HarborOne Bancorp (HONE) 8-K HarborOne Bancorp, Inc. Announces 2021 First Quarter Earnings

Exhibit 99.1

HarborOne Bancorp, Inc. Announces 2021 First Quarter Earnings

Contact: Linda Simmons, EVP, CFO

Brockton, Massachusetts (April 27, 2021): HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $19.4 million, or $0.37 per basic and diluted share, for the first quarter of 2021, compared to $17.6 million, or $0.33 per basic and diluted share, for the preceding quarter and $4.7 million, or $0.09 per basic and diluted share, for the same period last year. The current quarter results reflect $91,000 in non-interest expense related to the COVID-19 pandemic; however no provision for loan losses directly related to the COVID-19 pandemic was recorded in the quarter ended March 31, 2021. COVID-19 pandemic charges included in the quarters ended December 31, 2020 and March 31, 2020 were provision for loan losses of $1.7 million and $1.5 million, respectively, and non-interest expense of $47,000 and $329,000, respectively.

Selected First Quarter Financial Highlights:

● Reported EPS of $0.37 per share, up 12% on a linked quarter basis.

● Increased quarterly dividend by approximately 67%, to $0.05 per share.

● Recorded a provision expense of $91,000, reflecting a stabilizing outlook, loan growth and minimal charge-offs.

● HarborOne Mortgage reported net income of $11.7 million on $760 million of loan closings and a positive fair value adjustment of $4.4 million on mortgage servicing rights.

● Improved return on average assets to 1.73% and improved return on average equity to 11.13%.

● Deposit growth of $168.4 million, or 4.8%, on a linked quarter basis with improved cost of funds.

“The fundamentals of the business remain sound and we continue to execute against our strategic plan,” said Jim Blake CEO.  “Our new digital appointment banking program is live and we will soon be opening two new branches.” Added Joseph Casey, President and COO, “We have great confidence that we have the right tools and the right team to continue to fuel customer success as we slowly emerge from the impacts of the pandemic.”

Net Interest Income

The Company’s net interest and dividend income was $32.1 million for the quarter ended March 31, 2021, down $698,000, or 2.1%, from $32.8 million for the quarter ended December 31, 2020 and up $5.4 million, or 20.0%, from $26.7 million for the quarter ended March 31, 2020. The tax equivalent interest rate spread and net interest margin were 2.99% and 3.14%, respectively, for the quarter ended March 31, 2021, compared to 3.03% and 3.22%, respectively, for the quarter ended December 31, 2020, and 2.58% and 2.91%, respectively, for the quarter ended March 31, 2020. Net interest margin and the tax equivalent interest rate spread were negatively impacted by accelerated residential real estate mortgage payoffs, the effect of which also drove the yields on mortgage-backed securities and residential real estate loans lower as compared to the preceding quarter. The decrease in the yield on interest-earning assets was partially offset by the continued favorable repricing of deposits. It is expected that interest rates will remain low during 2021, resulting in continued margin pressure.

The quarter over quarter decrease in net interest and dividend income included a decrease of $1.9 million, or 5.0%, in total interest and dividend income and a decrease of $1.2 million, or 23.6%, in total interest expense. The decrease in total interest and dividend income primarily reflected a 20-basis point decrease in the yield on average earning assets. The yield on loans was 3.93% for the quarter ended March 31, 2021, down from 4.00% for the quarter ended December 31, 2020, primarily a result of a 17-basis point decrease in the yield on residential real estate loans as higher rate mortgage loans continue to pay off. Also impacted by mortgage payoffs, the yield on investment securities decreased 69 basis points, primarily a result of accelerated amortization of premiums on mortgage-backed securities. The three months ended March 31, 2021 and December 31, 2020 include the recognition of deferred fees on Paycheck Protection Program loans in the amount of $1.5 million and $1.3 million, respectively. Interest on loans in the first quarter included $1.2 million in accretion income from the fair value discount on loans acquired from Coastway Bancorp, Inc. and $153,000 in prepayment penalties on commercial loans. Accretion income and prepayment penalties in the preceding quarter were $1.4 million and $244,000, respectively.

The decrease in total interest expense primarily reflected a decrease in interest rates, resulting in a 15-basis point decrease in the cost of interest-bearing deposits. The mix of deposits continues to shift as customers move to more liquid options. The average balance of certificates of deposit accounts decreased quarter over quarter by $41.8 million, while the savings account average balance increased $90.0 million from the preceding quarter. Average FHLB advances decreased $17.4 million as the need for short-term borrowed funds

diminished, and the cost of borrowed funds decreased 4 basis points, resulting in a decrease of $119,000 in interest expense on FHLB borrowings.

The increase in net interest and dividend income from the prior year quarter reflected a decrease of $6.7 million, or 63.8%, in total interest expense, partially offset by a $1.3 million, or 3.6%, decrease in total interest and dividend income. The decreases reflect rate and volume changes in both interest-bearing assets and liabilities. The cost of interest-bearing liabilities decreased 96 basis points while the average balance increased $135.0 million. The yield on interest-earning assets decreased 55 basis points while the average balance increased $456.7 million.

Noninterest Income

Total noninterest income increased $782,000, or 2.1%, to $37.8 million for the quarter ended March 31, 2021, from $37.0 million for the quarter ended December 31, 2020. Strong mortgage demand spurred by low mortgage rates continued to provide higher- than-usual mortgage origination activity and other mortgage banking income for HarborOne Mortgage, LLC. The $760.2 million in mortgage loan closings resulted in a gain on loan sales of $24.8 million for the quarter ended March 31, 2021, as compared to $28.3 million for the preceding quarter. Other mortgage banking income was flat. Residential mortgage loan payoffs resulted in a decrease of mortgage servicing rights in the amount of $1.6 million and $1.4 million for the three months ended March 31, 2021 and December 31, 2020, respectively. The change in the fair value of the mortgage servicing rights is consistent with the change in the 10-year Treasury Constant Maturity rate, as interest rates rise and prepayment speeds slow, mortgage servicing rights values tend to increase. The 10-year Treasury Constant Maturity rate increased 81 basis points in the first quarter of 2021, resulting in a $5.0 million increase in fair value of mortgage servicing rights. The fair value of the mortgage servicing rights increased $366,000 for the quarter ended December 31, 2020. The low interest rate environment spurred increased purchase and refinance activity during 2020 and, despite an increase in mortgage rates, loan demand remained strong in the first quarter of 2021 with a locked residential mortgage pipeline at March 31, 2021 of $412.7 million. The uptick in mortgage rates and low for-sale inventory is expected to dampen the results of HarborOne Mortgage, LLC during the remainder of 2021 as compared to 2020.

Total noninterest income increased $19.2 million, or 102.9%, as compared to the quarter ended March 31, 2020, primarily due to a $22.5 million, or 219.8%, increase in mortgage banking income, primarily driven by volume.

Noninterest Expense

Total noninterest expenses were $42.8 million for the quarter ended March 31, 2021, an increase of $1.5 million, or 3.7%, from the quarter ended December 31, 2020, primarily driven by a $711,000 increase in occupancy and equipment expense, a $332,000 increase in compensation and benefits expense, and a $331,000 increase in professional fees. The increase in occupancy expense reflects increases related to grounds maintenance and software related expense. For the three months ended March 31, 2021, COVID-19 pandemic expenses, which are also included in other expenses, amounted to $91,000 compared to $47,000 in the preceding quarter. Due to the uncertain nature of the COVID-19 pandemic, we may continue to have additional expenses for personnel, cleaning, and other initiatives to support our employees and customers.

Total noninterest expenses increased $7.6 million, or 21.7%, from the quarter ended March 31, 2020. Compensation and benefits increased $6.3 million, loan expenses increased $1.2 million, and occupancy and equipment expense increased $693,000, partially offset by a $1.0 million decrease in other expenses. The increase in compensation and benefits and loan expenses primarily reflected the increased volume of residential real estate mortgage originations. The decrease in other expenses reflects a decrease of $238,000 in COVID-19 pandemic expense and a $248,000 decrease in the Board of Directors’ equity award expense as original grants were fully vested in the third quarter of 2020.

Income Tax Provision

The effective tax rate was 28.1% for the quarter ended March 31, 2021, compared to 15.7% for the quarter ended December 31, 2020 and 26.5% for the quarter ended March 31, 2020. The effective tax rate for the quarter ended December 31, 2020 was impacted by a 2016 federal tax refund of $1.9 million recognized on the expiration of the statute of limitations.

Provision for Loan Losses and Asset Quality

The Company recorded a provision for loan losses of $91,000 for the quarter ended March 31, 2021, compared to $7.6 million for the quarter ended December 31, 2020 and $3.7 million for the quarter ended March 31, 2020. The allowance for loan losses was $55.4 million, or 1.60%, of total loans at March 31, 2021, compared to $55.4 million, or 1.59%, of total loans at December 31, 2020 and $26.4 million, or 0.83%, of total loans at March 31, 2020. Changes in the provision for loan losses are based on management’s assessment of loan portfolio growth and composition changes, historical charge-off trends, and ongoing evaluation of credit quality and current economic conditions.

The provision for loan losses for the quarter ended March 31, 2021 included adjustments based on our quarterly analysis of our historical and peer loss experience rates and commercial loan growth. Given stabilized credit quality trends, we made no additional provision directly related to the COVID-19 pandemic in the first quarter of 2021 as loan deferrals have largely expired without significant delinquency issues, and trends in the at-risk portfolios remained positive. The provision for loan losses for the quarter ended December 31, 2020 included adjustments for our quarterly analysis of our historical and peer loss experience rates, commercial real estate loan growth, and a $1.7 million provision directly related to the estimate of inherent losses resulting from the impact of the COVID-19 pandemic. The preceding quarter allowance for loan losses also reflects an additional provision expense and charge-off in the amount of $937,000 related to two non-performing commercial loans that were transferred out of portfolio and subsequently sold during the quarter ended December 31, 2020. The provision for loan losses for the quarter ended March 31, 2020 primarily included an additional provision to cover a $1.2 million commercial real estate loan charge-off unrelated to the COVID-19 pandemic, anda $1.5 million provision directly related to the initial estimate of inherent losses resulting from the impact of the COVID-19 pandemic.

In estimating the provision for the COVID-19 pandemic, management considered economic factors, including unemployment rates and the interest rate environment, the volume and dollar amount of requests for payment deferrals, the loan risk profile of each loan type, and whether the loans were purchased. As a result of generally stable trends, management determined additional provisions related to the COVID-19 pandemic were not warranted in the first quarter of 2021. An additional 10 basis points of provisions were provided to the commercial loan categories for the three months ended December 31, 2020, amounting to $1.7 million. No additional provisions specific to the COVID-19 pandemic were provided for the residential real estate or consumer loan portfolios in the fourth quarter of 2020. The additional provisions provided to each category for the three months ended March 31, 2020 amounted to allocations of $310,000 to the residential real estate portfolio, $965,000 to the commercial portfolio, and $189,000 to the consumer portfolio.

Management continues to evaluate our loan portfolio, particularly the commercial loan portfolio, in light of current economic conditions, the mitigating effects of government stimulus, and loan modification efforts designed to limit the long-term impacts of the COVID-19 pandemic. Our commercial loan portfolio is diversified across many sectors and is largely secured by commercial real estate loans, which make up 71.8% of the total commercial loan portfolio. Management has identified six sectors as the most susceptible to increased credit risk as a result of the COVID-19 pandemic: retail, office space, hotels, health and social services, restaurants, and recreation. The total loan portfolio of the six commercial sectors identified as at risk totaled $917.9 million, which represents 42.3% of the commercial loan portfolio. The at-risk sectors include $719.2 million in commercial real estate loans, $159.6 million in commercial and industrial loans, and $39.1 million in commercial construction loans. Non-performing loans included in the at-risk sectors amounted to $12.7 million at March 31, 2021, of which $12.2 million was included in the hotels sector.

As of March 31, 2021, the retail sector was $262.1 million, or 12.1%, of total commercial loans, and included $220.0 million in commercial real estate loans, $25.8 million in commercial and industrial loans, and $16.3 million in commercial construction loans. U.S. Small Business Administration Paycheck Protection Program (“PPP”) loans included in this sector totaled $1.9 million. We have provided deferrals for loans in this sector with outstanding principal balances of $45.2 million. We originated $5.4 million loans during the first quarter that are within the retail sector. The new loans are supported by leases to credit-related tenants, owner-occupants, and/or supplemental facilities to existing borrowers in good standing.

As of March 31, 2021, the office space sector was $204.6 million, or 9.4%, of total commercial loans, and included $187.8 million in commercial real estate loans, $15.9 million in commercial and industrial loans, and $854,000 in commercial construction loans. We provided deferrals for loans in the sector with outstanding principal balances of $13.5 million. No PPP loans were originated in this sector. We originated $12.0 million loans during the first quarter that are within the office space sector.

As of March 31, 2021, the hotel sector was $196.6 million, or 9.1%, of total commercial loans, and included $186.1 million in commercial real estate loans, $2.4 million in commercial and industrial loans, and $8.1 million in commercial construction loans. PPP loans included in the sector totaled $194,000. We have provided deferrals for loans in this sector with outstanding principal balances of $115.9 million, $99.0 million that have expired deferral periods and are paying as agreed, and $254,000 that have expired deferral periods and are greater than 30 days delinquent. At March 31, 2021, nonperforming loans included in the hotel sector amount to $12.2 million. One of the non-accrual loans amounts to $9.0 million with a deferral period that expires in the second quarter of 2021, however it was determined in the fourth quarter of 2020 that weaknesses in the borrower’s credit warranted a downgrade to substandard and nonaccrual status. A specific reserve of $1.8 million has been allocated to this loan.

The health and social services sector amounted to $182.4 million, or 8.4%, of total commercial loans, as of March 31, 2021 and included $100.8 million in commercial real estate loans, $79.9 million in commercial and industrial loans, and $1.8 million in commercial construction loans. Paycheck Protection Program loans included in the sector totaled $26.8 million, and we have provided deferrals for loans in this sector with outstanding principal balances of $12.5 million.

As of March 31, 2021, the restaurant sector amounted to $52.4 million, or 2.4%, of total commercial loans, including $4.1 million in PPP loans. We provided deferrals for loans in this sector with outstanding principal balances of $16.4 million. The recreation sector

amounted to $19.9 million, or 0.9%, of total commercial loans, including $873,000 in PPP loans. We provided deferrals for loans in this sector with outstanding principal balances of $15.5 million.

We provided access to the PPP to both our existing customers and new customers, to ensure small businesses in our communities have access to this important lifeline for their businesses. During the first quarter of 2021 we originated $81.6 million in PPP with processing fees of $3.9 million and processed forgiveness on $43.9 million loans. As of March 31, 2021, PPP loans amounted to $164.3 million and there was $5.0 million in deferred processing fee income that will be recognized over the life of the loans.

We are also working with commercial loan customers that may need payment deferrals or other accommodations to keep their loans out of default through the COVID-19 pandemic. As of March 31, 2021, we have 169 payment deferrals on commercial loans with a total principal balance of $301.8 million, or 13.9%, of total commercial loans, of which $219.0 million are loans included in an at-risk sector. As of March 31, 2021, 89.1% of the commercial deferrals have expired and the borrower is making payments as agreed, 0.01% of the commercial deferrals have expired and the borrower is delinquent, and 10.8% are in active deferral period. The active commercial deferrals expire during 2021. We continue to consider requests for additional deferrals or new deferrals at March 31, 2021 for commercial credits.

The residential loan and consumer loan portfolios have not experienced significant credit quality deterioration as of March 31, 2021; however, the continuing impact and uncertain nature of the COVID-19 pandemic may result in increases in delinquencies, charge-offs and loan modifications in these portfolios through the remainder of 2021. As of March 31, 2021, we had 163 payment deferrals on residential mortgage loans with a total principal balance of $46.1 million, or 4.3% of total residential loans, of which 88.9% of the deferrals have expired and are paying as agreed, 3.2% have expired and are delinquent and 7.9% are in active deferral periods. We had 434 payment deferrals on consumer loans with a total principal balance of $10.3 million, or 4.5%, of total consumer loans, of which 93.6% of the deferrals have expired and are paying as agreed. Requests for additional extensions on residential mortgage loans and consumer loans were not significant as of March 31, 2021.

Net charge-offs totaled $102,000 for the quarter ended March 31, 2021, or 0.01%, of average loans outstanding on an annualized basis, compared to $1.4 million, or 0.16% of average loans outstanding on an annualized basis, for the quarter ended December 31, 2020 and $1.4 million, or 0.18%, of average loans outstanding on an annualized basis, for the quarter ended March 31, 2020. Net-charge offs for the quarter ended December 31, 2020 included a charge-off in the amount of $937,000 recorded on the sale of two nonperforming commercial loans and net charge-offs for the quarter ended March 31, 2020 included a $1.2 million charge-off on a commercial real estate loan.

Credit quality performance has remained strong with total nonperforming assets of $32.9 million at March 31, 2021, compared to $34.7 million at December 31, 2020 and $32.1 million at March 31, 2020. The decrease in nonperforming assets from the preceding quarter reflects a $1.0 million decrease in nonperforming residential real estate loans. Nonperforming assets as a percentage of total assets were 0.71% at March 31, 2021, 0.77% at December 31, 2020, and 0.78% at March 31, 2020.  

Balance Sheet

Total assets increased $122.3 million, or 2.7%, to $4.61 billion at March 31, 2021 from $4.48 billion at December 31, 2020. The increase primarily reflects an increase of $107.4 million in short-term investments and a $27.7 million increase in securities available for sale.

Net loans decreased $33.2 million, or 1.00%, to $3.41 billion at March 31, 2021 from $3.44 billion at December 31, 2020. The net decrease in loans for the three months ended March 31, 2021 was primarily due to decreases in consumer loans of $45.6 million and residential real estate loans of $43.6 million, partially offset by increases in commercial and industrial loans of $35.3 million, commercial construction loans of $12.9 million and commercial real estate loans of $7.8 million. The allowance for loan losses was flat at $55.4 million at March 31, 2021 and December 31, 2020.

Total deposits increased $168.4 million, or 4.8%, to $3.67 billion at March 31, 2021 from $3.51 billion at December 31, 2020. Compared to the prior quarter, non-certificate accounts increased $204.2 million and term certificate accounts decreased $35.9 million. FHLB borrowings decreased $51.6 million, or 34.6%, to $97.5 million at March 31, 2021 from $149.1 million at December 31, 2020.

Total stockholders’ equity was $698.1 million at March 31, 2021, compared to $696.3 million at December 31, 2020 and $675.1 million at March 31, 2020. The Company adopted a share repurchase program on September 3, 2020 to repurchase up to 2,920,900 shares of the Company’s common stock, or approximately 5% of the Company’s outstanding shares. The Company repurchased 1,202,730 shares at an average cost of $12.13 per share in the first quarter of 2021 and 1,533,500 shares in the fourth quarter of 2020 at an average cost of $10.27 per share, recorded in treasury stock on the balance sheet. The Company adopted a second share repurchase program on April 16, 2021 to repurchase up to 2,790,903 shares of the Company’s common stock, or approximately 5% of the Company’s outstanding shares pending a non-objection from the Federal Reserve Bank of Boston. The tangible common equity to tangible assets ratio was 13.77% at March 31, 2021, 14.11% at December 31, 2020, and 14.90% at March 31, 2020. At March 31, 2021, the Company and the Bank had strong capital positions and exceeded all regulatory capital requirements.

About HarborOne Bancorp, Inc.

HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, a Massachusetts-chartered savings bank. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Eastern Massachusetts and Rhode Island through a network of 26 full-service branches located in Massachusetts and Rhode Island, and a commercial lending office in each of Boston, Massachusetts and Providence, Rhode Island. The Bank also provides a range of educational services through “HarborOne U,” with classes on small business, financial literacy and personal enrichment at two campuses located adjacent to our Brockton and Mansfield locations. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with more than 30 offices in Massachusetts, Rhode Island, New Hampshire, Maine, and New Jersey and is licensed to lend in five additional 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. 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, the negative impacts and disruptions of the COVID-19 pandemic and the measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; changes in-- general business and economic conditions 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 customer behavior; turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; 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; acquisitions may not produce results at levels or within time frames originally anticipated; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; 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 Securities and Exchange Commission (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 Bancorp, Inc.’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 the tax equivalent basis for yields, the efficiency ratio, tangible common equity to tangible assets ratio and tangible book value per share is 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)

	March 31,		December 31,		September 30,		June 30,		March 31,
(in thousands)	2021		2020		2020		2020		2020
Assets
Cash and due from banks	$	37,074	$	31,777	$	29,180	$	30,355	$	35,264
Short-term investments		281,451		174,093		108,338		218,617		200,156
Total cash and cash equivalents		318,525		205,870		137,518		248,972		235,420
Securities available for sale, at fair value		304,168		276,498		280,308		262,710		249,789
Federal Home Loan Bank stock, at cost		7,572		8,738		11,631		15,786		13,530
Asset held for sale		—		—		—		8,536		8,536
Loans held for sale, at fair value		210,494		208,612		190,373		158,898		118,316
Loans:
Commercial real estate		1,559,056		1,551,265		1,380,071		1,317,145		1,211,435
Commercial construction		112,187		99,331		211,953		194,549		160,993
Commercial and industrial		499,728		464,393		480,129		456,192		317,559
Total commercial loans		2,170,971		2,114,989		2,072,153		1,967,886		1,689,987
Residential real estate		1,062,229		1,105,823		1,130,935		1,151,606		1,102,639
Consumer		228,279		273,830		312,743		354,530		391,244
Loans		3,461,479		3,494,642		3,515,831		3,474,022		3,183,870
Less: Allowance for loan losses		(55,384)		(55,395)		(49,223)		(36,107)		(26,389)
Net loans		3,406,095		3,439,247		3,466,608		3,437,915		3,157,481
Mortgage servicing rights, at fair value		33,939		24,833		20,159		16,127		13,207
Goodwill		69,802		69,802		69,802		69,802		69,802
Other intangible assets		4,047		4,370		4,694		5,141		5,588
Other assets		251,316		245,645		247,226		241,019		229,537
Total assets	$	4,605,958	$	4,483,615	$	4,428,319	$	4,464,906	$	4,101,206
Liabilities and Stockholders' Equity
Deposits:
Demand deposit accounts	$	777,959	$	689,672	$	650,336	$	642,971	$	439,793
NOW accounts		224,869		218,584		202,020		199,400		174,971
Regular savings and club accounts		1,113,450		998,994		912,017		876,753		744,564
Money market deposit accounts		861,867		866,661		815,644		831,653		809,622
Term certificate accounts		696,438		732,298		785,871		757,897		852,274
Total deposits		3,674,583		3,506,209		3,365,888		3,308,674		3,021,224
Short-term borrowed funds		—		35,000		95,000		200,000		104,000
Long-term borrowed funds		97,488		114,097		141,106		141,114		181,123
Subordinated debt		34,064		34,033		34,002		33,970		33,938
Other liabilities and accrued expenses		101,750		97,962		98,220		96,693		85,782
Total liabilities		3,907,885		3,787,301		3,734,216		3,780,451		3,426,067
Common stock		585		584		584		584		584
Additional paid-in capital		465,832		464,176		463,531		462,881		461,616
Unearned compensation - ESOP		(30,840)		(31,299)		(31,759)		(32,218)		(32,678)
Retained earnings		294,116		277,312		261,304		251,032		242,080
Treasury stock		(31,460)		(16,644)		(1,333)		(721)		(721)
Accumulated other comprehensive income		(160)		2,185		1,776		2,897		4,258
Total stockholders' equity		698,073		696,314		694,103		684,455		675,139
Total liabilities and stockholders' equity	$	4,605,958	$	4,483,615	$	4,428,319	$	4,464,906	$	4,101,206

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)

	Quarters Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(in thousands, except share data)	2021		2020		2020		2020		2020
Interest and dividend income:
Interest and fees on loans	$	33,860	$	35,274	$	34,496	$	33,970	$	34,025
Interest on loans held for sale		1,324		1,267		1,060		988		577
Interest on securities		585		1,064		1,317		1,424		1,808
Other interest and dividend income		78		115		175		239		759
Total interest and dividend income		35,847		37,720		37,048		36,621		37,169
Interest expense:
Interest on deposits		2,720		3,775		4,520		5,805		8,693
Interest on FHLB borrowings		552		671		835		845		1,253
Interest on subordinated debentures		523		524		524		524		523
Total interest expense		3,795		4,970		5,879		7,174		10,469
Net interest and dividend income		32,052		32,750		31,169		29,447		26,700
Provision for loan losses		91		7,608		13,454		10,004		3,749
Net interest and dividend income, after provision for loan losses		31,961		25,142		17,715		19,443		22,951
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans		24,802		28,274		34,055		30,862		12,278
Changes in mortgage servicing rights fair value		3,409		(1,041)		(193)		(1,111)		(4,387)
Other		4,515		4,522		4,259		4,049		2,343
Total mortgage banking income		32,726		31,755		38,121		33,800		10,234
Deposit account fees		3,852		3,667		3,451		2,969		3,931
Income on retirement plan annuities		104		106		104		103		101
Gain on sale and call of securities, net		—		—		—		8		2,525
Bank-owned life insurance income		493		550		560		554		551
Other income		634		949		2,203		1,143		1,296
Total noninterest income		37,809		37,027		44,439		38,577		18,638
Noninterest expenses:
Compensation and benefits		27,454		27,122		29,839		27,469		21,185
Occupancy and equipment		5,256		4,545		4,581		4,152		4,563
Data processing		2,343		2,235		2,119		2,277		2,180
Loan expense		2,435		2,689		3,167		2,702		1,253
Marketing		813		640		817		1,057		876
Professional fees		1,583		1,252		1,458		1,518		1,228
Deposit insurance		320		320		310		279		271
Other expenses		2,598		2,483		3,409		4,323		3,604
Total noninterest expenses		42,802		41,286		45,700		43,777		35,160
Income before income taxes		26,968		20,883		16,454		14,243		6,429
Income tax provision		7,576		3,283		4,561		3,668		1,705
Net income	$	19,392	$	17,600	$	11,893	$	10,575	$	4,724
Earnings per common share:
Basic	$	0.37	$	0.33	$	0.22	$	0.19	$	0.09
Diluted	$	0.37	$	0.33	$	0.22	$	0.19	$	0.09
Weighted average shares outstanding:
Basic		52,537,409		53,947,868		54,465,339		54,450,146		54,392,465
Diluted		53,000,830		53,973,737		54,465,339		54,450,146		54,392,465

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income

(Unaudited)

	For the Three Months Ended March 31,
(dollars in thousands, except share data)	2021		2020		$ Change		% Change
Interest and dividend income:
Interest and fees on loans	$	33,860	$	34,025	$	(165)	(0.5)	%
Interest on loans held for sale		1,324		577		747	129.5
Interest on securities		585		1,808		(1,223)	(67.6)
Other interest and dividend income		78		759		(681)	(89.7)
Total interest and dividend income		35,847		37,169		(1,322)	(3.6)
Interest expense:
Interest on deposits		2,720		8,693		(5,973)	(68.7)
Interest on FHLB borrowings		552		1,253		(701)	(55.9)
Interest on subordinated debentures		523		523		—	0.0
Total interest expense		3,795		10,469		(6,674)	(63.8)
Net interest and dividend income		32,052		26,700		5,352	20.0
Provision for loan losses		91		3,749		(3,658)	(97.6)
Net interest and dividend income, after provision for loan losses		31,961		22,951		9,010	39.3
Noninterest income:
Mortgage banking income:
Gain on sale of mortgage loans		24,802		12,278		12,524	102.0
Changes in mortgage servicing rights fair value		3,409		(4,387)		7,796	177.7
Other		4,515		2,343		2,172	92.7
Total mortgage banking income		32,726		10,234		22,492	219.8
Deposit account fees		3,852		3,931		(79)	(2.0)
Income on retirement plan annuities		104		101		3	3.0
Gain on sale and call of securities, net		—		2,525		(2,525)	(100.0)
Bank-owned life insurance income		493		551		(58)	(10.5)
Other income		634		1,296		(662)	(51.1)
Total noninterest income		37,809		18,638		19,171	102.9
Noninterest expenses:
Compensation and benefits		27,454		21,185		6,269	29.6
Occupancy and equipment		5,256		4,563		693	15.2
Data processing		2,343		2,180		163	7.5
Loan expense		2,435		1,253		1,182	94.3
Marketing		813		876		(63)	(7.2)
Professional fees		1,583		1,228		355	28.9
Deposit insurance		320		271		49	18.1
Other expenses		2,598		3,604		(1,006)	(27.9)
Total noninterest expenses		42,802		35,160		7,642	21.7
Income before income taxes		26,968		6,429		20,539	319.5
Income tax provision		7,576		1,705		5,871	344.3
Net income	$	19,392	$	4,724	$	14,668	310.5	%
Earnings per common share:
Basic	$	0.37	$	0.09
Diluted	$	0.37	$	0.09
Weighted average shares outstanding:
Basic		52,537,409		54,392,465
Diluted		53,000,830		54,392,465

HarborOne Bancorp, Inc.

Average Balances / Yields

(Unaudited)

	Quarters Ended
	March 31, 2021							December 31, 2020							March 31, 2020
	Average							Average							Average
	Outstanding					Yield/		Outstanding					Yield/		Outstanding					Yield/
	Balance			Interest		Cost (6)		Balance			Interest		Cost (6)		Balance			Interest		Cost (6)
	(dollars in thousands)
Interest-earning assets:
Investment securities (1)	$	271,357		$	585	0.87	%	$	271,511		$	1,064	1.56	%	$	275,632		$	1,822	2.66	%
Other interest-earning assets		180,526			78	0.18			84,969			115	0.54			186,619			759	1.64
Loans held for sale		193,426			1,324	2.78			178,980			1,267	2.82			61,548			577	3.77
Loans
Commercial loans (2)		2,161,076			20,780	3.90			2,112,377			20,823	3.92			1,647,667			18,123	4.42
Residential real estate loans (2)		1,084,292			10,340	3.87			1,106,286			11,242	4.04			1,100,177			11,544	4.22
Consumer loans (2)		253,014			2,740	4.39			292,665			3,209	4.36			415,317			4,358	4.22
Total loans		3,498,382			33,860	3.93			3,511,328			35,274	4.00			3,163,161			34,025	4.33
Total interest-earning assets		4,143,691			35,847	3.51			4,046,788			37,720	3.71			3,686,960			37,183	4.06
Noninterest-earning assets		330,257							317,663							314,193
Total assets	$	4,473,948						$	4,364,451						$	4,001,153
Interest-bearing liabilities:
Savings accounts	$	1,058,820			537	0.21		$	968,766			621	0.26		$	686,031			1,298	0.76
NOW accounts		212,282			37	0.07			205,845			40	0.08			158,702			31	0.08
Money market accounts		861,518			560	0.26			840,674			710	0.34			835,154			2,583	1.24
Certificates of deposit		608,089			1,444	0.96			649,919			2,206	1.35			794,883			4,357	2.20
Brokered deposits		100,000			142	0.58			109,788			198	0.72			92,189			424	1.85
Total interest-bearing deposits		2,840,709			2,720	0.39			2,774,992			3,775	0.54			2,566,959			8,693	1.36
FHLB advances		102,383			552	2.19			119,763			671	2.23			241,302			1,253	2.09
Subordinated debentures		34,048			523	6.23			34,015			524	6.13			33,919			523	6.20
Total borrowings		136,431			1,075	3.20			153,778			1,195	3.09			275,221			1,776	2.60
Total interest-bearing liabilities		2,977,140			3,795	0.52			2,928,770			4,970	0.68			2,842,180			10,469	1.48
Noninterest-bearing liabilities:
Noninterest-bearing deposits		706,274							656,227							419,620
Other noninterest-bearing liabilities		93,380							84,387							67,714
Total liabilities		3,776,794							3,669,384							3,329,514
Total stockholders' equity		697,154							695,067							671,639
Total liabilities and stockholders' equity	$	4,473,948						$	4,364,451						$	4,001,153
Tax equivalent net interest income					32,052							32,750							26,714
Tax equivalent interest rate spread (3)						2.99	%						3.03	%						2.58	%
Less: tax equivalent adjustment					—							—							14
Net interest income as reported				$	32,052						$	32,750						$	26,700
Net interest-earning assets (4)	$	1,166,551						$	1,118,018						$	844,780
Net interest margin (5)						3.14	%						3.22	%						2.91	%
Tax equivalent effect						—							—							—
Net interest margin on a fully tax equivalent basis						3.14	%						3.22	%						2.91	%
Average interest-earning assets to average interest-bearing liabilities		139.18	%						138.17	%						129.72	%
Supplemental information:
Total deposits, including demand deposits	$	3,546,983		$	2,720			$	3,431,219		$	3,775			$	2,986,579		$	8,693
Cost of total deposits						0.31	%						0.44	%						1.17	%
Total funding liabilities, including demand deposits	$	3,683,414		$	3,795			$	3,584,997		$	4,970			$	3,261,800		$	10,469
Cost of total funding liabilities						0.42	%						0.55	%						1.29	%
(1) Includes securities available for sale. Interest income from tax exempt securities is computed on a taxable equivalent basis using a tax rate of 21% for the quarters presented. The yield on investments before tax equivalent adjustments for the quarter ended March 31, 2020 was 2.64%.
(2) Includes nonaccruing loan balances and interest received on such loans.
(3) Tax equivalent interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(4) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
(5) Net interest margin represents net interest income divided by average total interest-earning assets.
(6) Annualized.

HarborOne Bancorp, Inc.

Average Balances and Yield Trend

(Unaudited)

	Average Balances - Trend - Quarters Ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
	(in thousands)
Interest-earning assets:
Investment securities (1)	$	271,357		$	271,511		$	269,477		$	240,025		$	275,632
Other interest-earning assets		180,526			84,969			121,384			222,840			186,619
Loans held for sale		193,426			178,980			139,418			119,047			61,548
Loans
Commercial loans (2)		2,161,076			2,112,377			2,017,492			1,872,349			1,647,667
Residential real estate loans (2)		1,084,292			1,106,286			1,135,947			1,123,896			1,100,177
Consumer loans (2)		253,014			292,665			333,623			372,929			415,317
Total loans		3,498,382			3,511,328			3,487,062			3,369,174			3,163,161
Total interest-earning assets		4,143,691			4,046,788			4,017,341			3,951,086			3,686,960
Noninterest-earning assets		330,257			317,663			333,444			334,452			314,193
Total assets	$	4,473,948		$	4,364,451		$	4,350,785		$	4,285,538		$	4,001,153
Interest-bearing liabilities:
Savings accounts	$	1,058,820		$	968,766		$	897,751		$	842,560		$	686,031
NOW accounts		212,282			205,845			199,982			187,560			158,702
Money market accounts		861,518			840,674			825,732			826,939			835,154
Certificates of deposit		608,089			649,919			684,002			730,756			794,883
Brokered deposits		100,000			109,788			139,887			66,701			92,189
Total interest-bearing deposits		2,840,709			2,774,992			2,747,354			2,654,516			2,566,959
FHLB advances		102,383			119,763			149,750			258,679			241,302
Subordinated debentures		34,048			34,015			33,983			33,951			33,919
Total borrowings		136,431			153,778			183,733			292,630			275,221
Total interest-bearing liabilities		2,977,140			2,928,770			2,931,087			2,947,146			2,842,180
Noninterest-bearing liabilities:
Noninterest-bearing deposits		706,274			656,227			641,353			585,715			419,620
Other noninterest-bearing liabilities		93,380			84,387			89,319			72,808			67,714
Total liabilities		3,776,794			3,669,384			3,661,759			3,605,669			3,329,514
Total stockholders' equity		697,154			695,067			689,026			679,869			671,639
Total liabilities and stockholders' equity	$	4,473,948		$	4,364,451		$	4,350,785		$	4,285,538		$	4,001,153
	Annualized Yield Trend - Quarters Ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Interest-earning assets:
Investment securities (1)		0.87	%		1.56	%		1.95	%		2.40	%		2.66	%
Other interest-earning assets		0.18	%		0.54	%		0.57	%		0.43	%		1.64	%
Loans held for sale		2.78	%		2.82	%		3.02	%		3.34	%		3.77	%
Commercial loans (2)		3.90	%		3.92	%		3.76	%		3.91	%		4.42	%
Residential real estate loans (2)		3.87	%		4.04	%		4.14	%		4.23	%		4.22	%
Consumer loans (2)		4.39	%		4.36	%		4.29	%		4.27	%		4.22	%
Total loans		3.93	%		4.00	%		3.94	%		4.06	%		4.33	%
Total interest-earning assets		3.51	%		3.71	%		3.67	%		3.73	%		4.06	%
Interest-bearing liabilities:
Savings accounts		0.21	%		0.26	%		0.26	%		0.40	%		0.76	%
NOW accounts		0.07	%		0.08	%		0.08	%		0.07	%		0.08	%
Money market accounts		0.26	%		0.34	%		0.36	%		0.59	%		1.24	%
Certificates of deposit		0.96	%		1.35	%		1.68	%		1.91	%		2.20	%
Brokered deposits		0.58	%		0.72	%		0.72	%		1.56	%		1.85	%
Total interest-bearing deposits		0.39	%		0.54	%		0.65	%		0.88	%		1.36	%
FHLB advances		2.19	%		2.23	%		2.22	%		1.31	%		2.09	%
Subordinated debentures		6.23	%		6.13	%		6.13	%		6.21	%		6.20	%
Total borrowings		3.20	%		3.09	%		2.94	%		1.88	%		2.60	%
Total interest-bearing liabilities		0.52	%		0.68	%		0.80	%		0.98	%		1.48	%
(1) Includes securities available for sale and securities held to maturity.
(2) Includes nonaccruing loan balances and interest received on such loans.

HarborOne Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

	Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Performance Ratios (annualized):	2021			2020			2020			2020			2020
(dollars in thousands)
Return on average assets (ROAA)		1.73	%		1.61	%		1.09	%		0.99	%		0.47	%
Return on average equity (ROAE)		11.13	%		10.13	%		6.90	%		6.22	%		2.81	%
Total noninterest expense	$	42,802		$	41,286		$	45,700		$	43,777		$	35,160
Less: Amortization of other intangible assets		324			324			447			447			447
Total adjusted noninterest expense	$	42,478		$	40,962		$	45,253		$	43,330		$	34,713
Net interest and dividend income	$	32,052		$	32,750		$	31,169		$	29,447		$	26,700
Total noninterest income		37,809			37,027			44,439			38,577			18,638
Total revenue	$	69,861		$	69,777		$	75,608		$	68,024		$	45,338
Efficiency ratio (1)		60.80	%		58.70	%		59.85	%		63.70	%		76.56	%
(1) This non-GAAP measure represents adjusted noninterest expense divided by total revenue

	At or for the Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Asset Quality	2021			2020			2020			2020			2020
(dollars in thousands)
Total nonperforming assets	$	32,886		$	34,696		$	40,925		$	38,599		$	32,134
Nonperforming assets to total assets		0.71	%		0.77	%		0.93	%		0.86	%		0.78	%
Allowance for loan losses to total loans		1.60	%		1.59	%		1.40	%		1.04	%		0.83	%
Net charge-offs	$	102		$	1,436		$	338		$	286		$	1,420
Annualized net charge-offs/average loans		0.01	%		0.16	%		0.04	%		0.03	%		0.18	%
Allowance for loan losses to nonperforming loans		171.20	%		162.40	%		122.86	%		94.86	%		83.52	%

HarborOne Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

	March 31,			December 31,			September 30,			June 30,			March 31,
Capital and Share Related	2021			2020			2020			2020			2020
(dollars in thousands, except share data)
Common stock outstanding		56,228,762			57,205,458			58,342,464			58,418,021			58,418,021
Book value per share	$	12.41		$	12.17		$	11.90		$	11.72		$	11.56
Tangible common equity:
Total stockholders' equity	$	698,073		$	696,314		$	694,103		$	684,455		$	675,139
Less: Goodwill		69,802			69,802			69,802			69,802			69,802
Less: Other intangible assets (1)		4,047			4,370			4,694			5,141			5,588
Tangible common equity	$	624,224		$	622,142		$	619,607		$	609,512		$	599,749
Tangible book value per share (2)	$	11.10		$	10.88		$	10.62		$	10.43		$	10.27
Tangible assets:
Total assets	$	4,605,958		$	4,483,615		$	4,428,319		$	4,464,906		$	4,101,206
Less: Goodwill		69,802			69,802			69,802			69,802			69,802
Less: Other intangible assets (1)		4,047			4,370			4,694			5,141			5,588
Tangible assets	$	4,532,109		$	4,409,443		$	4,353,823		$	4,389,963		$	4,025,816
Tangible common equity / tangible assets (3)		13.77	%		14.11	%		14.23	%		13.88	%		14.90	%
(1) Other intangible assets includes core deposit intangible and noncompete intangible.
(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 Statements of Net Income

(Unaudited)

	HarborOne Mortgage						HarborOne Bank
	For the Quarter Ended						For the Quarter Ended
	March 31,		December 31,		March 31,		March 31,		December 31,		March 31,
	2021		2020		2020		2021		2020		2020
	(in thousands)
Net interest and dividend income	$	1,250	$	1,215	$	281	$	31,248	$	31,969	$	26,510
Provision for loan losses		—		—		—		91		7,608		3,749
Net interest and dividend income, after provision for loan losses		1,250		1,215		281		31,157		24,361		22,761
Mortgage banking income:
Gain on sale of mortgage loans		24,802		28,274		12,278		—		—		—
Intersegment gain (loss)		662		704		400		(662)		(704)		(400)
Changes in mortgage servicing rights fair value		3,123		(679)		(3,217)		286		(362)		(1,170)
Other		4,215		4,193		1,992		300		329		351
Total mortgage banking income (loss)		32,802		32,492		11,453		(76)		(737)		(1,219)
Other noninterest income (loss)		(8)		3		(122)		5,091		5,269		8,526
Total noninterest income		32,794		32,495		11,331		5,015		4,532		7,307
Noninterest expense		18,057		18,470		10,578		24,463		22,548		24,288
Income before income taxes		15,987		15,240		1,034		11,709		6,345		5,780
Provision for income taxes		4,333		4,297		239		3,435		(1,672)		1,601
Net income	$	11,654	$	10,943	$	795	$	8,274	$	8,017	$	4,179

HarborOne Bancorp, Inc.

COVID Loans at Risk as of March 31, 2021

(Unaudited)

	At Risk Sectors
																	Percent
							Health						Total				at risk
							and Social						at risk		Total		sector
	Retail		Office Space		Hotels		Services		Restaurants		Recreation		sectors		loans		to total
	(dollars in thousands)
Commercial real estate	$	220,044	$	187,796	$	186,057	$	100,806	$	9,957	$	14,576	$	719,236	$	1,559,056	46.1	%
Commercial and industrial		25,754		15,915		2,441		79,858		30,335		5,327		159,630		499,728	31.9
Commercial construction		16,287		854		8,080		1,763		12,086		—		39,070		112,187	34.8
Total	$	262,085	$	204,565	$	196,578	$	182,427	$	52,378	$	19,903	$	917,936	$	2,170,971	42.3	%
Outstanding principal, commercial deferrals	$	45,228	$	13,495	$	115,932	$	12,546	$	16,352	$	15,460	$	219,013	$	301,762	72.6	%
PPP loans, net of fees	$	1,866	$	—	$	194	$	26,817	$	4,060	$	873	$	33,810	$	159,315	21.2	%
Nonaccrual loans	$	387	$	—	$	12,217	$	52	$	10	$	—	$	12,666	$	32,355	39.1	%

															% Active
															deferrals to
	Deferrals			Deferrals									Total		total
	expired &			expired &			Active			Total			outstanding		outstanding
(dollars in thousands)	paying			delinquent			deferrals			deferrals			loans		loans
	#		$	#		$	#		$	#		$
Commercial real estate	66	$	227,407	—	$	—	5	$	32,466	71	$	259,873	$	1,559,056	2.1	%
Commercial and industrial	96		41,628	2		261	—		—	98		41,889		499,728	—
Commercial construction	—		—	—		—	—		—	—		—		112,187	—
Total commercial loans	162	$	269,035	2	$	261	5	$	32,466	169	$	301,762	$	2,170,971	1.5	%
1-4 Family	131	$	39,774	7	$	1,461	9	$	3,653	147	$	44,888	$	892,263	0.4	%
Home Equity	16		1,238	—		—	—		—	16		1,238		138,123	—
Residential construction	—		—	—		—	—		—	—		—		31,843	—
Total residential real estate	147	$	41,012	7	$	1,461	9	$	3,653	163	$	46,126	$	1,062,229	0.3	%
Consumer	402	$	9,655	16	$	298	16	$	357	434	$	10,310	$	228,279	0.2
Total loans	711	$	319,702	25	$	2,020	30	$	36,476	766	$	358,198	$	3,461,479	1.1	%

HarborOne Bancorp, Inc.

COVID Loans at Risk as of March 31, 2021

(Unaudited)

	Active deferrals expiring by quarter
(dollars in thousands)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		Total
Commercial real estate	$	21,461	$	3,265	$	7,740	$	—	$	32,466
Commercial and industrial		—		—		—		—		—
Commercial construction		—		—		—		—		—
Total commercial loans	$	21,461	$	3,265	$	7,740	$	—	$	32,466
1-4 Family	$	3,653	$	—	$	—	$	—	$	3,653
Home equity		—		—		—		—		—
Residential construction		—		—		—		—		—
Total residential real estate	$	3,653	$	—	$	—	$	—	$	3,653
Consumer	$	233	$	124	$	—	$	—	$	357
Total loans	$	25,347	$	3,389	$	7,740	$	—	$	36,476