HarborOne Bancorp in Brockton, Mass., cut jobs in its mortgage division and will close a branch as part of a broader cost-cutting initiative.
The $5.6 billion-asset company said in a press release that the layoffs in its HarborOne Mortgage business will save it $1.2 million annually. Layoffs elsewhere will save another $2.9 million a year.
The company will eliminate 37 full-time positions as part of the cost-cutting effort, incurring $701,000 of severance expenses.
HarborOne has closed six mortgage offices and cut more than a third of its mortgage staff in the past year.
The company also received regulatory approval to close a branch and relocate another in 2023.
Net income in the first quarter fell by 24% from the fourth quarter and by 41% from a year earlier, to $7.3 million, largely reflecting a $1.3 million loss at HarborOne Mortgage.
Deposits increased by 1.2% from the fourth quarter and by 12.8% from a year earlier, to $4.2 billion.