HarborOne Bancorp, Inc. (HONE) has reported a 2,105.65 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.74 million in the quarter, compared with $0.12 million for the same period last year.
Revenue during the quarter grew 15.67 percent to $28.62 million from $24.74 million in the previous year period. Net interest income for the quarter rose 25.54 percent over the prior year period to $17.43 million. Non-interest income for the quarter rose 3.54 percent over the last year period to $11.45 million.
HarborOne Bancorp, Inc. has made provision of $0.26 million for loan losses during the quarter, up 29.27 percent from $0.20 million in the same period last year.
Net interest margin improved 26 basis points to 2.97 percent in the quarter from 2.71 percent in the last year period. Efficiency ratio for the quarter improved to 84.41 percent from 98.34 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
James W. Blake, president and chief executive officer stated, "We are pleased with our strong start in 2017. Continuing the momentum from 2016, commercial real estate loans grew 12% from the prior quarter and 85% from the same quarter in 2016 providing improved margins quarter over quarter and year over year. We expect to continue the execution of our strategic commercial loan growth and look forward to the opportunities that lie ahead in 2017."
Deposits stood at $1,924.74 million as on Mar. 31, 2017, up 9.88 percent compared with $1,751.71 million on Mar. 31, 2016.
Investments stood at $211.88 million as on Mar. 31, 2017, up 15.55 percent or $28.51 million from year-ago. Shareholders equity was at $332.74 million as on Mar. 31, 2017.
Return on average assets moved up 42 basis points to 0.44 percent in the quarter from 0.02 percent in the last year period. At the same time, return on average equity increased 305 basis points to 3.31 percent in the quarter from 0.26 percent in the last year period.
Nonperforming assets moved down 20.87 percent or $6.19 million to $23.47 million on Mar. 31, 2017 from $29.66 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.91 percent in the quarter, down from 1.32 percent in the last year period.
Book value per share was $10.36 for the quarter.
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