BROCKTON, Mass. – HarborOne Bancorp Inc., parent of HarborOne Bank, reported $8.1 million in second-quarter profit on Thursday, up 11% from the $7.3 million it posted this same time last year.
Earnings per diluted share climbed to 20 cents, up from 18 cents reported in the second quarter of 2024.
The company reported total revenue of $44.4 million for the quarter, a 2.5% increase from $43.3 million posted in the same quarter last year. This revenue combines net interest and dividend income of $33.2 million and noninterest income of $12.2 million for this quarter.
This time last year, the company posted slightly less across both metrics with a net interest and dividend income of $31.3 million and a noninterest income of $11.9 million.
Net interest margin – a key metric that assesses what the company earns on interest charged on loans minus the interest it pays for deposits – was 2.52% for this quarter, an increase from 2.31% reported last year.
Meanwhile, total deposits for the quarter stood at $4.49 billion, up slightly from the $4.46 billion in the second quarter of 2024.
"I'm pleased to report our steady financial improvement in the second quarter, including net interest margin expansion, improved core returns on assets and equity, and continued management of expenses,” said CEO and President Joseph F. Casey. "While we look forward to a successful merger with Eastern, the HarborOne team remains focused on continuing to provide superior service and a seamless transition to our customers, communities and employees."
HarborOne Bank operates nine branches in Rhode Island. The bank also maintains a commercial lending office in Providence.
Eastern Bankshares, Inc. currently in the process of acquiring HarborOne Bancorp in a $490 million cash-and-stock deal, to create the largest Massachusetts-based bank with $31 billion in assets. The merger, expected to close in late 2025, will also expand Eastern’s footprint into Rhode Island.
The company reported $1.7 million in merger expenses this quarter, the first related expense to be filed since the merger was announced in April.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
