BROCKTON, Mass. – HarborOne Bancorp Inc., which closed it acquisition of Coastway Bancorp Inc. on Oct. 5, reported net income of $5.9 million, or 19 cents per diluted share, for the third quarter, a 108.9 percent increase year over year from $2.8 million, or 9 cents per diluted share, in the third quarter of 2017, according to a company release Thursday.
The company reported total interest and non-interest revenue of $41.5 million for the quarter, an increase of 9.1 percent compared with the same 2017 period. Interest income totaled $27.8 million, an 18.9 percent increase from $23.4 million in the third quarter of 2017. Noninterest income totaled $13.6 million, a 6.7 percent decline year over year from $14.6 million.
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“Our commercial loan growth strategy, and the investments we’ve made to enable that growth, continue to provide solid results,” stated James W. Blake, CEO. “We’re pleased with the performance of our Boston loan office, and our recent expansion in Rhode Island, with the completed Coastway acquisition, provides tremendous new opportunities for our residential real estate, small business and commercial lines of business.”
Total assets as of Sept. 30 were $2.9 billion, a 7.3 percent increase oveer the year. Nonperforming assets totaled $17.4 million, or 0.61 percent of total assets, a decline from $20.6 million or 0.78 percent of total assets in the the previous year. Loans totaled $2.2 billion, representing a 4.9 percent increase.
The bank had total deposits of $2.2 billion, a 9.1 percent year-over-year increase.
The bank’s return on average assets was 0.84 percent, compared with 0.43 percent a year earlier.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
