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HONE • CIK 0001769617
4 ITEM 1A. Risk Factors 17 ITEM 1B. Unresolved Staff Comments 29 ITEM 1C. Cybersecurity 29 ITEM 2. Properties 31 ITEM 3. Legal Proceedings 31 ITEM 4. Mine Safety Disclosures 32 PART II ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 ITEM 6. Reserved 35 ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 36 ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 58 ITEM 8. Financial Statements and Supplementary Data 59 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 116 ITEM 9A. Controls and Procedures 116 ITEM 9B. Other Information 116 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 116 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 117 ITEM 11. Executive Compensation 117 ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 117 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 117 ITEM 14. Principal Accounting Fees and Services 117 PART IV ITEM 15. Exhibits and Financial Statement Schedules 118 ITEM 16. Form 10-K Summary 120 SIGNATURES 121 Table of Contents Glossary of Acronyms and Terms The following is a list of common acronyms and terms used regularly in our financial reporting: ACL Allowance for Credit Losses ACLL Allowance for Credit Losses on Loans ALCO Asset/Liability Committee ASU Accounting Standards Update Bank HarborOne Bank BHCA Bank Holding Company Act of 1956 BIC Borrower-in-custody BOLI Bank-owned life insurance BTFP Bank Term Funding Program BSA Bank Secrecy Act CDI Core deposit intangible CFPB Consumer Financial Protection Bureau Coastway Coastway Bancorp, Inc. CMOs Collateralized Mortgage Obligation CODM Chief Operating Decision Maker Commissioner Massachusetts Commissioner of Banks CRA Community Reinvestment Act CRE Commercial real estate DCF Discounted cash flow DIF Massachusetts Depositors Insurance Fund Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act EPS Earnings per share ESOP Employee Stock Ownership Plan EVE Equity at risk Exchange Act Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board FDIA Federal Deposit Insurance Act FDIC Federal Deposit Insurance Corporation Federal Reserve Board of Governors of the Federal Reserve System FHLB Federal Home Loan Bank FRBB Federal Reserve Bank of Boston GAAP Accounting principles generally accepted in the United States of America GLBA Gramm-Leach-Bliley Act of 1999 GSEs Government-sponsored enterprises HarborOne Mortgage HarborOne Mortgage, LLC LIBOR London Interbank Offered Rate Management Company's management MSRs Mortgage servicing rights OFAC Office of Foreign Assets Control PPP Paycheck Protection Program RI Division of Banking Rhode Island Department of Business Regulation, Division of Banking ROU Right-of-use SBA U.S. Small Business Administration SEC U.S. Securities and Exchange Commission SOFR Secured Overnight Financing Rate Subordinated Notes $35.0 million in fixed-to-floating-rate subordinated notes due 2028 TDRs Troubled debt restructurings Treasury U.S. Department of the Treasury USA PATRIOT Act The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 HarborOne Bancorp, Inc. is referred to as “we,” “our,” “us,” “HarborOne Bancorp” or the “Company.” 3 Table of Contents Forward-Looking Statements Certain statements contained in this Annual Report on Form 10-K that are not historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.…