Image courtesy of HarborOne Bank.

The parent company of HarborOne Bank plans to increase its quarterly shareholder dividend by 40 percent, the bank said in a statement last week.

HarborOne Bancorp’s board of directors declared a quarterly cash dividend of $0.07 per share, a $0.02 per share increase over the most recent dividend paid in January. The dividend will be paid on April 27 to shareholders of record as of the close of business on April 13.

“We are very pleased to provide an increase to the quarterly cash dividend payment on the Company’s common stock from $0.05 to $0.07 commencing in the first quarter of 2022,” said James W. Blake, Chief Executive Officer of the Company. “The dividend increase is well supported by our current and projected earnings as we continue executing our business plan.”

HarborOne has more than doubled its dividend since paying the first one in July 2020 for $0.03 per share. HarborOne had fully converted to a stock bank in July 2019 after a partial initial public offering in 2016.

“Our strong financial performance enables us to increase our quarterly cash dividend while maintaining sufficient capital to support our strategic growth initiatives,” Joseph F. Casey, HarborOne’s president and chief operating officer, said in the statement. Casey will become CEO when Blake retires in May.

HarborOne Increases Quarterly Dividend

by Banker & Tradesman time to read: 1 min