HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $8.9 million, or $0.21 per diluted share, for the quarter ended December 31, 2024, an increase of $5.0 million, or 126.5%, compared to net income of $3.9 million, or $0.10 per diluted share, for the quarter ended September 30, 2024. The Company reported net income of $27.4 million, or $0.66 per diluted share, for the year ended December 31, 2024, compared to net income of $16.1 million, or $0.37 per diluted share, for the prior year.

Fourth Quarter Financial Highlights:

• Net income of $8.9 million, or $0.21 per diluted share, partially driven by a $546,000 release of tax reserve for uncertain tax positions that were resolved. Excluding the reserve release, net income was $8.3 million or $0.20 per diluted share.
• Net interest margin of 2.36%, flat on a linked-quarter basis.
• Average deposits, excluding brokered deposits, increased $62.9 million, or 6.1% annualized, on a linked-quarter basis.
• The loans-to-deposits ratio improved 94 basis points during the quarter, from 107.57% to 106.63%.
• Credit loss provision of $1.9 million, increasing coverage ratio to 1.16%.
• Bank Term Funding Program (“BTFP”) borrowing of $175.0 million paid in full, driving a decline in average borrowings of $95.9 million during the quarter. As a result of the BTFP borrowing payoff and lower short-term interest rates, borrowing costs declined 25 basis points compared to the linked quarter.
• HarborOne Mortgage, LLC (“HarborOne Mortgage”) generated net income of $1.1 million, as compared to a $1.1 million loss on a linked-quarter basis.
• Share repurchases of 394,457 at an average cost of $12.64 per share.

Joseph F. Casey, President and CEO commented on the results, “I am proud of our team’s efforts in continuing to grow our relationship banking model in 2024. The fourth quarter was our strongest of the year, with continued growth in deposits at reduced interest rates, $1.1 million of net income from our mortgage segment, and insignificant net charge offs. We are looking forward to carrying the positive momentum into 2025.”

Net Interest Income

On a linked-quarter basis, net interest and dividend income declined $66,000 from $31.9 million to $31.8 million. The linked-quarter decrease was impacted by:

• Net interest margin on an FTE basis was 2.36%, flat compared to the third quarter.
  
  
• Yield on loans declined 10 basis points as floating-rate assets repriced during the quarter, partially offset by an $8.3 million increase in the average loan balance. The loan yield was also negatively impacted by a decline in prepayment penalty fees of $249,000.
  
  
• Cost of deposits, excluding brokered deposits, decreased 6 basis points, and the average balance of deposits, excluding brokered deposits, increased $62.9 million, primarily due to increases in money market accounts and certificates of deposits.
  
  
• Borrowing costs improved 25 basis points, and average balances declined $95.9 million, primarily a result of the payoff of the BTFP borrowing.

Noninterest Income

On a linked-quarter basis, total noninterest income increased $3.1 million, or 29.5%, to $13.7 million, from $10.6 million. The linked-quarter increase was impacted by:

• HarborOne Mortgage realized a $4.0 million gain on loan sales from mortgage closings of $179.1 million in the fourth quarter, compared to $3.8 million from mortgage loan closings of $209.5 million in the third quarter. The rate-locked pipeline was down $30.7 million on a linked-quarter basis, as an uptick in mortgage rates, seasonal slow-down, and low for-sale inventory constrained loan demand.
  
  
• The mortgage servicing rights (“MSR”) valuation increased $1.9 million compared to a decrease of $2.8 million for the third quarter of 2024, including the impact of principal payments on the underlying mortgages of $588,000 and $690,000 for the quarters ended December 31, 2024 and September 30, 2024, respectively. The fourth quarter MSR valuation gain was offset by a $1.3 million economic hedging loss, whereas the third quarter included a $845,000 hedging gain.
  
  
• Deposit account fees in the fourth quarter included $690,000 earned from annual VISA volume incentives.
  
  
• Noninterest income in the third quarter included a $529,000 interest rate swap fee, and there was no such fee in the fourth quarter.

Noninterest Expense

On a linked-quarter basis, total noninterest expense increased $605,000 or 1.9%, to $32.9 million, compared to $32.3 million. The linked-quarter increase was impacted by:

• A $302,000 increase in compensation and benefits reflects a third quarter accrual reversal for management incentive based on estimated performance results, and there was no such reversal in the fourth quarter.
  
  
• Professional fees increased $159,000 primarily for consulting services.
  
  
• Deposit insurance increased $135,000, reflecting increased deposit balances as of the assessment date.
  
  
• Other expenses increased $127,000, primarily reflecting an increase in cloud computing expenses.

Balance Sheet

On a linked-quarter basis, total assets decreased $22.8 million, or 0.4%, to $5.75 billion, from $5.78 billion. The linked-quarter decrease was impacted by:

• Available-for-sale securities decreased $12.9 million to $263.9 million from the prior quarter. In the fourth quarter, the unrealized loss on securities available for sale increased to $65.2 million, as compared to $52.2 million in the prior quarter. Securities held to maturity were $19.6 million.
  
  
• Loans declined $27.0 million, or 0.6%, to $4.85 billion, from $4.88 billion the prior quarter.
  
  
• Total deposits increased $14.6 million to $4.55 billion from $4.54 billion the prior quarter. Non-certificate accounts decreased $19.4 million and term certificate accounts increased $6.2 million, as a competitive rate environment continued to pressure deposit mix and rates. Brokered deposits increased $27.8 million, primarily to support the payoff of the BTFP borrowing. As of December 31, 2024, FDIC-insured deposits were approximately 74% of total deposits, including Bank subsidiary deposits.
  
  
• Borrowed funds decreased $22.8 million to $516.6 million compared to $539.4 million at the prior quarter end. During the fourth quarter the Bank repaid the $175.0 million BTFP borrowing in full. As of December 31, 2024, the Bank had $1.29 billion in available borrowing capacity across multiple relationships.
  
  
• Total stockholders’ equity was $575.0 million compared to $584.2 million at the prior quarter end. Stockholders’ equity decreased 1.6% when compared to the prior quarter, as net income was offset by an increase in unrealized losses on available-for-sale securities, share repurchases, and dividends.
  
  
• The tangible-common-equity-to-tangible-assets ratio ⁽¹⁾ was 9.05% at December 31, 2024, compared to 9.17% at September 30, 2024. Book value per share and tangible book value per share⁽¹⁾ declined modestly quarter over quarter from $13.24 to $13.15 and from $11.88 to $11.78, respectively, as a result of the increase in unrealized losses on the investment portfolio due to the increase in interest rates across the yield curve during the quarter.

⁽¹⁾ Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures.

2024 Financial Highlights

• Net income increased $11.3 million, or 70.5%, to $27.4 million, or $0.66 per diluted share, for the year ended December 31, 2024, compared to net income of $16.1 million, or $0.37 per diluted share, for the prior year. The 2023 results included a goodwill impairment charge of $10.8 million.
  
  
• Return on average assets and return on average equity for the year ended December 31, 2024 were 0.47% and 4.71%, respectively compared to 0.29% and 2.68%, respectively, for the same period last year.
  
  
• Loan growth of $102.2 million, or 2.2% was funded by client deposit growth of $88.5 million, or 2.2%.
  
  
• The loans-to-deposits ratio improved to 106.63% at December 31, 2024 from 108.27% at December 31, 2023.
  
  
• Borrowing costs declined 33 basis points to 4.76% from 5.09% during 2024.
  
  
• During 2024, the Company continued to implement and execute share repurchase programs, repurchasing 1,895,980 shares at an average price of $11.15, including $0.10 per share of excise tax.

Asset Quality and Allowance for Credit Losses

Total nonperforming assets were $29.5 million at December 31, 2024, compared to $28.4 million at September 30, 2024 and $17.6 million at December 31, 2023. Nonperforming assets as a percentage of total assets were 0.51% at December 31, 2024, 0.49% at September 30, 2024, and 0.31% at December 31, 2023.

The Company recorded a $1.9 million provision for credit losses for the quarter ended December 31, 2024. The provision for loan credit losses was $2.2 million and the provision for unfunded commitments was a negative $228,000. The provision for loan credit losses was primarily due to a further specific reserve allocation for a previously identified classified commercial real estate loan, qualitative factor adjustments, and a decrease in loan balances. The specific reserve allocation was recorded in anticipation of a loan workout that includes the assumption of a modified loan by a new borrower. For the quarter ended September 30, 2024, the Company had recorded a provision for credit losses of $5.9 million, primarily related to one credit.

The ACL on loans was $56.1 million, or 1.16% of total loans, at December 31, 2024, compared to $54.0 million, or 1.11% of total loans, at September 30, 2024. The ACL on unfunded commitments, included in other liabilities on the unaudited Consolidated Balance Sheets, amounted to $3.5 million at December 31, 2024, compared to $3.7 million at September 30, 2024.

Net charge-offs totaled $58,000 for the quarter ended December 31, 2024 and $182,000, or 0.02% of average loans outstanding on an annualized basis, for the quarter ended September 30, 2024.

As of December 31, 2024 and September 30, 2024, total criticized and classified commercial loans amounted to $178.6 million and $134.3 million, respectively. The quarterly increases in total criticized and classified commercial loans primarily reflects continued pressure on commercial real estate values. During the second half 2024, management performed comprehensive reviews of loans and borrower relationships to identify potential weaknesses and to ensure heightened vigilance to further weakness with the continued market uncertainty.

About HarborOne Bancorp, Inc.

HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, a Massachusetts-chartered trust company. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Eastern Massachusetts and Rhode Island through a network of 30 full-service banking centers located in Massachusetts and Rhode Island, and commercial lending offices in Boston, Massachusetts and Providence, Rhode Island. HarborOne Bank also provides a range of educational resources through “HarborOne U,” with free digital content, webinars, and recordings for small business and personal financial education. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, provides mortgage lending services throughout New England and other 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. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. 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, changes in general business and economic conditions (including inflation and concerns about inflation) 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 interest rates; changes in customer behavior; ongoing turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; 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; cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest, and future pandemics; changes in 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 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’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 including: “core net income,” “core earnings per common share,” “core return on average earning assets,” “core return on average earning equity,” “efficiency ratio,” “core efficiency ratio,” “tax equivalent efficiency ratio,” “tax equivalent core efficiency ratio,” “total adjusted noninterest expense”, “core noninterest expense,” “tax equivalent net interest and dividend income,” “total core noninterest income,” “tax equivalent total core revenue,” “tangible common equity,” “average tangible common equity,” “tangible assets,” “tangible book value per share,” “tangible common equity to tangible assets,” “return on average tangible common equity,” “core return on average tangible common equity” and certain ratios derived from these measures. Non-GAAP measures are utilized by management, regulators and market analysts to evaluate the Company’s financial position and therefore such information is useful to investors.

The tax equivalent basis adjusts for the tax-favored status from certain loans held by the Bank that are not taxable for federal income tax purposes.

Core net income, core noninterest income and core noninterest expense exclude certain items that management does not consider indicative of ongoing financial performance or enhances comparability of results with prior periods. These adjustments include goodwill impairment charges, gain or loss on the sale of certain assets and release of reserve for uncertain tax position.

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. Selected Financial Highlights (Unaudited)
		For the Quarters Ended
		December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
		(Dollars in thousands)
Earnings data
Net interest and dividend income		$	31,827		$	31,893		$	31,350		$	30,582		$	29,693
Noninterest income		$	13,689		$	10,568		$	11,919		$	10,741		$	8,904
Total revenue		$	45,516		$	42,461		$	43,269		$	41,323		$	38,597
Noninterest expense		$	32,873		$	32,268		$	33,144		$	31,750		$	43,214
Pre-tax, pre-provision income (loss)		$	12,643		$	10,193		$	10,125		$	9,573		$	(4,617	)
Provision for credit (benefits) losses		$	1,927		$	5,903		$	615		$	(168	)	$	644
Income (loss) before income taxes		$	10,716		$	4,290		$	9,510		$	9,741		$	(5,261	)
Net income (loss)		$	8,887		$	3,924		$	7,296		$	7,300		$	(7,111	)
Core net income (1)		$	8,341		$	3,924		$	6,689		$	7,300		$	3,649
Per-share data
Earnings per share, diluted		$	0.21		$	0.10		$	0.18		$	0.17		$	(0.17	)
Core earnings per share, diluted(1)		$	0.20		$	0.10		$	0.16		$	0.17		$	0.09
Book value per share		$	13.15		$	13.24		$	12.99		$	12.82		$	12.86
Tangible book value per share(1)		$	11.78		$	11.88		$	11.63		$	11.48		$	11.52
Profitability
Return on average assets			0.62	%		0.27	%		0.50	%		0.50	%		(0.50	)%
Core return on average assets(1)			0.58	%		0.27	%		0.45	%		0.50	%		0.26	%
Return on average equity			6.08	%		2.69	%		5.07	%		5.00	%		(4.85	)%
Core Return on average equity(1)			5.71	%		2.69	%		4.54	%		5.00	%		2.49	%
Return on average tangible common equity(1)			6.78	%		3.00	%		5.67	%		5.57	%		(5.52	)%
Core return on average tangible common equity(1)			6.36	%		3.00	%		5.19	%		5.57	%		2.83	%
Net interest margin on a fully tax equivalent basis(1)			2.36	%		2.36	%		2.31	%		2.25	%		2.23	%
Cost of total deposits			2.62	%		2.68	%		2.53	%		2.49	%		2.47	%
Efficiency ratio(1)			71.81	%		75.55	%		76.16	%		76.38	%		111.47	%
Core efficiency ratio(1)			71.81	%		75.55	%		77.54	%		76.38	%		83.59	%
Tax equivalent efficiency ratio(1)			71.09	%		74.75	%		75.72	%		75.92	%		110.75	%
Tax equivalent core efficiency ratio(1)			71.09	%		74.75	%		77.08	%		75.92	%		83.05	%
Balance Sheet
Total assets		$	5,753,133		$	5,775,967		$	5,787,035		$	5,862,222		$	5,667,896
Total loans		$	4,852,499		$	4,879,503		$	4,839,232		$	4,776,685		$	4,750,311
Total deposits		$	4,550,753		$	4,536,177		$	4,458,297		$	4,394,024		$	4,387,409
Total loans / total deposits			106.63	%		107.57	%		108.54	%		108.71	%		108.27	%
Asset quality
Allowance for credit losses ("ACL")		$	56,101		$	54,004		$	49,139		$	48,185		$	47,972
Nonperforming assets		$	29,473		$	28,408		$	9,766		$	12,201		$	17,582
Non-performing loans to total loans			0.61	%		0.58	%		0.20	%		0.25	%		0.37	%
Allowance for credit losses on loans to non-performing loans			190.41	%		190.10	%		503.16	%		396.26	%		273.92	%
Allowance for credit losses on loans to total loans			1.16	%		1.11	%		1.02	%		1.01	%		1.01	%
Net loans charged off as a percent of average loans outstanding			-	%		0.02	%		0.02	%		0.01	%		0.11	%
Capital adequacy
Stockholders' equity / assets			9.99	%		10.11	%		9.98	%		9.85	%		10.30	%
Tangible common equity / tangible assets(1)			9.05	%		9.17	%		9.03	%		8.92	%		9.33	%
Common equity tier 1 ratio ("CET1")(1)			11.79	%		11.67	%		11.73	%		11.97	%		11.99	%
Risk weighted assets		$	4,795,304		$	4,827,022		$	4,822,128		$	4,727,354		$	4,727,192
(1)Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures

HarborOne Bancorp, Inc. Consolidated Balance Sheet Trend (Unaudited)
		Period ended
		December 31,				September 30,				June 30,				March 31,				December 31,
(in thousands)		2024				2024				2024				2024				2023
Assets
Cash and due from banks		$	44,090			$	39,668			$	48,097			$	36,340			$	38,876
Short-term investments			186,981				184,611				186,965				357,101				188,474
Total cash and cash equivalents			231,071				224,279				235,062				393,441				227,350
Securities available for sale, at fair value			263,904				276,817				269,078				291,008				290,151
Securities held to maturity, at amortized cost			19,627				19,625				19,725				19,724				19,796
Federal Home Loan Bank stock, at cost			23,277				17,476				25,311				26,565				27,098
Asset held for sale			-				-				-				348				348
Loans held for sale, at fair value			36,768				28,467				41,814				16,434				19,686
Loans:
Commercial real estate			2,280,309				2,321,148				2,380,881				2,355,672				2,343,675
Commercial construction			252,691				270,389				233,926				234,811				208,443
Commercial and industrial			594,453				549,908				499,043				471,215				466,443
Total commercial loans			3,127,453				3,141,445				3,113,850				3,061,698				3,018,561
Residential real estate			1,707,556				1,719,882				1,706,678				1,695,686				1,709,714
Consumer			17,490				18,176				18,704				19,301				22,036
Loans			4,852,499				4,879,503				4,839,232				4,776,685				4,750,311
Less: Allowance for credit losses on loans			(56,101	)			(54,004	)			(49,139	)			(48,185	)			(47,972	)
Net loans			4,796,398				4,825,499				4,790,093				4,728,500				4,702,339
Mortgage servicing rights, at fair value			44,500				43,067				46,209				46,597				46,111
Goodwill			59,042				59,042				59,042				59,042				59,042
Other intangible assets			757				947				1,136				1,326				1,515
Other assets			277,789				280,748				299,565				279,237				274,460
Total assets		$	5,753,133			$	5,775,967			$	5,787,035			$	5,862,222			$	5,667,896
Liabilities and Stockholders' Equity
Deposits:
Demand deposit accounts		$	690,647			$	713,379			$	689,800			$	677,152			$	659,973
NOW accounts			298,337				296,322				308,016				305,071				305,825
Regular savings and club accounts			895,232				926,192				989,720				1,110,404				1,265,315
Money market deposit accounts			1,195,209				1,162,930				1,100,215				1,061,145				966,201
Term certificate accounts			1,069,844				1,063,672				985,293				852,326				863,457
Brokered deposits			401,484				373,682				385,253				387,926				326,638
Total deposits			4,550,753				4,536,177				4,458,297				4,394,024				4,387,409
Borrowings			516,555				539,364				619,372				754,380				568,462
Other liabilities and accrued expenses			110,814				116,224				132,037				136,135				128,266
Total liabilities		$	5,178,122			$	5,191,765			$	5,209,706			$	5,284,539			$	5,084,137
Common stock			598				598				598				598				598
Additional paid-in capital			489,532				488,983				487,980				487,277				486,502
Unearned compensation - ESOP			(23,947	)			(24,407	)			(24,866	)			(25,326	)			(25,785	)
Retained earnings			373,861				368,222				367,584				363,591				359,656
Treasury stock			(215,138	)			(210,197	)			(205,944	)			(199,853	)			(193,590	)
Accumulated other comprehensive loss			(49,895	)			(38,997	)			(48,023	)			(48,604	)			(43,622	)
Total stockholders' equity		$	575,011			$	584,202			$	577,329			$	577,683			$	583,759
Total liabilities and stockholders' equity		$	5,753,133			$	5,775,967			$	5,787,035			$	5,862,222			$	5,667,896

HarborOne Bancorp, Inc. Consolidated Statements of Net Income (Unaudited)
		Three Months Ended								Years Ended
		December 31,								December 31,
(in thousands, except share data)		2024				2023				2024				2023
Interest and dividend income:
Interest and fees on loans		$	62,415			$	59,499			$	247,459			$	225,898
Interest on loans held for sale			517				369				1,653				1,351
Interest on securities			1,996				2,001				8,147				8,118
Other interest and dividend income			2,591				2,516				14,149				8,921
Total interest and dividend income			67,519				64,385				271,408				244,288
Interest expense:
Interest on deposits			29,963				27,310				114,103				88,324
Interest on borrowings			5,729				6,260				31,653				25,918
Interest on subordinated debentures			-				1,122				-				2,775
Total interest expense			35,692				34,692				145,756				117,017
Net interest and dividend income			31,827				29,693				125,652				127,271
Provision for credit losses			1,927				644				8,277				5,680
Net interest and dividend income, after provision for credit losses			29,900				29,049				117,375				121,591
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans			3,952				2,176				12,860				10,404
Changes in mortgage servicing rights fair value			(19	)			(3,553	)			(3,704	)			(4,684	)
Other			2,431				2,301				9,453				9,099
Total mortgage banking income			6,364				924				18,609				14,819
Deposit account fees			6,024				5,796				21,600				20,674
Income on retirement plan annuities			121				147				529				540
Gain on sale of asset held for sale			-				-				1,809				-
Loss on sale of securities			-				-				(1,041	)			-
Bank-owned life insurance income			769				1,207				3,050				2,749
Other income			411				830				2,361				3,072
Total noninterest income			13,689				8,904				46,917				41,854
Noninterest expenses:
Compensation and benefits			18,853				19,199				74,016				73,917
Occupancy and equipment			4,477				4,670				18,522				18,773
Data processing			2,626				2,474				10,191				9,771
Loan expense			525				(317	)			1,814				798
Marketing			599				811				3,332				3,711
Professional fees			1,451				1,690				5,436				5,679
Deposit insurance			1,163				795				4,348				3,485
Goodwill impairment			-				10,760				-				10,760
Other expenses			3,179				3,132				12,376				11,426
Total noninterest expenses			32,873				43,214				130,035				138,320
Income (loss) before income taxes			10,716				(5,261	)			34,257				25,125
Income tax provision			1,829				1,850				6,850				9,048
Net income (loss)		$	8,887			$	(7,111	)		$	27,407			$	16,077
Earnings (loss) per common share:
Basic		$	0.21			$	(0.17	)		$	0.66			$	0.37
Diluted		$	0.21			$	(0.17	)		$	0.66			$	0.37
Weighted average shares outstanding:
Basic			40,700,783				42,111,872				41,220,885				43,221,738
Diluted			41,062,421				42,299,858				41,472,106				43,419,622

HarborOne Bancorp, Inc. Consolidated Statements of Net Income - Trend (Unaudited)
		Quarters Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
(dollars in thousands, except share data)		2024				2024				2024				2024				2023
Interest and dividend income:
Interest and fees on loans		$	62,415			$	63,595			$	61,512			$	59,937			$	59,499
Interest on loans held for sale			517				546				347				243				369
Interest on securities			1,996				1,965				2,121				2,065				2,001
Other interest and dividend income			2,591				2,928				3,971				4,659				2,516
Total interest and dividend income			67,519				69,034				67,951				66,904				64,385
Interest expense:
Interest on deposits			29,963				29,969				27,272				26,899				27,310
Interest on borrowings			5,729				7,172				9,329				9,423				6,260
Interest on subordinated debentures			-				-				-				-				1,122
Total interest expense			35,692				37,141				36,601				36,322				34,692
Net interest and dividend income			31,827				31,893				31,350				30,582				29,693
Provision (benefit) for credit losses			1,927				5,903				615				(168	)			644
Net interest and dividend income, after provision (benefit) for credit losses			29,900				25,990				30,735				30,750				29,049
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans			3,952				3,752				3,143				2,013				2,176
Changes in mortgage servicing rights fair value			(19	)			(2,641	)			(1,098	)			54				(3,553	)
Other			2,431				2,390				2,356				2,276				2,301
Total mortgage banking income			6,364				3,501				4,401				4,343				924
Deposit account fees			6,024				5,370				5,223				4,983				5,796
Income on retirement plan annuities			121				122				141				145				147
Gain on sale of asset held for sale			-				-				1,809				-				-
Loss on sale of securities			-				-				(1,041	)			-				-
Bank-owned life insurance income			769				777				758				746				1,207
Other income			411				798				628				524				830
Total noninterest income			13,689				10,568				11,919				10,741				8,904
Noninterest expenses:
Compensation and benefits			18,853				18,551				18,976				17,636				19,199
Occupancy and equipment			4,477				4,628				4,636				4,781				4,670
Data processing			2,626				2,711				2,375				2,479				2,474
Loan expense			525				457				461				371				(317	)
Marketing			599				549				1,368				816				811
Professional fees			1,451				1,292				1,236				1,457				1,690
Deposit insurance			1,163				1,028				993				1,164				795
Goodwill impairment			-				-				-				-				10,760
Other expenses			3,179				3,052				3,099				3,046				3,132
Total noninterest expenses			32,873				32,268				33,144				31,750				43,214
Income (loss) before income taxes			10,716				4,290				9,510				9,741				(5,261	)
Income tax provision			1,829				366				2,214				2,441				1,850
Net income (loss)		$	8,887			$	3,924			$	7,296			$	7,300			$	(7,111	)
Earnings (loss) per common share:
Basic		$	0.21			$	0.10			$	0.18			$	0.17			$	(0.17	)
Diluted		$	0.21			$	0.10			$	0.18			$	0.17			$	(0.17	)
Weighted average shares outstanding:
Basic			40,700,783				40,984,857				41,293,787				41,912,421				42,111,872
Diluted			41,062,421				41,336,985				41,370,289				42,127,037				42,299,858

HarborOne Bancorp, Inc. Asset Quality (Unaudited)
		As of or for the Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Non-performing Assets
Nonaccruing loans:
Commercial real estate and construction		$	16,836			$	17,171			$	-			$	1,496			$	7,416
Commercial and industrial			2,204				1,743				1,773				1,744				1,791
Residential mortgages, construction, and HELOC			10,409				9,451				7,949				8,866				8,258
Consumer			14				43				44				54				48
Total nonaccruing loans			29,463				28,408				9,766				12,160				17,513
Other real estate owned			-				-				-				-				-
Repossessed assets			10				-				-				41				69
Total nonperforming assets		$	29,473			$	28,408			$	9,766			$	12,201			$	17,582
Total nonperforming loans to total loans			0.61	%			0.58	%			0.20	%			0.25	%			0.37	%
Total nonperforming assets to total assets			0.51	%			0.49	%			0.17	%			0.21	%			0.31	%
Allowance for credit losses on loans
Beginning balance		$	54,004			$	49,139			$	48,185			$	47,972			$	48,312
Net (charge-offs)recoveries:
Commercial real estate and construction			40				3				-				100				(1,253	)
Commercial and industrial			(57	)			(146	)			(184	)			(182	)			(81	)
Residential mortgages and HELOC			1				-				5				3				4
Consumer			(42	)			(39	)			(16	)			(46	)			18
Total net charge-offs:			(58	)			(182	)			(195	)			(125	)			(1,312	)
Provision for loan credit losses			2,155				5,047				1,149				338				972
Ending balance		$	56,101			$	54,004			$	49,139			$	48,185			$	47,972
Allowance for credit losses on loans to total loans			1.16	%			1.11	%			1.02	%			1.01	%			1.01	%
Allowance for credit losses on loans to nonaccruing loans			190.41	%			190.10	%			503.16	%			396.26	%			273.92	%
Annualized net charge-offs (recoveries)/average loans			-	%			0.02	%			0.02	%			0.01	%			0.11	%
Provision (credit) for unfunded commitments		$	(228	)		$	856			$	(534	)		$	(506	)		$	(328	)
Allowance for unfunded commitments		$	3,506			$	3,734			$	2,878			$	3,412			$	3,918
Delinquency
Total delinquent loans		$	37,427			$	21,325			$	12,990			$	12,160			$	19,603
Total delinquent loans to total loans			0.77	%			0.44	%			0.27	%			0.25	%			0.41	%

HarborOne Bancorp, Inc. Average Balances and Yield Trend (Unaudited)
		Quarters Ended
		December 31, 2024								September 30, 2024								December 31, 2023
		Average								Average								Average
		Outstanding						Yield/		Outstanding						Yield/		Outstanding						Yield/
		Balance			Interest			Cost (8)		Balance			Interest			Cost (8)		Balance			Interest			Cost (8)
		(dollars in thousands)
Interest-earning assets:
Investment securities (1)		$	350,041		$	1,996		2.27	%	$	351,897		$	1,965		2.22	%	$	370,683		$	2,001		2.14	%
Other interest-earning assets			203,695			2,591		5.06			207,096			2,928		5.62			205,929			2,516		4.85
Loans held for sale			31,358			517		6.56			30,897			546		7.03			20,010			369		7.32
Loans
Commercial loans (2)(3)			3,139,356			43,845		5.56			3,129,428			44,859		5.70			3,005,840			41,263		5.45
Residential real estate loans (3)(4)			1,711,481			18,685		4.34			1,712,295			18,837		4.38			1,707,978			18,103		4.21
Consumer loans (3)			17,583			343		7.76			18,445			351		7.57			22,324			384		6.82
Total loans			4,868,420			62,873		5.14			4,860,168			64,047		5.24			4,736,142			59,750		5.01
Total interest-earning assets			5,453,514			67,977		4.96			5,450,058			69,486		5.07			5,332,764			64,636		4.81
Noninterest-earning assets			295,057								303,765								313,729
Total assets		$	5,748,571							$	5,753,823							$	5,646,493
Interest-bearing liabilities:
Savings accounts		$	924,514			3,339		1.44		$	963,570			3,807		1.57		$	1,307,774			6,875		2.09
NOW accounts			292,332			110		0.15			292,620			104		0.14			290,147			122		0.17
Money market accounts			1,184,006			10,565		3.55			1,130,148			10,953		3.86			963,223			9,288		3.83
Certificates of deposit			1,075,594			12,391		4.58			1,028,509			11,819		4.57			859,274			8,329		3.85
Brokered deposits			376,154			3,558		3.76			340,301			3,286		3.84			288,449			2,696		3.71
Total interest-bearing deposits			3,852,600			29,963		3.09			3,755,148			29,969		3.17			3,708,867			27,310		2.92
Borrowings			512,802			5,729		4.44			608,736			7,172		4.69			507,520			6,260		4.89
Subordinated debentures			-			-		-			-			-		-			22,614			1,122		19.68
Total borrowings			512,802			5,729		4.44			608,736			7,172		4.69			530,134			7,382		5.52
Total interest-bearing liabilities			4,365,402			35,692		3.25			4,363,884			37,141		3.39			4,239,001			34,692		3.25
Noninterest-bearing liabilities:
Noninterest-bearing deposits			697,364								696,094								683,548
Other noninterest-bearing liabilities			101,371								109,796								137,239
Total liabilities			5,164,137								5,169,774								5,059,788
Total stockholders' equity			584,433								584,049								586,705
Total liabilities and stockholders' equity		$	5,748,571							$	5,753,823							$	5,646,493
Tax equivalent net interest income						32,285								32,345								29,944
Tax equivalent interest rate spread (5)								1.71	%							1.68	%							1.56	%
Less: tax equivalent adjustment						458								452								251
Net interest income as reported					$	31,827							$	31,893							$	29,693
Net interest-earning assets (6)		$	1,088,112							$	1,086,174							$	1,093,763
Net interest margin (7)								2.32	%							2.33	%							2.21	%
Tax equivalent effect								0.04								0.03								0.02
Net interest margin on a fully tax equivalent basis								2.36	%							2.36	%							2.23	%
Ratio of interest-earning assets to interest-bearing liabilities			124.93	%							124.89	%							125.80	%
Supplemental information:
Total deposits, including demand deposits		$	4,549,964		$	29,963				$	4,451,242		$	29,969				$	4,392,415		$	27,310
Cost of total deposits								2.62	%							2.68	%							2.47	%
Total funding liabilities, including demand deposits		$	5,062,766		$	35,692				$	5,059,978		$	37,141				$	4,922,549		$	34,692
Cost of total funding liabilities								2.80	%							2.92	%							2.80	%

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

(2) Tax-exempt income on industrial revenue bonds is included in commercial loans on a tax-equivalent basis.

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

(4) Includes the basis adjustments of certain loans included in fair value hedging relationships.

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

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

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

(8) Annualized

HarborOne Bancorp, Inc. Average Balances and Yield Trend (Unaudited)
		For The Year Ended
		December 31, 2024								December 31, 2023
		Average								Average
		Outstanding						Yield/		Outstanding						Yield/
		Balance			Interest			Cost		Balance			Interest			Cost
		(dollars in thousands)
Interest-earning assets:
Investment securities (1)		$	362,301		$	8,147		2.25	%	$	378,828		$	8,118		2.14	%
Other interest-earning assets			268,061			14,149		5.28			179,338			8,921		4.97
Loans held for sale			24,360			1,653		6.79			19,671			1,351		6.87
Loans
Commercial loans (2)(3)			3,100,344			173,671		5.60			2,956,956			157,379		5.32
Residential real estate loans (3)(4)			1,704,921			74,090		4.35			1,684,793			67,701		4.02
Consumer loans (3)			18,941			1,404		7.41			28,149			1,734		6.16
Total loans			4,824,206			249,165		5.16			4,669,898			226,814		4.86
Total interest-earning assets			5,478,928			273,114		4.98			5,247,735			245,204		4.67
Noninterest-earning assets			299,703								311,558
Total assets		$	5,778,631							$	5,559,293
Interest-bearing liabilities:
Savings accounts		$	1,032,715			16,974		1.64		$	1,386,891			25,271		1.82
NOW accounts			293,592			377		0.13			280,218			292		0.10
Money market accounts			1,094,757			41,017		3.75			875,722			29,138		3.33
Certificates of deposit			973,041			42,710		4.39			735,614			23,499		3.19
Brokered deposits			343,406			13,025		3.79			296,838			10,124		3.41
Total interest-bearing deposits			3,737,511			114,103		3.05			3,575,283			88,324		2.47
FHLB and FRB borrowings			665,179			31,653		4.76			532,586			25,918		4.87
Subordinated debentures			-			-		-			31,378			2,775		8.84
Total borrowings			665,179			31,653		4.76			563,964			28,693		5.09
Total interest-bearing liabilities			4,402,690			145,756		3.31			4,139,247			117,017		2.83
Noninterest-bearing liabilities:
Noninterest-bearing deposits			679,691								705,438
Other noninterest-bearing liabilities			114,186								113,675
Total liabilities			5,196,567								4,958,360
Total stockholders' equity			582,064								600,933
Total liabilities and stockholders' equity		$	5,778,631							$	5,559,293
Tax equivalent net interest income						127,358								128,187
Tax equivalent interest rate spread (5)								1.67	%							1.84	%
Less: tax equivalent adjustment						1,706								916
Net interest income as reported					$	125,652							$	127,271
Net interest-earning assets (6)		$	1,076,238							$	1,108,488
Net interest margin (7)								2.29	%							2.43	%
Tax equivalent effect								0.03								0.01
Net interest margin on a fully tax equivalent basis								2.32	%							2.44	%
Ratio of interest-earning assets to interest-bearing liabilities			124.45	%							126.78	%
Supplemental information:
Total deposits, including demand deposits		$	4,417,202		$	114,103				$	4,280,721		$	88,324
Cost of total deposits								2.58	%							2.06	%
Total funding liabilities, including demand deposits		$	5,082,381		$	145,756				$	4,844,685		$	117,017
Cost of total funding liabilities								2.87	%							2.42	%

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

(2) Tax-exempt income on industrial revenue bonds is included in commercial loans on a tax-equivalent basis.

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

(4) Includes the basis adjustments of certain loans included in fair value hedging relationships.

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

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

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

HarborOne Bancorp, Inc. Segments Key Financial Data (Unaudited)
		Quarters Ended
Statements of Net Income for HarborOne Bank Segment:		December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
		(Dollars in thousands)
Net interest and dividend income		$	31,681			$	31,780			$	31,098			$	30,485			$	30,637
Provision (benefit) for credit losses			1,927				5,903				615				(168	)			644
Net interest and dividend income, after provision for credit losses			29,754				25,877				30,483				30,653				29,993
Mortgage banking income:
Intersegment loss			(161	)			(357	)			(464	)			(236	)			(159	)
Changes in mortgage servicing rights fair value			80				(220	)			(74	)			(32	)			(257	)
Other			169				175				180				180				185
Total mortgage banking (loss) income			88				(402	)			(358	)			(88	)			(231	)
Other noninterest income:
Deposit account fees			6,024				5,370				5,223				4,983				5,796
Income on retirement plan annuities			121				122				141				145				147
Gain on sale of asset held for sale			-				-				1,809				-				-
Loss on sale of securities			-				-				(1,041	)			-				-
Bank-owned life insurance income			769				777				758				746				1,207
Other income			383				798				624				517				787
Total noninterest income			7,385				6,665				7,156				6,303				7,706
Total noninterest expenses			27,400				26,752				27,791				27,407				28,613
Income before income taxes			9,739				5,790				9,848				9,549				9,086
Provision for income taxes			2,015				875				2,310				2,386				2,535
Net income		$	7,724			$	4,915			$	7,538			$	7,163			$	6,551
Efficiency ratio (Non-GAAP)
Noninterest expense, as presented (GAAP)		$	27,400			$	26,752			$	27,791			$	27,407			$	28,613
Less: Amortization of other intangible assets			190				190				189				189				189
Total adjusted noninterest expense(non-GAAP)	(A)	$	27,210			$	26,562			$	27,602			$	27,218			$	28,424
Net interest and dividend income (GAAP)		$	31,681			$	31,780			$	31,098			$	30,485			$	30,637
Plus: tax equivalent adjustment			458				452				256				249				251
Tax equivalent net interest and dividend income (non-GAAP)	(B)	$	32,139			$	32,232			$	31,354			$	30,734			$	30,888
Total noninterest income	(C)	$	7,385			$	6,665			$	7,156			$	6,303			$	7,706
Less:
Gain on sale of asset held for sale			-				-				1,809				-				-
Loss on sale of securities			-				-				(1,041	)			-				-
Core total noninterest income (non-GAAP)	(D)	$	7,385			$	6,665			$	6,388			$	6,303			$	7,706
Tax equivalent efficiency ratio (non-GAAP)	(A)/(B+C)		68.84		%		68.29		%		71.67		%		73.49		%		73.65		%
Tax equivalent core efficiency ratio (non-GAAP)	(A)/(B+D)		68.84		%		68.29		%		73.13		%		73.49		%		73.65		%

HarborOne Bancorp, Inc. Segments Key Financial Data (Unaudited)
		Quarters Ended
Statements of Net Income for HarborOne Mortgage Segment:		December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024			December 31, 2023
		(Dollars in thousands)
Net interest and dividend income		$	140			$	105			$	240			$	80		$	160
Mortgage banking income:
Gain on sale of mortgage loans			3,954				3,752				3,141				2,013			2,176
Intersegment gain			48				277				464				308			56
Changes in mortgage servicing rights fair value			(99	)			(2,421	)			(1,024	)			86			(3,296	)
Other			2,260				2,215				2,177				2,097			2,116
Total mortgage banking income			6,163				3,823				4,758				4,504			1,052
Other noninterest income (loss)			-				-				4				10			2
Total noninterest income			6,163				3,823				4,762				4,514			1,054
Total noninterest expenses			5,490				5,600				5,269				4,311			14,667
Income (loss) before income taxes			813				(1,672	)			(267	)			283			(13,453	)
Income tax (benefit) provision			(320	)			(535	)			(76	)			60			(596	)
Net income (loss)		$	1,133			$	(1,137	)		$	(191	)		$	223		$	(12,857	)
Closed loan volume		$	179,077			$	209,525			$	172,994			$	102,102		$	124,225
Gain on sale margin			2.21		%		1.79		%		1.82		%		1.97	%		1.75		%
Efficiency ratio (non-GAAP)
Noninterest expense, as presented (GAAP)	(A)	$	5,490			$	5,600			$	5,269			$	4,311		$	14,667
Less: Goodwill impairment charge			-				-				-				-			10,760
Core noninterest expense (non-GAAP)	(B)	$	5,490			$	5,600			$	5,269			$	4,311		$	3,907
Net interest and dividend income (GAAP)		$	140			$	105			$	240			$	80		$	160
Total noninterest income (GAAP)			6,163				3,823				4,762				4,514			1,054
Total revenue	(C)	$	6,303			$	3,928			$	5,002			$	4,594		$	1,214
Efficiency ratio (non-GAAP)	(A)/(C)		87.10		%		142.57		%		105.34		%		93.84	%		1,208.15		%
Core efficiency ratio (non-GAAP)	(B)/(C)		87.10		%		142.57		%		105.34		%		93.84	%		321.83		%

HarborOne Bancorp, Inc. Non-GAAP Reconciliation (Unaudited)
		As of or for the Three Months Ended
		December 31,			September 30,			June 30,				March 31,			December 31,
		2024			2024			2024				2024			2023
Core Net Income
Net income (loss), as presented (GAAP)	(A)	$	8,887		$	3,924		$	7,296			$	7,300		$	(7,111	)
Add: Goodwill impairment charge			-			-			-				-			10,760
Less: Gain on sale of asset held for sale, net of taxes			-			-			1,429				-			-
Less: Loss on sale of securities, net of taxes			-			-			(822	)			-			-
Less: Release of uncertain position reserve			546			-			-				-			-
Core Net Income (non-GAAP)	(B)	$	8,341		$	3,924		$	6,689			$	7,300		$	3,649
Weighted average shares outstanding for the period:
Basic	(C)		40,700,783			40,984,857			41,293,787				41,912,421			42,111,872
Diluted	(D)		41,062,421			41,336,985			41,370,289				42,127,037			42,299,858
Earnings (loss) per common share (GAAP):
Basic	(A)/(C)	$	0.21		$	0.10		$	0.18			$	0.17		$	(0.17	)
Diluted	(A)/(D)	$	0.21		$	0.10		$	0.18			$	0.17		$	(0.17	)
Core Earnings per common share (non-GAAP):
Basic	(B)/(C)	$	0.20		$	0.10		$	0.16			$	0.17		$	0.09
Diluted	(B)/(D)	$	0.20		$	0.10		$	0.16			$	0.17		$	0.09
Return on average assets, as presented (GAAP)	(A)/(E)		0.62	%		0.27	%		0.50		%		0.50	%		(0.50	)	%
Core return on average earning assets(non-GAAP)	(B)/(E)		0.58	%		0.27	%		0.46		%		0.50	%		0.26		%
Average assets	(E)	$	5,748,571		$	5,753,823		$	5,807,997			$	5,804,738		$	5,646,493
Return on average equity, as presented (GAAP)	(A)/(F)		6.08	%		2.69	%		5.07		%		5.00	%		(4.85	)	%
Core return on average earning equity(non-GAAP)	(B)/(F)		5.71	%		2.69	%		4.65		%		5.00	%		2.49		%
Average equity	(F)	$	584,433		$	584,049		$	575,321			$	584,405		$	586,705
Efficiency Ratio
Noninterest expense, as presented (GAAP)		$	32,873		$	32,268		$	33,144			$	31,750		$	43,214
Less: Amortization of other intangible assets			190			190			189				189			189
Total adjusted noninterest expense(non-GAAP)	(G)	$	32,683		$	32,078		$	32,955			$	31,561		$	43,025
Less: Goodwill impairment charge			-			-			-				-			10,760
Core noninterest expense (non-GAAP)	(H)	$	32,683		$	32,078		$	32,955			$	31,561		$	32,265
Net interest and dividend income (GAAP)	(I)	$	31,827		$	31,893		$	31,350			$	30,582		$	29,693
Plus: tax equivalent adjustment			458			452			256				249			251
Tax equivalent net interest and dividend income (non-GAAP)	(J)		32,285			32,345			31,606				30,831			29,944
Total noninterest income	(K)		13,689			10,568			11,919				10,741			8,904
Less:
Gain on sale of asset held for sale			-			-			1,809				-			-
Loss on sale of securities			-			-			(1,041	)			-			-
Total core noninterest income (non-GAAP)	(L)		13,689			10,568			11,151				10,741			8,904
Tax equivalent total core revenue (non-GAAP)	(M)	$	45,974		$	42,913		$	42,757			$	41,572		$	38,848
Efficiency ratio (non-GAAP)	(G)/(I)+(K)		71.81	%		75.55	%		76.16		%		76.38	%		111.47		%
Core efficiency ratio (non-GAAP)	(H)/(I)+(L)		71.81	%		75.55	%		77.54		%		76.38	%		83.59		%
Tax equivalent efficiency ratio (non-GAAP)	(G)/(J)+(K)		71.09	%		74.75	%		75.72		%		75.92	%		110.75		%
Tax equivalent core efficiency ratio (non-GAAP)	(H)/(M)		71.09	%		74.75	%		77.08		%		75.92	%		83.05		%

HarborOne Bancorp, Inc. Non-GAAP Reconciliation (Unaudited)
		As of or for the Three Months Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
Tangible equity and assets
Total stockholders' equity, as presented (GAAP)	(N)	$	575,011		$	584,202		$	577,329		$	577,683		$	583,759
Less: Goodwill and other intangible assets			59,799			59,989			60,178			60,368			60,557
Tangible common equity(non-GAAP)	(O)	$	515,212		$	524,213		$	517,151		$	517,315		$	523,202
Average stockholders' equity	(P)	$	584,433		$	584,049		$	575,321		$	584,405		$	586,705
Less: Average goodwill and other intangible assets			59,888			60,077			60,262			60,465			71,296
Average tangible common equity(non-GAAP)	(Q)	$	524,545		$	523,972		$	515,059		$	523,940		$	515,409
Total assets, as presented(GAAP)		$	5,753,133		$	5,775,967		$	5,787,035		$	5,862,222		$	5,667,896
Less: Goodwill and other intangible assets			59,799			59,989			60,178			60,368			60,557
Tangible assets(non-GAAP)	(R)	$	5,693,334		$	5,715,978		$	5,726,857		$	5,801,854		$	5,607,339
Common stock outstanding	(S)		43,723,278			44,130,134			44,459,490			45,055,006			45,401,224
Book value per share	(N)/(S)	$	13.15		$	13.24		$	12.99		$	12.82		$	12.86
Tangible book value per share (non-GAAP)	(O)/(S)	$	11.78		$	11.88		$	11.63		$	11.48		$	11.52
Tangible common equity/tangible assets (non-GAAP)	(O)/(R)		9.05	%		9.17	%		9.03	%		8.92	%		9.33	%
Return on average tangible common equity (non-GAAP)	(A)/(Q)		6.78	%		3.00	%		5.67	%		5.57	%		(5.52)	%
Core return on average tangible common equity (non-GAAP)	(B)/(Q)		6.36	%		3.00	%		5.19	%		5.57	%		2.83	%

Category: Earnings Release

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