3,213,000 | 2,735,000 | 3,552,000 |
yoy | -99.85% | -8.21% | -93.03% | 108.88% | -3.42% | -17.66% | -55.15% | ||||
qoq | -99.77% | 1762.16% | -98.13% | 91.04% | 37.79% | 41.37% | -43.87% | -11.67% | 17.48% | -23.00% | |
earnings per common share: | |||||||||||
basic | 0.15 | 70 | 190 | 100 | 70 | 50 | 90 | ||||
diluted | 0.15 | 70 | 190 | 100 | 70 | 50 | 90 | ||||
weighted-average shares outstanding: | |||||||||||
basic | 31,582,546 | 31,561,761,000 | 31,574,356,000 | 31,575,210,000 | 31,578,961,000 | 31,569,811,000 | 31,228,317,000 | 31,303,281,000 | |||
diluted | 31,582,546 | 31,561,761,000 | 31,574,356,000 | 31,575,811,000 | 31,578,961,000 | 31,569,811,000 | 31,228,317,000 | 31,303,281,000 | |||
net interest income, after provision for loan losses | 25,173,000 | 25,288,000 | 20,489,000 | ||||||||
gain on sale of consumer loans | 78,000 | ||||||||||
interest on borrowed funds | 906,000 | 1,038,000 | 1,226,000 | 1,333,000 | 1,130,000 | 1,285,000 | 1,168,000 | ||||
benefit from loan losses | 886,000 | 808,000 | 760,000 | 921,000 | 470,000 | 265,000 | 1,710,000 | ||||
net interest income, after benefit from loan losses | 20,009,000 | 19,316,000 | 18,672,000 | 18,348,000 | 17,745,000 | 17,167,000 | 14,192,000 | ||||
other incomes | 2,037,000 | 1,937,000 | 2,533,000 | 1,373,000 | 1,076,000 | 931,000 | 1,076,000 | ||||
prepayment penalties on federal home loan bank advances | |||||||||||
charitable foundation contributions | |||||||||||
income tax benefit | 1,953,000 | ||||||||||
earnings per common share: | |||||||||||
basic and diluted | 100 | 90 | 110 | ||||||||
weighted-average shares outstanding: | |||||||||||
basic and diluted | 31,013,002,000 | 30,998,163,000 | 30,943,808,000 | ||||||||
data processing expenses | 1,522,000 | 1,450,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||
cash and due from banks | 27,205,000 | 25,227,000 | 27,686,000 | 18,478,000 | 20,232,000 | 15,205,000 | 16,348,000 | 15,393,000 | 17,492,000 | 18,621,000 | 16,464,000 | 15,706,000 | 18,773,000 | 15,268,000 |
short-term investments | 51,502,000 | 76,328,000 | 77,835,000 | 76,619,000 | 112,264,000 | 92,105,000 | 64,443,000 | 79,412,000 | 84,105,000 | 83,778,000 | 33,751,000 | 3,549,000 | 11,365,000 | 98,991,000 |
total cash and cash equivalents | 78,707,000 | 101,555,000 | 105,521,000 | 95,097,000 | 132,496,000 | 107,310,000 | 80,791,000 | 94,805,000 | 101,597,000 | 102,399,000 | 50,215,000 | 19,255,000 | 30,138,000 | 114,259,000 |
securities available for sale, at fair value | 202,457,000 | 219,966,000 | 209,293,000 | 191,847,000 | 185,702,000 | 182,173,000 | 170,853,000 | 166,122,000 | 160,795,000 | 165,348,000 | 136,469,000 | 115,397,000 | 121,957,000 | 120,905,000 |
securities held to maturity, at amortized cost | 34,752,000 | 41,104,000 | 44,688,000 | 47,371,000 | 48,251,000 | 46,095,000 | 46,869,000 | 47,752,000 | 45,660,000 | 46,531,000 | 47,877,000 | 49,213,000 | 50,504,000 | 62,461,000 |
federal home loan bank stock, at cost | 14,876,000 | 16,134,000 | 24,969,000 | 13,263,000 | 15,310,000 | 13,538,000 | 15,532,000 | 16,356,000 | 16,356,000 | 17,863,000 | 15,749,000 | 15,255,000 | 13,078,000 | 17,480,000 |
loans held for sale, at fair value | 84,651,000 | 32,449,000 | 42,107,000 | 155,268,000 | 71,017,000 | 34,129,000 | 59,460,000 | 96,201,000 | 91,849,000 | 51,932,000 | ||||
loans | 3,065,941,000 | 3,000,529,000 | 2,985,507,000 | 2,223,822,000 | 2,300,695,000 | 2,233,153,000 | 2,194,967,000 | 2,122,509,000 | ||||||
less: allowance for loan losses | -22,261,000 | -21,282,000 | -20,655,000 | -19,440,000 | -19,244,000 | -18,863,000 | -18,489,000 | -17,933,000 | ||||||
net loans | 3,043,680,000 | 2,979,247,000 | 2,964,852,000 | 2,204,382,000 | 2,281,451,000 | 2,214,290,000 | 2,176,478,000 | 2,104,576,000 | ||||||
accrued interest receivable | 10,325,000 | 10,333,000 | 9,996,000 | 7,452,000 | 7,284,000 | 6,643,000 | 6,545,000 | 5,959,000 | 5,723,000 | 5,737,000 | 5,603,000 | 4,926,000 | 5,044,000 | 4,813,000 |
other real estate owned and repossessed assets | 504,000 | 983,000 | 749,000 | 672,000 | 1,029,000 | 840,000 | 762,000 | 1,021,000 | 1,057,000 | 1,870,000 | 1,767,000 | 1,987,000 | 1,761,000 | 2,027,000 |
mortgage servicing rights, at fair value | 18,156,000 | 20,231,000 | 22,217,000 | 23,748,000 | 22,832,000 | 22,696,000 | 21,092,000 | 20,376,000 | 20,313,000 | 20,839,000 | 20,333,000 | 15,534,000 | 12,688,000 | 12,330,000 |
property and equipment | 57,543,000 | 57,364,000 | 57,045,000 | 25,177,000 | 24,226,000 | 24,174,000 | 24,487,000 | 24,338,000 | 24,214,000 | 24,233,000 | 24,193,000 | 24,062,000 | 24,051,000 | 24,406,000 |
retirement plan annuities | 13,127,000 | 13,028,000 | 12,931,000 | 12,830,000 | 12,730,000 | 12,611,000 | 12,498,000 | 12,381,000 | 12,267,000 | 12,154,000 | 12,044,000 | 11,932,000 | 11,822,000 | 11,714,000 |
bank-owned life insurance | 45,136,000 | 44,882,000 | 44,635,000 | 41,171,000 | 40,928,000 | 40,684,000 | 40,446,000 | 40,199,000 | 39,939,000 | 39,678,000 | 39,421,000 | 39,158,000 | 38,883,000 | 38,609,000 |
deferred income taxes | 5,646,000 | 6,023,000 | 6,727,000 | 2,047,000 | 1,717,000 | 1,425,000 | 843,000 | 278,000 | 327,000 | 502,000 | 610,000 | 696,000 | 1,578,000 | 1,530,000 |
goodwill and other intangible assets | 76,735,000 | 77,374,000 | 78,467,000 | 13,726,000 | 13,717,000 | 13,675,000 | 13,497,000 | 13,519,000 | 13,541,000 | 13,563,000 | 13,585,000 | 13,607,000 | 13,630,000 | 13,651,000 |
other assets | 51,129,000 | 35,323,000 | 28,924,000 | 18,749,000 | 21,024,000 | 15,294,000 | 14,767,000 | 15,576,000 | 18,949,000 | 16,210,000 | 12,254,000 | 17,870,000 | 22,605,000 | 14,975,000 |
total assets | 3,737,424,000 | 3,655,996,000 | 3,653,121,000 | 2,852,800,000 | 2,879,714,000 | 2,735,577,000 | 2,684,920,000 | 2,659,459,000 | 2,632,070,000 | 2,566,144,000 | 2,448,310,000 | 2,347,133,000 | 2,266,758,000 | 2,244,768,000 |
liabilities and stockholders' equity | ||||||||||||||
deposits: | ||||||||||||||
noninterest-bearing deposits | 447,449,000 | 432,961,000 | 412,906,000 | 302,190,000 | 294,944,000 | 288,276,000 | 264,453,000 | 266,299,000 | 265,373,000 | 260,990,000 | 239,210,000 | 231,765,000 | 217,671,000 | 208,492,000 |
interest-bearing deposits | 2,390,220,000 | 2,285,744,000 | 2,194,647,000 | 1,816,620,000 | 1,828,162,000 | 1,768,760,000 | 1,675,795,000 | 1,664,119,000 | 1,635,615,000 | 1,585,973,000 | 1,511,498,000 | 1,482,910,000 | 1,492,563,000 | 1,543,219,000 |
brokered deposits | 131,936,000 | 117,940,000 | 77,508,000 | 66,831,000 | 79,396,000 | 70,176,000 | 73,490,000 | 73,127,000 | 92,803,000 | 77,774,000 | 54,045,000 | 20,236,000 | ||
total deposits | 2,969,605,000 | 2,836,645,000 | 2,685,061,000 | 2,185,641,000 | 2,202,502,000 | 2,127,212,000 | 2,013,738,000 | 2,003,545,000 | 1,993,791,000 | 1,924,737,000 | 1,804,753,000 | 1,734,911,000 | 1,710,234,000 | 1,751,711,000 |
short-term borrowed funds | 98,000,000 | 126,000,000 | 290,000,000 | 25,000,000 | 70,000,000 | 44,000,000 | 10,000,000 | 30,000,000 | 75,000,000 | 80,000,000 | 50,000,000 | |||
long-term borrowed funds | 211,149,000 | 229,935,000 | 229,936,000 | 206,187,000 | 217,438,000 | 226,364,000 | 246,365,000 | 266,366,000 | 235,117,000 | 200,118,000 | 195,119,000 | 195,120,000 | 195,096,000 | 269,597,000 |
subordinated debt | 33,843,000 | 33,812,000 | 33,799,000 | 33,855,000 | ||||||||||
mortgagors' escrow accounts | 5,214,000 | 5,102,000 | 4,551,000 | 4,655,000 | 5,299,000 | 5,306,000 | 5,221,000 | 5,530,000 | 5,039,000 | 3,838,000 | 5,034,000 | 5,343,000 | 4,273,000 | |
accrued interest payable | 1,409,000 | 940,000 | 1,611,000 | 622,000 | 417,000 | 419,000 | 518,000 | 554,000 | 494,000 | 550,000 | 545,000 | 484,000 | 469,000 | 579,000 |
other liabilities and accrued expenses | 47,086,000 | 60,114,000 | 50,589,000 | 43,495,000 | 35,482,000 | 31,419,000 | 31,594,000 | 32,863,000 | 30,994,000 | 29,166,000 | 33,475,000 | 32,665,000 | 30,818,000 | 25,206,000 |
total liabilities | 3,366,306,000 | 3,292,548,000 | 3,295,547,000 | 2,499,455,000 | 2,531,138,000 | 2,390,720,000 | 2,341,436,000 | 2,318,858,000 | 2,295,435,000 | 2,233,409,000 | 2,118,926,000 | 2,019,219,000 | 1,942,468,000 | 2,052,887,000 |
commitments and contingencies | ||||||||||||||
common stock, 0.01 par value... | 327,000 | 327,000 | 327,000 | 327,000 | 327,000 | 327,000 | 327,000 | 327,000 | 321,000 | 321,000 | 321,000 | 321,000 | 321,000 | |
additional paid-in capital | 154,730,000 | 153,326,000 | 152,156,000 | 150,732,000 | 150,063,000 | 148,559,000 | 147,060,000 | 145,525,000 | 144,705,000 | 144,555,000 | 144,420,000 | 144,175,000 | 144,107,000 | |
retained earnings | 225,936,000 | 221,155,000 | 219,088,000 | 218,977,000 | 213,049,000 | 209,946,000 | 207,590,000 | 205,997,000 | 203,159,000 | 199,946,000 | 197,211,000 | 194,275,000 | 190,723,000 | 191,404,000 |
treasury stock | -1,548,000 | -1,548,000 | -1,548,000 | -1,548,000 | -742,000 | -742,000 | -280,000 | |||||||
accumulated other comprehensive income | 1,466,000 | 130,000 | 718,000 | 1,011,000 | 477,000 | |||||||||
unearned compensation - esop | -9,793,000 | -9,942,000 | -10,091,000 | -10,239,000 | -10,388,000 | -10,536,000 | -10,685,000 | -10,833,000 | -10,982,000 | -11,130,000 | ||||
total stockholders' equity | 371,118,000 | 363,448,000 | 357,574,000 | 353,345,000 | 348,576,000 | 344,857,000 | 343,484,000 | 340,601,000 | 336,635,000 | 332,735,000 | 329,384,000 | 327,914,000 | 324,290,000 | |
total liabilities and stockholders' equity | 3,737,424,000 | 3,655,996,000 | 3,653,121,000 | 2,852,800,000 | 2,879,714,000 | 2,735,577,000 | 2,684,920,000 | 2,659,459,000 | 2,632,070,000 | 2,566,144,000 | 2,448,310,000 | 2,347,133,000 | 2,266,758,000 | |
accumulated other comprehensive loss | -2,358,000 | -4,904,000 | -3,733,000 | -2,697,000 | -528,000 | -415,000 | -568,000 | -957,000 | -1,290,000 | |||||
loans, net of allowance for loan losses of 17,181 at june 30, 2017 and 16,968 at december 31, 2016 | 2,079,483,000 | |||||||||||||
deposits | ||||||||||||||
loans, net of allowance for loan losses of 16,884 at march 31, 2017 and 16,968 at december 31, 2016 | 2,047,285,000 | |||||||||||||
mortgage loans held for sale, at fair value | 86,443,000 | 114,054,000 | 99,697,000 | 67,592,000 | ||||||||||
loans, net of allowance for loan losses of 16,968 at december 31, 2016 and 13,700 at december 31, 2015 | 1,981,747,000 | |||||||||||||
unearned compensation - esop; 1,127,829 shares | -11,278,000 | |||||||||||||
loans, net of allowance for loan losses of 15,832 at september 30, 2016 and 13,700 at december 31, 2015 | 1,904,883,000 | |||||||||||||
unearned compensation - esop; 1,157,508 shares | -11,575,000 | |||||||||||||
loans, net of allowance for loan losses of 14,439 at june 30, 2016 and 13,700 at december 31, 2015 | 1,820,900,000 | |||||||||||||
unearned compensation - esop; 1,187,188 shares | -11,872,000 | |||||||||||||
loans, net of allowance for loan losses of 13,696 at march 31, 2016 and 13,700 at december 31, 2015 | 1,739,546,000 | |||||||||||||
liabilities and retained earnings | ||||||||||||||
mortgagors’ escrow accounts | 4,264,000 | |||||||||||||
total retained earnings | 191,881,000 | |||||||||||||
total liabilities and retained earnings | 2,244,768,000 | |||||||||||||
interest and dividend income: | ||||||||||||||
interest and fees on loans | 15,643,000 | |||||||||||||
interest on loans held for sale | 460,000 | |||||||||||||
interest on taxable securities | 872,000 | |||||||||||||
interest on non-taxable securities | 227,000 | |||||||||||||
other interest and dividend income | 237,000 | |||||||||||||
total interest and dividend income | 17,439,000 | |||||||||||||
interest expense: | ||||||||||||||
interest on deposits | 2,170,000 | |||||||||||||
interest on borrowed funds | 1,383,000 | |||||||||||||
total interest expense | 3,553,000 | |||||||||||||
net interest and dividend income | 13,886,000 | |||||||||||||
benefit from loan losses | 205,000 | |||||||||||||
net interest income, after benefit from loan losses | 13,681,000 | |||||||||||||
noninterest income: | ||||||||||||||
mortgage banking income: | ||||||||||||||
changes in mortgage servicing rights fair value | -2,288,000 | |||||||||||||
other | 9,321,000 | |||||||||||||
total mortgage banking income | 7,033,000 | |||||||||||||
deposit account fees | 2,747,000 | |||||||||||||
income on retirement plan annuities | 106,000 | |||||||||||||
gain on sale of consumer loans | 50,000 | |||||||||||||
gain on sale and call of securities | 242,000 | |||||||||||||
bank-owned life insurance income | 276,000 | |||||||||||||
other income | 608,000 | |||||||||||||
total noninterest income | 11,062,000 | |||||||||||||
noninterest expenses: | ||||||||||||||
compensation and benefits | 15,518,000 | |||||||||||||
occupancy and equipment | 2,784,000 | |||||||||||||
data processing expenses | 1,414,000 | |||||||||||||
loan expenses | 1,592,000 | |||||||||||||
marketing | 565,000 | |||||||||||||
deposit expenses | 359,000 | |||||||||||||
postage and printing | 345,000 | |||||||||||||
professional fees | 577,000 | |||||||||||||
prepayment penalties on federal home loan bank advances | ||||||||||||||
foreclosed and repossessed assets | -56,000 | |||||||||||||
deposit insurance | 403,000 | |||||||||||||
other incomes | 1,056,000 | |||||||||||||
total noninterest expenses | 24,557,000 | |||||||||||||
income before income taxes | 186,000 | |||||||||||||
income tax provision | 62,000 | |||||||||||||
net income | 124,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||
net income | 4,781,000 | 2,067,000 | 111,000 | 5,928,000 | 3,103,000 | 2,252,000 | 1,593,000 | 2,838,000 | 3,213,000 | 2,735,000 | 2,936,000 | 3,552,000 | -681,000 | 124,000 |
adjustments to reconcile net income to net cash used by operating activities: | ||||||||||||||
provision for loan losses | 1,750,000 | 857,000 | ||||||||||||
net amortization of securities premiums/discounts | 66,000 | 90,000 | 102,000 | 152,000 | 134,000 | 146,000 | 154,000 | 163,000 | 166,000 | 194,000 | 199,000 | 203,000 | 193,000 | 188,000 |
net amortization of net deferred loan costs/fees and premiums | 824,000 | 667,000 | 814,000 | 851,000 | 846,000 | 907,000 | 1,046,000 | 1,148,000 | 1,255,000 | 1,269,000 | 1,427,000 | 1,529,000 | 1,549,000 | 1,606,000 |
depreciation and amortization of premises and equipment | 1,120,000 | 1,084,000 | 1,067,000 | 745,000 | 711,000 | 718,000 | 770,000 | 733,000 | 714,000 | 675,000 | 637,000 | 642,000 | 608,000 | 664,000 |
change in mortgage servicing rights fair value | 2,241,000 | 2,151,000 | 1,734,000 | 378,000 | 306,000 | -1,022,000 | 74,000 | 488,000 | 1,052,000 | 442,000 | -2,970,000 | -351,000 | 2,163,000 | 2,288,000 |
mortgage servicing rights capitalized | -166,000 | -165,000 | ||||||||||||
amortization of consumer servicing rights | 6,000 | 9,000 | 7,000 | 11,000 | 12,000 | 12,000 | 12,000 | 14,000 | 14,000 | 14,000 | 14,000 | 19,000 | 18,000 | 17,000 |
accretion of fair value adjustment on loans and deposits | -433,000 | -431,000 | -995,000 | -81,000 | -32,000 | -134,000 | -35,000 | -61,000 | -49,000 | -150,000 | -101,000 | -139,000 | -42,000 | -67,000 |
amortization of other intangible assets | 639,000 | 640,000 | ||||||||||||
amortization of subordinated debt issuance costs | 31,000 | 13,000 | ||||||||||||
gain on sale of securities | ||||||||||||||
bank-owned life insurance income | -259,000 | -247,000 | -1,003,000 | -243,000 | -243,000 | -239,000 | -246,000 | -260,000 | -261,000 | -257,000 | -263,000 | -275,000 | -274,000 | -276,000 |
income on retirement plan annuities | -100,000 | -96,000 | -101,000 | -100,000 | -119,000 | -113,000 | -118,000 | -114,000 | -113,000 | -110,000 | -112,000 | -110,000 | -108,000 | -106,000 |
net loss on sale and write-down of other real estate owned and repossessed assets | 25,000 | -92,000 | ||||||||||||
deferred income tax expense | 0 | 1,000 | ||||||||||||
esop expense | 271,000 | 239,000 | ||||||||||||
share-based compensation expense | 1,282,000 | 1,080,000 | 1,311,000 | 535,000 | 1,381,000 | 1,366,000 | ||||||||
net change in: | ||||||||||||||
loans held for sale | -52,202,000 | 9,658,000 | 17,459,000 | 20,522,000 | -36,888,000 | 25,331,000 | 36,741,000 | -4,352,000 | -39,917,000 | 34,511,000 | -3,795,000 | |||
other assets and liabilities | -28,357,000 | 2,561,000 | 5,031,000 | 10,314,000 | -2,386,000 | -1,067,000 | -259,000 | 5,112,000 | -877,000 | -8,349,000 | 5,995,000 | 6,695,000 | -2,349,000 | -5,235,000 |
net cash used by operating activities | -3,664,000 | -29,349,000 | -6,504,000 | |||||||||||
cash flows from investing activities: | ||||||||||||||
activity in securities available for sale: | ||||||||||||||
maturities, prepayments and calls | 7,110,000 | 7,404,000 | 5,541,000 | 7,209,000 | 5,101,000 | 5,982,000 | 4,958,000 | 5,796,000 | 5,013,000 | 5,888,000 | 5,285,000 | 5,946,000 | ||
purchases | -15,027,000 | -14,903,000 | -19,748,000 | -14,924,000 | -10,007,000 | -20,012,000 | -10,702,000 | -11,019,000 | 0 | -34,442,000 | -29,544,000 | 0 | -4,982,000 | -9,182,000 |
sales | 0 | 0 | 0 | 8,735,000 | ||||||||||
activity in securities held to maturity: | ||||||||||||||
maturities, prepayment and calls | 6,301,000 | 3,511,000 | 1,596,000 | 797,000 | 755,000 | 691,000 | 799,000 | 873,000 | 786,000 | 1,261,000 | 1,242,000 | 1,198,000 | ||
net redemption of fhlb stock | 1,258,000 | 8,835,000 | ||||||||||||
participation-in loan purchases | -2,064,000 | -14,497,000 | -20,240,000 | -20,047,000 | -46,777,000 | -4,875,000 | ||||||||
loan originations, net of principal payments | -64,328,000 | -1,717,000 | -38,171,000 | -10,044,000 | -22,626,000 | -34,830,000 | -396,000 | -27,343,000 | -39,053,000 | -67,441,000 | -79,841,000 | -87,914,000 | -93,696,000 | -42,005,000 |
proceeds from sale of other real estate owned and repossessed assets | 507,000 | 848,000 | 295,000 | 856,000 | 322,000 | 165,000 | 534,000 | 240,000 | 906,000 | 512,000 | 346,000 | 654,000 | 488,000 | 861,000 |
additions to property and equipment | -1,299,000 | -1,403,000 | -2,681,000 | -1,696,000 | -763,000 | -405,000 | -919,000 | -857,000 | -695,000 | -715,000 | -768,000 | -653,000 | -253,000 | -464,000 |
net cash used by investing activities | -39,151,000 | -11,922,000 | -50,048,000 | -35,802,000 | -78,763,000 | -51,290,000 | -78,495,000 | -35,362,000 | -26,529,000 | -97,051,000 | -103,774,000 | -82,946,000 | -67,505,000 | -164,000 |
cash flows from financing activities: | ||||||||||||||
net increase in deposits | 132,725,000 | 151,320,000 | 22,962,000 | -16,861,000 | 75,290,000 | 113,474,000 | 10,193,000 | 9,754,000 | 69,054,000 | 119,984,000 | 69,842,000 | 24,677,000 | -41,477,000 | 60,499,000 |
net change in borrowed funds with maturities less than ninety days | -28,000,000 | -164,000,000 | -10,000,000 | -45,000,000 | 70,000,000 | -44,000,000 | 34,000,000 | -20,000,000 | -45,000,000 | -5,000,000 | 30,000,000 | |||
proceeds from other borrowed funds and subordinated debt | 56,865,000 | |||||||||||||
repayment of other borrowed funds | -35,001,000 | -21,251,000 | -30,001,000 | -30,001,000 | -25,001,000 | -1,000 | -1,000 | -15,001,000 | -1,000 | -1,000 | ||||
net change in mortgagors' escrow accounts | 112,000 | 551,000 | -104,000 | -644,000 | -7,000 | 85,000 | -309,000 | 491,000 | 1,201,000 | -1,196,000 | -309,000 | 1,070,000 | ||
treasury stock purchased | 0 | -806,000 | 0 | -462,000 | ||||||||||
net cash from financing activities | 34,722,000 | -40,707,000 | 136,357,000 | 49,096,000 | 23,603,000 | 21,494,000 | 60,254,000 | 118,787,000 | 99,532,000 | 75,727,000 | 12,733,000 | 80,275,000 | ||
net change in cash and cash equivalents | -22,848,000 | -3,966,000 | 10,424,000 | -37,399,000 | 25,186,000 | 26,519,000 | -14,014,000 | -6,792,000 | -802,000 | 52,184,000 | 30,960,000 | -10,883,000 | -84,121,000 | 73,607,000 |
cash and cash equivalents at beginning of period | 0 | 105,521,000 | 0 | 0 | 80,791,000 | 0 | 0 | 0 | 50,215,000 | |||||
cash and cash equivalents at end of period | -22,848,000 | 101,555,000 | -37,399,000 | 25,186,000 | 107,310,000 | -14,014,000 | -6,792,000 | -802,000 | 102,399,000 | |||||
supplemental cash flow information: | ||||||||||||||
interest paid on deposits | 7,349,000 | 8,229,000 | 7,075,000 | 5,349,000 | 4,438,000 | 3,561,000 | 3,115,000 | 2,823,000 | 2,568,000 | 2,416,000 | 2,273,000 | 2,086,000 | 2,168,000 | 2,167,000 |
interest paid on borrowed funds | 1,755,000 | 3,470,000 | 2,057,000 | 1,178,000 | 908,000 | 1,084,000 | 1,290,000 | 1,263,000 | 1,168,000 | 1,303,000 | 1,171,000 | 1,162,000 | 1,402,000 | 1,352,000 |
income taxes paid | 304,000 | 555,000 | 1,008,000 | 1,044,000 | 52,000 | 730,000 | 314,000 | 20,000 | 4,482,000 | 745,000 | 648,000 | 1,546,000 | 1,431,000 | 75,000 |
transfer of loans to other real estate owned and repossessed assets | 54,000 | 990,000 | 393,000 | 407,000 | 541,000 | 313,000 | 316,000 | 241,000 | 131,000 | 597,000 | 195,000 | 831,000 | 255,000 | 416,000 |
adjustments to reconcile net income to net cash provided (used) by operating activities: | ||||||||||||||
net cash from operating activities | 20,086,000 | 28,713,000 | ||||||||||||
capital expenditures | -1,403,000 | -405,000 | ||||||||||||
free cash flows | 18,683,000 | 28,308,000 | ||||||||||||
net cash (used) provided by financing activities | -12,130,000 | |||||||||||||
benefit from loan losses | 1,502,000 | 632,000 | 886,000 | 808,000 | 760,000 | 921,000 | 470,000 | 265,000 | 1,456,000 | 1,710,000 | 801,000 | 205,000 | ||
mortgage and consumer servicing rights capitalized | -1,253,000 | -244,000 | -442,000 | -582,000 | -790,000 | -551,000 | -514,000 | -989,000 | -1,829,000 | -2,494,000 | -2,549,000 | -1,689,000 | ||
amortization of intangible assets | 671,000 | -9,000 | 22,000 | 22,000 | 22,000 | 22,000 | 22,000 | 22,000 | 22,000 | 23,000 | 21,000 | 23,000 | ||
gain on sale and call of securities | 0 | 0 | -41,000 | -242,000 | ||||||||||
gain on sale of portfolio loans | 0 | 0 | 0 | -36,000 | 0 | 0 | -221,000 | -144,000 | ||||||
net gain on sale and write-down of other real estate owned and repossessed assets | 26,000 | 41,000 | 37,000 | 38,000 | -18,000 | 69,000 | -125,000 | |||||||
deferred income tax benefit | -570,000 | -37,000 | -38,000 | -53,000 | -431,000 | |||||||||
issuance of common stock to the harborone foundation | 0 | 0 | ||||||||||||
net cash provided (used) by operating activities | 40,878,000 | 30,448,000 | ||||||||||||
net (purchase) redemption of fhlb stock | 824,000 | 0 | 1,507,000 | -2,114,000 | -494,000 | -2,177,000 | 4,402,000 | 1,255,000 | ||||||
proceeds from life insurance policies | ||||||||||||||
proceeds from sale of portfolio loans transferred to held for sale | ||||||||||||||
cash paid, net of cash acquired, in business combinations | ||||||||||||||
issuance of common stock | 0 | -44,000 | ||||||||||||
purchase of shares by the esop | 0 | 0 | ||||||||||||
cash and cash equivalents at beginning of year | 0 | 0 | 0 | 40,652,000 | ||||||||||
cash and cash equivalents at end of year | 30,960,000 | -10,883,000 | -84,121,000 | 114,259,000 | ||||||||||
transfer of loans to loans held for sale | 472,000 | 0 | 0 | 0 | 5,088,000 | |||||||||
supplemental non-cash activities related to acquisition detailed in note 2: | ||||||||||||||
fair value of non-cash tangible assets acquired | ||||||||||||||
goodwill and intangible assets | ||||||||||||||
fair value of liabilities assumed | ||||||||||||||
fair value adjustment gain on loans transferred to held for sale | ||||||||||||||
net (gain) loss on sale and write-down of other real estate owned and repossessed assets | ||||||||||||||
esop expenses | 283,000 | 271,000 | 282,000 | 286,000 | 276,000 | 298,000 | 283,000 | 542,000 | ||||||
net redemption (purchase) of fhlb stock | 2,047,000 | -1,772,000 | 1,994,000 | |||||||||||
proceeds from sale of portfolio loans | 0 | 0 | 0 | 0 | 10,000,000 | 29,831,000 | ||||||||
net income on sale and write-down of other real estate owned and repossessed assets | ||||||||||||||
proceeds from other borrowed funds | 21,075,000 | 10,000,000 | 5,000,000 | 31,250,000 | 35,000,000 | 20,000,000 | 0 | 25,000 | 0 | 20,000,000 | ||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
investment in bank-owned life insurance | ||||||||||||||
redemption of retirement plan annuities | ||||||||||||||
acquisition of merrimack mortgage company | ||||||||||||||
repayment of notes payable assumed in acquisition | ||||||||||||||
repurchase of common stock | ||||||||||||||
increase in msrs due to change in accounting principle | ||||||||||||||
transfer of retirement plan annuities to bank-owned life insurance | ||||||||||||||
schedule of non-cash activities related to acquisition: | ||||||||||||||
goodwill and non-compete intangible asset | ||||||||||||||
stock-based compensation expense | ||||||||||||||
adjustments to reconcile net income to net cash (used) provided by operating activities: | ||||||||||||||
mortgage loans held for sale | 27,611,000 | -14,357,000 | ||||||||||||
net cash (used) provided by operating activities | ||||||||||||||
deferred income tax provision | -219,000 | 60,000 | ||||||||||||
maturities, prepayments, and calls | 9,778,000 | |||||||||||||
maturities, prepayment, and calls | 1,027,000 | |||||||||||||
net change in mortgagors’ escrow accounts | -223,000 |