HarborOne Bancorp Reports Q3 2024 Earnings

HarborOne ( (HONE) ) has released its Q3 earnings. Here is a breakdown of the information HarborOne presented to its investors.

HarborOne Bancorp, Inc. is a financial services company primarily operating in the banking sector, offering a wide range of financial products and services through its branches and lending offices in Massachusetts and Rhode Island. For the quarter ending September 30, 2024, HarborOne reported a net income of $3.9 million, a decrease from $8.4 million in the same period last year, reflecting changes in the economic environment and strategic adjustments. Key performance metrics highlighted include an increase in total assets to $5.78 billion and a rise in total deposits to $4.54 billion. Despite these gains, the company faced challenges such as increased interest expenses and provisions for credit losses, impacting overall profitability. Looking ahead, HarborOne is focused on managing risks associated with economic uncertainties and maintaining liquidity to support its operations and growth strategies.