HarborOne Bancorp, Inc. (HONE) has reported a 90.28 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2.94 million in the quarter, compared with $1.54 million for the same period last year.
Revenue during the quarter grew 28.08 percent to $34.38 million from $26.84 million in the previous year period. Net interest income for the quarter rose 19.20 percent over the prior year period to $16.56 million. Non-interest income for the quarter rose 48.68 percent over the last year period to $19.28 million.
HarborOne Bancorp has made provision of $1.46 million for loan losses during the quarter, up 9,606.67 percent from $0.02 million in the same period last year.
Net interest margin improved 20 basis points to 2.91 percent in the quarter from 2.71 percent in the last year period. Efficiency ratio for the quarter improved to 81.87 percent from 90.91 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
James Blake, President and CEO stated, "We focused our efforts on prudent growth in 2016, with our successful IPO providing capital to execute our strategy, primarily through commercial real estate and commercial loan originations. We are well positioned to continue this momentum into the new year as we evaluate further opportunities to grow our customer base and look forward to celebrating our 100th year in 2017."
Deposits stood at $1,804.75 million as on Dec. 31, 2016, up 6.71 percent compared with $1,691.21 million on Dec. 31, 2015.
Investments stood at $184.35 million as on Dec. 31, 2016, down 4.05 percent or $7.77 million from year-ago. Shareholders equity was at $329.38 million as on Dec. 31, 2016.
Return on average assets moved up 20 basis points to 0.49 percent in the quarter from 0.29 percent in the last year period. At the same time, return on average equity increased 36 basis points to 3.56 percent in the quarter from 3.20 percent in the last year period.
Nonperforming assets moved down 27.78 percent or $8.83 million to $22.95 million on Dec. 31, 2016 from $31.77 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.94 percent in the quarter, down from 1.47 percent in the last year period.
Book value per share was $10.25 for the quarter.
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