What happened

Shares of the Massachusetts community bank HarborOne Bancorp (HONE 0.73%) rose this week after the company reported its third-quarter earnings results for the year.

According to data provided by S&P Global Market Intelligence, shares traded 11.3% higher on the week as of 2:40 p.m. ET Thursday.

So what

The nearly $5 billion asset bank reported diluted earnings per share of $0.30 on total revenue of about $53.5 million. Both numbers beat analyst estimates for the quarter.

HarborOne's CEO Joseph Casey said in a statement:

The Company continues to drive revenue through expanded margin which was up 30 basis points (0.30 percentage points) year-over-year resulting in net interest income expansion of $12.4 million, or 12.7%.
Casey added:
Our mortgage segment remains profitable as the increasing value of our servicing rights, coupled with expense reductions, partially offset declining origination volume and gain-on-sale margins.
Still, mortgage-banking income has taken a hit in the rapidly rising interest rate environment, with total mortgage-banking income in the third quarter down 48% year over year, which of course is not uncommon.
But the bank has maintained strong credit quality and in September announced plans to launch another share-repurchase program to purchase as much as 5% of outstanding shares once its current repurchase program is completed.

Now what

HarborOne reported a solid quarter despite the headwinds to its mortgage-banking business, which were offset by rising net-interest income and increased value of the bank's mortgage-servicing rights.

The bank also continues to be a very healthy buyer of its own stock, so it looks to be managing the difficult environment well, with shares just slightly down this year.