BROCKTON, Mass. - HarborOne Bancorp (NASDAQ:HONE), Inc. and its subsidiary HarborOne Bank have named Stephen W. Finocchio as their new Executive Vice President and Chief Financial Officer. In this role, Finocchio will be responsible for directing all financial operations, including accounting, reporting, treasury, and investor relations.
Finocchio brings over two decades of experience in the financial sector, with a rich background in treasury and capital management. His expertise extends to spearheading strategic and innovative efforts within the banking and financial services industries.
"Stephen’s deep experience in driving growth and innovation in large financial institutions brings a new perspective and skill set in helping HarborOne meet its growth aspirations," stated Joseph F. Casey, President and CEO of HarborOne Bancorp, Inc. and HarborOne Bank. The leadership team anticipates that Finocchio's involvement will be highly beneficial to the company's future.
Before his appointment at HarborOne, Finocchio served as Senior Managing Director and Treasurer at Berkshire Hills (NYSE:BHLB) Bancorp, where he worked from 2021 to 2024. His tenure at State Street Corporation (NYSE:STT) spanned from 2010 to 2021, where he held several key positions, culminating as Managing Director in Global Treasury and Capital Management.
Finocchio holds a B.B.A. in Finance from the University of Massachusetts’ Isenberg School of Business and an M.B.A. from New York University’s Stern School of Business. He is also a Chartered Financial Analyst.
InvestingPro Insights
As HarborOne Bancorp, Inc. welcomes Stephen W. Finocchio as their new CFO, the company's financial health and market performance remain key areas of focus for investors and stakeholders. Here are some insights based on real-time data from InvestingPro and InvestingPro Tips that may shed light on the company's current situation and future prospects.
InvestingPro Data indicates that HarborOne Bancorp, Inc. has a market capitalization of $451.2 million, with a price-to-earnings (P/E) ratio of 28.68. The adjusted P/E ratio for the last twelve months as of Q4 2023 stands at a lower 18.77, suggesting a potentially more favorable valuation when considering the company's earnings over the past year. Meanwhile, the company has experienced a revenue decline of 18.54% during the same period.
InvestingPro Tips highlight that management has been actively buying back shares, which can be a sign of confidence in the company’s future performance. Additionally, while analysts have revised their earnings expectations downwards for the upcoming period, they also predict that HarborOne will be profitable this year, a positive signal for potential investors.
For those considering investing in HarborOne Bancorp, Inc., it's worth noting that the company has been profitable over the last twelve months. Moreover, the company's gross profit margins have been identified as a weak spot, which is an area that new CFO Stephen W. Finocchio may address as part of his financial oversight.
Investors interested in a deeper analysis can find more InvestingPro Tips for HarborOne Bancorp, Inc. at https://www.investing.com/pro/HONE. Additionally, by using the coupon code PRONEWS24, users can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more valuable insights. Currently, there are 5 additional InvestingPro Tips available that could help in making more informed investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.