BROCKTON, Mass. – HarborOne Bancorp Inc., which entered into an agreement to acquire Warwick-based Coastway Bank for $125.6 million in a deal that is expected to close in the second half of 2018, reported earnings of $3.1 million in the second quarter, or 10 cents per diluted share, compared with net income of $3.2 million, or 10 cents per diluted share, in the second quarter of 2017, according to a Friday earnings release.
The parent company of HarborOne Bank, which has branches in Bristol County, Mass., as well as several other states, reported total interest and non-interest income of $38.8 million in the quarter, compared with $36.2 million one year prior. Interest income increased 19.8 percent year over year to $26.3 million while non-interest income declined 12.2 percent to $12.6 million.
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Total assets for the bank increased 9.4 percent to $2.9 billion from the second quarter of 2017, powered by a 9.9 percent increase in loans to $2.3 billion. Total deposits in the second quarter 2018 were $2.2 billion, a rise from $2 billion a year earlier.
CEO James W. Blake, said in prepared remarks, “Despite the contraction in residential mortgage demand, our earnings have been consistently strong. Our investment in the commercial loan growth strategy has provided margin improvement and positions us as a significant commercial lender in New England.”
Indeed, commercial, commercial real estate and construction loans increased 32.1 percent to $1 billion over the year, while consumer and residential real estate loans fell 3.2 percent to $1.3 billion.
Chris Bergenheim is the PBN web editor.
