HarborOne reports $7.1M profit in Q3

PROVIDENCE – HarborOne Bank’s holding company Friday reported a third-quarter profit of $7.1 million, a 20.3% increase from a profit of $5.9 million a year earlier.

Earnings were 13 cents per diluted share for the quarter ended Sep. 30, up from 10 cents per diluted share in the same quarter last year, reported Brockton, Mass.-based HarborOne Bancorp Inc.

Third-quarter revenue totaled $45.3 million, a 30.2% increase from $34.8 million in the third quarter of 2018.

The year-over-year increases were aided by HarborOne’s acquisition of Warwick-based Coastway Community Bank’s holding company in October 2018.

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Selected third-quarter HarborOne highlights were:

  • Completion of the two-phase conversion to a fully public stock company and a related stock offering, which netted proceeds of $304.1 million.
  • Maintained commercial loan growth, increasing total commercial loans during the quarter by 4%.
  • Sustained residential real estate mortgage origination activity, increasing by 39% on a quarter-to-quarter and year-over-year basis.

“Solid performance in our core operating business is a reflection of our continued focus on growth and expense management,” HarborOne CEO James Blake said in a statement. “We expect the continued strength in commercial lending and the rebound of the mortgage business to serve us well through year end.”

HarborOne President Joseph Casey added: “The successful completion of our second step conversion has provided both the capital and the flexibility necessary to pursue our growth strategy.”

Assets as of Sept. 30 totaled $3.95 billion, a 38.4% increase from $2.85 billion a year earlier.

Deposits as of Sept. 30 totaled $2.92 billion, a 33.8% increase from $2.19 billion a year earlier.

Liabilities as of Sept. 30 totaled $3.29 billion, a 31.6% increase from $2.5 billion a year earlier.

Net loans totaled $3.09 billion in the quarter, a 40.1% increase from $2.2 billion a year earlier.

The largest cooperative bank in New England, HarborOne operates 24 branches in Massachusetts and Rhode Island with commercial-lending offices in Boston and Providence.