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The latest update is out from HarborOne Bancorp ( (HONE) ).
HarborOne Bancorp, Inc. reported a decline in third-quarter 2024 net income to $3.9 million compared to previous quarters, citing a significant credit loss provision related to commercial real estate. Despite the earnings drop, the bank experienced positive loan and deposit growth, and improved its net interest margin by utilizing excess cash to reduce higher-cost borrowings. However, noninterest income and expenses saw fluctuations, with notable impacts on mortgage banking income and marketing expenses. The bank continues to focus on managing asset quality amidst rising nonperforming assets.
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