The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

HarborOne in Mass. absorbs earnings hit from nonaccural CRE loan

HarborOne Bancorp in Brockton, Mass., reported lower quarterly profit due to an issue with a commercial real estate loan.

The $5.8 billion-asset company said in a press release that its third-quarter earnings fell by 54% from a year earlier, to $3.9 million.

HarborOne recorded a $4.7 million specific reserve tied to a suburban office property. The loan is on nonaccrual status.

 

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