PROVIDENCE – HarborOne Bancorp. Inc., the holding company for HarborOne Bank, Friday reported a nearly 10 percent increase in earnings in 2018 from 2017, driven by a $24.3 million increase in income from loans.
Earnings for 2018 totaled $11.4 million or 36 cents per diluted share, a 9.8 percent increase from $10.4 million or 33 cents per diluted share in 2017, according to the Brockton, Mass.-based bank with operations in Rhode Island and Bristol County, Mass.
Income for 2018 totaled $164.9 million, a 13.9 percent increase from $144.8 million from 2017. That was led by $105.4 million in income from interest and fees on loans last year, a 30 percent increase from $81.1 million for 2017.
Interest income totaled $115.7 million, an increase from $90.3 million one year prior, while noninterest income totaled $49.2 million, a decline from $54.5 million the year before.
Expenses totaled $146.9 million for 2018, a 17.2 percent increase from $125.3 million for 2017. That was led by $70.6 million in compensation and benefits, an increase of 6.6 percent from 2017’s $66.2 million.
For the fourth quarter alone, earnings were $111,000 or no gain per diluted share, a decline from nearly $1.6 million, or 5 cents per diluted share, in fourth quarter 2017.
Income for the fourth quarter totaled $26.9 million, a decline of 17.9 percent from $32.8 million in fourth quarter of 2017, driven by a decrease in mortgage banking income.
Expenses in the last quarter were $46.7 million, a 37 percent increase from $34.1 million in fourth quarter 2017. That was driven by $3.8 million in merger expenses in the last quarter that were not present a year earlier in addition to a $2.4 million increase in compensation and benefits.
The company completed an acquisition of Coastway Community Bancorp. in October 2018 for an estimated value of $125.6 million.
As of Dec. 31, HarborOne’s total assets stood at $3.65 billion, compared with $2.68 billion a year earlier. That included $2.96 billion in net loans, an increase from $2.17 billion a year earlier. Total deposits were $2.69 billion as of Dec. 31, an increase from $2.01 billion a year earlier.
“Our organic commercial loan growth and recent acquisition of Coastway has provided year-over-year net interest income expansion, as we continue to maintain strong credit quality,” HarborOne CEO James M. Blake said in a statement. “We look forward to continuing our momentum as we expand our New England franchise through new branches, product development and brand awareness.”
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
