HarborOne Bancorp (HONE) 10-K10 Mar 222021 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2021	Dec. 31, 2019	Mar. 01, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 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	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Central Index Key	0001769617
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float				$ 628,584,000
Entity Common Stock, Shares Outstanding			51,374,421
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Crowe LLP	Wolf & Company
Auditor Firm ID	173	392
Auditor Location	Livingston, New Jersey	Boston, Massachusetts

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 35,549	$ 31,777
Short-term investments	159,170	174,093
Total cash and cash equivalents	194,719	205,870
Securities available for sale, at fair value	394,036	276,498
Federal Home Loan Bank stock, at cost	5,931	8,738
Assets held for sale	881
Loans held for sale, at fair value	45,642	208,612
Loans	3,607,733	3,494,642
Less: Allowance for loan losses	(45,377)	(55,395)
Net loans	3,562,356	3,439,247
Accrued interest receivable	10,624	11,874
Other real estate owned and repossessed assets	53	595
Mortgage servicing rights, at fair value	38,268	24,833
Property and equipment, net	50,745	49,580
Retirement plan annuities	14,174	13,747
Bank-owned life insurance	89,972	87,950
Goodwill	69,802	69,802
Intangible assets	3,164	4,370
Other assets	73,038	81,899
Total assets	4,553,405	4,483,615
Deposits:
Demand deposit accounts	743,051	689,672
NOW accounts	313,733	218,584
Regular savings and club accounts	1,138,979	998,994
Money market deposit accounts	858,970	866,661
Term certificate accounts	627,916	732,298
Total deposits	3,682,649	3,506,209
Short-term borrowed funds		35,000
Long-term borrowed funds	55,711	114,097
Subordinated debt	34,159	34,033
Mortgagors' escrow accounts	8,459	7,736
Accrued interest payable	1,083	1,262
Other liabilities and accrued expenses	92,083	88,964
Total liabilities	3,874,144	3,787,301
Commitments and contingencies (Notes 9 and 10)
Common stock, $0.01 par value; 150,000,000 shares authorized; 59,087,487 and 58,834,970 shares issued; 52,390,478 and 57,205,458 shares outstanding at December 31, 2021 and 2020, respectively	585	584
Additional paid-in capital	469,934	464,176
Retained earnings	325,699	277,312
Treasury stock, at cost, 6,693,504 and 1,629,512 shares at December 31, 2021 and 2020, respectively	(85,859)	(16,644)
Accumulated other comprehensive (loss) income	(1,637)	2,185
Unearned compensation - ESOP	(29,461)	(31,299)
Total stockholders' equity	679,261	696,314
Total liabilities and stockholders' equity	$ 4,553,405	$ 4,483,615

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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	59,087,487	58,834,970
Common stock, shares outstanding	52,390,478	57,205,458
Treasury, shares	6,693,504	1,629,512

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest and dividend income:
Interest and fees on loans	$ 135,823	$ 137,765	$ 142,228
Interest on loans held for sale	3,342	3,892	2,767
Interest on taxable securities	4,212	5,510	6,325
Interest on non-taxable securities		103	494
Other interest and dividend income	518	1,288	2,970
Total interest and dividend income	143,895	148,558	154,784
Interest expense:
Interest on deposits	8,723	22,793	37,057
Interest on FHLB borrowings	1,707	3,604	6,588
Interest on subordinated debentures	2,095	2,095	2,077
Total interest expense	12,525	28,492	45,722
Net interest and dividend income	131,370	120,066	109,062
Provision (credit) for loan losses	(7,258)	34,815	4,747
Net interest and dividend income, after provision (credit) for loan losses	138,628	85,251	104,315
Mortgage banking income:
Gain on sale of mortgage loans	61,883	105,469	33,557
Changes in mortgage servicing rights fair value	(380)	(6,732)	(6,241)
Other	15,831	15,172	9,459
Total mortgage banking income	77,334	113,909	36,775
Deposit account fees	17,839	14,018	16,294
Income on retirement plan annuities	427	414	402
Loss on disposal of asset held for sale			(482)
Gain on sale and call of securities, net	241	2,533	1,344
Bank-owned life insurance income	2,022	2,215	1,105
Other income	2,823	5,591	4,657
Total noninterest income	100,686	138,680	60,095
Noninterest expense:
Compensation and benefits	101,924	105,615	86,787
Occupancy and equipment	19,646	17,841	17,396
Data processing	9,154	8,811	8,692
Loan expenses	5,740	9,810	5,325
Marketing	3,644	3,390	3,705
Deposit expenses	1,782	1,874	1,583
Postage and printing	1,620	1,819	1,935
Professional fees	5,875	5,456	5,689
Prepayment penalties on Federal Home Loan Bank advances	1,095
Foreclosed and repossessed assets	(398)	(4)	13
Deposit insurance	1,338	1,180	1,035
Other expenses	7,442	10,130	9,574
Total noninterest expense	158,862	165,922	141,734
Income before income taxes	80,452	58,009	22,676
Income tax provision	21,935	13,217	4,408
Net income	$ 58,517	$ 44,792	$ 18,268
Earnings per common share:
Basic	$ 1.15	$ 0.82	$ 0.33
Diluted	$ 1.14	$ 0.82	$ 0.33
Weighted average shares outstanding:
Weighted average common shares, basic	50,746,302	54,313,368	55,731,637
Weighted average common shares, diluted	51,523,135	54,319,835	55,731,776

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Income
Net income	$ 58,517	$ 44,792	$ 18,268
Unrealized gain/loss on cash flow hedge:
Unrealized holding gains (losses)	2,557	(1,453)
Reclassification adjustment for net losses included in net income	513	46
Net change in unrealized gains (losses) on derivatives in cash flow hedging instruments	3,070	(1,407)
Related tax effect	(860)	394
Net-of-tax amount	2,210	(1,013)
Unrealized gain/loss on securities available for sale:
Unrealized holding (losses) gains	(7,496)	4,214	6,266
Reclassification of unrealized gain on securities transferred to available for sale		522
Reclassification adjustment for net realized gains	(241)	(2,533)	(1,344)
Net unrealized (losses) gains	(7,737)	2,203	4,922
Related tax effect	1,705	(485)	(1,084)
Net-of-tax amount	(6,032)	1,718	3,838
Total other comprehensive (loss) income	(3,822)	705	3,838
Comprehensive income	$ 54,695	$ 45,497	$ 22,106

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, at Cost	Accumulated Other Comprehensive Income (Loss) [Member]	Unearned Compensation - ESOP	Total
Balance at beginning of period at Dec. 31, 2018	$ 327	$ 152,156	$ 219,088	$ (1,548)	$ (2,358)	$ (10,091)	$ 357,574
Balance, beginning of period (in shares) at Dec. 31, 2018	58,465,505
Comprehensive income (loss)			18,268		3,838		22,106
Conversion of HarborOne Bancorp, Inc.	$ 257	303,804					304,061
Conversion of HarborOne Bancorp, Inc. (in shares)	8,760
Purchase of shares by the ESOP						(24,829)	(24,829)
Treasury stock retired		(1,548)		1,548
Contribution of HarborOne Bancorp Mutual Bancshares		99					99
ESOP shares committed to be released		872				1,783	2,655
Restricted stock awards granted, net of forfeitures (in shares)	14,957
Share-based compensation expense		4,849					4,849
Treasury stock purchased				(721)			(721)
Treasury stock purchased (in shares)	(71,201)
Balance at end of period at Dec. 31, 2019	$ 584	460,232	237,356	(721)	1,480	(33,137)	665,794
Balance, end of period (in shares) at Dec. 31, 2019	58,418,021
Comprehensive income (loss)			44,792		705		45,497
Dividends declared per share			(4,836)				(4,836)
ESOP shares committed to be released		265				1,838	2,103
Restricted stock awards granted, net of forfeitures (in shares)	345,748
Share-based compensation expense		3,679					3,679
Treasury stock purchased				(15,923)			$ (15,923)
Treasury stock purchased (in shares)	(1,558,311)						(1,533,500)
Balance at end of period at Dec. 31, 2020	$ 584	464,176	277,312	(16,644)	2,185	(31,299)	$ 696,314
Balance, end of period (in shares) at Dec. 31, 2020	57,205,458						57,205,458
Comprehensive income (loss)			58,517		(3,822)		$ 54,695
Dividends declared per share			(10,130)				(10,130)
ESOP shares committed to be released		1,332				1,838	3,170
Restricted stock awards granted, net of forfeitures (in shares)	186,172
Share-based compensation expense		3,784					3,784
Stock option exercised	$ 1	642					643
Stock option exercised (in shares)	62,840
Treasury stock purchased				(69,215)			(69,215)
Treasury stock purchased (in shares)	(5,063,992)
Balance at end of period at Dec. 31, 2021	$ 585	$ 469,934	$ 325,699	$ (85,859)	$ (1,637)	$ (29,461)	$ 679,261
Balance, end of period (in shares) at Dec. 31, 2021	52,390,478						52,390,478

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019USD ($)shares
Consolidated Statements of Changes in Stockholders' Equity
Dividends declared per share \| $ / shares	$ 0.20	$ 0.09
Shares purchased by the ESOP			2,482,945
ESOP shares committed to be released	230,722	230,723	230,724
Conversion costs \| $			$ 6.3

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 58,517	$ 44,792	$ 18,268
Adjustments to reconcile net income to net cash used by operating activities:
(Credit) provision for loan losses	(7,258)	34,815	4,747
Net amortization of securities premiums/discounts	3,689	2,263	391
Proceeds from sale of loans	2,190,295	2,460,786	1,105,494
Loans originated for sale	(1,973,672)	(2,446,830)	(1,138,718)
Net (accretion) amortization of net deferred loan costs/fees and premiums	(2,530)	370	2,867
Depreciation and amortization of premises and equipment	4,412	4,011	4,394
Change in mortgage servicing rights fair value	380	6,732	6,241
Mortgage servicing rights capitalized	(13,815)	(14,415)	(1,173)
Accretion of fair value adjustment on loans and deposits, net	(3,455)	(4,175)	(2,838)
Amortization of other intangible assets	1,206	1,665	2,344
Amortization of subordinated debt issuance costs	126	126	108
Gain on sale and call of securities, net	(241)	(2,533)	(1,344)
Net gains on mortgage loan sales, including fair value adjustments	(53,653)	(112,016)	(35,221)
Bank-owned life insurance income	(2,022)	(2,215)	(1,105)
Income on retirement plan annuities	(427)	(414)	(402)
Loss on disposal of asset held for sale			482
Net loss on disposal of premises and equipment		101	116
Net (gain) loss on sale and write-down of other real estate owned and repossessed assets	(243)	(41)	(69)
Deferred income tax expense (benefit)	6,427	(3,614)	(556)
ESOP expense	3,170	2,103	2,655
Share-based compensation expense	3,784	3,679	4,849
Net change in:
Increase in operating lease right-of-use assets	(3,592)
Increase in operating lease liabilities	4,000
Change in other assets	32,974	(33,222)	(11,619)
Change in other liabilities	(23,777)	31,080	3,962
Net cash provided (used) by operating activities	224,295	(26,952)	(36,127)
Activity in securities available for sale:
Maturities, prepayments and calls	148,702	110,615	56,691
Purchases	(316,746)	(191,560)	(109,289)
Sales	39,321	67,574	28,391
Activity in securities held to maturity:
Maturities, prepayment and calls		432	18,218
Sales		4,759
Net redemption of FHLB stock	2,807	8,383	7,848
Investment in bank-owned life insurance			(40,000)
Proceeds on asset held for sale		8,536
Proceeds from sale of portfolio loans transferred to held for sale		10,000
Loan pool purchases	(26,768)
Participation-in loan purchases	(87,837)	(27,133)	(112,259)
Net loan payments (originations)	4,352	(306,421)	(76,389)
Proceeds from sale of other real estate owned and repossessed assets	1,576	1,704	2,290
Additions to property and equipment	(6,458)	(5,741)	(4,434)
Cash received in MHC merger			99
Net cash used by investing activities	(241,051)	(318,852)	(228,834)
Cash flows from financing activities:
Net increase in deposits	176,035	562,591	256,847
Net change in short-term borrowed funds	(35,000)	(148,000)	(107,000)
Proceeds from other borrowed funds and subordinated debt	3,400	40,000	31,220
Repayment of other borrowed funds	(61,786)	(97,035)	(90,024)
Net change in mortgagors' escrow accounts	723	1,683	1,502
Purchase of shares by the ESOP			(24,829)
Proceeds from exercise of stock options	643
Treasury stock purchased	(69,215)	(15,923)	(721)
Net proceeds from sale of common stock			304,061
Dividends paid	(9,195)	(3,258)
Net cash provided by financing activities	5,605	340,058	371,056
Net change in cash and cash equivalents	(11,151)	(5,746)	106,095
Cash and cash equivalents at beginning of year	205,870	211,616	105,521
Cash and cash equivalents at end of year	194,719	205,870	211,616
Supplemental cash flow information:
Interest paid on deposits	8,714	23,253	36,824
Interest paid on borrowed funds	3,951	5,910	8,933
Income taxes paid, net	20,885	18,089	3,627
Transfer of loans to other real estate owned and repossessed assets	792	1,540	2,191
Transfer of securities held to maturity to available for sale, fair value		22,051
Transfer of asset to assets held for sale	881	10,937	$ 8,536
Dividends declared	10,130	$ 4,836
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	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation HarborOne Bancorp, Inc. (the “Company”) is the stock holding company of HarborOne Bank (the “Bank”), a Massachusetts-chartered savings bank, which in turn owns a residential mortgage banking company, HarborOne Mortgage, LLC (“HarborOne Mortgage”). HarborOne Mortgage was acquired as Merrimack Mortgage, LLC on July 1, 2015 and effective April 3, 2018 became HarborOne Mortgage. The Consolidated Financial Statements include the accounts of the Company, the Company’s subsidiaries, Legion Parkway Company LLC, a security corporation formed on July 13, 2016 and HarborOne Bank; and the Bank’s wholly-owned subsidiaries. HarborOne Mortgage, two security corporation subsidiaries and one passive investment subsidiary, which 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. Conversion and Reorganization On August 14, 2019, the Company completed a second step conversion offering (the “Offering”). Prior to the completion of the Offering, approximately 53% of the shares of common stock of the Company were owned by HarborOne Mutual Bancshares, a mutual holding company (the “MHC”). The Company raised gross proceeds of $310.4 million and incurred expenses of $6.3 million, resulting in net cash proceeds of $304.1 million by selling 31,036,812 shares of common stock at $10.00 per share in the Offering, shares of common stock formerly held by the MHC. In addition, each share of the Company common stock owned by shareholders, other than the MHC, prior to the Offering was exchanged for 1.795431 shares of Company common stock, for a total of 12,162,763 shares of Company common stock that were issued in the exchange. The Company utilized $24.8 million to fund an additional ESOP loan, invested $151.3 million into the Bank’s operations, and retained the remaining amount for general corporate purposes. All historical share and per share information has been restated to reflect the 1.795431 exchange ratio. The Company established a liquidation account in connection with Offering. The liquidation accounts are maintained for the benefit of the eligible account holders and supplemental eligible account holders who maintain their accounts at the Bank after the offering. The liquidation accounts are reduced annually to the extent that such account holders have reduced their qualifying deposits as of each anniversary date. Subsequent increases will not restore an account holder’s interest in the liquidation account. The Company is not permitted to pay dividends on its capital stock if the Company’s shareholders’ equity would be reduced below the amount of the liquidation account. Nature of Operations The Company provides a variety of financial services to individuals and businesses through its 30 full-service bank branches in Massachusetts and Rhode Island, and a commercial lending office in each of Boston, Massachusetts and Providence, Rhode Island. HarborOne Mortgage maintains 28 offices in Massachusetts, Rhode Island, and New Hampshire and originates loans in seven 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 and consumer loans, including indirect automobile lease loans. The Company also originates, sells and services residential mortgage loans primarily through HarborOne Mortgage. Risks and Uncertainties On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted to address the economic effects of the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new loan program called the Paycheck Protection Program (“PPP”). As of December 31, 2021, PPP loans outstanding amounted to $27.0 million, and there was $949,000 in deferred processing fee income that will be recognized in the first quarter of 2022 when the remaining loans are expected to be forgiven. The CARES Act also allowed banks to elect to suspend requirements under accounting principles generally accepted in the United States of America (“GAAP”) for loan modifications related to the COVID-19 pandemic that would otherwise be categorized as a restructured loan, including impairment for accounting purposes. From March 1, 2020 through January 1, 2022, a financial institution may elect to suspend the requirements under accounting principles generally accepted in the U.S. for loan modifications related to the COVID–19 pandemic that would otherwise be categorized as a troubled debt restructured (“TDR”), including impairment accounting. This TDR relief is applicable for the term of the loan modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. Financial institutions are required to maintain records of the volume of loans involved in modifications to which TDR relief is applicable. With the passage of the CARES Act, the option to delay implementation of FASB Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326), commonly referred to as “CECL,” was provided until the earlier of the national health emergency being declared over or December 31, 2020. The Consolidated Appropriations Act passed on December 27, 2020 provided the option of postponing adoption of the CECL standard until the earlier of the end of the national emergency declaration related to the COVID-19 pandemic or December 31, 2022. The fiscal stimulus and relief programs have been an effective mitigant to credit losses in the near term; however, once these programs are discontinued the severity of potential losses is uncertain and depends on numerous factors and future developments. The Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. Effects may include: ● Net interest income could be reduced. In accordance with regulatory guidance, the Company worked 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. ● Noninterest income could be reduced. Uncertainty regarding the severity and duration of the COVID-19 pandemic could cause further volatility in the financial markets. 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. The COVID-19 pandemic could cause further and sustained decline in the Company’s stock price or the occurrence of additional valuation triggering events that could result in an impairment charge to earnings. Use of Estimates To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, Management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, however, actual results could differ. Significant Group Concentration of Credit Risk The Company has cash and federal fund balances on deposit at correspondent banks that exceed insurable limits. The Company has not experienced any losses on such amounts. Most of the Company’s lending activities are with borrowers located within south eastern New England. The ability and willingness of residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the borrowers’ geographic area and real estate values. Note 5 provides the detail of the Company’s loan portfolio and Note 3 provides the detail of the Company’s investment portfolio. The Company does not have any significant concentrations to any one industry or customer. Reclassifications Certain previously reported amounts have been reclassified to conform to the current year’s presentation. Cash Flows Cash and cash equivalents include cash, interest-bearing deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions and interest-bearing deposits in other financial institutions. Debt Securities Debt securities are classified as held-to-maturity and carried at amortized cost when Management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates debt securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For debt securities in an unrealized loss position, Management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a debt security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the income statement and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Federal Home Loan Bank Stock The Company, as a member of the Federal Home Loan Bank (“FHLB”) system, is required to maintain an investment in capital stock of the FHLB of Boston. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on the stock. The Company reviews FHLB stock for impairment based on the ultimate recoverability of the cost basis. As of December 31, 2021 and 2020, no impairment has been recognized. Mortgage Loans Held for Sale Residential mortgage loans originated with the intent to sell are classified as held-for-sale and are carried at fair value. Loan origination costs for loans held for sale that the Company accounts for under the fair value option are recognized in noninterest expense when incurred. Changes in fair value are recognized in mortgage banking income. Gains and losses on residential loan sales are recognized at the time of sale and are included in mortgage banking income. Upfront fees and costs related to mortgage loans held for sale for which the fair value option was elected are recognized in mortgage banking income as received / incurred and are not deferred. Interest income on mortgage loans held for sale is recorded in interest income. Loans Loans held for investment are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any unamortized deferred origination fees and costs. Loan origination fees are offset with related direct incremental loan origination costs and the resulting net amount is deferred and amortized to interest income using the level-yield method over the remaining life of the loan without anticipating prepayment. Accrual of interest on loans is discontinued when collectability of principal or interest is uncertain or when payments of principal or interest have become contractually past due 90 days or more. Past due status is based on contractual terms of the loan. However, a loan may remain on accrual status if both the value of any collateral securing the loan is sufficient to cover principal and accrued interest thereon, and the loan is in the process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company’s loan portfolio includes residential real estate, commercial real estate, construction, commercial and industrial and consumer segments. Residential real estate loans include classes for one- to four-family and second mortgages and equity lines of credit. Consumer loans include classes for auto and personal loans. The Company’s acquired loans are recorded at fair value with no carryover of the allowance for loan losses. Net discount on performing loans acquired are recognized as interest income over the remaining life of the loan. Acquired loans determined to have evidence of deterioration in credit quality and when it is probable, at acquisition, that all contractually required payments will not be collected, are deemed to be purchased credit impaired (“PCI”) loans. For PCI loans, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the “accretable yield,” is accreted into interest income over the life of the loans using the effective yield method. The Company monitors actual cash flows to determine any deterioration from those forecasted at the acquisition date, which is evaluated and recorded through the allowance for loan losses. Allowance for Loan Losses The allowance for loan losses is established based upon the level of estimated probable losses in the current loan portfolio. Loan losses are charged against the allowance when Management believes the collectability of a loan balance is doubtful. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by Management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, specific and unallocated components, as further described below. General component The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the Company’s loan segments. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment except commercial real estate, commercial construction and commercial and industrial loans. Due to the lack of historical loss experience for our commercial real estate, commercial construction and commercial and industrial loan portfolio, we utilize peer loss data. Adjustments to loss factors are considered for the following qualitative factors: levels/trends in delinquencies, modifications, and charge-offs; trends in volume, concentrations, and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; changes in the loan review system; experience/ability/depth of lending management and staff; unemployment rates; national and local economic trends and conditions; and other external factors, including COVID-19. The determination of qualitative factors involves significant judgement. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate – The Company generally does not originate portfolio loans with a loan-to-value ratio greater than 80 percent without obtaining private mortgage insurance and does not generally grant loans that would be classified as subprime upon origination. The Company generally has first or second liens on the property securing equity lines of credit. Loans in this segment are generally collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, can have an effect on the credit quality in this segment. Residential construction –Residential construction loans include loans to build one- to four-family owner-occupied properties, which are subject to the same credit quality factors as residential real estate loans. Commercial real estate – Commercial real estate loans are primarily secured by income-producing properties in southeastern New England. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy, as evidenced by increased vacancy rates, which in turn, could have an effect on the credit quality in this segment. Management obtains rent rolls annually and continually monitors the cash flows of these loans. Commercial construction –Commercial construction loans may include speculative real estate development loans for which payment is derived from lease or sale of the property. Credit risk is affected by cost overruns, time to lease or sell at an adequate price, and market conditions. Commercial and industrial – Commercial and industrial loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer or business spending, could have an effect on the credit quality in this segment. Consumer – Consumer loans in this segment are generally secured by automobiles or unsecured and repayment is dependent on the credit quality of the individual borrower. Specific Reserve The specific reserves relate to loans that are classified as impaired. Residential real estate and commercial loans are evaluated for impairment on a loan-by-loan basis. Impairment is determined by nonaccrual status, whether a loan is subject to a TDR agreement or in the case of certain loans, based on the internal credit rating. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, except for TDRs, the Company does not separately identify individual consumer loans for impairment evaluation. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by Management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. TDRs are individually evaluated for impairment and included in the separately identified impairment disclosures. TDRs are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For TDRs that subsequently default, the Company determines the amount of the allowance on that loan in accordance with the accounting policy for the allowance for loan losses on loans individually identified as impaired. The company incorporates recent historical experience related to TDRs including the performance of TDRs that subsequently default into the calculation of the allowance by loan portfolio segment. Unallocated component The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general reserves in the portfolio. The unallocated component is maintained to cover uncertainties that could affect Management’s estimate of probable losses. Additionally, the Company’s unseasoned commercial portfolio and use of peer group data to establish general reserves for the commercial portfolio adds another element of risk to Management’s estimates. Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Property and Equipment Land is carried at cost. Buildings, leasehold improvements, and furniture and equipment are carried at cost, less accumulated depreciation and amortization, computed on the straight-line method over the estimated useful lives of the assets or the terms of the leases, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. Maintenance and repairs are charged to expense as incurred and improvements are capitalized. Leases The Company adopted Accounting Standards Update (“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 right-of-use (“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 December, 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 15, Operating Lease Right-of-Use Assets and Liabilities, for further information. Retirement Plan Annuities Retirement plan annuities are reflected on the Consolidated Balance Sheets at the face amount of the policies. Changes in recorded value are reflected in income on retirement plan annuities on the Consolidated Statements of Income. Bank-owned Life Insurance Bank-owned life insurance policies are reflected on the Consolidated Balance Sheets at net cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in bank-owned life insurance income on the Consolidated Statements of Income and are not subject to income taxes. The Company is the beneficiary on these life insurance policies which are purchased for select employees of the Company. Employee Stock Ownership Plan Compensation expense for the Company’s ESOP is recorded at an amount equal to the shares committed to be allocated by the ESOP multiplied by the quarterly average fair market value of the shares during the year. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares committed to be allocated by the ESOP. The difference between the average fair market value and the cost of the shares committed to be allocated by the ESOP is recorded as an adjustment to additional paid-in capital. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce debt and accrued interest. Mortgage Servicing Rights When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in fair value of servicing assets in earnings in the period in which the changes occur, and are included with changes in mortgage servicing rights fair value Servicing fee income, which is reported on the income statement as Mortgage banking income, Other income, Derivative Financial Instruments At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), of (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents all relationships between derivatives and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting prospectively when it is determined that (1) the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item; (2) the derivative expires, is sold, or terminated; (3) the derivative instrument is de-designated as a hedge because the forecasted transaction is no longer probable of occurring; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) Management otherwise determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transaction is still expected to occur, changes in value that were accumulated in other comprehensive income are amortized or accreted into earnings over the same periods which the hedged transactions will affect earnings. The Company accounts for commitments to fund mortgage loa

CASH AND DUE FROM BANKS

CASH AND DUE FROM BANKS	12 Months Ended
CASH AND DUE FROM BANKS	Dec. 31, 2021
CASH AND DUE FROM BANKS
CASH AND DUE FROM BANKS	2. Effective March 26, 2020, the Federal Reserve reduced the reserve requirement to 0% which eliminated reserve requirements for all depository institutions. Prior to March 26, 2020, the Company was required to maintain average balances on hand or with the Federal Reserve Bank of Boston.

DEBT SECURITIES

DEBT SECURITIES	12 Months Ended
DEBT SECURITIES	Dec. 31, 2021
DEBT SECURITIES
DEBT SECURITIES	3. 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) December 31, 2021: Securities available for sale U.S. government and government-sponsored enterprise obligations $ 42,148 $ — $ 883 $ 41,265 U.S. government agency and government-sponsored residential mortgage-backed securities 347,716 914 3,870 344,760 U.S. government-sponsored collateralized mortgage obligations 3,927 100 — 4,027 SBA asset-backed securities 3,880 104 — 3,984 Total securities available for sale $ 397,671 $ 1,118 $ 4,753 $ 394,036 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 Seventeen mortgage-backed securities with a combined fair value of $13.9 million are pledged as collateral for interest rate swap agreements as of December 31, 2021 (see Note 14). 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 December 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 42,148 41,265 Over 10 years — — 42,148 41,265 U.S. government agency and government-sponsored residential mortgage-backed securities 347,716 344,760 U.S. government-sponsored collateralized mortgage obligations 3,927 4,027 SBA asset-backed securities 3,880 3,984 Total $ 397,671 $ 394,036 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 month to 30 years; however, it is expected that such securities will have shorter actual lives due to prepayments. U.S. government and GSE obligations are callable at the discretion of the issuer. The U.S. government and GSE obligations with a total fair value of $41.3 million have a final maturity of 10 years and a call feature of 2 months to 2 years. At the year ended December 31, 2021 and 2020, 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: Year Ended December 31, 2021 2020 2019 (in thousands) Sales Proceeds $ 39,321 $ 72,333 $ 28,391 Gross gains 241 2,521 1,267 Gross losses — — — Calls Proceeds $ 5,000 $ 13,635 $ 20,145 Gross gains — 12 77 Gross losses — — — Information pertaining to securities with gross unrealized losses at December 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) December 31, 2021: Securities available for sale U.S. government and government-sponsored enterprise obligations $ 883 $ 41,265 $ — $ — U.S. government agency and government-sponsored residential mortgage-backed securities 2,835 262,889 1,035 35,552 $ 3,718 $ 304,154 $ 1,035 $ 35,552 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 OTTI at each reporting period, and more frequently when economic or market concerns warrant such evaluation. As of December 31, 2021, the Company’s security portfolio consisted of 126 debt securities, 76 of which were in an unrealized loss position. The unrealized losses are primarily 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 OTTI impaired at December 31, 2021.

LOANS HELD FOR SALE

LOANS HELD FOR SALE	12 Months Ended
LOANS HELD FOR SALE	Dec. 31, 2021
LOANS HELD FOR SALE
LOANS HELD FOR SALE	4. 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: December 31, 2021 2020 (in thousands) Loans held for sale, fair value $ 45,642 $ 208,612 Loans held for sale, contractual principal outstanding 44,245 198,984 Fair value less unpaid principal balance $ 1,397 $ 9,628 The Company has elected the fair value option for mortgage loans held for sale to better match changes in the 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 $8.2 million in the year ended December 31, 2021 to $1.4 million, compared to an increase of $6.5 million in the year ended December 31, 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 Consolidated Statements of Income. At December 31, 2021 and 2020, there were no loans held for sale that were greater than 90 days past due.

LOANS

LOANS	12 Months Ended
LOANS	Dec. 31, 2021
LOANS
LOANS	5. LOANS A summary of the balances of loans follows: December 31, 2021 2020 (in thousands) Residential real estate: One- to four-family $ 1,047,819 $ 928,934 Second mortgages and equity lines of credit 136,853 145,672 Residential real estate construction 33,308 31,217 Total residential real estate loans 1,217,980 1,105,823 Commercial: Commercial real estate 1,699,877 1,551,265 Commercial construction 136,563 99,331 Commercial and industrial 421,608 464,393 Total commercial loans 2,258,048 2,114,989 Consumer loans: Auto 124,354 265,266 Personal 7,351 8,564 Total consumer loans 131,705 273,830 Total loans 3,607,733 3,494,642 Allowance for loan losses (45,377) (55,395) Loans, net $ 3,562,356 $ 3,439,247 The net unamortized deferred loan origination fees and costs included in total loans and leases were $4.4 million and $2.3 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and December 31, 2020, the commercial and industrial loans include $27.0 million and $126.5 million, respectively, of PPP loans and $949,000 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 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 December 31, 2021 and 2020, the Company was servicing loans for participants aggregating $288.9 million and $284.2 million, respectively. Acquired Loans The loans purchased from Coastway included $5.4 million in purchased credit impaired loans (“PCI”). The PCI loans were primarily residential real estate loans. The following table provides certain information pertaining to PCI loans: December 31, 2021 2020 (in thousands) Outstanding balance $ 3,076 $ 4,307 Carrying amount $ 2,828 $ 4,079 The following table summarizes activity in the accretable yield for PCI loans: Years Ended December 31, 2021 2020 (in thousands) Balance at beginning of period $ 141 $ 149 Additions — — Accretion (27) (8) Reclassification from nonaccretable difference — — Balance at end of period $ 114 $ 141 The following is the activity in the allowance for loan losses for the years ended December 31, 2021, 2020 and 2019 follows: Second Mortgages Residential One- to Four- and Equity Real Estate Commercial Commercial Commercial Family Lines of Credit Construction Real Estate Construction and Industrial Consumer Unallocated Total (in thousands) Balance at December 31, 2018 $ 2,681 $ 508 $ 50 $ 10,059 $ 2,707 $ 2,286 $ 1,154 $ 1,210 $ 20,655 Provision (credit) for loan losses (373) (7) (27) 2,810 (181) 1,744 497 284 4,747 Charge-offs (20) (116) — — — (1,075) (891) — (2,102) Recoveries 314 168 — 6 — 22 250 — 760 Balance at December 31, 2019 $ 2,602 $ 553 $ 23 $ 12,875 $ 2,526 $ 2,977 $ 1,010 $ 1,494 $ 24,060 Provision for loan losses 3,399 388 174 23,129 366 3,552 1,831 1,976 34,815 Charge-offs (51) (9) — (1,240) (937) (1,471) (599) — (4,307) Recoveries 218 122 — 1 — 253 233 — 827 Balance at December 31, 2020 $ 6,168 $ 1,054 $ 197 $ 34,765 $ 1,955 $ 5,311 $ 2,475 $ 3,470 $ 55,395 Provision (credit) for loan losses (2,755) (794) (128) (1,123) 55 2,055 (2,098) (2,470) (7,258) Charge-offs — — — (405) — (2,850) (177) — (3,432) Recoveries 218 160 — 5 — 122 167 — 672 Balance at December 31, 2021 $ 3,631 $ 420 $ 69 $ 33,242 $ 2,010 $ 4,638 $ 367 $ 1,000 $ 45,377 Allocation of the allowance to loan segments at December 31, 2021 and 2020 follows: Residential Commercial Commercial Commercial Real Estate Real Estate Construction and Industrial Consumer Unallocated Total (in thousands) December 31, 2021: Loans: Impaired loans $ 23,110 $ 20,203 $ — $ 4,182 $ — $ 47,495 Non-impaired loans 1,194,870 1,679,674 136,563 417,426 131,705 3,560,238 Total loans $ 1,217,980 $ 1,699,877 $ 136,563 $ 421,608 $ 131,705 $ 3,607,733 Allowance for loan losses: Impaired loans $ 650 $ 7,275 $ — $ 21 $ — $ — $ 7,946 Non-impaired loans 3,470 25,967 2,010 4,617 367 1,000 37,431 Total allowance for loan losses $ 4,120 $ 33,242 $ 2,010 $ 4,638 $ 367 $ 1,000 $ 45,377 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 December 31, 2021 and 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) December 31, 2021 Residential real estate: One- to four-family $ 5,578 $ 2,901 $ 3,777 $ 12,256 $ 11,210 Second mortgages and equity lines of credit 202 — 336 538 600 Commercial real estate 149 — 11,334 11,483 20,053 Commercial construction — — — — — Commercial and industrial 616 1 3,277 3,894 4,114 Consumer: Auto 747 162 140 1,049 144 Personal 67 — 12 79 12 Total $ 7,359 $ 3,064 $ 18,876 $ 29,299 $ 36,133 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 December 31, 2021 and 2020, there were no loans past due 90 days or more and still accruing. During the year ended December 31, 2020 two non-performing loans with a recorded investment of $10.9 million, were sold and a charge off of $937,000 was recorded. The following information pertains to impaired loans: December 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 $ 14,115 $ 15,335 $ — $ 12,284 $ 13,039 $ — Commercial real estate 2,641 2,692 — 3,552 4,741 — Commercial construction — — — — — — Commercial and industrial 1,389 3,396 — 9,243 11,604 — Total 18,145 21,423 — 25,079 29,384 — Impaired loans with a specific reserve: Residential real estate 8,995 9,791 650 12,100 12,355 802 Commercial real estate 17,562 24,847 7,275 8,961 8,961 1,845 Commercial construction — — — — — — Commercial and industrial 2,793 3,596 21 116 181 31 Total 29,350 38,234 7,946 21,177 21,497 2,678 Total impaired loans $ 47,495 $ 59,657 $ 7,946 $ 46,256 $ 50,881 $ 2,678 Year Ended December 31, 2021 2020 2019 Interest Interest Interest Average Interest Income Average Interest Income Average Interest Income Recorded Income Recognized Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis Investment Recognized on Cash Basis (in thousands) Residential real estate $ 23,800 $ 795 $ 732 $ 26,040 $ 1,115 $ 1,054 $ 29,708 $ 1,694 $ 1,335 Commercial real estate 15,156 6 6 5,064 2 2 643 10 10 Commercial construction — — — 8,831 — — 5,622 237 237 Commercial and industrial 7,078 5 5 8,162 80 80 5,564 54 54 Total $ 46,034 $ 806 $ 743 $ 48,097 $ 1,197 $ 1,136 $ 41,537 $ 1,995 $ 1,636 Interest income recognized and interest income recognized on a cash basis in the table above represent interest income for the years ended December 31, 2021, 2020 and 2019, not for the time period designated as impaired. No additional funds are committed to be advanced in connection with impaired loans. Loan modifications and payment deferrals as a result of the COVID-19 pandemic that meet the criteria established under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators are excluded from evaluation of TDR classification and will continue to be reported as current during the payment deferral period. The Company’s policy is to continue to accrue interest during the deferral period. Loans that do not meet the CARES Act or regulatory guidance criteria are evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures. There were no material TDR loan modifications for the year ended December 31, 2021 and December 31, 2020. During the year ended December 31, 2019, there was one material TDR loan modification for a $2.0 million commercial loan. The TDR included an extension of maturity dates, interest only periods, and compliance with specific covenants. The recorded investment of TDRs was $11.0 million and $15.1 million at December 31, 2021 and 2020, respectively. Commercial TDRs totaled $408,000 and $2.5 million at December 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 $1.0 million and $3.6 million at December 31, 2021 and December 31, 2020, respectively. Of these loans, $190,000 and $2.5 million were non-accrual commercial TDRs at December 31, 2021 and 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. For the years ended December 31, 2021, 2020 and 2019, there were no significant TDRs that defaulted in the first twelve months of restructure. A default is defined as two or more payments in arrears. As noted above, loan modifications and payment deferrals as a result of the COVID-19 pandemic that meet the criteria established under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators are excluded from evaluation of TDR classification and will continue to be reported as current during the payment deferral period. The Company’s policy is to continue to accrue interest during the deferral period. Loans not meeting the CARES Act or regulatory guidance are evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures. There were no loan modifications made pursuant to the CARES Act that were in payment deferral at December 31, 2021. 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, 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 December 31, 2021 and 2020: December 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 $ 1,645,871 $ 136,563 $ 417,408 $ 1,524,105 $ 99,331 $ 452,665 Loans rated 7 33,953 — 85 14,674 — 3,122 Loans rated 8 20,053 — 694 9,455 — 7,080 Loans rated 9 — — 3,421 3,031 — 1,526 Loans rated 10 — — — — — — $ 1,699,877 $ 136,563 $ 421,608 $ 1,551,265 $ 99,331 $ 464,393

MORTGAGE LOAN SERVICING

MORTGAGE LOAN SERVICING	12 Months Ended
MORTGAGE LOAN SERVICING	Dec. 31, 2021
MORTGAGE LOAN SERVICING
MORTGAGE LOAN SERVICING	6. 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 Consolidated Balance Sheets. The risks inherent in MSRs relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The unpaid principal balances of mortgage loans serviced for others were $3.65 billion and $3.05 billion as of December 31, 2021 and 2020, respectively. The Company accounts for MSRs at fair value. The Company obtains and reviews 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. At December 31, 2021 and 2020, the following weighted average assumptions were used in the calculation of fair value of MSRs: December 31, 2021 2020 Prepayment speed 9.40 % 14.30 % Discount rate 9.20 9.23 Default rate 1.64 2.27 The following summarizes changes to MSRs for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands) Balance, beginning of period $ 24,833 $ 17,150 22,217 Additions 13,815 14,415 1,174 Changes in fair value due to: Reductions from loans paid off during the period (6,019) (4,181) (1,972) Changes in valuation inputs or assumptions 5,639 (2,551) (4,269) Balance, end of period $ 38,268 $ 24,833 17,150 For the years ended December 31, 2021, 2020 and 2019, contractually specified servicing fees included in other mortgage banking income amounted to $7.4 million, $4.7 million, and $4.2 million respectively.

OTHER REAL ESTATE LOANS AND REP

OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS	12 Months Ended
OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS	Dec. 31, 2021
OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS
OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS	7. OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS Income and expenses applicable to foreclosed and repossessed assets include the following: Year Ended December 31, 2021 2020 2019 (in thousands) Gain on sales of real estate, net $ (198) $ (86) $ (181) Net loss on sales of repossessed assets (45) 45 112 Operating expenses (155) 37 82 $ (398) $ (4) $ 13 At December 31, 2021, there were no foreclosed assets and repossessed assets were automobiles with a total recorded value of $53,000 . At December 31, 2020, foreclosed and repossessed assets included one residential real estate property with a recorded value of $297,000 and automobiles with total recorded values of $298,000 , respectively. All foreclosed and repossessed assets are held for sale. Mortgage loans in the process of foreclosure totaled $2.9 million and $4.3 million as of December 31, 2021 and 2020, respectively, and are reported in loans.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
PROPERTY AND EQUIPMENT	Dec. 31, 2021
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	8. PROPERTY AND EQUIPMENT A summary of the cost and accumulated depreciation of property and equipment follows: December 31, 2021 2020 (in thousands) Land $ 12,251 $ 12,420 Buildings and leasehold improvements 49,790 46,216 Furniture, equipment and vehicles 16,665 14,719 Fixed assets in process 534 1,365 79,240 74,720 Less accumulated depreciation and amortization (28,495) (25,140) Property and equipment, net $ 50,745 $ 49,580 Depreciation and amortization expense amounted to $4.4 million, $4.0 million and $4.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 2021, land and a building with a total net book value of $881,000 were transferred to asset held for sale. During the year ended December 31, 2019, land and a building with a total net book value of $9.0 million were transferred to asset held for sale, a loss of $482,000 was recognized on the transfer and the property was sold during 2020 with no additional gain or loss recorded. In addition, $17.7 million of fully depreciated property and equipment was purged from our fixed assets system when we converted to a new accounting platform in 2019. At December 31, 2021 and 2020, fixed assets in process represents building improvements and equipment not placed in service. December 31, 2020 fixed assets in process also includes buildings in process.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	9. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Year Ended December 31, 2021 2020 (in thousands) Balance, end of period $ 69,802 $ 69,802 The Bank and HarborOne Mortgage are identified as a reporting unit for purposes of goodwill impairment testing. At December 31, 2021 and 2020, the carrying value of the Bank’s goodwill was $59.0 million as of both dates and the carrying value of HarborOne Mortgage’s goodwill was $10.8 million as of both dates. Impairment exists when a reporting unit’s carrying value exceeds its fair value. At October 31, 2021 the Company’s reporting units had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting units exceeded their carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the Bank and HarborOne Mortgage, exceeded the carrying value, including goodwill, resulting in no impairment. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company also considered the impact of the COVID-19 pandemic as it pertains to these intangible assets, and determined that there was no indication of impairment related to other intangible assets as of June 30, 2020. Core Deposit Intangible The Company recognized core deposit intangibles (“CDI”) of $9.0 million in connection with the Coastway acquisition. The Company’s change in the gross amount of core deposit intangibles and the related accumulated amortization consisted of the following: December 31, 2021 2020 (in thousands) Gross amount of CDI: Balance, beginning of period $ 8,952 8,952 Additions due to acquisitions — — Balance, end of period 8,952 8,952 Accumulated amortization: Balance, beginning of period (4,582) (2,917) Amortization (1,206) (1,665) Balance, end of period (5,788) (4,582) Net CDI, end of period $ 3,164 4,370 The estimated aggregate amortization expense related to the Company’s core deposit intangible assets is $893,000 in 2022 and $757,000 thereafter until 2025. The weighted average original amortization period was 7.3 years. Other Intangible Assets A non-compete intangible asset was recognized in connection with HarborOne Mortgage and was amortized over the four year period of the agreement ending in 2019. Amortization expense for this asset of $45,000 in 2019.

DEPOSITS

DEPOSITS	12 Months Ended
DEPOSITS	Dec. 31, 2021
DEPOSITS
DEPOSITS	10. DEPOSITS A summary of deposit balances, by type, is as follows: December 31, 2021 2020 (in thousands) NOW and demand deposit accounts $ 1,056,784 $ 908,256 Regular savings and club accounts 1,138,979 998,994 Money market deposit accounts 858,970 866,661 Total non-certificate accounts 3,054,733 2,773,911 Term certificate accounts greater than $250,000 108,426 135,190 Term certificate accounts less than or equal to $250,000 419,490 497,108 Brokered deposits 100,000 100,000 Total certificate accounts 627,916 732,298 Total deposits $ 3,682,649 $ 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 December 31, 2021 and 2020, total reciprocal deposits were $43.8 million and $104.9 million, respectively, consisting primarily of money market accounts. A summary of certificate accounts by maturity at December 31, 2021 is as follows: Weighted Average Amount Rate (dollars in thousands) Within 1 year $ 553,190 0.46 % Over 1 year to 2 years 36,763 0.75 Over 2 years to 3 years 14,171 1.01 Over 3 years to 4 years 20,778 0.88 Over 4 years to 5 years 3,243 0.72 Total certificate deposits 628,145 0.51 % Less unaccreted acquisition discount (229) Total certificate deposits, net $ 627,916

BORROWINGS

BORROWINGS	12 Months Ended
BORROWINGS	Dec. 31, 2021
BORROWINGS
BORROWINGS	11. Borrowed funds at December 31, 2021 and 2020 consist of FHLB advances and subordinated notes. Short-term FHLB advances were $35.0 million at December 31, 2020, with a weighted average rate of 0.42%. There were no short-term advances at December 31, 2021. Long-term advances are summarized below: December 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 $ — $ — — % $ 41,750 101,750 2.47 % 2022 — 40,000 — — — — 2023 185 185 1.46 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 1,139 1,139 2.00 1,170 1,170 2.00 $ 55,711 $ 55,711 1.35 % $ 114,097 $ 114,097 2.16 % * Includes an amortizing advance requiring monthly principal and interest payments. (1) (2) On September 30, 2021, the Company prepaid $20.0 million in FHLB borrowings that had maturity dates in 2023 and an aggregate prepayment penalty of $1.1 million was incurred and expensed, as the advances were not replaced with other FHLB borrowings. 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 $1.22 billion and $1.25 billion at December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company had $865.2 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 57% of the carrying value of indirect auto and commercial loans with principal balances amounting to $101.4 million and $107.1 million, respectively, of which no amount was outstanding at December 31, 2021 and 2020. 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. An appropriate replacement rate index will be determined as part of our LIBOR reference rate transition. 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 $841,000 and $967,000 at December 31, 2021 and 2020, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	12. INCOME TAXES Allocation of the federal and state income taxes between current and deferred portions for the years ended December 31, 2021, 2020 and 2019 are as follows: 2021 2020 2019 (in thousands) Current tax provision: Federal $ 10,693 $ 11,591 $ 3,757 State 4,815 5,240 1,207 15,508 16,831 4,964 Deferred tax provision (benefit): Federal 4,451 (2,124) (445) State 1,976 (1,490) (111) 6,427 (3,614) (556) Income tax provision $ 21,935 $ 13,217 $ 4,408 The reasons for the differences between the statutory federal income tax and the actual income tax provision for the years ended December 31, 2021, 2020 and 2019 are summarized as follows: 2021 2020 2019 (dollars in thousands) Statutory tax rate 21% 21% 21% Statutory tax provision $ 16,895 $ 12,182 $ 4,762 Increase (decrease) resulting from: State taxes, net of federal tax benefit 5,365 2,962 866 Bank-owned life insurance (425) (465) (232) Employee Stock Ownership Plan expenses 280 56 172 Tax exempt income — (22) (104) Net reduction in uncertain federal tax positions (712) (1,864) (1,586) Other, net 532 368 530 Income tax provision $ 21,935 $ 13,217 $ 4,408 The tax effects of each item that give rise to deferred taxes at December 31, 2021 and 2020 are as follows: 2021 2020 (in thousands) Deferred tax assets: Allowance for loan losses $ 12,745 $ 15,493 Employee benefit plans 5,478 4,999 Mark-to-market loans 1,469 2,387 Accrued expenses not deducted for tax purposes 1,656 1,799 HarborOne Mortgage loan repurchase reserve 999 743 Net unrealized loss on securities available for sale 801 — Other 602 — 23,750 25,421 Deferred tax liabilities: Net unrealized gain on securities available for sale — (904) Derivatives (2,552) (2,349) Deferred income annuities (1,706) (1,580) Depreciation and amortization (1,223) (1,145) Deferred loan fees (2,820) (1,578) Mortgage servicing rights (10,585) (6,793) Core deposit intangible (889) (1,222) Other — (293) (19,775) (15,864) Net deferred tax asset $ 3,975 $ 9,557 A summary of the change in the net deferred tax asset (liability) for the years ended December 31, 2021, 2020 and 2019 is as follows: 2021 2020 2019 (in thousands) Balance at beginning of year $ 9,557 $ 6,034 $ 6,727 Deferred tax (provision) benefit (6,427) 3,614 556 Coastway net deferred tax asset acquired — — (165) Change in cash flow hedge (860) 394 — Change in securities available for sale 1,705 (485) (1,084) Balance at end of year $ 3,975 $ 9,557 $ 6,034 The Company’s income tax returns are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service (“IRS”) and the Massachusetts Department of Revenue for the years ended December 31, 2018 through 2021. At December 31, 2021, the Bank had a net operating loss carryforward in the state of New Hampshire of $1.1 million related to the acquisition of HarborOne Mortgage with a recorded deferred tax asset of $9,000 at December 31, 2021. The net operating loss expires on December 31, 2024. The state of New Hampshire limits the use of acquired net operating losses that can be used by the Bank each year based on Internal Revenue Code Section 382. This limitation is $552,000 per year. Management believes it is more likely than not that it will be able to utilize the New Hampshire net operating loss carryforward prior to expiration. As a result of the Company’s creation of The HarborOne Foundation, to which it contributed 385,450 shares of its common stock and $965,000 in cash in connection with the offering in June 2016, the Company utilized a $1.1 million charitable contribution benefit in the 2019 tax return. During 2017, federal and state amended tax returns were filed that requested tax refunds of approximately $3.2 million. These refunds reflected the change in the tax basis of certain assets not reflected on the original tax return filings. In addition, net operating loss carryforwards for 2016 and related uncertain tax benefits were recognized on the 2016 and 2017 tax return filings. The amended tax return filings net of the tax impact of a temporary difference adjustment of $320,000 reflect “unrecognized tax benefits”, which are defined as the aggregate differences between tax return positions and the benefits recognized in the Consolidated Financial Statements. Interest on the uncertain tax positions was reflected in the determination of tax expense for 2018 and 2017. In 2019, a Federal tax refund in the amount of $603,000 was received for 2013 and state tax refunds were received for years 2013, 2014 and 2015 in the amount of $211,000, $320,000 and $40,000, respectively. Federal tax refunds for years 2014 and 2015 in the amount of $826,000 and $1.3 million, respectively, were received during 2018. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2021 2020 2019 (in thousands) Balance at beginning of year $ 1,162 $ 3,052 $ 3,769 Additions based on tax positions related to current year — — — Additions for tax positions for prior years 247 168 1,471 Reductions for tax positions for prior years (754) (2,058) (153) Settlements — — (2,035) Balance at end of year $ 655 $ 1,162 $ 3,052 The balance of unrecognized tax benefits, the amount of related interest accrued and what management believes to be the range of reasonably possible changes in the next 12 months, are: Unrecognized tax benefits $ 619 Accrued interest on unrecognized tax benefits 36 Portion that, if recognized, would reduce tax expense and effective tax rate 655 Reasonably possible reduction to the balance of unrecognized tax in subsequent year 300 Portion that, if recognized, would reduce tax expense and effective tax rate 300 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods the deferred tax assets are expected to be deductible, management believes it is more likely than not that its deferred tax assets are realizable. It should be noted, however, that factors beyond management’s control, such as the general economy and real estate values, can affect future levels of taxable income, and no assurance can be given that sufficient taxable income will be generated to fully absorb gross deductible temporary differences.

OTHER COMMITMENTS AND CONTINGEN

OTHER COMMITMENTS AND CONTINGENCIES	12 Months Ended
OTHER COMMITMENTS AND CONTINGENCIES	Dec. 31, 2021
OTHER COMMITMENTS AND CONTINGENCIES
OTHER COMMITMENTS AND CONTINGENCIES	13. 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 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 December 31, 2021 and 2020. The contract amounts represent credit risk. December 31, 2021 2020 (in thousands) Commitments to grant residential real estate loans-HarborOne Mortgage $ 142,781 $ 485,428 Commitments to grant other loans 27,029 53,714 Unadvanced funds on home equity lines of credit 211,120 178,432 Unadvanced funds on revolving lines of credit 223,110 169,907 Unadvanced funds on construction loans 194,101 127,776 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 and 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, unadvanced construction loans and home equity lines of credit are collateralized by real estate, while revolving lines of credit are unsecured. Employment Agreements The Company has entered into employment agreements with certain executive officers. The term of the agreements commenced on the effective date of the signed agreements and continues thereafter until terminated, as defined by the agreements. The agreements generally provide for a specified minimum annual compensation and the continuation of benefits currently received. However, such employment can be terminated for cause, as defined, without incurring any continuing obligations. In addition, all of the agreements provide for severance payments to the officers following a change in control, as defined. The Company entered into an employment agreement with the former President and Chief Executive Officer of Coastway in connection with the Coastway acquisition. The agreement had a five-year term that provided total compensation of $2.2 million. Generally, in the event of termination after the first twelve months, the remaining total compensation was payable and as such the total amount was fully expensed over twelve months, ending in 2019. For the year ended December 31, 2019, the Company recognized compensation expense of $1.7 million. Reserve for Residential Mortgage Loan Repurchase Losses The Company sells residential mortgage loans on a “whole-loan” basis to Fannie Mae and Freddie Mac, and to non-agency investors. These loan sales occur under industry standard contractual provisions that include various representations and warranties, which typically cover ownership of the loan, compliance with loan criteria set forth in the applicable agreement, validity of the lien securing the loan and other similar matters. The Company may be required to repurchase certain loans sold with identified defects, indemnify the investor, or reimburse the investor for any credit losses incurred. The Company establishes mortgage repurchase reserves related to various representations and warranties that reflect management’s estimate for which we have a repurchase obligation. The reserves are established by a charge to loan expenses in our Consolidated Statements of Income. At December 31, 2021 and 2020, this reserve totaled $3.6 million and $2.7 million, respectively, and is included in other liabilities and accrued expenses on the Consolidated Balance Sheets. The repurchase reserve is applicable to loans the Company originated and sold with representations and warranties, which is representative of the entire sold portfolio. The repurchase loss liability is estimated by origination year and to the extent that repurchase demands are made by investors, we may be able to successfully appeal such repurchase demands. The reserve considers anticipated future losses and the Company’s lack of historical experience with the make-whole demands. The reserve for residential mortgage loan repurchase losses represents our best estimate of the probable loss that we may incur due to the representations and warranties in our loan sales contracts with investors. Repurchase losses depend upon economic factors and other external conditions that may change over the life of the underlying loans. Additionally, lack of access to the servicing records of loans sold on a service released basis adds difficulty to the estimation process. To the extent that future investor repurchase demand and appeals success differ from past experience, the Company could have increased demands and increased loss severities on repurchases, causing future additions to the repurchase reserve. Certain loans were sold with recourse provisions, and at December 31, 2021 and 2020, the related maximum contingent liability related to loans sold amounted to $1.3 million each year. Based on discounted cash flow of projected losses on sold loans in this portfolio at December 31, 2021 and 2020, the Company had no recourse liability. Other In the ordinary course of business, various legal claims arise from time to time and, in the opinion of management based on discussion with legal counsel, management does not believe these claims will have a material effect on the Company’s financial position or results of operations.

DERIVATIVES

DERIVATIVES	12 Months Ended
DERIVATIVES	Dec. 31, 2021
DERIVATIVES
DERIVATIVES	14. 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 Cash Flow 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 December 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 3.27 years, the current weighted average fixed rate paid is 0.67%, the weighted average 3-month LIBOR swap receive rate is 0.12% and the fair value is $1.7 million. The Company expects approximately $146,000 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 as 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 amount 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 $13.9 million are pledged to secure the Company’s liability for the offsetting interest rate swaps (see Note 3). The interest rate swap notional amount below is the aggregate notional amount of the customer swap and the offsetting third-party swap. The Company also assesses the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determines whether the credit valuation adjustments are significant to the overall valuation of its derivatives. During 2021, a credit valuation adjustment related to an interest rate swap was determined to be significant and required a negative fair value adjustment of $430,000 which is included in other income. 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. The following tables present 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) December 31, 2021: Derivatives designated as Hedging Instruments Interest rate swaps $ 100,000 Other assets $ 1,663 Other liabilities $ — Derivatives not designated as Hedging Instruments Derivative loan commitments $ 86,134 Other assets $ 1,527 Other liabilities $ 95 Forward loan sale commitments 96,000 Other assets 56 Other liabilities 94 Interest rate swaps 740,235 Other assets 18,874 Other liabilities 19,214 Risk participation agreements 139,109 Other assets — Other liabilities — Total $ 22,120 $ 19,403 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: Year Ended December 31, 2021 2020 2019 Derivatives designated as hedging instruments Gain (loss) in OCI on derivatives (effective portion), net of tax $ 2,210 $ (1,013) $ — Loss reclassified from OCI into interest income or interest expense (effective portion) $ (513) $ (46) $ — Derivatives not designated as hedging instruments Changes in fair value of derivative loan commitments Mortgage banking income $ (10,850) $ 11,072 $ 62 Changes in fair value of forward loan sale commitments Mortgage banking income 2,166 (2,073) 386 Changes in fair value of interest rate swaps Other income (431) — — Total $ (9,115) $ 8,999 $ 448

OPERATING LEASE RIGHT-OF-USE AS

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES	12 Months Ended
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES	Dec. 31, 2021
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES	15. OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES Operating lease ROU assets, included in other assets Operating lease liabilities, included in other liabilities and accrued expenses 16.7 Future minimum lease payments under non-cancellable leases and a reconciliation to the amount recorded as operating lease liabilities as of December 31, 2021 and December 31, 2020 were as follows: December 31, 2021 December 31, 2020 (in thousands) 2021 $ 3,139 $ 2,452 2022 2,976 2,239 2023 2,493 1,847 2024 2,369 1,644 2025 2,338 1,684 Thereafter 21,086 13,134 Total lease payments 34,401 $ 23,000 Imputed interest (6,031) Total present value of operating lease liabilities $ 28,370 The weighted-average discount rate and remaining lease term for operating leases were as follows: December 31, 2021 Weighted-average discount rate 1.94 % Weighted-average remaining lease term (years) 16.77 Rental expense for operating leases is recognized on a straight-line basis over the lease term and amounted to $2.9 million and $2.8 million, respectively, for the year ended December 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: Year Ended December 31, 2021 (in thousands) Lease Expense: Operating lease expense $ 2,737 Short-term lease expense 162 Variable lease expense — Total lease expense $ 2,899 Other Information Cash paid for amounts included in the measurement of lease liabilities- operating cash flows for operating leases 2,861 Operating Lease - Operating cash flows (Liability reduction) 2,370 Right-of-use assets obtained in exchange for new operating lease liabilities 29,718

COMPENSATION AND BENEFIT PLANS

COMPENSATION AND BENEFIT PLANS	12 Months Ended
COMPENSATION AND BENEFIT PLANS	Dec. 31, 2021
COMPENSATION AND BENEFIT PLANS
COMPENSATION AND BENEFIT PLANS	16. Defined Contribution Plan The Company provides saving plans which qualifies under Section 401(k) of the Internal Revenue Code and provides for voluntary contributions by participating employees up to the maximum amount permitted by law. For the years ended December 31, 2021 and 2020 the Bank contributed 5% of each employee’s compensation up to the social security wage base and HarborOne Mortgage matched 50% of the first 4% of employee contributions up to a maximum of $2,000. For the year ended December 31, 2019, the Bank contributed 9.3% of each employee’s compensation up to the social security wage base, plus an additional 5.7% of the employee’s compensation in excess of the social security wage base on a discretionary basis up to regulatory maximums. HarborOne Mortgage made no contributions in 2019. Contributions expensed were $1.9 million, $1.8 million and $2.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. Management Incentive Program The Company from time to time creates incentive compensation plans for senior management and other officers to participate in at varying levels. In addition, the Company may also pay a discretionary bonus to senior management, officers, and/or nonofficers of the Company. These programs are administered by the Compensation Committee of the Board of Directors. The expense for the incentive plans amounted to $4.8 million, $4.8 million and $1.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. Supplemental Retirement Plans The Company provides supplemental retirement benefits to two senior executive officers of the Company under the terms of two Supplemental Executive Retirement Plan Agreements (the “SERPs”). Benefits to be paid under the SERPs are based primarily on the officer’s compensation and estimated mortality. At December 31, 2021, 2020 and 2019, included in other liabilities and accrued expenses is the Company’s obligation under the SERPs of $9.2 million, $8.0 million and $7.1 million, respectively. The retirement benefits, as defined in the SERPs, are accrued by charges to compensation expense over the required service periods of the officers. Expense related to these benefits was $1.2 million, $955,000 and $1.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. Split-Dollar Life Insurance Arrangement The Company has an endorsement split-dollar life insurance agreement with an executive officer whereby the Company will pay to the executives’ estates or beneficiaries a portion of the death benefit that the Company will receive as beneficiary of such policy. At December 31, 2021 and 2020, included in other liabilities and accrued expenses is the Company’s obligation under the arrangement of $352,000. There was no expense for this benefit for the year ended December 31, 2021 and expense associated with this post-retirement benefit for the years ended December 31, 2020 and 2019 amounted to $21,000 and $38,000, respectively. The cash surrender value of the policy is included in Bank-owned life insurance on the Consolidated Balance Sheets. Deferred Compensation Plans The Company is the sole owner of an annuity policy pertaining to one of the Company’s executives that is included in retirement plan annuities on the balance sheet. The Company has an agreement with this executive whereby upon retirement the Company will pay to the executive an amount equal to the cash surrender value of the annuity less premiums paid accumulated at an interest rate of 1.5% per year. At December 31, 2021, 2020 and 2019, included in other liabilities and accrued expenses is the Company’s obligation under the plan of $419,000, $385,000 and $353,000, respectively. For the years ended December 31, 2021, 2020 and 2019, the expense amounted to $34,000, $32,000 and $31,000, respectively. The Company has agreements with two executive officers whereby the Company will pay the cost of the premium for individual supplemental medical and prescription drug coverage for their lifetime upon retirement at age 65 or later. Spousal coverage is provided each year the executive is eligible for coverage and the spouse is age 65 or over. At December 31, 2021, 2020 and 2019, included in other liabilities and accrued expenses is the Company’s obligation under the plan of $380,000, $344,000 and $297,000, respectively. For the years ended December 31, 2021, 2020 and 2019, the expense amounted to $36,000, $47,000 and $66,000, respectively. Long-Term Incentive Plan During 2015, the Company entered into a long-term incentive plan with several executive officers. Benefits are earned annually based on the Company’s achievement of performance goals. The plan is administered by the Company’s Board of Directors. The plan was amended effective January 1, 2018 and no further incentive awards are awarded under the plan. Included in other liabilities and accrued expenses at December 31, 2020 and 2019 are $437,000 and $838,000, respectively, for this plan. For the years ended December 31, 2020 and 2019, the expense amounted to $20,000 and $56,000, respectively. For the year ended December 31, 2019, the Company reversed $82,000 of expense related to a former executive officer. Post-Retirement Life Insurance Employees who are covered under the Company’s bank-owned life insurance program can elect to participate in the benefits of the program while employed by the Company. The Company granted post-employment coverage to certain executives. This post retirement benefit is included in other liabilities and accrued expenses at December 31, 2021, 2020 and 2019 in the amount of $261,000, $234,000 and $186,000, respectively. For the years ended December 31, 2021, 2020 and 2019, the expense amounted to $27,000, $47,000 and $17,000, respectively. Employee Stock Ownership Plan On June 29, 2016, the Company established an ESOP to provide eligible employees the opportunity to own Company stock. The Company added shares to the ESOP as part of the Offering completed August 14, 2019. The plan is a tax-qualified retirement plan for the benefit of the eligible Company employees. The ESOP shares were purchased through a loan from the Company and as the debt is repaid, shares are released. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The unreleased shares are deducted from stockholders’ equity as unearned ESOP shares in the accompanying Consolidated Balance Sheets. The number of shares committed to be released per year is 230,723 through 2035 and 124,148 from 2036 through 2038. The following table presents share information held by the ESOP: December 31, 2021 2020 Allocated shares 939,825 639,525 Shares committed to be allocated 230,722 230,723 Unallocated shares 3,371,840 3,602,562 Total shares 4,542,387 4,472,810 Fair value of unallocated shares $ 50,038,115 $ 39,123,823 Total compensation expense recognized in connection with the ESOP was $3.2 million, $2.1 million and $2.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. ESOP Restoration Plan During 2016, the Company also adopted an ESOP Restoration Plan for the benefit of ESOP eligible employees whose annual compensation exceeds the amount of annual compensation permitted to be recognized under the ESOP by the Internal Revenue Code. Under the ESOP Restoration Plan, eligible participants would receive a credit each year equal to the amount they would have received under the ESOP but for the Internal Revenue Service imposed compensation limit. Any benefits earned under the ESOP Restoration Plan would become payable at the earliest of six months and a day after the participant’s separation of service from the Bank, the participant’s death, a change in control of the Company or upon termination of the ESOP Restoration Plan. These benefits are accrued over the period during which employees provide services to earn these benefits. For the year ended December 31, 2021, 2020 and 2019, $656,000, $487,000 and $210,000, respectively, was accrued for the ESOP Restoration Plan. Directors’ Retirement Plan The Company has an unfunded director fee continuation plan which provides postretirement benefits to eligible directors of the Company. Participants in the plan must have at least six years of service as a director to be vested in the benefit, which is determined based on number of years of service. The Company elected to freeze the plan in 2017. At December 31, 2021, the benefit obligation was $ 2.0 million.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
STOCK-BASED COMPENSATION	Dec. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	17. STOCK-BASED COMPENSATION Under the HarborOne Bancorp, Inc. 2020 Equity Plan (the “2020 Equity Plan”) adopted on September 29, 2020, the Company may grant stock options, restricted stock awards, restricted stock units, including performance 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”), was adopted on August 9, 2017. The Company will only award shares under 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 $3.8 million, $3.7 million and $4.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. Stock Options 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 year ended December 31, 2021 and 2020, the Company made no awards of nonqualified options to purchase shares of common stock. During the years ended December 31, 2019, the Company made the following awards of nonqualified options to purchase shares of common stock: Options granted 583,565 Vesting period (years) 3 Term (years) 10 Weighted average expected volatility 22.09 % Expected life (years) 6 Expected dividend yield — % Weighted average risk free interest rate 2.46 % Weighted average fair value per option $2.49 A summary of the status of the Company’s stock option grants for the year ended December 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 $ 9.86 473,445 $ 2.55 Granted — — — — Exercised (62,840) 10.23 — — Vested — — (285,038) 2.60 Forfeited — — — — Expired — — — — Balance at December 31, 2021 2,043,563 $ 9.85 6.03 $ — 188,407 $ 2.48 Exercisable at December 31, 2021 1,855,156 $ 9.93 5.91 $ — Unrecognized cost inclusive of directors' awards $ 94,667 Weighted average remaining recognition period (years) 0.33 Restricted Stock 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. The following table presents the activity in unvested stock awards under the Equity Plans for the year ended December 31, 2021: Restricted Weighted Average Stock Awards Grant Price Non-vested stock awards at January 1, 2021 384,692 $ 9.33 Vested (204,082) 9.34 Granted 196,377 12.05 Forfeited (10,205) 9.71 Non-vested stock awards at December 31, 2021 366,782 $ 10.78 Unrecognized cost inclusive of directors' awards $ 2,812,633 Weighted average remaining recognition period (years) 1.54 Performance Stock Units 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. Non-vested performance restricted stock unit compensation expense is based on the most recent performance assumption available and is adjusted as assumptions change. For the year ended December 31, 2021 the performance assumption is 150% of the target. Performance Weighted Average Restricted Stock Units Grant Price Non-vested performance restricted stock units at January 1, 2021 — $ — Vested — — Granted 127,599 11.95 Forfeited — — Non-vested performance restricted stock units at December 31, 2021 127,599 $ 11.95 Unrecognized cost $ 1,099,474 Weighted average remaining recognition period (years) 2.17

MINIMUM REGULATORY CAPITAL REQU

MINIMUM REGULATORY CAPITAL REQUIREMENTS	12 Months Ended
MINIMUM REGULATORY CAPITAL REQUIREMENTS	Dec. 31, 2021
MINIMUM REGULATORY CAPITAL REQUIREMENTS
MINIMUM REGULATORY CAPITAL REQUIREMENTS	18. MINIMUM REGULATORY CAPITAL REQUIREMENTS Minimum Regulatory Capital Requirements 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 December 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 December 31, 2021 also exceeded the minimum capital requirements, including the currently applicable capital conservation buffer of 2.5%. The Company’s and Bank’s regulatory capital ratios as of December 31, 2021 and 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. December 31, 2021 Common equity Tier 1 capital to risk-weighted assets $ 608,804 16.4 % $ 167,475 4.5 % N/A N/A Tier 1 capital to risk-weighted assets 608,804 16.4 223,300 6.0 N/A N/A Total capital to risk-weighted assets 689,181 18.5 297,733 8.0 N/A N/A Tier 1 capital to average assets 608,804 13.6 179,710 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 December 31, 2021 Common equity Tier 1 capital to risk-weighted assets $ 485,239 13.1 % $ 166,660 4.5 % $ 240,731 6.5 % Tier 1 capital to risk-weighted assets 485,239 13.1 222,214 6.0 296,285 8.0 Total capital to risk-weighted assets 530,616 14.3 296,285 8.0 370,356 10.0 Tier 1 capital to average assets 485,239 10.9 178,279 4.0 222,849 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 Dividend Restrictions The Bank is subject to dividend restrictions imposed by various regulators, including a limitation on the total of all dividends that the Bank may pay to the Company in any calendar year. The total of all dividends shall not exceed the Bank’s net income for the current year (as defined by statute), plus the Bank’s net income retained for the two Preferred Stock The Company has 1,000,000 shares of preferred stock, no par value, authorized, and none issued or outstanding. Treasury Stock Any shares repurchased under the Company’s share repurchase programs were purchased in open-market transactions and are held as treasury stock. All treasury stock is held at cost. The Company adopted its third share repurchase program on September 17, 2021 to repurchase up to 2,668,159 shares of the Company’s common stock, or approximately 5% of the Company’s outstanding shares. The Company had repurchased 800,364 shares at an average price of $14.55 under this share repurchase program as of December 31, 2021. During the year ended December 31, 2021 the Company repurchased a total of 5,021,067 shares at an average price of $13.68 for a total of $68.6 million under its share repurchase programs. During the year ended December 31, 2021, an additional 42,925 shares were acquired in connection with the satisfaction of tax obligations on vested restricted shares at an average price of $14.27 for a total of $613,000. During the year ended December 31, 2020, the Company purchased a total of 1,533,500 shares at an average price of $10.29 for a total of $15.9 million. Treasury stock at December 31, 2019 consisted of shares acquired in connection with the satisfaction of tax obligations on vested restricted stock issued pursuant to the 2017 Equity Plan.

COMPREHENSIVE INCOME (LOSS)

COMPREHENSIVE INCOME (LOSS)	12 Months Ended
COMPREHENSIVE INCOME (LOSS)	Dec. 31, 2021
COMPREHENSIVE INCOME (LOSS)
COMPREHENSIVE INCOME (LOSS)	19. COMPREHENSIVE INCOME (LOSS) 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: December 31, 2021 2020 (in thousands) Cash flow hedge: Net unrealized gain (loss) $ 1,663 $ (1,407) Related tax effect (466) 394 Total accumulated other comprehensive income (loss) $ 1,197 $ (1,013) Securities available for sale: Net unrealized (loss) gain $ (3,635) $ 4,102 Related tax effect 801 (904) Total accumulated other comprehensive (loss) income $ (2,834) $ 3,198 The following tables present changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Available Cash Available Cash Available for Sale Flow for Sale Flow for Sale Securities Hedge Total Securities Hedge Total Securities (in thousands) Balance at beginning of period $ 3,198 $ (1,013) $ 2,185 $ 1,480 $ — $ 1,480 $ (2,358) Other comprehensive (loss) income before reclassifications (7,496) 2,557 (4,939) 4,214 (1,453) 2,761 6,266 Amounts reclassified to accumulated other comprehensive income for transfer of securities to available for sale — — — 522 — 522 — Amounts reclassified from accumulated other comprehensive income (loss) (241) 513 272 (2,533) 46 (2,487) (1,344) Net current period other comprehensive (loss) income (7,737) 3,070 (4,667) 2,203 (1,407) 796 4,922 Related tax effect 1,705 (860) 845 (485) 394 (91) (1,084) Balance at end of period $ (2,834) $ 1,197 $ (1,637) $ 3,198 $ (1,013) $ 2,185 $ 1,480

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	12 Months Ended
FAIR VALUE OF ASSETS AND LIABILITIES	Dec. 31, 2021
FAIR VALUE OF ASSETS AND LIABILITIES
FAIR VALUE OF ASSETS AND LIABILITIES	20. 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 GSEs, 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 December 31, 2021 and 2020. FHLB stock 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. Retirement plan annuities MSRs Deposits and mortgagors’ escrow accounts Borrowed funds Accrued interest Interest Rate Swap designated as a cashflow hedge Forward loan sale commitments and derivative loan commitments Interest rate swaps and risk participation agreements to arrive at the fair value of each swap. The pricing models do not contain a high level of subjectivity as the methodologies used do not require significant judgment. 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. As of December 31, 2020, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company classified its derivative valuations in their entirety as Level 2. Off-balance sheet credit-related instruments Transfers between levels are recognized at the end of the reporting period, if applicable. There were no transfers in 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) December 31, 2021 Assets Securities available for sale $ — $ 394,036 $ — $ 394,036 Loans held for sale — 45,642 — 45,642 Mortgage servicing rights — 38,268 — 38,268 Derivative loan commitments — — 1,527 1,527 Forward loan sale commitments — — 56 56 Interest rate management agreements — 1,663 — 1,663 Interest rate swaps — 18,874 — 18,874 $ — $ 498,483 $ 1,583 $ 500,066 Liabilities Derivative loan commitments $ — $ — $ 95 $ 95 Forward loan sale commitments — — 94 94 Interest rate swaps — 19,214 — 19,214 $ — $ 19,214 $ 189 $ 19,403 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 years ended December 31, 2021, 2020 and 2019, the changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis. Year Ended December 31, 2021 2020 2019 (in thousands) Assets: Derivative and Forward Loan Sale Commitments: Balance at beginning of period $ 12,623 $ 1,411 $ 1,261 Total gains (losses) included in net income (1) (11,040) 11,212 150 Balance at end of period $ 1,583 $ 12,623 $ 1,411 Changes in unrealized gains relating to instruments at period end $ 1,583 $ 12,623 $ 1,411 Year Ended December 31, 2021 2020 2019 (in thousands) Liabilities: Derivative and Forward Loan Sale Commitments: Balance at beginning of period $ (2,545) $ (332) (630) Total gains (losses) included in net income (1) 2,356 (2,213) 298 Balance at end of period $ (189) $ (2,545) (332) Changes in unrealized losses relating to instruments at period end $ (189) $ (2,545) (332) (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 December 31, 2021 and 2020. The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets. December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Impaired loans: Residential — — $ 1,125 $ — $ — $ 919 Commercial real estate — — 17,562 — — 3,034 Commercial and industrial — — 2,928 — — 4,208 Other real estate owned and repossessed assets — — 53 — — 595 $ — $ — $ 21,668 $ — $ — $ 8,756 Losses in the following table represent the amount of the fair value adjustments recorded during the year on the carrying value of the assets held at December 31, 2021 and 2020, respectively. Losses on fully charged off loans are not included in the table. Year Ended December 31, 2021 2020 (in thousands) Impaired loans Residential 7 118 Commercial real estate 5,239 1,177 Commercial and industrial 916 1,020 Other real estate owned and repossessed assets — — $ 6,162 $ 2,315 The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a nonrecurring basis at the dates indicated. Fair Value December 31, Valuation Technique 2021 2020 (in thousands) Impaired loans: Residential $ 1,125 $ 919 Sales Comparison Approach (1) Commercial real estate $ 17,562 $ 7,242 Sales Comparison Approach (1) Commercial and industrial $ 2,928 $ — Sales Comparison Approach (1) Real estate owned: Residential $ — $ 298 Sales Comparison Approach (1) (1) 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. December 31, 2021 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets: Cash and cash equivalents $ 194,719 $ 194,719 $ — $ — $ 194,719 Securities available for sale 394,036 — 394,036 — 394,036 Federal Home Loan Bank stock 5,931 N/A N/A N/A N/A Loans held for sale 45,642 — 45,642 — 45,642 Loans, net 3,562,356 — — 3,558,934 3,558,934 Retirement plan annuities 14,174 — — 14,174 14,174 Accrued interest receivable 10,624 — 10,624 — 10,624 Financial liabilities: Deposits 3,682,649 — — 3,683,465 3,683,465 Borrowed funds 55,711 — 55,765 — 55,765 Subordinated debt 34,159 — — 35,790 35,790 Mortgagors' escrow accounts 8,459 — — 8,459 8,459 Accrued interest payable 1,083 — 1,083 — 1,083 Derivative loan commitments: Assets 1,527 — — 1,527 1,527 Liabilities 95 — — 95 95 Interest rate management agreements: Assets 1,663 — 1,663 — 1,663 Liabilities — — — — — Interest rate swap agreements: Assets 18,874 — 18,874 — 18,874 Liabilities 19,214 — 19,214 — 19,214 Forward loan sale commitments: Assets 56 — — 56 56 Liabilities 94 — — 94 94 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	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	21. Basic EPS represents net income attributable to common shareholders divided by the weighted-average number of common shares outstanding during the period. Non-vested 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. Year Ended December 31, 2021 2020 2019 Net income available to common stockholders (in thousands) $ 58,517 $ 44,792 $ 18,268 Average number of common shares outstanding 54,454,113 58,252,140 58,451,387 Less: Average unallocated ESOP shares and non-vested restricted shares (3,707,811) (3,938,772) (2,719,750) Weighted average number of common shares outstanding used to calculate basic earnings per common share 50,746,302 54,313,368 55,731,637 Dilutive effect of share-based compensation 776,833 6,467 139 Weighted average number of common shares outstanding used to calculate diluted earnings per common share 51,523,135 54,319,835 55,731,776 Earnings per common share: Basic $ 1.15 $ 0.82 $ 0.33 Diluted $ 1.14 $ 0.82 $ 0.33 Stock options for 2,106,403 and 2,169,243 shares were not considered in computing diluted earnings per share for the years ended December 31, 2020 and 2019, respectively, because they were antidilutive.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Dec. 31, 2021
SEGMENT REPORTING
SEGMENT REPORTING	22. The reportable segments are determined by the products and services offered, primarily distinguished between banking and mortgage banking operations. They are also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business. 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 Consolidated Financial Statements at December 31, 2021, 2020 and 2019, and for the years then-ended are presented in the tables below. Year Ended December 31, 2021 HarborOne HarborOne Bank Mortgage Consolidated (in thousands) Net interest and dividend income $ 129,785 $ 3,468 $ 131,370 Credit for loan losses (7,258) — (7,258) Net interest and dividend income, after credit for loan losses 137,043 3,468 138,628 Mortgage banking income: Gain on sale of mortgage loans — 61,883 61,883 Intersegment gain (loss) (3,665) 4,434 — Changes in mortgage servicing rights fair value (137) (243) (380) Other 1,090 14,741 15,831 Total mortgage banking income (loss) (2,712) 80,815 77,334 Other noninterest income 23,308 44 23,352 Total noninterest income 20,596 80,859 100,686 Noninterest expense 102,557 55,012 158,862 Income loss before income taxes 55,082 29,315 80,452 Provision for income taxes 14,933 7,569 21,935 Net income $ 40,149 $ 21,746 $ 58,517 Total assets at period end $ 4,481,509 $ 173,545 $ 4,553,405 Goodwill at period end $ 59,042 $ 10,760 $ 69,802 Year Ended December 31, 2020 HarborOne HarborOne Bank Mortgage Consolidated (in thousands) Net interest and dividend income $ 118,217 $ 3,235 $ 120,066 Provision for loan losses 34,815 — 34,815 Net interest and dividend income, after provision for loan losses 83,402 3,235 85,251 Mortgage banking income: Gain on sale of mortgage loans — 105,469 105,469 Intersegment gain (loss) (3,148) 3,148 — Changes in mortgage servicing rights fair value (2,376) (4,356) (6,732) Other 1,360 13,812 15,172 Total mortgage banking income (loss) (4,164) 118,073 113,909 Other noninterest income (loss) 24,909 (138) 24,771 Total noninterest income 20,745 117,935 138,680 Noninterest expense 98,354 66,393 165,922 Income before income taxes 5,793 54,777 58,009 Provision for income taxes 527 12,964 13,217 Net income $ 5,266 $ 41,813 $ 44,792 Total assets at period end $ 4,460,164 $ 312,194 $ 4,483,615 Goodwill at period end $ 59,042 $ 10,760 $ 69,802 Year Ended December 31, 2019 HarborOne HarborOne Bank Mortgage Consolidated (in thousands) Net interest and dividend income $ 109,106 $ 1,064 $ 109,062 Provision for loan losses 4,747 — 4,747 Net interest and dividend income, after provision for loan losses 104,359 1,064 104,315 Mortgage banking income: Gain on sale of mortgage loans 1 33,556 33,557 Intersegment gain (loss) (1,183) 1,183 — Changes in mortgage servicing rights fair value (1,431) (4,810) (6,241) Other 1,494 7,965 9,459 Total mortgage banking income (loss) (1,119) 37,894 36,775 Other noninterest income (loss) 23,365 (45) 23,320 Total noninterest income 22,246 37,849 60,095 Noninterest expense 100,688 38,876 141,734 Income before income taxes 25,917 37 22,676 Provision (benefit) for income taxes 5,019 (77) 4,408 Net income $ 20,898 $ 114 $ 18,268 Total assets at period end $ 3,925,328 $ 165,863 $ 4,058,921 Goodwill at period end $ 59,042 $ 10,760 $ 69,802

CONDENSED FINANCIAL STATEMENTS

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY	12 Months Ended
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY	Dec. 31, 2021
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY	23. CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY Condensed financial information relative to HarborOne Bancorp, Inc.’s balance sheet at December 31, 2021 and 2020 and the related statements of net income and cash flows for the years ended December 31, 2021, 2020 and 2019 are presented below. The statement of stockholders’ equity is not presented below as the parent company’s stockholders’ equity is that of the consolidated company. Balance Sheet December 31, 2021 2020 (in thousands) Assets Cash and due from banks $ 131,033 $ 118,265 Investment in common stock of HarborOne Bank 555,695 581,982 Loan receivable - ESOP 30,740 32,190 Due from subsidiary — 612 Other assets 637 657 Total assets $ 718,105 $ 733,706 Liabilities and Stockholders' Equity Subordinated debt $ 34,159 $ 34,033 Other liabilities and accrued expenses 4,685 3,359 Stockholders' equity 679,261 696,314 Total liabilities and stockholders' equity $ 718,105 $ 733,706 Statement of Net Income Year Ended December 31, 2021 2020 2019 (in thousands) Dividends from subsidiary $ 90,000 $ — $ — Interest from bank deposits 210 260 15 Interest on short-term investments 2 449 953 Interest on ESOP loan 1,046 1,596 1,062 Total income 91,258 2,305 2,030 Interest expense 2,095 2,095 2,076 Operating expenses 2,338 2,771 3,232 Total expenses 4,433 4,866 5,308 Income (loss) before income taxes and equity in undistributed net income (loss) of HarborOne Bank 86,825 (2,561) (3,278) Income tax benefit (566) (274) (534) Income (loss) before equity in income of subsidiaries 87,391 (2,287) (2,744) Equity in undistributed net income (loss) of HarborOne Bank (28,874) 47,079 21,012 Net income $ 58,517 $ 44,792 $ 18,268 Statement of Cash Flows Year Ended December 31, 2021 2020 2019 (in thousands) Cash flows from operating activities: Net income $ 58,517 $ 44,792 $ 18,268 Adjustments to reconcile net income to net cash used by operating activities: Equity in undistributed net (income) loss of HarborOne Bank 28,874 (47,079) (21,012) Deferred income tax provision (benefit) (8) (18) 139 Share-based compensation 545 963 1,432 Net change in other assets 27 231 (284) Net change in other liabilities 391 302 1,299 Net cash provided (used) by operating activities 88,346 (809) (158) Cash flows from investing activities: Investment in HarborOne Bank — — (152,713) Repayment of ESOP loan 1,450 1,218 1,862 Advances to subsidiary (1,046) (1,884) (2,456) Repayment of advances to subsidiary 1,659 3,728 — Net cash provided (used) by investing activities 2,063 3,062 (153,307) Cash flows from financing activities: Issuance of common stock 643 — 304,161 Repurchase of common stock (69,215) (15,923) (721) Purchase of shares by ESOP — — (24,829) Repayment of advance from subsidiary — — (139) Amortization of subordinated debt issuance costs 126 126 108 Dividends paid (9,195) (3,258) — Net cash (used) provided by financing activities (77,641) (19,055) 278,580 Net change in cash and cash equivalents 12,768 (16,802) 125,115 Cash and cash equivalents at beginning of year 118,265 135,067 9,952 Cash and cash equivalents at end of year $ 131,033 $ 118,265 $ 135,067

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	Dec. 31, 2021
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	24. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) First Quarter Second Quarter Third Quarter Fourth Quarter 2021 2020 2021 2020 2021 2020 2021 2020 (in thousands, except share data) Interest and dividend income $ 35,847 $ 37,169 $ 35,887 $ 36,621 $ 35,808 $ 37,048 $ 36,353 $ 37,720 Interest expense 3,795 10,469 3,357 7,174 3,005 5,879 2,368 4,970 Net interest and dividend income 32,052 26,700 32,530 29,447 32,803 31,169 33,985 32,750 Provision (benefit) for loan losses 91 3,749 (4,286) 10,004 (1,627) 13,454 (1,436) 7,608 Other noninterest income 37,809 16,113 21,703 38,569 21,769 44,439 19,164 37,027 Gain on sale and call of securities, net — 2,525 — 8 241 — — — Total noninterest income 37,809 18,638 21,703 38,577 22,010 44,439 19,164 37,027 Total noninterest expenses 42,802 35,160 38,598 43,777 39,274 45,700 38,188 41,286 Provision for income taxes 7,576 1,705 5,645 3,668 4,907 4,561 3,807 3,283 Net income $ 19,392 $ 4,724 $ 14,276 $ 10,575 $ 12,259 $ 11,893 $ 12,590 $ 17,600 Basic earnings per share $ 0.37 $ 0.09 $ 0.28 $ 0.19 $ 0.25 $ 0.22 $ 0.26 $ 0.33 Diluted earnings per share $ 0.37 $ 0.09 $ 0.27 $ 0.19 $ 0.24 $ 0.22 $ 0.25 $ 0.33 Weighted average common shares, basic 52,537,409 54,392,465 51,778,293 54,450,146 49,801,123 54,465,339 48,918,539 53,947,868 Weighted average common shares, diluted 53,000,830 54,392,465 52,650,071 54,450,146 50,663,415 54,465,339 49,828,379 53,973,737

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
REVENUE RECOGNITION	Dec. 31, 2021
REVENUE RECOGNITION
REVENUE RECOGNITION	25. 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation HarborOne Bancorp, Inc. (the “Company”) is the stock holding company of HarborOne Bank (the “Bank”), a Massachusetts-chartered savings bank, which in turn owns a residential mortgage banking company, HarborOne Mortgage, LLC (“HarborOne Mortgage”). HarborOne Mortgage was acquired as Merrimack Mortgage, LLC on July 1, 2015 and effective April 3, 2018 became HarborOne Mortgage. The Consolidated Financial Statements include the accounts of the Company, the Company’s subsidiaries, Legion Parkway Company LLC, a security corporation formed on July 13, 2016 and HarborOne Bank; and the Bank’s wholly-owned subsidiaries. HarborOne Mortgage, two security corporation subsidiaries and one passive investment subsidiary, which 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.
Conversion and Reorganization	Conversion and Reorganization On August 14, 2019, the Company completed a second step conversion offering (the “Offering”). Prior to the completion of the Offering, approximately 53% of the shares of common stock of the Company were owned by HarborOne Mutual Bancshares, a mutual holding company (the “MHC”). The Company raised gross proceeds of $310.4 million and incurred expenses of $6.3 million, resulting in net cash proceeds of $304.1 million by selling 31,036,812 shares of common stock at $10.00 per share in the Offering, shares of common stock formerly held by the MHC. In addition, each share of the Company common stock owned by shareholders, other than the MHC, prior to the Offering was exchanged for 1.795431 shares of Company common stock, for a total of 12,162,763 shares of Company common stock that were issued in the exchange. The Company utilized $24.8 million to fund an additional ESOP loan, invested $151.3 million into the Bank’s operations, and retained the remaining amount for general corporate purposes. All historical share and per share information has been restated to reflect the 1.795431 exchange ratio. The Company established a liquidation account in connection with Offering. The liquidation accounts are maintained for the benefit of the eligible account holders and supplemental eligible account holders who maintain their accounts at the Bank after the offering. The liquidation accounts are reduced annually to the extent that such account holders have reduced their qualifying deposits as of each anniversary date. Subsequent increases will not restore an account holder’s interest in the liquidation account. The Company is not permitted to pay dividends on its capital stock if the Company’s shareholders’ equity would be reduced below the amount of the liquidation account.
Nature of Operations	Nature of Operations The Company provides a variety of financial services to individuals and businesses through its 30 full-service bank branches in Massachusetts and Rhode Island, and a commercial lending office in each of Boston, Massachusetts and Providence, Rhode Island. HarborOne Mortgage maintains 28 offices in Massachusetts, Rhode Island, and New Hampshire and originates loans in seven 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 and consumer loans, including indirect automobile lease loans. The Company also originates, sells and services residential mortgage loans primarily through HarborOne Mortgage.
Risks and Uncertainties	Risks and Uncertainties On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted to address the economic effects of the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new loan program called the Paycheck Protection Program (“PPP”). As of December 31, 2021, PPP loans outstanding amounted to $27.0 million, and there was $949,000 in deferred processing fee income that will be recognized in the first quarter of 2022 when the remaining loans are expected to be forgiven. The CARES Act also allowed banks to elect to suspend requirements under accounting principles generally accepted in the United States of America (“GAAP”) for loan modifications related to the COVID-19 pandemic that would otherwise be categorized as a restructured loan, including impairment for accounting purposes. From March 1, 2020 through January 1, 2022, a financial institution may elect to suspend the requirements under accounting principles generally accepted in the U.S. for loan modifications related to the COVID–19 pandemic that would otherwise be categorized as a troubled debt restructured (“TDR”), including impairment accounting. This TDR relief is applicable for the term of the loan modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. Financial institutions are required to maintain records of the volume of loans involved in modifications to which TDR relief is applicable. With the passage of the CARES Act, the option to delay implementation of FASB Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326), commonly referred to as “CECL,” was provided until the earlier of the national health emergency being declared over or December 31, 2020. The Consolidated Appropriations Act passed on December 27, 2020 provided the option of postponing adoption of the CECL standard until the earlier of the end of the national emergency declaration related to the COVID-19 pandemic or December 31, 2022. The fiscal stimulus and relief programs have been an effective mitigant to credit losses in the near term; however, once these programs are discontinued the severity of potential losses is uncertain and depends on numerous factors and future developments. The Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. Effects may include: ● Net interest income could be reduced. In accordance with regulatory guidance, the Company worked 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. ● Noninterest income could be reduced. Uncertainty regarding the severity and duration of the COVID-19 pandemic could cause further volatility in the financial markets. 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. The COVID-19 pandemic could cause further and sustained decline in the Company’s stock price or the occurrence of additional valuation triggering events that could result in an impairment charge to earnings.
Use of Estimates	Use of Estimates To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, Management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, however, actual results could differ.
Significant Group Concentration of Credit Risk	Significant Group Concentration of Credit Risk The Company has cash and federal fund balances on deposit at correspondent banks that exceed insurable limits. The Company has not experienced any losses on such amounts. Most of the Company’s lending activities are with borrowers located within south eastern New England. The ability and willingness of residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the borrowers’ geographic area and real estate values. Note 5 provides the detail of the Company’s loan portfolio and Note 3 provides the detail of the Company’s investment portfolio. The Company does not have any significant concentrations to any one industry or customer.
Reclassifications	Reclassifications Certain previously reported amounts have been reclassified to conform to the current year’s presentation.
Cash Flows	Cash Flows Cash and cash equivalents include cash, interest-bearing deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions and interest-bearing deposits in other financial institutions.
Debt Securities	Debt Securities Debt securities are classified as held-to-maturity and carried at amortized cost when Management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates debt securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For debt securities in an unrealized loss position, Management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a debt security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the income statement and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis.
Federal Home Loan Bank Stock	Federal Home Loan Bank Stock The Company, as a member of the Federal Home Loan Bank (“FHLB”) system, is required to maintain an investment in capital stock of the FHLB of Boston. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on the stock. The Company reviews FHLB stock for impairment based on the ultimate recoverability of the cost basis. As of December 31, 2021 and 2020, no impairment has been recognized.
Mortgage Loans Held for Sale	Mortgage Loans Held for Sale Residential mortgage loans originated with the intent to sell are classified as held-for-sale and are carried at fair value. Loan origination costs for loans held for sale that the Company accounts for under the fair value option are recognized in noninterest expense when incurred. Changes in fair value are recognized in mortgage banking income. Gains and losses on residential loan sales are recognized at the time of sale and are included in mortgage banking income. Upfront fees and costs related to mortgage loans held for sale for which the fair value option was elected are recognized in mortgage banking income as received / incurred and are not deferred. Interest income on mortgage loans held for sale is recorded in interest income.
Loans	Loans Loans held for investment are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any unamortized deferred origination fees and costs. Loan origination fees are offset with related direct incremental loan origination costs and the resulting net amount is deferred and amortized to interest income using the level-yield method over the remaining life of the loan without anticipating prepayment. Accrual of interest on loans is discontinued when collectability of principal or interest is uncertain or when payments of principal or interest have become contractually past due 90 days or more. Past due status is based on contractual terms of the loan. However, a loan may remain on accrual status if both the value of any collateral securing the loan is sufficient to cover principal and accrued interest thereon, and the loan is in the process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company’s loan portfolio includes residential real estate, commercial real estate, construction, commercial and industrial and consumer segments. Residential real estate loans include classes for one- to four-family and second mortgages and equity lines of credit. Consumer loans include classes for auto and personal loans. The Company’s acquired loans are recorded at fair value with no carryover of the allowance for loan losses. Net discount on performing loans acquired are recognized as interest income over the remaining life of the loan. Acquired loans determined to have evidence of deterioration in credit quality and when it is probable, at acquisition, that all contractually required payments will not be collected, are deemed to be purchased credit impaired (“PCI”) loans. For PCI loans, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the “accretable yield,” is accreted into interest income over the life of the loans using the effective yield method. The Company monitors actual cash flows to determine any deterioration from those forecasted at the acquisition date, which is evaluated and recorded through the allowance for loan losses.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses is established based upon the level of estimated probable losses in the current loan portfolio. Loan losses are charged against the allowance when Management believes the collectability of a loan balance is doubtful. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by Management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, specific and unallocated components, as further described below. General component The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the Company’s loan segments. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment except commercial real estate, commercial construction and commercial and industrial loans. Due to the lack of historical loss experience for our commercial real estate, commercial construction and commercial and industrial loan portfolio, we utilize peer loss data. Adjustments to loss factors are considered for the following qualitative factors: levels/trends in delinquencies, modifications, and charge-offs; trends in volume, concentrations, and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; changes in the loan review system; experience/ability/depth of lending management and staff; unemployment rates; national and local economic trends and conditions; and other external factors, including COVID-19. The determination of qualitative factors involves significant judgement. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate – The Company generally does not originate portfolio loans with a loan-to-value ratio greater than 80 percent without obtaining private mortgage insurance and does not generally grant loans that would be classified as subprime upon origination. The Company generally has first or second liens on the property securing equity lines of credit. Loans in this segment are generally collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, can have an effect on the credit quality in this segment. Residential construction –Residential construction loans include loans to build one- to four-family owner-occupied properties, which are subject to the same credit quality factors as residential real estate loans. Commercial real estate – Commercial real estate loans are primarily secured by income-producing properties in southeastern New England. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy, as evidenced by increased vacancy rates, which in turn, could have an effect on the credit quality in this segment. Management obtains rent rolls annually and continually monitors the cash flows of these loans. Commercial construction –Commercial construction loans may include speculative real estate development loans for which payment is derived from lease or sale of the property. Credit risk is affected by cost overruns, time to lease or sell at an adequate price, and market conditions. Commercial and industrial – Commercial and industrial loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer or business spending, could have an effect on the credit quality in this segment. Consumer – Consumer loans in this segment are generally secured by automobiles or unsecured and repayment is dependent on the credit quality of the individual borrower. Specific Reserve The specific reserves relate to loans that are classified as impaired. Residential real estate and commercial loans are evaluated for impairment on a loan-by-loan basis. Impairment is determined by nonaccrual status, whether a loan is subject to a TDR agreement or in the case of certain loans, based on the internal credit rating. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, except for TDRs, the Company does not separately identify individual consumer loans for impairment evaluation. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by Management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. TDRs are individually evaluated for impairment and included in the separately identified impairment disclosures. TDRs are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For TDRs that subsequently default, the Company determines the amount of the allowance on that loan in accordance with the accounting policy for the allowance for loan losses on loans individually identified as impaired. The company incorporates recent historical experience related to TDRs including the performance of TDRs that subsequently default into the calculation of the allowance by loan portfolio segment. Unallocated component The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general reserves in the portfolio. The unallocated component is maintained to cover uncertainties that could affect Management’s estimate of probable losses. Additionally, the Company’s unseasoned commercial portfolio and use of peer group data to establish general reserves for the commercial portfolio adds another element of risk to Management’s estimates.
Loan Commitments and Related Financial Instruments	Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.
Property and Equipment	Property and Equipment Land is carried at cost. Buildings, leasehold improvements, and furniture and equipment are carried at cost, less accumulated depreciation and amortization, computed on the straight-line method over the estimated useful lives of the assets or the terms of the leases, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. Maintenance and repairs are charged to expense as incurred and improvements are capitalized.
Leases	Leases The Company adopted Accounting Standards Update (“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 right-of-use (“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 December, 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 15, Operating Lease Right-of-Use Assets and Liabilities, for further information.
Retirement Plan Annuities	Retirement Plan Annuities Retirement plan annuities are reflected on the Consolidated Balance Sheets at the face amount of the policies. Changes in recorded value are reflected in income on retirement plan annuities on the Consolidated Statements of Income.
Bank-owned life insurance	Bank-owned Life Insurance Bank-owned life insurance policies are reflected on the Consolidated Balance Sheets at net cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in bank-owned life insurance income on the Consolidated Statements of Income and are not subject to income taxes. The Company is the beneficiary on these life insurance policies which are purchased for select employees of the Company.
Employee Stock Ownership Plan	Employee Stock Ownership Plan Compensation expense for the Company’s ESOP is recorded at an amount equal to the shares committed to be allocated by the ESOP multiplied by the quarterly average fair market value of the shares during the year. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares committed to be allocated by the ESOP. The difference between the average fair market value and the cost of the shares committed to be allocated by the ESOP is recorded as an adjustment to additional paid-in capital. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce debt and accrued interest.
Mortgage Servicing Rights	Mortgage Servicing Rights When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in fair value of servicing assets in earnings in the period in which the changes occur, and are included with changes in mortgage servicing rights fair value Servicing fee income, which is reported on the income statement as Mortgage banking income, Other income,
Derivative Financial Instruments	Derivative Financial Instruments At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), of (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents all relationships between derivatives and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting prospectively when it is determined that (1) the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item; (2) the derivative expires, is sold, or terminated; (3) the derivative instrument is de-designated as a hedge because the forecasted transaction is no longer probable of occurring; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) Management otherwise determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transaction is still expected to occur, changes in value that were accumulated in other comprehensive income are amortized or accreted into earnings over the same periods which the hedged transactions will affect earnings. The Company accounts for commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans as free standing derivatives. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. Changes in fair value are recorded as gain on sale of mortgage loans. The Company also enters into interest rate swap contracts to meet the financing needs of the Company’s commercial customers. Offsetting swap agreements are simultaneously transacted to effectively eliminate the Company’s market and interest rate risk associated with the swaps. Interest rate swaps are recognized on the Consolidated Balance Sheets in other assets and other liabilities with changes in their fair values recorded in other income.
Transfers of Financial Assets	Transfers of Financial Assets Transfers of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sale treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan.
Other Real Estate Owned and Repossessed Assets	Other Real Estate Owned and Repossessed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less estimated costs to sell when legal title is obtained, establishing a new cost basis. Subsequently, valuations are periodically updated by Management and the assets are carried at the lower of carrying amount or fair value less estimated costs to sell. The excess (deficiency) of any consideration received as compared to the carrying value of other real estate owned is recorded as a gain (loss) on sale of other real estate owned. Revenues and expenses from operations and changes in the valuation allowance and any direct write-downs are included in foreclosed and repossessed assets expense. Repossessed assets includes automobiles to be sold which are recorded at estimated fair value, less costs to sell, with the initial charge to the allowance for loan losses and the subsequent gain or loss on sale recorded to foreclosed and repossessed assets expense.
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets The assets (including identifiable intangible assets) and liabilities acquired in a business combination are recorded at fair value at the date of acquisition. Goodwill is recognized for the excess of the acquisition cost over the fair values of the net assets acquired and is not subsequently amortized. Identifiable intangible assets include core deposit premium and non-compete contracts and are being amortized over their estimated lives. Management assesses the recoverability of goodwill at least on an annual basis and all intangible assets whenever events or changes in circumstances indicate that their carrying value may not be recoverable. The impairment test uses a combined qualitative and quantitative approach. The initial qualitative approach assesses whether the existence of events or circumstances led to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after this assessment, the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative impairment test is performed. The quantitative impairment test compares book value to the fair value of the reporting unit. If the carrying amount exceeds fair value, an impairment charge is recorded through earnings. Management has identified two reporting units for purposes of testing goodwill for impairment. The Company’s reporting units are the same as the segments used for segment reporting - the Bank, including the two security corporations, and one passive investment company, and HarborOne Mortgage. No impairment has been recognized as of December 31, 2021.
Income Taxes	Income Taxes Deferred tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws in the period on enactment. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company records uncertain tax positions on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to Management’s judgment. The Company records interest and penalties as part of income tax expense.
Fair Values of Financial Instruments	Fair Value of Financial Instruments The fair value of financial instruments is estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgement regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.
Share-based Compensation Plans	Share-based Compensation Plans The Company’s share-based compensation plans provide for awards of stock options, restricted stock and other stock-based compensation to directors, officers and employees. The cost of employee services received in exchange for awards of equity instruments is based on the grant-date fair value of those awards. Compensation cost is recognized over the requisite service period as a component of compensation expense. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards and performance stock units. Nonvested performance share unit compensation expense is based on the most recent performance assumption available and is adjusted as assumptions change. The Company has elected to recognize forfeitures of awards as they occur (e.g., when an award does not vest because the employee leaves the Company or does not meet specific performance measures).
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income includes unrealized gains and losses on debt securities available for sale and cash flow hedges, net of taxes, which are also recognized as a separate component of equity.
Revenue Recognition	Revenue Recognition ASC 606, Revenue from Contracts with Customers, provides a revenue recognition framework for contracts with customers unless those contracts are within the scope of other accounting standards. Revenue from deposit account-related fees, including general service fees charged for deposit account maintenance and activity and transaction-based fees charged for certain services, such as debit card, wire transfer or overdraft activities, is recognized when the performance obligation is completed, which is generally after a transaction is completed or monthly for account maintenance services.
Earnings Per Share	Earnings Per Share Basic earnings per common share is net income divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Restricted stock awards are included in weighted average common shares outstanding as they are earned. Outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable. Potential common shares that may be issued by the Company relate to outstanding stock options awards and restricted stock awards and are determined using the treasury stock method.
Loss Contingencies	Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe such matters exist that will have a material effect on the financial statements.
Recently Adopted Accounting Standards Updates ("ASU") and ASUs not yet Adopted	Recent Accounting Pronouncements Accounting Guidance Issued and Adopted ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. . Accounting Guidance Issued But Not Yet Adopted ASU 2016-13 Financial Instruments—Credit Losses (Topic 326) As previously disclosed, the Company formed a cross-functional team to work through its implementation of CECL. The Company has completed its selection of the discounted cash flow modeling method and has run parallel processes and is in final review stages of completing its documentation including third party model validations. The Company had previously elected to delay its adoption of CECL, as provided by its emerging growth company status. The CARES Act allowed the Company to extend the transition until the date on which the National Emergency concerning COVID-19 was terminated or December 31, 2020, whichever occurred first. The December 31, 2020 adoption date under the CARES Act was extended to January 1, 2022, and therefore the Company has adopted CECL on January 1, 2022.

DEBT SECURITIES (Tables)

DEBT SECURITIES (Tables)	12 Months Ended
DEBT SECURITIES (Tables)	Dec. 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) December 31, 2021: Securities available for sale U.S. government and government-sponsored enterprise obligations $ 42,148 $ — $ 883 $ 41,265 U.S. government agency and government-sponsored residential mortgage-backed securities 347,716 914 3,870 344,760 U.S. government-sponsored collateralized mortgage obligations 3,927 100 — 4,027 SBA asset-backed securities 3,880 104 — 3,984 Total securities available for sale $ 397,671 $ 1,118 $ 4,753 $ 394,036 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 42,148 41,265 Over 10 years — — 42,148 41,265 U.S. government agency and government-sponsored residential mortgage-backed securities 347,716 344,760 U.S. government-sponsored collateralized mortgage obligations 3,927 4,027 SBA asset-backed securities 3,880 3,984 Total $ 397,671 $ 394,036
Schedule of proceeds and gross realized gains and losses related to sales and calls of securities	Year Ended December 31, 2021 2020 2019 (in thousands) Sales Proceeds $ 39,321 $ 72,333 $ 28,391 Gross gains 241 2,521 1,267 Gross losses — — — Calls Proceeds $ 5,000 $ 13,635 $ 20,145 Gross gains — 12 77 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) December 31, 2021: Securities available for sale U.S. government and government-sponsored enterprise obligations $ 883 $ 41,265 $ — $ — U.S. government agency and government-sponsored residential mortgage-backed securities 2,835 262,889 1,035 35,552 $ 3,718 $ 304,154 $ 1,035 $ 35,552 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)	12 Months Ended
LOANS HELD FOR SALE (Tables)	Dec. 31, 2021
LOANS HELD FOR SALE
Schedule of fair value and contractual principal balance outstanding of loans held for sale	December 31, 2021 2020 (in thousands) Loans held for sale, fair value $ 45,642 $ 208,612 Loans held for sale, contractual principal outstanding 44,245 198,984 Fair value less unpaid principal balance $ 1,397 $ 9,628

LOANS (Tables)

LOANS (Tables)	12 Months Ended
LOANS (Tables)	Dec. 31, 2021
Summary of balances of loans	December 31, 2021 2020 (in thousands) Residential real estate: One- to four-family $ 1,047,819 $ 928,934 Second mortgages and equity lines of credit 136,853 145,672 Residential real estate construction 33,308 31,217 Total residential real estate loans 1,217,980 1,105,823 Commercial: Commercial real estate 1,699,877 1,551,265 Commercial construction 136,563 99,331 Commercial and industrial 421,608 464,393 Total commercial loans 2,258,048 2,114,989 Consumer loans: Auto 124,354 265,266 Personal 7,351 8,564 Total consumer loans 131,705 273,830 Total loans 3,607,733 3,494,642 Allowance for loan losses (45,377) (55,395) Loans, net $ 3,562,356 $ 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 years ended December 31, 2021, 2020 and 2019 follows: Second Mortgages Residential One- to Four- and Equity Real Estate Commercial Commercial Commercial Family Lines of Credit Construction Real Estate Construction and Industrial Consumer Unallocated Total (in thousands) Balance at December 31, 2018 $ 2,681 $ 508 $ 50 $ 10,059 $ 2,707 $ 2,286 $ 1,154 $ 1,210 $ 20,655 Provision (credit) for loan losses (373) (7) (27) 2,810 (181) 1,744 497 284 4,747 Charge-offs (20) (116) — — — (1,075) (891) — (2,102) Recoveries 314 168 — 6 — 22 250 — 760 Balance at December 31, 2019 $ 2,602 $ 553 $ 23 $ 12,875 $ 2,526 $ 2,977 $ 1,010 $ 1,494 $ 24,060 Provision for loan losses 3,399 388 174 23,129 366 3,552 1,831 1,976 34,815 Charge-offs (51) (9) — (1,240) (937) (1,471) (599) — (4,307) Recoveries 218 122 — 1 — 253 233 — 827 Balance at December 31, 2020 $ 6,168 $ 1,054 $ 197 $ 34,765 $ 1,955 $ 5,311 $ 2,475 $ 3,470 $ 55,395 Provision (credit) for loan losses (2,755) (794) (128) (1,123) 55 2,055 (2,098) (2,470) (7,258) Charge-offs — — — (405) — (2,850) (177) — (3,432) Recoveries 218 160 — 5 — 122 167 — 672 Balance at December 31, 2021 $ 3,631 $ 420 $ 69 $ 33,242 $ 2,010 $ 4,638 $ 367 $ 1,000 $ 45,377 Allocation of the allowance to loan segments at December 31, 2021 and 2020 follows: Residential Commercial Commercial Commercial Real Estate Real Estate Construction and Industrial Consumer Unallocated Total (in thousands) December 31, 2021: Loans: Impaired loans $ 23,110 $ 20,203 $ — $ 4,182 $ — $ 47,495 Non-impaired loans 1,194,870 1,679,674 136,563 417,426 131,705 3,560,238 Total loans $ 1,217,980 $ 1,699,877 $ 136,563 $ 421,608 $ 131,705 $ 3,607,733 Allowance for loan losses: Impaired loans $ 650 $ 7,275 $ — $ 21 $ — $ — $ 7,946 Non-impaired loans 3,470 25,967 2,010 4,617 367 1,000 37,431 Total allowance for loan losses $ 4,120 $ 33,242 $ 2,010 $ 4,638 $ 367 $ 1,000 $ 45,377 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) December 31, 2021 Residential real estate: One- to four-family $ 5,578 $ 2,901 $ 3,777 $ 12,256 $ 11,210 Second mortgages and equity lines of credit 202 — 336 538 600 Commercial real estate 149 — 11,334 11,483 20,053 Commercial construction — — — — — Commercial and industrial 616 1 3,277 3,894 4,114 Consumer: Auto 747 162 140 1,049 144 Personal 67 — 12 79 12 Total $ 7,359 $ 3,064 $ 18,876 $ 29,299 $ 36,133 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	December 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 $ 14,115 $ 15,335 $ — $ 12,284 $ 13,039 $ — Commercial real estate 2,641 2,692 — 3,552 4,741 — Commercial construction — — — — — — Commercial and industrial 1,389 3,396 — 9,243 11,604 — Total 18,145 21,423 — 25,079 29,384 — Impaired loans with a specific reserve: Residential real estate 8,995 9,791 650 12,100 12,355 802 Commercial real estate 17,562 24,847 7,275 8,961 8,961 1,845 Commercial construction — — — — — — Commercial and industrial 2,793 3,596 21 116 181 31 Total 29,350 38,234 7,946 21,177 21,497 2,678 Total impaired loans $ 47,495 $ 59,657 $ 7,946 $ 46,256 $ 50,881 $ 2,678 Year Ended December 31, 2021 2020 2019 Interest Interest Interest Average Interest Income Average Interest Income Average Interest Income Recorded Income Recognized Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis Investment Recognized on Cash Basis (in thousands) Residential real estate $ 23,800 $ 795 $ 732 $ 26,040 $ 1,115 $ 1,054 $ 29,708 $ 1,694 $ 1,335 Commercial real estate 15,156 6 6 5,064 2 2 643 10 10 Commercial construction — — — 8,831 — — 5,622 237 237 Commercial and industrial 7,078 5 5 8,162 80 80 5,564 54 54 Total $ 46,034 $ 806 $ 743 $ 48,097 $ 1,197 $ 1,136 $ 41,537 $ 1,995 $ 1,636
Schedule of loans by risk rating	December 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 $ 1,645,871 $ 136,563 $ 417,408 $ 1,524,105 $ 99,331 $ 452,665 Loans rated 7 33,953 — 85 14,674 — 3,122 Loans rated 8 20,053 — 694 9,455 — 7,080 Loans rated 9 — — 3,421 3,031 — 1,526 Loans rated 10 — — — — — — $ 1,699,877 $ 136,563 $ 421,608 $ 1,551,265 $ 99,331 $ 464,393
PCI
Schedule of information pertaining to impaired loans	December 31, 2021 2020 (in thousands) Outstanding balance $ 3,076 $ 4,307 Carrying amount $ 2,828 $ 4,079
Summary of activity in accretable yield for purchased credit impaired loans	Years Ended December 31, 2021 2020 (in thousands) Balance at beginning of period $ 141 $ 149 Additions — — Accretion (27) (8) Reclassification from nonaccretable difference — — Balance at end of period $ 114 $ 141

MORTGAGE LOAN SERVICING (Tables

MORTGAGE LOAN SERVICING (Tables)	12 Months Ended
MORTGAGE LOAN SERVICING (Tables)	Dec. 31, 2021
MORTGAGE LOAN SERVICING
Tabular disclosure of assumptions used in the calculation of fair value of MSR	December 31, 2021 2020 Prepayment speed 9.40 % 14.30 % Discount rate 9.20 9.23 Default rate 1.64 2.27
Schedule of summarized changes to mortgage servicing rights	Year Ended December 31, 2021 2020 2019 (in thousands) Balance, beginning of period $ 24,833 $ 17,150 22,217 Additions 13,815 14,415 1,174 Changes in fair value due to: Reductions from loans paid off during the period (6,019) (4,181) (1,972) Changes in valuation inputs or assumptions 5,639 (2,551) (4,269) Balance, end of period $ 38,268 $ 24,833 17,150

OTHER REAL ESTATE LOANS AND R_2

OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS (Table)	12 Months Ended
OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS (Table)	Dec. 31, 2021
OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS
Schedule of expenses applicable to foreclosed and repossessed assets	Year Ended December 31, 2021 2020 2019 (in thousands) Gain on sales of real estate, net $ (198) $ (86) $ (181) Net loss on sales of repossessed assets (45) 45 112 Operating expenses (155) 37 82 $ (398) $ (4) $ 13

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
PROPERTY AND EQUIPMENT (Tables)	Dec. 31, 2021
PROPERTY AND EQUIPMENT
Summary of the cost and accumulated depreciation of property and equipment	December 31, 2021 2020 (in thousands) Land $ 12,251 $ 12,420 Buildings and leasehold improvements 49,790 46,216 Furniture, equipment and vehicles 16,665 14,719 Fixed assets in process 534 1,365 79,240 74,720 Less accumulated depreciation and amortization (28,495) (25,140) Property and equipment, net $ 50,745 $ 49,580

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedules of changes in carrying value of goodwill	Year Ended December 31, 2021 2020 (in thousands) Balance, end of period $ 69,802 $ 69,802
Schedule of intangible assets	December 31, 2021 2020 (in thousands) Gross amount of CDI: Balance, beginning of period $ 8,952 8,952 Additions due to acquisitions — — Balance, end of period 8,952 8,952 Accumulated amortization: Balance, beginning of period (4,582) (2,917) Amortization (1,206) (1,665) Balance, end of period (5,788) (4,582) Net CDI, end of period $ 3,164 4,370

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
DEPOSITS (Tables)	Dec. 31, 2021
DEPOSITS
Summary of deposit balances, by type	December 31, 2021 2020 (in thousands) NOW and demand deposit accounts $ 1,056,784 $ 908,256 Regular savings and club accounts 1,138,979 998,994 Money market deposit accounts 858,970 866,661 Total non-certificate accounts 3,054,733 2,773,911 Term certificate accounts greater than $250,000 108,426 135,190 Term certificate accounts less than or equal to $250,000 419,490 497,108 Brokered deposits 100,000 100,000 Total certificate accounts 627,916 732,298 Total deposits $ 3,682,649 $ 3,506,209
Summary of certificate accounts by maturity	Weighted Average Amount Rate (dollars in thousands) Within 1 year $ 553,190 0.46 % Over 1 year to 2 years 36,763 0.75 Over 2 years to 3 years 14,171 1.01 Over 3 years to 4 years 20,778 0.88 Over 4 years to 5 years 3,243 0.72 Total certificate deposits 628,145 0.51 % Less unaccreted acquisition discount (229) Total certificate deposits, net $ 627,916

BORROWINGS (Tables)

BORROWINGS (Tables)	12 Months Ended
BORROWINGS (Tables)	Dec. 31, 2021
BORROWINGS
Schedule of borrowed funds by maturity and call date	December 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 $ — $ — — % $ 41,750 101,750 2.47 % 2022 — 40,000 — — — — 2023 185 185 1.46 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 1,139 1,139 2.00 1,170 1,170 2.00 $ 55,711 $ 55,711 1.35 % $ 114,097 $ 114,097 2.16 % * Includes an amortizing advance requiring monthly principal and interest payments. (1) (2)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2021
INCOME TAXES
Schedule of allocation of federal and state income taxes between current and deferred portions	2021 2020 2019 (in thousands) Current tax provision: Federal $ 10,693 $ 11,591 $ 3,757 State 4,815 5,240 1,207 15,508 16,831 4,964 Deferred tax provision (benefit): Federal 4,451 (2,124) (445) State 1,976 (1,490) (111) 6,427 (3,614) (556) Income tax provision $ 21,935 $ 13,217 $ 4,408
Schedule of difference between the statutory federal income tax and the actual income tax provision (benefit)	2021 2020 2019 (dollars in thousands) Statutory tax rate 21% 21% 21% Statutory tax provision $ 16,895 $ 12,182 $ 4,762 Increase (decrease) resulting from: State taxes, net of federal tax benefit 5,365 2,962 866 Bank-owned life insurance (425) (465) (232) Employee Stock Ownership Plan expenses 280 56 172 Tax exempt income — (22) (104) Net reduction in uncertain federal tax positions (712) (1,864) (1,586) Other, net 532 368 530 Income tax provision $ 21,935 $ 13,217 $ 4,408
Schedule of tax effects give rise to deferred taxes	2021 2020 (in thousands) Deferred tax assets: Allowance for loan losses $ 12,745 $ 15,493 Employee benefit plans 5,478 4,999 Mark-to-market loans 1,469 2,387 Accrued expenses not deducted for tax purposes 1,656 1,799 HarborOne Mortgage loan repurchase reserve 999 743 Net unrealized loss on securities available for sale 801 — Other 602 — 23,750 25,421 Deferred tax liabilities: Net unrealized gain on securities available for sale — (904) Derivatives (2,552) (2,349) Deferred income annuities (1,706) (1,580) Depreciation and amortization (1,223) (1,145) Deferred loan fees (2,820) (1,578) Mortgage servicing rights (10,585) (6,793) Core deposit intangible (889) (1,222) Other — (293) (19,775) (15,864) Net deferred tax asset $ 3,975 $ 9,557
Schedule of change in net deferred tax asset (liability)	2021 2020 2019 (in thousands) Balance at beginning of year $ 9,557 $ 6,034 $ 6,727 Deferred tax (provision) benefit (6,427) 3,614 556 Coastway net deferred tax asset acquired — — (165) Change in cash flow hedge (860) 394 — Change in securities available for sale 1,705 (485) (1,084) Balance at end of year $ 3,975 $ 9,557 $ 6,034
Schedule of changes in unrecognized tax benefits	December 31, 2021 2020 2019 (in thousands) Balance at beginning of year $ 1,162 $ 3,052 $ 3,769 Additions based on tax positions related to current year — — — Additions for tax positions for prior years 247 168 1,471 Reductions for tax positions for prior years (754) (2,058) (153) Settlements — — (2,035) Balance at end of year $ 655 $ 1,162 $ 3,052
Schedule of unrecognized tax benefits, the amount of interest accrued and range of reasonably possible changes	Unrecognized tax benefits $ 619 Accrued interest on unrecognized tax benefits 36 Portion that, if recognized, would reduce tax expense and effective tax rate 655 Reasonably possible reduction to the balance of unrecognized tax in subsequent year 300 Portion that, if recognized, would reduce tax expense and effective tax rate 300

OTHER COMMITMENTS AND CONTING_2

OTHER COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
OTHER COMMITMENTS AND CONTINGENCIES (Tables)	Dec. 31, 2021
OTHER COMMITMENTS AND CONTINGENCIES
Schedule of financial instruments with off-balance sheet credit risk	December 31, 2021 2020 (in thousands) Commitments to grant residential real estate loans-HarborOne Mortgage $ 142,781 $ 485,428 Commitments to grant other loans 27,029 53,714 Unadvanced funds on home equity lines of credit 211,120 178,432 Unadvanced funds on revolving lines of credit 223,110 169,907 Unadvanced funds on construction loans 194,101 127,776

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
DERIVATIVES (Tables)	Dec. 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) December 31, 2021: Derivatives designated as Hedging Instruments Interest rate swaps $ 100,000 Other assets $ 1,663 Other liabilities $ — Derivatives not designated as Hedging Instruments Derivative loan commitments $ 86,134 Other assets $ 1,527 Other liabilities $ 95 Forward loan sale commitments 96,000 Other assets 56 Other liabilities 94 Interest rate swaps 740,235 Other assets 18,874 Other liabilities 19,214 Risk participation agreements 139,109 Other assets — Other liabilities — Total $ 22,120 $ 19,403 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	Year Ended December 31, 2021 2020 2019 Derivatives designated as hedging instruments Gain (loss) in OCI on derivatives (effective portion), net of tax $ 2,210 $ (1,013) $ — Loss reclassified from OCI into interest income or interest expense (effective portion) $ (513) $ (46) $ — Derivatives not designated as hedging instruments Changes in fair value of derivative loan commitments Mortgage banking income $ (10,850) $ 11,072 $ 62 Changes in fair value of forward loan sale commitments Mortgage banking income 2,166 (2,073) 386 Changes in fair value of interest rate swaps Other income (431) — — Total $ (9,115) $ 8,999 $ 448

OPERATING LEASE RIGHT-OF-USE _2

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES
Schedule of undiscounted future minimum operating lease payments	December 31, 2021 December 31, 2020 (in thousands) 2021 $ 3,139 $ 2,452 2022 2,976 2,239 2023 2,493 1,847 2024 2,369 1,644 2025 2,338 1,684 Thereafter 21,086 13,134 Total lease payments 34,401 $ 23,000 Imputed interest (6,031) Total present value of operating lease liabilities $ 28,370
Schedule of weighted-average discount rate and remaining lease term	December 31, 2021 Weighted-average discount rate 1.94 % Weighted-average remaining lease term (years) 16.77
Schedule of components of total lease expense	Year Ended December 31, 2021 (in thousands) Lease Expense: Operating lease expense $ 2,737 Short-term lease expense 162 Variable lease expense — Total lease expense $ 2,899 Other Information Cash paid for amounts included in the measurement of lease liabilities- operating cash flows for operating leases 2,861 Operating Lease - Operating cash flows (Liability reduction) 2,370 Right-of-use assets obtained in exchange for new operating lease liabilities 29,718

COMPENSATION AND BENEFIT PLANS

COMPENSATION AND BENEFIT PLANS (Tables)	12 Months Ended
COMPENSATION AND BENEFIT PLANS (Tables)	Dec. 31, 2021
COMPENSATION AND BENEFIT PLANS
Schedule of share information held by the ESOP	December 31, 2021 2020 Allocated shares 939,825 639,525 Shares committed to be allocated 230,722 230,723 Unallocated shares 3,371,840 3,602,562 Total shares 4,542,387 4,472,810 Fair value of unallocated shares $ 50,038,115 $ 39,123,823

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
STOCK-BASED COMPENSATION (Tables)	Dec. 31, 2021
Schedule of stock options, valuation assumptions	Options granted 583,565 Vesting period (years) 3 Term (years) 10 Weighted average expected volatility 22.09 % Expected life (years) 6 Expected dividend yield — % Weighted average risk free interest rate 2.46 % Weighted average fair value per option $2.49
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 $ 9.86 473,445 $ 2.55 Granted — — — — Exercised (62,840) 10.23 — — Vested — — (285,038) 2.60 Forfeited — — — — Expired — — — — Balance at December 31, 2021 2,043,563 $ 9.85 6.03 $ — 188,407 $ 2.48 Exercisable at December 31, 2021 1,855,156 $ 9.93 5.91 $ — Unrecognized cost inclusive of directors' awards $ 94,667 Weighted average remaining recognition period (years) 0.33
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 (204,082) 9.34 Granted 196,377 12.05 Forfeited (10,205) 9.71 Non-vested stock awards at December 31, 2021 366,782 $ 10.78 Unrecognized cost inclusive of directors' awards $ 2,812,633 Weighted average remaining recognition period (years) 1.54
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 127,599 11.95 Forfeited — — Non-vested performance restricted stock units at December 31, 2021 127,599 $ 11.95 Unrecognized cost $ 1,099,474 Weighted average remaining recognition period (years) 2.17

MINIMUM REGULATORY CAPITAL RE_2

MINIMUM REGULATORY CAPITAL REQUIREMENTS (Tables)	12 Months Ended
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Tables)	Dec. 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. December 31, 2021 Common equity Tier 1 capital to risk-weighted assets $ 608,804 16.4 % $ 167,475 4.5 % N/A N/A Tier 1 capital to risk-weighted assets 608,804 16.4 223,300 6.0 N/A N/A Total capital to risk-weighted assets 689,181 18.5 297,733 8.0 N/A N/A Tier 1 capital to average assets 608,804 13.6 179,710 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 December 31, 2021 Common equity Tier 1 capital to risk-weighted assets $ 485,239 13.1 % $ 166,660 4.5 % $ 240,731 6.5 % Tier 1 capital to risk-weighted assets 485,239 13.1 222,214 6.0 296,285 8.0 Total capital to risk-weighted assets 530,616 14.3 296,285 8.0 370,356 10.0 Tier 1 capital to average assets 485,239 10.9 178,279 4.0 222,849 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 INCOME (LOSS) (Ta

COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
COMPREHENSIVE INCOME (LOSS) (Tables)	Dec. 31, 2021
COMPREHENSIVE INCOME (LOSS)
Schedule of components of accumulated other comprehensive income (loss)	December 31, 2021 2020 (in thousands) Cash flow hedge: Net unrealized gain (loss) $ 1,663 $ (1,407) Related tax effect (466) 394 Total accumulated other comprehensive income (loss) $ 1,197 $ (1,013) Securities available for sale: Net unrealized (loss) gain $ (3,635) $ 4,102 Related tax effect 801 (904) Total accumulated other comprehensive (loss) income $ (2,834) $ 3,198
Summary of changes in accumulated other comprehensive income (loss)	Year Ended December 31, 2021 2020 2019 Available Cash Available Cash Available for Sale Flow for Sale Flow for Sale Securities Hedge Total Securities Hedge Total Securities (in thousands) Balance at beginning of period $ 3,198 $ (1,013) $ 2,185 $ 1,480 $ — $ 1,480 $ (2,358) Other comprehensive (loss) income before reclassifications (7,496) 2,557 (4,939) 4,214 (1,453) 2,761 6,266 Amounts reclassified to accumulated other comprehensive income for transfer of securities to available for sale — — — 522 — 522 — Amounts reclassified from accumulated other comprehensive income (loss) (241) 513 272 (2,533) 46 (2,487) (1,344) Net current period other comprehensive (loss) income (7,737) 3,070 (4,667) 2,203 (1,407) 796 4,922 Related tax effect 1,705 (860) 845 (485) 394 (91) (1,084) Balance at end of period $ (2,834) $ 1,197 $ (1,637) $ 3,198 $ (1,013) $ 2,185 $ 1,480

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	12 Months Ended
FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	Dec. 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) December 31, 2021 Assets Securities available for sale $ — $ 394,036 $ — $ 394,036 Loans held for sale — 45,642 — 45,642 Mortgage servicing rights — 38,268 — 38,268 Derivative loan commitments — — 1,527 1,527 Forward loan sale commitments — — 56 56 Interest rate management agreements — 1,663 — 1,663 Interest rate swaps — 18,874 — 18,874 $ — $ 498,483 $ 1,583 $ 500,066 Liabilities Derivative loan commitments $ — $ — $ 95 $ 95 Forward loan sale commitments — — 94 94 Interest rate swaps — 19,214 — 19,214 $ — $ 19,214 $ 189 $ 19,403 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	Year Ended December 31, 2021 2020 2019 (in thousands) Assets: Derivative and Forward Loan Sale Commitments: Balance at beginning of period $ 12,623 $ 1,411 $ 1,261 Total gains (losses) included in net income (1) (11,040) 11,212 150 Balance at end of period $ 1,583 $ 12,623 $ 1,411 Changes in unrealized gains relating to instruments at period end $ 1,583 $ 12,623 $ 1,411
Schedule of changes in Level 3 liabilities measured at fair value on a recurring basis	Year Ended December 31, 2021 2020 2019 (in thousands) Liabilities: Derivative and Forward Loan Sale Commitments: Balance at beginning of period $ (2,545) $ (332) (630) Total gains (losses) included in net income (1) 2,356 (2,213) 298 Balance at end of period $ (189) $ (2,545) (332) Changes in unrealized losses relating to instruments at period end $ (189) $ (2,545) (332) (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. December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Impaired loans: Residential — — $ 1,125 $ — $ — $ 919 Commercial real estate — — 17,562 — — 3,034 Commercial and industrial — — 2,928 — — 4,208 Other real estate owned and repossessed assets — — 53 — — 595 $ — $ — $ 21,668 $ — $ — $ 8,756 Losses in the following table represent the amount of the fair value adjustments recorded during the year on the carrying value of the assets held at December 31, 2021 and 2020, respectively. Losses on fully charged off loans are not included in the table. Year Ended December 31, 2021 2020 (in thousands) Impaired loans Residential 7 118 Commercial real estate 5,239 1,177 Commercial and industrial 916 1,020 Other real estate owned and repossessed assets — — $ 6,162 $ 2,315
Schedule of changes in Level 3 assets measured at fair value on a nonrecurring basis	Fair Value December 31, Valuation Technique 2021 2020 (in thousands) Impaired loans: Residential $ 1,125 $ 919 Sales Comparison Approach (1) Commercial real estate $ 17,562 $ 7,242 Sales Comparison Approach (1) Commercial and industrial $ 2,928 $ — Sales Comparison Approach (1) Real estate owned: Residential $ — $ 298 Sales Comparison Approach (1) (1)
Schedule of estimated fair values and related carrying amounts of financial instruments	December 31, 2021 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets: Cash and cash equivalents $ 194,719 $ 194,719 $ — $ — $ 194,719 Securities available for sale 394,036 — 394,036 — 394,036 Federal Home Loan Bank stock 5,931 N/A N/A N/A N/A Loans held for sale 45,642 — 45,642 — 45,642 Loans, net 3,562,356 — — 3,558,934 3,558,934 Retirement plan annuities 14,174 — — 14,174 14,174 Accrued interest receivable 10,624 — 10,624 — 10,624 Financial liabilities: Deposits 3,682,649 — — 3,683,465 3,683,465 Borrowed funds 55,711 — 55,765 — 55,765 Subordinated debt 34,159 — — 35,790 35,790 Mortgagors' escrow accounts 8,459 — — 8,459 8,459 Accrued interest payable 1,083 — 1,083 — 1,083 Derivative loan commitments: Assets 1,527 — — 1,527 1,527 Liabilities 95 — — 95 95 Interest rate management agreements: Assets 1,663 — 1,663 — 1,663 Liabilities — — — — — Interest rate swap agreements: Assets 18,874 — 18,874 — 18,874 Liabilities 19,214 — 19,214 — 19,214 Forward loan sale commitments: Assets 56 — — 56 56 Liabilities 94 — — 94 94 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)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2021
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	Year Ended December 31, 2021 2020 2019 Net income available to common stockholders (in thousands) $ 58,517 $ 44,792 $ 18,268 Average number of common shares outstanding 54,454,113 58,252,140 58,451,387 Less: Average unallocated ESOP shares and non-vested restricted shares (3,707,811) (3,938,772) (2,719,750) Weighted average number of common shares outstanding used to calculate basic earnings per common share 50,746,302 54,313,368 55,731,637 Dilutive effect of share-based compensation 776,833 6,467 139 Weighted average number of common shares outstanding used to calculate diluted earnings per common share 51,523,135 54,319,835 55,731,776 Earnings per common share: Basic $ 1.15 $ 0.82 $ 0.33 Diluted $ 1.14 $ 0.82 $ 0.33

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
SEGMENT REPORTING (Tables)	Dec. 31, 2021
SEGMENT REPORTING
Summary of reportable segments	Information about the reportable segments and reconciliation to the Consolidated Financial Statements at December 31, 2021, 2020 and 2019, and for the years then-ended are presented in the tables below. Year Ended December 31, 2021 HarborOne HarborOne Bank Mortgage Consolidated (in thousands) Net interest and dividend income $ 129,785 $ 3,468 $ 131,370 Credit for loan losses (7,258) — (7,258) Net interest and dividend income, after credit for loan losses 137,043 3,468 138,628 Mortgage banking income: Gain on sale of mortgage loans — 61,883 61,883 Intersegment gain (loss) (3,665) 4,434 — Changes in mortgage servicing rights fair value (137) (243) (380) Other 1,090 14,741 15,831 Total mortgage banking income (loss) (2,712) 80,815 77,334 Other noninterest income 23,308 44 23,352 Total noninterest income 20,596 80,859 100,686 Noninterest expense 102,557 55,012 158,862 Income loss before income taxes 55,082 29,315 80,452 Provision for income taxes 14,933 7,569 21,935 Net income $ 40,149 $ 21,746 $ 58,517 Total assets at period end $ 4,481,509 $ 173,545 $ 4,553,405 Goodwill at period end $ 59,042 $ 10,760 $ 69,802 Year Ended December 31, 2020 HarborOne HarborOne Bank Mortgage Consolidated (in thousands) Net interest and dividend income $ 118,217 $ 3,235 $ 120,066 Provision for loan losses 34,815 — 34,815 Net interest and dividend income, after provision for loan losses 83,402 3,235 85,251 Mortgage banking income: Gain on sale of mortgage loans — 105,469 105,469 Intersegment gain (loss) (3,148) 3,148 — Changes in mortgage servicing rights fair value (2,376) (4,356) (6,732) Other 1,360 13,812 15,172 Total mortgage banking income (loss) (4,164) 118,073 113,909 Other noninterest income (loss) 24,909 (138) 24,771 Total noninterest income 20,745 117,935 138,680 Noninterest expense 98,354 66,393 165,922 Income before income taxes 5,793 54,777 58,009 Provision for income taxes 527 12,964 13,217 Net income $ 5,266 $ 41,813 $ 44,792 Total assets at period end $ 4,460,164 $ 312,194 $ 4,483,615 Goodwill at period end $ 59,042 $ 10,760 $ 69,802 Year Ended December 31, 2019 HarborOne HarborOne Bank Mortgage Consolidated (in thousands) Net interest and dividend income $ 109,106 $ 1,064 $ 109,062 Provision for loan losses 4,747 — 4,747 Net interest and dividend income, after provision for loan losses 104,359 1,064 104,315 Mortgage banking income: Gain on sale of mortgage loans 1 33,556 33,557 Intersegment gain (loss) (1,183) 1,183 — Changes in mortgage servicing rights fair value (1,431) (4,810) (6,241) Other 1,494 7,965 9,459 Total mortgage banking income (loss) (1,119) 37,894 36,775 Other noninterest income (loss) 23,365 (45) 23,320 Total noninterest income 22,246 37,849 60,095 Noninterest expense 100,688 38,876 141,734 Income before income taxes 25,917 37 22,676 Provision (benefit) for income taxes 5,019 (77) 4,408 Net income $ 20,898 $ 114 $ 18,268 Total assets at period end $ 3,925,328 $ 165,863 $ 4,058,921 Goodwill at period end $ 59,042 $ 10,760 $ 69,802

CONDENSED FINANCIAL STATEMENT_2

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)	12 Months Ended
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)	Dec. 31, 2021
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
Schedule of Condensed Balance Sheet	Balance Sheet December 31, 2021 2020 (in thousands) Assets Cash and due from banks $ 131,033 $ 118,265 Investment in common stock of HarborOne Bank 555,695 581,982 Loan receivable - ESOP 30,740 32,190 Due from subsidiary — 612 Other assets 637 657 Total assets $ 718,105 $ 733,706 Liabilities and Stockholders' Equity Subordinated debt $ 34,159 $ 34,033 Other liabilities and accrued expenses 4,685 3,359 Stockholders' equity 679,261 696,314 Total liabilities and stockholders' equity $ 718,105 $ 733,706
Schedule of Condensed Statement of Net Income	Statement of Net Income Year Ended December 31, 2021 2020 2019 (in thousands) Dividends from subsidiary $ 90,000 $ — $ — Interest from bank deposits 210 260 15 Interest on short-term investments 2 449 953 Interest on ESOP loan 1,046 1,596 1,062 Total income 91,258 2,305 2,030 Interest expense 2,095 2,095 2,076 Operating expenses 2,338 2,771 3,232 Total expenses 4,433 4,866 5,308 Income (loss) before income taxes and equity in undistributed net income (loss) of HarborOne Bank 86,825 (2,561) (3,278) Income tax benefit (566) (274) (534) Income (loss) before equity in income of subsidiaries 87,391 (2,287) (2,744) Equity in undistributed net income (loss) of HarborOne Bank (28,874) 47,079 21,012 Net income $ 58,517 $ 44,792 $ 18,268
Schedule of Condensed Statement of Cash Flows	Statement of Cash Flows Year Ended December 31, 2021 2020 2019 (in thousands) Cash flows from operating activities: Net income $ 58,517 $ 44,792 $ 18,268 Adjustments to reconcile net income to net cash used by operating activities: Equity in undistributed net (income) loss of HarborOne Bank 28,874 (47,079) (21,012) Deferred income tax provision (benefit) (8) (18) 139 Share-based compensation 545 963 1,432 Net change in other assets 27 231 (284) Net change in other liabilities 391 302 1,299 Net cash provided (used) by operating activities 88,346 (809) (158) Cash flows from investing activities: Investment in HarborOne Bank — — (152,713) Repayment of ESOP loan 1,450 1,218 1,862 Advances to subsidiary (1,046) (1,884) (2,456) Repayment of advances to subsidiary 1,659 3,728 — Net cash provided (used) by investing activities 2,063 3,062 (153,307) Cash flows from financing activities: Issuance of common stock 643 — 304,161 Repurchase of common stock (69,215) (15,923) (721) Purchase of shares by ESOP — — (24,829) Repayment of advance from subsidiary — — (139) Amortization of subordinated debt issuance costs 126 126 108 Dividends paid (9,195) (3,258) — Net cash (used) provided by financing activities (77,641) (19,055) 278,580 Net change in cash and cash equivalents 12,768 (16,802) 125,115 Cash and cash equivalents at beginning of year 118,265 135,067 9,952 Cash and cash equivalents at end of year $ 131,033 $ 118,265 $ 135,067

SELECTED QUARTERLY FINANCIAL _2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	Dec. 31, 2021
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Schedule of selected quarterly financial data	First Quarter Second Quarter Third Quarter Fourth Quarter 2021 2020 2021 2020 2021 2020 2021 2020 (in thousands, except share data) Interest and dividend income $ 35,847 $ 37,169 $ 35,887 $ 36,621 $ 35,808 $ 37,048 $ 36,353 $ 37,720 Interest expense 3,795 10,469 3,357 7,174 3,005 5,879 2,368 4,970 Net interest and dividend income 32,052 26,700 32,530 29,447 32,803 31,169 33,985 32,750 Provision (benefit) for loan losses 91 3,749 (4,286) 10,004 (1,627) 13,454 (1,436) 7,608 Other noninterest income 37,809 16,113 21,703 38,569 21,769 44,439 19,164 37,027 Gain on sale and call of securities, net — 2,525 — 8 241 — — — Total noninterest income 37,809 18,638 21,703 38,577 22,010 44,439 19,164 37,027 Total noninterest expenses 42,802 35,160 38,598 43,777 39,274 45,700 38,188 41,286 Provision for income taxes 7,576 1,705 5,645 3,668 4,907 4,561 3,807 3,283 Net income $ 19,392 $ 4,724 $ 14,276 $ 10,575 $ 12,259 $ 11,893 $ 12,590 $ 17,600 Basic earnings per share $ 0.37 $ 0.09 $ 0.28 $ 0.19 $ 0.25 $ 0.22 $ 0.26 $ 0.33 Diluted earnings per share $ 0.37 $ 0.09 $ 0.27 $ 0.19 $ 0.24 $ 0.22 $ 0.25 $ 0.33 Weighted average common shares, basic 52,537,409 54,392,465 51,778,293 54,450,146 49,801,123 54,465,339 48,918,539 53,947,868 Weighted average common shares, diluted 53,000,830 54,392,465 52,650,071 54,450,146 50,663,415 54,465,339 49,828,379 53,973,737

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Aug. 14, 2019USD ($)$ / sharesshares	Jun. 30, 2016shares	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)company	Dec. 31, 2021USD ($)item	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)state	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 13, 2019
Number of passive investment subsidiaries				1	1
Shares issued \| shares	31,036,812
Shares issued (in dollars per share) \| $ / shares	$ 10
Net proceeds from sale of common stock	$ 310,400,000								$ 304,061,000
Expenses incurred	$ 6,300,000								6,300,000
Stock conversion ratio	1.795431
Shares issued in exchange \| shares	12,162,763
Net proceeds from sale of common stock	$ 304,100,000
Amount utilized to fund new ESOP	24,800,000								$ 24,829,000
Number of full-service bank offices \| item					30
Operating lease ROU assets			$ 26,800,000	$ 26,800,000	$ 26,800,000	$ 26,800,000	$ 26,800,000
Operating lease liabilities			28,370,000	28,370,000	$ 28,370,000	28,370,000	28,370,000
Impairment of federal home loan bank stock								$ 0
Number of reporting units \| item					2
Number of security corporations \| item					2
Impairment recognized of goodwill and intangible assets			0
PPP loans			27,000,000	27,000,000	$ 27,000,000	27,000,000	27,000,000
Deferred processing fee income			$ 949,000	$ 949,000	$ 949,000	$ 949,000	$ 949,000
LTV 80 to 100 Percent \| Residential
Loan To Value Ratio						80.00%
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-02
Operating lease ROU assets								23,200,000
Operating lease liabilities								$ 24,400,000
HarborOne Mortgages.
Number of offices \| item					28
Additional states licensed to lend \| state							7
MHC \| HarborOne Bancorp Inc.
Ownership percentage										53.00%
HarborOne Foundation
Shares issued \| shares		385,450
HarborOne Bank.
Number of security corporation subsidiaries \| company				2
Cash invested into Bank's operations	$ 151,300,000

DEBT SECURITIES - Gross unreali

DEBT SECURITIES - Gross unrealized gains and losses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Securities available for sale
Amortized Cost	$ 397,671	$ 272,396
Gross Unrealized Gains	1,118	4,407
Gross Unrealized Losses	4,753	305
Fair Value	394,036	276,498
U.S. government and government-sponsored enterprise obligations
Securities available for sale
Amortized Cost	42,148	5,002
Gross Unrealized Gains		93
Gross Unrealized Losses	883
Fair Value	41,265	5,095
U.S. government agency and government-sponsored residential mortgage-backed securities
Securities available for sale
Amortized Cost	347,716	234,819
Gross Unrealized Gains	914	3,113
Gross Unrealized Losses	3,870	305
Fair Value	344,760	237,627
U.S. government-sponsored collateralized mortgage obligations
Securities available for sale
Amortized Cost	3,927	16,326
Gross Unrealized Gains	100	330
Fair Value	4,027	16,656
SBA asset-backed securities
Securities available for sale
Amortized Cost	3,880	16,249
Gross Unrealized Gains	104	871
Fair Value	$ 3,984	$ 17,120

DEBT SECURITIES - Contractual m

DEBT SECURITIES - Contractual maturity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)
Amortized Cost-Available-for-Sale
After 5 years through 10 years	$ 42,148
Total for contractual maturity	42,148
Amortized Cost	397,671	$ 272,396
Fair Value-Available-for-Sale
After 5 years through 10 years	41,265
Total for contractual maturity	41,265
Total	394,036	276,498
Sales
Proceeds	39,321	72,333	$ 28,391
Gross gains	241	2,521	1,267
Calls
Proceeds	$ 5,000	13,635	20,145
Gross gains		$ 12	$ 77
Number of holdings greater than 10% of shareholder equity \| security	0	0
Interest rate swaps \| Mortgage-backed securities
Securities
Number of securities pledged \| security	17	26
Pledged as collateral	$ 13,900	$ 40,300
Minimum
Securities
Maturity period	1 month
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	$ 347,716
Amortized Cost	347,716	234,819
Fair Value-Available-for-Sale
No single maturity date	344,760
Total	344,760	237,627
U.S. government-sponsored collateralized mortgage obligations
Amortized Cost-Available-for-Sale
No single maturity date	3,927
Amortized Cost	3,927	16,326
Fair Value-Available-for-Sale
No single maturity date	4,027
Total	4,027	16,656
SBA asset-backed securities
Amortized Cost-Available-for-Sale
No single maturity date	3,880
Amortized Cost	3,880	16,249
Fair Value-Available-for-Sale
No single maturity date	3,984
Total	$ 3,984	17,120
U.S. government and government-sponsored enterprise obligations
Securities
Maturity period	10 years
Amortized Cost-Available-for-Sale
Amortized Cost	$ 42,148	5,002
Fair Value-Available-for-Sale
Total	$ 41,265	$ 5,095
U.S. government and government-sponsored enterprise obligations \| Minimum
Securities
Callable period	2 months
U.S. government and government-sponsored enterprise obligations \| Maximum
Securities
Callable period	2 years

DEBT SECURITIES - Gross unrea_2

DEBT SECURITIES - Gross unrealized losses aggregated by category (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)
Continuous unrealized losses, Gross Unrealized Losses, Available-for-Sale
Less than Twelve Months	$ 3,718
Twelve Months and Over	1,035
Continuous unrealized losses, Fair Value, Available-for-Sale
Less Than Twelve Months	304,154
Twelve Months and Over	$ 35,552
Number of debt securities \| security	126
Number of debt securities in unrealized loss position \| security	76
U.S. government agency and government-sponsored residential mortgage-backed securities
Continuous unrealized losses, Gross Unrealized Losses, Available-for-Sale
Less than Twelve Months	$ 2,835	$ 283
Twelve Months and Over	1,035	22
Continuous unrealized losses, Fair Value, Available-for-Sale
Less Than Twelve Months	262,889	67,460
Twelve Months and Over	35,552	$ 3,668
U.S. government and government-sponsored enterprise obligations
Continuous unrealized losses, Gross Unrealized Losses, Available-for-Sale
Less than Twelve Months	883
Continuous unrealized losses, Fair Value, Available-for-Sale
Less Than Twelve Months	$ 41,265

LOANS HELD FOR SALE (Details)

LOANS HELD FOR SALE (Details) - USD ($) $ in Thousands	12 Months Ended
LOANS HELD FOR SALE (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair value and contractual principal outstanding:
Loans held for sale, fair value	$ 45,642	$ 208,612
Loans held for sale, contractual principal outstanding	44,245	198,984
Fair value less unpaid principal balance	1,397	9,628
Change in fair value of mortgage loans held for sale	(8,200)	6,500
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 ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans
Total loans	$ 3,607,733,000	$ 3,494,642,000
Net deferred loan costs	4,400,000	2,300,000
Less: Allowance for loan losses	(45,377,000)	(55,395,000)	$ (24,060,000)	$ (20,655,000)
Net loans	3,562,356,000	3,439,247,000
Deferred processing fee income	949,000
Residential
Loans
Total loans	1,217,980,000	1,105,823,000
Less: Allowance for loan losses	(4,120,000)	(7,419,000)
Residential \| 1-4 family
Loans
Total loans	1,047,819,000	928,934,000
Less: Allowance for loan losses	(3,631,000)	(6,168,000)	(2,602,000)	(2,681,000)
Residential \| Second mortgages and equity lines of credit
Loans
Total loans	136,853,000	145,672,000
Less: Allowance for loan losses	(420,000)	(1,054,000)	(553,000)	(508,000)
Residential \| Residential real estate construction
Loans
Total loans	33,308,000	31,217,000
Less: Allowance for loan losses	(69,000)	(197,000)	(23,000)	(50,000)
Commercial
Loans
Total loans	2,258,048,000	2,114,989,000
Commercial \| Commercial real estate
Loans
Total loans	1,699,877,000	1,551,265,000
Less: Allowance for loan losses	(33,242,000)	(34,765,000)	(12,875,000)	(10,059,000)
Commercial \| Commercial construction
Loans
Total loans	136,563,000	99,331,000
Less: Allowance for loan losses	(2,010,000)	(1,955,000)	(2,526,000)	(2,707,000)
Commercial \| Commercial and industrial
Loans
Total loans	421,608,000	464,393,000
Less: Allowance for loan losses	(4,638,000)	(5,311,000)	(2,977,000)	(2,286,000)
Consumer loans
Loans
Total loans	131,705,000	273,830,000
Less: Allowance for loan losses	(367,000)	(2,475,000)	$ (1,010,000)	$ (1,154,000)
Consumer loans \| Auto
Loans
Total loans	124,354,000	265,266,000
Consumer loans \| Personal
Loans
Total loans	7,351,000	8,564,000
Commercial and industrial \| PPP loans
Loans
Loans before fees	27,000,000	126,500,000
Deferred processing fee income	$ 949,000	$ 2,700,000

LOANS - Loans Sold or Transferr

LOANS - Loans Sold or Transferred (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Commercial real estate
Loans
Unpaid principal balance of loans serviced for others	$ 288.9	$ 284.2

LOANS - Acquired Loans (Details

LOANS - Acquired Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Oct. 31, 2018
Loans
Outstanding balance	$ 3,076	$ 4,307
Carrying amount	$ 2,828	$ 4,079
Coastway \| PCI
Loans
Loans purchased			$ 5,400

LOANS - PCI Loans (Details)

LOANS - PCI Loans (Details) - USD ($) $ in Thousands	12 Months Ended
LOANS - PCI Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accretable yield:
Balance at beginning of period	$ 141	$ 149
Accretion	(27)	(8)
Balance at end of period	$ 114	$ 141

LOANS - Allowance for Loan Loss

LOANS - Allowance for Loan Losses Activity and Allocation to Loan Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Activity in the allowance for loan losses
Balance				$ 55,395				$ 24,060	$ 55,395	$ 24,060	$ 20,655
(Credit) provision for loan losses	$ (1,436)	$ (1,627)	$ (4,286)	91	$ 7,608	$ 13,454	$ 10,004	3,749	(7,258)	34,815	4,747
Charge-offs									(3,432)	(4,307)	(2,102)
Recoveries									672	827	760
Balance	45,377				55,395				45,377	55,395	24,060
Allocation of the allowance to loan segments
Total loans	3,607,733				3,494,642				3,607,733	3,494,642
Total allowance for loan losses	45,377				55,395				45,377	55,395	24,060
Impaired loans.
Activity in the allowance for loan losses
Balance				2,678					2,678
Balance	7,946				2,678				7,946	2,678
Allocation of the allowance to loan segments
Total loans	47,495				46,256				47,495	46,256
Total allowance for loan losses	7,946				2,678				7,946	2,678
Non-impaired loans
Activity in the allowance for loan losses
Balance				52,717					52,717
Balance	37,431				52,717				37,431	52,717
Allocation of the allowance to loan segments
Total loans	3,560,238				3,448,386				3,560,238	3,448,386
Total allowance for loan losses	37,431				52,717				37,431	52,717
Residential
Activity in the allowance for loan losses
Balance				7,419					7,419
Balance	4,120				7,419				4,120	7,419
Allocation of the allowance to loan segments
Total loans	1,217,980				1,105,823				1,217,980	1,105,823
Total allowance for loan losses	4,120				7,419				4,120	7,419
Residential \| Impaired loans.
Activity in the allowance for loan losses
Balance				802					802
Balance	650				802				650	802
Allocation of the allowance to loan segments
Total loans	23,110				24,384				23,110	24,384
Total allowance for loan losses	650				802				650	802
Residential \| Non-impaired loans
Activity in the allowance for loan losses
Balance				6,617					6,617
Balance	3,470				6,617				3,470	6,617
Allocation of the allowance to loan segments
Total loans	1,194,870				1,081,439				1,194,870	1,081,439
Total allowance for loan losses	3,470				6,617				3,470	6,617
Residential \| 1-4 family
Activity in the allowance for loan losses
Balance				6,168				2,602	6,168	2,602	2,681
(Credit) provision for loan losses									(2,755)	3,399	(373)
Charge-offs										(51)	(20)
Recoveries									218	218	314
Balance	3,631				6,168				3,631	6,168	2,602
Allocation of the allowance to loan segments
Total loans	1,047,819				928,934				1,047,819	928,934
Total allowance for loan losses	3,631				6,168				3,631	6,168	2,602
Residential \| Second mortgages and equity lines of credit
Activity in the allowance for loan losses
Balance				1,054				553	1,054	553	508
(Credit) provision for loan losses									(794)	388	(7)
Charge-offs										(9)	(116)
Recoveries									160	122	168
Balance	420				1,054				420	1,054	553
Allocation of the allowance to loan segments
Total loans	136,853				145,672				136,853	145,672
Total allowance for loan losses	420				1,054				420	1,054	553
Residential \| Residential real estate construction
Activity in the allowance for loan losses
Balance				197				23	197	23	50
(Credit) provision for loan losses									(128)	174	(27)
Balance	69				197				69	197	23
Allocation of the allowance to loan segments
Total loans	33,308				31,217				33,308	31,217
Total allowance for loan losses	69				197				69	197	23
Commercial
Allocation of the allowance to loan segments
Total loans	2,258,048				2,114,989				2,258,048	2,114,989
Commercial \| Commercial real estate
Activity in the allowance for loan losses
Balance				34,765				12,875	34,765	12,875	10,059
(Credit) provision for loan losses									(1,123)	23,129	2,810
Charge-offs									(405)	(1,240)
Recoveries									5	1	6
Balance	33,242				34,765				33,242	34,765	12,875
Allocation of the allowance to loan segments
Total loans	1,699,877				1,551,265				1,699,877	1,551,265
Total allowance for loan losses	33,242				34,765				33,242	34,765	12,875
Commercial \| Commercial real estate \| Impaired loans.
Activity in the allowance for loan losses
Balance				1,845					1,845
Balance	7,275				1,845				7,275	1,845
Allocation of the allowance to loan segments
Total loans	20,203				12,513				20,203	12,513
Total allowance for loan losses	7,275				1,845				7,275	1,845
Commercial \| Commercial real estate \| Non-impaired loans
Activity in the allowance for loan losses
Balance				32,920					32,920
Balance	25,967				32,920				25,967	32,920
Allocation of the allowance to loan segments
Total loans	1,679,674				1,538,752				1,679,674	1,538,752
Total allowance for loan losses	25,967				32,920				25,967	32,920
Commercial \| Commercial construction
Activity in the allowance for loan losses
Balance				1,955				2,526	1,955	2,526	2,707
(Credit) provision for loan losses									55	366	(181)
Charge-offs										(937)
Balance	2,010				1,955				2,010	1,955	2,526
Allocation of the allowance to loan segments
Total loans	136,563				99,331				136,563	99,331
Total allowance for loan losses	2,010				1,955				2,010	1,955	2,526
Commercial \| Commercial construction \| Non-impaired loans
Activity in the allowance for loan losses
Balance				1,955					1,955
Balance	2,010				1,955				2,010	1,955
Allocation of the allowance to loan segments
Total loans	136,563				99,331				136,563	99,331
Total allowance for loan losses	2,010				1,955				2,010	1,955
Commercial \| Commercial and industrial
Activity in the allowance for loan losses
Balance				5,311				2,977	5,311	2,977	2,286
(Credit) provision for loan losses									2,055	3,552	1,744
Charge-offs									(2,850)	(1,471)	(1,075)
Recoveries									122	253	22
Balance	4,638				5,311				4,638	5,311	2,977
Allocation of the allowance to loan segments
Total loans	421,608				464,393				421,608	464,393
Total allowance for loan losses	4,638				5,311				4,638	5,311	2,977
Commercial \| Commercial and industrial \| Impaired loans.
Activity in the allowance for loan losses
Balance				31					31
Balance	21				31				21	31
Allocation of the allowance to loan segments
Total loans	4,182				9,359				4,182	9,359
Total allowance for loan losses	21				31				21	31
Commercial \| Commercial and industrial \| Non-impaired loans
Activity in the allowance for loan losses
Balance				5,280					5,280
Balance	4,617				5,280				4,617	5,280
Allocation of the allowance to loan segments
Total loans	417,426				455,034				417,426	455,034
Total allowance for loan losses	4,617				5,280				4,617	5,280
Consumer loans
Activity in the allowance for loan losses
Balance				2,475				1,010	2,475	1,010	1,154
(Credit) provision for loan losses									(2,098)	1,831	497
Charge-offs									(177)	(599)	(891)
Recoveries									167	233	250
Balance	367				2,475				367	2,475	1,010
Allocation of the allowance to loan segments
Total loans	131,705				273,830				131,705	273,830
Total allowance for loan losses	367				2,475				367	2,475	1,010
Consumer loans \| Non-impaired loans
Activity in the allowance for loan losses
Balance				2,475					2,475
Balance	367				2,475				367	2,475
Allocation of the allowance to loan segments
Total loans	131,705				273,830				131,705	273,830
Total allowance for loan losses	367				2,475				367	2,475
Unallocated
Activity in the allowance for loan losses
Balance				3,470				$ 1,494	3,470	1,494	1,210
(Credit) provision for loan losses									(2,470)	1,976	284
Balance	1,000				3,470				1,000	3,470	1,494
Allocation of the allowance to loan segments
Total allowance for loan losses	1,000				3,470				1,000	3,470	$ 1,494
Unallocated \| Non-impaired loans
Activity in the allowance for loan losses
Balance				$ 3,470					3,470
Balance	1,000				3,470				1,000	3,470
Allocation of the allowance to loan segments
Total allowance for loan losses	$ 1,000				$ 3,470				$ 1,000	$ 3,470

LOANS - Summary of Past Due and

LOANS - Summary of Past Due and Non-Accrual Loans (Details)	12 Months Ended
LOANS - Summary of Past Due and Non-Accrual Loans (Details)	Dec. 31, 2020USD ($)loan	Dec. 31, 2021USD ($)
Summary of past due and non-accrual loans
Past Due	$ 30,505,000	$ 29,299,000
Loans on Non-accrual	34,101,000	36,133,000
Loans past due 90 days or more and still accruing	$ 0	0
Number of non-performing loans \| loan	2
Recorded investment	$ 10,900,000
Charge offs	937,000
30 to 59 Days
Summary of past due and non-accrual loans
Past Due	15,684,000	7,359,000
60 to 89 Days
Summary of past due and non-accrual loans
Past Due	2,868,000	3,064,000
90 Days or More
Summary of past due and non-accrual loans
Past Due	11,953,000	18,876,000
Residential \| 1-4 family
Summary of past due and non-accrual loans
Past Due	20,789,000	12,256,000
Loans on Non-accrual	11,611,000	11,210,000
Residential \| 1-4 family \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	12,148,000	5,578,000
Residential \| 1-4 family \| 60 to 89 Days
Summary of past due and non-accrual loans
Past Due	2,223,000	2,901,000
Residential \| 1-4 family \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	6,418,000	3,777,000
Residential \| Second mortgages and equity lines of credit
Summary of past due and non-accrual loans
Past Due	939,000	538,000
Loans on Non-accrual	834,000	600,000
Residential \| Second mortgages and equity lines of credit \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	460,000	202,000
Residential \| Second mortgages and equity lines of credit \| 60 to 89 Days
Summary of past due and non-accrual loans
Past Due	46,000
Residential \| Second mortgages and equity lines of credit \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	433,000	336,000
Residential \| Residential real estate
Summary of past due and non-accrual loans
Past Due	471,000
Residential \| Residential real estate \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	471,000
Commercial \| Commercial real estate
Summary of past due and non-accrual loans
Past Due	3,785,000	11,483,000
Loans on Non-accrual	12,486,000	20,053,000
Commercial \| Commercial real estate \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	416,000	149,000
Commercial \| Commercial real estate \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	3,369,000	11,334,000
Commercial \| Commercial and industrial
Summary of past due and non-accrual loans
Past Due	1,878,000	3,894,000
Loans on Non-accrual	8,606,000	4,114,000
Commercial \| Commercial and industrial \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	444,000	616,000
Commercial \| Commercial and industrial \| 60 to 89 Days
Summary of past due and non-accrual loans
Past Due	191,000	1,000
Commercial \| Commercial and industrial \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	1,243,000	3,277,000
Consumer loans \| Auto
Summary of past due and non-accrual loans
Past Due	2,542,000	1,049,000
Loans on Non-accrual	557,000	144,000
Consumer loans \| Auto \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	1,657,000	747,000
Consumer loans \| Auto \| 60 to 89 Days
Summary of past due and non-accrual loans
Past Due	397,000	162,000
Consumer loans \| Auto \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	488,000	140,000
Consumer loans \| Personal
Summary of past due and non-accrual loans
Past Due	101,000	79,000
Loans on Non-accrual	7,000	12,000
Consumer loans \| Personal \| 30 to 59 Days
Summary of past due and non-accrual loans
Past Due	88,000	67,000
Consumer loans \| Personal \| 60 to 89 Days
Summary of past due and non-accrual loans
Past Due	11,000
Consumer loans \| Personal \| 90 Days or More
Summary of past due and non-accrual loans
Past Due	$ 2,000	$ 12,000

LOANS - Impaired Loans (Details

LOANS - Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
LOANS - Impaired Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Recorded Investment
Impaired loans without a valuation allowance	$ 18,145	$ 25,079
Impaired loans with a valuation allowance	29,350	21,177
Total impaired loans	47,495	46,256
Unpaid Principal Balance
Impaired loans without a valuation allowance	21,423	29,384
Impaired loans with a valuation allowance	38,234	21,497
Total impaired loans	59,657	50,881
Activity in the allowance for loan losses
Allowance for loan losses for impaired loans	7,946	2,678
Impaired loans
Average Recorded Investment	46,034	48,097	$ 41,537
Interest Income Recognized	806	1,197	1,995
Interest Income Recognized on Cash Basis	743	1,136	1,636
Additional funds committed to be advanced in connection with impaired loans	0
Residential
Recorded Investment
Impaired loans without a valuation allowance	14,115	12,284
Impaired loans with a valuation allowance	8,995	12,100
Unpaid Principal Balance
Impaired loans without a valuation allowance	15,335	13,039
Impaired loans with a valuation allowance	9,791	12,355
Activity in the allowance for loan losses
Allowance for loan losses for impaired loans	650	802
Impaired loans
Average Recorded Investment	23,800	26,040	29,708
Interest Income Recognized	795	1,115	1,694
Interest Income Recognized on Cash Basis	732	1,054	1,335
Commercial \| Commercial real estate
Recorded Investment
Impaired loans without a valuation allowance	2,641	3,552
Impaired loans with a valuation allowance	17,562	8,961
Unpaid Principal Balance
Impaired loans without a valuation allowance	2,692	4,741
Impaired loans with a valuation allowance	24,847	8,961
Activity in the allowance for loan losses
Allowance for loan losses for impaired loans	7,275	1,845
Impaired loans
Average Recorded Investment	15,156	5,064	643
Interest Income Recognized	6	2	10
Interest Income Recognized on Cash Basis	6	2	10
Commercial \| Commercial construction
Impaired loans
Average Recorded Investment		8,831	5,622
Interest Income Recognized			237
Interest Income Recognized on Cash Basis			237
Commercial \| Commercial and industrial
Recorded Investment
Impaired loans without a valuation allowance	1,389	9,243
Impaired loans with a valuation allowance	2,793	116
Unpaid Principal Balance
Impaired loans without a valuation allowance	3,396	11,604
Impaired loans with a valuation allowance	3,596	181
Activity in the allowance for loan losses
Allowance for loan losses for impaired loans	21	31
Impaired loans
Average Recorded Investment	7,078	8,162	5,564
Interest Income Recognized	5	80	54
Interest Income Recognized on Cash Basis	$ 5	$ 80	$ 54

LOANS - Troubled Debt Restructu

LOANS - Troubled Debt Restructurings (Details)	12 Months Ended
LOANS - Troubled Debt Restructurings (Details)	Dec. 31, 2021USD ($)itemloan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)item
Troubled debt restructurings
Troubled debt restructurings during the period	0	0	1
TDR modifications			$ 2,000,000
Number of loan modifications pursuant to CARES Act \| loan	0
Recorded investment of troubled debt restructurings	$ 11,000,000	$ 15,100,000
Recorded investment of troubled debt restructurings that were nonaccruing	$ 1,000,000	$ 3,600,000
Number of troubled debt restructurings that defaulted	0	0	0
Loans, net	$ 3,562,356,000	$ 3,439,247,000
Minimum
Troubled debt restructurings
Payment in arrears before considered in default \| item	2
Commercial
Troubled debt restructurings
Recorded investment of troubled debt restructurings	$ 408,000	2,500,000
Recorded investment of troubled debt restructurings that were nonaccruing	$ 190,000	$ 2,500,000

LOANS - Risk Rating (Details)

LOANS - Risk Rating (Details) $ in Thousands	12 Months Ended
LOANS - Risk Rating (Details) $ in Thousands	Dec. 31, 2021USD ($)grade	Dec. 31, 2020USD ($)
Loans by risk rating
Number of grades utilized in internal loan rating system \| grade	10
Total loans	$ 3,607,733	$ 3,494,642
Commercial
Loans by risk rating
Total loans	2,258,048	2,114,989
Commercial \| Commercial real estate
Loans by risk rating
Total loans	1,699,877	1,551,265
Commercial \| Commercial real estate \| Loans rated 1 - 6, pass
Loans by risk rating
Total loans	1,645,871	1,524,105
Commercial \| Commercial real estate \| Loans rated 7, special mention
Loans by risk rating
Total loans	33,953	14,674
Commercial \| Commercial real estate \| Loans rated 8, substandard
Loans by risk rating
Total loans	20,053	9,455
Commercial \| Commercial real estate \| Loans rated 9, doubtful
Loans by risk rating
Total loans		3,031
Commercial \| Commercial construction
Loans by risk rating
Total loans	136,563	99,331
Commercial \| Commercial construction \| Loans rated 1 - 6, pass
Loans by risk rating
Total loans	136,563	99,331
Commercial \| Commercial and industrial
Loans by risk rating
Total loans	421,608	464,393
Commercial \| Commercial and industrial \| Loans rated 1 - 6, pass
Loans by risk rating
Total loans	417,408	452,665
Commercial \| Commercial and industrial \| Loans rated 7, special mention
Loans by risk rating
Total loans	85	3,122
Commercial \| Commercial and industrial \| Loans rated 8, substandard
Loans by risk rating
Total loans	694	7,080
Commercial \| Commercial and industrial \| Loans rated 9, doubtful
Loans by risk rating
Total loans	$ 3,421	$ 1,526

MORTGAGE LOAN SERVICING - Key A

MORTGAGE LOAN SERVICING - Key Assumptions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unpaid Principal Balance
Unpaid principal balances of mortgage loans serviced	$ 3,650	$ 3,050
Prepayment speed	9.40%	14.30%
Discount rate	9.20%	9.23%
Default rate	1.64%	2.27%

MORTGAGE LOAN SERVICING - Fair

MORTGAGE LOAN SERVICING - Fair value of MSR (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes to the fair value of Mortgage Servicing Rights
Balance, beginning of period	$ 24,833	$ 17,150	$ 22,217
Additions	13,815	14,415	1,174
Changes in fair value due to :
Reductions from loans paid off during the period	(6,019)	(4,181)	(1,972)
Changes in valuation inputs or assumptions	5,639	(2,551)	(4,269)
Balance, end of period	38,268	24,833	17,150
Fees and commissions, mortgage banking and servicing	$ 7,400	$ 4,700	$ 4,200

OTHER REAL ESTATE LOANS AND R_3

OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS (Details)	12 Months Ended
OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS (Details)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
OTHER REAL ESTATE LOANS AND REPOSSESSED ASSETS
Gain on sale of real estate, net	$ (198,000)	$ (86,000)	$ (181,000)
Net loss on sales of repossessed assets	(45,000)	45,000	112,000
Operating expenses	(155,000)	37,000	82,000
Expenses applicable to foreclosed and repossessed assets	$ (398,000)	$ (4,000)	$ 13,000
Number of real estate properties foreclosed and repossessed \| item	0	1
Foreclosed and repossessed assets, residential real estate properties		$ 297,000
Foreclosed and repossessed assets, automobiles	$ 53,000	298,000
Mortgage loans in the process of foreclosure	$ 2,900,000	$ 4,300,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PROPERTY AND EQUIPMENT
Property and equipment, gross	$ 79,240,000	$ 74,720,000
Less accumulated depreciation and amortization	(28,495,000)	(25,140,000)
Property and equipment, net	50,745,000	49,580,000
Depreciation and amortization of premises and equipment	4,412,000	4,011,000	$ 4,394,000
Net book value asset transfer to asset held for sale	881,000		9,000,000
Loss recognized on transfer of asset held for sale			(482,000)
Fully depreciated property equipment			$ 17,700,000
Land
PROPERTY AND EQUIPMENT
Property and equipment, gross	12,251,000	12,420,000
Buildings and leasehold improvements
PROPERTY AND EQUIPMENT
Property and equipment, gross	49,790,000	46,216,000
Furniture, equipment and vehicles
PROPERTY AND EQUIPMENT
Property and equipment, gross	16,665,000	14,719,000
Fixed assets in process
PROPERTY AND EQUIPMENT
Property and equipment, gross	$ 534,000	$ 1,365,000

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
GOODWILL AND INTANGIBLE ASSETS
Goodwill		$ 69,802	$ 69,802	$ 69,802
Intangible assets		3,164	4,370
Impairment recognized of goodwill and intangible assets		0
Impairment of intangible assets	$ 0
HarborOne Mortgages.
GOODWILL AND INTANGIBLE ASSETS
Goodwill		10,800	10,800
HarborOne Bank.
GOODWILL AND INTANGIBLE ASSETS
Goodwill		$ 59,000	$ 59,000

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated amortization and net amount of intangible assets
Amortization	$ (1,206,000)	$ (1,665,000)	$ (2,344,000)
Core deposit intangibles
Gross amount of intangible assets
Gross amount, beginning of period	8,952,000	8,952,000
Gross amount, end of period	8,952,000	8,952,000	8,952,000
Accumulated amortization and net amount of intangible assets
Accumulated amortization, beginning of period	(4,582,000)	(2,917,000)
Amortization	(1,206,000)	(1,665,000)
Accumulated amortization, end of period	(5,788,000)	(4,582,000)	$ (2,917,000)
Net CDI, end of year	3,164,000	$ 4,370,000
Estimated future amortization expense
2022	893,000
2025	$ 757,000
Weighted average original amortization period	7 years 3 months 18 days

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1,206,000	$ 1,665,000	$ 2,344,000
Non-compete intangible asset
Finite-Lived Intangible Assets [Line Items]
Amortization period			4 years
Amortization expense			$ 45,000

DEPOSITS - Summary of deposits

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
DEPOSITS
NOW and demand deposit accounts	$ 1,056,784	$ 908,256
Regular savings and club accounts	1,138,979	998,994
Money market deposit accounts	858,970	866,661
Total non-certificate accounts	3,054,733	2,773,911
Term certificate accounts greater than $250,000	108,426	135,190
Term certificate accounts less than or equal to $250,000	419,490	497,108
Brokered deposits	100,000	100,000
Total certificate deposits, net	627,916	732,298
Total deposits	3,682,649	3,506,209
Total reciprocal deposits	$ 43,800	$ 104,900

DEPOSITS - Maturity of deposits

DEPOSITS - Maturity of deposits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of certificate accounts by maturity
Within 1 year	$ 553,190
Over 1 year to 2 years	36,763
Over 2 years to 3 years	14,171
Over 3 years to 4 years	20,778
Over 4 years to 5 years	3,243
Total certificate deposits	628,145
Less unaccreted acquisition discount	(229)
Total certificate deposits, net	$ 627,916	$ 732,298
Summary of certificate accounts by maturity
Within 1 year	0.46%
Over 1 year to 2 years	0.75%
Over 2 years to 3 years	1.01%
Over 3 years to 4 years	0.88%
Over 4 years to 5 years	0.72%
Total certificate deposits	0.51%

BORROWINGS - FHLB Advances (Det

BORROWINGS - FHLB Advances (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Short-term borrowed funds		$ 35,000
Scheduled Maturity
2021		41,750
2023	$ 185	20,190
2024	13,400	10,000
2025	40,987	40,987
2026 and thereafter	1,139	1,170
Total	55,711	114,097
Redeemable at Call Date
2021		101,750
2022	40,000
2023	185	190
2024	13,400	10,000
2025	987	987
2026 and thereafter	1,139	1,170
Total	$ 55,711	$ 114,097
Weighted Average Rate
Short-term advances, weighted average rate		0.42
Weighted Average Rate
2021		2.47%
2023	1.46%	3.48%
2024	1.39%	1.68%
2025	1.32%	1.32%
2026 and thereafter	2.00%	2.00%
Total	1.35%	2.16%

BORROWINGS - Others (Details)

BORROWINGS - Others (Details) - USD ($)	Sep. 01, 2023	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Aug. 30, 2018
Borrowed funds
Prepayment on FHLB borrowings		$ 20,000,000
Prepayment penalties on Federal Home Loan Bank advances		$ 1,100,000	$ 1,095,000
Amount outstanding			$ 0	$ 0
Federal Reserve Bank of Boston
Borrowed funds
Percentage of carrying value pledged as collateral			57.00%
Loans pledged for FHLB			$ 101,400,000	107,100,000
Federal Home Loan Bank Advances
Borrowed funds
Carrying value of the loans pledged as collateral			1,220,000,000	1,250,000,000
Available borrowing capacity			865,200,000
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			$ 841,000	$ 967,000
Forecast \| Subordinated Notes due 2028 \| LIBOR
Borrowed funds
Basis points	278.00%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax provision:
Federal									$ 10,693	$ 11,591	$ 3,757
State									4,815	5,240	1,207
Total current tax provision									15,508	16,831	4,964
Deferred tax benefit:
Federal									4,451	(2,124)	(445)
State									1,976	(1,490)	(111)
Deferred tax benefit									6,427	(3,614)	(556)
Income tax provision	$ 3,807	$ 4,907	$ 5,645	$ 7,576	$ 3,283	$ 4,561	$ 3,668	$ 1,705	21,935	13,217	$ 4,408
Deferred tax liability for derivatives	$ 2,552				$ 2,349				$ 2,552	$ 2,349

INCOME TAXES - Differences Betw

INCOME TAXES - Differences Between Federal Income Tax and Actual Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Statutory tax rate (as a percent)									21.00%	21.00%	21.00%
Differences between the statutory federal income tax and the actual income tax provision (benefit)
Statutory federal tax provision									$ 16,895	$ 12,182	$ 4,762
Increase (decrease) resulting from:
State taxes, net of federal tax benefit									5,365	2,962	866
Bank-owned life insurance									(425)	(465)	(232)
Employee Stock Ownership Plan expenses									280	56	172
Tax exempt income										(22)	(104)
Reduction in uncertain federal tax positions									(712)	(1,864)	(1,586)
Other, net									532	368	530
Income tax provision	$ 3,807	$ 4,907	$ 5,645	$ 7,576	$ 3,283	$ 4,561	$ 3,668	$ 1,705	$ 21,935	$ 13,217	$ 4,408

INCOME TAXES - Deferred taxes (

INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Allowance for loan losses	$ 12,745	$ 15,493
Employee benefit plans	5,478	4,999
Mark-to-market loans	1,469	2,387
Accrued expenses not deducted for tax purposes	1,656	1,799
HarborOne Mortgage loan repurchase reserve	999	743
Net unrealized loss on securities available for sale	801
Other	602
Total deferred tax assets	23,750	25,421
Deferred tax liabilities:
Net unrealized gain on securities available for sale		(904)
Derivatives	(2,552)	(2,349)
Deferred income annuities	(1,706)	(1,580)
Depreciation and amortization	(1,223)	(1,145)
Deferred loan fees	(2,820)	(1,578)
Mortgage servicing rights	(10,585)	(6,793)
Core deposit intangible	(889)	(1,222)
Other		(293)
Total deferred tax liabilities	(19,775)	(15,864)
Net deferred tax asset	$ 3,975	$ 9,557	$ 6,034	$ 6,727

INCOME TAXES - Changes In Net D

INCOME TAXES - Changes In Net Deferred Tax Asset (Liability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Balance at beginning of year	$ 9,557	$ 6,034	$ 6,727
Deferred tax benefit	(6,427)	3,614	556
Coastway deferred tax accounting / measurement period adjustment			(165)
Change in cash flow hedge	(860)	394
Change in securities available for sale	1,705	(485)	(1,084)
Balance at end of year	$ 3,975	$ 9,557	$ 6,034

INCOME TAXES - Carryforwards (D

INCOME TAXES - Carryforwards (Details) - USD ($)	Aug. 14, 2019	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Net deferred tax asset balance				$ 3,975,000	$ 9,557,000	$ 6,034,000	$ 6,727,000
Shares issued	31,036,812
Temporary difference adjustment						320,000
Charitable contribution carryforward expected to be used						1,100,000
Request tax refunds			$ 3,200,000
Federal \| Tax Year 2013
Operating Loss Carryforwards [Line Items]
Tax refund						(603,000)
Federal \| Tax Year 2014
Operating Loss Carryforwards [Line Items]
Tax refund							(826,000)
Federal \| Tax Year 2015
Operating Loss Carryforwards [Line Items]
Tax refund							$ (1,300,000)
State \| Tax Year 2013
Operating Loss Carryforwards [Line Items]
Tax refund						(211,000)
State \| Tax Year 2014
Operating Loss Carryforwards [Line Items]
Tax refund								$ (320,000)
State \| Tax Year 2015
Operating Loss Carryforwards [Line Items]
Tax refund						$ (40,000)
HarborOne Foundation
Operating Loss Carryforwards [Line Items]
Shares issued		385,450
Cash		$ 965,000
HarborOne Bank. \| Maximum
Operating Loss Carryforwards [Line Items]
Net operating loss that can be used per year				552,000
HarborOne Bank. \| New Hampshire \| HarborOne Mortgage
Operating Loss Carryforwards [Line Items]
Net operating loss				1,100,000
Net deferred tax asset balance				$ 9,000

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits, Beginning Balance	$ 1,162	$ 3,052	$ 3,769
Additions for tax positions for prior years	247	168	1,471
Reductions for tax positions for prior years	(754)	(2,058)	(153)
Settlements			(2,035)
Unrecognized Tax Benefits, Ending Balance	$ 655	$ 1,162	$ 3,052

INCOME TAXES - Unrecognized t_2

INCOME TAXES - Unrecognized tax benefits, interest accrued, and range of reasonably possible changes (Details) $ in Thousands	Dec. 31, 2021USD ($)
Unrecognized tax benefits
Unrecognized tax benefits	$ 619
Accrued interest on unrecognized tax benefits	36
Portion that, if recognized, would reduce tax expense and effective tax rate	655
Reasonably possible reduction to the balance of unrecognized tax in subsequent year	300
Portion that, if recognized, would reduce tax expense and effective tax rate in subsequent year	$ 300

OTHER COMMITMENTS AND CONTING_3

OTHER COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	12 Months Ended
OTHER COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Employee Agreements
OTHER COMMITMENTS AND CONTINGENCIES
Employee agreement term	5 years
Total compensation to employees	$ 2,200,000
Compensation to employees	$ 1,700,000
Obligation to Repurchase Receivables Sold \| Maximum
OTHER COMMITMENTS AND CONTINGENCIES
Reserve		$ 1,300,000	$ 1,300,000
Other Liabilities And Accrued Expenses \| Obligation to Repurchase Receivables Sold
OTHER COMMITMENTS AND CONTINGENCIES
Reserve		3,600,000	2,700,000
Recourse liability		0	0
Commitments to grant residential real estate loans - HarborOne Mortgage
OTHER COMMITMENTS AND CONTINGENCIES
Financial instruments committed contract amount		142,781,000	485,428,000
Commitments to grant other loans
OTHER COMMITMENTS AND CONTINGENCIES
Financial instruments committed contract amount		27,029,000	53,714,000
Unadvanced funds on home equity lines of credit
OTHER COMMITMENTS AND CONTINGENCIES
Financial instruments committed contract amount		211,120,000	178,432,000
Unadvanced funds on revolving lines of credit
OTHER COMMITMENTS AND CONTINGENCIES
Financial instruments committed contract amount		223,110,000	169,907,000
Unadvanced funds on construction loans
OTHER COMMITMENTS AND CONTINGENCIES
Financial instruments committed contract amount		$ 194,101,000	$ 127,776,000

DERIVATIVES (Details)

DERIVATIVES (Details)	12 Months Ended
DERIVATIVES (Details)	Dec. 31, 2021USD ($)derivative	Dec. 31, 2020USD ($)
Derivative disclosures
Fair value adjustment	$ 6,162,000	$ 2,315,000
Other assets
Derivative disclosures
Fair Value, Assets	22,120,000	51,943,000
Other liabilities
Derivative disclosures
Fair Value, Liabilities	$ 19,403,000	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	$ 86,134,000	485,428,000
Derivative loan commitments \| Not designated as hedging instruments \| Other assets
Derivative disclosures
Fair Value, Assets	1,527,000	12,623,000
Derivative loan commitments \| Not designated as hedging instruments \| Other liabilities
Derivative disclosures
Fair Value, Liabilities	95,000	341,000
Forward loan sale commitments \| Not designated as hedging instruments
Derivative disclosures
Notional Amount	96,000,000	356,500,000
Forward loan sale commitments \| Not designated as hedging instruments \| Other assets
Derivative disclosures
Fair Value, Assets	56,000
Forward loan sale commitments \| Not designated as hedging instruments \| Other liabilities
Derivative disclosures
Fair Value, Liabilities	$ 94,000	2,204,000
Interest rate swaps \| Cash Flow Hedging
Derivative disclosures
Number of Derivative Instruments Held \| derivative	1
Maturity term	3 years 3 months 7 days
Fixed rate	0.67%
Swap receive rate	0.12%
Amount to be reclassified in next 12 months	$ 146,000
Notional Amount	100,000,000
Fair Value, Liabilities	1,700,000
Interest rate swaps \| Mortgage-backed securities
Derivative disclosures
Securities pledged to secure the Company's liability for the offsetting interest rate swaps	13,900,000
Fair value adjustment	(430,000)
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	1,663,000
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	740,235,000	867,728,000
Interest rate swaps \| Not designated as hedging instruments \| Other assets
Derivative disclosures
Fair Value, Assets	18,874,000	39,320,000
Interest rate swaps \| Not designated as hedging instruments \| Other liabilities
Derivative disclosures
Fair Value, Liabilities	19,214,000	39,320,000
Risk Participation Agreements \| Not designated as hedging instruments
Derivative disclosures
Notional Amount	$ 139,109,000	$ 132,379,000

DERIVATIVES - Net gain and loss

DERIVATIVES - Net gain and losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Gain (loss) in OCI on derivatives (effective portion), net of tax	$ (3,822)	$ 705	$ 3,838
Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) in OCI on derivatives (effective portion), net of tax	2,210	(1,013)
Loss reclassified from OCI into interest income or interest expense (effective portion)	(513)	(46)
Not designated as hedging instruments
Derivative [Line Items]
Total	(9,115)	8,999	448
Mortgage banking income \| Not designated as hedging instruments \| Derivative loan commitments
Derivative [Line Items]
Total	(10,850)	11,072	62
Mortgage banking income \| Not designated as hedging instruments \| Forward loan sale commitments
Derivative [Line Items]
Total	2,166	$ (2,073)	$ 386
Other income
Derivative [Line Items]
Total	$ (431)

OPERATING LEASE RIGHT-OF-USE _3

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES (Details) $ in Thousands	Dec. 31, 2021USD ($)
Operating lease ROU assets	$ 26,800
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets.
Operating lease liabilities	$ 28,370
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Weighted-average remaining lease term (years)	16 years 9 months 7 days
Minimum
Lessee, Operating Lease, Remaining Lease Term	3 months
Maximum
Lessee, Operating Lease, Remaining Lease Term	36 years 1 month 6 days

OPERATING LEASE RIGHT-OF-USE _4

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 3,139	$ 2,452
2022	2,976	2,239
2023	2,493	1,847
2024	2,369	1,644
2025	2,338	1,684
Thereafter	21,086	13,134
Total lease payments	34,401	$ 23,000
Imputed interest	(6,031)
Total present value of operating lease liabilities	$ 28,370

OPERATING LEASE RIGHT-OF-USE _5

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES - Weighted average discount and remaining lease term (Details)	Dec. 31, 2021
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES
Weighted-average discount rate	1.94%
Weighted-average remaining lease term (years)	16 years 9 months 7 days

OPERATING LEASE RIGHT-OF-USE _6

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES - Lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES
Operating lease expense	$ 2,737
Short-term lease expense	162
Total lease expense	2,899	$ 2,800
Other Information
Cash paid for amounts included in the measurement of lease liabilities-operating cash flows for operating leases	2,861
Operating Lease - Operating cash flows (Liability reduction)	2,370
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 29,718

COMPENSATION AND BENEFIT PLAN_2

COMPENSATION AND BENEFIT PLANS (Details)	12 Months Ended
COMPENSATION AND BENEFIT PLANS (Details)	Dec. 31, 2021USD ($)itemshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Defined Benefit Plan Disclosure [Line Items]
Contributions expenses	$ 1,900,000	$ 1,800,000	$ 2,500,000
Allocated shares \| shares	939,825	639,525
Shares committed to be allocated \| shares	230,722	230,723	230,724
Unallocated shares \| shares	3,371,840	3,602,562
Total shares \| shares	4,542,387	4,472,810
Fair value of unallocated shares, end of period	$ 50,038,115	$ 39,123,823
ESOP compensation expense	$ 3,170,000	2,103,000	$ 2,655,000
ESOP restoration benefit payable period	six months and a day
Restoration accrual	$ 656,000	487,000	$ 210,000
Through 2035
Defined Benefit Plan Disclosure [Line Items]
Shares committed to be allocated \| shares	230,723
From 2036 to 2038
Defined Benefit Plan Disclosure [Line Items]
Shares committed to be allocated \| shares	124,148
HarborOne Bank.
Defined Benefit Plan Disclosure [Line Items]
Employee compensation the bank contributed (as a percent)	5.00%		9.30%
Employee's compensation in excess of social security wage match (as a percent)			5.70%
HarborOne Mortgages.
Defined Benefit Plan Disclosure [Line Items]
Percentage of matched contribution	50.00%
Employee contributions matched 50% (as a percent)	4.00%
Maximum amount employer will match			$ 0
Maximum \| HarborOne Mortgages.
Defined Benefit Plan Disclosure [Line Items]
Maximum amount employer will match	$ 2,000
Split-dollar Life Insurance Arrangements
Defined Benefit Plan Disclosure [Line Items]
Expense amount	0	21,000	38,000
Split-dollar Life Insurance Arrangements \| Other Liabilities And Accrued Expenses
Defined Benefit Plan Disclosure [Line Items]
Employer obligation	$ 352,000	352,000
Deferred Compensation Plan
Defined Benefit Plan Disclosure [Line Items]
Number of executive officers \| item	1
Interest rate (as a percent)	1.50%
Expense amount	$ 34,000	32,000	31,000
Eligible age for medical insurance plan	65 years
Deferred Compensation Plan \| Other Liabilities And Accrued Expenses
Defined Benefit Plan Disclosure [Line Items]
Employer obligation	$ 419,000	385,000	353,000
Supplemental medical and prescription drug
Defined Benefit Plan Disclosure [Line Items]
Number of executive officers \| item	2
Expense amount	$ 36,000	47,000	66,000
Supplemental medical and prescription drug \| Other Liabilities And Accrued Expenses
Defined Benefit Plan Disclosure [Line Items]
Employer obligation	380,000	344,000	297,000
Management Incentive Program
Defined Benefit Plan Disclosure [Line Items]
Expense amount	4,800,000	4,800,000	1,800,000
Supplemental Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Contributions expenses	$ 1,200,000	955,000	1,800,000
Number of SERP agreements \| item	2
Supplemental Retirement Plans \| Other Liabilities And Accrued Expenses
Defined Benefit Plan Disclosure [Line Items]
Employer obligation	$ 9,200,000	8,000,000	7,100,000
Supplemental Retirement Plans \| Executive
Defined Benefit Plan Disclosure [Line Items]
Number of executive officers \| item	2
Long-Term Incentive Plan
Defined Benefit Plan Disclosure [Line Items]
Expense amount		20,000	56,000
Long-Term Incentive Plan \| Other Liabilities And Accrued Expenses
Defined Benefit Plan Disclosure [Line Items]
Employer obligation		437,000	838,000
Long-Term Incentive Plan \| Executive
Defined Benefit Plan Disclosure [Line Items]
Expense amount			(82,000)
Post-Retirement Life Insurance
Defined Benefit Plan Disclosure [Line Items]
Expense amount	$ 27,000	47,000	17,000
Post-Retirement Life Insurance \| Other Liabilities And Accrued Expenses
Defined Benefit Plan Disclosure [Line Items]
Employer obligation	261,000	$ 234,000	$ 186,000
Directors Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit plan liability	$ 2,000,000
Directors Retirement Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Vesting period	6 years

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 29, 2020
STOCK-BASED COMPENSATION
Stock based compensation expense	$ 3.8	$ 3.7	$ 4.8
2020 Equity Plan
STOCK-BASED COMPENSATION
Shares reserved for issuance				4,500,000
Stock Options
STOCK-BASED COMPENSATION
Options granted			583,565
Vesting period (years)			3 years
Term (years)	10 years		10 years
Weighted average expected volatility			22.09%
Expected life (years)			6 years
Weighted average risk free interest rate			2.46%
Weighted average fair value per option			$ 2.49
Performance Restricted Stock Units
STOCK-BASED COMPENSATION
Percentage of target considered as performance assumption	150.00%
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 - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Stock Option Awards
Balance at the beginning of the period	2,106,403
Granted		583,565
Exercised	(62,840)
Balance at the end of the period	2,043,563
Exercisable at end of the period	1,855,156
Unrecognized cost inclusive of directors' awards	$ 94,667
Weighted average remaining recognition period (years)	3 months 29 days
Weighted Average Exercise Price
Balance at the beginning of the period	$ 9.86
Exercised	10.23
Balance at the end of the period	9.85
Exercisable at end of the period	$ 9.93
Weighted Average Remaining Contractual Term (years)
Weighted average remaining contractual term, balance (years)	6 years 10 days
Exercisable at end of the period	5 years 10 months 28 days
Stock Option Awards, Nonvested
Balance at the beginning of the period	473,445
Granted		583,565
Vested	(285,038)
Balance at the end of the period	188,407
Weighted Average Exercise Price, Nonvested
Balance at the beginning of the period	$ 2.55
Vested	2.60
Balance at the end of the period	$ 2.48

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock and Performance Restricted Stock Units (Details)	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Restricted Stock Awards
Outstanding Restricted Stock Awards
Non-vested stock awards, beginning balance \| shares	384,692
Vested \| shares	(204,082)
Granted \| shares	196,377
Forfeited \| shares	(10,205)
Non-vested stock awards, ending balance \| shares	366,782
Unrecognized cost \| $	$ 2,812,633
Weighted average remaining recognition period (years)	1 year 6 months 14 days
Weighted Average Grant Price
Non-vested stock awards, beginning balance \| $ / shares	$ 9.33
Vested \| $ / shares	9.34
Granted \| $ / shares	12.05
Forfeited \| $ / shares	9.71
Non-vested stock awards, ending balance \| $ / shares	$ 10.78
Performance Restricted Stock Units
Outstanding Restricted Stock Awards
Granted \| shares	127,599
Non-vested stock awards, ending balance \| shares	127,599
Unrecognized cost \| $	$ 1,099,474
Weighted average remaining recognition period (years)	2 years 2 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)	12 Months Ended
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Details)	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Sep. 17, 2021shares
Compliance with Regulatory Capital Requirements under Banking Regulations
Common equity Tier 1 capital conversation buffer ratio	2.5
Applicable capital conversation buffer ratio	2.5
Number of previous years net income is retained	2 years
Common equity Tier 1 to risk-weighted assets
Actual, Capital amount	$ 608,804,000	$ 621,153,000
Actual, Ratio	16.4	17.7
Minimum Requirement for Capital Adequacy Purposes	$ 167,475,000	$ 158,050,000
Minimum Requirement for Capital Adequacy Purposes, ratio	4.5	4.5
Tier 1 capital to risk weighted assets
Actual, Capital amount	$ 608,804,000	$ 621,153,000
Actual, Ratio	16.4	17.7
Minimum Requirement for Capital Adequacy Purposes	$ 223,300,000	$ 210,733,000
Minimum Requirement for Capital Adequacy Purposes, ratio	6	6
Total capital to risk-weighted assets
Actual, Capital amount	$ 689,181,000	$ 700,197,000
Actual, Ratio	18.5	19.9
Minimum Requirement for Capital Adequacy Purposes	$ 297,733,000	$ 280,978,000
Minimum Requirement for Capital Adequacy Purposes, ratio	8	8
Tier 1 capital to average assets
Actual, Capital amount	$ 608,804,000	$ 621,153,000
Actual, Ratio	13.6	14.5
Minimum Requirement for Capital Adequacy Purposes	$ 179,710,000	$ 171,578,000
Minimum Requirement for Capital Adequacy Purposes, ratio	4	4
Preferred Stock
Preferred stock, shares authorized \| shares	1,000,000	1,000,000
Preferred Stock, Par Value Per Share \| $ / shares	$ 0	$ 0
Preferred Stock, shares issued \| shares	0	0
Preferred Stock, shares outstanding \| shares	0	0
Treasury Stock
Treasury stock, additional shares acquired \| shares	42,925
Treasury stock additional shares acquired, average cost per share \| $ / shares	$ 14.27
Treasury stock, additional shares acquired, value	$ 613,000
Treasury stock purchased (in shares) \| shares		1,533,500
Treasury stock acquired, average cost per share \| $ / shares		$ 10.29
Total treasury stock	$ 69,215,000	$ 15,923,000	$ 721,000
Share Repurchase Programs
Treasury Stock
Treasury stock purchased (in shares) \| shares	5,021,067
Treasury stock acquired, average cost per share \| $ / shares	$ 13.68
Total treasury stock	$ 68,600,000
Third Share Repurchase Program
Treasury Stock
Shares available for repurchase \| shares				2,668,159
Authorized percentage of outstanding shares				5.00%
Treasury stock purchased (in shares) \| shares	800,364
Treasury stock acquired, average cost per share \| $ / shares	$ 14.55
HarborOne Bank.
Common equity Tier 1 to risk-weighted assets
Actual, Capital amount	$ 485,239,000	$ 506,822,000
Actual, Ratio	13.1	14.4
Minimum Requirement for Capital Adequacy Purposes	$ 166,660,000	$ 158,081,000
Minimum Requirement for Capital Adequacy Purposes, ratio	4.5	4.5
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions	$ 240,731,000	$ 228,339,000
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions, ratio	6.5	6.5
Tier 1 capital to risk weighted assets
Actual, Capital amount	$ 485,239,000	$ 506,822,000
Actual, Ratio	13.1	14.4
Minimum Requirement for Capital Adequacy Purposes	$ 222,214,000	$ 210,775,000
Minimum Requirement for Capital Adequacy Purposes, ratio	6	6
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions	$ 296,285,000	$ 281,033,000
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions, ratio	8	8
Total capital to risk-weighted assets
Actual, Capital amount	$ 530,616,000	$ 550,875,000
Actual, Ratio	14.3	15.7
Minimum Requirement for Capital Adequacy Purposes	$ 296,285,000	$ 281,033,000
Minimum Requirement for Capital Adequacy Purposes, ratio	8	8
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions	$ 370,356,000	$ 351,291,000
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions, ratio	10	10
Tier 1 capital to average assets
Actual, Capital amount	$ 485,239,000	$ 506,822,000
Actual, Ratio	10.9	11.8
Minimum Requirement for Capital Adequacy Purposes	$ 178,279,000	$ 171,501,000
Minimum Requirement for Capital Adequacy Purposes, ratio	4	4
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions	$ 222,849,000	$ 214,377,000
Minimum Required to be Considered "Well Capitalized" Under Prompt Corrective Action Provisions, ratio	5	5

COMPREHENSIVE INCOME (LOSS) (De

COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Components of AOCI
Total accumulated other comprehensive income (loss)	$ (1,637)	$ 2,185
Cash flow hedge
Components of AOCI
Net unrealized gain (loss)	1,663	(1,407)
Related tax effect	(466)	394
Total accumulated other comprehensive income (loss)	1,197	(1,013)
Securities available for sale
Components of AOCI
Net unrealized gain (loss)	(3,635)	4,102
Related tax effect	801	(904)
Total accumulated other comprehensive income (loss)	$ (2,834)	$ 3,198

COMPREHENSIVE INCOME (LOSS) - C

COMPREHENSIVE INCOME (LOSS) - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 696,314	$ 665,794	$ 357,574
Amounts reclassified to accumulated other comprehensive income for transfer of securities to available for sale		522
Reclassification adjustment for net realized gains	(241)	(2,533)	(1,344)
Balance at end of period	679,261	696,314	665,794
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	2,185	1,480	(2,358)
Other comprehensive income (loss) before reclassifications	(4,939)	2,761
Amounts reclassified to accumulated other comprehensive income for transfer of securities to available for sale		522
Amounts reclassified from accumulated other comprehensive income (loss)	272	(2,487)
Net current period other comprehensive income (loss)	(4,667)	796
Related tax effect	845	(91)
Balance at end of period	(1,637)	2,185	1,480
Securities available for sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	3,198	1,480	(2,358)
Other comprehensive income (loss) before reclassifications	(7,496)	4,214	6,266
Amounts reclassified to accumulated other comprehensive income for transfer of securities to available for sale		522
Amounts reclassified from accumulated other comprehensive income (loss)	(241)	(2,533)	(1,344)
Net current period other comprehensive income (loss)	(7,737)	2,203	4,922
Related tax effect	1,705	(485)	(1,084)
Balance at end of period	(2,834)	3,198	$ 1,480
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	2,557	(1,453)
Amounts reclassified from accumulated other comprehensive income (loss)	513	46
Net current period other comprehensive income (loss)	3,070	(1,407)
Related tax effect	(860)	394
Balance at end of period	$ 1,197	$ (1,013)

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets and liabilities measured on recurring basis
Fair Value	$ 394,036,000	$ 276,498,000
Derivative loan commitments
Assets and liabilities measured on recurring basis
Weighted average pull-through rate	88.00%	76.00%
Recurring
Assets and liabilities measured on recurring basis
Fair Value	$ 394,036,000	$ 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	394,036,000	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)	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Assets and liabilities measured on recurring basis
Number of transfers \| item	0	0
Assets
Securities available for sale, at fair value	$ 394,036,000	$ 276,498,000
Loans held for sale	45,642,000	208,612,000
Mortgage servicing rights	38,268,000	24,833,000	$ 17,150,000	$ 22,217,000
Recurring
Assets
Securities available for sale, at fair value	394,036,000	276,498,000
Loans held for sale	45,642,000	208,612,000
Mortgage servicing rights	38,268,000	24,833,000
Total assets	500,066,000	561,886,000
Liabilities
Total liabilities	19,403,000	43,272,000
Recurring \| Derivative loan commitments
Assets
Derivative assets	1,527,000	12,623,000
Liabilities
Derivative liabilities	95,000	341,000
Recurring \| Forward loan sale commitments
Assets
Derivative assets	56,000
Liabilities
Derivative liabilities	94,000	2,204,000
Recurring \| Interest rate swaps
Assets
Derivative assets	18,874,000	39,320,000
Liabilities
Derivative liabilities	19,214,000	39,320,000
Recurring \| Interest rate management agreement
Assets
Derivative assets	1,663,000
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	394,036,000	276,498,000
Loans held for sale	45,642,000	208,612,000
Mortgage servicing rights	38,268,000	24,833,000
Total assets	498,483,000	549,263,000
Liabilities
Total liabilities	19,214,000	40,727,000
Recurring \| Level 2 \| Interest rate swaps
Assets
Derivative assets	18,874,000	39,320,000
Liabilities
Derivative liabilities	19,214,000	39,320,000
Recurring \| Level 2 \| Interest rate management agreement
Assets
Derivative assets	1,663,000
Liabilities
Derivative liabilities		1,407,000
Recurring \| Level 3
Assets
Securities available for sale, at fair value	0	0
Total assets	1,583,000	12,623,000
Liabilities
Total liabilities	189,000	2,545,000
Recurring \| Level 3 \| Derivative loan commitments
Assets
Derivative assets	1,527,000	12,623,000
Liabilities
Derivative liabilities	95,000	341,000
Recurring \| Level 3 \| Forward loan sale commitments
Assets
Derivative assets	56,000
Liabilities
Derivative liabilities	$ 94,000	$ 2,204,000

FAIR VALUE OF ASSETS AND LIAB_5

FAIR VALUE OF ASSETS AND LIABILITIES - Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in Level 3 liabilities
Balance at beginning of period		$ (332)	$ (630)
Total gains (losses) included in net income			298
Balance at end of period			(332)
Changes in unrealized losses relating to instruments at period end			(332)
Derivative and Forward Loan Sale Commitments
Changes in Level 3 assets
Balance at beginning of period	$ 12,623	1,411	1,261
Total gains (losses) included in net income	(11,040)	11,212	150
Balance at end of period	1,583	12,623	1,411
Changes in unrealized gains relating to instruments at period end	1,583	12,623	1,411
Changes in Level 3 liabilities
Balance at beginning of period	(2,545)	(332)
Total gains (losses) included in net income	2,356	(2,213)
Balance at end of period	(189)	(2,545)	$ (332)
Changes in unrealized losses relating to instruments at period end	$ (189)	$ (2,545)

FAIR VALUE OF ASSETS AND LIAB_6

FAIR VALUE OF ASSETS AND LIABILITIES - Impaired Loans (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Assets and liabilities measured on non-recurring basis
Total Losses	$ 6,162,000	$ 2,315,000
Residential loans
Assets and liabilities measured on non-recurring basis
Total Losses	7,000	118,000
Commercial real estate
Assets and liabilities measured on non-recurring basis
Total Losses	5,239,000	1,177,000
Commercial and industrial
Assets and liabilities measured on non-recurring basis
Total Losses	916,000	1,020,000
Level 3 \| Residential loans
Assets and liabilities measured on non-recurring basis
Fair value	1,125,000	919,000
Level 3 \| Commercial real estate
Assets and liabilities measured on non-recurring basis
Fair value	17,562,000	7,242,000
Level 3 \| Commercial and industrial
Assets and liabilities measured on non-recurring basis
Fair value	$ 2,928,000
Level 3 \| Other real estate owned
Assets and liabilities measured on non-recurring basis
Fair value		$ 298,000
Level 3 \| Weighted Average Rate \| Residential loans
Assets and liabilities measured on non-recurring basis
Measurement input		15
Level 3 \| Weighted Average Rate \| Commercial real estate
Assets and liabilities measured on non-recurring basis
Measurement input	23	27
Level 3 \| Weighted Average Rate \| Commercial and industrial
Assets and liabilities measured on non-recurring basis
Measurement input	49
Level 3 \| Discount \| Minimum \| Residential loans
Assets and liabilities measured on non-recurring basis
Measurement input	0
Level 3 \| Discount \| Minimum \| Commercial real estate
Assets and liabilities measured on non-recurring basis
Measurement input	0
Level 3 \| Discount \| Minimum \| Commercial and industrial
Assets and liabilities measured on non-recurring basis
Measurement input	0
Level 3 \| Discount \| Maximum \| Residential loans
Assets and liabilities measured on non-recurring basis
Measurement input	20
Level 3 \| Discount \| Maximum \| Commercial real estate
Assets and liabilities measured on non-recurring basis
Measurement input	50
Level 3 \| Discount \| Maximum \| Commercial and industrial
Assets and liabilities measured on non-recurring basis
Measurement input	90
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	21,668,000	8,756,000
Non-recurring \| Level 3 \| Residential loans
Assets and liabilities measured on non-recurring basis
Fair value	1,125,000	919,000
Non-recurring \| Level 3 \| Commercial real estate
Assets and liabilities measured on non-recurring basis
Fair value	17,562,000	3,034,000
Non-recurring \| Level 3 \| Commercial and industrial
Assets and liabilities measured on non-recurring basis
Fair value	2,928,000	4,208,000
Non-recurring \| Level 3 \| Other real estate owned and repossessed assets
Assets and liabilities measured on non-recurring basis
Fair value	$ 53,000	$ 595,000

FAIR VALUE OF ASSETS AND LIAB_7

FAIR VALUE OF ASSETS AND LIABILITIES - Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Cash and cash equivalents	$ 194,719	$ 205,870
Securities available for sale, at fair value	394,036	276,498
Federal Home Loan Bank stock	5,931	8,738
Loans held for sale	45,642	208,612
Loans, net	3,562,356	3,439,247
Retirement plan annuities	14,174	13,747
Accrued interest receivable	10,624	11,874
Financial liabilities:
Deposits	3,682,649	3,506,209
Subordinated debt	34,159	34,033
Mortgagors' escrow accounts	8,459	7,736
Accrued interest payable	1,083	1,262
Carrying Amount
Financial assets:
Cash and cash equivalents	194,719	205,870
Securities available for sale, at fair value	394,036	276,498
Federal Home Loan Bank stock	5,931	8,738
Loans held for sale	45,642	208,612
Loans, net	3,562,356	3,439,247
Retirement plan annuities	14,174	13,747
Accrued interest receivable	10,624	11,874
Financial liabilities:
Deposits	3,682,649	3,506,209
Borrowed funds	55,711	149,097
Subordinated debt	34,159	34,033
Mortgagors' escrow accounts	8,459	7,736
Accrued interest payable	1,083	1,262
Carrying Amount \| Derivative loan commitments
Derivative commitments/agreements:
Assets	1,527	12,623
Liabilities	95	341
Carrying Amount \| Interest rate management agreement
Derivative commitments/agreements:
Assets	1,663
Liabilities		1,407
Carrying Amount \| Interest rate swaps
Derivative commitments/agreements:
Assets	18,874	39,320
Liabilities	19,214	39,320
Carrying Amount \| Forward loan sale commitments
Derivative commitments/agreements:
Assets	56
Liabilities	94	2,204
Fair Value
Financial assets:
Cash and cash equivalents	194,719	205,870
Securities available for sale, at fair value	394,036	276,498
Loans held for sale	45,642	208,612
Loans, net	3,558,934	3,473,751
Retirement plan annuities	14,174	13,747
Accrued interest receivable	10,624	11,874
Financial liabilities:
Deposits	3,683,465	3,509,996
Borrowed funds	55,765	152,373
Subordinated debt	35,790	34,799
Mortgagors' escrow accounts	8,459	7,736
Accrued interest payable	1,083	1,262
Fair Value \| Derivative loan commitments
Derivative commitments/agreements:
Assets	1,527	12,623
Liabilities	95	341
Fair Value \| Interest rate management agreement
Derivative commitments/agreements:
Assets	1,663
Liabilities		1,407
Fair Value \| Interest rate swaps
Derivative commitments/agreements:
Assets	18,874	39,320
Liabilities	19,214	39,320
Fair Value \| Forward loan sale commitments
Derivative commitments/agreements:
Assets	56
Liabilities	94	2,204
Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	194,719	205,870
Fair Value \| Level 2
Financial assets:
Securities available for sale, at fair value	394,036	276,498
Loans held for sale	45,642	208,612
Accrued interest receivable	10,624	11,874
Financial liabilities:
Borrowed funds	55,765	152,373
Accrued interest payable	1,083	1,262
Fair Value \| Level 2 \| Interest rate management agreement
Derivative commitments/agreements:
Assets	1,663
Liabilities		1,407
Fair Value \| Level 2 \| Interest rate swaps
Derivative commitments/agreements:
Assets	18,874	39,320
Liabilities	19,214	39,320
Fair Value \| Level 3
Financial assets:
Loans, net	3,558,934	3,473,751
Retirement plan annuities	14,174	13,747
Financial liabilities:
Deposits	3,683,465	3,509,996
Subordinated debt	35,790	34,799
Mortgagors' escrow accounts	8,459	7,736
Fair Value \| Level 3 \| Derivative loan commitments
Derivative commitments/agreements:
Assets	1,527	12,623
Liabilities	95	341
Fair Value \| Level 3 \| Forward loan sale commitments
Derivative commitments/agreements:
Assets	56
Liabilities	$ 94	$ 2,204

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	Aug. 14, 2019	Dec. 31, 2021$ / sharesshares	Sep. 30, 2021$ / sharesshares	Jun. 30, 2021$ / sharesshares	Mar. 31, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares	Sep. 30, 2020$ / sharesshares	Jun. 30, 2020$ / sharesshares	Mar. 31, 2020$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
EARNINGS PER SHARE
Net income available to common stockholders (in thousands) \| $										$ 58,517	$ 44,792	$ 18,268
Average number of common shares outstanding										54,454,113	58,252,140	58,451,387
Less: Average unallocated ESOP shares and non-vested restricted shares										(3,707,811)	(3,938,772)	(2,719,750)
Weighted average common shares outstanding used to calculate basic earnings per common share		48,918,539	49,801,123	51,778,293	52,537,409	53,947,868	54,465,339	54,450,146	54,392,465	50,746,302	54,313,368	55,731,637
Dilutive effect of share-based compensation										776,833	6,467	139
Weighted average common shares outstanding used to calculate diluted earnings per common share		49,828,379	50,663,415	52,650,071	53,000,830	53,973,737	54,465,339	54,450,146	54,392,465	51,523,135	54,319,835	55,731,776
Basic \| $ / shares		$ 0.26	$ 0.25	$ 0.28	$ 0.37	$ 0.33	$ 0.22	$ 0.19	$ 0.09	$ 1.15	$ 0.82	$ 0.33
Diluted \| $ / shares		$ 0.25	$ 0.24	$ 0.27	$ 0.37	$ 0.33	$ 0.22	$ 0.19	$ 0.09	$ 1.14	$ 0.82	$ 0.33
Stock conversion ratio	1.795431
Stock Options
EARNINGS PER SHARE
Antidilutive securities excluded from computation of earnings per share											2,106,403	2,169,243

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended								12 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information
Number of reportable segments \| segment									2
Net interest and dividend income (expense)	$ 33,985	$ 32,803	$ 32,530	$ 32,052	$ 32,750	$ 31,169	$ 29,447	$ 26,700	$ 131,370	$ 120,066	$ 109,062
Provision (credit) for loan losses	(1,436)	(1,627)	(4,286)	91	7,608	13,454	10,004	3,749	(7,258)	34,815	4,747
Net interest and dividend income, after provision (credit) for loan losses									138,628	85,251	104,315
Mortgage banking income:
Gain on sale of mortgage loans									61,883	105,469	33,557
Changes in mortgage servicing rights fair value									(380)	(6,732)	(6,241)
Other									15,831	15,172	9,459
Total mortgage banking income									77,334	113,909	36,775
Other noninterest income (loss)									23,352	24,771	23,320
Total noninterest income	19,164	22,010	21,703	37,809	37,027	44,439	38,577	18,638	100,686	138,680	60,095
Noninterest expense	38,188	39,274	38,598	42,802	41,286	45,700	43,777	35,160	158,862	165,922	141,734
Income (loss) before income taxes									80,452	58,009	22,676
Income tax benefit	3,807	4,907	5,645	7,576	3,283	4,561	3,668	1,705	21,935	13,217	4,408
Net income	12,590	$ 12,259	$ 14,276	$ 19,392	17,600	$ 11,893	$ 10,575	$ 4,724	58,517	44,792	18,268
Total assets at period end	4,553,405				4,483,615				4,553,405	4,483,615	4,058,921
Goodwill at period end	69,802				69,802				69,802	69,802	69,802
Operating Segments \| HarborOne Bank
Segment Reporting Information
Net interest and dividend income (expense)									129,785	118,217	109,106
Provision (credit) for loan losses									(7,258)	34,815	4,747
Net interest and dividend income, after provision (credit) for loan losses									137,043	83,402	104,359
Mortgage banking income:
Gain on sale of mortgage loans											1
Intersegment gain (loss)									(3,665)	(3,148)	(1,183)
Changes in mortgage servicing rights fair value									(137)	(2,376)	(1,431)
Other									1,090	1,360	1,494
Total mortgage banking income									(2,712)	(4,164)	(1,119)
Other noninterest income (loss)									23,308	24,909	23,365
Total noninterest income									20,596	20,745	22,246
Noninterest expense									102,557	98,354	100,688
Income (loss) before income taxes									55,082	5,793	25,917
Income tax benefit									14,933	527	5,019
Net income									40,149	5,266	20,898
Total assets at period end	4,481,509				4,460,164				4,481,509	4,460,164	3,925,328
Goodwill at period end	59,042				59,042				59,042	59,042	59,042
Operating Segments \| HarborOne Mortgage.
Segment Reporting Information
Net interest and dividend income (expense)									3,468	3,235	1,064
Net interest and dividend income, after provision (credit) for loan losses									3,468	3,235	1,064
Mortgage banking income:
Gain on sale of mortgage loans									61,883	105,469	33,556
Intersegment gain (loss)									4,434	3,148	1,183
Changes in mortgage servicing rights fair value									(243)	(4,356)	(4,810)
Other									14,741	13,812	7,965
Total mortgage banking income									80,815	118,073	37,894
Other noninterest income (loss)									44	(138)	(45)
Total noninterest income									80,859	117,935	37,849
Noninterest expense									55,012	66,393	38,876
Income (loss) before income taxes									29,315	54,777	37
Income tax benefit									7,569	12,964	(77)
Net income									21,746	41,813	114
Total assets at period end	173,545				312,194				173,545	312,194	165,863
Goodwill at period end	$ 10,760				$ 10,760				$ 10,760	$ 10,760	$ 10,760

CONDENSED FINANCIAL STATEMENT_3

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and due from banks	$ 35,549	$ 31,777
Other assets	73,038	81,899
Total assets	4,553,405	4,483,615	$ 4,058,921
Liabilities and Stockholders' Equity
Subordinated debt	34,159	34,033
Other liabilities and accrued expenses	92,083	88,964
Stockholders' equity	679,261	696,314	$ 665,794	$ 357,574
Total liabilities and stockholders' equity	4,553,405	4,483,615
Parent Company \| Reportable Legal Entities
Assets
Cash and due from banks	131,033	118,265
Investment in common stock of HarborOne Bank	555,695	581,982
Loan receivable - ESOP	30,740	32,190
Due from subsidiary		612
Other assets	637	657
Total assets	718,105	733,706
Liabilities and Stockholders' Equity
Subordinated debt	34,159	34,033
Other liabilities and accrued expenses	4,685	3,359
Stockholders' equity	679,261	696,314
Total liabilities and stockholders' equity	$ 718,105	$ 733,706

CONDENSED FINANCIAL STATEMENT_4

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - Statement Of Net Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Net Income
Total interest and dividend income	$ 36,353	$ 35,808	$ 35,887	$ 35,847	$ 37,720	$ 37,048	$ 36,621	$ 37,169	$ 143,895	$ 148,558	$ 154,784
Interest expense	2,368	3,005	3,357	3,795	4,970	5,879	7,174	10,469	12,525	28,492	45,722
Income tax benefit	3,807	4,907	5,645	7,576	3,283	4,561	3,668	1,705	21,935	13,217	4,408
Net income	$ 12,590	$ 12,259	$ 14,276	$ 19,392	$ 17,600	$ 11,893	$ 10,575	$ 4,724	58,517	44,792	18,268
Parent Company \| Reportable Legal Entities
Statement of Net Income
Dividends from subsidiary									90,000
Interest from bank deposits									210	260	15
Interest on short-term investments									2	449	953
Interest on ESOP loan									1,046	1,596	1,062
Total interest and dividend income									91,258	2,305	2,030
Interest expense									2,095	2,095	2,076
Operating expenses									2,338	2,771	3,232
Total expenses									4,433	4,866	5,308
Income (loss) before income taxes and equity in undistributed net income (loss) of HarborOne Bank									86,825	(2,561)	(3,278)
Income tax benefit									(566)	(274)	(534)
Income (loss) before equity in income of subsidiaries									87,391	(2,287)	(2,744)
Equity in undistributed net income (loss) of HarborOne Bank									(28,874)	47,079	21,012
Net income									$ 58,517	$ 44,792	$ 18,268

CONDENSED FINANCIAL STATEMENT_5

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - Statement of Cash Flows (Details) - USD ($) $ in Thousands	Aug. 14, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income		$ 58,517	$ 44,792	$ 18,268
Adjustments to reconcile net income to net cash used by operating activities:
Deferred income tax expense (benefit)		6,427	(3,614)	(556)
Share-based compensation		3,784	3,679	4,849
Net change in other assets		32,974	(33,222)	(11,619)
Net change in other liabilities		(23,777)	31,080	3,962
Net cash provided (used) by operating activities		224,295	(26,952)	(36,127)
Cash flows from investing activities:
Net cash used by investing activities		(241,051)	(318,852)	(228,834)
Cash flows from financing activities:
Net proceeds from sale of common stock	$ 310,400			304,061
Proceeds from exercise of stock options		643
Repurchase of common stock		(69,215)	(15,923)	(721)
Purchase of shares by the ESOP	$ (24,800)			(24,829)
Dividends paid		(9,195)	(3,258)
Net cash provided by financing activities		5,605	340,058	371,056
Net change in cash and cash equivalents		(11,151)	(5,746)	106,095
Cash and cash equivalents at beginning of year		205,870	211,616	105,521
Cash and cash equivalents at end of year		194,719	205,870	211,616
Parent Company \| Reportable Legal Entities
Cash flows from operating activities:
Net income		58,517	44,792	18,268
Adjustments to reconcile net income to net cash used by operating activities:
Equity in undistributed net (income) loss of HarborOne Bank		28,874	(47,079)	(21,012)
Deferred income tax expense (benefit)		(8)	(18)	139
Share-based compensation		545	963	1,432
Net change in other assets		27	231	(284)
Net change in other liabilities		391	302	1,299
Net cash provided (used) by operating activities		88,346	(809)	(158)
Cash flows from investing activities:
Investment in HarborOne Bank				(152,713)
Repayment of ESOP loan		1,450	1,218	1,862
Advances to subsidiary		(1,046)	(1,884)	(2,456)
Repayment of advances to subsidiary		1,659	3,728
Net cash used by investing activities		2,063	3,062	(153,307)
Cash flows from financing activities:
Net proceeds from sale of common stock				304,161
Proceeds from exercise of stock options		643
Repurchase of common stock		(69,215)	(15,923)	(721)
Purchase of shares by the ESOP				(24,829)
Repayment of advance from subsidiary				(139)
Amortization of subordinated debt issuance costs		126	126	108
Dividends paid		(9,195)	(3,258)
Net cash provided by financing activities		(77,641)	(19,055)	278,580
Net change in cash and cash equivalents		12,768	(16,802)	125,115
Cash and cash equivalents at beginning of year		118,265	135,067	9,952
Cash and cash equivalents at end of year		$ 131,033	$ 118,265	$ 135,067

SELECTED QUARTERLY FINANCIAL _3

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Selected Quarterly Financial Information [Abstract]
Interest and dividend income	$ 36,353	$ 35,808	$ 35,887	$ 35,847	$ 37,720	$ 37,048	$ 36,621	$ 37,169	$ 143,895	$ 148,558	$ 154,784
Interest expense	2,368	3,005	3,357	3,795	4,970	5,879	7,174	10,469	12,525	28,492	45,722
Net interest and dividend income	33,985	32,803	32,530	32,052	32,750	31,169	29,447	26,700	131,370	120,066	109,062
Provision (credit) for loan losses	(1,436)	(1,627)	(4,286)	91	7,608	13,454	10,004	3,749	(7,258)	34,815	4,747
Other noninterest income	19,164	21,769	21,703	37,809	37,027	44,439	38,569	16,113
Gain on sale and call of securities, net		241					8	2,525	241	2,533	1,344
Total noninterest income	19,164	22,010	21,703	37,809	37,027	44,439	38,577	18,638	100,686	138,680	60,095
Total noninterest expenses	38,188	39,274	38,598	42,802	41,286	45,700	43,777	35,160	158,862	165,922	141,734
Income tax benefit	3,807	4,907	5,645	7,576	3,283	4,561	3,668	1,705	21,935	13,217	4,408
Net income	$ 12,590	$ 12,259	$ 14,276	$ 19,392	$ 17,600	$ 11,893	$ 10,575	$ 4,724	$ 58,517	$ 44,792	$ 18,268
Basic earnings per share	$ 0.26	$ 0.25	$ 0.28	$ 0.37	$ 0.33	$ 0.22	$ 0.19	$ 0.09	$ 1.15	$ 0.82	$ 0.33
Diluted earnings per share	$ 0.25	$ 0.24	$ 0.27	$ 0.37	$ 0.33	$ 0.22	$ 0.19	$ 0.09	$ 1.14	$ 0.82	$ 0.33
Weighted average common shares, basic	48,918,539	49,801,123	51,778,293	52,537,409	53,947,868	54,465,339	54,450,146	54,392,465	50,746,302	54,313,368	55,731,637
Weighted average common shares, diluted	49,828,379	50,663,415	52,650,071	53,000,830	53,973,737	54,465,339	54,450,146	54,392,465	51,523,135	54,319,835	55,731,776