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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2025
SEGMENT REPORTING  
SEGMENT REPORTING

17.SEGMENT REPORTING

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The Company’s reportable segments are determined by the Chief Financial Officer, who is the designated CODM based upon the products and services offered, primarily distinguished between banking and mortgage banking operations. They are also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business. The CODM assesses the performance of the Company’s segments by evaluating revenue streams, significant expenses, and comparing actual results to budgeted amounts. Segment pretax profit or loss is used to assess the performance of the banking segment by monitoring net interest and dividend income. Segment pretax profit or loss is used to assess the performance of the mortgage banking segment by monitoring mortgage banking income.

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The Company has two reportable segments: HarborOne Bank and HarborOne Mortgage. Revenue from HarborOne Bank consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. Revenue from HarborOne Mortgage comprises interest earned on loans and fees received as a result of the residential mortgage origination, sale and servicing process.

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The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Segment profit and loss is measured by net income on a legal entity basis. Intercompany transactions are eliminated in consolidation.

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Information about the reportable segments and reconciliation to the unaudited interim Consolidated Financial Statements at March 31, 2025 and 2024 and for the three months ended March 31, 2025 and 2024 is presented in the tables below.

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Three Months Ended March 31, 2025

​

​

HarborOne

​

HarborOne

​

​

​

​

​

​

​

​

Bank

    

Mortgage

    

Other

​

Eliminations

    

Consolidated

​

​

(in thousands)

Interest and dividend income

​

$

64,205

​

$

470

​

$

10,005

​

$

(10,241)

​

$

64,439

Interest expense

​

​

(32,890)

​

​

(321)

​

​

-

​

​

241

​

​

(32,970)

Net interest and dividend income

​

​

31,315

​

​

149

​

​

10,005

​

​

(10,000)

​

​

31,469

Provision for credit losses

​

​

1,385

​

​

-

​

​

-

​

​

-

​

​

1,385

Net interest and dividend income, after provision for credit losses

​

​

29,930

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​

149

​

​

10,005

​

​

(10,000)

​

​

30,084

Mortgage banking income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain on sale of mortgage loans

​

​

-

​

​

2,716

​

​

-

​

​

-

​

​

2,716

Intersegment (loss) gain

​

​

(81)

​

​

209

​

​

-

​

​

(128)

​

​

-

Changes in mortgage servicing rights fair value

​

​

(134)

​

​

(1,238)

​

​

-

​

​

-

​

​

(1,372)

Other

​

​

167

​

​

1,941

​

​

-

​

​

-

​

​

2,108

Total mortgage banking (loss) income

​

​

(48)

​

​

3,628

​

​

-

​

​

(128)

​

​

3,452

Other noninterest income

​

​

6,440

​

​

-

​

​

-

​

​

(1)

​

​

6,439

Total noninterest income

​

​

6,392

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​

3,628

​

​

-

​

​

(129)

​

​

9,891

Compensation and benefits

​

​

16,117

​

​

3,167

​

​

(499)

​

​

-

​

​

18,785

Other noninterest expense

​

​

12,068

​

​

1,337

​

​

660

​

​

-

​

​

14,065

Total noninterest expense

​

​

28,185

​

​

4,504

​

​

161

​

​

-

​

​

32,850

Income (loss) before income taxes

​

​

8,137

​

​

(727)

​

​

9,844

​

​

(10,129)

​

​

7,125

Provision (benefit) for income taxes

​

​

1,903

​

​

(236)

​

​

(42)

​

​

-

​

​

1,625

Net income (loss)

​

$

6,234

​

$

(491)

​

$

9,886

​

$

(10,129)

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$

5,500

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​

​

​

​

​

​

​

​

​

​

​

​

​

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Total assets at period end

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$

5,704,033

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$

92,729

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$

580,866

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$

(677,298)

​

$

5,700,330

Total liabilities at period end

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$

5,164,508

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$

36,237

​

$

4,899

​

$

(81,281)

​

$

5,124,363

Goodwill at period end

​

$

59,042

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$

-

​

$

-

​

$

-

​

$

59,042

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

Three Months Ended March 31, 2024

​

​

HarborOne

​

HarborOne

​

​

​

​

​

​

​

​

Bank

    

Mortgage

    

Other

​

Eliminations

    

Consolidated

​

    

(in thousands)

Interest and dividend income

​

$

66,743

​

​

443

​

​

3,517

​

​

(3,799)

​

$

66,904

Interest expense

​

​

(36,258)

​

​

(363)

​

​

-

​

​

299

​

​

(36,322)

Net interest and dividend income

​

​

30,485

​

​

80

​

​

3,517

​

​

(3,500)

​

​

30,582

Provision for credit losses

​

​

(168)

​

​

-

​

​

-

​

​

-

​

​

(168)

Net interest and dividend income, after provision for credit losses

​

​

30,653

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​

80

​

​

3,517

​

​

(3,500)

​

​

30,750

Mortgage banking income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain on sale of mortgage loans

​

​

-

​

​

2,013

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​

-

​

​

-

​

​

2,013

Intersegment (loss) gain

​

​

(236)

​

​

308

​

​

-

​

​

(72)

​

​

-

Changes in mortgage servicing rights fair value

​

​

(32)

​

​

86

​

​

-

​

​

-

​

​

54

Other

​

​

180

​

​

2,097

​

​

-

​

​

(1)

​

​

2,276

Total mortgage banking (loss) income

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​

(88)

​

​

4,504

​

​

-

​

​

(73)

​

​

4,343

Other noninterest income

​

​

6,391

​

​

10

​

​

(3)

​

​

-

​

​

6,398

Total noninterest income

​

​

6,303

​

​

4,514

​

​

(3)

​

​

(73)

​

​

10,741

Compensation and benefits

​

​

15,307

​

​

2,919

​

​

(590)

​

​

-

​

​

17,636

Other noninterest expense

​

​

12,100

​

​

1,392

​

​

622

​

​

-

​

​

14,114

Total noninterest expense

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​

27,407

​

​

4,311

​

​

32

​

​

-

​

​

31,750

Income (loss) before income taxes

​

​

9,549

​

​

283

​

​

3,482

​

​

(3,573)

​

​

9,741

Provision (benefit) for income taxes

​

​

2,386

​

​

60

​

​

(5)

​

​

-

​

​

2,441

Net income (loss)

​

$

7,163

​

$

223

​

$

3,487

​

$

(3,573)

​

$

7,300

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets at period end

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$

5,867,715

​

$

92,719

​

$

578,808

​

$

(677,020)

​

$

5,862,222

Total liabilities at period end

​

$

5,341,467

​

$

35,541

​

$

5,665

​

$

(98,134)

​

$

5,284,539

Goodwill at period end

​

$

59,042

​

$

-

​

$

-

​

$

-

​

$

59,042

​