After another lending round of the Paycheck Protection Program ended in May, Massachusetts banks have continued to see loan forgiveness help drive financial performance.

Lowell-based Enterprise Bank had third quarter net income of $9.8 million, or $0.81 per diluted common share, compared to $10.3 million, or $0.87 per diluted common share, for the third quarter of 2020. Net income for the first nine months of 2021 was $31.3 million, or $2.60 per diluted common share, compared to $21.6 million, or $1.81 per diluted common share, for the same period in 2020.

Enterprise Bank’s third quarter results included $4.9 million in deferred PPP loan income that the bank realized as more loans were forgiven, according to the bank’s third quarter earnings statement. Through the first nine months of 2021, Enterprise has realized $16.5 million in PPP loan income. The bank in 2020 and 2021 combined had more than 4,100 PPP loans approved for $717 million. The bank said it had 846 PPP loans totaling about $153 million that still need to be forgiven.

HarborOne had third quarter net income of $12.3 million, or $0.24 per diluted share, compared to $11.9 million, or $0.22 per diluted share, in the third quarter of 2020. Net income for the nine months ending Sept. 30 was $45.9 million, or $0.88 per diluted share, compared to $27.2 million, or $0.50 per diluted share, for the same period last year.

HarborOne recognized deferred fees on PPP loans in the amount of $1.9 million in the third quarter, after recognizing $1.3 million in the second quarter. The bank said it expects to recognize most of the remaining $2.1 million in deferred PPP loan fees in the fourth quarter of 2021. HarborOne said in its earnings statement that the bank has processed forgiveness on approximately 98 percent of PPP loans from the 2020 lending round, with a success rate above 99 percent, and approximately 50 percent of the PPP loans from 2021. The bank’s outstanding PPP loans totaled $54.3 million as of Sept. 30.

Westfield Bank had third quarter net income of $6 million, or $0.27 per diluted share, compared $2.1 million, or $0.08 per diluted share, for the third quarter of 2020. For the first nine months of 2021, net income was $17.5 million, or $0.74 per diluted share, compared to net income of $6.2 million, or $0.25 per diluted share, for the first nine months of 2020.

Westfield Bank realized $1.7 million in PPP income during the third quarter and $5.8 million in PPP income year-to-date through September. Westfield Bank had originally processed more than 2,100 PPP loans in 2020 and 2021, and 348 loans with total balances of $58.9 million have yet to be forgiven.

The waning opportunities for PPP loan forgiveness could soon start to affect banks earnings.

“Although interest rates may begin to rise moving into 2022, the positive impact of the recognition of deferred loan fees on PPP loan forgiveness will diminish, resulting in continued margin pressure,” HarborOne said in its earnings statement.