HarborOne Bancorp (HONE) 10-Q7 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 03, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-38955
Entity Registrant Name	HarborOne Bancorp, Inc.
Entity Incorporation, State or Country Code	MA
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
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	HONE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001769617
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		56,175,161
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 37,074	$ 31,777
Short-term investments	281,451	174,093
Total cash and cash equivalents	318,525	205,870
Securities available for sale, at fair value	304,168	276,498
Federal Home Loan Bank stock, at cost	7,572	8,738
Loans held for sale, at fair value	210,494	208,612
Loans	3,461,479	3,494,642
Less: Allowance for loan losses	(55,384)	(55,395)
Net loans	3,406,095	3,439,247
Accrued interest receivable	11,308	11,874
Other real estate owned and repossessed assets	530	595
Mortgage servicing rights, at fair value	33,939	24,833
Property and equipment, net	50,630	49,580
Retirement plan annuities	13,851	13,747
Bank-owned life insurance	88,443	87,950
Goodwill	69,802	69,802
Intangible assets	4,047	4,370
Other assets	86,554	81,899
Total assets	4,605,958	4,483,615
Deposits:
Demand deposit accounts	777,959	689,672
NOW accounts	224,869	218,584
Regular savings and club accounts	1,113,450	998,994
Money market deposit accounts	861,867	866,661
Term certificate accounts	696,438	732,298
Total deposits	3,674,583	3,506,209
Short-term borrowed funds	0	35,000
Long-term borrowed funds	97,488	114,097
Subordinated debt	34,064	34,033
Mortgagors' escrow accounts	8,468	7,736
Accrued interest payable	739	1,262
Other liabilities and accrued expenses	92,543	88,964
Total liabilities	3,907,885	3,787,301
Commitments and contingencies (Notes 9 and 10)
Common stock, $0.01 par value; 150,000,000 shares authorized; 59,086,187 and 58,834,970 shares issued; 56,228,762 and 57,205,458 shares outstanding at March 31, 2021 and December 31, 2020, respectively	585	584
Additional paid-in capital	465,832	464,176
Retained earnings	294,116	277,312
Treasury stock, at cost, 2,857,425 and 1,629,512 shares at March 31, 2021 and December 31, 2020, respectively	(31,460)	(16,644)
Accumulated other comprehensive (loss) income	(160)	2,185
Unearned compensation - ESOP	(30,840)	(31,299)
Total stockholders' equity	698,073	696,314
Total liabilities and stockholders' equity	$ 4,605,958	$ 4,483,615

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common Stock, shares issued	59,086,187	58,834,970
Common stock, shares outstanding	56,228,762	57,205,458
Treasury, shares	2,857,425	1,629,512

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Interest and dividend income:
Interest and fees on loans	$ 33,860	$ 34,025
Interest on loans held for sale	1,324	577
Interest on taxable securities	585	1,742
Interest on non-taxable securities		66
Other interest and dividend income	78	759
Total interest and dividend income	35,847	37,169
Interest expense:
Interest on deposits	2,720	8,693
Interest on FHLB borrowings	552	1,253
Interest on subordinated debentures	523	523
Total interest expense	3,795	10,469
Net interest and dividend income	32,052	26,700
Provision for loan losses	91	3,749
Net interest and dividend income, after provision for loan losses	31,961	22,951
Mortgage banking income:
Gain on sale of mortgage loans	24,802	12,278
Changes in mortgage servicing rights fair value	3,409	(4,387)
Other	4,515	2,343
Total mortgage banking income	32,726	10,234
Deposit account fees	3,852	3,931
Income on retirement plan annuities	104	101
Gain on sale and call of securities, net		2,525
Bank-owned life insurance income	493	551
Other income	634	1,296
Total noninterest income	37,809	18,638
Noninterest expense:
Compensation and benefits	27,454	21,185
Occupancy and equipment	5,256	4,563
Data processing	2,343	2,180
Loan expenses	2,435	1,253
Marketing	813	876
Deposit expenses	440	499
Postage and printing	401	496
Professional fees	1,583	1,228
Foreclosed and repossessed assets	23	125
Deposit insurance	320	271
Other expenses	1,734	2,484
Total noninterest expense	42,802	35,160
Income before income taxes	26,968	6,429
Income tax provision	7,576	1,705
Net income	$ 19,392	$ 4,724
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

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Comprehensive Income
Net income	$ 19,392	$ 4,724
Unrealized gain/loss on cash flow hedge:
Unrealized holding gains	1,733
Reclassification adjustment for net losses included in net income	112
Net change in unrealized gains on derivatives in cash flow hedging instruments	1,845
Related tax effect	(516)
Net-of-tax amount	1,329
Unrealized gain/loss on securities available for sale:
Unrealized holding (losses) gains	(4,713)	6,018
Reclassification of unrealized gain on securities transferred to available for sale		522
Reclassification adjustment for net realized gains		(2,525)
Net unrealized (losses) gains	(4,713)	4,015
Related tax effect	1,039	(1,237)
Net-of-tax amount	(3,674)	2,778
Total other comprehensive (loss) income	(2,345)	2,778
Comprehensive income	$ 17,047	$ 7,502

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, at Cost	Accumulated Other Comprehensive Income (Loss)	Unearned Compensation - ESOP	Total
Balance at beginning of period at Dec. 31, 2019	$ 584	$ 460,232	$ 237,356	$ (721)	$ 1,480	$ (33,137)	$ 665,794
Balance, beginning of period (in shares) at Dec. 31, 2019	54,418,021
Comprehensive income (loss)			4,724		2,778		7,502
ESOP shares committed to be released		121				459	580
Share-based compensation expense		1,263					1,263
Balance at end of period at Mar. 31, 2020	$ 584	461,616	242,080	(721)	4,258	(32,678)	675,139
Balance, end of period (in shares) at Mar. 31, 2020	54,418,021
Balance at beginning of period at Dec. 31, 2020	$ 584	464,176	277,312	(16,644)	2,185	(31,299)	$ 696,314
Balance, beginning of period (in shares) at Dec. 31, 2020	57,205,458						57,205,458
Comprehensive income (loss)			19,392		(2,345)		$ 17,047
Dividends declared of $0.05 per share			(2,588)				(2,588)
ESOP shares committed to be released		242				459	701
Restricted stock awards granted (in shares)	188,377
Share-based compensation expense		772					772
Stock option exercised	$ 1	642					643
Stock option exercised (in shares)	62,840
Treasury stock purchased				(14,816)			(14,816)
Treasury stock purchased (in shares)	(1,227,913)
Balance at end of period at Mar. 31, 2021	$ 585	$ 465,832	$ 294,116	$ (31,460)	$ (160)	$ (30,840)	$ 698,073
Balance, end of period (in shares) at Mar. 31, 2021	56,228,762						56,228,762

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Changes in Stockholders' Equity
Dividends declared per share	$ 0.05
ESOP shares committed to be released (in shares)	57,681	57,681

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 19,392	$ 4,724
Adjustments to reconcile net income to net cash used by operating activities:
Provision for loan losses	91	3,749
Net amortization of securities premiums/discounts	1,201	242
Proceeds from sale of loans	696,005	315,290
Loans originated for sale	(678,960)	(309,054)
Net (accretion) amortization of net deferred loan costs/fees and premiums	(393)	629
Depreciation and amortization of premises and equipment	1,325	1,005
Change in mortgage servicing rights fair value	(3,409)	4,387
Mortgage servicing rights capitalized	(5,697)	(444)
Accretion of fair value adjustment on loans and deposits, net	(1,212)	(383)
Amortization of other intangible assets	323	447
Amortization of subordinated debt issuance costs	31	31
Gain on sale and call of securities, net		(2,525)
Net gains on mortgage loan sales, including fair value adjustments	(18,927)	(14,000)
Bank-owned life insurance income	(493)	(551)
Income on retirement plan annuities	(104)	(101)
Net loss on disposal of premises and equipment		110
Net loss on sale and write-down of other real estate owned and repossessed assets	21	55
ESOP expense	701	580
Share-based compensation expense	772	1,263
Net change in:
Change in other assets	(3,128)	(25,901)
Change in other liabilities	3,579	21,341
Net cash used by operating activities	11,118	894
Activity in securities available for sale:
Maturities, prepayments and calls	46,956	13,947
Purchases	(80,540)	(62,755)
Sales		65,971
Activity in securities held to maturity:
Maturities, prepayment and calls		432
Sales		4,759
Net redemption of FHLB stock	1,166	3,591
Participation-in loan purchases	(17,535)	(679)
Net loan (originations) payments	51,982	(13,490)
Proceeds from sale of other real estate owned and repossessed assets	407	518
Additions to property and equipment	(2,375)	(750)
Net cash used by investing activities	61	11,544
Cash flows from financing activities:
Net increase in deposits	168,230	78,149
Net change in short-term borrowed funds	(35,000)	(79,000)
Proceeds from other borrowed funds and subordinated debt	3,400	40,000
Repayment of other borrowed funds	(20,009)	(30,009)
Net change in mortgagors' escrow accounts	732	2,226
Proceeds from exercise of stock options	643
Treasury stock purchased	(14,816)
Dividends paid	(1,704)
Net cash provided by financing activities	101,476	11,366
Net change in cash and cash equivalents	112,655	23,804
Cash and cash equivalents at beginning of period	205,870	211,616
Cash and cash equivalents at end of period	318,525	235,420
Supplemental cash flow information:
Interest paid on deposits	2,723	8,600
Interest paid on borrowed funds	1,597	2,367
Income taxes paid, net	1,779	3,748
Transfer of loans to other real estate owned and repossessed assets	363	393
Transfer of securities held to maturity to available for sale, fair value		$ 22,051
Dividends declared	2,588
Supplemental disclosure related to adoption of ASU 2016-02, detailed in Note 1:
ROU asset	23,189
Operating lease liabilities	$ 24,370

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The unaudited interim Consolidated Financial Statements of HarborOne Bancorp, Inc. (the “Company”) presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by the U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments and disclosures considered necessary for the fair presentation of the accompanying Consolidated Financial Statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2020 and 2019 and notes thereto included in the Company’s Annual Report on Form 10-K. The unaudited interim Consolidated Financial Statements include the accounts of the Company; the Company’s subsidiaries, Legion Parkway Company LLC, a security corporation; HarborOne Bank (the “Bank”); and the Bank’s wholly-owned subsidiaries, which consist of HarborOne Mortgage, LLC (“HarborOne Mortgage”), a passive investment corporation, and two security corporations. The passive investment corporation maintains and manages certain assets of the Bank. The security corporations were established for the purpose of buying, holding and selling securities on their own behalf. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year financial statement presentation. These changes and reclassifications did not impact previously reported net income or comprehensive income. Nature of Operations The Company provides a variety of financial services to individuals and businesses through its 26 full-service branches in Massachusetts and Rhode Island, and a commercial lending office in each of Boston, Massachusetts and Providence, Rhode Island. HarborOne Mortgage maintains more than 30 offices in Massachusetts, Rhode Island, New Hampshire, Maine, and New Jersey and is licensed to lend in five additional states. The Company’s primary deposit products are checking, money market, savings and term certificate of deposit accounts, while its primary lending products are commercial real estate, commercial, residential mortgages, home equity, and consumer loans. The Company also originates, sells and services residential mortgage loans through HarborOne Mortgage. Risks and Uncertainties Congress, the President, and the Board of Governors of the Federal Reserve System (the “Federal Reserve”) have taken several actions designed to cushion the economic fallout. Most notably, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion legislative package, was signed into law at the end of March 2020. The goal of the CARES Act is to prevent a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. Additionally, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was enacted on December 27, 2020, providing for a second round of PPP loans (“PPP-2”). Additionally, the Consolidated Appropriations Act passed on December 27, 2020 provided the option of postponing adoption of the standard until the earlier of the end of the national emergency declaration related to the COVID-19 pandemic or December 31, 2022. The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the Economic Aid Act) amended the PPP by extending the authority of the SBA to guarantee loans and the ability of PPP lenders to disburse PPP loans until March 31, 2021. The PPP Extension Act of 2021, which was enacted on March 30, 2021, extends the PPP application deadline to May 31, 2021 and provides the SBA additional time to process applications through June 30, 2021. The Federal Reserve also took actions to mitigate the economic impact of the COVID-19 pandemic, including cutting the federal funds rate 150 basis points and targeting a 0 to 25 basis point rate. In addition to the general impact of the COVID-19 pandemic, certain provisions of the CARES Act as well as other legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. ● Net interest income could be reduced. In accordance with regulatory guidance, the Company is actively working with borrowers impacted by the COVID-19 pandemic to defer payments. While interest will continue to be recognized in accordance with GAAP, should eventual credit losses on these deferments emerge, interest income would be negatively impacted. ● The provision for loan losses could increase. Continued uncertainty regarding the severity and duration of the COVID-19 pandemic and related economic effects will continue to affect the accounting for loan losses. It also is possible that asset quality could worsen, and loan charge-offs increase. The Company participated in the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) providing loans to small businesses negatively impacted by the COVID-19 pandemic. PPP loans are fully guaranteed by the U.S. government. ● Noninterest income could be reduced. Uncertainty regarding the severity and duration of the COVID-19 pandemic could cause further volatility in the financial markets. The COVID-19 pandemic and the measures taken to control its spread may disrupt the mortgage loan origination process. Mortgage banking revenues are dependent on mortgage origination volume and are sensitive to interest rates and the condition of housing markets. ● Valuation and fair value measurement challenges may occur. Changes in the COVID-19 pandemic could cause a decline in the Company’s stock price or other triggering events could occur that would cause management to perform a goodwill impairment test that may result in an impairment charge being recorded to earnings for that period. Summary of Significant Accounting Policies and Recently Adopted Accounting Standards Updates (“ASU”) As an “emerging growth company”, as defined in Title 1 of the Jumpstart Our Business Startups (“JOBS”) Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company’s emerging growth company status is scheduled to end December 31, 2021 unless a triggering event occurs sooner. Significant accounting policies in effect and disclosed within the Company’s most recent audited consolidated financial statements as of December 31, 2020 remain substantially unchanged with the exception of the accounting policy for leases as a result of adopting ASU 2016-02, Leases (Topic 842) and subsequent related updates (collectively ASU 2016-02) as described below. The Company adopted ASU 2016-02 on January 1, 2021, which requires lessees to recognize most leases on their balance sheet. Lessor accounting is largely unchanged. ASU 2016-02 requires both quantitative and qualitative disclosures regarding key information about lease arrangements from both lessees and lessors. The Company elected the effective date transition method utilizing the adoption date as the first date of application of the revised guidance. As a result, prior period amounts have not been restated. Upon adoption, the Company elected certain transitional practical expedients offered through the guidance, including the “package of practical expedients” whereby it did not reassess (i) whether any expired or existing contracts contain leases, (ii) the lease classification of any expired or existing leases, and (iii) initial direct costs for any existing leases, which resulted in the Company not recognizing a cumulative effect adjustment to retained earnings. Management evaluated the leasing contracts and activities and developed methodologies and processes to estimate and account for the right-of-use (“ROU”) assets and lease liabilities for building leases based on the present value of future lease payments. On January 1, 2021, the Company recorded ROU assets, included in other assets, and lease liabilities, included in other liabilities, totaling $23.2 million and $24.4 million, respectively. The impact to capital ratios as a result of increased risk-weighted assets was immaterial. The adoption of this guidance did not result in a material change to lessee expense recognition. The Company is committed to rent premises and equipment used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Leases that transfer substantially all of the benefits and risks of ownership to the Company are classified as finance leases, while all others are classified as operating leases. At lease commencement, a lease liability and ROU asset are calculated and recognized on both types of leases. The lease liability is equal to the present value of the future minimum lease payments. The ROU asset is equal to the lease liability, plus any initial direct costs and prepaid lease payments, less any lessor incentives received. Operating lease ROU assets are included in other assets and finance lease ROU assets are included in premises and equipment, net. The Company’s leases do not provide an implicit interest rate, therefore the Company used the appropriate Federal Home Loan Bank (“FHLB”) term rate commensurate with the underlying lease terms to determine the present value of operating lease liabilities. The lease term used in the calculation includes any options to extend that the Company is reasonably certain to exercise, determined on a lease-by-lease basis. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. At March 31, 2021, the Company had no finance lease ROU assets or lease liabilities . For operating leases, total lease cost is comprised of lease expense, short-term lease cost, and variable lease cost. Lease expense includes future minimum lease payments, which are recognized on a straight-line basis over the lease term, as well as common area maintenance charges, real estate taxes, insurance and other expenses, where applicable, which are expensed as incurred. Total lease cost for operating leases is recorded in occupancy and equipment noninterest expense. See Note 11, Operating Lease Right-of-Use Assets and Liabilities, for further information. The Company also adopted the following ASU on January 1, 2021, which did not have a material impact on the Company’s Consolidated Financial Statements: ASU 2017-12 , Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. This guidance provides better alignment of financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 also permitted the reclassification of eligible securities from the held-to-maturity classification to the available for sale classification. The Company did not reclassify investment securities from held to maturity to available for sale upon the original adoption of the amendments. ASUs not yet Adopted ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting These provisions apply to contract modifications that reference LIBOR or another reference rate expected to be discounted because of reference rate reform. Qualifying modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification would be considered “minor” so that any existing unamortized deferred loan origination fees and costs would carry forward and continue to be amortized. Qualifying modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for hedge accounting. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022, with adoption permitted as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected, the amendments must be applied prospectively for all eligible contract modifications. is currently evaluating the effect that this ASU will have on the Company’s consolidated financial statements. ASU No. 2019-12 , Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The amendments in this ASU are intended to simplify the accounting for income taxes. ASU 2019-12 is effective for public companies for fiscal years beginning after December 15, 2020, with early adoption permitted. For all other entities the guidance is effective for fiscal years beginning after December 15, 2021. Certain provisions under ASU 2019-12 require prospective application, some require modified retrospective application through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption, while other provisions require retrospective application to all periods presented in the consolidated financial statements upon adoption. The Company expects to adopt ASU 2019-12 on December 31, 2021 and it is not expected to have a material impact on the Company’s consolidated financial statements. ASU 2016-13 Financial Instruments—Credit Losses (Topic 326)

DEBT SECURITIES

DEBT SECURITIES	3 Months Ended
DEBT SECURITIES	Mar. 31, 2021
DEBT SECURITIES
DEBT SECURITIES	2. DEBT SECURITIES The amortized cost and fair value of securities with gross unrealized gains and losses is as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) March 31, 2021: Securities available for sale U.S. government and government-sponsored enterprise obligations $ 5,001 $ 58 $ — $ 5,059 U.S. government agency and government-sponsored residential mortgage-backed securities 274,928 2,053 3,459 273,522 U.S. government-sponsored collateralized mortgage obligations 10,266 273 — 10,539 SBA asset-backed securities 14,584 464 — 15,048 Total securities available for sale $ 304,779 $ 2,848 $ 3,459 $ 304,168 December 31, 2020: Securities available for sale U.S. government and government-sponsored enterprise obligations $ 5,002 $ 93 $ — $ 5,095 U.S. government agency and government-sponsored residential mortgage-backed securities 234,819 3,113 305 237,627 U.S. government-sponsored collateralized mortgage obligations 16,326 330 — 16,656 SBA asset-backed securities 16,249 871 — 17,120 Total securities available for sale $ 272,396 $ 4,407 $ 305 $ 276,498 In February 2020, with the intention to reduce credit risk in the investment portfolio and to support the Bank’s credit risk policy, the Bank executed the sale of six held-to-maturity investments. The securities had a total amortized cost of $4.5 million and a $357,000 gain on sale was recorded during the three months ended March 31, 2020. As a result, the remaining held to maturity securities, with an amortized cost of $21.5 million and an unrealized gain of approximately $522,000, were transferred to the available for sale category at a fair value of $22.1 million. Twenty-two mortgage-backed securities with a combined fair value of $26.4 million are pledged as collateral for interest rate swap agreements as of March 31, 2021 (see Note 10). Twenty-six mortgage-backed securities with a combined fair value of $40.3 million were pledged as collateral for interest rate swap agreements as of December 31, 2020. The amortized cost and fair value of debt securities by contractual maturity at March 31, 2021 is as follows: Available for Sale Amortized Fair Cost Value (in thousands) After 1 year through 5 years $ — $ — After 5 years through 10 years 5,001 5,059 Over 10 years — — 5,001 5,059 U.S. government agency and government-sponsored residential mortgage-backed securities 274,928 273,522 U.S. government-sponsored collateralized mortgage obligations 10,266 10,539 SBA asset-backed securities 14,584 15,048 Total $ 304,779 $ 304,168 U.S. government-sponsored residential mortgage-backed securities, collateralized mortgage obligations and securities whose underlying assets are loans from the SBA have stated maturities of 1 to 30 years ; however, it is expected that such securities will have shorter actual lives due to prepayments. U.S. government and government-sponsored enterprise obligations are callable at the discretion of the issuer. The U.S. government and government-sponsored enterprise obligations with a total fair value of $5.1 million have a final maturity of 7 years and a call feature of 5 months . At the quarter ended March 31, 2021 there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholder equity. The following table shows proceeds and gross realized gains and losses related to the sales and calls of securities for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) Sales Proceeds $ — $ 70,729 Gross gains — 2,521 Gross losses — — Calls Proceeds $ — $ 1,667 Gross gains — 4 Gross losses — — Information pertaining to securities with gross unrealized losses at March 31, 2021 and December 31, 2020 aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: Less Than Twelve Months Twelve Months and Over Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (in thousands) March 31, 2021: Securities available for sale U.S. government agency and government-sponsored residential mortgage-backed securities $ 3,455 $ 170,872 $ 4 $ 1,233 December 31, 2020: Securities available for sale U.S. government agency and government-sponsored residential mortgage-backed securities $ 283 $ 67,460 $ 22 $ 3,668 Management evaluates securities for other-than-temporary impairment (“OTTI”) at each reporting period, and more frequently when economic or market concerns warrant such evaluation. As of March 31, 2021, the Company’s security portfolio consisted of 105 debt securities, 33 of which were in an unrealized loss position. The unrealized losses are related to the Company’s mortgage-backed securities and were issued by U.S. government-sponsored entities and agencies. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2021.

LOANS HELD FOR SALE

LOANS HELD FOR SALE	3 Months Ended
LOANS HELD FOR SALE	Mar. 31, 2021
LOANS HELD FOR SALE
LOANS HELD FOR SALE	3. LOANS HELD FOR SALE The following table provides the fair value and contractual principal balance outstanding of loans held for sale accounted for under the fair value option: March 31, December 31, 2021 2020 (in thousands) Loans held for sale, fair value $ 210,494 $ 208,612 Loans held for sale, contractual principal outstanding 206,741 198,984 Fair value less unpaid principal balance $ 3,753 $ 9,628 The Company has elected the fair value option for mortgage loans held for sale to better match changes in fair value of the loans with changes in the fair value of the forward sale commitment contracts used to economically hedge them. Changes in fair value of mortgage loans held for sale accounted for under the fair value option election amounted to a decrease of $5.9 million in the three months ended March 31, 2021 to $3.8 million, compared to an increase of $1.7 million in the three months ended March 30, 2020. These amounts are offset in earnings by the changes in fair value of forward sale commitments. The changes in fair value are reported as a component of gain on sale of mortgage loans in the Unaudited Consolidated Statements of Income. At March 31, 2021 and December 31, 2020, there were no loans held for sale that were greater than 90 days past due.

LOANS

LOANS	3 Months Ended
LOANS	Mar. 31, 2021
LOANS
LOANS	4. LOANS A summary of the balances of loans follows: March 31, December 31, 2021 2020 (in thousands) Residential real estate: One- to four-family $ 892,263 $ 928,934 Second mortgages and equity lines of credit 138,123 145,672 Residential real estate construction 31,843 31,217 1,062,229 1,105,823 Commercial: Commercial real estate 1,559,056 1,551,265 Commercial construction 112,187 99,331 Commercial and industrial 499,728 464,393 Total commercial loans 2,170,971 2,114,989 Consumer loans: Auto 220,464 265,266 Personal 7,815 8,564 Total consumer loans 228,279 273,830 Total loans 3,461,479 3,494,642 Allowance for loan losses (55,384) (55,395) Loans, net $ 3,406,095 $ 3,439,247 As of March 31, 2021 and December 31, 2020, the commercial and industrial loans include $164.3 million and $126.5 million, respectively, of PPP loans and $5.0 million and $2.7 million, respectively, of deferred fees on the PPP loans. PPP loans are fully guaranteed by the U.S. government. The Company has transferred a portion of its originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying unaudited interim Consolidated Balance Sheets. The Company and participating lenders share ratably in cash flows and any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments to participating lenders and disburses required escrow funds to relevant parties. At March 31, 2021 and December 31, 2020, the Company was servicing loans for participants aggregating $297.4 million and $284.2 million, respectively. Acquired Loans The loans purchased from Coastway Bancorp, Inc. included $5.4 million in purchased credit impaired (“PCI”) loans. PCI loans were primarily residential real estate loans. The following table provides certain information pertaining to PCI loans: March 31, December 31, 2021 2020 (in thousands) Outstanding balance $ 4,284 $ 4,307 Carrying amount $ 4,063 $ 4,079 The following table summarizes activity in the accretable yield for PCI loans: Three Months Ended March 31, 2021 2020 (in thousands) Balance at beginning of period $ 141 $ 149 Additions — — Accretion (3) (2) Reclassification from nonaccretable difference — — Balance at end of period $ 138 $ 147 The following is the activity in the allowance for loan losses for the three months ended March 31, 2021 and 2020: Residential Commercial Commercial Commercial Real Estate Real Estate Construction and Industrial Consumer Unallocated Total (in thousands) Balance at December 31, 2019 $ 3,178 $ 12,875 $ 2,526 $ 2,977 $ 1,010 $ 1,494 $ 24,060 Provision (credit) for loan losses (49) 2,940 (4) (159) 691 330 3,749 Charge-offs — (1,174) — (297) (253) — (1,724) Recoveries 48 1 — 219 36 — 304 Balance at March 31, 2020 $ 3,177 $ 14,642 $ 2,522 $ 2,740 $ 1,484 $ 1,824 $ 26,389 Balance at December 31, 2020 $ 7,419 $ 34,765 $ 1,955 $ 5,311 $ 2,475 $ 3,470 $ 55,395 Provision (credit) for loan losses (221) 218 282 1,494 (412) (1,270) 91 Charge-offs — — — (185) (55) — (240) Recoveries 71 4 — 7 56 — 138 Balance at March 31, 2021 $ 7,269 $ 34,987 $ 2,237 $ 6,627 $ 2,064 $ 2,200 $ 55,384 Allocation of the allowance to loan segments at March 31, 2021 and December 31, 2020 follows: Residential Commercial Commercial Commercial Real Estate Real Estate Construction and Industrial Consumer Unallocated Total (in thousands) March 31, 2021: Loans: Impaired loans $ 22,033 $ 12,502 $ — $ 8,071 $ — $ 42,606 Non-impaired loans 1,040,196 1,546,554 112,187 491,657 228,279 3,418,873 Total loans $ 1,062,229 $ 1,559,056 $ 112,187 $ 499,728 $ 228,279 $ 3,461,479 Allowance for loan losses: Impaired loans $ 720 $ 1,797 $ — $ 1,386 $ — $ — $ 3,903 Non-impaired loans 6,549 33,190 2,237 5,241 2,064 2,200 51,481 Total allowance for loan losses $ 7,269 $ 34,987 $ 2,237 $ 6,627 $ 2,064 $ 2,200 $ 55,384 December 31, 2020: Loans: Impaired loans $ 24,384 $ 12,513 $ — $ 9,359 $ — $ 46,256 Non-impaired loans 1,081,439 1,538,752 99,331 455,034 273,830 3,448,386 Total loans $ 1,105,823 $ 1,551,265 $ 99,331 $ 464,393 $ 273,830 $ 3,494,642 Allowance for loan losses: Impaired loans $ 802 $ 1,845 $ — $ 31 $ — $ — $ 2,678 Non-impaired loans 6,617 32,920 1,955 5,280 2,475 3,470 52,717 Total allowance for loan losses $ 7,419 $ 34,765 $ 1,955 $ 5,311 $ 2,475 $ 3,470 $ 55,395 The following is a summary of past due and non-accrual loans at March 31, 2021 and December 31, 2020: 90 Days 30-59 Days 60-89 Days or More Total Loans on Past Due Past Due Past Due Past Due Non-accrual (in thousands) March 31, 2021 Residential real estate: One- to four-family $ 8,098 $ 1,667 $ 2,505 $ 12,270 $ 10,606 Second mortgages and equity lines of credit 214 51 483 748 856 Commercial real estate 22 — 3,372 3,394 12,478 Commercial construction — — — — — Commercial and industrial 606 — 1,049 1,655 8,059 Consumer: Auto 825 347 236 1,408 327 Personal 3 21 9 33 29 Total $ 9,768 $ 2,086 $ 7,654 $ 19,508 $ 32,355 December 31, 2020 Residential real estate: One- to four-family $ 12,148 $ 2,223 $ 6,418 $ 20,789 $ 11,611 Second mortgages and equity lines of credit 460 46 433 939 834 Residential real estate construction 471 — — 471 — Commercial real estate 416 — 3,369 3,785 12,486 Commercial construction — — — — — Commercial and industrial 444 191 1,243 1,878 8,606 Consumer: Auto 1,657 397 488 2,542 557 Personal 88 11 2 101 7 Total $ 15,684 $ 2,868 $ 11,953 $ 30,505 $ 34,101 At March 31, 2021 and December 31, 2020, there were no loans past due 90 days or more and still accruing. The following information pertains to impaired loans: March 31, 2021 December 31, 2020 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance (in thousands) Impaired loans without a specific reserve: Residential real estate $ 11,663 $ 12,259 $ — $ 12,284 $ 13,039 $ — Commercial real estate 3,541 4,732 — 3,552 4,741 — Commercial construction — — — — — — Commercial and industrial 5,922 8,619 — 9,243 11,604 — Total 21,126 25,610 — 25,079 29,384 — Impaired loans with a specific reserve: Residential real estate 10,370 10,651 720 12,100 12,355 802 Commercial real estate 8,961 8,961 1,797 8,961 8,961 1,845 Commercial construction — — — — — — Commercial and industrial 2,149 2,449 1,386 116 181 31 Total 21,480 22,061 3,903 21,177 21,497 2,678 Total impaired loans $ 42,606 $ 47,671 $ 3,903 $ 46,256 $ 50,881 $ 2,678 Three Months Ended March 31, 2021 2020 Interest Interest Average Interest Income Average Interest Income Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis (in thousands) Residential real estate $ 23,209 $ 296 $ 105 $ 26,367 $ 322 $ 245 Commercial real estate 12,508 2 2 2,118 — — Commercial construction — — — 11,108 — — Commercial and industrial 8,715 120 120 5,392 7 7 Total $ 44,432 $ 418 $ 227 $ 44,985 $ 329 $ 252 Interest income recognized and interest income recognized on a cash basis in the tables above represent interest income for the three months ended March 31, 2021 and 2020, not for the time period designated as impaired. No additional funds are committed to be advanced in connection with impaired loans. There were no material troubled debt restructuring (“TDR”) loan modifications for the three months ended March 31, 2021 and 2020. The recorded investment in TDRs was $13.9 million and $15.1 million at March 31, 2021 and December 31, 2020, respectively. Commercial TDRs totaled $2.2 million and $2.5 million at March 31, 2021 and December 31, 2020, respectively. The remainder of the TDRs outstanding at the end of these periods were residential loans. Non-accrual TDRs totaled $3.3 million and $3.6 million at March 31, 2021 and December 31, 2020, respectively. Of these loans, $2.2 million and $2.5 million were non-accrual commercial TDRs at March 31, 2021 and December 31, 2020, respectively. All TDR loans are considered impaired and management performs a discounted cash flow calculation to determine the amount of impairment reserve required on each loan. TDR loans which subsequently default are reviewed to determine if the loan should be deemed collateral dependent. In either case, any reserve required is recorded as part of the allowance for loan losses. During the three months ended March 31, 2021 and 2020, there were no payment defaults on TDRs. Credit Quality Information The Company uses a ten -grade internal loan rating system for commercial real estate, commercial construction and commercial loans, as follows: Loans rated 1 – 6 are considered “pass” rated loans with low to average risk. Loans rated 7 are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 8 are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 9 are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 10 are considered “uncollectible” (loss), and of such little value that their continuance as loans is not warranted. Loans not rated consist primarily of certain smaller balance commercial real estate and commercial loans that are managed by exception. On an annual basis, or more often if needed, the Company formally reviews on a risk adjusted basis, the ratings on all commercial real estate, construction and commercial loans. Semi-annually, the Company engages an independent third-party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. On a monthly basis, the Company reviews the residential construction, residential real estate and consumer installment portfolios for credit quality primarily through the use of delinquency reports. The following table presents the Company’s loans by risk rating at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Commercial Commercial Commercial Commercial Commercial Commercial Real Estate Construction and Industrial Real Estate Construction and Industrial (in thousands) Loans rated 1 - 6 $ 1,531,940 $ 112,187 $ 489,189 $ 1,524,105 $ 99,331 $ 452,665 Loans rated 7 14,638 — 2,668 14,674 — 3,122 Loans rated 8 9,444 — 4,875 9,455 — 7,080 Loans rated 9 3,034 — 2,996 3,031 — 1,526 Loans rated 10 — — — — — — Loans not rated — — — — — — $ 1,559,056 $ 112,187 $ 499,728 $ 1,551,265 $ 99,331 $ 464,393

MORTGAGE LOAN SERVICING

MORTGAGE LOAN SERVICING	3 Months Ended
MORTGAGE LOAN SERVICING	Mar. 31, 2021
MORTGAGE LOAN SERVICING
MORTGAGE LOAN SERVICING	5. MORTGAGE LOAN SERVICING The Company sells residential mortgages to government-sponsored entities and other parties. The Company retains no beneficial interests in these loans, but may retain the servicing rights of the loans sold. Mortgage loans serviced for others are not included in the accompanying unaudited interim Consolidated Balance Sheets. The risks inherent in mortgage servicing rights (“MSRs”) relate primarily to changes in prepayments that primarily result from shifts in mortgage interest rates. The unpaid principal balance of mortgage loans serviced for others was $3.41 billion and $3.05 billion as of March 31, 2021 and December 31, 2020, respectively. The Company accounts for MSRs at fair value. The Company obtains valuations from independent third parties to determine the fair value of MSRs. Key assumptions used in the estimation of fair value include prepayment speeds, discount rates, and default rates March 31, December 31, 2021 2020 Prepayment speed 10.20 % 14.30 % Discount rate 9.22 9.23 Default rate 2.43 2.27 The following summarizes changes to MSRs for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Balance, beginning of period $ 24,833 $ 17,150 Additions 5,697 444 Changes in fair value due to: Reductions from loans paid off during the period (1,599) (576) Changes in valuation inputs or assumptions 5,008 (3,811) Balance, end of period $ 33,939 $ 13,207 Contractually specified servicing fees included in other mortgage banking income amounted to $2.1 million for the three months ended March 31, 2021 and $1.3 million for the three months ended March 31, 2020, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Mar. 31, 2021
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	6. GOODWILL AND INTANGIBLE ASSETS As of March 31, 2021, the Company had $69.8 million in goodwill, of which $59.0 million was allocated to the Bank reporting unit and $10.8 million was allocated to the HarborOne Mortgage reporting unit. The Company typically performs its goodwill impairment test during the fourth quarter of the year, unless certain indicators suggest earlier testing to be warranted. Other intangible assets were $4.0 million and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company determined that there was no triggering event that warranted an interim impairment test at March 31, 2021.

DEPOSITS

DEPOSITS	3 Months Ended
DEPOSITS	Mar. 31, 2021
DEPOSITS
DEPOSITS	7. DEPOSITS A summary of deposit balances, by type, is as follows: March 31, December 31, 2021 2020 (in thousands) NOW and demand deposit accounts $ 1,002,828 $ 908,256 Regular savings and club accounts 1,113,450 998,994 Money market deposit accounts 861,867 866,661 Total non-certificate accounts 2,978,145 2,773,911 Term certificate accounts greater than $250,000 122,951 135,190 Term certificate accounts less than or equal to $250,000 473,487 497,108 Brokered deposits 100,000 100,000 Total certificate accounts 696,438 732,298 Total deposits $ 3,674,583 $ 3,506,209 The Company has established a relationship to participate in a reciprocal deposit program with other financial institutions. The reciprocal deposit program provides access to FDIC-insured deposit products in aggregate amounts exceeding the current limits for depositors. At March 31, 2021 and December 31, 2020, total reciprocal deposits were $81.0 million and $104.9 million, respectively, consisting primarily of money market accounts. A summary of certificate accounts by maturity at March 31, 2021 is as follows: Weighted Average Amount Rate (dollars in thousands) Within 1 year $ 562,996 0.60 % Over 1 year to 2 years 110,293 0.92 Over 2 years to 3 years 4,580 1.80 Over 3 years to 4 years 17,124 1.05 Over 4 years to 5 years 1,935 0.70 Total certificate deposits 696,928 0.67 % Less unaccreted acquisition discount (490) Total certificate deposits, net $ 696,438

BORROWED FUNDS

BORROWED FUNDS	3 Months Ended
BORROWED FUNDS	Mar. 31, 2021
BORROWED FUNDS
BORROWED FUNDS	8. Borrowed funds at March 31, 2021 and December 31, 2020 consist of Federal Home Loan Bank (“FHLB”) advances. Short-term advances were $35.0 million with a weighted average rate of 0.42% at December 31, 2020. There were no short-term advances at March 31, 2021. Long-term advances are summarized by maturity date below. March 31, 2021 December 31, 2020 Amount by Weighted Amount by Weighted Scheduled Amount by Average Scheduled Amount by Average Maturity* Call Date (1) Rate (2) Maturity* Call Date (1) Rate (2) (dollars in thousands) Year ending December 31: 2021 $ 21,750 $ 81,750 3.09 % $ 41,750 101,750 2.47 % 2022 — — — — — — 2023 20,191 191 3.48 20,190 190 3.48 2024 13,400 13,400 1.39 10,000 10,000 1.68 2025 40,987 987 1.32 40,987 987 1.32 2026 and thereafter 1,160 1,160 2.00 1,170 1,170 2.00 $ 97,488 $ 97,488 2.18 % $ 114,097 $ 114,097 2.16 % * Includes an amortizing advance requiring monthly principal and interest payments. (1) (2) The FHLB advances are secured by a blanket security agreement which requires the Bank to maintain certain qualifying assets as collateral, principally residential mortgage loans and certain multi-family and commercial real estate loans held in the Bank’s portfolio. The carrying value of the loans pledged as collateral for these borrowings totaled $1.23 billion at March 31, 2021 and $1.25 billion at December 31, 2020. As of March 31, 2021, the Company had $744.2 million of available borrowing capacity with the FHLB. The Company also has additional borrowing capacity under a $25.0 million unsecured federal funds line with a correspondent bank and a secured line of credit with the Federal Reserve Bank of Boston secured by 55% of the carrying value of indirect auto and commercial loans with principal balances amounting to $104.5 million and $107.1 million at March 31, 2021 and December 31, 2020, respectively. No amounts were outstanding under either line at March 31, 2021 or December 31, 2020. As a participating lender in the PPP, the Company also has access to additional borrowing capacity through the Federal Reserve’s Paycheck Protection Program Liquidity Facility. Only loans issued under the PPP may be pledged as collateral. On August 30, 2018, the Company issued $35.0 million in fixed-to-floating rate subordinated notes due 2028 (the “Notes”) in a private placement transaction to institutional accredited investors. The Notes bear interest at annual fixed rate of 5.625% until September 1, 2023 at which time the interest rate resets quarterly to an interest rate per annum equal to the three–month LIBOR plus 278 basis points. Interest is payable semi-annually on March 1 and September 1 each year through September 1, 2023 and quarterly thereafter. The Notes can be redeemed partially or in whole, prior to the maturity date beginning September 1, 2023 and on any scheduled interest payment date thereafter, at par. The Notes are carried on the Consolidated Balance Sheets net of unamortized issuance costs of $936,000 and $967,000 at March 31, 2021 and December 31, 2020, respectively, which are being amortized over the period to maturity date using the interest method. At March 31, 2021 and December 31, 2020, the Notes qualified as Tier 2 capital for regulatory capital purposes.

OTHER COMMITMENTS AND CONTINGEN

OTHER COMMITMENTS AND CONTINGENCIES	3 Months Ended
OTHER COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
OTHER COMMITMENTS AND CONTINGENCIES
OTHER COMMITMENTS AND CONTINGENCIES	9. OTHER COMMITMENTS AND CONTINGENCIES Loan Commitments The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and advance funds on various lines of credit. Those commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the accompanying unaudited interim Consolidated Financial Statements. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. The following off-balance sheet financial instruments were outstanding at March 31, 2021 and December 31, 2020. The contract amounts represent credit risk. March 31, December 31, 2021 2020 (in thousands) Commitments to grant residential real estate loans-HarborOne Mortgage $ 412,662 $ 485,428 Commitments to grant other loans 74,651 53,714 Unadvanced funds on home equity lines of credit 187,667 178,432 Unadvanced funds on revolving lines of credit 182,178 169,907 Unadvanced funds on construction loans 117,672 127,776 Commitments to extend credit and unadvanced portion of construction loans are agreements to lend to a customer, as long as there is no violation of any condition established in the contract. Commitments to grant loans generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for unadvanced funds on construction loans, home equity and revolving lines of credit may expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. Commitments to grant loans, and unadvanced construction loans and home equity lines of credit are collateralized by real estate, while revolving lines of credit are unsecured.

DERIVATIVES

DERIVATIVES	3 Months Ended
DERIVATIVES	Mar. 31, 2021
DERIVATIVES
DERIVATIVES	10. DERIVATIVES The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally to manage the Company’s interest rate risk. Additionally, the Company enters into interest rate derivatives to accommodate the business requirements of its customers. All derivatives are recognized as either assets or liabilities on the balance sheet and are measured at fair value. The accounting for changes in the fair value of a derivative instrument depends upon whether or not it qualifies as a hedge for accounting purposes, and further, by the type of hedging relationship. Interest Rate Swaps Designated as a Cashflow Hedge As part of its interest rate risk management strategy, the Company utilizes interest rate swap agreements to help manage its interest rate risk positions. The notional amount of the interest rate swaps do not represent the amount exchanged by the parties. The exchange of cash flows is determined by reference to the notional amounts and the other terms of the interest rate swap agreements. The changes in fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income and subsequently reclassified to earnings when gains or losses are realized. As of March 31, 2021, the Company had one interest rate swap agreement with a notional amount of $100.0 million that was designated as a cash flow hedge of certificates of deposits. The interest rate swap agreement has an average maturity of 4.0 years, the current weighted average fixed rate paid is 0.67% , the weighted average 3-month LIBOR swap receive rate is 0.22% , and the fair value is $438,000 . The Company expects approximately $464,000 related to the cash flow hedge to be reclassified to interest expense, from other comprehensive income, in the next twelve months. Derivative Loan Commitments Mortgage loan commitments qualify as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A mortgage loan commitment binds the Company to lend funds to a potential borrower at a specified interest rate and within a specified period of time, generally up to 60 days after inception of the rate lock. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of a rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. Forward Loan Sale Commitments The Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. With a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the number of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. With a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. Interest Rate Swaps The Company enters into interest rate swap agreements that are transacted to meet the financing needs of its commercial customers. Offsetting interest rate swap agreements are simultaneously transacted with a third-party financial institution to effectively eliminate the Company’s interest rate risk associated with the customer swaps. The primary risks associated with these transactions arise from exposure to the ability of the counterparties to meet the terms of the contract. Mortgage-backed securities with a fair value of $26.4 million are pledged to secure the Company’s liability for the offsetting interest rate swaps (see Note 2). The interest rate swap notional amount is the aggregate notional amount of the customer swap and the offsetting third-party swap. Risk Participation Agreements The Company has entered into risk participation agreements with the correspondent institutions and shares in any interest rate swap losses incurred as a result of the commercial loan customers’ termination of a loan-level interest rate swap agreement prior to maturity. The Company records these risk participation agreements at fair value. The Company’s maximum credit exposure is based on its proportionate share of the settlement amount of the referenced interest rate swap. Settlement amounts are generally calculated based on the fair value of the swap plus outstanding accrued interest receivables from the customer. Although the Company has determined that the majority of the inputs used to value its interest rate swaps and risk participation agreements fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with interest rate contracts and risk participation agreements utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of March 31, 2021 and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments a re not significant to the overall valuation of its derivatives. As a result, the Company has classified its derivative valuations in their entirety as Level 2. The following tables presents the outstanding notional balances and fair values of outstanding derivative instruments: Assets Liabilities Balance Balance Notional Sheet Fair Sheet Fair Amount Location Value Location Value (in thousands) March 31, 2021: Derivatives designated as Hedging Instruments Interest rate swaps $ 100,000 Other assets $ 438 Other liabilities $ — Derivatives not designated as Hedging Instruments Derivative loan commitments $ 412,662 Other assets $ 6,988 Other liabilities $ 119 Forward loan sale commitments 315,000 Other assets 3,236 Other liabilities 24 Interest rate swaps 832,015 Other assets 22,552 Other liabilities 22,552 Risk participation agreements 132,066 Other assets — Other liabilities — Total $ 33,214 $ 22,695 December 31, 2020: Derivatives designated as Hedging Instruments Interest rate swaps $ 100,000 — $ — Other liabilities $ 1,407 Derivatives not designated as Hedging Instruments Derivative loan commitments $ 485,428 Other assets $ 12,623 Other liabilities $ 341 Forward loan sale commitments 356,500 Other assets — Other liabilities 2,204 Interest rate swaps 867,728 Other assets 39,320 Other liabilities 39,320 Risk participation agreements 132,379 Other assets — Other liabilities — Total $ 51,943 $ 43,272 The following table presents the recorded net gains and losses pertaining to the Company’s derivative instruments: Three Months Ended March 31, 2021 2020 (in thousands) Derivatives designated as hedging instruments Gain in OCI on derivatives (effective portion), net of tax $ 1,329 $ — Loss reclassified from OCI into interest income or interest expense (effective portion) $ (112) $ — Derivatives not designated as hedging instruments Changes in fair value of derivative loan commitments Mortgage banking income $ (5,413) $ 5,191 Changes in fair value of forward loan sale commitments Mortgage banking income 5,417 (3,672) Total $ 4 $ 1,519

OPERATING LEASE RIGHT-OF-USE AS

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES	3 Months Ended
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES	Mar. 31, 2021
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES	11. OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES Operating lease ROU assets, included in other assets , were $24.1 million at March 31, 2021. Operating lease liabilities, included in other liabilities and accrued expenses , were $25.6 million at March 31, 2021. As of March 31, 2021 the Company does not have leases that have not yet commenced. At March 31, 2021 lease expiration dates ranged from 1 month to 36.9 years and have a weighted average remaining lease term of 18.1 years. Future minimum lease payments under non-cancellable leases as of March 31, 2021 and December 31, 2020 March 31, 2021 December 31, 2020 (in thousands) 2021 $ 2,032 $ 2,452 2022 2,545 2,239 2023 2,316 1,847 2024 1,956 1,644 2025 1,871 1,684 Thereafter 20,822 13,134 Total lease payments 31,542 $ 23,000 Imputed interest (5,971) Total present value of operating lease liabilities $ 25,571 The weighted-average discount rate and remaining lease term for operating leases were as follows: March 31, 2021 Weighted-average discount rate 1.96 % Weighted-average remaining lease term (years) 18.10 Rental expense for operating leases is recognized on a straight-line basis over the lease term and amounted to $682,000 and $627,000 , respectively, for the three months ended March 31, 2021 and 2020. Variable lease components, such as fair market value adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. The following table presents the components of total lease expense: Three Months Ended March 31, 2021 (in thousands) Lease Expense: Operating lease expense $ 632 Short-term lease expense 41 Variable lease expense 9 Total lease expense $ 682

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	12. STOCK-BASED COMPENSATION Under the HarborOne, Inc. 2020 Equity Incentive Plan (the “2020 Equity Plan”), adopted on September 29, 2020, the Company may grant stock options, restricted stock awards, performance restricted stock units and other equity incentives to its directors, officers and employees. Total shares reserved for issuance under the 2020 Equity Plans are 4,500,000. The 2017 Stock Option and Incentive Plan (the “2017 Equity Plan” and together with the 2020 Equity Plan, the “Equity Plans”), adopted on August 9, 2017, was discontinued upon the adoption of the 2020 Equity Plan and as such the Company may only award shares from the 2020 Equity Plan. Expense related to awards granted to employees is recognized as compensation expense, and expense related to awards granted to directors is recognized as directors’ fees within noninterest expense. Total expense for the Equity Plans was $772,000 for the three months ended March 31, 2021 and $1.3 million for the three months ended March 31, 2020. Stock Options Stock options are generally granted with the exercise price equal to the market price of the Company’s common stock at the date of the grant with vesting periods ranging from 1 to 3 years and have 10-year contractual terms. The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following assumptions: ● Volatility is based on peer group volatility due to lack of sufficient trading history for the Company. ● Expected life represents the period of time that the option is expected to be outstanding, taking into account the contractual term and the vesting period. ● Expected dividend yield is based on the Company’s history and expectation of dividend payouts. ● The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equivalent to the expected life of the option. During the three months ended March 31, 2021, the Company made no awards of nonqualified options to purchase shares of common stock. A summary of the status of the Company’s stock option grants for the three months ended March 31, 2021, is presented in the table below: Outstanding Nonvested Weighted Average Weighted Weighted Remaining Aggregate Average Stock Option Average Contractual Intrinsic Stock Option Grant Date Awards Exercise Price Term (years) Value Awards Fair Value Balance at January 1, 2021 2,106,403 $ 9.86 431,550 $ 2.55 Granted — — — — Exercised (62,840) 10.23 — — Vested — — (176,165) 2.47 Forfeited — — — — Expired — — — — Balance at March 31, 2021 2,043,563 $ 9.85 7.00 $ — 255,385 $ 2.60 Exercisable at March 31, 2021 1,746,283 $ 9.94 6.85 $ — Unrecognized cost inclusive of directors' awards $ 622,000 Weighted average remaining recognition period (years) 0.89 Restricted Stock and Performance Restricted Stock Units Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company. Any shares not issued because vesting requirements are not met will again be available for issuance under the plan. The fair market value of shares awarded, based on the market price at the date of grant, is unearned compensation to be amortized over the applicable vesting period. Performance Restricted Stock Units vest based on a combination of performance and service requirements. The number of performance restricted stock units granted reflects the target number able to be earned under a given award. Nonvested performance restricted stock unit compensation expense is based on the most recent performance assumption available and is adjusted as assumptions change. The following table presents the activity in non-vested restricted stock awards under the Equity Plans for the three months ended March 31, 2021: Restricted Weighted Average Stock Awards Grant Price Non-vested stock awards at January 1, 2021 384,692 $ 9.33 Vested (3,782) 8.82 Granted 188,377 11.95 Forfeited — — Non-vested stock awards at March 31, 2021 569,287 $ 10.20 Unrecognized cost inclusive of directors' awards $ 4,884,000 Weighted average remaining recognition period (years) 2.03 The following table presents the activity in non-vested performance restricted stock units under the 2020 Equity Plan for the three months ended March 31, 2021: Performance Weighted Average Restricted Stock Units Grant Price Non-vested performance restricted stock units at January 1, 2021 — $ — Vested — — Granted 85,066 11.95 Forfeited — — Non-vested performance restricted stock units at March 31, 2021 85,066 $ 11.95 Unrecognized cost $ 988,000 Weighted average remaining recognition period (years) 2.92

MINIMUM REGULATORY CAPITAL REQU

MINIMUM REGULATORY CAPITAL REQUIREMENTS	3 Months Ended
MINIMUM REGULATORY CAPITAL REQUIREMENTS	Mar. 31, 2021
MINIMUM REGULATORY CAPITAL REQUIREMENTS
MINIMUM REGULATORY CAPITAL REQUIREMENTS	13. The Company and Bank are subject to various regulatory capital requirements administered by the Federal Reserve and the FDIC. Failure to meet minimum capital requirements can result in mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s Consolidated Financial Statements. Under the capital rules, risk-based capital ratios are calculated by dividing Tier 1, common equity Tier 1, and total risk-based capital, respectively, by risk-weighted assets. Assets and off-balance sheet credit equivalents are assigned to one of several risk-weight categories, based primarily on relative risk. The rules require banks and bank holding companies to maintain a minimum common equity Tier 1 capital ratio of 4.5%, a minimum Tier 1 capital ratio of 6.0% and a total capital ratio of 8.0%. In addition, a Tier 1 leverage ratio of 4.0% is required. Additionally, the capital rules require a bank holding company to maintain a capital conservation buffer of common equity Tier 1 capital in an amount above the minimum risk-based capital requirements equal to 2.5% of total risk weighted assets, or face restrictions on the ability to pay dividends, pay discretionary bonuses, and to engage in share repurchases. Under the FDIC’s prompt corrective action rules, an insured state nonmember bank is considered “well capitalized” if its capital ratios meet or exceed the ratios as set forth in the following table and is not subject to any written agreement, order, capital directive, or prompt corrective action directive to meet and maintain a specific capital level for any capital measure. The Bank must meet well capitalized requirements under prompt corrective action provisions. Prompt corrective action provisions are not applicable to bank holding companies. A bank holding company is considered “well capitalized” if the bank holding company (i) has a total risk-based capital ratio of at least 10.0%, (ii) has a Tier 1 risk-based capital ratio of at least 6.0%, and (iii) is not subject to any written agreement order, capital directive or prompt corrective action directive to meet and maintain a specific capital level for any capital measure. At March 31, 2021 the capital levels of both the Company and the Bank exceeded all regulatory capital requirements and their regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The capital levels of both the Company and the Bank at March 31, 2021 also exceeded the minimum capital requirements, including the currently applicable capital conservation buffer of 2.5%. The Company’s and the Bank’s actual regulatory capital ratios as of March 31, 2021 and December 31, 2020 are presented in the table below. Minimum Required to be Considered "Well Capitalized" Minimum Required for Under Prompt Corrective Actual Capital Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) HarborOne Bancorp, Inc. March 31, 2021 Common equity Tier 1 capital to risk-weighted assets $ 625,494 17.8 % $ 158,349 4.5 % N/A N/A Tier 1 capital to risk-weighted assets 625,494 17.8 211,132 6.0 N/A N/A Total capital to risk-weighted assets 704,620 20.0 281,510 8.0 N/A N/A Tier 1 capital to average assets 625,494 14.2 176,015 4.0 N/A N/A December 31, 2020 Common equity Tier 1 capital to risk-weighted assets $ 621,153 17.7 % $ 158,050 4.5 % N/A N/A Tier 1 capital to risk-weighted assets 621,153 17.7 210,733 6.0 N/A N/A Total capital to risk-weighted assets 700,197 19.9 280,978 8.0 N/A N/A Tier 1 capital to average assets 621,153 14.5 171,578 4.0 N/A N/A HarborOne Bank March 31, 2021 Common equity Tier 1 capital to risk-weighted assets $ 528,351 15.0 % $ 158,358 4.5 % $ 228,740 6.5 % Tier 1 capital to risk-weighted assets 528,351 15.0 211,144 6.0 281,526 8.0 Total capital to risk-weighted assets 572,481 16.3 281,526 8.0 351,907 10.0 Tier 1 capital to average assets 528,351 12.0 175,976 4.0 219,970 5.0 December 31, 2020 Common equity Tier 1 capital to risk-weighted assets $ 506,822 14.4 % $ 158,081 4.5 % $ 228,339 6.5 % Tier 1 capital to risk-weighted assets 506,822 14.4 210,775 6.0 281,033 8.0 Total capital to risk-weighted assets 550,875 15.7 281,033 8.0 351,291 10.0 Tier 1 capital to average assets 506,822 11.8 171,501 4.0 214,377 5.0

COMPREHENSIVE (LOSS) INCOME

COMPREHENSIVE (LOSS) INCOME	3 Months Ended
COMPREHENSIVE (LOSS) INCOME	Mar. 31, 2021
COMPREHENSIVE (LOSS) INCOME
COMPREHENSIVE (LOSS) INCOME	14. Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the stockholders’ equity section of the Consolidated Balance Sheets, such items, along with net income, are components of comprehensive income (loss). The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: March 31, December 31, 2021 2020 (in thousands) Cash flow hedge: Net unrealized gain (loss) $ 438 $ (1,407) Related tax effect (122) 394 Total accumulated other comprehensive income (loss) $ 316 $ (1,013) Securities available for sale: Net unrealized gain (loss) $ (611) $ 4,102 Related tax effect 135 (904) Total accumulated other comprehensive income (loss) $ (476) $ 3,198 The following tables present changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Available Cash Available for Sale Flow for Sale Securities Hedge Total Securities (in thousands) Balance at beginning of period $ 3,198 $ (1,013) $ 2,185 $ 1,480 Other comprehensive income (loss) before reclassifications (4,713) 1,733 (2,980) 6,018 Amounts reclassified to accumulated other comprehensive income for transfer of securities to available for sale — — — 522 Amounts reclassified from accumulated other comprehensive income (loss) — 112 112 (2,525) Net current period other comprehensive income (loss) (4,713) 1,845 (2,868) 4,015 Related tax effect 1,039 (516) 523 (1,237) Balance at end of period $ (476) $ 316 $ (160) $ 4,258

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	3 Months Ended
FAIR VALUE OF ASSETS AND LIABILITIES	Mar. 31, 2021
FAIR VALUE OF ASSETS AND LIABILITIES
FAIR VALUE OF ASSETS AND LIABILITIES	15. FAIR VALUE OF ASSETS AND LIABILITIES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: •Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. •Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The following methods and assumptions were used by the Company in estimating fair value disclosures: Debt Securities Level 2 debt securities are traded less frequently than exchange-traded instruments. The fair value of these securities is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category includes obligations of U.S. government-sponsored enterprises, including mortgage-backed securities, individual name issuer trust preferred debt securities and corporate bonds. Debt securities not actively traded whose fair value is determined through the use of cash flows utilizing inputs that are unobservable are classified as Level 3. There were no Level 3 securities held at March 31, 2021 and December 31, 2020. Loans held for sale Collateral Dependent Impaired Loans Appraisals for collateral-dependent impaired loans are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, the Company reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. MSRs Interest rate swap designated as a cashflow hedge Forward loan sale commitments and derivative loan commitments Interest rate swaps and risk participation agreements Off-balance sheet credit-related instruments Transfers between levels are recognized at the end of the reporting period, if applicable. There were no transfers during the periods presented. Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized below: Total Level 1 Level 2 Level 3 Fair Value (in thousands) March 31, 2021 Assets Securities available for sale $ — $ 304,168 $ — $ 304,168 Loans held for sale — 210,494 — 210,494 Mortgage servicing rights — 33,939 — 33,939 Derivative loan commitments — — 6,988 6,988 Forward loan sale commitments — — 3,236 3,236 Interest rate management agreements — 438 — 438 Interest rate swaps — 22,552 — 22,552 $ — $ 571,591 $ 10,224 $ 581,815 Liabilities Derivative loan commitments $ — $ — $ 119 $ 119 Forward loan sale commitments — — 24 24 Interest rate management agreements — — — — Interest rate swaps — 22,552 — 22,552 $ — $ 22,552 $ 143 $ 22,695 December 31, 2020 Assets Securities available for sale $ — $ 276,498 $ — $ 276,498 Loans held for sale — 208,612 — 208,612 Mortgage servicing rights — 24,833 — 24,833 Derivative loan commitments — — 12,623 12,623 Forward loan sale commitments — — — — Interest rate swaps — 39,320 — 39,320 $ — $ 549,263 $ 12,623 $ 561,886 Liabilities Derivative loan commitments $ — $ — $ 341 $ 341 Forward loan sale commitments — — 2,204 2,204 Interest rate management agreements — 1,407 — 1,407 Interest rate swaps — 39,320 — 39,320 $ — $ 40,727 $ 2,545 $ 43,272 The table below presents, for the three months ended March 31, 2021 and 2020, the changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis. Three Months Ended March 31, 2021 2020 (in thousands) Assets: Derivative and Forward Loan Sale Commitments: Balance at beginning of period $ 12,623 $ 1,411 Total gains included in net income (1) (2,398) 6,667 Balance at end of period $ 10,225 $ 8,078 Changes in unrealized gains relating to instruments at period end $ 10,225 $ 8,078 Three Months Ended March 31, 2021 2020 (in thousands) Liabilities: Derivative and Forward Loan Sale Commitments: Balance at beginning of period $ (2,545) $ (332) Total gains (losses) included in net income (1) 2,402 (5,148) Balance at end of period $ (143) $ (5,480) Changes in unrealized losses relating to instruments at period end $ (143) $ (5,480) (1) Included in mortgage banking income on the Consolidated Statements of Net Income. Assets Measured at Fair Value on a Non-recurring Basis The Company may also be required, from time to time, to measure certain other financial assets on a nonrecurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2021 and December 31, 2020. The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets. March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Impaired loans: Residential $ — $ — $ 1,456 $ — $ — $ 919 Commercial — — 1,917 — — 7,242 Other real estate owned and repossessed assets — — 530 — — 595 $ — $ — $ 3,903 $ — $ — $ 8,756 Losses in the following table represent the amount of the fair value adjustments recorded during the period on the carrying value of the assets held at March 31, 2021 and December 31, 2020, respectively. Losses on fully charged off loans are not included in the table. Three Months Ended March 31, 2021 2020 (in thousands) Impaired loans Residential $ 8 $ 2 Commercial real estate — 1,174 Commercial 1,355 194 Other real estate owned and repossessed assets 22 55 $ 1,385 $ 1,425 Losses applicable to write-downs of impaired loans and other real estate owned and repossessed assets are based on the appraised value of the underlying collateral less estimated costs to sell. The losses on impaired loans are not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for loan losses. The losses on other real estate owned and repossessed assets represent adjustments in valuation recorded during the time period indicated and not for losses incurred on sales. Appraised values are typically based on a blend of (a) an income approach using observable cash flows to measure fair value, and (b) a market approach using observable market comparables. These appraised values may be discounted based on management’s historical knowledge, expertise or changes in market conditions from time of valuation. Summary of Fair Values of Financial Instruments The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments are as follows. Certain financial instruments and all nonfinancial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company. March 31, 2021 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets: Cash and cash equivalents $ 318,525 $ 318,525 $ — $ — $ 318,525 Securities available for sale 304,168 — 304,168 — 304,168 Federal Home Loan Bank stock 7,572 N/A N/A N/A N/A Loans held for sale 210,494 — 210,494 — 210,494 Loans, net 3,406,095 — — 3,442,144 3,442,144 Retirement plan annuities 13,851 — — 13,851 13,851 Accrued interest receivable 11,308 — 11,308 — 11,308 Financial liabilities: Deposits 3,674,583 — — 3,678,351 3,678,351 Borrowed funds 97,488 — 99,707 — 99,707 Subordinated debt 34,064 — — 33,112 33,112 Mortgagors' escrow accounts 8,468 — — 8,468 8,468 Accrued interest payable 739 — 739 — 739 Derivative loan commitments: Assets 6,988 — — 6,988 6,988 Liabilities 119 — — 119 119 Interest rate management agreements: Assets 438 — 438 — 438 Liabilities — — — — — Interest rate swap agreements: Assets 22,552 — 22,552 — 22,552 Liabilities 22,552 — 22,552 — 22,552 Forward loan sale commitments: Assets 3,236 — — 3,236 3,236 Liabilities 24 — — 24 24 December 31, 2020 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets: Cash and cash equivalents $ 205,870 $ 205,870 $ — $ — $ 205,870 Securities available for sale 276,498 — 276,498 — 276,498 Federal Home Loan Bank stock 8,738 N/A N/A N/A N/A Loans held for sale 208,612 — 208,612 — 208,612 Loans, net 3,439,247 — — 3,473,751 3,473,751 Retirement plan annuities 13,747 — — 13,747 13,747 Accrued interest receivable 11,874 — 11,874 — 11,874 Financial liabilities: Deposits 3,506,209 — — 3,509,996 3,509,996 Borrowed funds 149,097 — 152,373 — 152,373 Subordinated debt 34,033 — — 34,799 34,799 Mortgagors' escrow accounts 7,736 — — 7,736 7,736 Accrued interest payable 1,262 — 1,262 — 1,262 Derivative loan commitments: Assets 12,623 — — 12,623 12,623 Liabilities 341 — — 341 341 Interest rate management agreements: Liabilities 1,407 — 1,407 — 1,407 Interest rate swap agreements: Assets 39,320 — 39,320 — 39,320 Liabilities 39,320 — 39,320 — 39,320 Forward loan sale commitments: Assets — — — — — Liabilities 2,204 — — 2,204 2,204

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	16. EARNINGS PER SHARE (“EPS”) Basic EPS represents net income attributable to common shareholders divided by the weighted-average number of common shares outstanding during the period. Unvested restricted shares that are participating securities are included in the computation of basic earnings per share. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding, plus the effect of potential dilutive common stock equivalents outstanding during the period. The following table presents earnings per common share. Three Months Ended March 31, 2021 2020 Net income available to common stockholders (in thousands) $ 19,392 $ 4,724 Average number of common shares outstanding 56,332,242 58,418,021 Less: Average unallocated ESOP shares (3,794,833) (4,025,556) Weighted average number of common shares outstanding used to calculate basic earnings per common share 52,537,409 54,392,465 Dilutive effect of share-based compensation 463,421 — Weighted average number of common shares outstanding used to calculate diluted earnings per common share 53,000,830 54,392,465 Earnings per common share: Basic $ 0.37 $ 0.09 Diluted $ 0.37 $ 0.09 Stock options for 2,043,563 and 2,169,243 shares of common stock for the three months ended March 31, 2021 and 2020, respectively, were not considered in computing diluted earnings per share because they were antidilutive.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
REVENUE RECOGNITION	Mar. 31, 2021
REVENUE RECOGNITION
REVENUE RECOGNITION	17. REVENUE RECOGNITION Revenue from contracts with customers in the scope of Accounting Standards Codification (“ASC”) (“Topic 606”) is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are generally satisfied as services are rendered and can either be satisfied at a point in time or over time. Unsatisfied performance obligations at the report date are not material to our consolidated financial statements. In certain cases, other parties are involved with providing services to our customers. If the Company is a principal in the transaction (providing services itself or through a third party on its behalf), revenues are reported based on the gross consideration received from the customer and any related expenses are reported gross in noninterest expense. If the Company is an agent in the transaction (referring to another party to provide services), the Company reports its net fee or commission retained as revenue. The Company recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), ATM fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Additionally, revenue is collected from loan fees, such as letters of credit, line renewal fees and application fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	Mar. 31, 2021
SEGMENT REPORTING
SEGMENT REPORTING	18. SEGMENT REPORTING The Company has two reportable segments: HarborOne Bank and HarborOne Mortgage. Revenue from HarborOne Bank consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. Revenue from HarborOne Mortgage comprises interest earned on loans and fees received as a result of the residential mortgage origination, sale and servicing process. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Segment profit and loss is measured by net income on a legal entity basis. Intercompany transactions are eliminated in consolidation. Information about the reportable segments and reconciliation to the unaudited interim Consolidated Financial Statements at March 31, 2021 and 2020 and for the three months then ended is presented in the tables below. Three Months Ended March 31, 2021 HarborOne HarborOne HarborOne Bank Mortgage Bancorp, Inc. Eliminations Consolidated (in thousands) Net interest and dividend income (expense) $ 31,248 $ 1,250 $ (446) $ — $ 32,052 Provision for loan losses 91 — — — 91 Net interest and dividend income (loss), after provision for loan losses 31,157 1,250 (446) — 31,961 Mortgage banking income: Gain on sale of mortgage loans — 24,802 — — 24,802 Intersegment gain (loss) (662) 662 — — — Changes in mortgage servicing rights fair value 286 3,123 — — 3,409 Other 300 4,215 — — 4,515 Total mortgage banking income (loss) (76) 32,802 — — 32,726 Other noninterest income (loss) 5,091 (8) — — 5,083 Total noninterest income 5,015 32,794 — — 37,809 Noninterest expense 24,463 18,057 282 — 42,802 Income (loss) before income taxes 11,709 15,987 (728) — 26,968 Provision (benefit) for income taxes 3,435 4,333 (192) — 7,576 Net income (loss) $ 8,274 $ 11,654 $ (536) $ — $ 19,392 Total assets at period end $ 4,617,599 $ 333,814 $ 735,699 $ (1,081,154) $ 4,605,958 Goodwill at period end $ 59,042 $ 10,760 $ — $ — $ 69,802 Three Months Ended March 31, 2020 HarborOne HarborOne HarborOne Bank Mortgage Bancorp Inc. Eliminations Consolidated (in thousands) Net interest and dividend income (expense) $ 26,510 $ 281 $ (91) $ — $ 26,700 Provision for loan losses 3,749 — — — 3,749 Net interest and dividend income (loss), after provision for loan losses 22,761 281 (91) — 22,951 Mortgage banking income: Gain on sale of mortgage loans — 12,278 — — 12,278 Intersegment gain (loss) (400) 400 — — — Changes in mortgage servicing rights fair value (1,170) (3,217) — — (4,387) Other 351 1,992 — — 2,343 Total mortgage banking income (loss) (1,219) 11,453 — — 10,234 Other noninterest income (loss) 8,526 (122) — — 8,404 Total noninterest income 7,307 11,331 — — 18,638 Noninterest expense 24,288 10,578 294 — 35,160 Income (loss) before income taxes 5,780 1,034 (385) — 6,429 Provision (benefit) for income taxes 1,601 239 (135) — 1,705 Net income (loss) $ 4,179 $ 795 $ (250) $ — $ 4,724 Total assets at period end $ 3,963,011 $ 182,195 $ 710,316 $ (754,316) $ 4,101,206 Goodwill at period end $ 59,042 $ 10,760 $ — $ — $ 69,802

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Bais of Presentation and Consolidation	Basis of Presentation and Consolidation The unaudited interim Consolidated Financial Statements of HarborOne Bancorp, Inc. (the “Company”) presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by the U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments and disclosures considered necessary for the fair presentation of the accompanying Consolidated Financial Statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2020 and 2019 and notes thereto included in the Company’s Annual Report on Form 10-K. The unaudited interim Consolidated Financial Statements include the accounts of the Company; the Company’s subsidiaries, Legion Parkway Company LLC, a security corporation; HarborOne Bank (the “Bank”); and the Bank’s wholly-owned subsidiaries, which consist of HarborOne Mortgage, LLC (“HarborOne Mortgage”), a passive investment corporation, and two security corporations. The passive investment corporation maintains and manages certain assets of the Bank. The security corporations were established for the purpose of buying, holding and selling securities on their own behalf. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year financial statement presentation. These changes and reclassifications did not impact previously reported net income or comprehensive income.
Nature of Operations	Nature of Operations The Company provides a variety of financial services to individuals and businesses through its 26 full-service branches in Massachusetts and Rhode Island, and a commercial lending office in each of Boston, Massachusetts and Providence, Rhode Island. HarborOne Mortgage maintains more than 30 offices in Massachusetts, Rhode Island, New Hampshire, Maine, and New Jersey and is licensed to lend in five additional states. The Company’s primary deposit products are checking, money market, savings and term certificate of deposit accounts, while its primary lending products are commercial real estate, commercial, residential mortgages, home equity, and consumer loans. The Company also originates, sells and services residential mortgage loans through HarborOne Mortgage.
Risks and Uncertainties	Risks and Uncertainties Congress, the President, and the Board of Governors of the Federal Reserve System (the “Federal Reserve”) have taken several actions designed to cushion the economic fallout. Most notably, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion legislative package, was signed into law at the end of March 2020. The goal of the CARES Act is to prevent a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. Additionally, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was enacted on December 27, 2020, providing for a second round of PPP loans (“PPP-2”). Additionally, the Consolidated Appropriations Act passed on December 27, 2020 provided the option of postponing adoption of the standard until the earlier of the end of the national emergency declaration related to the COVID-19 pandemic or December 31, 2022. The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the Economic Aid Act) amended the PPP by extending the authority of the SBA to guarantee loans and the ability of PPP lenders to disburse PPP loans until March 31, 2021. The PPP Extension Act of 2021, which was enacted on March 30, 2021, extends the PPP application deadline to May 31, 2021 and provides the SBA additional time to process applications through June 30, 2021. The Federal Reserve also took actions to mitigate the economic impact of the COVID-19 pandemic, including cutting the federal funds rate 150 basis points and targeting a 0 to 25 basis point rate. In addition to the general impact of the COVID-19 pandemic, certain provisions of the CARES Act as well as other legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. ● Net interest income could be reduced. In accordance with regulatory guidance, the Company is actively working with borrowers impacted by the COVID-19 pandemic to defer payments. While interest will continue to be recognized in accordance with GAAP, should eventual credit losses on these deferments emerge, interest income would be negatively impacted. ● The provision for loan losses could increase. Continued uncertainty regarding the severity and duration of the COVID-19 pandemic and related economic effects will continue to affect the accounting for loan losses. It also is possible that asset quality could worsen, and loan charge-offs increase. The Company participated in the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) providing loans to small businesses negatively impacted by the COVID-19 pandemic. PPP loans are fully guaranteed by the U.S. government. ● Noninterest income could be reduced. Uncertainty regarding the severity and duration of the COVID-19 pandemic could cause further volatility in the financial markets. The COVID-19 pandemic and the measures taken to control its spread may disrupt the mortgage loan origination process. Mortgage banking revenues are dependent on mortgage origination volume and are sensitive to interest rates and the condition of housing markets. ● Valuation and fair value measurement challenges may occur. Changes in the COVID-19 pandemic could cause a decline in the Company’s stock price or other triggering events could occur that would cause management to perform a goodwill impairment test that may result in an impairment charge being recorded to earnings for that period.
Recently Adopted Accounting Standards Updates ("ASU") and ASUs not yet Adopted	Summary of Significant Accounting Policies and Recently Adopted Accounting Standards Updates (“ASU”) As an “emerging growth company”, as defined in Title 1 of the Jumpstart Our Business Startups (“JOBS”) Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company’s emerging growth company status is scheduled to end December 31, 2021 unless a triggering event occurs sooner. Significant accounting policies in effect and disclosed within the Company’s most recent audited consolidated financial statements as of December 31, 2020 remain substantially unchanged with the exception of the accounting policy for leases as a result of adopting ASU 2016-02, Leases (Topic 842) and subsequent related updates (collectively ASU 2016-02) as described below. The Company adopted ASU 2016-02 on January 1, 2021, which requires lessees to recognize most leases on their balance sheet. Lessor accounting is largely unchanged. ASU 2016-02 requires both quantitative and qualitative disclosures regarding key information about lease arrangements from both lessees and lessors. The Company elected the effective date transition method utilizing the adoption date as the first date of application of the revised guidance. As a result, prior period amounts have not been restated. Upon adoption, the Company elected certain transitional practical expedients offered through the guidance, including the “package of practical expedients” whereby it did not reassess (i) whether any expired or existing contracts contain leases, (ii) the lease classification of any expired or existing leases, and (iii) initial direct costs for any existing leases, which resulted in the Company not recognizing a cumulative effect adjustment to retained earnings. Management evaluated the leasing contracts and activities and developed methodologies and processes to estimate and account for the right-of-use (“ROU”) assets and lease liabilities for building leases based on the present value of future lease payments. On January 1, 2021, the Company recorded ROU assets, included in other assets, and lease liabilities, included in other liabilities, totaling $23.2 million and $24.4 million, respectively. The impact to capital ratios as a result of increased risk-weighted assets was immaterial. The adoption of this guidance did not result in a material change to lessee expense recognition. The Company is committed to rent premises and equipment used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Leases that transfer substantially all of the benefits and risks of ownership to the Company are classified as finance leases, while all others are classified as operating leases. At lease commencement, a lease liability and ROU asset are calculated and recognized on both types of leases. The lease liability is equal to the present value of the future minimum lease payments. The ROU asset is equal to the lease liability, plus any initial direct costs and prepaid lease payments, less any lessor incentives received. Operating lease ROU assets are included in other assets and finance lease ROU assets are included in premises and equipment, net. The Company’s leases do not provide an implicit interest rate, therefore the Company used the appropriate Federal Home Loan Bank (“FHLB”) term rate commensurate with the underlying lease terms to determine the present value of operating lease liabilities. The lease term used in the calculation includes any options to extend that the Company is reasonably certain to exercise, determined on a lease-by-lease basis. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. At March 31, 2021, the Company had no finance lease ROU assets or lease liabilities . For operating leases, total lease cost is comprised of lease expense, short-term lease cost, and variable lease cost. Lease expense includes future minimum lease payments, which are recognized on a straight-line basis over the lease term, as well as common area maintenance charges, real estate taxes, insurance and other expenses, where applicable, which are expensed as incurred. Total lease cost for operating leases is recorded in occupancy and equipment noninterest expense. See Note 11, Operating Lease Right-of-Use Assets and Liabilities, for further information. The Company also adopted the following ASU on January 1, 2021, which did not have a material impact on the Company’s Consolidated Financial Statements: ASU 2017-12 , Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. This guidance provides better alignment of financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 also permitted the reclassification of eligible securities from the held-to-maturity classification to the available for sale classification. The Company did not reclassify investment securities from held to maturity to available for sale upon the original adoption of the amendments. ASUs not yet Adopted ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting These provisions apply to contract modifications that reference LIBOR or another reference rate expected to be discounted because of reference rate reform. Qualifying modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification would be considered “minor” so that any existing unamortized deferred loan origination fees and costs would carry forward and continue to be amortized. Qualifying modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for hedge accounting. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022, with adoption permitted as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected, the amendments must be applied prospectively for all eligible contract modifications. is currently evaluating the effect that this ASU will have on the Company’s consolidated financial statements. ASU No. 2019-12 , Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The amendments in this ASU are intended to simplify the accounting for income taxes. ASU 2019-12 is effective for public companies for fiscal years beginning after December 15, 2020, with early adoption permitted. For all other entities the guidance is effective for fiscal years beginning after December 15, 2021. Certain provisions under ASU 2019-12 require prospective application, some require modified retrospective application through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption, while other provisions require retrospective application to all periods presented in the consolidated financial statements upon adoption. The Company expects to adopt ASU 2019-12 on December 31, 2021 and it is not expected to have a material impact on the Company’s consolidated financial statements. ASU 2016-13 Financial Instruments—Credit Losses (Topic 326)

DEBT SECURITIES (Tables)

DEBT SECURITIES (Tables)	3 Months Ended
DEBT SECURITIES (Tables)	Mar. 31, 2021
DEBT SECURITIES
Schedule of securities with gross unrealized gains and losses	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) March 31, 2021: Securities available for sale U.S. government and government-sponsored enterprise obligations $ 5,001 $ 58 $ — $ 5,059 U.S. government agency and government-sponsored residential mortgage-backed securities 274,928 2,053 3,459 273,522 U.S. government-sponsored collateralized mortgage obligations 10,266 273 — 10,539 SBA asset-backed securities 14,584 464 — 15,048 Total securities available for sale $ 304,779 $ 2,848 $ 3,459 $ 304,168 December 31, 2020: Securities available for sale U.S. government and government-sponsored enterprise obligations $ 5,002 $ 93 $ — $ 5,095 U.S. government agency and government-sponsored residential mortgage-backed securities 234,819 3,113 305 237,627 U.S. government-sponsored collateralized mortgage obligations 16,326 330 — 16,656 SBA asset-backed securities 16,249 871 — 17,120 Total securities available for sale $ 272,396 $ 4,407 $ 305 $ 276,498
Schedule of debt securities by contractual maturity	Available for Sale Amortized Fair Cost Value (in thousands) After 1 year through 5 years $ — $ — After 5 years through 10 years 5,001 5,059 Over 10 years — — 5,001 5,059 U.S. government agency and government-sponsored residential mortgage-backed securities 274,928 273,522 U.S. government-sponsored collateralized mortgage obligations 10,266 10,539 SBA asset-backed securities 14,584 15,048 Total $ 304,779 $ 304,168
Schedule of proceeds and gross realized gains and losses related to sales and calls of securities	Three Months Ended March 31, 2021 2020 (in thousands) Sales Proceeds $ — $ 70,729 Gross gains — 2,521 Gross losses — — Calls Proceeds $ — $ 1,667 Gross gains — 4 Gross losses — —
Schedule of securities with continuous losses	Less Than Twelve Months Twelve Months and Over Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (in thousands) March 31, 2021: Securities available for sale U.S. government agency and government-sponsored residential mortgage-backed securities $ 3,455 $ 170,872 $ 4 $ 1,233 December 31, 2020: Securities available for sale U.S. government agency and government-sponsored residential mortgage-backed securities $ 283 $ 67,460 $ 22 $ 3,668

LOANS HELD FOR SALE (Tables)

LOANS HELD FOR SALE (Tables)	3 Months Ended
LOANS HELD FOR SALE (Tables)	Mar. 31, 2021
LOANS HELD FOR SALE
Schedule of fair value and contractual principal balance outstanding of loans held for sale	March 31, December 31, 2021 2020 (in thousands) Loans held for sale, fair value $ 210,494 $ 208,612 Loans held for sale, contractual principal outstanding 206,741 198,984 Fair value less unpaid principal balance $ 3,753 $ 9,628

LOANS (Tables)

LOANS (Tables)	3 Months Ended
LOANS (Tables)	Mar. 31, 2021
Summary of balances of loans	March 31, December 31, 2021 2020 (in thousands) Residential real estate: One- to four-family $ 892,263 $ 928,934 Second mortgages and equity lines of credit 138,123 145,672 Residential real estate construction 31,843 31,217 1,062,229 1,105,823 Commercial: Commercial real estate 1,559,056 1,551,265 Commercial construction 112,187 99,331 Commercial and industrial 499,728 464,393 Total commercial loans 2,170,971 2,114,989 Consumer loans: Auto 220,464 265,266 Personal 7,815 8,564 Total consumer loans 228,279 273,830 Total loans 3,461,479 3,494,642 Allowance for loan losses (55,384) (55,395) Loans, net $ 3,406,095 $ 3,439,247
Schedule of activity in allowance for loan losses and allocation of allowance to loan segments	The following is the activity in the allowance for loan losses for the three months ended March 31, 2021 and 2020: Residential Commercial Commercial Commercial Real Estate Real Estate Construction and Industrial Consumer Unallocated Total (in thousands) Balance at December 31, 2019 $ 3,178 $ 12,875 $ 2,526 $ 2,977 $ 1,010 $ 1,494 $ 24,060 Provision (credit) for loan losses (49) 2,940 (4) (159) 691 330 3,749 Charge-offs — (1,174) — (297) (253) — (1,724) Recoveries 48 1 — 219 36 — 304 Balance at March 31, 2020 $ 3,177 $ 14,642 $ 2,522 $ 2,740 $ 1,484 $ 1,824 $ 26,389 Balance at December 31, 2020 $ 7,419 $ 34,765 $ 1,955 $ 5,311 $ 2,475 $ 3,470 $ 55,395 Provision (credit) for loan losses (221) 218 282 1,494 (412) (1,270) 91 Charge-offs — — — (185) (55) — (240) Recoveries 71 4 — 7 56 — 138 Balance at March 31, 2021 $ 7,269 $ 34,987 $ 2,237 $ 6,627 $ 2,064 $ 2,200 $ 55,384 Allocation of the allowance to loan segments at March 31, 2021 and December 31, 2020 follows: Residential Commercial Commercial Commercial Real Estate Real Estate Construction and Industrial Consumer Unallocated Total (in thousands) March 31, 2021: Loans: Impaired loans $ 22,033 $ 12,502 $ — $ 8,071 $ — $ 42,606 Non-impaired loans 1,040,196 1,546,554 112,187 491,657 228,279 3,418,873 Total loans $ 1,062,229 $ 1,559,056 $ 112,187 $ 499,728 $ 228,279 $ 3,461,479 Allowance for loan losses: Impaired loans $ 720 $ 1,797 $ — $ 1,386 $ — $ — $ 3,903 Non-impaired loans 6,549 33,190 2,237 5,241 2,064 2,200 51,481 Total allowance for loan losses $ 7,269 $ 34,987 $ 2,237 $ 6,627 $ 2,064 $ 2,200 $ 55,384 December 31, 2020: Loans: Impaired loans $ 24,384 $ 12,513 $ — $ 9,359 $ — $ 46,256 Non-impaired loans 1,081,439 1,538,752 99,331 455,034 273,830 3,448,386 Total loans $ 1,105,823 $ 1,551,265 $ 99,331 $ 464,393 $ 273,830 $ 3,494,642 Allowance for loan losses: Impaired loans $ 802 $ 1,845 $ — $ 31 $ — $ — $ 2,678 Non-impaired loans 6,617 32,920 1,955 5,280 2,475 3,470 52,717 Total allowance for loan losses $ 7,419 $ 34,765 $ 1,955 $ 5,311 $ 2,475 $ 3,470 $ 55,395
Summary of past due and non-accrual loans	90 Days 30-59 Days 60-89 Days or More Total Loans on Past Due Past Due Past Due Past Due Non-accrual (in thousands) March 31, 2021 Residential real estate: One- to four-family $ 8,098 $ 1,667 $ 2,505 $ 12,270 $ 10,606 Second mortgages and equity lines of credit 214 51 483 748 856 Commercial real estate 22 — 3,372 3,394 12,478 Commercial construction — — — — — Commercial and industrial 606 — 1,049 1,655 8,059 Consumer: Auto 825 347 236 1,408 327 Personal 3 21 9 33 29 Total $ 9,768 $ 2,086 $ 7,654 $ 19,508 $ 32,355 December 31, 2020 Residential real estate: One- to four-family $ 12,148 $ 2,223 $ 6,418 $ 20,789 $ 11,611 Second mortgages and equity lines of credit 460 46 433 939 834 Residential real estate construction 471 — — 471 — Commercial real estate 416 — 3,369 3,785 12,486 Commercial construction — — — — — Commercial and industrial 444 191 1,243 1,878 8,606 Consumer: Auto 1,657 397 488 2,542 557 Personal 88 11 2 101 7 Total $ 15,684 $ 2,868 $ 11,953 $ 30,505 $ 34,101
Schedule of information pertaining to impaired loans	The following information pertains to impaired loans: March 31, 2021 December 31, 2020 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance (in thousands) Impaired loans without a specific reserve: Residential real estate $ 11,663 $ 12,259 $ — $ 12,284 $ 13,039 $ — Commercial real estate 3,541 4,732 — 3,552 4,741 — Commercial construction — — — — — — Commercial and industrial 5,922 8,619 — 9,243 11,604 — Total 21,126 25,610 — 25,079 29,384 — Impaired loans with a specific reserve: Residential real estate 10,370 10,651 720 12,100 12,355 802 Commercial real estate 8,961 8,961 1,797 8,961 8,961 1,845 Commercial construction — — — — — — Commercial and industrial 2,149 2,449 1,386 116 181 31 Total 21,480 22,061 3,903 21,177 21,497 2,678 Total impaired loans $ 42,606 $ 47,671 $ 3,903 $ 46,256 $ 50,881 $ 2,678 Three Months Ended March 31, 2021 2020 Interest Interest Average Interest Income Average Interest Income Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis (in thousands) Residential real estate $ 23,209 $ 296 $ 105 $ 26,367 $ 322 $ 245 Commercial real estate 12,508 2 2 2,118 — — Commercial construction — — — 11,108 — — Commercial and industrial 8,715 120 120 5,392 7 7 Total $ 44,432 $ 418 $ 227 $ 44,985 $ 329 $ 252
Schedule of loans by risk rating	March 31, 2021 December 31, 2020 Commercial Commercial Commercial Commercial Commercial Commercial Real Estate Construction and Industrial Real Estate Construction and Industrial (in thousands) Loans rated 1 - 6 $ 1,531,940 $ 112,187 $ 489,189 $ 1,524,105 $ 99,331 $ 452,665 Loans rated 7 14,638 — 2,668 14,674 — 3,122 Loans rated 8 9,444 — 4,875 9,455 — 7,080 Loans rated 9 3,034 — 2,996 3,031 — 1,526 Loans rated 10 — — — — — — Loans not rated — — — — — — $ 1,559,056 $ 112,187 $ 499,728 $ 1,551,265 $ 99,331 $ 464,393
PCI
Schedule of information pertaining to impaired loans	March 31, December 31, 2021 2020 (in thousands) Outstanding balance $ 4,284 $ 4,307 Carrying amount $ 4,063 $ 4,079
Summary of activity in accretable yield for purchased credit impaired loans	Three Months Ended March 31, 2021 2020 (in thousands) Balance at beginning of period $ 141 $ 149 Additions — — Accretion (3) (2) Reclassification from nonaccretable difference — — Balance at end of period $ 138 $ 147

MORTGAGE LOAN SERVICING (Tables

MORTGAGE LOAN SERVICING (Tables)	3 Months Ended
MORTGAGE LOAN SERVICING (Tables)	Mar. 31, 2021
MORTGAGE LOAN SERVICING
Tabular disclosure of assumptions used in the calculation of fair value of MSR	March 31, December 31, 2021 2020 Prepayment speed 10.20 % 14.30 % Discount rate 9.22 9.23 Default rate 2.43 2.27
Schedule of summarized changes to mortgage servicing rights	Three Months Ended March 31, 2021 2020 (in thousands) Balance, beginning of period $ 24,833 $ 17,150 Additions 5,697 444 Changes in fair value due to: Reductions from loans paid off during the period (1,599) (576) Changes in valuation inputs or assumptions 5,008 (3,811) Balance, end of period $ 33,939 $ 13,207

DEPOSITS (Tables)

DEPOSITS (Tables)	3 Months Ended
DEPOSITS (Tables)	Mar. 31, 2021
DEPOSITS
Summary of deposit balances, by type	March 31, December 31, 2021 2020 (in thousands) NOW and demand deposit accounts $ 1,002,828 $ 908,256 Regular savings and club accounts 1,113,450 998,994 Money market deposit accounts 861,867 866,661 Total non-certificate accounts 2,978,145 2,773,911 Term certificate accounts greater than $250,000 122,951 135,190 Term certificate accounts less than or equal to $250,000 473,487 497,108 Brokered deposits 100,000 100,000 Total certificate accounts 696,438 732,298 Total deposits $ 3,674,583 $ 3,506,209
Summary of certificate accounts by maturity	Weighted Average Amount Rate (dollars in thousands) Within 1 year $ 562,996 0.60 % Over 1 year to 2 years 110,293 0.92 Over 2 years to 3 years 4,580 1.80 Over 3 years to 4 years 17,124 1.05 Over 4 years to 5 years 1,935 0.70 Total certificate deposits 696,928 0.67 % Less unaccreted acquisition discount (490) Total certificate deposits, net $ 696,438

BORROWED FUNDS (Tables)

BORROWED FUNDS (Tables)	3 Months Ended
BORROWED FUNDS (Tables)	Mar. 31, 2021
BORROWED FUNDS
Schedule of borrowed funds by maturity and call date	March 31, 2021 December 31, 2020 Amount by Weighted Amount by Weighted Scheduled Amount by Average Scheduled Amount by Average Maturity* Call Date (1) Rate (2) Maturity* Call Date (1) Rate (2) (dollars in thousands) Year ending December 31: 2021 $ 21,750 $ 81,750 3.09 % $ 41,750 101,750 2.47 % 2022 — — — — — — 2023 20,191 191 3.48 20,190 190 3.48 2024 13,400 13,400 1.39 10,000 10,000 1.68 2025 40,987 987 1.32 40,987 987 1.32 2026 and thereafter 1,160 1,160 2.00 1,170 1,170 2.00 $ 97,488 $ 97,488 2.18 % $ 114,097 $ 114,097 2.16 % * Includes an amortizing advance requiring monthly principal and interest payments. (1) (2)

OTHER COMMITMENTS AND CONTING_2

OTHER COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
OTHER COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2021
OTHER COMMITMENTS AND CONTINGENCIES
Schedule of financial instruments with off-balance sheet credit risk	March 31, December 31, 2021 2020 (in thousands) Commitments to grant residential real estate loans-HarborOne Mortgage $ 412,662 $ 485,428 Commitments to grant other loans 74,651 53,714 Unadvanced funds on home equity lines of credit 187,667 178,432 Unadvanced funds on revolving lines of credit 182,178 169,907 Unadvanced funds on construction loans 117,672 127,776

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
DERIVATIVES (Tables)	Mar. 31, 2021
DERIVATIVES
Schedule of outstanding notional balances and fair values of outstanding derivative instruments	Assets Liabilities Balance Balance Notional Sheet Fair Sheet Fair Amount Location Value Location Value (in thousands) March 31, 2021: Derivatives designated as Hedging Instruments Interest rate swaps $ 100,000 Other assets $ 438 Other liabilities $ — Derivatives not designated as Hedging Instruments Derivative loan commitments $ 412,662 Other assets $ 6,988 Other liabilities $ 119 Forward loan sale commitments 315,000 Other assets 3,236 Other liabilities 24 Interest rate swaps 832,015 Other assets 22,552 Other liabilities 22,552 Risk participation agreements 132,066 Other assets — Other liabilities — Total $ 33,214 $ 22,695 December 31, 2020: Derivatives designated as Hedging Instruments Interest rate swaps $ 100,000 — $ — Other liabilities $ 1,407 Derivatives not designated as Hedging Instruments Derivative loan commitments $ 485,428 Other assets $ 12,623 Other liabilities $ 341 Forward loan sale commitments 356,500 Other assets — Other liabilities 2,204 Interest rate swaps 867,728 Other assets 39,320 Other liabilities 39,320 Risk participation agreements 132,379 Other assets — Other liabilities — Total $ 51,943 $ 43,272
Schedule of net gains and losses on derivative instruments	Three Months Ended March 31, 2021 2020 (in thousands) Derivatives designated as hedging instruments Gain in OCI on derivatives (effective portion), net of tax $ 1,329 $ — Loss reclassified from OCI into interest income or interest expense (effective portion) $ (112) $ — Derivatives not designated as hedging instruments Changes in fair value of derivative loan commitments Mortgage banking income $ (5,413) $ 5,191 Changes in fair value of forward loan sale commitments Mortgage banking income 5,417 (3,672) Total $ 4 $ 1,519

OPERATING LEASE RIGHT-OF-USE _2

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES
Schedule of undiscounted future minimum operating lease payments	March 31, 2021 December 31, 2020 (in thousands) 2021 $ 2,032 $ 2,452 2022 2,545 2,239 2023 2,316 1,847 2024 1,956 1,644 2025 1,871 1,684 Thereafter 20,822 13,134 Total lease payments 31,542 $ 23,000 Imputed interest (5,971) Total present value of operating lease liabilities $ 25,571
Schedule of weighted-average discount rate and remaining lease term	March 31, 2021 Weighted-average discount rate 1.96 % Weighted-average remaining lease term (years) 18.10
Schedule of components of total lease expense	Three Months Ended March 31, 2021 (in thousands) Lease Expense: Operating lease expense $ 632 Short-term lease expense 41 Variable lease expense 9 Total lease expense $ 682

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2021
Schedule of stock option grants	Outstanding Nonvested Weighted Average Weighted Weighted Remaining Aggregate Average Stock Option Average Contractual Intrinsic Stock Option Grant Date Awards Exercise Price Term (years) Value Awards Fair Value Balance at January 1, 2021 2,106,403 $ 9.86 431,550 $ 2.55 Granted — — — — Exercised (62,840) 10.23 — — Vested — — (176,165) 2.47 Forfeited — — — — Expired — — — — Balance at March 31, 2021 2,043,563 $ 9.85 7.00 $ — 255,385 $ 2.60 Exercisable at March 31, 2021 1,746,283 $ 9.94 6.85 $ — Unrecognized cost inclusive of directors' awards $ 622,000 Weighted average remaining recognition period (years) 0.89
Restricted Stock Awards
Schedule of unvested stock award activity	Restricted Weighted Average Stock Awards Grant Price Non-vested stock awards at January 1, 2021 384,692 $ 9.33 Vested (3,782) 8.82 Granted 188,377 11.95 Forfeited — — Non-vested stock awards at March 31, 2021 569,287 $ 10.20 Unrecognized cost inclusive of directors' awards $ 4,884,000 Weighted average remaining recognition period (years) 2.03
Performance Restricted Stock Units
Schedule of unvested stock award activity	Performance Weighted Average Restricted Stock Units Grant Price Non-vested performance restricted stock units at January 1, 2021 — $ — Vested — — Granted 85,066 11.95 Forfeited — — Non-vested performance restricted stock units at March 31, 2021 85,066 $ 11.95 Unrecognized cost $ 988,000 Weighted average remaining recognition period (years) 2.92

MINIMUM REGULATORY CAPITAL RE_2

MINIMUM REGULATORY CAPITAL REQUIREMENTS (Tables)	3 Months Ended
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Tables)	Mar. 31, 2021
MINIMUM REGULATORY CAPITAL REQUIREMENTS
Summary of the company's and the bank's actual regulatory capital ratios	Minimum Required to be Considered "Well Capitalized" Minimum Required for Under Prompt Corrective Actual Capital Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) HarborOne Bancorp, Inc. March 31, 2021 Common equity Tier 1 capital to risk-weighted assets $ 625,494 17.8 % $ 158,349 4.5 % N/A N/A Tier 1 capital to risk-weighted assets 625,494 17.8 211,132 6.0 N/A N/A Total capital to risk-weighted assets 704,620 20.0 281,510 8.0 N/A N/A Tier 1 capital to average assets 625,494 14.2 176,015 4.0 N/A N/A December 31, 2020 Common equity Tier 1 capital to risk-weighted assets $ 621,153 17.7 % $ 158,050 4.5 % N/A N/A Tier 1 capital to risk-weighted assets 621,153 17.7 210,733 6.0 N/A N/A Total capital to risk-weighted assets 700,197 19.9 280,978 8.0 N/A N/A Tier 1 capital to average assets 621,153 14.5 171,578 4.0 N/A N/A HarborOne Bank March 31, 2021 Common equity Tier 1 capital to risk-weighted assets $ 528,351 15.0 % $ 158,358 4.5 % $ 228,740 6.5 % Tier 1 capital to risk-weighted assets 528,351 15.0 211,144 6.0 281,526 8.0 Total capital to risk-weighted assets 572,481 16.3 281,526 8.0 351,907 10.0 Tier 1 capital to average assets 528,351 12.0 175,976 4.0 219,970 5.0 December 31, 2020 Common equity Tier 1 capital to risk-weighted assets $ 506,822 14.4 % $ 158,081 4.5 % $ 228,339 6.5 % Tier 1 capital to risk-weighted assets 506,822 14.4 210,775 6.0 281,033 8.0 Total capital to risk-weighted assets 550,875 15.7 281,033 8.0 351,291 10.0 Tier 1 capital to average assets 506,822 11.8 171,501 4.0 214,377 5.0

COMPREHENSIVE (LOSS) INCOME (Ta

COMPREHENSIVE (LOSS) INCOME (Tables)	3 Months Ended
COMPREHENSIVE (LOSS) INCOME (Tables)	Mar. 31, 2021
COMPREHENSIVE (LOSS) INCOME
Schedule of components of accumulated other comprehensive income (loss)	March 31, December 31, 2021 2020 (in thousands) Cash flow hedge: Net unrealized gain (loss) $ 438 $ (1,407) Related tax effect (122) 394 Total accumulated other comprehensive income (loss) $ 316 $ (1,013) Securities available for sale: Net unrealized gain (loss) $ (611) $ 4,102 Related tax effect 135 (904) Total accumulated other comprehensive income (loss) $ (476) $ 3,198
Summary of changes in accumulated other comprehensive income (loss)	Three Months Ended March 31, 2021 2020 Available Cash Available for Sale Flow for Sale Securities Hedge Total Securities (in thousands) Balance at beginning of period $ 3,198 $ (1,013) $ 2,185 $ 1,480 Other comprehensive income (loss) before reclassifications (4,713) 1,733 (2,980) 6,018 Amounts reclassified to accumulated other comprehensive income for transfer of securities to available for sale — — — 522 Amounts reclassified from accumulated other comprehensive income (loss) — 112 112 (2,525) Net current period other comprehensive income (loss) (4,713) 1,845 (2,868) 4,015 Related tax effect 1,039 (516) 523 (1,237) Balance at end of period $ (476) $ 316 $ (160) $ 4,258

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	Mar. 31, 2021
FAIR VALUE OF ASSETS AND LIABILITIES
Schedule of assets and liabilities measured at fair value on a recurring basis	Total Level 1 Level 2 Level 3 Fair Value (in thousands) March 31, 2021 Assets Securities available for sale $ — $ 304,168 $ — $ 304,168 Loans held for sale — 210,494 — 210,494 Mortgage servicing rights — 33,939 — 33,939 Derivative loan commitments — — 6,988 6,988 Forward loan sale commitments — — 3,236 3,236 Interest rate management agreements — 438 — 438 Interest rate swaps — 22,552 — 22,552 $ — $ 571,591 $ 10,224 $ 581,815 Liabilities Derivative loan commitments $ — $ — $ 119 $ 119 Forward loan sale commitments — — 24 24 Interest rate management agreements — — — — Interest rate swaps — 22,552 — 22,552 $ — $ 22,552 $ 143 $ 22,695 December 31, 2020 Assets Securities available for sale $ — $ 276,498 $ — $ 276,498 Loans held for sale — 208,612 — 208,612 Mortgage servicing rights — 24,833 — 24,833 Derivative loan commitments — — 12,623 12,623 Forward loan sale commitments — — — — Interest rate swaps — 39,320 — 39,320 $ — $ 549,263 $ 12,623 $ 561,886 Liabilities Derivative loan commitments $ — $ — $ 341 $ 341 Forward loan sale commitments — — 2,204 2,204 Interest rate management agreements — 1,407 — 1,407 Interest rate swaps — 39,320 — 39,320 $ — $ 40,727 $ 2,545 $ 43,272
Schedule of changes in Level 3 assets measured at fair value on a recurring basis	Three Months Ended March 31, 2021 2020 (in thousands) Assets: Derivative and Forward Loan Sale Commitments: Balance at beginning of period $ 12,623 $ 1,411 Total gains included in net income (1) (2,398) 6,667 Balance at end of period $ 10,225 $ 8,078 Changes in unrealized gains relating to instruments at period end $ 10,225 $ 8,078
Schedule of changes in Level 3 liabilities measured at fair value on a recurring basis	Three Months Ended March 31, 2021 2020 (in thousands) Liabilities: Derivative and Forward Loan Sale Commitments: Balance at beginning of period $ (2,545) $ (332) Total gains (losses) included in net income (1) 2,402 (5,148) Balance at end of period $ (143) $ (5,480) Changes in unrealized losses relating to instruments at period end $ (143) $ (5,480) (1) Included in mortgage banking income on the Consolidated Statements of Net Income.
Schedule of assets measured at fair value on a non-recurring basis	The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets. March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Impaired loans: Residential $ — $ — $ 1,456 $ — $ — $ 919 Commercial — — 1,917 — — 7,242 Other real estate owned and repossessed assets — — 530 — — 595 $ — $ — $ 3,903 $ — $ — $ 8,756 Losses in the following table represent the amount of the fair value adjustments recorded during the period on the carrying value of the assets held at March 31, 2021 and December 31, 2020, respectively. Losses on fully charged off loans are not included in the table. Three Months Ended March 31, 2021 2020 (in thousands) Impaired loans Residential $ 8 $ 2 Commercial real estate — 1,174 Commercial 1,355 194 Other real estate owned and repossessed assets 22 55 $ 1,385 $ 1,425
Schedule of estimated fair values and related carrying amounts of financial instruments	March 31, 2021 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets: Cash and cash equivalents $ 318,525 $ 318,525 $ — $ — $ 318,525 Securities available for sale 304,168 — 304,168 — 304,168 Federal Home Loan Bank stock 7,572 N/A N/A N/A N/A Loans held for sale 210,494 — 210,494 — 210,494 Loans, net 3,406,095 — — 3,442,144 3,442,144 Retirement plan annuities 13,851 — — 13,851 13,851 Accrued interest receivable 11,308 — 11,308 — 11,308 Financial liabilities: Deposits 3,674,583 — — 3,678,351 3,678,351 Borrowed funds 97,488 — 99,707 — 99,707 Subordinated debt 34,064 — — 33,112 33,112 Mortgagors' escrow accounts 8,468 — — 8,468 8,468 Accrued interest payable 739 — 739 — 739 Derivative loan commitments: Assets 6,988 — — 6,988 6,988 Liabilities 119 — — 119 119 Interest rate management agreements: Assets 438 — 438 — 438 Liabilities — — — — — Interest rate swap agreements: Assets 22,552 — 22,552 — 22,552 Liabilities 22,552 — 22,552 — 22,552 Forward loan sale commitments: Assets 3,236 — — 3,236 3,236 Liabilities 24 — — 24 24 December 31, 2020 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets: Cash and cash equivalents $ 205,870 $ 205,870 $ — $ — $ 205,870 Securities available for sale 276,498 — 276,498 — 276,498 Federal Home Loan Bank stock 8,738 N/A N/A N/A N/A Loans held for sale 208,612 — 208,612 — 208,612 Loans, net 3,439,247 — — 3,473,751 3,473,751 Retirement plan annuities 13,747 — — 13,747 13,747 Accrued interest receivable 11,874 — 11,874 — 11,874 Financial liabilities: Deposits 3,506,209 — — 3,509,996 3,509,996 Borrowed funds 149,097 — 152,373 — 152,373 Subordinated debt 34,033 — — 34,799 34,799 Mortgagors' escrow accounts 7,736 — — 7,736 7,736 Accrued interest payable 1,262 — 1,262 — 1,262 Derivative loan commitments: Assets 12,623 — — 12,623 12,623 Liabilities 341 — — 341 341 Interest rate management agreements: Liabilities 1,407 — 1,407 — 1,407 Interest rate swap agreements: Assets 39,320 — 39,320 — 39,320 Liabilities 39,320 — 39,320 — 39,320 Forward loan sale commitments: Assets — — — — — Liabilities 2,204 — — 2,204 2,204

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2021
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	Three Months Ended March 31, 2021 2020 Net income available to common stockholders (in thousands) $ 19,392 $ 4,724 Average number of common shares outstanding 56,332,242 58,418,021 Less: Average unallocated ESOP shares (3,794,833) (4,025,556) Weighted average number of common shares outstanding used to calculate basic earnings per common share 52,537,409 54,392,465 Dilutive effect of share-based compensation 463,421 — Weighted average number of common shares outstanding used to calculate diluted earnings per common share 53,000,830 54,392,465 Earnings per common share: Basic $ 0.37 $ 0.09 Diluted $ 0.37 $ 0.09

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
SEGMENT REPORTING (Tables)	Mar. 31, 2021
SEGMENT REPORTING
Summary of reportable segments	Three Months Ended March 31, 2021 HarborOne HarborOne HarborOne Bank Mortgage Bancorp, Inc. Eliminations Consolidated (in thousands) Net interest and dividend income (expense) $ 31,248 $ 1,250 $ (446) $ — $ 32,052 Provision for loan losses 91 — — — 91 Net interest and dividend income (loss), after provision for loan losses 31,157 1,250 (446) — 31,961 Mortgage banking income: Gain on sale of mortgage loans — 24,802 — — 24,802 Intersegment gain (loss) (662) 662 — — — Changes in mortgage servicing rights fair value 286 3,123 — — 3,409 Other 300 4,215 — — 4,515 Total mortgage banking income (loss) (76) 32,802 — — 32,726 Other noninterest income (loss) 5,091 (8) — — 5,083 Total noninterest income 5,015 32,794 — — 37,809 Noninterest expense 24,463 18,057 282 — 42,802 Income (loss) before income taxes 11,709 15,987 (728) — 26,968 Provision (benefit) for income taxes 3,435 4,333 (192) — 7,576 Net income (loss) $ 8,274 $ 11,654 $ (536) $ — $ 19,392 Total assets at period end $ 4,617,599 $ 333,814 $ 735,699 $ (1,081,154) $ 4,605,958 Goodwill at period end $ 59,042 $ 10,760 $ — $ — $ 69,802 Three Months Ended March 31, 2020 HarborOne HarborOne HarborOne Bank Mortgage Bancorp Inc. Eliminations Consolidated (in thousands) Net interest and dividend income (expense) $ 26,510 $ 281 $ (91) $ — $ 26,700 Provision for loan losses 3,749 — — — 3,749 Net interest and dividend income (loss), after provision for loan losses 22,761 281 (91) — 22,951 Mortgage banking income: Gain on sale of mortgage loans — 12,278 — — 12,278 Intersegment gain (loss) (400) 400 — — — Changes in mortgage servicing rights fair value (1,170) (3,217) — — (4,387) Other 351 1,992 — — 2,343 Total mortgage banking income (loss) (1,219) 11,453 — — 10,234 Other noninterest income (loss) 8,526 (122) — — 8,404 Total noninterest income 7,307 11,331 — — 18,638 Noninterest expense 24,288 10,578 294 — 35,160 Income (loss) before income taxes 5,780 1,034 (385) — 6,429 Provision (benefit) for income taxes 1,601 239 (135) — 1,705 Net income (loss) $ 4,179 $ 795 $ (250) $ — $ 4,724 Total assets at period end $ 3,963,011 $ 182,195 $ 710,316 $ (754,316) $ 4,101,206 Goodwill at period end $ 59,042 $ 10,760 $ — $ — $ 69,802

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)itemstateOffice	Dec. 31, 2020USD ($)
Number of full-service bank offices \| item	26
Operating lease ROU assets	$ 24,100
Operating lease liabilities	25,571
Finance lease ROU assets	0
Finance lease liabilities	$ 0
HarborOne Mortgage
Number of offices \| Office	30
Additional states licensed to lend \| state	5
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-02
Operating lease ROU assets		$ 23,200
Operating lease liabilities		$ 24,400
HarborOne Bank
Number of security corporation subsidiaries \| item	2

DEBT SECURITIES - Gross unreali

DEBT SECURITIES - Gross unrealized gains and losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Securities available for sale
Amortized Cost	$ 304,779	$ 272,396
Gross Unrealized Gains	2,848	4,407
Gross Unrealized Losses	3,459	305
Fair Value	304,168	276,498
U.S. government and government-sponsored enterprise obligations
Securities available for sale
Amortized Cost	5,001	5,002
Gross Unrealized Gains	58	93
Fair Value	5,059	5,095
U.S. government agency and government-sponsored residential mortgage-backed securities
Securities available for sale
Amortized Cost	274,928	234,819
Gross Unrealized Gains	2,053	3,113
Gross Unrealized Losses	3,459	305
Fair Value	273,522	237,627
U.S. government-sponsored collateralized mortgage obligations
Securities available for sale
Amortized Cost	10,266	16,326
Gross Unrealized Gains	273	330
Fair Value	10,539	16,656
SBA asset-backed securities
Securities available for sale
Amortized Cost	14,584	16,249
Gross Unrealized Gains	464	871
Fair Value	$ 15,048	$ 17,120

DEBT SECURITIES - Contractual m

DEBT SECURITIES - Contractual maturity (Details)	1 Months Ended	3 Months Ended
DEBT SECURITIES - Contractual maturity (Details)	Feb. 29, 2020USD ($)security	Mar. 31, 2021USD ($)security	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)security
Amortized Cost-Available-for-Sale
After 5 years through 10 years		$ 5,001,000
Total for contractual maturity		5,001,000
Amortized Cost		304,779,000		$ 272,396,000
Fair Value-Available-for-Sale
After 5 years through 10 years		5,059,000
Total for contractual maturity		5,059,000
Total		$ 304,168,000		$ 276,498,000
Sales
Proceeds			$ 70,729,000
Gross gains			2,521,000
Calls
Proceeds			1,667,000
Gross gains			$ 4,000
Number of holdings greater than 10% of shareholder equity \| security		0
HTM securities
Securities
Number of securities sold \| security	6
Sold HTM securities
Securities
Realized gain	$ 357,000
Amortized Cost-Held-to-Maturity
Amortized Cost	4,500,000
Transferred securities
Securities
Transfer amount	21,500,000
Fair Value-Available-for-Sale
Total	22,100,000
Amortized Cost-Held-to-Maturity
Gross Unrealized Gains	$ 522,000
Interest rate swaps \| Mortgage-backed securities
Securities
Number of securities pledged \| security		22		26
Pledged as collateral		$ 26,400,000		$ 40,300,000
Minimum
Securities
Maturity period		1 year
Maximum
Securities
Maturity period		30 years
U.S. government agency and government-sponsored residential mortgage-backed securities
Amortized Cost-Available-for-Sale
No single maturity date		$ 274,928,000
Amortized Cost		274,928,000		234,819,000
Fair Value-Available-for-Sale
No single maturity date		273,522,000
Total		273,522,000		237,627,000
U.S. government-sponsored collateralized mortgage obligations
Amortized Cost-Available-for-Sale
No single maturity date		10,266,000
Amortized Cost		10,266,000		16,326,000
Fair Value-Available-for-Sale
No single maturity date		10,539,000
Total		10,539,000		16,656,000
SBA asset-backed securities
Amortized Cost-Available-for-Sale
No single maturity date		14,584,000
Amortized Cost		14,584,000		16,249,000
Fair Value-Available-for-Sale
No single maturity date		15,048,000
Total		$ 15,048,000		17,120,000
U.S. government and government-sponsored enterprise obligations
Securities
Maturity period		7 years
Callable period		5 months
Amortized Cost-Available-for-Sale
Amortized Cost		$ 5,001,000		5,002,000
Fair Value-Available-for-Sale
Total		$ 5,059,000		$ 5,095,000

DEBT SECURITIES - Gross unrea_2

DEBT SECURITIES - Gross unrealized losses aggregated by category (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)security	Dec. 31, 2020USD ($)
Continuous unrealized losses, Fair Value, Available-for-Sale
Number of debt securities \| security	105
Number of debt securities in unrealized loss position \| security	33
U.S. government agency and government-sponsored residential mortgage-backed securities
Continuous unrealized losses, Gross Unrealized Losses, Available-for-Sale
Less than Twelve Months	$ 3,455	$ 283
Twelve Months and Over	4	22
Continuous unrealized losses, Fair Value, Available-for-Sale
Less Than Twelve Months	170,872	67,460
Twelve Months and Over	$ 1,233	$ 3,668

LOANS HELD FOR SALE (Details)

LOANS HELD FOR SALE (Details) - USD ($)	3 Months Ended
LOANS HELD FOR SALE (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair value and contractual principal outstanding:
Loans held for sale, fair value	$ 210,494,000		$ 208,612,000
Loans held for sale, contractual principal outstanding	206,741,000		198,984,000
Fair value less unpaid principal balance	3,753,000		9,628,000
Change in fair value of mortgage loans held for sale	(5,900,000)	$ 1,700,000
90 Days or More
Fair value and contractual principal outstanding:
Loans held for sale, fair value	$ 0		$ 0

LOANS - Summary of Balances of

LOANS - Summary of Balances of Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Loans
Total loans	$ 3,461,479	$ 3,494,642
Less: Allowance for loan losses	(55,384)	(55,395)	$ (26,389)	$ (24,060)
Net loans	3,406,095	3,439,247
PPP loans \| Commercial and industrial
Loans
Net deferred loan costs	5,000	2,700
Loans before fees	164,300	126,500
Residential
Loans
Total loans	1,062,229	1,105,823
Less: Allowance for loan losses	(7,269)	(7,419)	(3,177)	(3,178)
Residential \| 1-4 family
Loans
Total loans	892,263	928,934
Residential \| Second mortgages and equity lines of credit
Loans
Total loans	138,123	145,672
Residential \| Residential real estate construction
Loans
Total loans	31,843	31,217
Commercial
Loans
Total loans	2,170,971	2,114,989
Commercial \| Commercial real estate
Loans
Total loans	1,559,056	1,551,265
Less: Allowance for loan losses	(34,987)	(34,765)	(14,642)	(12,875)
Commercial \| Commercial construction
Loans
Total loans	112,187	99,331
Less: Allowance for loan losses	(2,237)	(1,955)	(2,522)	(2,526)
Commercial \| Commercial and industrial
Loans
Total loans	499,728	464,393
Less: Allowance for loan losses	(6,627)	(5,311)	(2,740)	(2,977)
Consumer loans
Loans
Total loans	228,279	273,830
Less: Allowance for loan losses	(2,064)	(2,475)	$ (1,484)	$ (1,010)
Consumer loans \| Auto
Loans
Total loans	220,464	265,266
Consumer loans \| Personal
Loans
Total loans	$ 7,815	$ 8,564

LOANS - Loans Sold or Transferr

LOANS - Loans Sold or Transferred (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Commercial real estate
Loans
Unpaid principal balance of loans serviced for others	$ 297.4	$ 284.2

LOANS - Acquired Loans (Details

LOANS - Acquired Loans (Details) - PCI - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Oct. 31, 2018
Loans
Outstanding balance	$ 4,284	$ 4,307
Carrying amount	$ 4,063	$ 4,079
Coastway
Loans
Loans purchased			$ 5,400

LOANS - PCI Loans (Details)

LOANS - PCI Loans (Details) - PCI - USD ($) $ in Thousands	3 Months Ended
LOANS - PCI Loans (Details) - PCI - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Accretable yield:
Balance at beginning of period	$ 141	$ 149
Accretion	(3)	(2)
Balance at end of period	$ 138	$ 147

LOANS - Allowance for Loan Loss

LOANS - Allowance for Loan Losses Activity and Allocation to Loan Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Activity in the allowance for loan losses
Balance	$ 55,395	$ 24,060
Provision (credit) for loan losses	91	3,749
Charge-offs	(240)	(1,724)
Recoveries	138	304
Balance	55,384	26,389
Allocation of the allowance to loan segments
Total loans			$ 3,461,479	$ 3,494,642
Total allowance for loan losses	55,395	26,389	55,384	55,395
Impaired loans
Activity in the allowance for loan losses
Balance	2,678
Balance	3,903
Allocation of the allowance to loan segments
Total loans			42,606	46,256
Total allowance for loan losses	2,678		3,903	2,678
Non-impaired loans
Activity in the allowance for loan losses
Balance	52,717
Balance	51,481
Allocation of the allowance to loan segments
Total loans			3,418,873	3,448,386
Total allowance for loan losses	52,717		51,481	52,717
Residential
Activity in the allowance for loan losses
Balance	7,419	3,178
Provision (credit) for loan losses	(221)	(49)
Recoveries	71	48
Balance	7,269	3,177
Allocation of the allowance to loan segments
Total loans			1,062,229	1,105,823
Total allowance for loan losses	7,269	3,177	7,269	7,419
Residential \| Impaired loans
Activity in the allowance for loan losses
Balance	802
Balance	720
Allocation of the allowance to loan segments
Total loans			22,033	24,384
Total allowance for loan losses	802		720	802
Residential \| Non-impaired loans
Activity in the allowance for loan losses
Balance	6,617
Balance	6,549
Allocation of the allowance to loan segments
Total loans			1,040,196	1,081,439
Total allowance for loan losses	6,617		6,549	6,617
Commercial
Allocation of the allowance to loan segments
Total loans			2,170,971	2,114,989
Commercial \| Commercial real estate
Activity in the allowance for loan losses
Balance	34,765	12,875
Provision (credit) for loan losses	218	2,940
Charge-offs		(1,174)
Recoveries	4	1
Balance	34,987	14,642
Allocation of the allowance to loan segments
Total loans			1,559,056	1,551,265
Total allowance for loan losses	34,987	14,642	34,987	34,765
Commercial \| Commercial real estate \| Impaired loans
Activity in the allowance for loan losses
Balance	1,845
Balance	1,797
Allocation of the allowance to loan segments
Total loans			12,502	12,513
Total allowance for loan losses	1,845		1,797	1,845
Commercial \| Commercial real estate \| Non-impaired loans
Activity in the allowance for loan losses
Balance	32,920
Balance	33,190
Allocation of the allowance to loan segments
Total loans			1,546,554	1,538,752
Total allowance for loan losses	32,920		33,190	32,920
Commercial \| Commercial construction
Activity in the allowance for loan losses
Balance	1,955	2,526
Provision (credit) for loan losses	282	(4)
Balance	2,237	2,522
Allocation of the allowance to loan segments
Total loans			112,187	99,331
Total allowance for loan losses	2,237	2,522	2,237	1,955
Commercial \| Commercial construction \| Non-impaired loans
Activity in the allowance for loan losses
Balance	1,955
Balance	2,237
Allocation of the allowance to loan segments
Total loans			112,187	99,331
Total allowance for loan losses	1,955		2,237	1,955
Commercial \| Commercial and industrial
Activity in the allowance for loan losses
Balance	5,311	2,977
Provision (credit) for loan losses	1,494	(159)
Charge-offs	(185)	(297)
Recoveries	7	219
Balance	6,627	2,740
Allocation of the allowance to loan segments
Total loans			499,728	464,393
Total allowance for loan losses	6,627	2,740	6,627	5,311
Commercial \| Commercial and industrial \| Impaired loans
Activity in the allowance for loan losses
Balance	31
Balance	1,386
Allocation of the allowance to loan segments
Total loans			8,071	9,359
Total allowance for loan losses	31		1,386	31
Commercial \| Commercial and industrial \| Non-impaired loans
Activity in the allowance for loan losses
Balance	5,280
Balance	5,241
Allocation of the allowance to loan segments
Total loans			491,657	455,034
Total allowance for loan losses	5,280		5,241	5,280
Consumer loans
Activity in the allowance for loan losses
Balance	2,475	1,010
Provision (credit) for loan losses	(412)	691
Charge-offs	(55)	(253)
Recoveries	56	36
Balance	2,064	1,484
Allocation of the allowance to loan segments
Total loans			228,279	273,830
Total allowance for loan losses	2,064	1,484	2,064	2,475
Consumer loans \| Non-impaired loans
Activity in the allowance for loan losses
Balance	2,475
Balance	2,064
Allocation of the allowance to loan segments
Total loans			228,279	273,830
Total allowance for loan losses	2,475		2,064	2,475
Unallocated
Activity in the allowance for loan losses
Balance	3,470	1,494
Provision (credit) for loan losses	(1,270)	330
Balance	2,200	1,824
Allocation of the allowance to loan segments
Total allowance for loan losses	2,200	$ 1,824	2,200	3,470
Unallocated \| Non-impaired loans
Activity in the allowance for loan losses
Balance	3,470
Balance	2,200
Allocation of the allowance to loan segments
Total allowance for loan losses	$ 3,470		$ 2,200	$ 3,470

LOANS - Summary of Past Due and

LOANS - Summary of Past Due and Non-Accrual Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Summary of past due and non-accrual loans
Past Due	$ 19,508	$ 30,505
Loans on Non-accrual	32,355	34,101
Loans past due 90 days or more and still accruing	0	0
30 to 59 Days
Summary of past due and non-accrual loans
Past Due	9,768	15,684
60 to 89 Days
Summary of past due and non-accrual loans
Past Due	2,086	2,868
90 Days or More
Summary of past due and non-accrual loans
Past Due	7,654	11,953
Residential \| 1-4 family
Summary of past due and non-accrual loans
Past Due	12,270	20,789
Loans on Non-accrual	10,606	11,611
Residential \| 1-4 family \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	8,098	12,148
Residential \| 1-4 family \| 60 to 89 Days
Summary of past due and non-accrual loans
Past Due	1,667	2,223
Residential \| 1-4 family \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	2,505	6,418
Residential \| Second mortgages and equity lines of credit
Summary of past due and non-accrual loans
Past Due	748	939
Loans on Non-accrual	856	834
Residential \| Second mortgages and equity lines of credit \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	214	460
Residential \| Second mortgages and equity lines of credit \| 60 to 89 Days
Summary of past due and non-accrual loans
Past Due	51	46
Residential \| Second mortgages and equity lines of credit \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	483	433
Residential \| Residential real estate
Summary of past due and non-accrual loans
Past Due		471
Residential \| Residential real estate \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due		471
Commercial \| Commercial real estate
Summary of past due and non-accrual loans
Past Due	3,394	3,785
Loans on Non-accrual	12,478	12,486
Commercial \| Commercial real estate \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	22	416
Commercial \| Commercial real estate \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	3,372	3,369
Commercial \| Commercial and industrial
Summary of past due and non-accrual loans
Past Due	1,655	1,878
Loans on Non-accrual	8,059	8,606
Commercial \| Commercial and industrial \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	606	444
Commercial \| Commercial and industrial \| 60 to 89 Days
Summary of past due and non-accrual loans
Past Due		191
Commercial \| Commercial and industrial \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	1,049	1,243
Consumer loans \| Auto
Summary of past due and non-accrual loans
Past Due	1,408	2,542
Loans on Non-accrual	327	557
Consumer loans \| Auto \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	825	1,657
Consumer loans \| Auto \| 60 to 89 Days
Summary of past due and non-accrual loans
Past Due	347	397
Consumer loans \| Auto \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	236	488
Consumer loans \| Personal
Summary of past due and non-accrual loans
Past Due	33	101
Loans on Non-accrual	29	7
Consumer loans \| Personal \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	3	88
Consumer loans \| Personal \| 60 to 89 Days
Summary of past due and non-accrual loans
Past Due	21	11
Consumer loans \| Personal \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	$ 9	$ 2

LOANS - Impaired Loans (Details

LOANS - Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended
LOANS - Impaired Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Recorded Investment
Impaired loans without a valuation allowance	$ 21,126		$ 25,079
Impaired loans with a valuation allowance	21,480		21,177
Total impaired loans	42,606		46,256
Unpaid Principal Balance
Impaired loans without a valuation allowance	25,610		29,384
Impaired loans with a valuation allowance	22,061		21,497
Total impaired loans	47,671		50,881
Activity in the allowance for loan losses
Allowance for loan losses for impaired loans	3,903		2,678
Impaired loans
Average Recorded Investment	44,432	$ 44,985
Interest Income Recognized	418	329
Interest Income Recognized on Cash Basis	227	252
Additional funds committed to be advanced in connection with impaired loans	0	0
Residential
Recorded Investment
Impaired loans without a valuation allowance	11,663		12,284
Impaired loans with a valuation allowance	10,370		12,100
Unpaid Principal Balance
Impaired loans without a valuation allowance	12,259		13,039
Impaired loans with a valuation allowance	10,651		12,355
Activity in the allowance for loan losses
Allowance for loan losses for impaired loans	720		802
Impaired loans
Average Recorded Investment	23,209	26,367
Interest Income Recognized	296	322
Interest Income Recognized on Cash Basis	105	245
Commercial \| Commercial real estate
Recorded Investment
Impaired loans without a valuation allowance	3,541		3,552
Impaired loans with a valuation allowance	8,961		8,961
Unpaid Principal Balance
Impaired loans without a valuation allowance	4,732		4,741
Impaired loans with a valuation allowance	8,961		8,961
Activity in the allowance for loan losses
Allowance for loan losses for impaired loans	1,797		1,845
Impaired loans
Average Recorded Investment	12,508	2,118
Interest Income Recognized	2
Interest Income Recognized on Cash Basis	2
Commercial \| Commercial construction
Impaired loans
Average Recorded Investment		11,108
Commercial \| Commercial and industrial
Recorded Investment
Impaired loans without a valuation allowance	5,922		9,243
Impaired loans with a valuation allowance	2,149		116
Unpaid Principal Balance
Impaired loans without a valuation allowance	8,619		11,604
Impaired loans with a valuation allowance	2,449		181
Activity in the allowance for loan losses
Allowance for loan losses for impaired loans	1,386		$ 31
Impaired loans
Average Recorded Investment	8,715	5,392
Interest Income Recognized	120	7
Interest Income Recognized on Cash Basis	$ 120	$ 7

LOANS - Troubled Debt Restructu

LOANS - Troubled Debt Restructurings (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)contract	Mar. 31, 2020USD ($)contract	Dec. 31, 2020USD ($)
Troubled debt restructurings
TDR modifications	$ 0	$ 0
Recorded investment of troubled debt restructurings	13,900		$ 15,100
Recorded investment of troubled debt restructurings that were nonaccruing	$ 3,300		3,600
Number of troubled debt restructurings that defaulted \| contract	0	0
Loans, net	$ 3,406,095		3,439,247
Commercial
Troubled debt restructurings
Recorded investment of troubled debt restructurings	2,200		2,500
Recorded investment of troubled debt restructurings that were nonaccruing	$ 2,200		$ 2,500

LOANS - Risk Rating (Details)

LOANS - Risk Rating (Details) $ in Thousands	3 Months Ended
LOANS - Risk Rating (Details) $ in Thousands	Mar. 31, 2021USD ($)grade	Dec. 31, 2020USD ($)
Loans by risk rating
Number of grades utilized in internal loan rating system \| grade	10
Total loans	$ 3,461,479	$ 3,494,642
Commercial
Loans by risk rating
Total loans	2,170,971	2,114,989
Commercial \| Commercial real estate
Loans by risk rating
Total loans	1,559,056	1,551,265
Commercial \| Commercial real estate \| Loans rated 1 - 6, pass
Loans by risk rating
Total loans	1,531,940	1,524,105
Commercial \| Commercial real estate \| Loans rated 7, special mention
Loans by risk rating
Total loans	14,638	14,674
Commercial \| Commercial real estate \| Loans rated 8, substandard
Loans by risk rating
Total loans	9,444	9,455
Commercial \| Commercial real estate \| Loans rated 9, doubtful
Loans by risk rating
Total loans	3,034	3,031
Commercial \| Commercial construction
Loans by risk rating
Total loans	112,187	99,331
Commercial \| Commercial construction \| Loans rated 1 - 6, pass
Loans by risk rating
Total loans	112,187	99,331
Commercial \| Commercial and industrial
Loans by risk rating
Total loans	499,728	464,393
Commercial \| Commercial and industrial \| Loans rated 1 - 6, pass
Loans by risk rating
Total loans	489,189	452,665
Commercial \| Commercial and industrial \| Loans rated 7, special mention
Loans by risk rating
Total loans	2,668	3,122
Commercial \| Commercial and industrial \| Loans rated 8, substandard
Loans by risk rating
Total loans	4,875	7,080
Commercial \| Commercial and industrial \| Loans rated 9, doubtful
Loans by risk rating
Total loans	$ 2,996	$ 1,526

MORTGAGE LOAN SERVICING - Key A

MORTGAGE LOAN SERVICING - Key Assumptions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Unpaid Principal Balance
Unpaid principal balances of mortgage loans serviced	$ 3,410	$ 3,050
Prepayment speed	10.20%	14.30%
Discount rate	9.22%	9.23%
Default rate	2.43%	2.27%

MORTGAGE LOAN SERVICING - Fair

MORTGAGE LOAN SERVICING - Fair value of MSR (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes to the fair value of Mortgage Servicing Rights
Mortgage servicing rights, at fair value, beginning of period	$ 24,833	$ 17,150
Additions	5,697	444
Changes in fair value due to :
Reductions from loans paid off during the period	(1,599)	(576)
Changes in valuation inputs or assumptions	5,008	(3,811)
Mortgage servicing rights, at fair value, end of period	33,939	13,207
Fees and commissions, mortgage banking and servicing	$ 2,100	$ 1,300

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
GOODWILL AND INTANGIBLE ASSETS
Goodwill	$ 69,802	$ 69,802	$ 69,802
Intangible assets	4,047	$ 4,370
HarborOne Bank
GOODWILL AND INTANGIBLE ASSETS
Goodwill	59,000
HarborOne Mortgage
GOODWILL AND INTANGIBLE ASSETS
Goodwill	$ 10,800

DEPOSITS - Summary of deposits

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
DEPOSITS
NOW and demand deposit accounts	$ 1,002,828	$ 908,256
Regular savings and club accounts	1,113,450	998,994
Money market deposit accounts	861,867	866,661
Total non-certificate accounts	2,978,145	2,773,911
Term certificate accounts greater than $250,000	122,951	135,190
Term certificate accounts less than or equal to $250,000	473,487	497,108
Brokered deposits	100,000	100,000
Total certificate deposits, net	696,438	732,298
Total deposits	3,674,583	3,506,209
Total reciprocal deposits	$ 81,000	$ 104,900

DEPOSITS - Maturity of deposits

DEPOSITS - Maturity of deposits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Summary of certificate accounts by maturity
Within 1 year	$ 562,996
Over 1 year to 2 years	110,293
Over 2 years to 3 years	4,580
Over 3 years to 4 years	17,124
Over 4 years to 5 years	1,935
Total certificate deposits	696,928
Less unaccreted acquisition discount	(490)
Total certificate deposits, net	$ 696,438	$ 732,298
Summary of certificate accounts by maturity
Within 1 year	0.60%
Over 1 year to 2 years	0.92%
Over 2 years to 3 years	1.80%
Over 3 years to 4 years	1.05%
Over 4 years to 5 years	0.70%
Weighted average interest rate	0.67%

BORROWED FUNDS - FHLB Advances

BORROWED FUNDS - FHLB Advances (Details) $ in Thousands	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Short-term borrowed funds	$ 0	$ 35,000
Scheduled Maturity
2021	21,750	41,750
2022	0	0
2023	20,191	20,190
2024	13,400	10,000
2025	40,987	40,987
2026 and thereafter	1,160	1,170
Total	97,488	114,097
Redeemable at Call Date
2021	81,750	101,750
2023	191	190
2024	13,400	10,000
2025	987	987
2026 and thereafter	1,160	1,170
Total	$ 97,488	$ 114,097
Weighted Average Rate
2021	3.09%	2.47%
2023	3.48%	3.48%
2024	1.39%	1.68%
2025	1.32%	1.32%
2026 and thereafter	2.00%	2.00%
Total	2.18%	2.16%
Weighted Average Rate
Short-term advances, weighted average rate		0.42

BORROWED FUNDS - Others (Detail

BORROWED FUNDS - Others (Details) - USD ($)	Sep. 01, 2023	Mar. 31, 2021	Dec. 31, 2020	Aug. 30, 2018
Borrowed funds
Amount outstanding		$ 0	$ 0
Federal Reserve Bank of Boston
Borrowed funds
Percentage of carrying value pledged as collateral		55.00%
Loans pledged for FHLB		$ 104,500,000	107,100,000
Federal Home Loan Bank Advances
Borrowed funds
Carrying value of the loans pledged as collateral		1,230,000,000	1,250,000,000
Available borrowing capacity		744,200,000
Other Loans
Borrowed funds
Additional borrowing capacity		25,000,000
Subordinated Notes due 2028
Borrowed funds
Notes issued				$ 35,000,000
Annual fixed interest rate until September 1, 2023				5.625%
Issuance costs		$ 936,000	$ 967,000
Forecast \| Subordinated Notes due 2028 \| LIBOR
Borrowed funds
Basis points	2.78%

OTHER COMMITMENTS AND CONTING_3

OTHER COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commitments to grant residential real estate loans - HarborOne Mortgage
OTHER COMMITMENTS AND CONTINGENCIES
Financial instruments committed contract amount	$ 412,662	$ 485,428
Commitments to grant other loans
OTHER COMMITMENTS AND CONTINGENCIES
Financial instruments committed contract amount	74,651	53,714
Unadvanced funds on home equity lines of credit
OTHER COMMITMENTS AND CONTINGENCIES
Financial instruments committed contract amount	187,667	178,432
Unadvanced funds on revolving lines of credit
OTHER COMMITMENTS AND CONTINGENCIES
Financial instruments committed contract amount	182,178	169,907
Unadvanced funds on construction loans
OTHER COMMITMENTS AND CONTINGENCIES
Financial instruments committed contract amount	$ 117,672	$ 127,776

DERIVATIVES (Details)

DERIVATIVES (Details)	3 Months Ended
DERIVATIVES (Details)	Mar. 31, 2021USD ($)derivative	Dec. 31, 2020USD ($)
Other assets
Derivative disclosures
Fair Value, Assets	$ 33,214,000	$ 51,943,000
Other liabilities
Derivative disclosures
Fair Value, Liabilities	$ 22,695,000	43,272,000
Derivative loan commitments
Derivative disclosures
Loan commitment specified period	60 days
Derivative loan commitments \| Not designated as hedging instruments
Derivative disclosures
Notional Amount	$ 412,662,000	485,428,000
Derivative loan commitments \| Not designated as hedging instruments \| Other assets
Derivative disclosures
Fair Value, Assets	6,988,000	12,623,000
Derivative loan commitments \| Not designated as hedging instruments \| Other liabilities
Derivative disclosures
Fair Value, Liabilities	119,000	341,000
Forward loan sale commitments \| Not designated as hedging instruments
Derivative disclosures
Notional Amount	315,000,000	356,500,000
Forward loan sale commitments \| Not designated as hedging instruments \| Other assets
Derivative disclosures
Fair Value, Assets	3,236,000
Forward loan sale commitments \| Not designated as hedging instruments \| Other liabilities
Derivative disclosures
Fair Value, Liabilities	$ 24,000	2,204,000
Interest rate swaps \| Cash Flow Hedging
Derivative disclosures
Number of Derivative Instruments Held \| derivative	1
Maturity term	4 years
Fixed rate	0.67%
Variable rate	0.22%
Amount to be reclassified in next 12 months	$ 464,000
Notional Amount	100,000,000
Fair Value, Liabilities	438,000
Interest rate swaps \| Mortgage-backed securities
Derivative disclosures
Securities pledged to secure the Company's liability for the offsetting interest rate swaps	26,400,000
Interest rate swaps \| Designated as Hedging Instrument
Derivative disclosures
Notional Amount	100,000,000	100,000,000
Interest rate swaps \| Designated as Hedging Instrument \| Other assets
Derivative disclosures
Fair Value, Assets	438,000
Interest rate swaps \| Designated as Hedging Instrument \| Other liabilities
Derivative disclosures
Fair Value, Liabilities		1,407,000
Interest rate swaps \| Not designated as hedging instruments
Derivative disclosures
Notional Amount	832,015,000	867,728,000
Interest rate swaps \| Not designated as hedging instruments \| Other assets
Derivative disclosures
Fair Value, Assets	22,552,000	39,320,000
Interest rate swaps \| Not designated as hedging instruments \| Other liabilities
Derivative disclosures
Fair Value, Liabilities	22,552,000	39,320,000
Risk Participation Agreements \| Not designated as hedging instruments
Derivative disclosures
Notional Amount	$ 132,066,000	$ 132,379,000

DERIVATIVES - Net gain and loss

DERIVATIVES - Net gain and losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Gain in OCI on derivatives (effective portion), net of tax	$ (2,345)	$ 2,778
Designated as Hedging Instrument
Derivative [Line Items]
Gain in OCI on derivatives (effective portion), net of tax	1,329
Loss reclassified from OCI into interest income or interest expense (effective portion)	(112)
Not designated as hedging instruments
Derivative [Line Items]
Total	4	1,519
Mortgage banking income \| Not designated as hedging instruments \| Derivative loan commitments
Derivative [Line Items]
Total	(5,413)	5,191
Mortgage banking income \| Not designated as hedging instruments \| Forward loan sale commitments
Derivative [Line Items]
Total	$ 5,417	$ (3,672)

OPERATING LEASE RIGHT-OF-USE _3

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES (Details) $ in Thousands	Mar. 31, 2021USD ($)
Operating lease ROU assets	$ 24,100
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets.
Operating lease liabilities	$ 25,571
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities and Other Liabilities
Weighted-average remaining lease term (years)	18 years 1 month 6 days
Minimum
Lessee, Operating Lease, Remaining Lease Term	1 month
Maximum
Lessee, Operating Lease, Remaining Lease Term	36 years 10 months 24 days

OPERATING LEASE RIGHT-OF-USE _4

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 2,032	$ 2,452
2022	2,545	2,239
2023	2,316	1,847
2024	1,956	1,644
2025	1,871	1,684
Thereafter	20,822	13,134
Total lease payments	31,542	$ 23,000
Imputed interest	(5,971)
Total present value of operating lease liabilities	$ 25,571

OPERATING LEASE RIGHT-OF-USE _5

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES - Weighted average discount and remaining lease term (Details)	Mar. 31, 2021
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES
Weighted-average discount rate	1.96%
Weighted-average remaining lease term (years)	18 years 1 month 6 days

OPERATING LEASE RIGHT-OF-USE _6

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES - Lease expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES
Rental expense	$ 682,000	$ 627,000
Operating lease expense	632,000
Short-term lease expense	41,000
Variable lease expense	9,000
Total lease expense	$ 682,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Sep. 29, 2020
STOCK-BASED COMPENSATION
Stock based compensation expense	$ 772,000	$ 1,300,000
2020 Equity Plan
STOCK-BASED COMPENSATION
Shares reserved for issuance			4,500,000
Stock Options
STOCK-BASED COMPENSATION
Term (years)	10 years
Minimum \| Stock Options
STOCK-BASED COMPENSATION
Vesting period (years)	1 year
Maximum \| Stock Options
STOCK-BASED COMPENSATION
Vesting period (years)	3 years

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock options (Details) - Stock Options	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Stock Option Awards
Balance at the beginning of the period \| shares	2,106,403
Exercised \| shares	(62,840)
Balance at the end of the period \| shares	2,043,563
Exercisable at end of the period \| shares	1,746,283
Unrecognized cost inclusive of directors' awards \| $	$ 622,000
Weighted average remaining recognition period (years)	10 months 20 days
Weighted Average Exercise Price
Balance at the beginning of the period \| $ / shares	$ 9.86
Exercised \| $ / shares	10.23
Balance at the end of the period \| $ / shares	9.85
Exercisable at end of the period \| $ / shares	$ 9.94
Weighted Average Remaining Contractual Term (years)
Weighted average remaining contractual term, balance (years)	7 years
Exercisable at end of the period	6 years 10 months 6 days
Stock Option Awards, Nonvested
Balance at the beginning of the period \| shares	431,550
Vested \| shares	(176,165)
Balance at the end of the period \| shares	255,385
Weighted Average Exercise Price, Nonvested
Balance at the beginning of the period \| $ / shares	$ 2.55
Vested \| $ / shares	2.47
Balance at the end of the period \| $ / shares	$ 2.60

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock and Performance Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Restricted Stock Awards
Outstanding Restricted Stock Awards
Non-vested stock awards, beginning balance \| shares	384,692
Vested \| shares	(3,782)
Granted \| shares	188,377
Non-vested stock awards, ending balance \| shares	569,287
Unrecognized cost inclusive of directors' awards \| $	$ 4,884,000
Weighted average remaining recognition period (years)	2 years 10 days
Weighted Average Grant Price
Non-vested stock awards, beginning balance \| $ / shares	$ 9.33
Vested \| $ / shares	8.82
Granted \| $ / shares	11.95
Non-vested stock awards, ending balance \| $ / shares	$ 10.20
Performance Restricted Stock Units
Outstanding Restricted Stock Awards
Granted \| shares	85,066
Non-vested stock awards, ending balance \| shares	85,066
Unrecognized cost inclusive of directors' awards \| $	$ 988,000
Weighted average remaining recognition period (years)	2 years 11 months 1 day
Weighted Average Grant Price
Granted \| $ / shares	$ 11.95
Non-vested stock awards, ending balance \| $ / shares	$ 11.95

MINIMUM REGULATORY CAPITAL RE_3

MINIMUM REGULATORY CAPITAL REQUIREMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations
Common equity Tier 1 capital conversation buffer ratio	0.025
Applicable capital conversation buffer ratio	0.025
Common equity Tier 1 to risk-weighted assets
Actual, Capital amount	$ 625,494	$ 621,153
Actual, Ratio	0.178	0.177
Minimum Requirement for Capital Adequacy Purposes	$ 158,349	$ 158,050
Minimum Requirement for Capital Adequacy Purposes, ratio	0.045	0.045
Tier 1 capital to risk weighted assets
Actual, Capital amount	$ 625,494	$ 621,153
Actual, Ratio	0.178	0.177
Minimum Requirement for Capital Adequacy Purposes	$ 211,132	$ 210,733
Minimum Requirement for Capital Adequacy Purposes, ratio	0.060	0.060
Total capital to risk-weighted assets
Actual, Capital amount	$ 704,620	$ 700,197
Actual, Ratio	0.200	0.199
Minimum Requirement for Capital Adequacy Purposes	$ 281,510	$ 280,978
Minimum Requirement for Capital Adequacy Purposes, ratio	0.080	0.080
Tier 1 capital to average assets
Actual, Capital amount	$ 625,494	$ 621,153
Actual, Ratio	0.142	0.145
Minimum Requirement for Capital Adequacy Purposes	$ 176,015	$ 171,578
Minimum Requirement for Capital Adequacy Purposes, ratio	0.040	0.040
Treasury Stock
Total treasury stock	$ 14,816
HarborOne Bank
Common equity Tier 1 to risk-weighted assets
Actual, Capital amount	$ 528,351	$ 506,822
Actual, Ratio	0.150	0.144
Minimum Requirement for Capital Adequacy Purposes	$ 158,358	$ 158,081
Minimum Requirement for Capital Adequacy Purposes, ratio	0.045	0.045
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions	$ 228,740	$ 228,339
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions, ratio	0.065	0.065
Tier 1 capital to risk weighted assets
Actual, Capital amount	$ 528,351	$ 506,822
Actual, Ratio	0.150	0.144
Minimum Requirement for Capital Adequacy Purposes	$ 211,144	$ 210,775
Minimum Requirement for Capital Adequacy Purposes, ratio	0.060	0.060
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions	$ 281,526	$ 281,033
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions, ratio	0.080	0.080
Total capital to risk-weighted assets
Actual, Capital amount	$ 572,481	$ 550,875
Actual, Ratio	0.163	0.157
Minimum Requirement for Capital Adequacy Purposes	$ 281,526	$ 281,033
Minimum Requirement for Capital Adequacy Purposes, ratio	0.080	0.080
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions	$ 351,907	$ 351,291
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions, ratio	0.100	0.100
Tier 1 capital to average assets
Actual, Capital amount	$ 528,351	$ 506,822
Actual, Ratio	0.120	0.118
Minimum Requirement for Capital Adequacy Purposes	$ 175,976	$ 171,501
Minimum Requirement for Capital Adequacy Purposes, ratio	0.040	0.040
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions	$ 219,970	$ 214,377
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions, ratio	0.050	0.050

COMPREHENSIVE (LOSS) INCOME (De

COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Components of AOCI
Total accumulated other comprehensive income (loss)	$ (160)	$ 2,185
Cash flow hedge
Components of AOCI
Net unrealized gain (loss)	438	(1,407)
Related tax effect	(122)	394
Total accumulated other comprehensive income (loss)	316	(1,013)
Securities available for sale
Components of AOCI
Net unrealized gain (loss)	(611)	4,102
Related tax effect	135	(904)
Total accumulated other comprehensive income (loss)	$ (476)	$ 3,198

COMPREHENSIVE (LOSS) INCOME - C

COMPREHENSIVE (LOSS) INCOME - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 696,314	$ 665,794
Amounts reclassified to accumulated other comprehensive income for transfer of securities to available for sale		522
Amounts reclassified from accumulated other comprehensive income (loss)		(2,525)
Balance at end of period	698,073	675,139
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	2,185	1,480
Other comprehensive income (loss) before reclassifications	(2,980)
Amounts reclassified from accumulated other comprehensive income (loss)	112
Net current period other comprehensive income (loss)	(2,868)
Related tax effect	523
Balance at end of period	(160)	4,258
Securities available for sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	3,198	1,480
Other comprehensive income (loss) before reclassifications	(4,713)	6,018
Amounts reclassified to accumulated other comprehensive income for transfer of securities to available for sale		522
Amounts reclassified from accumulated other comprehensive income (loss)		(2,525)
Net current period other comprehensive income (loss)	(4,713)	4,015
Related tax effect	1,039	(1,237)
Balance at end of period	(476)	$ 4,258
Cash flow hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,013)
Other comprehensive income (loss) before reclassifications	1,733
Amounts reclassified from accumulated other comprehensive income (loss)	112
Net current period other comprehensive income (loss)	1,845
Related tax effect	(516)
Balance at end of period	$ 316

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES - Derivatives (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Assets and liabilities measured on recurring basis
Fair Value	$ 304,168,000	$ 276,498,000
Derivative loan commitments
Assets and liabilities measured on recurring basis
Weighted average pull-through rate	87.00%	76.00%
Recurring
Assets and liabilities measured on recurring basis
Fair Value	$ 304,168,000	$ 276,498,000
Recurring \| Level 1
Assets and liabilities measured on recurring basis
Fair Value	0		$ 0
Recurring \| Level 2
Assets and liabilities measured on recurring basis
Fair Value	304,168,000	276,498,000
Recurring \| Level 3
Assets and liabilities measured on recurring basis
Fair Value	0	0
90 Days or More \| Recurring \| Level 2
Assets and liabilities measured on recurring basis
Loans held for sale	$ 0	$ 0

FAIR VALUE OF ASSETS AND LIAB_4

FAIR VALUE OF ASSETS AND LIABILITIES - Recurring basis (Details)	3 Months Ended
	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Assets and liabilities measured on recurring basis
Number of transfers \| item	0	0
Assets
Securities available for sale, at fair value	$ 304,168,000		$ 276,498,000
Loans held for sale	210,494,000		208,612,000
Mortgage servicing rights	33,939,000	$ 13,207,000	24,833,000	$ 17,150,000
Recurring
Assets
Securities available for sale, at fair value	304,168,000		276,498,000
Loans held for sale	210,494,000		208,612,000
Mortgage servicing rights	33,939,000		24,833,000
Total assets	581,815,000		561,886,000
Liabilities
Total liabilities	22,695,000		43,272,000
Recurring \| Derivative loan commitments
Assets
Derivative assets	6,988,000		12,623,000
Liabilities
Derivative liabilities	119,000		341,000
Recurring \| Forward loan sale commitments
Assets
Derivative assets	3,236,000
Liabilities
Derivative liabilities	24,000		2,204,000
Recurring \| Interest rate swaps
Assets
Derivative assets	22,552,000		39,320,000
Liabilities
Derivative liabilities	22,552,000		39,320,000
Recurring \| Interest rate management agreement
Assets
Derivative assets	438,000
Liabilities
Derivative liabilities			1,407,000
Recurring \| Level 1
Assets
Securities available for sale, at fair value	0	$ 0
Recurring \| Level 2
Assets
Securities available for sale, at fair value	304,168,000		276,498,000
Loans held for sale	210,494,000		208,612,000
Mortgage servicing rights	33,939,000		24,833,000
Total assets	571,591,000		549,263,000
Liabilities
Total liabilities	22,552,000		40,727,000
Recurring \| Level 2 \| Interest rate swaps
Assets
Derivative assets	22,552,000		39,320,000
Liabilities
Derivative liabilities	22,552,000		39,320,000
Recurring \| Level 2 \| Interest rate management agreement
Assets
Derivative assets	438,000
Liabilities
Derivative liabilities			1,407,000
Recurring \| Level 3
Assets
Securities available for sale, at fair value	0		0
Total assets	10,224,000		12,623,000
Liabilities
Total liabilities	143,000		2,545,000
Recurring \| Level 3 \| Derivative loan commitments
Assets
Derivative assets	6,988,000		12,623,000
Liabilities
Derivative liabilities	119,000		341,000
Recurring \| Level 3 \| Forward loan sale commitments
Assets
Derivative assets	3,236,000
Liabilities
Derivative liabilities	$ 24,000		$ 2,204,000

FAIR VALUE OF ASSETS AND LIAB_5

FAIR VALUE OF ASSETS AND LIABILITIES - Level 3 (Details) - Derivative and Forward Loan Sale Commitments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in Level 3 assets
Balance at beginning of period	$ 12,623	$ 1,411
Total gains included in net income	(2,398)	6,667
Balance at end of period	10,225	8,078
Changes in unrealized gains relating to instruments at period end	10,225	8,078
Changes in Level 3 liabilities
Balance at beginning of period	(2,545)	(332)
Total gains (losses) included in net income	2,402	(5,148)
Balance at end of period	(143)	(5,480)
Changes in unrealized losses relating to instruments at period end	$ (143)	$ (5,480)

FAIR VALUE OF ASSETS AND LIAB_6

FAIR VALUE OF ASSETS AND LIABILITIES - Impaired Loans (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Assets and liabilities measured on non-recurring basis
Total Losses	$ 1,385,000	$ 1,425,000
Residential loans
Assets and liabilities measured on non-recurring basis
Total Losses	8,000	2,000
Commercial real estate
Assets and liabilities measured on non-recurring basis
Total Losses		1,174,000
Commercial loans
Assets and liabilities measured on non-recurring basis
Total Losses	1,355,000	194,000
Other real estate owned and repossessed assets
Assets and liabilities measured on non-recurring basis
Total Losses	22,000	$ 55,000
Non-recurring
Assets and liabilities measured on non-recurring basis
Fair value	0		$ 0
Non-recurring \| Level 3
Assets and liabilities measured on non-recurring basis
Fair value	3,903,000		8,756,000
Non-recurring \| Level 3 \| Residential loans
Assets and liabilities measured on non-recurring basis
Fair value	1,456,000		919,000
Non-recurring \| Level 3 \| Commercial loans
Assets and liabilities measured on non-recurring basis
Fair value	1,917,000		7,242,000
Non-recurring \| Level 3 \| Other real estate owned and repossessed assets
Assets and liabilities measured on non-recurring basis
Fair value	$ 530,000		$ 595,000

FAIR VALUE OF ASSETS AND LIAB_7

FAIR VALUE OF ASSETS AND LIABILITIES - Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Cash and cash equivalents	$ 318,525	$ 205,870
Securities available for sale, at fair value	304,168	276,498
Federal Home Loan Bank stock	7,572	8,738
Loans held for sale	210,494	208,612
Loans, net	3,406,095	3,439,247
Retirement plan annuities	13,851	13,747
Accrued interest receivable	11,308	11,874
Financial liabilities:
Deposits	3,674,583	3,506,209
Subordinated debt	34,064	34,033
Mortgagors' escrow accounts	8,468	7,736
Accrued interest payable	739	1,262
Carrying Amount
Financial assets:
Cash and cash equivalents	318,525	205,870
Securities available for sale, at fair value	304,168	276,498
Federal Home Loan Bank stock	7,572	8,738
Loans held for sale	210,494	208,612
Loans, net	3,406,095	3,439,247
Retirement plan annuities	13,851	13,747
Accrued interest receivable	11,308	11,874
Financial liabilities:
Deposits	3,674,583	3,506,209
Borrowed funds	97,488	149,097
Subordinated debt	34,064	34,033
Mortgagors' escrow accounts	8,468	7,736
Accrued interest payable	739	1,262
Carrying Amount \| Derivative loan commitments
Derivative commitments/agreements:
Assets	6,988	12,623
Liabilities	119	341
Carrying Amount \| Interest rate management agreement
Derivative commitments/agreements:
Assets	438
Liabilities		1,407
Carrying Amount \| Interest rate swaps
Derivative commitments/agreements:
Assets	22,552	39,320
Liabilities	22,552	39,320
Carrying Amount \| Forward loan sale commitments
Derivative commitments/agreements:
Assets	3,236
Liabilities	24	2,204
Fair Value
Financial assets:
Cash and cash equivalents	318,525	205,870
Securities available for sale, at fair value	304,168	276,498
Loans held for sale	210,494	208,612
Loans, net	3,442,144	3,473,751
Retirement plan annuities	13,851	13,747
Accrued interest receivable	11,308	11,874
Financial liabilities:
Deposits	3,678,351	3,509,996
Borrowed funds	99,707	152,373
Subordinated debt	33,112	34,799
Mortgagors' escrow accounts	8,468	7,736
Accrued interest payable	739	1,262
Fair Value \| Derivative loan commitments
Derivative commitments/agreements:
Assets	6,988	12,623
Liabilities	119	341
Fair Value \| Interest rate management agreement
Derivative commitments/agreements:
Assets	438
Liabilities		1,407
Fair Value \| Interest rate swaps
Derivative commitments/agreements:
Assets	22,552	39,320
Liabilities	22,552	39,320
Fair Value \| Forward loan sale commitments
Derivative commitments/agreements:
Assets	3,236
Liabilities	24	2,204
Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	318,525	205,870
Fair Value \| Level 2
Financial assets:
Securities available for sale, at fair value	304,168	276,498
Loans held for sale	210,494	208,612
Accrued interest receivable	11,308	11,874
Financial liabilities:
Borrowed funds	99,707	152,373
Accrued interest payable	739	1,262
Fair Value \| Level 2 \| Interest rate management agreement
Derivative commitments/agreements:
Assets	438
Liabilities		1,407
Fair Value \| Level 2 \| Interest rate swaps
Derivative commitments/agreements:
Assets	22,552	39,320
Liabilities	22,552	39,320
Fair Value \| Level 3
Financial assets:
Loans, net	3,442,144	3,473,751
Retirement plan annuities	13,851	13,747
Financial liabilities:
Deposits	3,678,351	3,509,996
Subordinated debt	33,112	34,799
Mortgagors' escrow accounts	8,468	7,736
Fair Value \| Level 3 \| Derivative loan commitments
Derivative commitments/agreements:
Assets	6,988	12,623
Liabilities	119	341
Fair Value \| Level 3 \| Forward loan sale commitments
Derivative commitments/agreements:
Assets	3,236
Liabilities	$ 24	$ 2,204

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
EARNINGS PER SHARE
Net income available to common stockholders (in thousands)	$ 19,392	$ 4,724
Average number of common shares outstanding	56,332,242	58,418,021
Less: Average unallocated ESOP shares	(3,794,833)	(4,025,556)
Weighted average common shares outstanding used to calculate basic earnings per common share	52,537,409	54,392,465
Dilutive effect of share-based compensation	463,421
Weighted average common shares outstanding used to calculate diluted earnings per common share	53,000,830	54,392,465
Basic	$ 0.37	$ 0.09
Diluted	$ 0.37	$ 0.09
Stock Options
EARNINGS PER SHARE
Antidilutive securities excluded from computation of earnings per share	2,043,563	2,169,243

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting Information
Number of reportable segments \| segment	2
Net interest and dividend income (expense)	$ 32,052	$ 26,700
Provision for loan losses	91	3,749
Net interest and dividend income, after provision for loan losses	31,961	22,951
Mortgage banking income:
Gain on sale of mortgage loans	24,802	12,278
Changes in mortgage servicing rights fair value	3,409	(4,387)
Other	4,515	2,343
Total mortgage banking income	32,726	10,234
Other noninterest income (loss)	5,083	8,404
Total noninterest income	37,809	18,638
Noninterest expense	42,802	35,160
Income (loss) before income taxes	26,968	6,429
Provision (benefit) for income taxes	7,576	1,705
Net income	19,392	4,724
Total assets at year end	4,605,958	4,101,206	$ 4,483,615
Balance, end of year	69,802	69,802
HarborOne Bank
Mortgage banking income:
Balance, end of year	59,000
HarborOne Mortgage
Mortgage banking income:
Balance, end of year	10,800
Operating Segments \| HarborOne Bank
Segment Reporting Information
Net interest and dividend income (expense)	31,248	26,510
Provision for loan losses	91	3,749
Net interest and dividend income, after provision for loan losses	31,157	22,761
Mortgage banking income:
Intersegment (loss) gain	(662)	(400)
Changes in mortgage servicing rights fair value	286	(1,170)
Other	300	351
Total mortgage banking income	(76)	(1,219)
Other noninterest income (loss)	5,091	8,526
Total noninterest income	5,015	7,307
Noninterest expense	24,463	24,288
Income (loss) before income taxes	11,709	5,780
Provision (benefit) for income taxes	3,435	1,601
Net income	8,274	4,179
Total assets at year end	4,617,599	3,963,011
Balance, end of year	59,042	59,042
Operating Segments \| HarborOne Mortgage
Segment Reporting Information
Net interest and dividend income (expense)	1,250	281
Net interest and dividend income, after provision for loan losses	1,250	281
Mortgage banking income:
Gain on sale of mortgage loans	24,802	12,278
Intersegment (loss) gain	662	400
Changes in mortgage servicing rights fair value	3,123	(3,217)
Other	4,215	1,992
Total mortgage banking income	32,802	11,453
Other noninterest income (loss)	(8)	(122)
Total noninterest income	32,794	11,331
Noninterest expense	18,057	10,578
Income (loss) before income taxes	15,987	1,034
Provision (benefit) for income taxes	4,333	239
Net income	11,654	795
Total assets at year end	333,814	182,195
Balance, end of year	10,760	10,760
Operating Segments \| HarborOne Bancorp, Inc.
Segment Reporting Information
Net interest and dividend income (expense)	(446)	(91)
Net interest and dividend income, after provision for loan losses	(446)	(91)
Mortgage banking income:
Noninterest expense	282	294
Income (loss) before income taxes	(728)	(385)
Provision (benefit) for income taxes	(192)	(135)
Net income	(536)	(250)
Total assets at year end	735,699	710,316
Eliminations
Mortgage banking income:
Total assets at year end	$ (1,081,154)	$ (754,316)