ハーバーワンバンコープの適時開示・決算・その他

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): April 24, 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 April 24, 2025, HarborOne Bancorp, Inc. (the “Company”), the holding company for HarborOne Bank, issued a press release announcing its financial results for the quarter ended March 31, 2025. 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 April 24, 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 April 24, 2025
99.2		Investor Presentation
104		Cover Page Interactive Data File (formatted as inline XBRL)

EXHIBIT INDEX


Number		Description

99.1		Press release dated April 24, 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: April 24, 2025

EX-99.1 2 hone-20250424xex99d1.htm EX-99.1

Exhibit 99.1

HarborOne Bancorp, Inc. Announces 2025 First Quarter Results

Contact: Stephen W. Finocchio, EVP and CFO

Brockton, Massachusetts (April 24, 2025): HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $5.5 million, or $0.14 per diluted share, for the quarter ended March 31, 2025, a decrease of $3.4 million, or 38.1%, compared to net income of $8.9 million, or $0.21 per diluted share, for the quarter ended December 31, 2024.

First Quarter Financial Highlights:

●

Net income of $5.5 million, or $0.14 per diluted share; the quarter-over-quarter decrease primarily reflects a $2.9 million decrease in mortgage banking income

●

Net interest margin of 2.39%, up 3 basis-points on a quarter-over-quarter basis

●

Noninterest expense was flat at $32.9 million

●

Deposits, excluding brokered deposits, increased $79.6 million, or 1.9%, quarter-over-quarter

●

The loans-to-deposits ratio improved 225 basis points during the quarter, from 106.63% to 104.38%

●

Credit loss provision of $1.4 million, a $542,000 decrease compared to the fourth quarter of 2024

●

The quarterly dividend increased 12.5%; executed 513,855 in share repurchases

“The first quarter represents a solid start to the year,” commented Joseph F. Casey, President & CEO. “Our Bank team achieved continued strong commercial and industrial loan growth of $33 million, decreased commercial real estate balances, lower loan delinquencies, and a reduction of 15 basis points in the cost of deposits, excluding brokered deposits. Our residential mortgage team delivered an 11.8% increase in year-over-year loan closings during the slowest quarter seasonally for that business, against a backdrop of elevated mortgage rates.”

Net Interest Income

Quarter-over-quarter, net interest and dividend income declined $358,000 from $31.8 million to $31.5 million, while net interest margin improved 3 basis points to 2.39%, impacted by:

●

Yield on loans declined 8 basis points as floating-rate assets repriced during the quarter, and average loan balances decreased $30.0 million. Yield on loans was also negatively impacted by a decline in prepayment fees of $277,000.

●

Cost of deposits, excluding brokered deposits, decreased 15 basis points, and average deposit balances, excluding brokered deposits, decreased $33.2 million, primarily due to seasonal decreases in savings and DDA accounts in the first two months of the quarter that were largely recovered in March.

●

Borrowing costs improved 6 basis points, and average borrowings declined $20.0 million.

Noninterest Income

Quarter-over-quarter, total noninterest income decreased $3.8 million, or 27.7%, to $9.9 million, from $13.7 million, Total noninterest expense was flat at $32.9 million; quarter-over-quarter variances of note were:

impacted by:

●

HarborOne Mortgage, LLC (“HarborOne Mortgage”) realized a $2.7 million gain on loan sales from mortgage closings of $114.1 million in the first quarter of 2025, compared to $4.0 million from mortgage loan closings of $179.1 million in the fourth quarter, as an uptick in mortgage rates, and low for-sale inventory constrained loan demand.

●

The mortgage servicing rights (“MSR”) valuation decreased $1.2 million compared to an increase of $2.3 million for the fourth quarter of 2024, including the impact of principal payments on the underlying mortgages of $782,000 and $1.0 million for the quarters ended March 31, 2025 and December 31, 2024, respectively. The first quarter MSR valuation loss of $1.1 million was offset by a $561,000 economic hedging gain, whereas the fourth quarter of 2024 included a MSR valuation gain of $2.2 million offset by a $1.3 million hedging loss.

●

Deposit account fees decreased $871,000, primarily as a result of a decrease in debit card interchange fees of $493,000 due to a catch-up adjustment in the fourth quarter for the annual VISA volume incentive, and a $181,000 seasonal decrease in debit card interchange income.

Noninterest Expense

●

Occupancy and equipment expense increased $150,000 primarily due to seasonal increases for snow removal and heating costs.

●

Loan expenses decreased $94,000, consistent with lower loan originations in the first quarter of 2025.

●

Deposit insurance decreased $113,000, reflecting a decrease in the assessment base.

●

Other expenses increased $183,000, primarily reflecting an increase in cloud computing expenses as we continue to evolve our technology stack and fees charged for FHLB letters of credit to secure municipal deposits.

Balance Sheet

Quarter-over-quarter, total assets decreased $52.8 million, or 0.9%, to $5.70 billion, from $5.75 billion, impacted by:

●

Loans declined $31.5 million, or 0.7%, to $4.82 billion, from $4.85 billion the prior quarter. Commercial real estate and construction loans decreased $44.5 million, favoring payoffs over renewals for loans secured by commercial real estate that are not included in our strongest customer relationships. Commercial and industrial loans increased $33.0 million. Residential real estate and consumer loans decreased $20.0 million, partly reflecting a decrease in loan purchases from HarborOne Mortgage during the quarter.

●

Available-for-sale securities increased $1.7 million to $265.6 million from the prior quarter. The unrealized loss on securities available for sale decreased to $58.8 million, as compared to $65.2 million in the prior quarter. Securities held to maturity were steady at $19.2 million.

●

Total deposits increased $68.0 million to $4.62 billion from $4.55 billion the prior quarter. Non-certificate accounts increased $73.2 million and term certificate accounts increased $6.4 million. Brokered deposits decreased $11.6 million. As of March 31, 2025, FDIC-insured deposits were approximately 74% of total deposits, including Bank subsidiary deposits.

●

Borrowed funds decreased $117.0 million to $399.5 million compared to $516.6 million at the prior quarter end. As of March 31, 2025, the Bank had $1.42 billion in available borrowing capacity across multiple relationships.

●

Total stockholders’ equity was $576.0 million, compared to $575.0 million at the prior quarter end. Stockholders’ equity increased 0.2% when compared to the prior quarter, as net income and an increase in the fair value of available-for-sale securities were partially offset by share repurchases and dividend payments.

●

The tangible-common-equity-to-tangible-assets ratio(1) was 9.15% at March 31, 2025, compared to 9.05% at December 31, 2024. Book value per share and tangible book value per share(1) increased modestly quarter over quarter from $13.15 to $13.27 and from $11.78 to $11.90, respectively.

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

Asset Quality and Allowance for Credit Losses

The Company recorded a $1.4 million provision for credit losses for the quarter ended March 31, 2025. The provision for loan credit losses was $1.9 million and the provision for unfunded commitments was a negative $506,000. The provision for loan credit losses was primarily due to a further specific reserve allocation for a previously identified classified commercial real estate loan, partially offset by a decrease in loan balances and qualitative factor adjustments. The specific reserve allocation recorded on the commercial real estate loan noted above was $3.6 million based on the re-evaluation of collateral due to a revised exit strategy, adding to a specific reserve allocation of $4.7 million. The aggregate allowance of $8.3 million was charged off in the first quarter of 2025. Net charge-offs totaled $8.7 million, or 0.72% of average loans outstanding on an annualized basis for the quarter ended March 31, 2025. For the quarter ended December 31, 2024, the Company had recorded a provision for credit losses of $1.9 million, reflecting a further specific reserve allocation for a previously identified classified commercial real estate loan, partially offset by qualitative factor adjustments, and a decrease in loan balance. Net charge-offs totaled $58,000 for the quarter ended December 31, 2024.

The ACL on loans was $49.3 million, or 1.02% of total loans, at March 31, 2025, compared to $56.1 million, or 1.16% of total loans, at December 31, 2024. The ACL on unfunded commitments, included in other liabilities on the unaudited Consolidated Balance Sheet, amounted to $3.0 million at March 31, 2025, compared to $3.5 million at December 31, 2024. Total nonperforming assets were $30.9 million and 0.54% of total assets at March 31, 2025, compared to $29.5 million and 0.51% of total assets at December 31, 2024. As of March 31, 2025 and December 31, 2024, total criticized and classified commercial loans amounted to $187.1 million and $178.6 million, respectively. The quarterly increase in total criticized and classified commercial loans primarily reflects the addition of three new credits in the special mention category as a result of continued pressure on commercial real estate values, offset by the charge-off noted above. In the quarter ended March 31, 2025, non-performing commercial real estate loans decreased $7.8 million, primarily a result of the charge-off noted above. Non-performing commercial and industrial loans increased $8.3 million, primarily the result of a single credit included in the healthcare segment.

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, the impact of recently imposed tariffs by the U.S. Administration and foreign governments, inflation and concerns about liquidity) 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 gain or loss on the sale of certain assets and release of reserves for uncertain tax positions.

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
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024

	(Dollars in thousands)
Earnings data
Net interest and dividend income	$	31,469		$	31,827		$	31,893		$	31,350		$	30,582
Noninterest income	$	9,891		$	13,689		$	10,568		$	11,919		$	10,741
Total revenue	$	41,360		$	45,516		$	42,461		$	43,269		$	41,323
Noninterest expense	$	32,850		$	32,873		$	32,268		$	33,144		$	31,750
Pre-tax, pre-provision income (loss)	$	8,510		$	12,643		$	10,193		$	10,125		$	9,573
Provision for credit (benefits) losses	$	1,385		$	1,927		$	5,903		$	615		$	(168)
Income (loss) before income taxes	$	7,125		$	10,716		$	4,290		$	9,510		$	9,741
Net income (loss)	$	5,500		$	8,887		$	3,924		$	7,296		$	7,300
Core net income (1)	$	5,500		$	8,341		$	3,924		$	6,689		$	7,300
Per-share data
Earnings per share, diluted	$	0.14		$	0.21		$	0.10		$	0.18		$	0.17
Core earnings per share, diluted(1)	$	0.14		$	0.20		$	0.10		$	0.16		$	0.17
Book value per share	$	13.27		$	13.15		$	13.24		$	12.99		$	12.82
Tangible book value per share(1)	$	11.90		$	11.78		$	11.88		$	11.63		$	11.48
Profitability
Return on average assets		0.39	%		0.62	%		0.27	%		0.50	%		0.50	%
Core return on average assets(1)		0.39	%		0.58	%		0.27	%		0.45	%		0.50	%
Return on average equity		3.79	%		6.08	%		2.69	%		5.07	%		5.00	%
Core Return on average equity(1)		3.79	%		5.71	%		2.69	%		4.54	%		5.00	%
Return on average tangible common equity(1)		4.23	%		6.78	%		3.00	%		5.67	%		5.57	%
Core return on average tangible common equity(1)		4.23	%		6.36	%		3.00	%		5.19	%		5.57	%
Net interest margin on a fully tax equivalent basis(1)		2.39	%		2.36	%		2.36	%		2.31	%		2.25	%
Cost of total deposits		2.48	%		2.62	%		2.68	%		2.53	%		2.49	%
Efficiency ratio(1)		78.97	%		71.81	%		75.55	%		76.16	%		76.38	%
Core efficiency ratio(1)		78.97	%		71.81	%		75.55	%		77.54	%		76.38	%
Tax equivalent efficiency ratio(1)		78.09	%		71.09	%		74.75	%		75.72	%		75.92	%
Tax equivalent core efficiency ratio(1)		78.09	%		71.09	%		74.75	%		77.08	%		75.92	%
Balance Sheet
Total assets	$	5,700,330		$	5,753,133		$	5,775,967		$	5,787,035		$	5,862,222
Total loans	$	4,821,033		$	4,852,499		$	4,879,503		$	4,839,232		$	4,776,685
Total deposits	$	4,618,721		$	4,550,753		$	4,536,177		$	4,458,297		$	4,394,024
Total loans / total deposits		104.38	%		106.63	%		107.57	%		108.54	%		108.71	%
Asset quality
Allowance for credit losses ("ACL")	$	49,323		$	56,101		$	54,004		$	49,139		$	48,185
Nonperforming assets	$	30,908		$	29,473		$	28,408		$	9,766		$	12,201
Non-performing loans to total loans		0.64	%		0.61	%		0.58	%		0.20	%		0.25	%
Allowance for credit losses on loans to non-performing loans		159.61	%		190.41	%		190.10	%		503.16	%		396.26	%
Allowance for credit losses on loans to total loans		1.02	%		1.16	%		1.11	%		1.02	%		1.01	%
Net loans charged off as a percentage of average loans outstanding		0.72	%		-	%		0.02	%		0.02	%		0.01	%
Capital adequacy
Stockholders' equity / assets		10.10	%		9.99	%		10.11	%		9.98	%		9.85	%
Tangible common equity / tangible assets(1)		9.15	%		9.05	%		9.17	%		9.03	%		8.92	%
Common equity tier 1 ratio ("CET1")(1)		11.86	%		11.79	%		11.67	%		11.73	%		11.97	%
Risk weighted assets	$	4,738,746		$	4,795,304		$	4,827,022		$	4,822,128		$	4,727,354

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

HarborOne Bancorp, Inc.

Consolidated Balance Sheet Trend

(Unaudited)


	Period ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(in thousands)	2025		2024		2024		2024		2024

Assets
Cash and due from banks	$	44,383	$	44,090	$	39,668	$	48,097	$	36,340
Short-term investments		186,109		186,981		184,611		186,965		357,101
Total cash and cash equivalents		230,492		231,071		224,279		235,062		393,441

Securities available for sale, at fair value		265,644		263,904		276,817		269,078		291,008
Securities held to maturity, at amortized cost		19,211		19,627		19,625		19,725		19,724
Federal Home Loan Bank stock, at cost		18,330		23,277		17,476		25,311		26,565
Asset held for sale		-		-		-		-		348
Loans held for sale, at fair value		19,304		36,768		28,467		41,814		16,434
Loans:
Commercial real estate		2,272,480		2,280,309		2,321,148		2,380,881		2,355,672
Commercial construction		216,013		252,691		270,389		233,926		234,811
Commercial and industrial		627,480		594,453		549,908		499,043		471,215
Total commercial loans		3,115,973		3,127,453		3,141,445		3,113,850		3,061,698
Residential real estate		1,689,681		1,707,556		1,719,882		1,706,678		1,695,686
Consumer		15,379		17,490		18,176		18,704		19,301
Loans		4,821,033		4,852,499		4,879,503		4,839,232		4,776,685
Less: Allowance for credit losses on loans		(49,323)		(56,101)		(54,004)		(49,139)		(48,185)
Net loans		4,771,710		4,796,398		4,825,499		4,790,093		4,728,500
Mortgage servicing rights, at fair value		42,620		44,500		43,067		46,209		46,597
Goodwill		59,042		59,042		59,042		59,042		59,042
Other intangible assets		568		757		947		1,136		1,326
Other assets		273,409		277,789		280,748		299,565		279,237
Total assets	$	5,700,330	$	5,753,133	$	5,775,967	$	5,787,035	$	5,862,222

Liabilities and Stockholders' Equity
Deposits:
Demand deposit accounts	$	703,736	$	690,647	$	713,379	$	689,800	$	677,152
NOW accounts		340,194		298,337		296,322		308,016		305,071
Regular savings and club accounts		908,136		895,232		926,192		989,720		1,110,404
Money market deposit accounts		1,200,600		1,195,209		1,162,930		1,100,215		1,061,145
Term certificate accounts		1,076,195		1,069,844		1,063,672		985,293		852,326
Brokered deposits		389,860		401,484		373,682		385,253		387,926
Total deposits		4,618,721		4,550,753		4,536,177		4,458,297		4,394,024
Borrowings		399,547		516,555		539,364		619,372		754,380
Other liabilities and accrued expenses		106,095		110,814		116,224		132,037		136,135
Total liabilities	$	5,124,363	$	5,178,122	$	5,191,765	$	5,209,706	$	5,284,539

Common stock		598		598		598		598		598
Additional paid-in capital		490,327		489,532		488,983		487,980		487,277
Unearned compensation - ESOP		(23,488)		(23,947)		(24,407)		(24,866)		(25,326)
Retained earnings		375,710		373,861		368,222		367,584		363,591
Treasury stock		(221,516)		(215,138)		(210,197)		(205,944)		(199,853)
Accumulated other comprehensive loss		(45,664)		(49,895)		(38,997)		(48,023)		(48,604)
Total stockholders' equity	$	575,967	$	575,011	$	584,202	$	577,329	$	577,683

Total liabilities and stockholders' equity	$	5,700,330	$	5,753,133	$	5,775,967	$	5,787,035	$	5,862,222

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)


	Quarters Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollars in thousands, except share data)	2025		2024		2024		2024		2024
Interest and dividend income:
Interest and fees on loans	$	59,872	$	62,415	$	63,595	$	61,512	$	59,937
Interest on loans held for sale		296		517		546		347		243
Interest on securities		1,993		1,996		1,965		2,121		2,065
Other interest and dividend income		2,278		2,591		2,928		3,971		4,659
Total interest and dividend income		64,439		67,519		69,034		67,951		66,904

Interest expense:
Interest on deposits		27,643		29,963		29,969		27,272		26,899
Interest on borrowings		5,327		5,729		7,172		9,329		9,423
Total interest expense		32,970		35,692		37,141		36,601		36,322

Net interest and dividend income		31,469		31,827		31,893		31,350		30,582
Provision (benefit) for credit losses		1,385		1,927		5,903		615		(168)

Net interest and dividend income, after provision (benefit) for credit losses		30,084		29,900		25,990		30,735		30,750

Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans		2,716		3,952		3,752		3,143		2,013
Changes in mortgage servicing rights fair value		(1,372)		(19)		(2,641)		(1,098)		54
Other		2,108		2,431		2,390		2,356		2,276
Total mortgage banking income		3,452		6,364		3,501		4,401		4,343
Deposit account fees		5,153		6,024		5,370		5,223		4,983
Income on retirement plan annuities		119		121		122		141		145
Gain on sale of asset held for sale		-		-		-		1,809		-
Loss on sale of securities		-		-		-		(1,041)		-
Bank-owned life insurance income		743		769		777		758		746
Other income		424		411		798		628		524
Total noninterest income		9,891		13,689		10,568		11,919		10,741

Noninterest expenses:
Compensation and benefits		18,785		18,853		18,551		18,976		17,636
Occupancy and equipment		4,627		4,477		4,628		4,636		4,781
Data processing		2,625		2,626		2,711		2,375		2,479
Loan expense		431		525		457		461		371
Marketing		588		599		549		1,368		816
Professional fees		1,382		1,451		1,292		1,236		1,457
Deposit insurance		1,050		1,163		1,028		993		1,164
Other expenses		3,362		3,179		3,052		3,099		3,046
Total noninterest expenses		32,850		32,873		32,268		33,144		31,750

Income before income taxes		7,125		10,716		4,290		9,510		9,741
Income tax provision		1,625		1,829		366		2,214		2,441

Net income	$	5,500	$	8,887	$	3,924	$	7,296	$	7,300

Earnings per common share:
Basic	$	0.14	$	0.21	$	0.10	$	0.18	$	0.17
Diluted	$	0.14	$	0.21	$	0.10	$	0.18	$	0.17
Weighted average shares outstanding:
Basic		40,344,922		40,700,783		40,984,857		41,293,787		41,912,421
Diluted		40,605,799		41,062,421		41,336,985		41,370,289		42,127,037

HarborOne Bancorp, Inc.

Asset Quality

(Unaudited)


	As of or for the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Non-performing Assets
Nonaccruing loans:
Commercial real estate and construction	$	8,610		$	16,836		$	17,171		$	-		$	1,496
Commercial and industrial		10,538			2,204			1,743			1,773			1,744
Residential mortgages, construction, and HELOC		11,705			10,409			9,451			7,949			8,866
Consumer		49			14			43			44			54
Total nonaccruing loans		30,902			29,463			28,408			9,766			12,160
Other real estate owned		-			-			-			-			-
Repossessed assets		6			10			-			-			41
Total nonperforming assets	$	30,908		$	29,473		$	28,408		$	9,766		$	12,201

Total nonperforming loans to total loans		0.64	%		0.61	%		0.58	%		0.20	%		0.25	%
Total nonperforming assets to total assets		0.54	%		0.51	%		0.49	%		0.17	%		0.21	%

Allowance for credit losses on loans
Beginning balance	$	56,101		$	54,004		$	49,139		$	48,185		$	47,972
Net (charge-offs) recoveries:
Commercial real estate and construction		(8,300)			40			3			-			100
Commercial and industrial		(362)			(57)			(146)			(184)			(182)
Residential mortgages and HELOC		10			1			-			5			3
Consumer		(17)			(42)			(39)			(16)			(46)
Total net charge-offs:		(8,669)			(58)			(182)			(195)			(125)
Provision for loan credit losses		1,891			2,155			5,047			1,149			338
Ending balance	$	49,323		$	56,101		$	54,004		$	49,139		$	48,185

Allowance for credit losses on loans to total loans		1.02	%		1.16	%		1.11	%		1.02	%		1.01	%
Allowance for credit losses on loans to nonaccruing loans		159.61	%		190.41	%		190.10	%		503.16	%		396.26	%
Annualized net charge-offs (recoveries)/average loans		0.72	%		0.00	%		0.02	%		0.02	%		0.01	%
Provision (credit) for unfunded commitments	$	(506)		$	(228)		$	856		$	(534)		$	(506)
Allowance for unfunded commitments	$	3,000		$	3,506		$	3,734		$	2,878		$	3,412

Delinquency
Total delinquent loans	$	29,821		$	37,427		$	21,325		$	12,990		$	12,160
Total delinquent loans to total loans		0.62	%		0.77	%		0.44	%		0.27	%		0.25	%

HarborOne Bancorp, Inc.

Average Balances and Yield Trend

(Unaudited)


	Quarters Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	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)	$	346,902		$	1,993	2.33	%	$	350,041		$	1,996	2.27	%	$	372,787		$	2,065	2.23	%
Other interest-earning assets		213,400			2,278	4.33			203,695			2,591	5.06			356,470			4,659	5.26
Loans held for sale		17,237			296	6.96			31,358			517	6.56			14,260			243	6.85
Loans
Commercial loans (2)(3)		3,125,369			41,796	5.42			3,139,356			43,845	5.56			3,040,835			41,653	5.51
Residential real estate loans (3)(4)		1,696,444			18,243	4.36			1,711,481			18,685	4.34			1,700,694			18,175	4.30
Consumer loans (3)		16,601			294	7.18			17,583			343	7.76			20,539			358	7.01
Total loans		4,838,414			60,333	5.06			4,868,420			62,873	5.14			4,762,068			60,186	5.08
Total interest-earning assets		5,415,953			64,900	4.86			5,453,514			67,977	4.96			5,505,585			67,153	4.91
Noninterest-earning assets		290,734							295,057							299,153
Total assets	$	5,706,687						$	5,748,571						$	5,804,738
Interest-bearing liabilities:
Savings accounts	$	908,434			3,050	1.36		$	924,514			3,339	1.44		$	1,186,201			5,523	1.87
NOW accounts		303,719			127	0.17			292,332			110	0.15			289,902			75	0.10
Money market accounts		1,190,811			9,648	3.29			1,184,006			10,565	3.55			994,353			9,313	3.77
Certificates of deposit		1,060,313			11,343	4.34			1,075,594			12,391	4.58			855,070			8,554	4.02
Brokered deposits		387,294			3,475	3.64			376,154			3,558	3.76			356,459			3,434	3.87
Total interest-bearing deposits		3,850,571			27,643	2.91			3,852,600			29,963	3.09			3,681,985			26,899	2.94
Total borrowings		493,206			5,327	4.38			512,802			5,729	4.44			764,623			9,423	4.96
Total interest-bearing liabilities		4,343,777			32,970	3.08			4,365,402			35,692	3.25			4,446,608			36,322	3.29
Noninterest-bearing liabilities:
Noninterest-bearing deposits		677,314							697,364							654,436
Other noninterest-bearing liabilities		105,747							101,371							119,289
Total liabilities		5,126,838							5,164,137							5,220,333
Total stockholders' equity		579,849							584,433							584,405
Total liabilities and stockholders' equity	$	5,706,687						$	5,748,571						$	5,804,738
Tax equivalent net interest income					31,930							32,285							30,831
Tax equivalent interest rate spread (5)						1.78	%						1.71	%						1.62	%
Less: tax equivalent adjustment					461							458							249
Net interest income as reported				$	31,469						$	31,827						$	30,582
Net interest-earning assets (6)	$	1,072,176						$	1,088,112						$	1,058,977
Net interest margin (7)						2.36	%						2.32	%						2.23	%
Tax equivalent effect						0.03							0.04							0.02
Net interest margin on a fully tax equivalent basis						2.39	%						2.36	%						2.25	%
Ratio of interest-earning assets to interest-bearing liabilities		124.68	%						124.93	%						123.82	%

Supplemental information:
Total deposits, including demand deposits	$	4,527,885		$	27,643			$	4,549,964		$	29,963			$	4,336,421		$	26,899
Cost of total deposits						2.48	%						2.62	%						2.49	%
Total funding liabilities, including demand deposits	$	5,021,091		$	32,970			$	5,062,766		$	35,692			$	5,101,044		$	36,322
Cost of total funding liabilities						2.66	%						2.80	%						2.86	%

(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.

Segments Key Financial Data

(Unaudited)


		Quarters Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
Statements of Net Income for HarborOne Bank Segment:		2025			2024			2024			2024			2024

		(Dollars in thousands)

Net interest and dividend income		$	31,315		$	31,681		$	31,780		$	31,098		$	30,485
Provision (benefit) for credit losses			1,385			1,927			5,903			615			(168)
Net interest and dividend income, after provision for credit losses			29,930			29,754			25,877			30,483			30,653
Mortgage banking income:
Intersegment loss			(81)			(161)			(357)			(464)			(236)
Changes in mortgage servicing rights fair value			(134)			80			(220)			(74)			(32)
Other			167			169			175			180			180
Total mortgage banking (loss) income			(48)			88			(402)			(358)			(88)
Other noninterest income:
Deposit account fees			5,153			6,024			5,370			5,223			4,983
Income on retirement plan annuities			119			121			122			141			145
Gain on sale of asset held for sale			-			-			-			1,809			-
Loss on sale of securities			-			-			-			(1,041)			-
Bank-owned life insurance income			743			769			777			758			746
Other income			425			383			798			624			517
Total noninterest income			6,392			7,385			6,665			7,156			6,303
Total noninterest expenses			28,185			27,400			26,752			27,791			27,407
Income before income taxes			8,137			9,739			5,790			9,848			9,549
Provision for income taxes			1,903			2,015			875			2,310			2,386
Net income		$	6,234		$	7,724		$	4,915		$	7,538		$	7,163

Efficiency ratio (Non-GAAP)
Noninterest expense, as presented (GAAP)		$	28,185		$	27,400		$	26,752		$	27,791		$	27,407
Less: Amortization of other intangible assets			190			190			190			189			189
Total adjusted noninterest expense(non-GAAP)	(A)	$	27,995		$	27,210		$	26,562		$	27,602		$	27,218

Net interest and dividend income (GAAP)		$	31,315		$	31,681		$	31,780		$	31,098		$	30,485
Plus: tax equivalent adjustment			461			458			452			256			249
Tax equivalent net interest and dividend income (non-GAAP)	(B)	$	31,776		$	32,139		$	32,232		$	31,354		$	30,734

Total noninterest income	(C)	$	6,392		$	7,385		$	6,665		$	7,156		$	6,303
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)	$	6,392		$	7,385		$	6,665		$	6,388		$	6,303

Tax equivalent efficiency ratio (non-GAAP)	(A)/(B+C)		73.35	%		68.84	%		68.29	%		71.67	%		73.49	%
Tax equivalent core efficiency ratio (non-GAAP)	(A)/(B+D)		73.35	%		68.84	%		68.29	%		73.13	%		73.49	%

HarborOne Bancorp, Inc.

Segments Key Financial Data

(Unaudited)


	Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Statements of Net Income for HarborOne Mortgage Segment:	2025			2024			2024			2024			2024

	(Dollars in thousands)

Net interest and dividend income	$	149		$	140		$	105		$	240		$	80
Mortgage banking income:
Gain on sale of mortgage loans		2,716			3,954			3,752			3,141			2,013
Intersegment gain		209			48			277			464			308
Changes in mortgage servicing rights:
Amortization and payoffs		(712)			(939)			(1,011)			(888)			(696)
Change in fair value due to assumptions		(1,087)			2,170			(2,255)			144			1,003
Net gain(loss) from economic hedging		561			(1,330)			845			(280)			(221)
Total changes in mortgage servicing rights		(1,238)			(99)			(2,421)			(1,024)			86
Other		1,941			2,260			2,215			2,177			2,097
Total mortgage banking income		3,628			6,163			3,823			4,758			4,504
Other noninterest income		-			-			-			4			10
Total noninterest income		3,628			6,163			3,823			4,762			4,514
Total noninterest expenses		4,504			5,490			5,600			5,269			4,311

Income (loss) before income taxes		(727)			813			(1,672)			(267)			283
Income tax (benefit) provision		(236)			(320)			(535)			(76)			60
Net income (loss)	$	(491)		$	1,133		$	(1,137)		$	(191)		$	223

Closed loan volume	$	114,136		$	179,077		$	209,525		$	172,994		$	102,102
Gain on sale margin		2.38	%		2.21	%		1.79	%		1.82	%		1.97	%

Capitalized Mortgage Servicing Rights
Beginning balance	$	41,544		$	40,191		$	43,113		$	43,427		$	42,910
Originated servicing rights		53			122			344			430			210
Amortization and payoffs		(712)			(939)			(1,011)			(888)			(696)
Changes in fair value		(1,087)			2,170			(2,255)			144			1,003
Ending balance	$	39,798		$	41,544		$	40,191		$	43,113		$	43,427

HarborOne Bancorp, Inc.

Non-GAAP Reconciliation

(Unaudited)


		As of or for the Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Core Net Income
Net income, as presented (GAAP)	(A)	$	5,500		$	8,887		$	3,924		$	7,296		$	7,300
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 tax position reserve			-			546			-			-			-
Core Net Income (non-GAAP)	(B)	$	5,500		$	8,341		$	3,924		$	6,689		$	7,300
Weighted average shares outstanding for the period:
Basic	(C)		40,344,922			40,700,783			40,984,857			41,293,787			41,912,421
Diluted	(D)		40,605,799			41,062,421			41,336,985			41,370,289			42,127,037
Earnings per common share (GAAP):
Basic	(A)/(C)	$	0.14		$	0.21		$	0.10		$	0.18		$	0.17
Diluted	(A)/(D)	$	0.14		$	0.21		$	0.10		$	0.18		$	0.17
Core Earnings per common share (non-GAAP):
Basic	(B)/(C)	$	0.14		$	0.20		$	0.10		$	0.16		$	0.17
Diluted	(B)/(D)	$	0.14		$	0.20		$	0.10		$	0.16		$	0.17

Return on average assets, as presented (GAAP)	(A)/(E)		0.39	%		0.62	%		0.27	%		0.50	%		0.50	%
Core return on average earning assets(non-GAAP)	(B)/(E)		0.39	%		0.58	%		0.27	%		0.46	%		0.50	%
Average assets	(E)	$	5,706,687		$	5,748,571		$	5,753,823		$	5,807,997		$	5,804,738

Return on average equity, as presented (GAAP)	(A)/(F)		3.79	%		6.08	%		2.69	%		5.07	%		5.00	%
Core return on average earning equity(non-GAAP)	(B)/(F)		3.79	%		5.71	%		2.69	%		4.65	%		5.00	%
Average equity	(F)	$	579,849		$	584,433		$	584,049		$	575,321		$	584,405

Efficiency Ratio
Noninterest expense, as presented (GAAP)		$	32,850		$	32,873		$	32,268		$	33,144		$	31,750
Less: Amortization of other intangible assets			190			190			190			189			189
Total adjusted noninterest expense(non-GAAP)	(G)	$	32,660		$	32,683		$	32,078		$	32,955		$	31,561
Core noninterest expense (non-GAAP)	(H)	$	32,660		$	32,683		$	32,078		$	32,955		$	31,561

Net interest and dividend income (GAAP)	(I)	$	31,469		$	31,827		$	31,893		$	31,350		$	30,582
Plus: tax equivalent adjustment			461			458			452			256			249
Tax equivalent net interest and dividend income (non-GAAP)	(J)		31,930			32,285			32,345			31,606			30,831
Total noninterest income	(K)		9,891			13,689			10,568			11,919			10,741
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)		9,891			13,689			10,568			11,151			10,741
Tax equivalent total core revenue (non-GAAP)	(M)	$	41,821		$	45,974		$	42,913		$	42,757		$	41,572

Efficiency ratio (non-GAAP)	(G)/(I)+(K)		78.97	%		71.81	%		75.55	%		76.16	%		76.38	%
Core efficiency ratio (non-GAAP)	(H)/(I)+(L)		78.97	%		71.81	%		75.55	%		77.54	%		76.38	%
Tax equivalent efficiency ratio (non-GAAP)	(G)/(J)+(K)		78.09	%		71.09	%		74.75	%		75.72	%		75.92	%
Tax equivalent core efficiency ratio (non-GAAP)	(H)/(M)		78.09	%		71.09	%		74.75	%		77.08	%		75.92	%

HarborOne Bancorp, Inc.

Non-GAAP Reconciliation

(Unaudited)


		As of or for the Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Tangible equity and assets
Total stockholders' equity, as presented (GAAP)	(N)	$	575,967		$	575,011		$	584,202		$	577,329		$	577,683
Less: Goodwill and other intangible assets			59,610			59,799			59,989			60,178			60,368
Tangible common equity(non-GAAP)	(O)	$	516,357		$	515,212		$	524,213		$	517,151		$	517,315

Average stockholders' equity	(P)	$	579,849		$	584,433		$	584,049		$	575,321		$	584,405
Less: Average goodwill and other intangible assets			59,709			59,888			60,077			60,262			60,465
Average tangible common equity(non-GAAP)	(Q)	$	520,140		$	524,545		$	523,972		$	515,059		$	523,940

Total assets, as presented(GAAP)		$	5,700,330		$	5,753,133		$	5,775,967		$	5,787,035		$	5,862,222
Less: Goodwill and other intangible assets			59,610			59,799			59,989			60,178			60,368
Tangible assets(non-GAAP)	(R)	$	5,640,720		$	5,693,334		$	5,715,978		$	5,726,857		$	5,801,854

Common stock outstanding	(S)		43,408,480			43,723,278			44,130,134			44,459,490			45,055,006

Book value per share	(N)/(S)	$	13.27		$	13.15		$	13.24		$	12.99		$	12.82
Tangible book value per share (non-GAAP)	(O)/(S)	$	11.90		$	11.78		$	11.88		$	11.63		$	11.48
Tangible common equity/tangible assets (non-GAAP)	(O)/(R)		9.15	%		9.05	%		9.17	%		9.03	%		8.92	%
Return on average tangible common equity (non-GAAP)	(A)/(Q)		4.23	%		6.78	%		3.00	%		5.67	%		5.57	%
Core return on average tangible common equity (non-GAAP)	(B)/(Q)		4.23	%		6.36	%		3.00	%		5.19	%		5.57	%

EX-99.2 3 hone-20250424xex99d2.htm EX-99.2

Exhibit 99.2

Investor Presentation April 2025

Q1 2025 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, the impact of recently imposed tariffs by the U.S. Administration and foreign governments, inflation and concerns about liquidity) 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.

Q1 2025 3 COMPANY HIGHLIGHTS1 Exchange/Ticker: NASDAQ/HONE Total Assets: $5.7 Billion Total Loans: $4.8 Billion Total Deposits: $4.6 Billion Market Capitalization: $450 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 Massachusetts, Rhode Island, New Hampshire, Maine, 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 March 31, 2025

2023 Investor Report Q1 2025 4  Net income of $5.5 million; diluted income per share $0.14  Client deposits increased $79.6 million, or 1.9%, quarter-over-quarter  Tax equivalent margin of 2.39% up 3 basis points quarter-over-quarter  Loans-to-deposits ratio improved 225 basis points, to 104.38% from 106.63%  Increased the quarterly shareholder dividend 12.5% to $0.09 per share, from $0.08 per share  Repurchased 513,855 shares, totaling $5.9 million in Q1 2025 Q1 2025 Highlights Net Income $5.5 Million Diluted EPS $0.14 Net Interest Margin 2.39% Loans-to-Deposits Ratio 104.38% Tangible Book Value $11.90

Q1 2025 5 $5.9 B $5.8 B $5.8 B $5.8 B $5.7 B Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 9.7% 9.7% 9.8% 9.8% 9.9% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 $4.8 B $4.8 B $4.9 B $4.9 B $4.8 B Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 $11.48 $11.63 $11.88 $11.78 $11.90 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Key Performance Metrics Total Assets Total Loans Tier 1 Leverage Tangible Book Value per share

Q1 2025 6 Key Performance Metrics (Cont.) EPS Net Income ($MM) Net Interest Margin on FTE Basis Net Interest Income ($MM) $0.17 $0.18 $0.10 $0.21 $0.14 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 2.25% 2.31% 2.36% 2.36% 2.39% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 $30,582 $31,350 $31,893 $31,827 $31,469 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 $7,300 $7,296 $3,924 $8,887 $5,500 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Q1 2025 7 CRE 47% Residential 1-4 Family 31% C&I 13% Construction 5% HELOC, 2nd Mtg. & Other Consumer 4% Loan Portfolio $4.8 Billion Total Loan Portfolio Highlights  Commercial Real Estate loans declined $7.8 million, or 0.34% quarter-over-quarter  Commercial & Industrial loans grew $33.0 million, or 5.6% quarter-over-quarter  Residential mortgage balances decreased $18.9 million, or 1.2% quarter-over-quarter driven by seasonally low home buying activity in the Northeast, a modest pick-up in prepayment speeds and limited purchases of residential mortgages from HarborOne Mortgage during the quarter

Q1 2025 8 Asset Quality Non-Performing Assets ($MM) Provision ($MM) Top 5 Classified Relationships ($MM) Allowance for Credit Losses ($MM) $12.2 $9.8 $28.4 $29.5 $30.9 0.21% 0.17% 0.49% 0.51% 0.54% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 NPA/Assets % Category Asset Type Balance Specific Reserve Charge off Occupancy CRE- Office1,2 Conv. to Med Office $15.3 $1.7 - 50% CRE- Multi1 Market Rate $11.8 - - 98% C&I Healthcare Practice $8.6 - - N/A CRE- Office1 Conversion to Lab $8.6 - $8.3 0% CRE- Office1 Metro Office $6.2 $0.4 - 46% -$0.17 $0.62 $5.90 $1.93 $1.39 -0.01% 0.05% 0.48% 0.16% 0.11% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Annualized Provision/Loans % $48.2 $49.1 $54.0 $56.1 $49.3 1.01% 1.02% 1.11% 1.16% 1.02% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 ACL % 1: Updated appraisals obtained at time of downgrade to Substandard 2: Comprised of an office loan and a land loan Note: The decrease in the ACL in Q1 25 is due to a $8.3 MM charge-off

Q1 2025 9 Continued Focus on C&I and Small Business New England Focused Maturity Profile C&I and Small Business Loans ($MM) Portfolio Characteristics Portfolio Composition ($MM) Highlights  Top 20 C&I obligors have a weighted average debt service coverage ratio (DSCR)2 of ~2.28x  C&I & Small Business Delinquency Rate of 0.72%  Top 10 SBA lender in Rhode Island3 MA 58% RI 32% Other New England 8% Other 2% 2025 9% 2026 10% 2027 7% 2028 8% 2029 & later 66% 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 3 months ended March 31, 2025 based on dollars approved Type Balance Avg Balance Classified Non-Acc Manufacturing $120.7 $1.0 - - Utilities $103.8 $3.5 - - Healthcare $97.0 $0.4 $9.0 $8.7 Education $68.1 $2.3 - - Retail $30.6 $0.2 - - Construction $30.0 $0.1 $0.6 $0.3 Restaurant $21.8 $0.3 $0.1 $0.1 Wholesale Trade $20.8 $0.4 - - Rental and Leasing $17.2 $0.8 - - Administrative $15.1 $0.1 $0.4 $0.2 Professional Services $11.4 $0.1 - - All Others1 $91.0 $0.2 $1.6 $1.2 Total $627.5 $0.3 $11.7 $10.5 $326.8 $355.7 $397.4 $436.0 $467.30 $144.4 $143.3 $152.5 $158.4 $160.2 $471.2 $499.0 $549.9 $594.5 $627.5 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 C&I Small Business 33% Combined Growth since Q1 24

Q1 2025 10 Commercial Real Estate & Construction Profile New England Focused Maturity Profile Portfolio by Type ($2.5B) Portfolio Characteristics Portfolio Composition ($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 3 years 14% of CRE is Owner Occupied  Top 20 CRE obligors have a weighted average debt service coverage ratio (DSCR)1 of 1.31x  Top 20 CRE obligors have a weighted average Loan-to-Value (LTV)2 of 59%  CRE & Construction Delinquency Rate of 0.35%  NOO CRE/Construction to Capital Ratio of 362%, stable since the beginning of the year  Q1 25 charge-off of $8.3 MM on one credit included in the office category Type Balance Avg Balance Classified Non-Acc Industrial/Warehouse $561.5 $7.2 $4.5 - Multifamily $459.7 $6.8 $16.1 - Hotel/Hospitality $312.0 $8.7 $4.5 - Retail Trade $295.1 $3.5 - - Office $211.5 $5.4 $28.5 $8.6 Healthcare $217.0 $3.8 - - Educational Services $76.7 $5.9 - - Restaurant $48.6 $2.1 - - Manufacturing $23.8 $2.1 Construction $18.7 $1.9 - - All Others $263.9 $2.1 $1.6 - Total $2,488.5 $4.5 $55.2 $8.6 Industrial/ Warehouse 23% Multifamily 18% Hotel 13% Retail 12% Office 8% Healthcare 9% Education 3% Restaurant 2% Other 12% 2025 10% 2026 16% 2027 16% 2028 8% 2029 and later 50% MA 65% RI 14% NH 8% CT 6% NY 2% Other 5%

Q1 2025 11 CRE & Construction- Focus on Office ($212 MM) Geography Maturity Profile Type Balance Avg Loan Balance LTV1 DSCR2 Asset Quality Pass Special Mention Classified3 Non-Accrual Class A $46.8 $7.8 83.5% 1.25 $38.2 - $8.6 $8.6 Class B $126.7 $5.3 67.1% 1.32 $106.8 - $19.9 - Class C $19.2 $2.4 49.5% 1.45 $19.2 - - - Construction $18.8 $18.8 NA NA $18.8 - - - Portfolio Composition ($MM) 1: LTV based on most recent appraisals and includes impact of Class A non-accrual loan for which a $8.3 MM charge-off was taken in Q1 25; 2: DSCR based on most recent financial information from borrowers, typically received annually; 3: Class A $8.6 MM loan and $18.8MM Construction loans are participations 2025 23% 2026 20% 2027 5% 2028 7% 2029 & later 45% MA 59% RI 20% CT 10% NH 9% Outside New England 2%  Classified Class A Office represents a single credit whose collateral was re-evaluated due to a revised exit strategy that resulted in an incremental $3.6 MM added to an existing specific reserve of $4.7 million. The aggregate allowance of $8.3 million was simultaneously charged off during the quarter  Class B classified loans includes a $13.7 MM loan that matures in 2025 with a modification in process that includes an assumption of the loan by a new borrower Highlights

Q1 2025 12 CRE & Construction- Focus on Multifamily ($460 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 1.19x  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) $259.2 $5.5 59% $16.1 - Affordable Housing $44.6 $7.4 59% - - Rent Restricted $49.6 $24.8 67% - - Mixed Use $20.0 $3.3 63% - - Other $1.7 $1.7 72% - - Construction $84.7 $16.9 NA - - Traditional 56% Construction 19% Affordable Housing 10% Rent Restricted 11% Mixed Use 4% Other 0% MA 74% RI 13% CT 10% NY 2% NH 1% 2025 12% 2026 15% 2027 19% 2028 12% 2029 & Later 42%

Q1 2025 13 Client Deposit Composition(1) Deposits Average Balances and Cost of Deposits 20% 11% 69% Business Municipal Consumer 25% 22% 28% 25% DDA/ NOW Savings Money Market CD Loan / Deposit Ratio Highlights  Total deposits increased $68.0 million in Q1 25, with increases in DDA/NOW, savings accounts, money market accounts, and CDs, partially offset by a decrease in brokered deposits  Cost of deposits decreased 14 basis points to 2.48% for the three months ended March 31, 2025 (1) Excludes Brokered Deposits $4.3 B $4.3 B $4.5 B $4.5 B $4.5 B 2.49% 2.53% 2.68% 2.62% 2.48% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Average Deposits Cost of Deposits 108.7% 108.5% 107.6% 106.6% 104.4% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Q1 2025 14 Est. Uninsured Deposits & Available Liquidity Available Liquidity ($MM) Solid Liquidity to Cover Uninsured Deposits $211 $212 $629 $630 $762 $656 Q1 25 Q4 24 Cash and other FRB FHLB ($MM) Q1 25 Q4 24 Uninsured Deposits1 942 966 Less: FHLB LOC Secured Deposits 189 219 Uninsured deposits(after exclusions) 754 747 Total Deposits 4,619 4,551 Uninsured Deposits as a % of Total Deposits 16% 16% Immediately Available Liquidity 1,602 1,498 Coverage as % of Immediately Available Liquidity 212% 201% 1Uninsured deposits excludes subsidiary accounts $1,602 $1,498

Q1 2025 15 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 12.5% increase in Q1 2025  Strong Tangible Capital Ratio of 9.2% with minimal securities categorized as Held to Maturity 10.5% 8.5% 7.0% 4.0% 13.0% 11.9% 11.9% 9.8% 9.2% 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

Q1 2025 16 Mortgage Banking ($ in 000’s) Q1 25 Q4 24 Q1 24 Gain on Sale $2,716 $3,954 $2,013 Change in MSR FV, amortization and hedge ($1,238) ($99) $86 Servicing Revenue / Other $2,150 $2,308 $2,405 Total Revenue $3,777 $6,303 $4,594 Expenses $4,504 $5,490 $4,311 Net Income (Loss) ($491) $1,133 $233  Mortgage servicing rights (MSR) valuation down $1.2 million quarter-over-quarter due to decreases in key benchmark rates used in the valuation model, partially offset by $561,000 gain on economic hedge  Mortgage closings decreased 36% quarter-over-quarter due to seasonality, Gain-on-Sale revenue decreased $1.2 million quarter-over-quarter  Q1 2025 production volume was 86% purchase, 14% refinance Highlights Key Drivers/Statistics $ Disbursements $114 MM $179 MM $102 MM Sales Margin 2.88% 2.54% 2.59% FTE’s 127 128 127 Offices 15 15 16 Change in MSR FV, amortization and hedge due to: Amortization and payoffs ($712 K) ($939 K) ($696 K) MSR Fair Value ($1.1 MM) $2.2 MM $1.0 MM Net gain(loss) economic hedge $561 K ($1.3 MM) ($221 K) 10 year Treasury 4.23% 4.58% 4.21%

Q1 2025 17 Bank Stand-Alone ($ in 000’s) Q1 25 Q4 24 Q1 24 Interest Income $64,205 $67,347 $66,743 Interest Expense $32,890 $35,666 36,259 Net Interest Income $31,315 $31,681 30,484 Provision $1,385 $1,927 (168) Noninterest Income $6,392 $7,385 6,303 Noninterest Expense $28,185 $27,400 27,407 Net Income $6,234 $7,724 $7,163 Key Drivers/Statistics ROAA 0.44% 0.54% 0.49% Tax equivalent efficiency ratio 73.3% 68.8% 74.0% Margin 2.35% 2.31% 2. 10% FTE’s 389 407 395 Nonaccrual Loans $ 30.9MM $ 29.5MM $ 12.2MM Annualized Net charge-off rate 0.72% 0.00% 0.01% ACL/Loans 1.02% 1.16% 1.01%  Net Interest Income of $31.3 MM, down 1.2% quarter-over-quarter  $1.4 MM provision in Q1 25, $1.9 MM primarily for loan specific reserves and $506K negative provision for unfunded commitments  Noninterest income down $993K quarter-over-quarter. Q4 2024 included $690K in annual VISA volume incentives  Noninterest Expenses up $785K quarter-over-quarter primarily due to higher compensation and benefit costs; Q4 2024 incentive plan expenses were based on expected plan achievement for 2024 Highlights

Q1 2025 18 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

Q1 2025 19 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.