Image courtesy of HarborOne Bank.
HarborOne Bank reported net income of $18.3 million for 2019, a year in which it converted to a stock holding company.
Earnings in 2019 were $0.33 per basic and diluted share. In 2018, HarborOne had net income of $11.4 million, or $0.20 per basic and diluted share.
The Brockton-based bank’s holding company completed its second step conversion from the mutual holding company to the stock holding company form of organization and related common stock offering in August 2019. After an initial offering price of $10, shares closed 2019 with a price of $10.99 and closed last month with a price of $10.91.
HarborOne reported net income of $4.3 million, or $0.08 per basic and diluted share, for the fourth quarter of 2019, compared to $7.1 million, or $0.13 per basic and diluted share, for the preceding quarter.
Total commercial loans for the fourth quarter were $1.6 billion, up $85.3 million, or 6 percent, from the preceding quarter and up $259.2 million, or 19 percent, compared to the fourth quarter last year. Residential real estate mortgage origination activity increased 4 percent from the preceding quarter and 54 percent year over year.
“We’re pleased that focusing on the fundamentals of our strategic plan, strong deposit and commercial loan growth, and capitalizing on a strong New England market, yielded solid results,” James Blake, HarborOne CEO, said in a statement. “We are committed to continued growth over the next couple of years.”
