Brockton-based HarborOne Bank saw profitability quarter-on-quarter as it attracted more deposits and slightly more loans, despite the high-interest rate environment dragging its performance year-on-year.
HarborOne reduced staff in its mortgage division during the first quarter and plans to make other cost saving moves this year.
Loan growth in a rising rate environment helped drive earnings at several Massachusetts stock banks.
While HarborOne has seen its mortgage banking income decline, the bank said the rising value of its servicing rights has helped keep its mortgage business profitable.
Brockton-based HarborOne Bank saw year-over-year earnings drop 30 percent as mortgage banking income fell by almost 50 percent in the second quarter.
From new VPs to fresh project managers, see who’s been hired, promoted and honored: it’s The Personnel File.
The parent company of HarborOne Bank plans to increase its quarterly shareholder dividend by 40 percent, the bank said in a statement last week.
HarborOne saw fourth quarter earnings drop about 28 percent year-over-year as mortgage demand declined, but the Brockton-based bank still saw full-year earnings increase by 30 percent.
Local banks continued to reduce the provision for loan losses in the first quarter in a sign that pandemic-related credit concerns continue to stabilize.
HarborOne Bank had record earnings per share in the fourth quarter as its mortgage company had more than $800 million in loan closings.
Massachusetts’ stock banks have continued to see positive earnings during the pandemic, with the third quarter giving at least one local bank the best quarter in its history.
HarborOne Bancorp will pay its first shareholder dividend in July, a year after going fully public.
An increase in mortgage originations helped drive HarborOne Bank’s performance in the first quarter.
HarborOne Bank reported net income of $18.3 million for the year 2019 after completing its conversion to a stock holding company.
HarborOne Bancorp’s stock is down more than $2 since it announced the acquisition of Warwick, Rhode Island-based Coastway Bancorp on March 14.
HarborOne Bank marked its first day as a publicly traded company with President and CEO James W. Blake ringing the opening bell on the floor of Nasdaq Global Select Market yesterday, a day after the Initial Purchase Offering was completed.
