HarborOne Bancorp reports Q1 EPS 17c, consensus 11c

Reports company’s net interest and dividend income was $30.6M for the quarter ended March 31 compared to $29.7M for the quarter ended December 31, and $34.4M for the quarter ended March 31. The tax equivalent interest rate spread and net interest margin were 1.62% and 2.25%, respectively, for the quarter ended March 31, 2024, compared to 1.56% and 2.23%, respectively, for the quarter ended December 31 and 2.28% and 2.78%, respectively, for the quarter ended March 31, 2023. The fourth quarter results included interest expense of $620,000 for the remaining unamortized issuance cost on the Company’s $35M subordinated notes redeemed in the fourth quarter of 2023. “In this uncertain interest rate environment, our team remains laser focused on expense management and moderate commercial loan growth that brings operational deposits to the Bank,” said Joseph F. Casey, President and CEO. “This quarter was the first quarter since the second quarter of 2022 where the yield on interest-earning assets increased more than the cost of interest-bearing liabilities. I am pleased with our improved earnings this quarter and with our ability to return $9.2M to shareholders through the cash dividend, which increased 6.7%, and through the continuation of our stock buybacks.”