Third quarter earnings for HarborOne Bancorp Inc., the holding company for HarborOne Bank, was slower than the linked quarter and the third quarter of last year, but kept overall growth on the year at a steady pace.

The company reported third quarter net income of $2.8 million, or $0.09 per share, as compared to $3.2 million for the prior quarter and net income of $3.6 million for the same quarter last year.

Through the year as of Sept. 30, the company has reported net income of $8.8 million, or $0.28 per share, compared to net income of $3 million for the same period in 2016.

Net interest income for the third quarter was $19.3 million, up $3.3 million from the third quarter of 2016. The net interest margin increased four basis points over the linked quarter to 3.06 percent, and is up 14 basis points year-over-year.

Noninterest income for the quarter was $14.6 million, down more than $6 million since the third quarter of 2016, primarily as a result of decreases in the company’s mortgage banking business.

“We continue to capitalize on our commercial loan growth strategy,” James W. Blake, president and CEO of HarborOne Bancorp, said in a statement. “Despite a very competitive market, we increased our commercial real estate loans 26 percent and commercial loans 11 percent since year end which continues to improve our year-to-date margins.”

Loan volume reached $2.1 billion, up over $11 million year-over-year.

Commercial real estate loans grew more than $170 million year-over-year. Construction and other commercial loans also saw increases, while residential real estate and consumer loans saw decreases.

HarborOne recorded a provision for loan losses of $921,000 for the third quarter, compared to $1.7 million for the quarter ended Sept. 30, 2016. The allowance for loan losses on the year as of Sept. 30 was $17.9 million, or 0.84 percent, of total loans, compared to $15.8 million, or 0.82 percent, of total loans at Sept. 30, 2016.

HarborOne Q3 Earnings Slower, But Steady

by Bram Berkowitz time to read: 1 min
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