HarborOne Bancorp Q3 Profit Falls On Credit Loss

(RTTNews) - HarborOne Bancorp, Inc. (HONE) Thursday reported a sharp decline in third-quarter earnings.

The quarterly earnings were $3.9 million or $0.10 per share, compared to profit of $8.4 million or $0.20 per share a year ago. The company said the third quarter of 2024 includes a credit loss provision of $5.9 million, primarily as a result of a suburban office commercial real estate credit.

On average, 4 analysts polled by Thomson Reuters expected the company to earn $0.19 per share.

Net interest and dividend income was $31.9 million for the quarter, compared to $31.1 million last year.

Total non-interest income decreased 11.3 percent to $10.6 million from $11.9 million for the quarter, compared to $209.5 million for September 30, 2024.

The company reported 3.3 percent annualised loan growth to $40.3 million.

The Company recorded a $5.9 million provision for credit losses for the quarter ended September 30, 2024.