HarborOne Bancorp, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing a decline in profitability compared to the previous fiscal period. The company’s net income for Q3 2024 was $3.9 million, a significant decrease from $8.4 million in Q3 2023, while net income for the nine months ended September 30, 2024, was $18.5 million, down from $23.2 million in the same period last year.
Total revenue, measured as interest and dividend income, increased to $69.0 million for Q3 2024, up from $63.2 million in Q3 2023, driven by a rise in interest and fees on loans, which reached $63.6 million, compared to $58.1 million a year earlier. However, net interest income after provisions for credit losses fell to $25.99 million from $31.19 million in the prior year, reflecting higher provisions for credit losses, which increased to $5.9 million in Q3 2024 from $2.5 million in Q3 2023.
The company’s total assets grew to $5.78 billion as of September 30, 2024, up from $5.67 billion at the end of 2023, primarily due to a $123.2 million increase in net loans, which reached $4.83 billion. Total deposits also rose to $4.54 billion, an increase of $148.8 million from $4.39 billion at year-end 2023, with notable growth in noninterest-bearing and money market accounts.
HarborOne's allowance for credit losses on loans increased to $54.0 million, or 1.11% of total loans, compared to $48.0 million at the end of 2023. The company reported a rise in nonperforming assets to $28.4 million, up from $17.6 million at year-end 2023, with non-accrual loans totaling $28.4 million as of September 30, 2024.
In terms of strategic developments, HarborOne initiated a share repurchase program on May 29, 2024, allowing for the repurchase of up to 2.22 million shares, approximately 5% of its outstanding shares. During Q3 2024, the company repurchased 347,670 shares at an average cost of $12.23 per share.
Overall, while HarborOne Bancorp experienced growth in total assets and deposits, the decline in net income and increase in credit loss provisions highlight challenges in maintaining profitability amid changing market conditions.
About HarborOne Bancorp, Inc.
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