Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): January 30, 2025

HarborOne Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)


Massachusetts	001-38955	81-1607465
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification Number

770 Oak Street, Brockton, Massachusetts 02301

(Address of principal executive offices)

(508) 895-1000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Title of each Class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	HONE	The NASDAQ Stock Market, LLC

Item 2.02

Results of Operations and Financial Condition

On January 30, 2025, HarborOne Bancorp, Inc. (the “Company”), the holding company for HarborOne Bank, issued a press release announcing its financial results for the year ended December 31, 2024. The Company’s press release is included as Exhibit 99.1 to this report.

The information set forth in this Item 2.02 and in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section.

Item 7.01

Regulation FD Disclosure

The Company has prepared an investor presentation about the Company’s operations and performance that management intends to use from time to time on and after January 30, 2025. The investor presentation is attached as Exhibit 99.2 to this report.

The information set forth in this Item 7.01 and in the attached Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section.

Item 9.01Financial Statements and Exhibits

(d)Exhibits


Number		Description

99.1		Press release dated January 30, 2025
99.2		Investor Presentation
104		Cover Page Interactive Data File (formatted as inline XBRL)

EXHIBIT INDEX


Number		Description

99.1		Press release dated January 30, 2025
99.2		Investor Presentation
104		Cover Page Interactive Data File (formatted as inline XBRL)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.

3

	HARBORONE BANCORP, INC.

	By:	/s/ Joseph F. Casey

	Name:	Joseph F. Casey
	Title:	President and
		Chief Executive Officer

Date: January 30, 2025

Exhibit 99.1

HarborOne Bancorp, Inc. Announces 2024 Fourth Quarter Results

Contact: Stephen W. Finocchio, EVP and CFO

Brockton, Massachusetts (January 30, 2025): HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $8.9 million, or $0.21 per diluted share, for the quarter ended December 31, 2024, an increase of $5.0 million, or 126.5%, compared to net income of $3.9 million, or $0.10 per diluted share, for the quarter ended September 30, 2024. The Company reported net income of $27.4 million, or $0.66 per diluted share, for the year ended December 31, 2024, compared to net income of $16.1 million, or $0.37 per diluted share, for the prior year.

Fourth Quarter Financial Highlights:

●

Net income of $8.9 million, or $0.21 per diluted share, partially driven by a $546,000 release of tax reserve for uncertain tax positions that were resolved. Excluding the reserve release, net income was $8.3 million or $0.20 per diluted share.

●

Net interest margin of 2.36%, flat on a linked-quarter basis.

●

Average deposits, excluding brokered deposits, increased $62.9 million, or 6.1% annualized, on a linked-quarter basis.

●

The loans-to-deposits ratio improved 94 basis points during the quarter, from 107.57% to 106.63%.

●

Credit loss provision of $1.9 million, increasing coverage ratio to 1.16%.

●

Bank Term Funding Program (“BTFP”) borrowing of $175.0 million paid in full, driving a decline in average borrowings of $95.9 million during the quarter. As a result of the BTFP borrowing payoff and lower short-term interest rates, borrowing costs declined 25 basis points compared to the linked quarter.

●

HarborOne Mortgage, LLC (“HarborOne Mortgage”) generated net income of $1.1 million, as compared to a $1.1 million loss on a linked-quarter basis.

●

Share repurchases of 394,457 at an average cost of $12.64 per share.

Joseph F. Casey, President and CEO commented on the results, “I am proud of our team’s efforts in continuing to grow our relationship banking model in 2024. The fourth quarter was our strongest of the year, with continued growth in deposits at reduced interest rates, $1.1 million of net income from our mortgage segment, and insignificant net charge offs. We are looking forward to carrying the positive momentum into 2025.”

Net Interest Income

On a linked-quarter basis, net interest and dividend income declined $66,000 from $31.9 million to $31.8 million. The linked-quarter decrease was impacted by:

●

Net interest margin on an FTE basis was 2.36%, flat compared to the third quarter.

●

Yield on loans declined 10 basis points as floating-rate assets repriced during the quarter, partially offset by an $8.3 million increase in the average loan balance. The loan yield was also negatively impacted by a decline in prepayment penalty fees of $249,000.

●

Cost of deposits, excluding brokered deposits, decreased 6 basis points, and the average balance of deposits, excluding brokered deposits, increased $62.9 million, primarily due to increases in money market accounts and

certificates of deposits.

●

Borrowing costs improved 25 basis points, and average balances declined $95.9 million, primarily a result of the payoff of the BTFP borrowing.

Noninterest Income

On a linked-quarter basis, total noninterest income increased $3.1 million, or 29.5%, to $13.7 million, from $10.6 million. The linked-quarter increase was impacted by:

●

HarborOne Mortgage realized a $4.0 million gain on loan sales from mortgage closings of $179.1 million in the fourth quarter, compared to $3.8 million from mortgage loan closings of $209.5 million in the third quarter. The rate-locked pipeline was down $30.7 million on a linked-quarter basis, as an uptick in mortgage rates, seasonal slow-down, and low for-sale inventory constrained loan demand.

●

The mortgage servicing rights (“MSR”) valuation increased $1.9 million compared to a decrease of $2.8 million for the third quarter of 2024, including the impact of principal payments on the underlying mortgages of $588,000 and $690,000 for the quarters ended December 31, 2024 and September 30, 2024, respectively. The fourth quarter MSR valuation gain was offset by a $1.3 million economic hedging loss, whereas the third quarter included a $845,000 hedging gain.

●

Deposit account fees in the fourth quarter included $690,000 earned from annual VISA volume incentives.

●

Noninterest income in the third quarter included a $529,000 interest rate swap fee, and there was no such fee in the fourth quarter.

Noninterest Expense

On a linked-quarter basis, total noninterest expense increased $605,000 or 1.9%, to $32.9 million, compared to $32.3 million. The linked-quarter increase was impacted by:

●

A $302,000 increase in compensation and benefits reflects a third quarter accrual reversal for management incentive based on estimated performance results, and there was no such reversal in the fourth quarter.

●

Professional fees increased $159,000 primarily for consulting services.

●

Deposit insurance increased $135,000, reflecting increased deposit balances as of the assessment date.

●

Other expenses increased $127,000, primarily reflecting an increase in cloud computing expenses.

Balance Sheet

On a linked-quarter basis, total assets decreased $22.8 million, or 0.4%, to $5.75 billion, from $5.78 billion. The linked-quarter decrease was impacted by:

●

Available-for-sale securities decreased $12.9 million to $263.9 million from the prior quarter. In the fourth quarter, the unrealized loss on securities available for sale increased to $65.2 million, as compared to $52.2 million in the prior quarter. Securities held to maturity were $19.6 million.

●

Loans declined $27.0 million, or 0.6%, to $4.85 billion, from $4.88 billion the prior quarter.

●

Total deposits increased $14.6 million to $4.55 billion from $4.54 billion the prior quarter. Non-certificate accounts decreased $19.4 million and term certificate accounts increased $6.2 million, as a competitive rate environment continued to pressure deposit mix and rates. Brokered deposits increased $27.8 million, primarily to support the payoff of the BTFP borrowing. As of December 31, 2024, FDIC-insured deposits were approximately 74% of total deposits, including Bank subsidiary deposits.

●

Borrowed funds decreased $22.8 million to $516.6 million compared to $539.4 million at the prior quarter end. During the fourth quarter the Bank repaid the $175.0 million BTFP borrowing in full. As of December 31, 2024, the Bank had $1.29 billion in available borrowing capacity across multiple relationships.

●

Total stockholders’ equity was $575.0 million compared to $584.2 million at the prior quarter end. Stockholders’ equity decreased 1.6% when compared to the prior quarter, as net income was offset by an increase in unrealized losses on available-for-sale securities, share repurchases, and dividends.

●

The tangible-common-equity-to-tangible-assets ratio⁽¹⁾ was 9.05% at December 31, 2024, compared to 9.17% at September 30, 2024. Book value per share and tangible book value per share⁽¹⁾ declined modestly quarter over quarter from $13.24 to $13.15 and from $11.88 to $11.78, respectively, as a result of the increase in unrealized losses on the investment portfolio due to the increase in interest rates across the yield curve during the quarter.

⁽¹⁾ Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures.

2024 Financial Highlights

●

Net income increased $11.3 million, or 70.5%, to $27.4 million, or $0.66 per diluted share, for the year ended December 31, 2024, compared to net income of $16.1 million, or $0.37 per diluted share, for the prior year. The 2023 results included a goodwill impairment charge of $10.8 million.

●

Return on average assets and return on average equity for the year ended December 31, 2024 were 0.47% and 4.71%, respectively compared to 0.29% and 2.68%, respectively, for the same period last year.

●

Loan growth of $102.2 million, or 2.2% was funded by client deposit growth of $88.5 million, or 2.2%.

●

The loans-to-deposits ratio improved to 106.63% at December 31, 2024 from 108.27% at December 31, 2023.

●

Borrowing costs declined 33 basis points to 4.76% from 5.09% during 2024.

●

During 2024, the Company continued to implement and execute share repurchase programs, repurchasing 1,895,980 shares at an average price of $11.15, including $0.10 per share of excise tax.

Asset Quality and Allowance for Credit Losses

Total nonperforming assets were $29.5 million at December 31, 2024, compared to $28.4 million at September 30, 2024 and $17.6 million at December 31, 2023. Nonperforming assets as a percentage of total assets were 0.51% at December 31, 2024, 0.49% at September 30, 2024, and 0.31% at December 31, 2023.

The Company recorded a $1.9 million provision for credit losses for the quarter ended December 31, 2024. The provision for loan credit losses was $2.2 million and the provision for unfunded commitments was a negative $228,000. The provision for loan credit losses was primarily due to a further specific reserve allocation for a previously identified classified commercial real estate loan, qualitative factor adjustments, and a decrease in loan balances. The specific reserve

allocation was recorded in anticipation of a loan workout that includes the assumption of a modified loan by a new borrower. For the quarter ended September 30, 2024, the Company had recorded a provision for credit losses of $5.9 million, primarily related to one credit.

The ACL on loans was $56.1 million, or 1.16% of total loans, at December 31, 2024, compared to $54.0 million, or 1.11% of total loans, at September 30, 2024. The ACL on unfunded commitments, included in other liabilities on the unaudited Consolidated Balance Sheets, amounted to $3.5 million at December 31, 2024, compared to $3.7 million at September 30, 2024.

Net charge-offs totaled $58,000 for the quarter ended December 31, 2024 and $182,000, or 0.02% of average loans outstanding on an annualized basis, for the quarter ended September 30, 2024.

As of December 31, 2024 and September 30, 2024, total criticized and classified commercial loans amounted to $178.6 million and $134.3 million, respectively. The quarterly increases in total criticized and classified commercial loans primarily reflects continued pressure on commercial real estate values. During the second half 2024, management performed comprehensive reviews of loans and borrower relationships to identify potential weaknesses and to ensure heightened vigilance to further weakness with the continued market uncertainty.

About HarborOne Bancorp, Inc.

HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, a Massachusetts-chartered trust company. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Eastern Massachusetts and Rhode Island through a network of 30 full-service banking centers located in Massachusetts and Rhode Island, and commercial lending offices in Boston, Massachusetts and Providence, Rhode Island. HarborOne Bank also provides a range of educational resources through “HarborOne U,” with free digital content, webinars, and recordings for small business and personal financial education. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, provides mortgage lending services throughout New England and other states.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, changes in general business and economic conditions (including inflation and concerns about inflation) on a national basis and in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in interest rates; changes in customer behavior; ongoing turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; increases in loan default and charge-off rates; decreases in the value of securities in the Company’s investment portfolio; fluctuations in real estate values; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; competitive pressures from other financial institutions; cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest, and future pandemics; changes in regulation; changes in accounting standards and practices; the risk that goodwill and intangibles

recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the SEC, which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, HarborOne’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Use of Non-GAAP Measures

In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures including: “core net income,” “core earnings per common share,” “core return on average earning assets,” “core return on average earning equity,” “efficiency ratio,” “core efficiency ratio,” “tax equivalent efficiency ratio,” “tax equivalent core efficiency ratio,” “total adjusted noninterest expense”, “core noninterest expense,” “tax equivalent net interest and dividend income,” “total core noninterest income,” “tax equivalent total core revenue,” “tangible common equity,” “average tangible common equity,” “tangible assets,” “tangible book value per share,” “tangible common equity to tangible assets,” “return on average tangible common equity,” “core return on average tangible common equity” and certain ratios derived from these measures. Non-GAAP measures are utilized by management, regulators and market analysts to evaluate the Company’s financial position and therefore such information is useful to investors.

The tax equivalent basis adjusts for the tax-favored status from certain loans held by the Bank that are not taxable for federal income tax purposes.

Core net income, core noninterest income and core noninterest expense exclude certain items that management does not consider indicative of ongoing financial performance or enhances comparability of results with prior periods. These adjustments include goodwill impairment charges, gain or loss on the sale of certain assets and release of reserve for uncertain tax position.

These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

HarborOne Bancorp, Inc.

Selected Financial Highlights

(Unaudited)


	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023

	(Dollars in thousands)
Earnings data
Net interest and dividend income	$	31,827		$	31,893		$	31,350		$	30,582		$	29,693
Noninterest income	$	13,689		$	10,568		$	11,919		$	10,741		$	8,904
Total revenue	$	45,516		$	42,461		$	43,269		$	41,323		$	38,597
Noninterest expense	$	32,873		$	32,268		$	33,144		$	31,750		$	43,214
Pre-tax, pre-provision income (loss)	$	12,643		$	10,193		$	10,125		$	9,573		$	(4,617)
Provision for credit (benefits) losses	$	1,927		$	5,903		$	615		$	(168)		$	644
Income (loss) before income taxes	$	10,716		$	4,290		$	9,510		$	9,741		$	(5,261)
Net income (loss)	$	8,887		$	3,924		$	7,296		$	7,300		$	(7,111)
Core net income ⁽¹⁾	$	8,341		$	3,924		$	6,689		$	7,300		$	3,649
Per-share data
Earnings per share, diluted	$	0.21		$	0.10		$	0.18		$	0.17		$	(0.17)
Core earnings per share, diluted⁽¹⁾	$	0.20		$	0.10		$	0.16		$	0.17		$	0.09
Book value per share	$	13.15		$	13.24		$	12.99		$	12.82		$	12.86
Tangible book value per share⁽¹⁾	$	11.78		$	11.88		$	11.63		$	11.48		$	11.52
Profitability
Return on average assets		0.62	%		0.27	%		0.50	%		0.50	%		(0.50)	%
Core return on average assets⁽¹⁾		0.58	%		0.27	%		0.45	%		0.50	%		0.26	%
Return on average equity		6.08	%		2.69	%		5.07	%		5.00	%		(4.85)	%
Core Return on average equity⁽¹⁾		5.71	%		2.69	%		4.54	%		5.00	%		2.49	%
Return on average tangible common equity⁽¹⁾		6.78	%		3.00	%		5.67	%		5.57	%		(5.52)	%
Core return on average tangible common equity⁽¹⁾		6.36	%		3.00	%		5.19	%		5.57	%		2.83	%
Net interest margin on a fully tax equivalent basis⁽¹⁾		2.36	%		2.36	%		2.31	%		2.25	%		2.23	%
Cost of total deposits		2.62	%		2.68	%		2.53	%		2.49	%		2.47	%
Efficiency ratio⁽¹⁾		71.81	%		75.55	%		76.16	%		76.38	%		111.47	%
Core efficiency ratio⁽¹⁾		71.81	%		75.55	%		77.54	%		76.38	%		83.59	%
Tax equivalent efficiency ratio⁽¹⁾		71.09	%		74.75	%		75.72	%		75.92	%		110.75	%
Tax equivalent core efficiency ratio⁽¹⁾		71.09	%		74.75	%		77.08	%		75.92	%		83.05	%
Balance Sheet
Total assets	$	5,753,133		$	5,775,967		$	5,787,035		$	5,862,222		$	5,667,896
Total loans	$	4,852,499		$	4,879,503		$	4,839,232		$	4,776,685		$	4,750,311
Toal deposits	$	4,550,753		$	4,536,177		$	4,458,297		$	4,394,024		$	4,387,409
Total loans / total deposits		106.63	%		107.57	%		108.54	%		108.71	%		108.27	%
Asset quality
Allowance for credit losses ("ACL")	$	56,101		$	54,004		$	49,139		$	48,185		$	47,972
Nonperforming assets	$	29,473		$	28,408		$	9,766		$	12,201		$	17,582
Non-performing loans to total loans		0.61	%		0.58	%		0.20	%		0.25	%		0.37	%
Allowance for credit losses on loans to non-performing loans		190.41	%		190.10	%		503.16	%		396.26	%		273.92	%
Allowance for credit losses on loans to total loans		1.16	%		1.11	%		1.02	%		1.01	%		1.01	%
Net loans charged off as a percent of average loans outstanding		-	%		0.02	%		0.02	%		0.01	%		0.11	%
Capital adequacy
Stockholders' equity / assets		9.99	%		10.11	%		9.98	%		9.85	%		10.30	%
Tangible common equity / tangible assets⁽¹⁾		9.05	%		9.17	%		9.03	%		8.92	%		9.33	%
Common equity tier 1 ratio ("CET1")⁽¹⁾		11.79	%		11.67	%		11.73	%		11.97	%		11.99	%
Risk weighted assets	$	4,795,304		$	4,827,022		$	4,822,128		$	4,727,354		$	4,727,192

⁽¹⁾Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures

HarborOne Bancorp, Inc.

Consolidated Balance Sheet Trend

(Unaudited)


	Period ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(in thousands)	2024		2024		2024		2024		2023

Assets
Cash and due from banks	$	44,090	$	39,668	$	48,097	$	36,340	$	38,876
Short-term investments		186,981		184,611		186,965		357,101		188,474
Total cash and cash equivalents		231,071		224,279		235,062		393,441		227,350

Securities available for sale, at fair value		263,904		276,817		269,078		291,008		290,151
Securities held to maturity, at amortized cost		19,627		19,625		19,725		19,724		19,796
Federal Home Loan Bank stock, at cost		23,277		17,476		25,311		26,565		27,098
Asset held for sale		-		-		-		348		348
Loans held for sale, at fair value		36,768		28,467		41,814		16,434		19,686
Loans:
Commercial real estate		2,280,309		2,321,148		2,380,881		2,355,672		2,343,675
Commercial construction		252,691		270,389		233,926		234,811		208,443
Commercial and industrial		594,453		549,908		499,043		471,215		466,443
Total commercial loans		3,127,453		3,141,445		3,113,850		3,061,698		3,018,561
Residential real estate		1,707,556		1,719,882		1,706,678		1,695,686		1,709,714
Consumer		17,490		18,176		18,704		19,301		22,036
Loans		4,852,499		4,879,503		4,839,232		4,776,685		4,750,311
Less: Allowance for credit losses on loans		(56,101)		(54,004)		(49,139)		(48,185)		(47,972)
Net loans		4,796,398		4,825,499		4,790,093		4,728,500		4,702,339
Mortgage servicing rights, at fair value		44,500		43,067		46,209		46,597		46,111
Goodwill		59,042		59,042		59,042		59,042		59,042
Other intangible assets		757		947		1,136		1,326		1,515
Other assets		277,789		280,748		299,565		279,237		274,460
Total assets	$	5,753,133	$	5,775,967	$	5,787,035	$	5,862,222	$	5,667,896

Liabilities and Stockholders' Equity
Deposits:
Demand deposit accounts	$	690,647	$	713,379	$	689,800	$	677,152	$	659,973
NOW accounts		298,337		296,322		308,016		305,071		305,825
Regular savings and club accounts		895,232		926,192		989,720		1,110,404		1,265,315
Money market deposit accounts		1,195,209		1,162,930		1,100,215		1,061,145		966,201
Term certificate accounts		1,069,844		1,063,672		985,293		852,326		863,457
Brokered deposits		401,484		373,682		385,253		387,926		326,638
Total deposits		4,550,753		4,536,177		4,458,297		4,394,024		4,387,409
Borrowings		516,555		539,364		619,372		754,380		568,462
Other liabilities and accrued expenses		110,814		116,224		132,037		136,135		128,266
Total liabilities	$	5,178,122	$	5,191,765	$	5,209,706	$	5,284,539	$	5,084,137

Common stock		598		598		598		598		598
Additional paid-in capital		489,532		488,983		487,980		487,277		486,502
Unearned compensation - ESOP		(23,947)		(24,407)		(24,866)		(25,326)		(25,785)
Retained earnings		373,861		368,222		367,584		363,591		359,656
Treasury stock		(215,138)		(210,197)		(205,944)		(199,853)		(193,590)
Accumulated other comprehensive loss		(49,895)		(38,997)		(48,023)		(48,604)		(43,622)
Total stockholders' equity	$	575,011	$	584,202	$	577,329	$	577,683	$	583,759

Total liabilities and stockholders' equity	$	5,753,133	$	5,775,967	$	5,787,035	$	5,862,222	$	5,667,896

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income

(Unaudited)


	Three Months Ended				Years Ended
	December 31,				December 31,
(in thousands, except share data)	2024		2023		2024		2023
Interest and dividend income:
Interest and fees on loans	$	62,415	$	59,499	$	247,459	$	225,898
Interest on loans held for sale		517		369		1,653		1,351
Interest on securities		1,996		2,001		8,147		8,118
Other interest and dividend income		2,591		2,516		14,149		8,921
Total interest and dividend income		67,519		64,385		271,408		244,288

Interest expense:
Interest on deposits		29,963		27,310		114,103		88,324
Interest on borrowings		5,729		6,260		31,653		25,918
Interest on subordinated debentures		-		1,122		-		2,775
Total interest expense		35,692		34,692		145,756		117,017

Net interest and dividend income		31,827		29,693		125,652		127,271
Provision for credit losses		1,927		644		8,277		5,680

Net interest and dividend income, after provision for credit losses		29,900		29,049		117,375		121,591

Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans		3,952		2,176		12,860		10,404
Changes in mortgage servicing rights fair value		(19)		(3,553)		(3,704)		(4,684)
Other		2,431		2,301		9,453		9,099
Total mortgage banking income		6,364		924		18,609		14,819
Deposit account fees		6,024		5,796		21,600		20,674
Income on retirement plan annuities		121		147		529		540
Gain on sale of asset held for sale		-		-		1,809		-
Loss on sale of securities		-		-		(1,041)		-
Bank-owned life insurance income		769		1,207		3,050		2,749
Other income		411		830		2,361		3,072
Total noninterest income		13,689		8,904		46,917		41,854

Noninterest expenses:
Compensation and benefits		18,853		19,199		74,016		73,917
Occupancy and equipment		4,477		4,670		18,522		18,773
Data processing		2,626		2,474		10,191		9,771
Loan expense		525		(317)		1,814		798
Marketing		599		811		3,332		3,711
Professional fees		1,451		1,690		5,436		5,679
Deposit insurance		1,163		795		4,348		3,485
Goodwill impairment		-		10,760		-		10,760
Other expenses		3,179		3,132		12,376		11,426
Total noninterest expenses		32,873		43,214		130,035		138,320

Income (loss) before income taxes		10,716		(5,261)		34,257		25,125
Income tax provision		1,829		1,850		6,850		9,048

Net income (loss)	$	8,887	$	(7,111)	$	27,407	$	16,077
Earnings (loss) per common share:
Basic	$	0.21	$	(0.17)	$	0.66	$	0.37
Diluted	$	0.21	$	(0.17)	$	0.66	$	0.37
Weighted average shares outstanding:
Basic		40,700,783		42,111,872		41,220,885		43,221,738
Diluted		41,062,421		42,299,858		41,472,106		43,419,622

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)


	Quarters Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(dollars in thousands, except share data)	2024		2024		2024		2024		2023
Interest and dividend income:
Interest and fees on loans	$	62,415	$	63,595	$	61,512	$	59,937	$	59,499
Interest on loans held for sale		517		546		347		243		369
Interest on securities		1,996		1,965		2,121		2,065		2,001
Other interest and dividend income		2,591		2,928		3,971		4,659		2,516
Total interest and dividend income		67,519		69,034		67,951		66,904		64,385

Interest expense:
Interest on deposits		29,963		29,969		27,272		26,899		27,310
Interest on borrowings		5,729		7,172		9,329		9,423		6,260
Interest on subordinated debentures		-		-		-		-		1,122
Total interest expense		35,692		37,141		36,601		36,322		34,692

Net interest and dividend income		31,827		31,893		31,350		30,582		29,693
Provision (benefit) for credit losses		1,927		5,903		615		(168)		644

Net interest and dividend income, after provision (benefit) for credit losses		29,900		25,990		30,735		30,750		29,049

Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans		3,952		3,752		3,143		2,013		2,176
Changes in mortgage servicing rights fair value		(19)		(2,641)		(1,098)		54		(3,553)
Other		2,431		2,390		2,356		2,276		2,301
Total mortgage banking income		6,364		3,501		4,401		4,343		924
Deposit account fees		6,024		5,370		5,223		4,983		5,796
Income on retirement plan annuities		121		122		141		145		147
Gain on sale of asset held for sale		-		-		1,809		-		-
Loss on sale of securities		-		-		(1,041)		-		-
Bank-owned life insurance income		769		777		758		746		1,207
Other income		411		798		628		524		830
Total noninterest income		13,689		10,568		11,919		10,741		8,904

Noninterest expenses:
Compensation and benefits		18,853		18,551		18,976		17,636		19,199
Occupancy and equipment		4,477		4,628		4,636		4,781		4,670
Data processing		2,626		2,711		2,375		2,479		2,474
Loan expense		525		457		461		371		(317)
Marketing		599		549		1,368		816		811
Professional fees		1,451		1,292		1,236		1,457		1,690
Deposit insurance		1,163		1,028		993		1,164		795
Goodwill impairment		-		-		-		-		10,760
Other expenses		3,179		3,052		3,099		3,046		3,132
Total noninterest expenses		32,873		32,268		33,144		31,750		43,214

Income (loss) before income taxes		10,716		4,290		9,510		9,741		(5,261)
Income tax provision		1,829		366		2,214		2,441		1,850

Net income (loss)	$	8,887	$	3,924	$	7,296	$	7,300	$	(7,111)

Earnings (loss) per common share:
Basic	$	0.21	$	0.10	$	0.18	$	0.17	$	(0.17)
Diluted	$	0.21	$	0.10	$	0.18	$	0.17	$	(0.17)
Weighted average shares outstanding:
Basic		40,700,783		40,984,857		41,293,787		41,912,421		42,111,872
Diluted		41,062,421		41,336,985		41,370,289		42,127,037		42,299,858

HarborOne Bancorp, Inc.

Asset Quality

(Unaudited)


	As of or for the Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023
Non-performing Assets
Nonaccruing loans:
Commercial real estate and construction	$	16,836		$	17,171		$	-		$	1,496		$	7,416
Commercial and industrial		2,204			1,743			1,773			1,744			1,791
Residential mortgages, construction, and HELOC		10,409			9,451			7,949			8,866			8,258
Consumer		14			43			44			54			48
Total nonaccruing loans		29,463			28,408			9,766			12,160			17,513
Other real estate owned		-			-			-			-			-
Repossessed assets		10			-			-			41			69
Total nonperforming assets	$	29,473		$	28,408		$	9,766		$	12,201		$	17,582

Total nonperforming loans to total loans		0.61	%		0.58	%		0.20	%		0.25	%		0.37	%
Total nonperforming assets to total assets		0.51	%		0.49	%		0.17	%		0.21	%		0.31	%

Allowance for credit losses on loans
Beginning balance	$	54,004		$	49,139		$	48,185		$	47,972		$	48,312
Net (charge-offs)recoveries:
Commercial real estate and construction		40			3			-			100			(1,253)
Commercial and industrial		(57)			(146)			(184)			(182)			(81)
Residential mortgages and HELOC		1			-			5			3			4
Consumer		(42)			(39)			(16)			(46)			18
Total net charge-offs:		(58)			(182)			(195)			(125)			(1,312)
Provision for loan credit losses		2,155			5,047			1,149			338			972
Ending balance	$	56,101		$	54,004		$	49,139		$	48,185		$	47,972

Allowance for credit losses on loans to total loans		1.16	%		1.11	%		1.02	%		1.01	%		1.01	%
Allowance for credit losses on loans to nonaccruing loans		190.41	%		190.10	%		503.16	%		396.26	%		273.92	%
Annualized net charge-offs (recoveries)/average loans		-	%		0.02	%		0.02	%		0.01	%		0.11	%
Provision (credit) for unfunded commitments	$	(228)		$	856		$	(534)		$	(506)		$	(328)
Allowance for unfunded commitments	$	3,506		$	3,734		$	2,878		$	3,412		$	3,918

Delinquency
Total delinquent loans	$	37,427		$	21,325		$	12,990		$	12,160		$	19,603
Total delinquent loans to total loans		0.77	%		0.44	%		0.27	%		0.25	%		0.41	%

HarborOne Bancorp, Inc.

Average Balances and Yield Trend

(Unaudited)


	Quarters Ended
	December 31, 2024							September 30, 2024							December 31, 2023
	Average							Average							Average
	Outstanding					Yield/		Outstanding					Yield/		Outstanding					Yield/
	Balance			Interest		Cost ⁽⁸⁾		Balance			Interest		Cost ⁽⁸⁾		Balance			Interest		Cost ⁽⁸⁾

	(dollars in thousands)
Interest-earning assets:
Investment securities ⁽¹⁾	$	350,041		$	1,996	2.27	%	$	351,897		$	1,965	2.22	%	$	370,683		$	2,001	2.14	%
Other interest-earning assets		203,695			2,591	5.06			207,096			2,928	5.62			205,929			2,516	4.85
Loans held for sale		31,358			517	6.56			30,897			546	7.03			20,010			369	7.32
Loans
Commercial loans⁽²⁾⁽³⁾		3,139,356			43,845	5.56			3,129,428			44,859	5.70			3,005,840			41,263	5.45
Residential real estate loans⁽³⁾⁽⁴⁾		1,711,481			18,685	4.34			1,712,295			18,837	4.38			1,707,978			18,103	4.21
Consumer loans ⁽³⁾		17,583			343	7.76			18,445			351	7.57			22,324			384	6.82
Total loans		4,868,420			62,873	5.14			4,860,168			64,047	5.24			4,736,142			59,750	5.01
Total interest-earning assets		5,453,514			67,977	4.96			5,450,058			69,486	5.07			5,332,764			64,636	4.81
Noninterest-earning assets		295,057							303,765							313,729
Total assets	$	5,748,571						$	5,753,823						$	5,646,493
Interest-bearing liabilities:
Savings accounts	$	924,514			3,339	1.44		$	963,570			3,807	1.57		$	1,307,774			6,875	2.09
NOW accounts		292,332			110	0.15			292,620			104	0.14			290,147			122	0.17
Money market accounts		1,184,006			10,565	3.55			1,130,148			10,953	3.86			963,223			9,288	3.83
Certificates of deposit		1,075,594			12,391	4.58			1,028,509			11,819	4.57			859,274			8,329	3.85
Brokered deposits		376,154			3,558	3.76			340,301			3,286	3.84			288,449			2,696	3.71
Total interest-bearing deposits		3,852,600			29,963	3.09			3,755,148			29,969	3.17			3,708,867			27,310	2.92
Borrowings		512,802			5,729	4.44			608,736			7,172	4.69			507,520			6,260	4.89
Subordinated debentures		-			-	-			-			-	-			22,614			1,122	19.68
Total borrowings		512,802			5,729	4.44			608,736			7,172	4.69			530,134			7,382	5.52
Total interest-bearing liabilities		4,365,402			35,692	3.25			4,363,884			37,141	3.39			4,239,001			34,692	3.25
Noninterest-bearing liabilities:
Noninterest-bearing deposits		697,364							696,094							683,548
Other noninterest-bearing liabilities		101,371							109,796							137,239
Total liabilities		5,164,137							5,169,774							5,059,788
Total stockholders' equity		584,433							584,049							586,705
Total liabilities and stockholders' equity	$	5,748,571						$	5,753,823						$	5,646,493
Tax equivalent net interest income					32,285							32,345							29,944
Tax equivalent interest rate spread⁽⁵⁾						1.71	%						1.68	%						1.56	%
Less: tax equivalent adjustment					458							452							251
Net interest income as reported				$	31,827						$	31,893						$	29,693
Net interest-earning assets ⁽⁶⁾	$	1,088,112						$	1,086,174						$	1,093,763
Net interest margin⁽⁷⁾						2.32	%						2.33	%						2.21	%
Tax equivalent effect						0.04							0.03							0.02
Net interest margin on a fully tax equivalent basis						2.36	%						2.36	%						2.23	%
Ratio of interest-earning assets to interest-bearing liabilities		124.93	%						124.89	%						125.80	%

Supplemental information:
Total deposits, including demand deposits	$	4,549,964		$	29,963			$	4,451,242		$	29,969			$	4,392,415		$	27,310
Cost of total deposits						2.62	%						2.68	%						2.47	%
Total funding liabilities, including demand deposits	$	5,062,766		$	35,692			$	5,059,978		$	37,141			$	4,922,549		$	34,692
Cost of total funding liabilities						2.80	%						2.92	%						2.80	%

⁽¹⁾ Includes securities available for sale and securities held to maturity.

⁽²⁾ Tax-exempt income on industrial revenue bonds is included in commercial loans on a tax-equivalent basis.

⁽³⁾ Includes nonaccruing loan balances and interest received on such loans.

⁽⁴⁾ Includes the basis adjustments of certain loans included in fair value hedging relationships.

⁽⁵⁾ Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

⁽⁶⁾ Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

⁽⁷⁾ Net interest margin represents net interest income divided by average total interest-earning assets.

⁽⁸⁾ Annualized

HarborOne Bancorp, Inc.

Average Balances and Yield Trend

(Unaudited)


	For The Year Ended
	December 31, 2024							December 31, 2023
	Average							Average
	Outstanding					Yield/		Outstanding					Yield/
	Balance			Interest		Cost		Balance			Interest		Cost

	(dollars in thousands)
Interest-earning assets:
Investment securities ⁽¹⁾	$	362,301		$	8,147	2.25	%	$	378,828		$	8,118	2.14	%
Other interest-earning assets		268,061			14,149	5.28			179,338			8,921	4.97
Loans held for sale		24,360			1,653	6.79			19,671			1,351	6.87
Loans
Commercial loans ⁽²⁾⁽³⁾		3,100,344			173,671	5.60			2,956,956			157,379	5.32
Residential real estate loans ⁽³⁾⁽⁴⁾		1,704,921			74,090	4.35			1,684,793			67,701	4.02
Consumer loans ⁽³⁾		18,941			1,404	7.41			28,149			1,734	6.16
Total loans		4,824,206			249,165	5.16			4,669,898			226,814	4.86
Total interest-earning assets		5,478,928			273,114	4.98			5,247,735			245,204	4.67
Noninterest-earning assets		299,703							311,558
Total assets	$	5,778,631						$	5,559,293
Interest-bearing liabilities:
Savings accounts	$	1,032,715			16,974	1.64		$	1,386,891			25,271	1.82
NOW accounts		293,592			377	0.13			280,218			292	0.10
Money market accounts		1,094,757			41,017	3.75			875,722			29,138	3.33
Certificates of deposit		973,041			42,710	4.39			735,614			23,499	3.19
Brokered deposits		343,406			13,025	3.79			296,838			10,124	3.41
Total interest-bearing deposits		3,737,511			114,103	3.05			3,575,283			88,324	2.47
FHLB and FRB borrowings		665,179			31,653	4.76			532,586			25,918	4.87
Subordinated debentures		-			-	-			31,378			2,775	8.84
Total borrowings		665,179			31,653	4.76			563,964			28,693	5.09
Total interest-bearing liabilities		4,402,690			145,756	3.31			4,139,247			117,017	2.83
Noninterest-bearing liabilities:
Noninterest-bearing deposits		679,691							705,438
Other noninterest-bearing liabilities		114,186							113,675
Total liabilities		5,196,567							4,958,360
Total stockholders' equity		582,064							600,933
Total liabilities and stockholders' equity	$	5,778,631						$	5,559,293
Tax equivalent net interest income					127,358							128,187
Tax equivalent interest rate spread ⁽⁵⁾						1.67	%						1.84	%
Less: tax equivalent adjustment					1,706							916
Net interest income as reported				$	125,652						$	127,271
Net interest-earning assets ⁽⁶⁾	$	1,076,238						$	1,108,488
Net interest margin ⁽⁷⁾						2.29	%						2.43	%
Tax equivalent effect						0.03							0.01
Net interest margin on a fully tax equivalent basis						2.32	%						2.44	%
Ratio of interest-earning assets to interest-bearing liabilities		124.45	%						126.78	%

Supplemental information:
Total deposits, including demand deposits	$	4,417,202		$	114,103			$	4,280,721		$	88,324
Cost of total deposits						2.58	%						2.06	%
Total funding liabilities, including demand deposits	$	5,082,381		$	145,756			$	4,844,685		$	117,017
Cost of total funding liabilities						2.87	%						2.42	%

Tax-exempt income on industrial revenue bonds is included in commercial loans on a tax-equivalent basis.

⁽¹⁾ Includes securities available for sale and securities held to maturity.

⁽²⁾ Tax-exempt income on industrial revenue bonds is included in commercial loans on a tax-equivalent basis.

⁽³⁾ Includes nonaccruing loan balances and interest received on such loans.

⁽⁴⁾Includes the basis adjustments of certain loans included in fair value hedging relationships.

⁽⁵⁾ Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

⁽⁶⁾ Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

⁽⁷⁾Net interest margin represents net interest income divided by average total interest-earning assets.

HarborOne Bancorp, Inc.

Segments Key Financial Data

(Unaudited)


		Quarters Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
Statements of Net Income for HarborOne Bank Segment:		2024			2024			2024			2024			2023

		(Dollars in thousands)

Net interest and dividend income		$	31,681		$	31,780		$	31,098		$	30,485		$	30,637
Provision (benefit) for credit losses			1,927			5,903			615			(168)			644
Net interest and dividend income, after provision for credit losses			29,754			25,877			30,483			30,653			29,993
Mortgage banking income:
Intersegment loss			(161)			(357)			(464)			(236)			(159)
Changes in mortgage servicing rights fair value			80			(220)			(74)			(32)			(257)
Other			169			175			180			180			185
Total mortgage banking (loss) income			88			(402)			(358)			(88)			(231)
Other noninterest income:
Deposit account fees			6,024			5,370			5,223			4,983			5,796
Income on retirement plan annuities			121			122			141			145			147
Gain on sale of asset held for sale			-			-			1,809			-			-
Loss on sale of securities			-			-			(1,041)			-			-
Bank-owned life insurance income			769			777			758			746			1,207
Other income			383			798			624			517			787
Total noninterest income			7,385			6,665			7,156			6,303			7,706
Total noninterest expenses			27,400			26,752			27,791			27,407			28,613
Income before income taxes			9,739			5,790			9,848			9,549			9,086
Provision for income taxes			2,015			875			2,310			2,386			2,535
Net income		$	7,724		$	4,915		$	7,538		$	7,163		$	6,551

Efficiency ratio (Non-GAAP)
Noninterest expense, as presented (GAAP)		$	27,400		$	26,752		$	27,791		$	27,407		$	28,613
Less: Amortization of other intangible assets			190			190			189			189			189
Total adjusted noninterest expense(non-GAAP)	(A)	$	27,210		$	26,562		$	27,602		$	27,218		$	28,424

Net interest and dividend income (GAAP)		$	31,681		$	31,780		$	31,098		$	30,485		$	30,637
Plus: tax equivalent adjustment			458			452			256			249			251
Tax equivalent net interest and dividend income (non-GAAP)	(B)	$	32,139		$	32,232		$	31,354		$	30,734		$	30,888

Total noninterest income	(C)	$	7,385		$	6,665		$	7,156		$	6,303		$	7,706
Less:
Gain on sale of asset held for sale			-			-			1,809			-			-
Loss on sale of securities			-			-			(1,041)			-			-
Core total noninterest income (non-GAAP)	(D)	$	7,385		$	6,665		$	6,388		$	6,303		$	7,706

Tax equivalent efficiency ratio (non-GAAP)	(A)/(B+C)		68.84	%		68.29	%		71.67	%		73.49	%		73.65	%
Tax equivalent core efficiency ratio (non-GAAP)	(A)/(B+D)		68.84	%		68.29	%		73.13	%		73.49	%		73.65	%

HarborOne Bancorp, Inc.

Segments Key Financial Data

(Unaudited)


		Quarters Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
Statements of Net Income for HarborOne Mortgage Segment:		2024			2024			2024			2024			2023

		(Dollars in thousands)

Net interest and dividend income		$	140		$	105		$	240		$	80		$	160
Mortgage banking income:
Gain on sale of mortgage loans			3,954			3,752			3,141			2,013			2,176
Intersegment gain			48			277			464			308			56
Changes in mortgage servicing rights fair value			(99)			(2,421)			(1,024)			86			(3,296)
Other			2,260			2,215			2,177			2,097			2,116
Total mortgage banking income			6,163			3,823			4,758			4,504			1,052
Other noninterest income (loss)			-			-			4			10			2
Total noninterest income			6,163			3,823			4,762			4,514			1,054
Total noninterest expenses			5,490			5,600			5,269			4,311			14,667

Income (loss) before income taxes			813			(1,672)			(267)			283			(13,453)
Income tax (benefit) provision			(320)			(535)			(76)			60			(596)
Net income (loss)		$	1,133		$	(1,137)		$	(191)		$	223		$	(12,857)

Closed loan volume		$	179,077		$	209,525		$	172,994		$	102,102		$	124,225
Gain on sale margin			2.21	%		1.79	%		1.82	%		1.97	%		1.75	%

Efficiency ratio (non-GAAP)
Noninterest expense, as presented (GAAP)	(A)	$	5,490		$	5,600		$	5,269		$	4,311		$	14,667
Less: Goodwill impairment charge			-			-			-			-			10,760
Core noninterest expense (non-GAAP)	(B)	$	5,490		$	5,600		$	5,269		$	4,311		$	3,907

Net interest and dividend income (GAAP)		$	140		$	105		$	240		$	80		$	160
Total noninterest income (GAAP)			6,163			3,823			4,762			4,514			1,054
Total revenue	(C)	$	6,303		$	3,928		$	5,002		$	4,594		$	1,214

Efficiency ratio (non-GAAP)	(A)/(C)		87.10	%		142.57	%		105.34	%		93.84	%		1,208.15	%
Core efficiency ratio (non-GAAP)	(B)/(C)		87.10	%		142.57	%		105.34	%		93.84	%		321.83	%

HarborOne Bancorp, Inc.

Non-GAAP Reconciliation

(Unaudited)


		As of or for the Three Months Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
Core Net Income
Net income (loss), as presented (GAAP)	(A)	$	8,887		$	3,924		$	7,296		$	7,300		$	(7,111)
Add: Goodwill impairment charge			-			-			-			-			10,760
Less: Gain on sale of asset held for sale, net of taxes			-			-			1,429			-			-
Less: Loss on sale of securities, net of taxes			-			-			(822)			-			-
Less: Release of uncertain position reserve			546			-			-			-			-
Core Net Income (non-GAAP)	(B)	$	8,341		$	3,924		$	6,689		$	7,300		$	3,649
Weighted average shares outstanding for the period:
Basic	(C)		40,700,783			40,984,857			41,293,787			41,912,421			42,111,872
Diluted	(D)		41,062,421			41,336,985			41,370,289			42,127,037			42,299,858
Earnings (loss) per common share (GAAP):
Basic	(A)/(C)	$	0.21		$	0.10		$	0.18		$	0.17		$	(0.17)
Diluted	(A)/(D)	$	0.21		$	0.10		$	0.18		$	0.17		$	(0.17)
Core Earnings per common share (non-GAAP):
Basic	(B)/(C)	$	0.20		$	0.10		$	0.16		$	0.17		$	0.09
Diluted	(B)/(D)	$	0.20		$	0.10		$	0.16		$	0.17		$	0.09

Return on average assets, as presented (GAAP)	(A)/(E)		0.62	%		0.27	%		0.50	%		0.50	%		(0.50)	%
Core return on average earning assets(non-GAAP)	(B)/(E)		0.58	%		0.27	%		0.46	%		0.50	%		0.26	%
Average assets	(E)	$	5,748,571		$	5,753,823		$	5,807,997		$	5,804,738		$	5,646,493

Return on average equity, as presented (GAAP)	(A)/(F)		6.08	%		2.69	%		5.07	%		5.00	%		(4.85)	%
Core return on average earning equity(non-GAAP)	(B)/(F)		5.71	%		2.69	%		4.65	%		5.00	%		2.49	%
Average equity	(F)	$	584,433		$	584,049		$	575,321		$	584,405		$	586,705

Efficiency Ratio
Noninterest expense, as presented (GAAP)		$	32,873		$	32,268		$	33,144		$	31,750		$	43,214
Less: Amortization of other intangible assets			190			190			189			189			189
Total adjusted noninterest expense(non-GAAP)	(G)	$	32,683		$	32,078		$	32,955		$	31,561		$	43,025
Less: Goodwill impairment charge			-			-			-			-			10,760
Core noninterest expense (non-GAAP)	(H)	$	32,683		$	32,078		$	32,955		$	31,561		$	32,265

Net interest and dividend income (GAAP)	(I)	$	31,827		$	31,893		$	31,350		$	30,582		$	29,693
Plus: tax equivalent adjustment			458			452			256			249			251
Tax equivalent net interest and dividend income (non-GAAP)	(J)		32,285			32,345			31,606			30,831			29,944
Total noninterest income	(K)		13,689			10,568			11,919			10,741			8,904
Less:
Gain on sale of asset held for sale			-			-			1,809			-			-
Loss on sale of securities			-			-			(1,041)			-			-
Total core noninterest income (non-GAAP)	(L)		13,689			10,568			11,151			10,741			8,904
Tax equivalent total core revenue (non-GAAP)	(M)	$	45,974		$	42,913		$	42,757		$	41,572		$	38,848

Efficiency ratio (non-GAAP)	(G)/(I)+(K)		71.81	%		75.55	%		76.16	%		76.38	%		111.47	%
Core efficiency ratio (non-GAAP)	(H)/(I)+(L)		71.81	%		75.55	%		77.54	%		76.38	%		83.59	%
Tax equivalent efficiency ratio (non-GAAP)	(G)/(J)+(K)		71.09	%		74.75	%		75.72	%		75.92	%		110.75	%
Tax equivalent core efficiency ratio (non-GAAP)	(H)/(M)		71.09	%		74.75	%		77.08	%		75.92	%		83.05	%

HarborOne Bancorp, Inc.

Non-GAAP Reconciliation

(Unaudited)


		As of or for the Three Months Ended
		December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
Tangible equity and assets
Total stockholders' equity, as presented (GAAP)	(N)	$	575,011		$	584,202		$	577,329		$	577,683		$	583,759
Less: Goodwill and other intangible assets			59,799			59,989			60,178			60,368			60,557
Tangible common equity(non-GAAP)	(O)	$	515,212		$	524,213		$	517,151		$	517,315		$	523,202

Average stockholders' equity	(P)	$	584,433		$	584,049		$	575,321		$	584,405		$	586,705
Less: Average goodwill and other intangible assets			59,888			60,077			60,262			60,465			71,296
Average tangible common equity(non-GAAP)	(Q)	$	524,545		$	523,972		$	515,059		$	523,940		$	515,409

Total assets, as presented(GAAP)		$	5,753,133		$	5,775,967		$	5,787,035		$	5,862,222		$	5,667,896
Less: Goodwill and other intangible assets			59,799			59,989			60,178			60,368			60,557
Tangible assets(non-GAAP)	(R)	$	5,693,334		$	5,715,978		$	5,726,857		$	5,801,854		$	5,607,339

Common stock outstanding	(S)		43,723,278			44,130,134			44,459,490			45,055,006			45,401,224

Book value per share	(N)/(S)	$	13.15		$	13.24		$	12.99		$	12.82		$	12.86
Tangible book value per share (non-GAAP)	(O)/(S)	$	11.78		$	11.88		$	11.63		$	11.48		$	11.52
Tangible common equity/tangible assets (non-GAAP)	(O)/(R)		9.05	%		9.17	%		9.03	%		8.92	%		9.33	%
Return on average tangible common equity (non-GAAP)	(A)/(Q)		6.78	%		3.00	%		5.67	%		5.57	%		(5.52)	%
Core return on average tangible common equity (non-GAAP)	(B)/(Q)		6.36	%		3.00	%		5.19	%		5.57	%		2.83	%

Exhibit 99.2

Investor Presentation January 2025

Q4 2024 2 Forward-Looking Statements Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, changes in general business and economic conditions (including inflation and concerns about inflation) on a national basis and in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in interest rates; changes in customer behavior; ongoing turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; increases in loan default and charge-off rates; decreases in the value of securities in the Company’s investment portfolio; fluctuations in real estate values; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; competitive pressures from other financial institutions; cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest, and pandemics; changes in regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the Annual Report on Form 10 K and Quarterly Reports on Form 10 Q as filed with the SEC, which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, HarborOne’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Q4 2024 3 COMPANY HIGHLIGHTS1 Exchange/Ticker: NASDAQ/HONE Total Assets: $5.8 Billion Total Loans: $4.9 Billion Total Deposits: $4.6 Billion Market Capitalization: $517 Million  HarborOne Bancorp, Inc. is a bank holding company and the parent of HarborOne Bank, a state-chartered trust company.  HarborOne Bank is headquartered in Brockton, MA with 30 full-service banking centers throughout Metro Boston, Southeast Massachusetts and Rhode Island, with commercial lending offices in Boston and Providence.  HarborOne Mortgage, LLC (“HarborOne Mortgage”) is a wholly owned subsidiary of HarborOne Bank with 15 offices in Maine, Massachusetts, Rhode Island, New Hampshire, New Jersey, and Florida and licensed to lend in 5 additional states.  HarborOne Bank is a recognized leader in financial and personal enrichment education and innovation through HarborOneU. A Unique New England Banking Franchise 1: All information as of December 31, 2024

2023 Investor Report Q4 2024 4  Net income of $8.9 million; diluted income per share $0.21  Average client deposits increased $62.9 million, or 6.1% annualized, on a linked-quarter basis  Tax equivalent margin of 2.36% flat to Q3 2024  Loans-to-deposits ratio improved 94 basis points, from 106.63% from 107.57%  Efficiency ratio improved to 71.8% from 75.6%  HarborOne Mortgage generated net income of $1.1 million, as compared to a $1.1 million loss on a linked-quarter basis  Repurchased 394,457 shares at an average cost of $12.64 per share, totaling $5.0 million in Q4 2024 Q4 2024 Highlights Net Income $8.9 Million Diluted EPS $0.21 Net Interest Margin 2.36% Loans-to-Deposits Ratio 106.63% Tangible Book Value $11.78

Q4 2024 5 $5.7 B $5.9 B $5.8 B $5.8 B $5.8 B Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 10.0% 9.7% 9.7% 9.8% 9.8% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $4.8 B $4.8 B $4.8 B $4.9 B $4.9 B Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $11.52 $11.48 $11.63 $11.88 $11.78 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Key Performance Metrics Total Assets Total Loans Tier 1 Leverage Tangible Book Value per share

Q4 2024 6 Key Performance Metrics (Cont.) EPS Net Income ($MM) Net Interest Margin on FTE Basis Net Interest Income ($MM) ($0.17) $0.17 $0.18 $0.10 $0.21 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 2.23% 2.25% 2.31% 2.36% 2.36% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $29,693 $30,582 $31,350 $31,893 $31,827 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 ($7,111) $7,300 $7,296 $3,924 $8,887 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24

Q4 2024 7 CRE 47% Residential 1-4 Family 32% C&I 12% Construction 5% HELOC, 2nd Mtg. & Other Consumer 4% Loan Portfolio $4.9 Billion Total Loan Portfolio Highlights  Commercial Real Estate loans declined 1.8% on linked-quarter basis and 2.7% year-to-date  Commercial & Industrial loans grew 8.1% on a linked-quarter basis and 27.4% year-to-date  Residential mortgage balances decreased modestly (<1%) year-over-year, primarily due to historically low prepayment speeds and limited purchases of residential mortgages from HarborOne Mortgage during the year

Q4 2024 8 Asset Quality Non-Performing Assets ($MM) Provision ($MM) Top 5 Substandard Relationships ($MM) Allowance for Credit Losses ($MM) $17.6 $12.2 $9.8 $28.4 $29.5 0.31% 0.21% 0.17% 0.49% 0.51% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 NPA/Assets % Category Asset Type Balance Specific Reserve Occupancy CRE- Office1 Conversion to Lab $16.8 $4.7 0% CRE- Office1,2 Conversion to Med Office $15.3 $1.7 50% CRE-Multi Traditional (Mkt Rate) $11.8 - 98% CRE- Office1 Metro Office $6.2 $0.4 46% CRE- Multi Conversion to Multifamily $5.0 - 100% $0.64 -$0.17 $0.62 $5.90 $1.93 0.05% -0.01% 0.05% 0.48% 0.16% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Annualized Provision/Loans % $48.0 $48.2 $49.1 $54.0 $56.1 1.01% 1.01% 1.02% 1.11% 1.16% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 ACL % All Loans paid to date as of 12/31/2024. 1: Updated appraisals obtained at time of downgrade to Substandard; 2: Comprised of an office loan and a land loan; 3: Comprised of a leisure hotel and a business hotel

Q4 2024 9 Growing Focus on C&I and Small Business New England Focused Maturity Profile C&I and Small Business Loans (SMM) Portfolio Characteristics Portfolio Composition ($MM) Highlights  Top 20 C&I obligors have a weighted average debt service coverage ratio (DSCR)2 of ~1.86x  C&I & Small Business Delinquency Rate of 1.73%  Top 10 SBA lender in Rhode Island, and top 15 SBA lender in Massachusetts3 MA 57% RI 34% Other New England 3% Other 6% 2025 10% 2026 10% 2027 8% 2028 & later 72% 1: $1 million of Non-Accrual exposure comprised of the guaranteed portion of SBA 7(a) loan attributed to a single borrower; 2: DSCR calculated based on most recent financial information, typically received annually; 3.Source: SBA 7(a) & 504 Lender Report for the year 2024 based on dollars approved Type Balance Avg Balance Classified Non-Acc Manufacturing $107.7 $0.9 - - Utilities $104.8 $3.5 - - Healthcare $99.3 $0.4 $0.3 $0.1 Education $41.7 $1.4 - - Retail $30.3 $0.2 - - Construction $28.7 $0.1 $0.6 $0.3 Restaurant $22.5 $0.3 $0.1 $0.1 Wholesale Trade $20.4 $0.4 - - Rental and Leasing $19.6 $0.2 $0.5 - Administrative $17.5 $0.1 $0.3 $0.3 Professional Services $12.1 $0.1 - - All Others1 $89.8 $0.2 $1.6 $1.4 Total $594.4 $0.3 $3.4 $2.2 $322.7 $326.8 $355.7 $397.4 $436.0 $143.8 $144.4 $143.3 $152.5 $466.4 $471.2 $158.4 $499.0 $549.9 $594.4 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 C&I Small Business 22% Combined Growth over the last year

Q4 2024 10 Commercial Real Estate & Construction Profile New England Focused Maturity Profile Portfolio by Type ($2.5 B) Portfolio Characteristics Portfolio Composition ($MM) Highlights 1: DSCR calculated based on most recent financial information, typically received annually; 2: LTV is based on origination appraisal vs current balances, with a weighted average seasoning of approximately 2.5 years 14% of CRE is Owner Occupied  Top 20 CRE obligors have a weighted average debt service coverage ratio (DSCR)1 of 1.40x  Top 20 CRE obligors have a weighted average Loan-to-Value (LTV)2 of 56%  CRE & Construction Delinquency Rate of 15 bps  NOO CRE/Construction to Capital Ratio of 362%, a 22 bps improvement since the beginning of the year  14% of CRE/Construction loan exposure is reported as Participation-In Type Balance Avg Balance Classified Non-Acc Industrial/Warehouse $555.5 $6.9 $4.5 - Multifamily $469.3 $6.6 $16.8 - Hotel/Hospitality $313.6 $8.7 $4.8 - Retail Trade $302.1 $3.5 - - Office $223.4 $4.9 $36.7 $16.8 Healthcare $226.4 $4.0 - - Educational Services $77.6 $6.0 - - Restaurant $45.9 $2.1 - - Construction $19.3 $1.9 Arts & Entertainment $17.6 $1.8 - - All Others $282.3 $2.2 $1.7 - Total $2,533.0 $4.5 $64.5 $16.8 Industrial/ Warehouse… Multifamily 19% Hotel 12% Retail 12% Office 9% Healthcare 9% Education 3% Other 14% 2025 12% 2026 15% 2027 15% 2028 and later 58% MA 65% RI 13% NH 8% CT 6% NY 3% Other 5%

Q4 2024 11 CRE & Construction- Focus on Office ($223 MM) Geography Maturity Profile Type Balance Avg Loan Balance LTV1 DSCR2 Asset Quality Pass Special Mention Classified Non-Accrual Class A $55.0 $9.2 82.8% 1.38 $38.2 - $16.8 $16.8 Class B $131.0 $4.7 67.8% 1.25 $111.1 - $19.9 - Class C $18.8 $1.7 49.0% 1.54 $18.8 - - - Construction $18.6 $18.6 NA NA $18.6 - - - Portfolio Composition ($MM) 1: LTV based on most recent appraisals and includes impact of Class A non-accrual loan for which a $4.7 million specific reserve was taken in 3Q 24; 2: DSCR based on most recent financial information from borrowers, typically received annually; 3: Class A $16.8MM loan and $18.6MM Construction loans are participations 2025 24% 2026 22% 2027 6% 2028 & later 48% MA 60% RI 21% CT 9% NH 8% Outside New England 2%  The classified loans includes a $13.7 MM loan that matures in 2025 which is in the process of a modification that includes an assumption of the loan by a new borrower  Construction office loan is 65% open and occupied with 95% occupancy committed upon completion; adhering to original timeline and budget Highlights

Q4 2024 12 CRE & Construction- Focus on Multifamily ($469 MM) New England Focused Maturity Profile Portfolio by Type Portfolio Characteristics Portfolio Composition Highlights  Top 20 Multifamily obligors have a weighted average debt service coverage ratio (DSCR)2 of 1.16x  No delinquencies in Multifamily portfolio  Focus on properties rated 3 Stars or better by CoStar 1: LTV based on most recent appraisal; 2: DSCR calculated based on most recent financial information, typically received annually; excludes Construction Type Balance Avg Balance LTV1 Classified Non-Acc Traditional (Mkt Rate) $276.5 $5.5 59% $16.8 - Affordable Housing $44.8 $7.5 49% - - Rent Restricted $25.0 $25.0 74% - - Mixed Use $20.1 $3.4 63% - - Other $1.7 $1.7 72% - - Construction $101.3 $16.9 NA - - Traditional 59% Construction 22% Affordable Housing 10% Rent Restricted 5% Mixed Use 4% Other 0% MA 74% RI 13% CT 10% NY 2% Other New England 1% 2025 12% 2026 14% 2027 18% 2028 & Later 56%

Q4 2024 13 Client Deposit Composition(1) Deposits Average Balances and Cost of Deposits 20% 12% 68% Business Municipal Consumer 24% 21% 29% 26% DDA/ NOW Savings Money Market CD Loan / Deposit Ratio Highlights $4.4 B $4.3 B $4.3 B $4.5 B $4.5 B 2.47% 2.47% 2.53% 2.68% 2.62% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Average Deposits Cost of Deposits  Total deposits increased $14.6 million in Q4 24, with increases in money market accounts, CDs, and brokered deposits partially offset by decreases in savings accounts and checking accounts.  Cost of deposits decreased 6 basis points to 2.62% for the three months ended December 31, 2024 108.27% 108.71% 108.54% 107.57% 106.63% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 (1) Excludes Brokered Deposits

Q4 2024 14 Deposits FDIC Deposit Market Share1 Highlights 24 Rank Town 2024 2023 3 Abington 21.6% 20.3% 5 Attleboro 7.5% 6.9% 16 Boston 0.1% 0.1% 2 Bridgewater 19.8% 19.0% 7 Brighton 2.1% 1.4% 1 Brockton 56.8% 56.3% 10 Brookline 0.7% 0.2% 14 Cambridge 0.2% 0.1% 2 Canton 17.7% 17.2% 6 Cranston 4.7% 4.4% 8 East & West Greenwich 5.4% 5.0% 6 East Providence 5.2% 5.1% 2 Easton 18.7% 21.9% 3 Lincoln 23.6% 25.5% 4 Mansfield 11.9% 12.1% 3 Middleboro 18.1% 16.5% 3 Plymouth 11.4% 11.5% 10 Providence & N. Providence 0.5% 0.5% 14 Quincy 1.2% 1.0% 3 Randolph 14.5% 12.1% 5 Raynham 11.9% 10.6% 8 Stoughton 3.6% 3.2% 7 Warwick & West Warwick 6.4% 6.4% 1: FDIC annual market share data as of June 2024  Ranked top 5 in >50% of markets served and gained market share in 18 of 23 markets  Average Consumer Household Tenure: 52% of balances > 15 yrs and 75% of balances > 5 yrs  Brockton area banking centers checking production increased 37% Q4 2024 vs. Q4 2023  Average deposits in the Boston market increased 5% Q4 2024 vs. Q4 2023

Q4 2024 15 Est. Uninsured Deposits & Available Liquidity Available Liquidity ($MM) Solid Liquidity to Cover All Uninsured Deposits $212 $213 $630 $430 $656 $728 Q4 24 Q4 23 Cash and other FRB FHLB ($MM) Q4 24 Q4 23 Uninsured Deposits1 966 1,070 Less: FHLB LOC Secured Deposits 219 18 Uninsured deposits(after exclusions) 747 1,052 Total Deposits 4,551 4,387 Uninsured Deposits as a % of Total Deposits 16% 24% Immediately Available Liquidity 1,498 1,371 Coverage as % of Immediately Available Liquidity 188% 130% 1Uninsured deposits excludes subsidiary accounts $1,498 $1,371

Q4 2024 16 Capital Management  The Company remains well capitalized and is able to weather economic volatility  Ongoing share buy-back program of approximately 2.2 MM shares or $20MM initiated in Q2 2024  Continued annual dividend growth with 6.7% increase in Q1 2024  Strong Tangible Capital Ratio of 9.05% with minimal securities categorized as Held to Maturity 10.5% 8.5% 7.0% 4.0% 13.0% 11.8% 11.8% 9.8% 9.1% Total Capital Tier 1 Capital Tier 1 Common Equity Tier 1 Leverage Tangible Common Equity Minimum Capital Required plus Capital Conservation Buffer HONE 1 Capital Ratios are preliminary as of December 31, 2024. Capital Ratios1 Highlights

Q4 2024 17 Mortgage Banking ($ in 000’s) Q4 24 Q3 24 Q4 23 Gain on Sale $3,954 $3,752 $2,176 Change in MSR FV, amortization and hedge ($99) ($2,421) ($3,296) Servicing Revenue / Other $2,308 $2,492 $2,174 Total Revenue $6,303 $3,928 $1,214 Expenses $5,490 $5,600 $14,6671 Net Income (Loss) $1,133 ($1,137) ($12,857) Key Drivers/Statistics $ Disbursements $179 MM $210 MM $124 MM Sales Margin 2.54% 2.19% 2.08% FTE’s 128 136 131 Offices 15 15 17 MSR Balance $41.5 MM $40.2 MM $42.9 MM Change in MSR Fair Value $1.8 MM ($2.7) MM ($2.9) MM 10 year Treasury 4.58% 3.79% 3.88%  Q4 2024 net income of $1.1 million  Mortgage servicing rights (MSR) valuation up $1.8 million quarter-over-quarter due to increases in key benchmark rates used in the valuation model  Notwithstanding a 15% decline in mortgage closings quarter-over-quarter due to seasonality, Gain-on-Sale revenue increased $202K due to higher sales margins on conforming product and lower sales of jumbo product to the Bank  Q4 2024 production volume was 83% purchase, 17% refinance Highlights 1 Includes Goodwill write down of $10.8 million at the end of Q4 2023

Q4 2024 18 Bank Stand-Alone ($ in 000’s) Q4 24 Q3 24 Q4 23 Interest Income $67,347 $68,900 $64,197 Interest Expense $35,666 $37,120 $33,560 Net Interest Income $31,681 $31,780 $30,673 Provision $1,927 $5,903 $644 Noninterest Income $7,385 $6,665 $7,706 Noninterest Expense $27,400 $26,752 $28,613 Net Income $7,724 $4,915 $6,551 Key Drivers/Statistics ROAA 0.54% 0.34% 0.46% Tax equivalent efficiency ratio 68.8% 68.3% 73.7% Margin 2. 31% 2. 32% 2.28% FTE’s 407 406 398 Nonaccrual Loans $ 29.5MM $ 28.4MM $17.5 MM Net charge-off(recovery) rate 0.00% 0.02% 0.11% ACL/Loans 1.16% 1.11% 1.01%  Net Income of $7.7 MM, up 57% quarter-over-quarter primarily due to larger provision expense recorded in Q3 2024  Net Interest Income of $31.7 MM, down 0.3% on a linked-quarter basis, up 3.4% YoY  Q4 2024 $1.9 MM provision, $2.2 MM primarily for loan specific reserves and $228K negative provision for unfunded commitments  Noninterest income up $720K on a linked-quarter basis and down $321K YoY. Q4 2024 includes $690K in VISA volume incentives  Noninterest Expenses up $648K on a linked-quarter basis and down $1.2 MM YoY. Q3 2024 included an accrual reversal for management incentive impacting comparative quarter results  Q4 2024 tax provision included the reversal of expiring uncertain tax position reserves Highlights

Q4 2024 19 Why HarborOne Clear Strategic Focus  Drive organic growth with a focus on Customer Primacy.  Ensure diverse and low cost funding base with significant available liquidity.  Foster customer-centric mission that earns total long-term banking relationships.  Continued rationalization and modernization of Banking Centers. Unique Franchise and Culture  Attractive New England (metro Boston & Providence) footprint.  HarborOne was recognized as Best Bank in Rhode Island and Metro South Community Choice Awards in 2024.  Deep community engagement - 2023 Boston Business Journal Most Charitable Companies list (7th consecutive year), Providence Business News Giving Guide ranked HarborOne Bank #5 in the state of Rhode Island in 2023 for total charitable donations. Proven Track Record  Seasoned management team and Board.  Excess capital to manage economic headwinds.  Increasing quarterly dividend with continued stock buybacks.  Prudent cost management with commitment to continuous process enhancement.

Q4 2024 20 HarborOne U - “Enriching lives through education” Original content, tools, templates, case studies, and calculators to help small businesses achieve financial success. A personalized education platform that helps individuals and families gain skills and build confidence in their financial choices. Consumer Small Business

Q4 2024 21 A Commitment to Doing What’s Right Mission Statement We provide a personalized experience while caring about every customer. We focus on understanding their financial goals for today and dreams for tomorrow. We are unwavering in our commitment to the communities that we serve. Vision Statement To be our customers’ most trusted financial partner. Our Values Integrity. Teamwork. Trust. Respect. Accountability.

Document and Entity Information	Jan. 30, 2025
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Jan. 30, 2025
Entity Registrant Name	HarborOne Bancorp, Inc.
Entity Incorporation, State or Country Code	MA
Entity File Number	001-38955
Entity Tax Identification Number	81-1607465
Entity Address, Address Line One	770 Oak Street
Entity Address, City or Town	Brockton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02301
City Area Code	508
Local Phone Number	895-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	HONE
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001769617
Amendment Flag	false

HarborOne Bancorp (NASDAQ:HONE)
Historical Stock Chart
From Jan 2025 to Feb 2025

Click Here for more HarborOne Bancorp Charts.

HarborOne Bancorp (NASDAQ:HONE)
Historical Stock Chart
From Feb 2024 to Feb 2025

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

HONE HarborOne Bancorp Inc

HarborOne Bancorp Inc News

Your Recent History

Company

Business

Popular

Get The App

Trending Now

Toplists

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

HONE HarborOne Bancorp Inc

HarborOne Bancorp Inc News

Your Recent History

Company

Business

Popular

Get The App

Go Ad-Free