EX-99.1 2 ex-99d1.htm EX-99.1 hone_Exhibit_99.1

Exhibit 99.1

HarborOne Bancorp, Inc. Announces 2017 Third Quarter Earnings

Contact: Joseph F. Casey, EVP, COO, CFO

Brockton, Massachusetts (October 19, 2017): HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced third quarter 2017 net income of $2.8 million, or $0.09 per share, as compared to $3.2 million, or $0.10 per share, for the prior quarter and net income of $3.6 million, or $0.11 per share, for the same quarter last year.

 

The Company reported net income of $8.8 million, or $0.28 per share, for the nine months ended September 30, 2017 compared to net income of $3.0 million for the same period in 2016. The Company’s year-to-date results for 2016 included a one-time contribution of $4.8 million to The HarborOne Foundation; excluding this non-recurring expense, net income would have been $5.9 million.

 

James W. Blake, President and CEO stated, “We continue to capitalize on our commercial loan growth strategy. Despite a very competitive market, we increased our commercial real estate loans 26% and commercial loans 11% since year end which continues to improve our year-to-date margins.”

 

Net Interest Income

The Company’s net interest and dividend income was $19.3 million for the quarter ended September 30, 2017,  up $1.1 million, or 5.8%, from $18.2 million for the quarter ended June 30, 2017 and up $3.4 million,  or 21.2%, from $15.9 million for the quarter ended September 30, 2016. The interest rate spread and net interest margin on a tax-equivalent basis were 2.91% and 3.07%, respectively, for the quarter ended September 30, 2017 compared to 2.87% and 3.03%, respectively, for the quarter ended June 30, 2017 and 2.78% and 2.93%, respectively, for the quarter ended September 30, 2016.

 

The increase in net interest income from the previous quarter reflects a $1.5 million, or 6.9%, increase in total interest and dividend income and an increase of $448,000, or 12.1% in total interest expense. The increase in interest and dividend income is primarily due to a $680,000 prepayment penalty and commercial loan growth that provided an increase in average outstanding loans of $61.0 million. The yield on loans increased to 3.95%  for the quarter ended September 30, 2017 from 3.82% for the quarter ended June 30, 2017. The increase in interest expense is due to an increase in average interest-bearing deposits of $40.4 million with a 4 basis point increase in the cost of those funds and an increase in average FHLB advances of $33.0 million offset by a 6 basis point decrease in total cost of borrowed funds.

 

The increase in net interest income over the prior year quarter is primarily due to growth in the Company’s average loan balances to $2.19 billion from $1.98 billion and an increase in the yield on loans to 3.95% from 3.61%, again primarily driven by commercial loan growth as well as higher rates on variable rate loans and the prepayment penalty.  Total interest and dividend income increased  $4.3 million, or 22.2%, and total interest expense increased $885,000, or 27.1%.

 

Noninterest Income

Noninterest income increased to $14.6 million for the quarter ended September 30, 2017,  up  $328,000, or 2.3%, from the quarter ended June 30, 2017.  The increase is primarily due to changes in the mortgage servicing rights fair value adjustments, which largely reflect fluctuations in the 10-year Constant Maturity Treasury rate and residential real estate mortgage loan rates. Changes in the mortgage servicing rights fair value adjustments amounted to  a $488,000 decrease in the third quarter of 2017 compared to a $1.1 million decrease in the second quarter of 2017 and a $351,000 increase in the third quarter of 2016. Noninterest income decreased  $6.2 million, or 29.9%, as compared to the quarter ended September 30, 2016, primarily driven by a decrease of $6.3 million, or 37.2%, in mortgage banking income. Compared to the same quarter prior year, mortgage originations by Merrimack Mortgage Company, LLC decreased 29.7% in 2017 primarily as a result of higher residential mortgage interest rates and reduced refinance volume in 2017.

 

Noninterest Expense

Noninterest expenses were $28.4 million for the quarter ended September 30, 2017, an increase of $1.6 million, or 5.8%, from the quarter ended June 30, 2017.  The increase was primarily due to the increase in compensation and benefits of $1.0 million or 6.2%, in equity awards expense relating to awards given in the current quarter that will be expensed over three years, and an increase in commissions consistent with the increase in mortgage originations from the second to third quarter of 2017. Noninterest expenses decreased  $1.2 million,  or 4.0%, from the quarter ended September 30, 2016 primarily due to a decrease in mortgage loan originations which contributed to a decrease in compensation and benefits of $1.5 million and a decrease of $1.4 million in loan expense. The decreases were offset by increases in occupancy expense of $493,000, marketing expense of $544,000 and professional fees expense of $417,000.

 

Asset Quality

The Company recorded a provision for loan losses of $921,000 for the quarter ended September 30, 2017, $470,000 for the quarter ended June 30, 2017 and $1.7 million for the quarter ended September 30, 2016.  The provisions for the third quarter of 2017 were due to commercial loan growth and an additional specific reserve of $375,000 on a substandard commercial loan.  Second quarter provisions were a result of commercial loan growth. The provisions for the third quarter 2016 reflected commercial loan growth as well as an

 

 

increase in net charge-offs in the quarter ended and the establishment of a $360,000 specific reserve for a substandard commercial loan.  In the first quarter of 2017, the Company adjusted general reserve allocations for commercial real estate and commercial loans based on updated peer data.  The updated peer data resulted in lower general reserve rates on these loan types; however, this decrease was partially offset by commercial loan growth.  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 allowance for loan losses was $17.9 million, or 0.84%, of total loans at September 30, 2017, compared to $17.2 million, or 0.82%, of total loans, at June 30, 2017 and $15.8 million, or 0.82%, of total loans at September 30, 2016. Net charge-offs totaled $169,000 for the quarter ended September 30, 2017, or 0.03%, of average loans outstanding on an annualized basis, compared to $173,000, or 0.03%, for the quarter ended June 30, 2017 and $317,000, or 0.07%, for the quarter ended September 30, 2016.

 

Nonperforming assets were $20.6 million at September 30, 2017 compared to $22.5 million at June 30, 2017 and $26.0 million at September 30, 2016. Nonperforming assets as a percentage of total assets were 0.78% at September 30, 2017,  0.86% at June 30, 2017 and 1.11% at September 30, 2016. The steady decline reflects the Company’s continued efforts to minimize nonperforming assets through diligent collection efforts, prudent workout arrangements and strong underwriting.

 

Balance Sheet

Total assets increased $27.4 million, or 1.0%, to $2.66 billion at September 30, 2017 from $2.63 billion at June 30, 2017. Net loans increased $25.1 million, or 1.2%, to $2.10 billion at September 30, 2017 from $2.08 billion at June 30, 2017.  The net increase in loans for the three months ended September 30, 2017 was primarily due to increases of $30.7 million in commercial real estate loans and $9.8 million in construction loans partially offset by a  decrease of $1.7 million in residential real estate loans, $2.6 million in commercial and industrial loans, and $9.7 million in consumer loans.  Loans held for sale increased $4.4 million, or 4.7%, to $96.2 million at September 30, 2017 from $91.9 million at June 30,  2017 due to the seasonal increase in residential mortgage originations.

 

Total deposits increased $9.8 million, or 0.5%, to $2.00 billion at September 30, 2017 from $1.99 billion at June 30, 2017.  Compared to the prior quarter non-certificate accounts increased $31.0 million,  brokered deposits decreased $19.7 million and term certificate accounts decreased $1.6 million.  The increase in non-certificate accounts was primarily due to an increase in money market accounts. Borrowings were  $276.4 million at September 30, 2017 and $265.1 million at June 30, 2017.

 

Total stockholders’ equity was $340.6 million at September 30, 2017 compared to $336.6 million at June 30, 2017 and $327.9 million at September 30, 2016.   The tangible common equity to tangible assets ratio was 12.36% at September 30, 2017, 12.34% at June 30, 2017 and 13.47% at September 30, 2016.  At September 30, 2017, the Company and the Bank exceed all regulatory capital requirements.

 

About HarborOne Bancorp, Inc.

HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, the largest co-operative bank in New England. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Southeastern Massachusetts through a network of 14 full-service branches, two limited service branches, a commercial loan office in Providence, Rhode Island, a residential lending office in Westford, Massachusetts, and 13 free-standing ATMs. 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. Merrimack Mortgage Company, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with 33 offices in Massachusetts, New Hampshire and Maine, and also does business in seven 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, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or 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 the value of securities in the Company’s investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

(Dollars in thousands)

    

2017

    

2017

    

2017

    

2016

    

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

  

 

 

  

    

 

  

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

15,393

 

$

17,492

 

$

18,621

 

$

16,464

 

$

15,706

Short-term investments

 

 

79,412

 

 

84,105

 

 

83,778

 

 

33,751

 

 

3,549

Total cash and cash equivalents

 

 

94,805

 

 

101,597

 

 

102,399

 

 

50,215

 

 

19,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale, at fair value

 

 

166,122

 

 

160,795

 

 

165,348

 

 

136,469

 

 

115,397

Securities held to maturity, at amortized cost

 

 

47,752

 

 

45,660

 

 

46,531

 

 

47,877

 

 

49,213

Federal Home Loan Bank stock, at cost

 

 

16,356

 

 

16,356

 

 

17,863

 

 

15,749

 

 

15,255

Loans held for sale, at fair value

 

 

96,201

 

 

91,849

 

 

51,932

 

 

86,443

 

 

114,054

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential real estate

 

 

769,418

 

 

771,121

 

 

765,368

 

 

770,935

 

 

774,404

Commercial real estate

 

 

623,054

 

 

592,325

 

 

557,174

 

 

495,801

 

 

450,945

Construction

 

 

76,668

 

 

66,908

 

 

69,134

 

 

58,443

 

 

40,438

Total mortgage loans on real estate

 

 

1,469,140

 

 

1,430,354

 

 

1,391,676

 

 

1,325,179

 

 

1,265,787

Commercial

 

 

111,627

 

 

114,234

 

 

111,849

 

 

100,501

 

 

88,718

Consumer

 

 

533,707

 

 

543,394

 

 

551,603

 

 

563,104

 

 

555,874

Loans

 

 

2,114,474

 

 

2,087,982

 

 

2,055,128

 

 

1,988,784

 

 

1,910,379

Less: Allowance for loan losses

 

 

(17,933)

 

 

(17,181)

 

 

(16,884)

 

 

(16,968)

 

 

(15,832)

Net deferred loan costs

 

 

8,035

 

 

8,682

 

 

9,041

 

 

9,931

 

 

10,336

Net loans

 

 

2,104,576

 

 

2,079,483

 

 

2,047,285

 

 

1,981,747

 

 

1,904,883

Mortgage servicing rights, at fair value

 

 

20,376

 

 

20,313

 

 

20,839

 

 

20,333

 

 

15,534

Goodwill and other intangible assets

 

 

13,519

 

 

13,541

 

 

13,563

 

 

13,585

 

 

13,607

Other assets

 

 

99,752

 

 

102,476

 

 

100,384

 

 

95,892

 

 

99,935

Total assets

 

$

2,659,459

 

$

2,632,070

 

$

2,566,144

 

$

2,448,310

 

$

2,347,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW and demand deposit accounts

 

$

395,728

 

$

395,150

 

$

392,012

 

$

365,869

 

$

358,628

Regular savings and club accounts

 

 

404,465

 

 

398,883

 

 

338,338

 

 

316,947

 

 

317,198

Money market deposit accounts

 

 

666,613

 

 

641,776

 

 

646,123

 

 

595,211

 

 

596,377

Brokered deposits

 

 

73,127

 

 

92,803

 

 

77,774

 

 

54,045

 

 

20,236

Term certificate accounts

 

 

463,612

 

 

465,179

 

 

470,490

 

 

472,681

 

 

442,472

Total deposits

 

 

2,003,545

 

 

1,993,791

 

 

1,924,737

 

 

1,804,753

 

 

1,734,911

Short-term borrowed funds

 

 

10,000

 

 

30,000

 

 

75,000

 

 

80,000

 

 

50,000

Long-term borrowed funds

 

 

266,366

 

 

235,117

 

 

200,118

 

 

195,119

 

 

195,120

Other liabilities and accrued expenses

 

 

38,947

 

 

36,527

 

 

33,554

 

 

39,054

 

 

39,188

Total liabilities

 

 

2,318,858

 

 

2,295,435

 

 

2,233,409

 

 

2,118,926

 

 

2,019,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

327

 

 

321

 

 

321

 

 

321

 

 

321

Additional paid-in capital

 

 

145,525

 

 

144,705

 

 

144,555

 

 

144,420

 

 

144,175

Unearned compensation - ESOP

 

 

(10,833)

 

 

(10,982)

 

 

(11,130)

 

 

(11,278)

 

 

(11,575)

Retained earnings

 

 

205,997

 

 

203,159

 

 

199,946

 

 

197,211

 

 

194,275

Accumulated other comprehensive income (loss)

 

 

(415)

 

 

(568)

 

 

(957)

 

 

(1,290)

 

 

718

Total stockholders' equity

 

 

340,601

 

 

336,635

 

 

332,735

 

 

329,384

 

 

327,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

2,659,459

 

$

2,632,070

 

$

2,566,144

 

$

2,448,310

 

$

2,347,133

 

 

 

 

 

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

(Dollars in thousands, except per share amounts)

    

2017

    

2017

    

2017

    

2016

    

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

20,990

 

$

19,640

 

$

19,135

 

$

18,092

 

$

17,144

Interest on loans held for sale

 

 

796

 

 

620

 

 

546

 

 

788

 

 

866

Interest on securities

 

 

1,334

 

 

1,332

 

 

1,216

 

 

1,002

 

 

988

Other interest and dividend income

 

 

294

 

 

320

 

 

252

 

 

167

 

 

164

Total interest and dividend income

 

 

23,414

 

 

21,912

 

 

21,149

 

 

20,049

 

 

19,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,812

 

 

2,567

 

 

2,432

 

 

2,283

 

 

2,092

Interest on borrowed funds

 

 

1,333

 

 

1,130

 

 

1,285

 

 

1,211

 

 

1,168

Total interest expense

 

 

4,145

 

 

3,697

 

 

3,717

 

 

3,494

 

 

3,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

 

19,269

 

 

18,215

 

 

17,432

 

 

16,555

 

 

15,902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

921

 

 

470

 

 

265

 

 

1,456

 

 

1,710

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income, after provision for loan losses

 

 

18,348

 

 

17,745

 

 

17,167

 

 

15,099

 

 

14,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in mortgage servicing rights fair value

 

 

(488)

 

 

(1,052)

 

 

(442)

 

 

2,970

 

 

351

Other

 

 

11,071

 

 

11,200

 

 

7,846

 

 

12,404

 

 

16,513

Total mortgage banking income

 

 

10,583

 

 

10,148

 

 

7,404

 

 

15,374

 

 

16,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit account fees

 

 

3,172

 

 

3,071

 

 

2,845

 

 

2,979

 

 

3,010

Income on retirement plan annuities

 

 

114

 

 

113

 

 

110

 

 

111

 

 

111

Gain on sale of consumer loans

 

 

 —

 

 

 —

 

 

78

 

 

 —

 

 

 —

Bank-owned life insurance income

 

 

260

 

 

261

 

 

257

 

 

263

 

 

275

Other income

 

 

498

 

 

706

 

 

760

 

 

557

 

 

609

Total noninterest income

 

 

14,627

 

 

14,299

 

 

11,454

 

 

19,284

 

 

20,869

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

17,325

 

 

16,319

 

 

14,924

 

 

18,521

 

 

18,812

Occupancy and equipment

 

 

2,951

 

 

2,724

 

 

2,986

 

 

2,516

 

 

2,458

Data processing

 

 

1,547

 

 

1,528

 

 

1,522

 

 

1,557

 

 

1,450

Loan expense

 

 

1,884

 

 

1,882

 

 

1,363

 

 

2,710

 

 

3,316

Marketing

 

 

1,136

 

 

1,041

 

 

482

 

 

835

 

 

592

Professional fees

 

 

1,126

 

 

1,080

 

 

930

 

 

822

 

 

709

Deposit insurance

 

 

397

 

 

446

 

 

462

 

 

208

 

 

437

Other expenses

 

 

2,072

 

 

1,858

 

 

1,736

 

 

2,194

 

 

1,835

Total noninterest expenses

 

 

28,438

 

 

26,878

 

 

24,405

 

 

29,363

 

 

29,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

4,537

 

 

5,166

 

 

4,216

 

 

5,020

 

 

5,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

1,699

 

 

1,953

 

 

1,481

 

 

2,084

 

 

1,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,838

 

$

3,213

 

$

2,735

 

$

2,936

 

$

3,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.09

 

$

0.10

 

$

0.09

 

$

0.09

 

$

0.11

Diluted

 

$

0.09

 

$

0.10

 

$

0.09

 

$

0.09

 

$

0.11

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

31,303,281

 

 

31,013,002

 

 

30,998,163

 

 

30,973,588

 

 

30,943,808

Diluted

 

 

31,303,281

 

 

31,013,002

 

 

30,998,163

 

 

30,973,588

 

 

30,943,808

 

 

 

 

 

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

 

 

(Dollars in thousands, except per share amounts)

    

2017

    

2016

    

$ Change

    

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

59,765

 

$

49,080

 

$

10,685

 
21.8

%

Interest on loans held for sale

 

 

1,962

 

 

1,907

 

 

55

 
2.9

 

Interest on securities

 

 

3,882

 

 

3,110

 

 

772

 
24.8

 

Other interest and dividend income

 

 

866

 

 

610

 

 

256

 
42.0

 

Total interest and dividend income

 

 

66,475

 

 

54,707

 

 

11,768

 
21.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

7,811

 

 

6,427

 

 

1,384

 
21.5

 

Interest on borrowed funds

 

 

3,748

 

 

3,840

 

 

(92)

 
(2.4)

 

Total interest expense

 

 

11,559

 

 

10,267

 

 

1,292

 
12.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and dividend income

 

 

54,916

 

 

44,440

 

 

10,476

 
23.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

1,656

 

 

2,716

 

 

(1,060)

 
(39.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income, after provision for loan losses

 

 

53,260

 

 

41,724

 

 

11,536

 
27.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking income:

 

 

 

 

 

 

 

 

 

 

 

 

Changes in mortgage servicing rights fair value

 

 

(1,982)

 

 

(4,100)

 

 

2,118

 
51.7

 

Other

 

 

30,117

 

 

39,725

 

 

(9,608)

 
(24.2)

 

Total mortgage banking income

 

 

28,135

 

 

35,625

 

 

(7,490)

 
(21.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit account fees

 

 

9,088

 

 

8,685

 

 

403

 
4.6

 

Income on retirement plan annuities

 

 

337

 

 

325

 

 

12

 
3.7

 

Gain on sale of consumer loans

 

 

78

 

 

79

 

 

(1)

 
(1.3)

 

Gain on sale and call of securities, net

 

 

 —

 

 

283

 

 

(283)

 
(100.0)

 

Bank-owned life insurance income

 

 

778

 

 

825

 

 

(47)

 
(5.7)

 

Other income

 

 

1,964

 

 

1,997

 

 

(33)

 
(1.7)

 

Total noninterest income

 

 

40,380

 

 

47,819

 

 

(7,439)

 
(15.6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

48,568

 

 

50,552

 

 

(1,984)

 
(3.9)

 

Occupancy and equipment

 

 

8,661

 

 

7,705

 

 

956

 
12.4

 

Data processing

 

 

4,597

 

 

4,310

 

 

287

 
6.7

 

Loan expense

 

 

5,129

 

 

7,036

 

 

(1,907)

 
(27.1)

 

Marketing

 

 

2,659

 

 

1,764

 

 

895

 
50.7

 

Professional fees

 

 

3,136

 

 

1,888

 

 

1,248

 
66.1

 

Deposit insurance

 

 

1,305

 

 

1,258

 

 

47

 
3.7

 

Prepayment penalties on Federal Home Loan Bank

 

 

 —

 

 

400

 

 

(400)

 
(100.0)

 

Charitable foundation contributions

 

 

 —

 

 

4,820

 

 

(4,820)

 
(100.0)

 

Other expenses

 

 

5,666

 

 

5,602

 

 

64

 
1.1

 

Total noninterest expenses

 

 

79,721

 

 

85,335

 

 

(5,614)

 
(6.6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

13,919

 

 

4,208

 

 

9,711

 
230.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

5,133

 

 

1,213

 

 

3,920

 
323.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

8,786

 

$

2,995

 

$

5,791

 
193.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.28

 

 

N/A

 

 

N/A

 

 

 

Diluted

 

$

0.28

 

 

N/A

 

 

N/A

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

31,109,104

 

 

N/A

 

 

N/A

 

 

 

Diluted

 

 

31,109,104

 

 

N/A

 

 

N/A

 

 

 

 

 

 

 

 

HarborOne Bancorp, Inc.

Average Balances / Yields

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

 

 

September 30, 2017

 

June 30, 2017

 

September 30, 2016

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)

 

$

2,190,303

 

$

21,786

 

3.95

%  

$

2,129,280

 

$

20,260

 

3.82

%  

$

1,983,249

 

$

18,010

 

3.61

%

Investment securities (2)

 

 

206,761

 

 

1,409

 

2.70

 

 

209,691

 

 

1,408

 

2.69

 

 

166,816

 

 

1,065

 

2.54

 

Other interest-earning assets

 

 

102,589

 

 

294

 

1.14

 

 

81,370

 

 

320

 

1.58

 

 

18,030

 

 

164

 

3.62

 

Total interest-earning assets

 

 

2,499,653

 

 

23,489

 

3.73

 

 

2,420,341

 

 

21,988

 

3.64

 

 

2,168,095

 

 

19,239

 

3.53

 

Noninterest-earning assets

 

 

128,966

 

 

 

 

 

 

 

129,281

 

 

 

 

 

 

 

130,498

 

 

 

 

 

 

Total assets

 

$

2,628,619

 

 

 

 

 

 

$

2,549,622

 

 

 

 

 

 

$

2,298,593

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

402,470

 

 

195

 

0.19

 

$

351,948

 

 

151

 

0.17

 

$

319,202

 

 

139

 

0.17

 

NOW accounts

 

 

125,636

 

 

20

 

0.06

 

 

128,794

 

 

20

 

0.06

 

 

120,704

 

 

19

 

0.06

 

Money market accounts

 

 

646,873

 

 

970

 

0.59

 

 

654,127

 

 

821

 

0.50

 

 

612,761

 

 

685

 

0.44

 

Certificates of deposit

 

 

463,077

 

 

1,382

 

1.18

 

 

469,249

 

 

1,369

 

1.17

 

 

434,519

 

 

1,246

 

1.14

 

Brokered deposit

 

 

82,976

 

 

245

 

1.17

 

 

76,555

 

 

206

 

1.08

 

 

549

 

 

 3

 

2.17

 

Total interest-bearing deposits

 

 

1,721,032

 

 

2,812

 

0.65

 

 

1,680,673

 

 

2,567

 

0.61

 

 

1,487,735

 

 

2,092

 

0.56

 

FHLB advances

 

 

287,858

 

 

1,333

 

1.84

 

 

254,832

 

 

1,130

 

1.78

 

 

232,587

 

 

1,168

 

2.00

 

Total interest-bearing liabilities

 

 

2,008,890

 

 

4,145

 

0.82

 

 

1,935,505

 

 

3,697

 

0.77

 

 

1,720,322

 

 

3,260

 

0.75

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

251,579

 

 

 

 

 

 

 

250,654

 

 

 

 

 

 

 

217,930

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

 

30,815

 

 

 

 

 

 

 

29,432

 

 

 

 

 

 

 

32,888

 

 

 

 

 

 

Total liabilities

 

 

2,291,284

 

 

 

 

 

 

 

2,215,591

 

 

 

 

 

 

 

1,971,140

 

 

 

 

 

 

Total equity

 

 

337,335

 

 

 

 

 

 

 

334,031

 

 

 

 

 

 

 

327,453

 

 

 

 

 

 

Total liabilities and equity

 

$

2,628,619

 

 

 

 

 

 

$

2,549,622

 

 

 

 

 

 

$

2,298,593

 

 

 

 

 

 

Tax equivalent net interest income

 

 

 

 

 

19,344

 

 

 

 

 

 

 

18,291

 

 

 

 

 

 

 

15,979

 

 

 

Tax equivalent interest rate spread (3)

 

 

 

 

 

 

 

2.91

%  

 

 

 

 

 

 

2.87

%  

 

 

 

 

 

 

2.78

%

Less: tax equivalent adjustment

 

 

 

 

 

75

 

 

 

 

 

 

 

76

 

 

 

 

 

 

 

77

 

 

 

Net interest income as reported

 

 

 

 

$

19,269

 

 

 

 

 

 

$

18,215

 

 

 

 

 

 

$

15,902

 

 

 

Net interest-earning assets (4)

 

$

490,763

 

 

 

 

 

 

$

484,836

 

 

 

 

 

 

$

447,773

 

 

 

 

 

 

Net interest margin (5)

 

 

 

 

 

 

 

3.06

%  

 

 

 

 

 

 

3.02

%  

 

 

 

 

 

 

2.92

%

Tax equivalent effect

 

 

 

 

 

 

 

0.01

 

 

 

 

 

 

 

0.01

 

 

 

 

 

 

 

0.01

 

Net interest margin on a fully tax equivalent basis

 

 

 

 

 

 

 

3.07

%  

 

 

 

 

 

 

3.03

%  

 

 

 

 

 

 

2.93

%

Average interest-earning assets to average interest-bearing liabilities

 

 

124.43

%  

 

 

 

 

 

 

125.05

%  

 

 

 

 

 

 

126.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes loans held for sale, nonaccruing loan balances and interest received on such loans.

 

(2) Includes securities available for sale and securities held to maturity.  Interest income from tax exempt securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented.  The yield on investments before tax equivalent adjustments for the quarters presented were 2.56%, 2.55%, and 2.36%, respectively.

 

(3) Net 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 / Yields

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date

 

 

 

September 30, 2017

 

September 30, 2016

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

 

 

Outstanding

 

 

 

Yield/

 

Outstanding

 

 

 

Yield/

 

 

    

Balance

    

Interest

    

Cost (6)

    

Balance

    

Interest

    

Cost (6)

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)

 

$

2,144,071

 

$

61,727

 

3.85

%  

$

1,889,578

 

$

50,987

 

3.60

%

Investment securities (2)

 

 

204,693

 

 

4,109

 

2.68

 

 

174,692

 

 

3,344

 

2.56

 

Other interest-earning assets

 

 

79,354

 

 

866

 

1.46

 

 

48,977

 

 

610

 

1.65

 

Total interest-earning assets

 

 

2,428,118

 

 

66,702

 

3.67

 

 

2,113,247

 

 

54,941

 

3.47

 

Noninterest-earning assets

 

 

132,054

 

 

 

 

 

 

 

127,996

 

 

 

 

 

 

Total assets

 

$

2,560,172

 

 

 

 

 

 

$

2,241,243

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

360,660

 

 

497

 

0.18

 

$

312,672

 

 

407

 

0.17

 

NOW accounts

 

 

125,902

 

 

59

 

0.06

 

 

119,495

 

 

56

 

0.06

 

Money market accounts

 

 

642,764

 

 

2,544

 

0.53

 

 

628,669

 

 

2,112

 

0.45

 

Certificates of deposit

 

 

467,342

 

 

4,101

 

1.17

 

 

446,624

 

 

3,849

 

1.15

 

Brokered deposit

 

 

75,140

 

 

610

 

1.08

 

 

184

 

 

 3

 

2.18

 

Total interest-bearing deposits

 

 

1,671,808

 

 

7,811

 

0.62

 

 

1,507,644

 

 

6,427

 

0.57

 

FHLB advances

 

 

278,181

 

 

3,748

 

1.80

 

 

245,693

 

 

3,840

 

2.09

 

Total interest-bearing liabilities

 

 

1,949,989

 

 

11,559

 

0.79

 

 

1,753,337

 

 

10,267

 

0.78

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

246,512

 

 

 

 

 

 

 

218,960

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

 

29,750

 

 

 

 

 

 

 

29,451

 

 

 

 

 

 

Total liabilities

 

 

2,226,251

 

 

 

 

 

 

 

2,001,748

 

 

 

 

 

 

Total equity

 

 

333,921

 

 

 

 

 

 

 

239,495

 

 

 

 

 

 

Total liabilities and equity

 

$

2,560,172

 

 

 

 

 

 

$

2,241,243

 

 

 

 

 

 

Tax equivalent net interest income

 

 

 

 

 

55,143

 

 

 

 

 

 

 

44,674

 

 

 

Tax equivalent interest rate spread (3)

 

 

 

 

 

 

 

2.88

%  

 

 

 

 

 

 

2.69

%

Less: tax equivalent adjustment

 

 

 

 

 

227

 

 

 

 

 

 

 

234

 

 

 

Net interest income as reported

 

 

 

 

$

54,916

 

 

 

 

 

 

$

44,440

 

 

 

Net interest-earning assets (4)

 

$

478,129

 

 

 

 

 

 

$

359,910

 

 

 

 

 

 

Net interest margin (5)

 

 

 

 

 

 

 

3.02

%  

 

 

 

 

 

 

2.81

%

Tax equivalent effect

 

 

 

 

 

 

 

0.02

 

 

 

 

 

 

 

0.01

 

Net interest margin on a fully tax equivalent basis

 

 

 

 

 

 

 

3.04

%  

 

 

 

 

 

 

2.82

%

Average interest-earning assets to average interest-bearing liabilities

 

 

124.52

%  

 

 

 

 

 

 

120.53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes loans held for sale, nonaccruing loan balances and interest received on such loans.

 

(2) Includes securities available for sale and securities held to maturity.  Interest income from tax exempt securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented.  The yield on investments before tax equivalent adjustments was 2.54% and 2.38% for the nine months ended September 30, 2017 and 2016, respectively.

 

(3) Net 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

 

 

    

September 30, 2017

    

June 30, 2017

    

March 31, 2017

    

December 31, 2016

    

September 30, 2016

 

 

 

(In thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)

 

$

2,190,303

 

$

2,129,280

 

$

2,111,768

 

$

2,055,444

 

$

1,983,249

 

Investment securities (2)

 

 

206,761

 

 

209,691

 

 

197,525

 

 

168,485

 

 

166,816

 

Other interest-earning assets

 

 

102,589

 

 

81,370

 

 

67,428

 

 

38,912

 

 

18,030

 

Total interest-earning assets

 

 

2,499,653

 

 

2,420,341

 

 

2,376,721

 

 

2,262,841

 

 

2,168,095

 

Noninterest-earning assets

 

 

128,966

 

 

129,281

 

 

124,148

 

 

126,899

 

 

130,498

 

Total assets

 

$

2,628,619

 

$

2,549,622

 

$

2,500,869

 

$

2,389,740

 

$

2,298,593

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

402,470

 

$

351,948

 

$

326,731

 

$

319,166

 

$

319,202

 

NOW accounts

 

 

125,636

 

 

128,794

 

 

123,340

 

 

124,134

 

 

120,704

 

Money market accounts

 

 

646,873

 

 

654,127

 

 

627,073

 

 

602,263

 

 

612,761

 

Certificates of deposit

 

 

463,077

 

 

469,249

 

 

469,774

 

 

458,491

 

 

434,519

 

Brokered deposit

 

 

82,976

 

 

76,555

 

 

65,698

 

 

39,689

 

 

549

 

Total interest-bearing deposits

 

 

1,721,032

 

 

1,680,673

 

 

1,612,616

 

 

1,543,743

 

 

1,487,735

 

FHLB advances

 

 

287,858

 

 

254,832

 

 

291,896

 

 

257,568

 

 

232,587

 

Total interest-bearing liabilities

 

 

2,008,890

 

 

1,935,505

 

 

1,904,512

 

 

1,801,311

 

 

1,720,322

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

251,579

 

 

250,654

 

 

237,056

 

 

227,918

 

 

217,930

 

Other noninterest-bearing liabilities

 

 

30,815

 

 

29,432

 

 

28,981

 

 

31,055

 

 

32,888

 

Total liabilities

 

 

2,291,284

 

 

2,215,591

 

 

2,170,549

 

 

2,060,284

 

 

1,971,140

 

Total equity

 

 

337,335

 

 

334,031

 

 

330,320

 

 

329,456

 

 

327,453

 

Total liabilities and equity

 

$

2,628,619

 

$

2,549,622

 

$

2,500,869

 

$

2,389,740

 

$

2,298,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized Yield Trend - Quarters Ended

 

 

 

September 30, 2017

 

June 30, 2017

 

March 31, 2017

 

December 31, 2016

 

September 30, 2016

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)

 

 
3.95

%  

 
3.82

%  

 
3.78

%  

 
3.65

%  

 
3.61

%

Investment securities (2)

 

 
2.70

%  

 
2.69

%  

 
2.65

%  

 
2.55

%  

 
2.54

%

Other interest-earning assets

 

 
1.14

%  

 
1.58

%  

 
1.52

%  

 
1.71

%  

 
3.62

%

Total interest-earning assets

 

 
3.73

%  

 
3.64

%  

 
3.62

%  

 
3.54

%  

 
3.53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 
0.19

%  

 
0.17

%  

 
0.19

%  

 
0.18

%  

 
0.17

%

NOW accounts

 

 
0.06

%  

 
0.06

%  

 
0.06

%  

 
0.06

%  

 
0.06

%

Money market accounts

 

 
0.59

%  

 
0.50

%  

 
0.49

%  

 
0.46

%  

 
0.44

%

Certificates of deposit

 

 
1.18

%  

 
1.17

%  

 
1.17

%  

 
1.16

%  

 
1.14

%

Brokered deposit

 

 
1.17

%  

 
1.08

%  

 
0.98

%  

 
0.92

%  

 
2.17

%

Total interest-bearing deposits

 

 
0.65

%  

 
0.61

%  

 
0.61

%  

 
0.59

%  

 
0.56

%

FHLB advances

 

 
1.84

%  

 
1.78

%  

 
1.79

%  

 
1.87

%  

 
2.00

%

Total interest-bearing liabilities

 

 
0.82

%  

 
0.77

%  

 
0.79

%  

 
0.77

%  

 
0.75

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes loans held for sale, nonaccruing loan balances and interest received on such loans.

 

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

 

 

 

 

 

 

HarborOne Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

 

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

Performance Ratios (annualized):

    

2017

 

2017

 

2017

 

2016

 

2016

 

 

 

   

                     

     

   

                     

     

   

                     

     

   

                     

     

   

                     

 

Return (loss) on average assets (ROAA)

 

 

0.43

%  

 

0.50

%  

 

0.44

%  

 

0.49

%  

 

0.62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return (loss) on average equity (ROAE)

 

 

3.37

%  

 

3.85

%  

 

3.31

%  

 

3.56

%  

 

4.34

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (1)

 

 

83.83

%  

 

82.60

%  

 

84.41

%  

 

81.87

%  

 

80.46

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) This non-GAAP measure represents noninterest expense divided by the sum of net interest income and noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At or for the Quarters Ended

 

 

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

Asset Quality

    

2017

 

2017

 

2017

 

2016

 

2016

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

                     

     

   

                     

     

   

                     

     

   

                     

     

   

                     

 

Total nonperforming assets

 

$

20,627

 

$

22,522

 

$

23,471

 

$

22,946

 

$

25,992

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to total assets

 

 

0.78

%  

 

0.86

%  

 

0.91

%  

 

0.94

%  

 

1.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses to total loans

 

 

0.84

%  

 

0.82

%  

 

0.82

%  

 

0.85

%  

 

0.82

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge offs

 

$

169

 

$

173

 

$

349

 

$

320

 

$

317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized net charge offs/average loans

 

 

0.03

%  

 

0.03

%  

 

0.07

%  

 

0.06

%  

 

0.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses to nonperforming loans

 

 

91.47

%  

 

80.04

%  

 

78.17

%  

 

80.12

%  

 

65.92

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

Capital and Share Related

    

2017

 

2017

 

2017

 

2016

 

2016

 

 

 

   

                     

     

   

                     

     

   

                     

     

   

                     

     

   

                     

 

Common stock outstanding

 

 

32,662,295

 

 

32,120,880

 

 

32,120,880

 

 

32,120,880

 

 

32,120,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

10.43

 

$

10.48

 

$

10.36

 

$

10.25

 

$

10.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share (1)

 

$

10.01

 

$

10.06

 

$

9.94

 

$

9.83

 

$

9.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity / tangible assets (2)

 

 
12.36

%  

 
12.34

%  

 
12.50

%  

 
12.97

%  

 
13.47

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) This non-GAAP ratio is total stockholders' equity less goodwill and other intangible assets divided by common stock outstanding.

(2) This non-GAAP ratio is total stockholders' equity less goodwill and other intangible assets to total assets less goodwill and other intangible assets.