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): October 24, 2024

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 October 24, 2024, HarborOne Bancorp, Inc. (the “Company”), the holding company for HarborOne Bank, issued a press release announcing its financial results for the quarter ended September 30, 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 October 24, 2024. 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 October 24, 2024
99.2		Investor Presentation
104		Cover Page Interactive Data File (formatted as inline XBRL)

EXHIBIT INDEX


Number		Description

99.1		Press release dated October 24, 2024
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: October 24, 2024

Exhibit 99.1

HarborOne Bancorp, Inc. Announces 2024 Third Quarter Results

Contact: Stephen W. Finocchio, EVP and CFO

Brockton, Massachusetts (October 24, 2024): HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $3.9 million, or $0.10 per diluted share, for the third quarter of 2024, compared to a net income of $7.3 million, or $0.18 per diluted share for the preceding quarter, and net income of $8.4 million, or $0.20 per diluted share for the same period last year. Net income for the nine months ended September 30, 2024 was $18.5 million, or $0.45 per diluted share, compared to $23.2 million, or $0.53 per diluted share for the same period in 2023. The third quarter of 2024 includes a credit loss provision of $5.9 million, primarily as a result of a suburban office commercial real estate credit.

Selected Quarterly Financial Highlights:

●

Loan growth of $40.3 million, or 3.3% annualized.

●

Client deposit growth of $89.5 million, or 8.8% annualized.

●

Net interest margin improvement to 2.33% from 2.29% on a linked-quarter basis.

●

Share repurchases of 347,670 at an average cost of $12.23 per share.

“I am pleased to see continued margin expansion coupled with an almost $90 million increase in client deposits. Our balance sheet is positioned for margin improvement from declining cost of funds enabled by lower market interest rates,” said Joseph F. Casey, President and CEO.

Net Interest Income

Net interest and dividend income was $31.9 million for the quarter ended September 30, 2024, compared to $31.4 million for the quarter ended June 30, 2024, and $31.1 million for the quarter ended September 30, 2023. Net interest margin was 2.33% for the quarter ended September 30, 2024, compared to 2.29% for the quarter ended June 30, 2024, and 2.32% for the quarter ended September 30, 2023.

On a linked-quarter basis, the increase in net interest income and net interest margin primarily reflects the utilization of excess cash to pay down higher-cost borrowings. Also impacting margin, the yield on loans increased 7 basis points and the average balance increased $54.9 million, while the cost of deposits, excluding brokered, increased 13 basis points and the average balance of deposits excluding brokered increased $82.0 million. Average checking account balances increased $18.7 million and average certificates of deposits increased $97.3 million on a linked-quarter basis.

The $813,000 increase in net interest and dividend income from the prior year quarter reflects an increase of $5.9 million, or 9.3%, in total interest and dividend income, partially offset by an increase of $5.1 million, or 15.8%, in total interest expense. The total cost of funding liabilities increased 32 basis points, while the average balance increased $161.2 million, and the yield on interest-earning assets increased 33 basis points, while the average balance increased $139.8 million.

Noninterest Income

Total noninterest income decreased $1.4 million, or 11.3%, to $10.6 million for the quarter ended September 30, 2024, from $11.9 million for the quarter ended June 30, 2024. HarborOne Mortgage, LLC (“HarborOne Mortgage”) realized a $3.8 million gain on loan sales from mortgage closings of $209.5 million for the quarter ended September 30, 2024, compared to $3.1 million from mortgage loan closings of $173.0 million on a linked-quarter basis. Mortgage loan closings for the quarter ended September 30, 2023 were $157.6 million with a gain on loan sales of $2.7 million. Despite a drop in mortgage rates, the rate-locked pipeline was down $8.7 million on a linked-quarter basis as for-sale inventory continues to constrain loan demand.

The mortgage servicing rights (“MSR”) valuation declined $2.6 million for the three months ended September 30, 2024, compared to a decrease of $1.1 million in the MSR valuation for the three months ended June 30, 2024, as key benchmark interest rates used in the valuation model decreased from the prior quarter. The impact on the MSR valuation of principal payments on the underlying mortgages was $690,000 and $545,000 for the quarters ended September 30, 2024 and June 30, 2024, respectively. During the first quarter of 2024, HarborOne Mortgage executed an economic hedge to partially mitigate potential MSR valuation losses in a declining rate environment. For the three months ended September 30, 2024 the hedging gain was $845,000, compared to a $280,000 hedging loss for the three months ended June 30, 2024.

The prior quarter noninterest income included a $1.8 million gain on the sale-leaseback of a banking center in downtown Brockton and a $1.0 million loss on the sale of $17.5 million of available-for-sale securities, and no such items occurred in the quarter ended September 30, 2024.

Total noninterest income decreased $1.0 million, or 8.9%, compared to the quarter ended September 30, 2023, primarily due to a $1.6 million, or 31.3%, decrease in mortgage banking income as the $1.0 million improvement on the gain on sale of mortgage loans was offset by the loss on the MSR valuation. The prior year quarter reflected a $125,000 increase in the MSR valuation. The decrease in mortgage banking income was partially offset by improved earnings on the bank-owned life insurance and an increase in deposit account fees.

Noninterest Expense

Total noninterest expense decreased $876,000 or 2.6%, to $32.3 million for the quarter ended September 30, 2024, from $33.1 million for the quarter ended June 30, 2024. The primary driver was a $819,000 decrease in marketing expense. In the prior quarter, marketing expense included a $675,000 contribution for the bargain purchase price on the sale-leaseback noted above. Compensation and benefits expenses decreased $425,000 due to accrual adjustments for 2024 management incentives partially offset by increased commission on mortgage originations.

Total noninterest expense increased $396,000, or 1.2%, compared to the prior year quarter of $31.9 million. The primary driver was a $414,000 increase in other expenses due to an increase in cloud computing expenses and deposit expenses.

Provision for Income Taxes

The effective tax rate for the three and nine months ended September 30, 2024 was 8.53% and 21.3%. The effective tax rate for the three months ended June 30, 2024 was 23.28%. The decrease on a linked quarter basis reflects a discrete tax benefit as a result of the filing of amended tax returns to properly reflect tax exempt interest.

Asset Quality and Allowance for Credit Losses

Total nonperforming assets were $28.4 million at September 30, 2024, compared to $9.8 million at June 30, 2024 and $18.8 million at September 30, 2023. Nonperforming assets as a percentage of total assets were 0.49% at September 30, 2024, 0.17% at June 30, 2024, and 0.33% at September 30, 2023. The third quarter 2024 increase is primarily a result of a single, $17.2 million credit, collateralized by suburban office space, that required a $4.7 million specific reserve allocation and is on nonaccrual status.

The Company recorded a $5.9 million provision for credit losses for the quarter ended September 30, 2024. The provision for loan credit losses was $5.0 million, and the provision for unfunded commitments was $855,000. The provision for loan credit losses was primarily due to the specific reserve allocation noted above and provisioning for commercial loan growth, partially offset by improved qualitative factor adjustments for residential real estate mortgages as consumer metrics considered in the model improved. For the quarter ended June 30, 2024, a provision for credit losses of $615,000 was recorded, a result of a provision for loan credit losses of $1.1 million partially offset by a $534,000 negative provision for unfunded commitments. The Company recorded a negative provision for credit losses of $113,000 for the quarter ended September 30, 2023. The ACL on loans was $54.0 million, or 1.11% of total loans, at September 30, 2024, compared to $49.1 million, or 1.02% of total loans, at June 30, 2024 and $48.3 million, or 1.02% of total loans, at September 30, 2023. The ACL on unfunded commitments, included in other liabilities on the unaudited Consolidated Balance Sheets, amounted to $3.7 million at September 30, 2024, compared to $2.9 million at June 30, 2024 and $4.2 million at September 30, 2023.

Net charge-offs totaled $182,000, or 0.02%, of average loans outstanding on an annualized basis, for the quarter ended September 30, 2024, $195,000, or 0.02% of average loans outstanding on an annualized basis, for the quarter ended June 30, 2024, and net recoveries of $18,000 for the quarter ended September 30, 2023.

As of September 30, 2024 and June 30, 2024, classified commercial loans amounted to $57.5 million and $1.7 million, respectively. The increase in classified loans on a linked quarter basis includes an increase of $48.0 million in commercial real estate loans, primarily from three credits included in the office sector that totaled to $37.0 million with a $5.2 million specific reserve allocation. Management continues to perform comprehensive reviews and works proactively with creditworthy borrowers facing financial stress to implement prudent accommodations to improve the Bank’s prospects of contractual repayment.

Balance Sheet

Total assets decreased $11.1 million, or 0.2%, to $5.78 billion at September 30, 2024, from $5.79 billion at June 30, 2024. The linked-quarter decrease primarily reflects a decrease in cash and cash equivalents and other assets, partially offset by loan growth.

Available-for-sale securities increased $7.7 million to $276.8 million at September 30, 2024 from $269.1 million at June 30, 2024. The unrealized loss on securities available for sale decreased to $52.2 million as of September 30, 2024, as compared to $65.3 million of unrealized losses as of June 30, 2024. Securities held to maturity were $19.6 million at September 30, 2024.

Loans increased $40.3 million, or 0.8%, to $4.88 billion at September 30, 2024, from $4.84 billion at June 30, 2024. The linked-quarter increase was primarily due to increases in commercial and industrial loans of $50.9 million, commercial construction loans of $36.5 million, and $13.2 million of residential mortgage loans, partially offset by a decrease of $59.7 million in commercial real estate loans.

Total deposits increased $77.9 million to $4.54 billion at September 30, 2024 from $4.46 billion at June 30, 2024. Compared to the prior quarter, non-certificate accounts increased $11.1 million and term certificate accounts increased $78.4 million, as a competitive rate environment continued to pressure deposit mix and rates. Brokered deposits decreased $11.6 million. As of September 30, 2024, FDIC-insured deposits were approximately 74% of total deposits, including Bank subsidiary deposits.

Borrowed funds decreased $80.0 million to $539.4 million at September 30, 2024 from $619.4 million at June 30, 2024, as excess liquidity was used to paydown high rate borrowings. As of September 30, 2024, the Bank had $1.27 billion in available borrowing capacity across multiple relationships.

Total stockholders’ equity was $584.2 million at September 30, 2024, compared to $577.3 million at June 30, 2024. Stockholders’ equity increased 1.2% when compared to the prior quarter, as unrealized losses on available-for-sale securities decreased and net income was offset by share repurchases and dividends. The Company continues to implement and execute share repurchase programs, repurchasing 1,501,523 shares at an average price of $10.76, including $0.10 per share of excise tax, during the nine months ended September 30, 2024. The tangible-common-equity-to-tangible-assets ratio⁽¹⁾ was 9.17% at September 30, 2024, 9.03% at June 30, 2024, and 9.17% at September 30, 2023. At September 30, 2024, the Company and the Bank had strong capital positions, exceeding all regulatory capital requirements, and are considered well-capitalized.

⁽¹⁾ This non-GAAP ratio is total stockholders’ equity less goodwill and intangible assets to total assets less goodwill and intangible assets.

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. The Company’s management believes that the supplemental non-GAAP information, which consists of income statement results excluding the goodwill impairment charge, total adjusted noninterest expense excluding the goodwill impairment charge, diluted earnings per share excluding the goodwill impairment charge, return on average assets (ROAA), excluding the goodwill impairment charge, return on average equity (ROAE), excluding goodwill impairment charge, the efficiency ratio, efficiency ratio excluding the goodwill impairment charge, tangible-common-equity-to-tangible-assets ratio and tangible book value per share, are utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. 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.

Consolidated Balance Sheet Trend

(Unaudited)


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

Assets

Cash and due from banks	$	39,668	$	48,097	$	36,340	$	38,876	$	38,573
Short-term investments		184,611		186,965		357,101		188,474		208,211
Total cash and cash equivalents		224,279		235,062		393,441		227,350		246,784

Securities available for sale, at fair value		276,817		269,078		291,008		290,151		271,078
Securities held to maturity, at amortized cost		19,625		19,725		19,724		19,796		19,795
Federal Home Loan Bank stock, at cost		17,476		25,311		26,565		27,098		23,378
Asset held for sale		—		—		348		348		966
Loans held for sale, at fair value		28,467		41,814		16,434		19,686		17,796
Loans:
Commercial real estate		2,321,148		2,380,881		2,355,672		2,343,675		2,349,886
Commercial construction		270,389		233,926		234,811		208,443		191,224
Commercial and industrial		549,908		499,043		471,215		466,443		450,547
Total commercial loans		3,141,445		3,113,850		3,061,698		3,018,561		2,991,657
Residential real estate		1,719,882		1,706,678		1,695,686		1,709,714		1,706,950
Consumer		18,176		18,704		19,301		22,036		24,247
Loans		4,879,503		4,839,232		4,776,685		4,750,311		4,722,854
Less: Allowance for credit losses on loans		(54,004)		(49,139)		(48,185)		(47,972)		(48,312)
Net loans		4,825,499		4,790,093		4,728,500		4,702,339		4,674,542
Mortgage servicing rights, at fair value		43,067		46,209		46,597		46,111		49,201
Goodwill		59,042		59,042		59,042		59,042		69,802
Other intangible assets		947		1,136		1,326		1,515		1,704
Other assets		280,748		299,565		279,237		274,460		289,341
Total assets	$	5,775,967	$	5,787,035	$	5,862,222	$	5,667,896	$	5,664,387

Liabilities and Stockholders' Equity

Deposits:
Demand deposit accounts	$	713,379	$	689,800	$	677,152	$	659,973	$	708,847
NOW accounts		296,322		308,016		305,071		305,825		289,141
Regular savings and club accounts		926,192		989,720		1,110,404		1,265,315		1,324,635
Money market deposit accounts		1,162,930		1,100,215		1,061,145		966,201		951,128
Term certificate accounts		1,063,672		985,293		852,326		863,457		859,266
Brokered deposits		373,682		385,253		387,926		326,638		276,941
Total deposits		4,536,177		4,458,297		4,394,024		4,387,409		4,409,958
Borrowings		539,364		619,372		754,380		568,462		475,470
Subordinated debt		—		—		—		—		34,380
Other liabilities and accrued expenses		116,224		132,037		136,135		128,266		159,945
Total liabilities		5,191,765		5,209,706		5,284,539		5,084,137		5,079,753

Common stock		598		598		598		598		597
Additional paid-in capital		488,983		487,980		487,277		486,502		485,144
Unearned compensation - ESOP		(24,407)		(24,866)		(25,326)		(25,785)		(26,245)
Retained earnings		368,222		367,584		363,591		359,656		369,930
Treasury stock		(210,197)		(205,944)		(199,853)		(193,590)		(187,803)
Accumulated other comprehensive loss		(38,997)		(48,023)		(48,604)		(43,622)		(56,989)
Total stockholders' equity		584,202		577,329		577,683		583,759		584,634

Total liabilities and stockholders' equity	$	5,775,967	$	5,787,035	$	5,862,222	$	5,667,896	$	5,664,387

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)


	Quarters Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(in thousands, except share data)	2024		2024		2024		2023		2023

Interest and dividend income:
Interest and fees on loans	$	63,595	$	61,512	$	59,937	$	59,499	$	58,124
Interest on loans held for sale		546		347		243		369		370
Interest on securities		1,965		2,121		2,065		2,001		2,003
Other interest and dividend income		2,928		3,971		4,659		2,516		2,667
Total interest and dividend income		69,034		67,951		66,904		64,385		63,164

Interest expense:
Interest on deposits		29,969		27,272		26,899		27,310		25,039
Interest on borrowings		7,172		9,329		9,423		6,260		6,439
Interest on subordinated debentures		—		—		—		1,122		606
Total interest expense		37,141		36,601		36,322		34,692		32,084

Net interest and dividend income		31,893		31,350		30,582		29,693		31,080

Provision (benefit) for credit losses		5,903		615		(168)		644		(113)

Net interest and dividend income, after provision for credit losses		25,990		30,735		30,750		29,049		31,193

Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans		3,752		3,143		2,013		2,176		2,704
Changes in mortgage servicing rights fair value		(2,641)		(1,098)		54		(3,553)		125
Other		2,390		2,356		2,276		2,301		2,270
Total mortgage banking income		3,501		4,401		4,343		924		5,099

Deposit account fees		5,370		5,223		4,983		5,178		5,133
Income on retirement plan annuities		122		141		145		147		146
Gain on sale of asset held for sale		—		1,809		—		—		—
Loss on sale of securities		—		(1,041)		—		—		—
Bank-owned life insurance income		777		758		746		1,207		531
Other income		798		628		524		1,448		689
Total noninterest income		10,568		11,919		10,741		8,904		11,598

Noninterest expenses:
Compensation and benefits		18,551		18,976		17,636		19,199		18,699
Occupancy and equipment		4,628		4,636		4,781		4,670		4,430
Data processing		2,711		2,375		2,479		2,474		2,548
Loan expense (income)		457		461		371		(317)		385
Marketing		549		1,368		816		811		794
Professional fees		1,292		1,236		1,457		1,690		1,374
Deposit insurance		1,028		993		1,164		795		1,004
Goodwill impairment		—		—		—		10,760		—
Other expenses		3,052		3,099		3,046		3,132		2,638
Total noninterest expenses		32,268		33,144		31,750		43,214		31,872

Income (loss) before income taxes		4,290		9,510		9,741		(5,261)		10,919

Income tax provision		366		2,214		2,441		1,850		2,507

Net income (loss)	$	3,924	$	7,296	$	7,300	$	(7,111)	$	8,412

Earnings (losses) per common share:
Basic	$	0.10	$	0.18	$	0.17	$	(0.17)	$	0.20
Diluted	$	0.10	$	0.18	$	0.17	$	(0.17)	$	0.20
Weighted average shares outstanding:
Basic		40,984,857		41,293,787		41,912,421		42,111,872		42,876,893
Diluted		41,336,985		41,370,289		42,127,037		42,299,858		42,983,477

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)


	For the Nine Months Ended September 30,
(dollars in thousands, except share data)	2024		2023		$ Change		% Change

Interest and dividend income:
Interest and fees on loans	$	185,044	$	166,399	$	18,645	11.2	%
Interest on loans held for sale		1,136		982		154	15.7
Interest on securities		6,151		6,117		34	0.6
Other interest and dividend income		11,558		6,405		5,153	80.5
Total interest and dividend income		203,889		179,903		23,986	13.3

Interest expense:
Interest on deposits		84,140		61,014		23,126	37.9
Interest on borrowings		25,924		19,658		6,266	31.9
Interest on subordinated debentures		—		1,653		(1,653)	(100.0)
Total interest expense		110,064		82,325		27,739	33.7

Net interest and dividend income		93,825		97,578		(3,753)	(3.8)

Provision for credit losses		6,350		5,036		1,314	26.1

Net interest and dividend income, after provision for credit losses		87,475		92,542		(5,067)	(5.5)

Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans		8,908		8,228		680	8.3
Changes in mortgage servicing rights fair value		(3,685)		(1,131)		(2,554)	(225.8)
Other		7,022		6,798		224	3.3
Total mortgage banking income		12,245		13,895		(1,650)	(11.9)

Deposit account fees		15,576		14,878		698	4.7
Income on retirement plan annuities		408		393		15	3.8
Gain on sale of asset held for sale		1,809		—		1,809	100.0
Loss on sale of securities		(1,041)		—		(1,041)	(100.0)
Bank-owned life insurance income		2,281		1,542		739	47.9
Other income		1,950		2,242		(292)	(13.0)
Total noninterest income		33,228		32,950		278	0.8

Noninterest expenses:
Compensation and benefits		55,163		54,718		445	0.8
Occupancy and equipment		14,045		14,103		(58)	(0.4)
Data processing		7,565		7,297		268	3.7
Loan expense		1,289		1,115		174	15.6
Marketing		2,733		2,900		(167)	(5.8)
Professional fees		3,985		3,989		(4)	(0.1)
Deposit insurance		3,185		2,690		495	18.4
Other expenses		9,197		8,294		903	10.9
Total noninterest expenses		97,162		95,106		2,056	2.2

Income before income taxes		23,541		30,386		(6,845)	(22.5)

Income tax provision		5,021		7,198		(2,177)	(30.2)

Net income	$	18,520	$	23,188	$	(4,668)	(20.1)	%

Earnings per common share:
Basic	$	0.45	$	0.53
Diluted	$	0.45	$	0.53
Weighted average shares outstanding:
Basic		41,395,517		43,591,954
Diluted		41,609,933		43,793,137

HarborOne Bancorp, Inc.

Average Balances and Yield Trend

(Unaudited)


	Quarters Ended
	September 30, 2024							June 30, 2024							September 30, 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⁾	$	351,897		$	1,965	2.22	%	$	374,730		$	2,121	2.28	%	$	375,779		$	2,003	2.11	%
Other interest-earning assets		207,096			2,928	5.62			306,361			3,971	5.21			207,234			2,667	5.11
Loans held for sale		30,897			546	7.03			20,775			347	6.72			20,919			370	7.02
Loans
Commercial loans⁽²⁾⁽³⁾		3,129,428			44,859	5.70			3,091,004			43,023	5.60			2,980,817			40,438	5.38
Residential real estate loans⁽³⁾⁽⁴⁾		1,712,295			18,837	4.38			1,695,059			18,393	4.36			1,700,383			17,525	4.09
Consumer loans ⁽³⁾		18,445			351	7.57			19,221			352	7.37			25,126			412	6.51
Total loans		4,860,168			64,047	5.24			4,805,284			61,768	5.17			4,706,326			58,375	4.92
Total interest-earning assets		5,450,058			69,486	5.07			5,507,150			68,207	4.98			5,310,258			63,415	4.74
Noninterest-earning assets		303,765							300,847							314,030
Total assets	$	5,753,823						$	5,807,997						$	5,624,288
Interest-bearing liabilities:
Savings accounts	$	963,570			3,807	1.57		$	1,058,524			4,305	1.64		$	1,360,728			6,787	1.98
NOW accounts		292,620			104	0.14			299,536			88	0.12			274,329			75	0.11
Money market accounts		1,130,148			10,953	3.86			1,069,153			10,186	3.83			910,694			8,355	3.64
Certificates of deposit		1,028,509			11,819	4.57			931,255			9,946	4.30			818,182			7,212	3.50
Brokered deposits		340,301			3,286	3.84			300,385			2,747	3.68			287,428			2,610	3.60
Total interest-bearing deposits		3,755,148			29,969	3.17			3,658,853			27,272	3.00			3,651,361			25,039	2.72
Borrowings		608,736			7,172	4.69			776,852			9,329	4.83			508,001			6,439	5.03
Subordinated debentures		—			—	-			—			—	-			34,364			606	7.00
Total borrowings		608,736			7,172	4.69			776,852			9,329	4.83			542,365			7,045	5.15
Total interest-bearing liabilities		4,363,884			37,141	3.39			4,435,705			36,601	3.32			4,193,726			32,084	3.04
Noninterest-bearing liabilities:
Noninterest-bearing deposits		696,094							670,494							705,009
Other noninterest-bearing liabilities		109,796							126,477							126,742
Total liabilities		5,169,774							5,232,676							5,025,477
Total stockholders' equity		584,049							575,321							598,811
Total liabilities and stockholders' equity	$	5,753,823						$	5,807,997						$	5,624,288
Tax equivalent net interest income					32,345							31,606							31,331
Tax equivalent interest rate spread⁽⁵⁾						1.68	%						1.66	%						1.70	%
Less: tax equivalent adjustment					452							256							251
Net interest income as reported				$	31,893						$	31,350						$	31,080
Net interest-earning assets ⁽⁶⁾	$	1,086,174						$	1,071,445						$	1,116,532
Net interest margin⁽⁷⁾						2.33	%						2.29	%						2.32	%
Tax equivalent effect						0.03							0.02							0.02
Net interest margin on a fully tax equivalent basis						2.36	%						2.31	%						2.34	%
Ratio of interest-earning assets to interest-bearing liabilities		124.89	%						124.16	%						126.62	%

Supplemental information:
Total deposits, including demand deposits	$	4,451,242		$	29,969			$	4,329,347		$	27,272			$	4,356,370		$	25,039
Cost of total deposits						2.68	%						2.53	%						2.28	%
Total funding liabilities, including demand deposits	$	5,059,978		$	37,141			$	5,106,199		$	36,601			$	4,898,735		$	32,084
Cost of total funding liabilities						2.92	%						2.88	%						2.60	%

⁽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 Nine Months Ended
	September 30, 2024							September 30, 2023
	Average							Average
	Outstanding					Yield/		Outstanding					Yield/
	Balance			Interest		Cost ⁽⁸⁾		Balance			Interest		Cost ⁽⁸⁾

	(dollars in thousands)

Interest-earning assets:
Investment securities ⁽¹⁾	$	366,418		$	6,151	2.24	%	$	381,572		$	6,117	2.14	%
Other interest-earning assets		289,673			11,558	5.33			170,377			6,405	5.03
Loans held for sale		22,010			1,136	6.89			19,557			982	6.71
Loans
Commercial loans ⁽²⁾⁽³⁾		3,087,245			129,825	5.62			2,940,483			116,116	5.28
Residential real estate loans ⁽³⁾⁽⁴⁾		1,702,718			55,405	4.35			1,676,979			49,598	3.95
Consumer loans ⁽³⁾		19,397			1,062	7.31			30,112			1,350	5.99
Total loans		4,809,360			186,292	5.17			4,647,574			167,064	4.81
Total interest-earning assets		5,487,461			205,137	4.99			5,219,080			180,568	4.63
Noninterest-earning assets		301,264							310,826
Total assets	$	5,788,725						$	5,529,906
Interest-bearing liabilities:
Savings accounts	$	1,069,045			13,635	1.70		$	1,413,553			18,397	1.74
NOW accounts		294,014			267	0.12			276,872			170	0.08
Money market accounts		1,064,791			30,452	3.82			846,235			19,849	3.14
Certificates of deposit		938,608			30,320	4.31			693,941			15,170	2.92
Brokered deposits		332,410			9,466	3.80			299,665			7,428	3.31
Total interest-bearing deposits		3,698,868			84,140	3.04			3,530,266			61,014	2.31
FHLB and FRB borrowings		716,343			25,924	4.83			541,034			19,658	4.86
Subordinated debentures		—			—	—			34,331			1,653	6.44
Total borrowings		716,343			25,924	4.83			575,365			21,311	4.95
Total interest-bearing liabilities		4,415,211			110,064	3.33			4,105,631			82,325	2.68
Noninterest-bearing liabilities:
Noninterest-bearing deposits		673,757							712,815
Other noninterest-bearing liabilities		118,488							105,732
Total liabilities		5,207,456							4,924,178
Total stockholders' equity		581,269							605,728
Total liabilities and stockholders' equity	$	5,788,725						$	5,529,906
Tax equivalent net interest income					95,073							98,243
Tax equivalent interest rate spread ⁽⁵⁾						1.66	%						1.95	%
Less: tax equivalent adjustment					1,248							665
Net interest income as reported				$	93,825						$	97,578
Net interest-earning assets ⁽⁶⁾	$	1,072,250						$	1,113,449
Net interest margin ⁽⁷⁾						2.28	%						2.50	%
Tax equivalent effect						0.03							0.02
Net interest margin on a fully tax equivalent basis						2.31	%						2.52	%
Ratio of interest-earning assets to interest-bearing liabilities		124.29	%						127.12	%

Supplemental information:
Total deposits, including demand deposits	$	4,372,625		$	84,140			$	4,243,081		$	61,014
Cost of total deposits						2.57	%						1.92	%
Total funding liabilities, including demand deposits	$	5,088,968		$	110,064			$	4,818,446		$	82,325
Cost of total funding liabilities						2.89	%						2.28	%

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.

⁽⁸⁾ Annualized.

HarborOne Bancorp, Inc.

Average Balances and Yield Trend

(Unaudited)


	Average Balances - Trend - Quarters Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023

	(in thousands)

Interest-earning assets:
Investment securities ⁽¹⁾	$	351,897		$	374,730		$	372,787		$	370,683		$	375,779
Other interest-earning assets		207,096			306,361			356,470			205,929			207,234
Loans held for sale		30,897			20,775			14,260			20,010			20,919
Loans
Commercial loans ⁽²⁾⁽³⁾		3,129,428			3,091,004			3,040,835			3,005,840			2,980,817
Residential real estate loans ⁽³⁾⁽⁴⁾		1,712,295			1,695,059			1,700,694			1,707,978			1,700,383
Consumer loans ⁽³⁾		18,445			19,221			20,539			22,324			25,126
Total loans		4,860,168			4,805,284			4,762,068			4,736,142			4,706,326
Total interest-earning assets		5,450,058			5,507,150			5,505,585			5,332,764			5,310,258
Noninterest-earning assets		303,765			300,847			299,153			313,729			314,030
Total assets	$	5,753,823		$	5,807,997		$	5,804,738		$	5,646,493		$	5,624,288
Interest-bearing liabilities:
Savings accounts	$	963,570		$	1,058,524		$	1,186,201		$	1,307,774		$	1,360,728
NOW accounts		292,620			299,536			289,902			290,147			274,329
Money market accounts		1,130,148			1,069,153			994,353			963,223			910,694
Certificates of deposit		1,028,509			931,255			855,070			859,274			818,182
Brokered deposits		340,301			300,385			356,459			288,449			287,428
Total interest-bearing deposits		3,755,148			3,658,853			3,681,985			3,708,867			3,651,361
Borrowings		608,736			776,852			764,623			507,520			508,001
Subordinated debentures		—			—			—			22,614			34,364
Total borrowings		608,736			776,852			764,623			530,134			542,365
Total interest-bearing liabilities		4,363,884			4,435,705			4,446,608			4,239,001			4,193,726
Noninterest-bearing liabilities:
Noninterest-bearing deposits		696,094			670,494			654,436			683,548			705,009
Other noninterest-bearing liabilities		109,796			126,477			119,289			137,239			126,742
Total liabilities		5,169,774			5,232,676			5,220,333			5,059,788			5,025,477
Total stockholders' equity		584,049			575,321			584,405			586,705			598,811
Total liabilities and stockholders' equity	$	5,753,823		$	5,807,997		$	5,804,738		$	5,646,493		$	5,624,288

	Annualized Yield Trend - Quarters Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023

Interest-earning assets:
Investment securities ⁽¹⁾		2.22	%		2.28	%		2.23	%		2.14	%		2.11	%
Other interest-earning assets		5.62	%		5.21	%		5.26	%		4.85	%		5.11	%
Loans held for sale		7.03	%		6.72	%		6.85	%		7.32	%		7.02	%
Commercial loans ⁽²⁾⁽³⁾		5.70	%		5.60	%		5.51	%		5.45	%		5.38	%
Residential real estate loans ⁽³⁾⁽⁴⁾		4.38	%		4.36	%		4.30	%		4.21	%		4.09	%
Consumer loans ⁽³⁾		7.57	%		7.37	%		7.01	%		6.82	%		6.51	%
Total loans		5.24	%		5.17	%		5.08	%		5.01	%		4.92	%
Total interest-earning assets		5.07	%		4.98	%		4.91	%		4.81	%		4.74	%

Interest-bearing liabilities:
Savings accounts		1.57	%		1.64	%		1.87	%		2.09	%		1.98	%
NOW accounts		0.14	%		0.12	%		0.10	%		0.17	%		0.11	%
Money market accounts		3.86	%		3.83	%		3.77	%		3.83	%		3.64	%
Certificates of deposit		4.57	%		4.30	%		4.02	%		3.85	%		3.50	%
Brokered deposits		3.84	%		3.68	%		3.87	%		3.71	%		3.60	%
Total interest-bearing deposits		3.17	%		3.00	%		2.94	%		2.92	%		2.72	%
Borrowings		4.69	%		4.83	%		4.96	%		4.89	%		5.03	%
Subordinated debentures		-	%		-	%		-	%		19.68	%		7.00	%
Total borrowings		4.69	%		4.83	%		4.96	%		5.52	%		5.15	%
Total interest-bearing liabilities		3.39	%		3.32	%		3.29	%		3.25	%		3.04	%

⁽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.

HarborOne Bancorp, Inc.

Selected Financial Highlights

(Unaudited)


	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Performance Ratios (annualized):	2024			2024			2024			2023			2023
(dollars in thousands)
Net income (loss)	$	3,924		$	7,296		$	7,300		$	(7,111)		$	8,412
Less: Goodwill impairment charge		—			—			—			10,760			—
Net income, excluding goodwill impairment charge⁽¹⁾	$	3,924		$	7,296		$	7,300		$	3,649		$	8,412
Average Assets	$	5,753,823		$	5,807,997		$	5,804,738		$	5,646,493		$	5,624,288
Average Equity	$	584,049		$	575,321		$	584,405		$	586,705		$	598,811

Return on average assets (ROAA)		0.27	%		0.50	%		0.50	%		(0.50)	%		0.60	%
Return on average assets (ROAA), excluding goodwill impairment charge⁽²⁾		0.27	%		0.50	%		0.50	%		0.26	%		0.60	%
Return on average equity (ROAE)		2.69	%		5.07	%		5.00	%		(4.85)	%		5.62	%
Return on average equity (ROAE), excluding goodwill impairment charge⁽³⁾		2.69	%		5.07	%		5.00	%		2.49	%		5.62	%

Total noninterest expense	$	32,268		$	33,144		$	31,750		$	43,214		$	31,872
Less: Amortization of other intangible assets		190			189			189			189			189
Total adjusted noninterest expense		32,078			32,955			31,561			43,025			31,683
Less: Goodwill impairment charge		—			—			—			10,760			—
Total adjusted noninterest expense, excluding goodwill impairment⁽⁴⁾	$	32,078		$	32,955		$	31,561		$	32,265		$	31,683

Net interest and dividend income	$	31,893		$	31,350		$	30,582		$	29,693		$	31,080
Total noninterest income		10,568			11,919			10,741			8,904			11,598
Total revenue	$	42,461		$	43,269		$	41,323		$	38,597		$	42,678

Efficiency ratio ⁽⁵⁾		75.55	%		76.16	%		76.38	%		111.47	%		74.24	%
Efficiency ratio^,excluding goodwill impairment charge⁽⁶⁾		75.55	%		76.16	%		76.38	%		83.59	%		74.24	%

⁽¹⁾ This non-GAAP measure represents net income, excluding goodwill impairment charge

⁽²⁾ This non-GAAP measure represents net income, excluding goodwill impairment charge to average assets

⁽³⁾ This non-GAAP measure represents net income, excluding goodwill impairment charge to average equity

⁽⁴⁾ This non-GAAP measure represents adjusted noninterest expense, excluding goodwill impairment charge

⁽⁵⁾ This non-GAAP measure represents adjusted noninterest expense divided by total revenue

⁽⁶⁾ This non-GAAP measure represents adjusted noninterest expense, excluding goodwill impairment divided by total revenue


	At or for the Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Asset Quality	2024			2024			2024			2023			2023
(dollars in thousands)

Total nonperforming assets	$	28,408		$	9,766		$	12,201		$	17,582		$	18,795

Nonperforming assets to total assets		0.49	%		0.17	%		0.21	%		0.31	%		0.33	%

Allowance for credit losses on loans to total loans		1.11	%		1.02	%		1.01	%		1.01	%		1.02	%

Net charge-offs (recoveries)	$	182		$	195		$	125		$	1,311		$	(18)

Annualized net charge-offs (recoveries)/average loans		0.02	%		0.02	%		0.01	%		0.11	%		—	%

Allowance for credit losses on loans to nonperforming loans		190.10	%		503.16	%		396.26	%		273.92	%		257.21	%

HarborOne Bancorp, Inc.

Selected Financial Highlights

(Unaudited)


	Quarters Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Capital and Share Related	2024			2024			2024			2023			2023
(dollars in thousands, except share data)

Common stock outstanding		44,130,134			44,459,490			45,055,006			45,401,224			45,915,364

Book value per share	$	13.24		$	12.99		$	12.82		$	12.86		$	12.73

Tangible common equity:
Total stockholders' equity	$	584,202		$	577,329		$	577,683		$	583,759		$	584,634
Less: Goodwill		59,042			59,042			59,042			59,042			69,802
Less: Other intangible assets⁽¹⁾		947			1,136			1,326			1,515			1,704
Tangible common equity	$	524,213		$	517,151		$	517,315		$	523,202		$	513,128

Tangible book value per share ⁽²⁾	$	11.88		$	11.63		$	11.48		$	11.52		$	11.18

Tangible assets:
Total assets	$	5,775,967		$	5,787,035		$	5,862,222		$	5,667,896		$	5,664,387
Less: Goodwill		59,042			59,042			59,042			59,042			69,802
Less: Other intangible assets		947			1,136			1,326			1,515			1,704
Tangible assets	$	5,715,978		$	5,726,857		$	5,801,854		$	5,607,339		$	5,592,881

Tangible common equity / tangible assets ⁽³⁾		9.17	%		9.03	%		8.92	%		9.33	%		9.17	%

⁽¹⁾ Other intangible assets are core deposit intangibles.

⁽²⁾ This non-GAAP ratio is total stockholders' equity less goodwill and intangible assets divided by common stock outstanding.

⁽³⁾ This non-GAAP ratio is total stockholders' equity less goodwill and intangible assets to total assets less goodwill and intangible assets.

HarborOne Bancorp, Inc.

Segments Key Financial Data

(Unaudited)


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

	(Dollars in thousands)

Net interest and dividend income	$	31,780		$	31,098		$	30,485		$	30,637		$	31,468
Provision (benefit) for credit losses		5,903			615			(168)			644			(113)
Net interest and dividend income, after provision for credit losses		25,877			30,483			30,653			29,993			31,581
Mortgage banking income:
Intersegment loss		(357)			(464)			(236)			(159)			(198)
Changes in mortgage servicing rights fair value		(220)			(74)			(32)			(257)			18
Other		175			180			180			185			188
Total mortgage banking (loss) income		(402)			(358)			(88)			(231)			8
Other noninterest income:
Deposit account fees		5,370			5,223			4,983			5,178			5,132
Income on retirement plan annuities		122			141			145			147			146
Gain on sale of asset held for sale		—			1,809			—			—			—
Loss on sale of securities		—			(1,041)			—			—			—
Bank-owned life insurance income		777			758			746			1,207			531
Other income		798			624			517			1,405			694
Total noninterest income		6,665			7,156			6,303			7,706			6,511
Noninterest expenses:
Compensation and benefits		14,939			15,627			15,307			16,535			15,238
Occupancy and equipment		4,029			4,052			4,150			4,038			3,828
Data processing		2,686			2,363			2,470			2,462			2,527
Loan expense		143			187			71			153			128
Marketing		524			1,331			783			751			709
Professional fees		942			771			1,056			1,404			914
Deposit insurance		1,028			992			1,164			794			1,004
Other expenses		2,461			2,468			2,406			2,476			1,924
Total noninterest expenses		26,752			27,791			27,407			28,613			26,272
Less: Amortization of other intangible assets		190			189			189			189			190
Total adjusted noninterest expense		26,562			27,602			27,218			28,424			26,082

Income before income taxes		5,790			9,848			9,549			9,086			11,820
Provision for income taxes		875			2,310			2,386			2,535			2,716
Net income	$	4,915		$	7,538		$	7,163		$	6,551		$	9,104

Efficiency ratio ⁽¹⁾ - QTD		69.09	%		72.15	%		73.99	%		74.13	%		68.67	%
Efficiency ratio ⁽¹⁾ - YTD		71.71	%		73.05	%		73.99	%		68.49	%		65.67	%

⁽¹⁾ This non-GAAP measure represents adjusted noninterest expense divided by total revenue

HarborOne Bancorp, Inc.

Segments Key Financial Data

(Unaudited)


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

	(Dollars in thousands)

Net interest and dividend income	$	105		$	240		$	80		$	160		$	199
Mortgage banking income:
Gain on sale of mortgage loans		3,752			3,141			2,013			2,176			2,704
Intersegment gain		277			464			308			56			249
Changes in mortgage servicing rights fair value		(2,421)			(1,024)			86			(3,296)			107
Other		2,215			2,177			2,097			2,116			2,082
Total mortgage banking income		3,823			4,758			4,504			1,052			5,142
Other noninterest income (loss)		—			4			10			2			(4)
Total noninterest income		3,823			4,762			4,514			1,054			5,138
Noninterest expenses:
Compensation and benefits		4,215			3,944			2,919			3,217			4,014
Occupancy and equipment		562			547			604			596			567
Data processing		25			11			9			13			21
Loan expense		314			274			304			(470)			258
Marketing		25			36			33			60			85
Professional fees		162			131			132			120			155
Goodwill impairment		—			—			—			10,760			—
Other expenses		297			326			310			371			390
Total noninterest expenses		5,600			5,269			4,311			14,667			5,490

Income (loss) before income taxes		(1,672)			(267)			283			(13,453)			(153)
Income tax (benefit) provision		(535)			(76)			60			(596)			(15)
Net income (loss)	$	(1,137)		$	(191)		$	223		$	(12,857)		$	(138)

Closed loan volume	$	209,525		$	172,994		$	102,102		$	124,225		$	157,573
Gain on sale margin		1.79	%		1.82	%		1.97	%		1.75	%		1.72	%

Efficiency ratio ⁽¹⁾ - QTD		142.57	%		105.34	%		93.84	%		1,208.15	%		102.87	%
Efficiency ratio, excluding goodwill impairment ⁽²⁾ - QTD		142.57	%		105.34	%		93.84	%		321.83	%		102.87	%
Efficiency ratio ⁽¹⁾ - YTD		112.24	%		99.83	%		93.84	%		192.98	%		109.91	%
Efficiency ratio, excluding goodwill impairment ⁽²⁾ - YTD		112.24	%		99.83	%		93.84	%		125.94	%		109.91	%

⁽¹⁾ This non-GAAP measure represents noninterest expense divided by total revenue

⁽²⁾ This non-GAAP measure represents noninterest expense, excluding goodwill impairment divided by total revenue

Exhibit 99.2

Investor Presentation October 2024

2 Q3 2024 Investor Presentation 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.

3 Q3 2024 Investor Presentation COMPANY HIGHLIGHTS Exchange/Ticker: NASDAQ/HONE Total Assets: $5.8 Billion Total Loans: $4.9 Billion Total Deposits: $4.5 Billion Market Capitalization: $572 Million (as of 9/30/24)  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 and commercial lending offices in Boston and Providence.  HarborOne Bank is a recognized leader in financial and personal enrichment education and innovation through HarborOneU.  HarborOne Mortgage, LLC (“HarborOne Mortgage”) is a wholly owned subsidiary of HarborOne Bank with 15 offices in Maine, Massachusetts, New Hampshire, New Jersey, Florida and Rhode Island and licensed to lend in 5 additional states. A Unique New England Banking Franchise

2023 Investor Report 4 Q3 2024 Investor Presentation  Net income of $3.9 million; diluted income per share $0.10.  Margin increase from 2.29% in Q2 2024 to 2.33% in Q3 2024.  Loan growth of $40.3 million, or 3.3% annualized; Client deposit growth of $89.5 million, or 8.8% annualized.  Asset quality overall remains strong, despite an up-tick in nonperforming assets to total assets at 0.49% compared to 0.17% Q2 2024.  Repurchased 347,670 shares at an average cost of $12.23 per share, totaling $4.3 million in Q3 2024. Q3 2024 Results Net Income $3.9 Million Diluted EPS $0.10 Loan Growth $ 40.3 Million Client Deposit Growth $ 89.5 Million Tangible Book Value $11.88

5 Q3 2024 Investor Presentation $4.5 B $4.6 B $5.4 B $5.7 B $5.8 B 2020 2021 2022 2023 Q3 24 14.5% 13.6% 11.5% 10.0% 9.8% 2020 2021 2022 2023 Q3 24 $3.0 B $3.6 B $4.6 B $4.8 B $4.9 B 2020 2021 2022 2023 Q3 24 $10.88 $11.57 $11.13 $11.52 $11.88 2020 2021 2022 2023 Q3 24 Key Performance Metrics Total Assets Total Loans Tier 1 Leverage Tangible Book Value

6 Q3 2024 Investor Presentation Key Performance Metrics (Cont.) EPS Net Income Net Interest Margin on FTE Basis Net Interest Income $0.82 $1.14 $0.97 $0.37 $0.45 2020 2021 2022 2023 YTD '24 $44.8 MM $58.5 MM $45.6 MM $16.1 MM $18.5 MM 2020 2021 2022 2023 YTD '24 3.06% 3.12% 3.35% 2.44% 2.31% 2020 2021 2022 2023 YTD '24 $120.1 MM$131.4 MM $149.0 M $127.3 M $93.8 MM 2020 2021 2022 2023 YTD '24

7 Q3 2024 Investor Presentation Capital Management  The Company remains well capitalized and is able to weather economic volatility.  Continued annual dividend growth with 6.7% increase in Q1 2024.  Seventh program ongoing to buyback approximately 2.2 MM shares or $20MM.  Strong Tangible Capital Ratio of 9.17% with minimal securities categorized as Held to Maturity. 10.5% 8.5% 7.0% 4.0% 12.9% 11.7% 11.7% 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 Capital Ratios * * All information is as of 9/30/24 unless otherwise noted.

8 Q3 2024 Investor Presentation FHLB $830,297 Fed Funds $183,737 FRB Discount Window $419,163 Correspondent Banks $25,000 Liquidity Management Available Funding Sources: $1.4 Billion  Strong primary and secondary liquidity.  Disciplined loan growth.  Diversified deposit base.  As of September 30, 2024, immediate liquidity to uninsured deposits on a call report basis was 103%, excluding Bank subsidiary deposits and FHLB LOC secured deposits, immediate liquidity to uninsured deposits was 188%.  Brokered deposits provide an additional liquidity source.

9 Q3 2024 Investor Presentation Securities Portfolio Total Securities Portfolio Held to Maturity $19,625 7% Available for Sale $276,817 93%  Securities Portfolio is 5.1% of total assets.  Effective duration of the portfolio is 6.3 years.  Total unrealized loss on the Held-to-Maturity portfolio is $134,000, with minimal impact to capital ratios.

10 Q3 2024 Investor Presentation CRE 48% Residential 1-4 Family 31% C&I 11% Construction 6% HELOC, 2nd Mtg. & Other Consumer 4% Loan Portfolio $4.9 Billion

11 Q3 2024 Investor Presentation Commercial Lending $2.1 B $2.3 B $2.9 B $3.0 B $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2020 2021 2022 2023 Q3 2024 Construction Commercial Commercial Real Estate Total Commercial Loans  Commercial loans grew from $2.1 billion in 2020 to $3.1 billion as of Q3 2024, transforming the balance sheet while maintaining strong credit quality.  Continued investment in people and technology to promote C&I and Small Business growth.  2024 growth focused on high-quality, deep-relationship. $3.1 B

12 Q3 2024 Investor Presentation Commercial Real Estate Portfolio $2.3 Billion portfolio Key Portfolio Metrics Conservative Underwriting Methodology Metric Q3 24 Loan to Value – Origination 61.7% Reserves / Total NOO CRE Loans 1.2% 30+ CRE Delinquency % 0.1% Criticized Loans / Total CRE Loans 4.6% Non-Performing Loans / Total CRE Loans 0.7% Maturities Next 12 Months/Total CRE Loans 8.9% Diversified Portfolio by Industry Type New England Focused By Metropolitan Statistical Area MSA Q3 24 Boston-Cambridge-Quincy, MA $1.2Bn Providence-New Bedford-Fall River, RI-MA $0.4Bn Barnstable - Islands, MA $0.1Bn Manchester-Nashua, NH $0.1Bn Bridgeport-Stamford-Norwalk, CT $0.1Bn Other $0.4Bn Total $2.3Bn *LTV at origination Flex/Industrial 21% Multifamily 16% Hotels 13% Retail 12% Office 9% Health Care 9% All Other Property Types 20% LTV: 62% 2024 3% 2025 10% 2026 12% 2027 and later 75% LTV: 60% LTV: 60% LTV: 63% LTV: 74% LTV: 59% LTV: 58% Maturity Schedule Majority of portfolio matures after 2026

13 Q3 2024 Investor Presentation Commercial Real Estate Portfolio Segmentation Industry Non-Anchored Anchored Total Portfolio Classified Commentary Retail $53MM $233MM $286MM None High % of anchored retail Industry Metro Suburban Total Portfolio Classified Commentary Office $10MM $197MM $207MM $37MM 91% Costar class A&B Industry Business Focused Leisure Focused Total Portfolio Classified Commentary Hotels $120MM $185MM $305MM $5MM Leisure-focused boutique, $9MM criticized loan paid off in Q4 2024 Industry CoStar Rating 3+ CoStar Rating <3 Total Portfolio Classified Commentary Multifamily $306MM $64MM $370MM None Strong occupancy rate-97%

14 Q3 2024 Investor Presentation Construction and Commercial & Industrial Portfolio Construction: $270 Million Commercial & Industrial: $550 Million  Preference for known sponsors with existing relationships  Diversified portfolio with focus on local relationships  Specialization in Healthcare and Alternative Energy Apartments 35% Flex/Industrial Retail 27% 6% Land. Dev. Residential 6% Office 6% Hotel 10% Warehouse 5% All Other 5% Health Care 19% Alt. Energy 15% Manufacturing 19% Retail 6% Wholesale Trade 3% RE Leasing 3% Restaurant 4% Construction 4% Education 6% Prof. Svcs 3% Miscellaneous Industries 18%

15 Q3 2024 Investor Presentation Residential 88% HELOC 10% Other 2% Residential Mortgage and Consumer Lending Portfolio $1.7 Billion Key Portfolio Metrics: Residential Metric 9/30/24 Weighted Average FICO 771 Weighted Average LTV (original appraisal) 66% Second Home and Investment % 13% 30+ Delinquency % 0.7% Key Portfolio Metrics: HELOC Metric 9/30/24 Weighted Average FICO 748 Weighted Average CLTV (original appraisal) 61% Utilization 39% Second Home and Investment % 2.3% 30+ Delinquency % 0.6%

16 Q3 2024 Investor Presentation Credit Quality Nonperforming Loans to Total Assets ($MM) Net Charge-Offs to Average Loans $34.1 $36.1 $14.8 $17.5 $28.4 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 2020 2021 2022 2023 Q3 24 Residential Commercial Consumer 0.10% 0.08% 0.09% 0.08% 0.01% 2020 2021 2022 2023 YTD '24

17 Q3 2024 Investor Presentation Allowance for Credit Losses (ACL)  Forecasted unemployment rate assumes a 4.4% rate at year end-2024.  Q3 2024 ACL rate of 1.11% for total loans vs. 1.02% in Q2 2024. $49.14MM $54.00MM -$0.35MM +$5.22MM $40.0 $42.0 $44.0 $46.0 $48.0 $50.0 $52.0 $54.0 June 30, 2024 Change in Pooled Loans Change in Individually Analyzed Loans September 30, 2024 $ Millions

18 Q3 2024 Investor Presentation Savings 20% DDA/NOW CD 22% 24% Money Market 26% Brokered 8% Relationship Banking Deposit Mix  Average Consumer Household Tenure:  75% of balances > 5+ year tenure  63% of balances > 10+ year tenure  52% of balances > 15+ year tenure  New Customer Acquisition:  Q3 2024 vs Q3 2023, new business checking production increased 21%.  Q3 2024 vs Q3 2023, new consumer checking production increased 6%, Brockton banking centers with a 47% increase as we capitalize on competitor closings.  Shift to Self-Service / Payments:  72% of Customers utilize debit card regularly vs industry average of 61%.  75% of Customers are active users of Digital Banking tools.  YOY, 6% increase in credit card spend volume and 6% increase in new credit card accounts, provided 13% revenue improvement.

19 Q3 2024 Investor Presentation Deposits Average Quarterly Cost of Deposits 0.84% 1.55% 1.91% 2.28% 2.47% 2.49% 2.53% 2.68% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24  In Q3 2024, total deposits increased $77.9 million, with an increase in checking, money market accounts and CD’s partially offset by decreases in savings accounts and brokered.  Cost of deposits increased 15 basis points to 2.68% for the three months ended September 30, 2024.  As we continue to focus on new customer acquisition;  Average deposits in the Boston market increased 46% Q3 2024 vs. Q3 2023.  Business accounts represent 19% of total deposits with cost of 192 basis points.

20 Q3 2024 Investor Presentation Mortgage Banking ($ in 000’s) Q3 2024 Q2 2024 Q3 2023 Gain on Sale $3,752 $3,141 $2,704 MSR Fair Value & Amortization ($2,421) ($1,024) $107 Servicing Revenue / Other $2,492 $2,641 $2,438 Total Revenue $3,928 $5,002 $5,337 Expenses $5,600 $5,269 $5,490 Net Loss ($1,137) ($191) $(138) Key Drivers/Statistics $ Disbursements $210 MM $173 MM $158 MM Sales Margin 2.19% 2.46% 2.16% FTE’s 136 130 137 Offices 15 15 19 MSR Balance $40.2 MM $43.1 MM $45.7 MM Change in MSR Fair Value ($2,694) K ($287) K $641 K 10 year Treasury 3.79% 4.40% 4.59%  Mortgage banking segment continues to be negatively impacted by market conditions.  Net loss of $1.1 million, MSR valuation down $2.7 million due to key benchmark rates used in the valuation model decreased from the prior quarter.  Disbursements up 21% from Q2 2024 and up 33% from Q3 2023. Q3 2024 production volume was 90% purchase, 10% refinance.

21 Q3 2024 Investor Presentation Bank Stand-Alone ($ in 000’s) Q3 2024 Q2 2024 Q3 2023 Interest Income $68,900 $67,687 $62,951 Interest Expense 37,120 36,589 31,483 Net Interest Income 31,780 31,098 31,468 Provision 5,903 615 -113 Noninterest Income 6,665 7,156 6,511 Noninterest Expense 26,752 27,791 26,272 Net Income $4,915 $7,538 $9,104 Key Drivers/Statistics ROAA 0.34% 0.52% 0.65% Efficiency Ratio 69.1% 72.2% 68.7% Margin 2. 32% 2.28% 2.36% FTE’s 406 408 392 Nonaccrual Loans $ 24.4MM $9.8 MM $18.8 MM Net charge-off(recovery) rate 0.02% 0.02% -% ACL/Loans 1.11% 1.02% 1.02%  Net Income of $4.9 MM, down 35% QOQ.  Net Interest Income of $31.8 MM, up 2% on a linked quarter basis, up 0.9% YOY.  Q3 2024 $5.9 MM provision, $5.0 MM primarily for specific loan allocations and $855K provision for unfunded commitments.  Noninterest income down $492K on a linked quarter basis and up $153K YOY. Q2 included $1.8 MM gain on sale-leaseback of Bank property, partially offset by $1.0 MM loss on sale of securities.  Noninterest Expenses down $1.0 MM on a linked quarter basis. Q2 2024 included contribution expense of $675K on the bargain purchase price of the sale-leaseback transaction.

22 Q3 2024 Investor Presentation 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.

23 Q3 2024 Investor Presentation 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

24 Q3 2024 Investor Presentation 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	Oct. 24, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Oct. 24, 2024
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

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