HarborOne Bancorp (HONE) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $8.1 million ($0.20 per diluted share), up from $7.3 million in Q2 2024 and up 46.5% from Q1 2025; six-month net income was $13.6 million, down from $14.6 million year-over-year.

• A definitive merger agreement with Eastern was signed in April 2025, expected to close in Q4 2025, pending regulatory and shareholder approvals.

• Share repurchases were suspended in April 2025 following the merger announcement; 317,500 shares repurchased in Q2 at $9.68 per share.

Financial highlights

• Net interest and dividend income for Q2 2025 rose to $33.7 million, with net interest margin increasing to 2.52% from 2.31% year-over-year.

• Noninterest income for Q2 2025 was $12.2 million, up 23.6% year-over-year, driven by higher mortgage banking and deposit fees.

• Noninterest expense was $34.1 million, including $1.7 million in merger-related expenses.

• Core net income (non-GAAP) for Q2 was $9.2 million ($0.23 per diluted share).

Outlook and guidance

• Management expects the merger with Eastern to close in Q4 2025, subject to regulatory and shareholder approvals.

• The company is evaluating the impact of new federal tax legislation but does not expect material effects.

• Management continues to monitor CRE loan portfolio risk and expects market softness due to higher vacancies and rates.

• Focus remains on financial improvement and seamless merger transition.