HarborOne Bancorp, Inc. Announces Share Repurchase Program
May 29 2024 - 3:51PM
Business Wire
HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE) announced
today that its Board of Directors has adopted a share repurchase
program. Under the share repurchase program, which has received
regulatory approval, the Company may repurchase up to 2,222,568
shares of its common stock, or approximately 5% of the Company’s
current issued and outstanding shares, for an aggregate repurchase
price not to exceed $20 million.
Repurchases under this program may be made in open market
transactions, and pursuant to any trading plan that may be adopted
in accordance with Rule 10b5-1 of the Securities and Exchange
Commission. The timing and actual number of shares repurchased will
depend on a variety of factors including price, corporate and
regulatory requirements, market conditions, and other corporate
liquidity requirements and priorities. The repurchase program does
not obligate the Company to purchase any particular number of
shares.
Any repurchased shares will be held by the Company as authorized
but unissued shares. The repurchase program may be suspended or
terminated at any time without prior notice, and it will expire on
May 28, 2025.
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; acquisitions may not produce results at levels or
within time frames originally anticipated; cybersecurity incidents,
fraud, natural disasters, war, terrorism, civil unrest, and
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.
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 branches located in
Massachusetts and Rhode Island, and a commercial lending office in
each of 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240529775330/en/
Stephen W. Finocchio, EVP Chief Financial Officer (508)
895-1180
HarborOne Bancorp (NASDAQ:HONE)
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