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HONE (HarborOne Bancorp) Piotroski F-Score : 2 (As of Dec. 12, 2024)


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What is HarborOne Bancorp Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 2 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

HarborOne Bancorp has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for HarborOne Bancorp's Piotroski F-Score or its related term are showing as below:

HONE' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 8
Current: 2

During the past 10 years, the highest Piotroski F-Score of HarborOne Bancorp was 8. The lowest was 2. And the median was 5.


HarborOne Bancorp Piotroski F-Score Historical Data

The historical data trend for HarborOne Bancorp's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

HarborOne Bancorp Piotroski F-Score Chart

HarborOne Bancorp Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 5.00 7.00 5.00 4.00

HarborOne Bancorp Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 4.00 3.00 2.00

Competitive Comparison of HarborOne Bancorp's Piotroski F-Score

For the Banks - Regional subindustry, HarborOne Bancorp's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


HarborOne Bancorp's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, HarborOne Bancorp's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where HarborOne Bancorp's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was -7.111 + 7.3 + 7.296 + 3.924 = $11.4 Mil.
Cash Flow from Operations was -16.076 + 14.974 + -39.543 + 24.922 = $-15.7 Mil.
Revenue was 38.333 + 40.262 + 40.26 + 41.282 = $160.1 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(5664.387 + 5667.896 + 5862.222 + 5787.035 + 5775.967) / 5 = $5751.5014 Mil.
Total Assets at the begining of this year (Sep23) was $5,664.4 Mil.
Long-Term Debt & Capital Lease Obligation was $539.4 Mil.
Total Assets was $5,776.0 Mil.
Total Liabilities was $5,191.8 Mil.
Net Income was 9.577 + 7.297 + 7.479 + 8.412 = $32.8 Mil.

Revenue was 48.191 + 42.241 + 44.019 + 41.759 = $176.2 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(4987.643 + 5359.545 + 5572.858 + 5659.254 + 5664.387) / 5 = $5448.7374 Mil.
Total Assets at the begining of last year (Sep22) was $4,987.6 Mil.
Long-Term Debt & Capital Lease Obligation was $509.9 Mil.
Total Assets was $5,664.4 Mil.
Total Liabilities was $5,079.8 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

HarborOne Bancorp's current Net Income (TTM) was 11.4. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

HarborOne Bancorp's current Cash Flow from Operations (TTM) was -15.7. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep23)
=11.409/5664.387
=0.00201416

ROA (Last Year)=Net Income/Total Assets (Sep22)
=32.765/4987.643
=0.00656924

HarborOne Bancorp's return on assets of this year was 0.00201416. HarborOne Bancorp's return on assets of last year was 0.00656924. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

HarborOne Bancorp's current Net Income (TTM) was 11.4. HarborOne Bancorp's current Cash Flow from Operations (TTM) was -15.7. ==> -15.7 <= 11.4 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=539.364/5751.5014
=0.09377795

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=509.85/5448.7374
=0.09357214

HarborOne Bancorp's gearing of this year was 0.09377795. HarborOne Bancorp's gearing of last year was 0.09357214. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Sep24)=Total Assets/Total Liabilities
=5775.967/5191.765
=1.11252474

Current Ratio (Last Year: Sep23)=Total Assets/Total Liabilities
=5664.387/5079.753
=1.11509103

HarborOne Bancorp's current ratio of this year was 1.11252474. HarborOne Bancorp's current ratio of last year was 1.11509103. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

HarborOne Bancorp's number of shares in issue this year was 41.337. HarborOne Bancorp's number of shares in issue last year was 42.983. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=11.409/160.137
=0.07124525

Net Margin (Last Year: TTM)=Net Income/Revenue
=32.765/176.21
=0.18594291

HarborOne Bancorp's net margin of this year was 0.07124525. HarborOne Bancorp's net margin of last year was 0.18594291. ==> Last year's net margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep23)
=160.137/5664.387
=0.02827084

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=176.21/4987.643
=0.03532931

HarborOne Bancorp's asset turnover of this year was 0.02827084. HarborOne Bancorp's asset turnover of last year was 0.03532931. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+0+0+0+0+0+1+0+0
=2

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

HarborOne Bancorp has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

HarborOne Bancorp  (NAS:HONE) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


HarborOne Bancorp Piotroski F-Score Related Terms

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HarborOne Bancorp Business Description

Traded in Other Exchanges
N/A
Address
770 Oak Street, Brockton, MA, USA, 02301
HarborOne Bancorp Inc is a bank holding company. The company is engaged in providing financial services like accepting deposits, lending loans, online and mobile banking, cash management, credit cards, money market accounts, and wealth management. The Company has two reportable segments: HarborOne Bank and HarborOne Mortgage. The bank provides financial services to individuals and businesses online and through its full-service branches located in Massachusetts and Rhode Island, one limited-service branch, and a commercial lending office in each of Boston, Massachusetts and Providence, Rhode Island.
Executives
David E. Tryder officer: Senior V. P. - CMO C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Joseph F Casey officer: President & COO C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Michael James Sullivan director, officer: Chairman of the Board C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Linda Simmons officer: Senior V.P., CFO 6 VALLEY DRIVE, SOUTH DARTMOUTH MA 02748
Brent W. Grable officer: SVP, CHIEF INFORMATION OFFICER HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Susan Bugnacki Stewart officer: CHIEF HUMAN RESOURCES OFFICER C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Gordon Jezard director C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Joseph E. Mcquade officer: Chief Enterprise Risk Officer C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCTON MA 02301
Anne H. Margulies director C/O HENRY SCHEIN, INC., 135 DURYEA ROAD, MELVILLE NY 11747
James W. Blake director, officer: CEO & Secretary C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Barry R. Koretz director C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Andreana Santangelo director C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Kevin M. Hamel officer: Chief Information Officer C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Inez Friedman-boyce officer: General Counsel C/O HARBORONE BANCORP, INC., 770 OAK STREET, BROCKTON MA 02301
Mark T Langone officer: SVP-Chief Enterprise Risk Off