DEF 14A: HarborOne Bancorp Announces 2024 Annual Meeting and Director Nominees

HarborOne Bancorp sets May 15, 2024, for its annual shareholder meeting, outlining key proposals including director elections and executive compensation approval.

Summary

• HarborOne Bancorp, Inc. will hold its 2024 annual meeting of shareholders on May 15, 2024, at 10:00 a.m. at the offices of Goodwin Procter LLP in Boston.
• Shareholders will vote on the election of three Class II director nominees, the ratification of Crowe LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, and an advisory vote on executive compensation.
• The Board of Directors has fixed March 18, 2024, as the record date for determining shareholders entitled to notice of and to vote at the annual meeting.
• The proxy statement and the 2023 Annual Report are available at www.harboronebancorp.com.
• As of March 18, 2024, there were 45,165,006 shares outstanding and entitled to vote at the annual meeting.

Sentiment

Score: 7

Explanation: The document is primarily informational and factual, with a positive tone regarding the company's commitment to community and governance practices. However, it lacks strong positive or negative indicators to warrant a higher or lower score.

Positives

• The company is committed to diversity, equity, and inclusion, with recent director nominees reflecting diverse backgrounds.
• HarborOne Bank has made a $20 million commitment to promoting home ownership among lowand moderate-income borrowers, with an additional $15 million added in December 2023.
• The company provides financial educational resources through HarborOne U.
• HarborOne Caring Crew donated over 5,100 hours to non-profit organizations in 2023.
• HarborOne Bank earned its second consecutive Outstanding CRA rating in 2021.
• The Bank has financed 55 wind and solar energy projects with a current balance of $97.6 million as of December 31, 2023.

Risks

• The document mentions various risks that the Board is actively involved in oversight of risks that could affect the Company including credit risk, interest rate risk, liquidity risk, accounting risk, operational risk, regulatory/compliance risk, legal risk, strategic risk and reputation risk.

Future Outlook

The Company continues to navigate the changing landscape in 2024, serving its customers through its branch network and digital channels and remains committed to the communities that it calls home.

Management Comments

• To foster collaboration across our business units, we engage managers and employees through the ONE Experience initiative, which is intended to drive more efficiency and job satisfaction as we work together to serve our customers and deliver an exceptional customer experience.
• We also remain committed to the communities that we call home in 2024, having provided over 5,100 hours of staff volunteer service across Massachusetts and Rhode Island and over $100 million in community development loans and investments to facilitate economic development in lowand moderate-income neighborhoods.

Industry Context

The document provides insight into HarborOne's approach to corporate governance, executive compensation, and community involvement, reflecting broader trends in the banking industry towards transparency, social responsibility, and stakeholder engagement.

Comparison to Industry Standards

• The document mentions that HarborOne Bank earned its second consecutive Outstanding CRA rating from federal and state regulators in 2021, which is historically achieved by less than 10% of financial institutions.
• The document references a peer group of 20 similarly-sized banks used for executive compensation assessment, including companies like Arrow Financial Corporation, Enterprise Bancorp, Inc., and Washington Trust Bancorp, Inc.

Management Changes

Corporate Governance

Related Party Transactions

• As of March 31, 2024, there were two loans to our directors, executive officers and their related entities. These loans (both revolving line of credit, one with a zero balance) were performing according to their original terms.

Stakeholder Impact

• Shareholders: The document provides information relevant to voting decisions and insights into company performance and governance.
• Employees: The document highlights the company's commitment to diversity and inclusion, as well as employee benefits and volunteer opportunities.
• Communities: The document showcases the company's community investments and commitment to sustainable practices.

Next Steps

• Shareholders are encouraged to read the proxy statement and vote on the proposals.
• The Board of Directors will consider the outcome of the advisory vote on executive compensation in future decisions.

Key Dates

Keywords

annual meeting, proxy statement, directors, executive compensation, Crowe LLP, governance, diversity, shareholders, HarborOne Bancorp