In its first quarter financial results, the bank reported net interest income (NII) of $31.5 million, a notable decline from the $306 million recorded in the same period last year. Despite this decrease, the company highlighted strong performance metrics across various sectors.
The bank achieved impressive growth in its commercial and industrial loan segment, with an increase of $33 million. This robust growth was accompanied by a strategic reduction in commercial real estate balances. The institution also successfully lowered loan delinquencies.
Another positive development was the bank's ability to reduce the cost of deposits by 15 basis points, excluding brokered deposits. This signifies an efficient management of deposit expenses, which is crucial for sustaining profitability in a high-interest-rate environment.
In addition, the residential mortgage division demonstrated resilience by achieving an 11.8% increase in loan closings compared to the previous year. This growth is particularly noteworthy given the typically slow nature of the first quarter and the ongoing challenge of elevated mortgage rates.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 2 analysts, the average target price for HarborOne Bancorp Inc (HONE, Financial) is $13.00 with a high estimate of $14.00 and a low estimate of $12.00. The average target implies an upside of 29.22% from the current price of $10.06. More detailed estimate data can be found on the HarborOne Bancorp Inc (HONE) Forecast page.
Based on the consensus recommendation from 4 brokerage firms, HarborOne Bancorp Inc's (HONE, Financial) average brokerage recommendation is currently 2.5, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for HarborOne Bancorp Inc (HONE, Financial) in one year is $10.52, suggesting a upside of 4.57% from the current price of $10.06. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the HarborOne Bancorp Inc (HONE) Summary page.
