HarborOne reports $18.3M profit in 2019

HARBORONE BANCORP logged a $18.3 million profit in 2019.
HARBORONE BANCORP logged an $18.3 million profit in 2019.

PROVIDENCE – HarborOne Bancorp Inc., parent of HarborOne bank, on Monday reported a profit of $18.3 million in 2019, a 60.3% increase year over year.

Earnings per diluted share were 33 cents on the year, compared with 20 cents one year prior.

Bank revenue increased 23.1% year over year to $170 million. Interest income totaled $109.1 million, a 22.6% increase from 2018. Noninterest income totaled $61 million, a 23.9% increase from 2018.

HarborOne completed its acquisition of Coastway Community Bank in October 2018. The company also completed a second-step conversion from a mutual holding company to a stock holding company in August 2019.

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Assets at the end of 2019 for HarborOne totaled $4.1 billion, an increase from $3.7 billion at the end of 2018.

Loans totaled $3.3 billion to close 2019, a boost from $3 billion one year prior. This included $1.6 billion in commercial loans, $1.1 billion in residential real estate loans and $432.8 million in consumer loans. The bank’s commercial loans were primarily commercial real estate loans, accounting for $1.2 billion in loans. The bank’s allowances for loan losses totaled $24.1 million at the end of the year.

Deposits totaled $2.9 billion at the end of the year, a 9.6% increase year over year.

“We’re pleased that focusing on the fundamentals of our strategic plan, strong deposit and commercial loan growth, and capitalizing on a strong New England market, yielded solid results,” said HarborOne CEO James Blake.

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