Exhibit 99.1

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HarborOne Bancorp, Inc. Announces 2019 Second Quarter Earnings

Contact: Linda Simmons, SVP, CFO

Brockton, Massachusetts (July 25, 2019): HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $4.8 million, or $0.15 per basic and diluted share for the second quarter of 2019, compared to $2.1 million, or $0.07 per basic and diluted share, for the prior quarter and $3.1 million, or $0.10 per basic and diluted share, for the same quarter prior year. For the six months ended June 30, 2019 net income was $6.8 million, or $0.22 per basic and diluted share, compared to $5.4 million, or $0.17 per basic and diluted share, for the same period last year.

Selected second quarter highlights:

Commercial loan growth of $75.5 million, or 5% to $1.5 billion

Deposits up 5% quarter over quarter to $3.0 billion, solid growth in core accounts

$1.3 million gain on $27.1 million of investment sales

Residential mortgage production increase of 94%

Received depositor approval and commenced second-step conversion

“The first half of the year provided strong commercial loan and deposit growth. We were pleased with the increased production at HarborOne Mortgage this quarter, spurred by falling interest rates and the spring real estate market. Early indicators are that the mortgage application volume will remain strong through the summer,” said James W. Blake, CEO.

Net Interest Income

The Company’s net interest and dividend income was $26.7 million for the quarter ended June 30, 2019, up $683,000, or 2.6%, from $26.0 million for the quarter ended March 31, 2019 and up $5.8 million, or 27.8%, from $20.9 million for the quarter ended June 30, 2018. The tax-equivalent interest rate spread and net interest margin were 2.91% and 3.19%, respectively, for the quarter ended June 30, 2019 compared to 2.92% and 3.19%, respectively, for the quarter ended March 31, 2019 and 3.04% and 3.26%, respectively, for the quarter ended June 30, 2018.

The increase in net interest and dividend income from the previous quarter reflects a $1.2 million, or 3.3%, increase in total interest and dividend income offset in part by an increase of $542,000, or 4.9% in total interest expense. The increase in interest and dividend income primarily reflects an increase in interest income on commercial loans due to both rate and volume increases. Additionally, interest on loans in the second quarter of 2019 includes $614,000 in accretion income of the fair value discount on loans acquired from Coastway Bancorp, Inc. (“Coastway”) in October 2018, and $421,000 in prepayment penalties on commercial loans. Accretion income and prepayment penalties in the previous quarter were $670,000 and $106,000, respectively. The yield on loans was 4.70% for the quarter ended June 30, 2019 compared to 4.67% for the quarter ended March 31, 2019. The increase in interest expense is primarily due to an increase in higher cost money market accounts driving a 9 basis point increase in the cost of interest-bearing deposits. The increase was partially offset by a decrease in average FHLB advances of $100.6 million reducing interest expense on FHLB advances by $596,000.

The increase in net interest and dividend income from the prior year quarter reflects a $12.0 million, or 45.8%, increase in total interest and dividend income offset by an increase of $6.2 million, or 115.9%, in total interest expense. The increases in total interest and dividend income reflect an increase in the yield on loans to 4.70% from 4.25%, primarily driven by growth due to the Coastway acquisition as well as organic commercial loan growth and higher rates on commercial loans. This is partially offset by the increase in total interest expense primarily due to an increase in average interest-bearing deposits of $621.1 million with a 56 basis point increase in the cost of those funds, due to deposits acquired from Coastway as well as organic deposit growth in money market and term certificate of deposits, as well as a $74.1 million increase in average FHLB borrowings with a 64 basis point increase in the cost of those funds. Additionally the Company issued $35.0 million in subordinated notes in the third quarter of 2018.

Noninterest Income

Noninterest income increased $5.9 million, or 59.7%, to $15.7 million for the quarter ended June 30, 2019 from the quarter ended March 31, 2019. The increase is primarily due to a increase in mortgage banking income of $4.2 million, $1.3 million in gain on sale of securities and a net increase of $456,000 in the other noninterest income categories. HarborOne Mortgage, LLC (“HarborOne Mortgage”) results improved compared to the first quarter primarily driven by seasonal mortgage origination activity resulting in a 94% increase in mortgage production compared to the first quarter. Continued downward pressure on the 10-year Treasury Constant Maturity rate negatively impacted the fair value of the mortgage servicing rights resulting in a $2.2 million decrease in their fair value in both the first and second quarter of 2019. The net increase in the other noninterest income categories compared to the prior quarter is primarily

due to an increase of $278,000 in deposit account fees and an increase of $174,000 in other income primarily due to an increase in swap fee income.

Noninterest income increased $3.2 million or 25.2%, as compared to the quarter ended June 30, 2018. Mortgage banking income increased $196,000, or 2.3%, and the other noninterest income categories increased $1.7 million, excluding the gain on sale of securities noted above. Mortgage banking income increased compared to the prior year quarter, despite the decrease in the fair value of mortgage servicing rights of $2.2 million in 2019 as compared to a $306,000 decrease in 2018. Mortgage originations increased primarily as a result of lower residential mortgage interest rates and increased refinancing volume. The net increase in other noninterest income categories compared to prior year quarter is primarily due to an $832,000 increase in deposit account fee income reflecting the addition of Coastway accounts and the addition of $748,000 in swap fee income in the second quarter of 2019.

Noninterest Expense

Noninterest expenses were $35.1 million for the quarter ended June 30, 2019, an increase of $2.5 million, or 7.6%, from the quarter ended March 31, 2019. The significant changes in noninterest expense included a $1.3 million increase in compensation and benefits, a $438,000 increase in professional fees, a $390,000 increase in other expenses and a $219,000 increase in marketing expense. The increase in compensation and benefits is due to an increase in commission expense of $2.0 million primarily due to the increase in origination volume at HarborOne Mortgage partially offset by a decrease in employee retirement plan expense of $227,000. Also impacting compensation and benefits in the first quarter of 2019 were severance payments $295,000 reflecting continued efforts to right size HarborOne Mortgage in response to economic conditions. There were no such payments in the second quarter of 2019. In the quarter ended June 30, 2019 other expenses included $242,000 in non-capitalized expenses for the second-step conversion.

Total noninterest expenses increased $6.6 million, or 23.0%, from the quarter ended June 30, 2018. Compensation and benefits increased $3.2 million, occupancy and equipment expense increased $1.5 million, other expenses increased $1.2 million, professional fees increased $469,000 and data processing expense increased $630,000. Additionally, the quarter ended June 30, 2018 included $524,000 in merger expenses. The increases primarily reflect the acquisition of Coastway and expenses related to the new Stoughton branch and the Boston commercial loan office.

Income Tax Provision

The effective tax rate was 14.6% for the quarter ended June 30, 2019, compared to 14.7% for the quarter ended March 31, 2019 and 23.3% for the quarter ended June 30, 2018. The effective tax rate for the quarter ended June 30, 2019 was impacted by the 2013 federal tax refund of $603,000 and the 2013 Massachusetts state tax refund of $211,000 recognized in the quarter. The effective tax rate for the quarter ended March 31, 2019 was impacted by the 2014 Massachusetts state tax refund of $320,000 recognized in the quarter. The refunds were a result of previously amended returns filed for those years.

Asset Quality

The Company recorded a provision for loan losses of $1.8 million for the quarter ended June 30, 2019, compared to $857,000 for the quarter ended March 31, 2019 and $886,000 for the quarter ended June 30, 2018. The increase in the provision for the quarter ended June 30, 2019 is primarily due to commercial real estate loan growth. Also contributing to the higher provision for the quarter ended June 30, 2019 was a $738,000 commercial loan charge off. Changes in the provision for loan losses are based on management’s assessment of loan portfolio growth and composition changes, historical charge-off trends, and ongoing evaluation of credit quality and current economic conditions.

Net charge-offs totaled $771,000 for the quarter ended June 30, 2019, or 0.10%, of average loans outstanding on an annualized basis, compared to $230,000, or 0.03% of average loans outstanding on an annualized basis, for the quarter ended March 31, 2019 and $505,000, or 0.09% of average loans outstanding on an annualized basis, for the quarter ended June 30, 2018.

The allowance for loan losses was $22.3 million, or 0.73%, of total loans at June 30, 2019, compared to $21.3 million, or 0.71%, of total loans at March 31, 2019 and $19.2 million, or 0.84%, of total loans at June 30, 2018. The decrease in the ratio of allowance for loan losses to total loans from June 30, 2018 reflects the loans acquired from Coastway. In accordance with generally accepted accounting principles for acquisition accounting, the loans acquired through the acquisition of Coastway were recorded at fair value; accordingly, there was no allowance for loan losses associated with the acquired loans.

Total nonperforming assets were $17.2 million at June 30, 2019 compared to $19.3 million at March 31, 2019 and $17.4 million at June 30, 2018. Nonperforming assets as a percentage of total assets were 0.46% at June 30, 2019, 0.53% at March 31, 2019 and 0.60% at June 30, 2018. The Company continues to minimize nonperforming assets through diligent collection efforts, prudent workout arrangements and strong underwriting.

Balance Sheet

Total assets increased $81.4 million, or 2.2%, to $3.74 billion at June 30, 2019 from $3.66 billion at March 31, 2019.

Net loans increased $64.4 million, or 2.2%, to $3.04 billion at June 30, 2019 from $2.98 billion at March 31, 2019. The net increase in

loans for the three months ended June 30, 2019 was primarily due to increases in commercial real estate loans of $75.5 million, residential real estate loans of $5.9 million, and commercial loans of $1.4 million, partially offset by decreases in consumer loans of $16.2 million and commercial construction loans of $1.4 million. Loans held for sale increased $52.2 million, or 160.9%, to $84.7 million at June 30, 2019 from $32.4 million at March 31, 2019.

Total deposits increased $133.0 million, or 4.7%, to $2.97 billion at June 30, 2019 from $2.84 billion at March 31, 2019. Compared to the prior quarter, non-certificate accounts increased $109.8 million, brokered deposits increased $14.0 million and term certificate accounts increased $9.2 million. FHLB borrowings were $309.1 million at June 30, 2019 and $355.9 million at March 31, 2019.

Total stockholders’ equity was $371.1 million at June 30, 2019 compared to $363.4 million at March 31, 2019 and $348.6 million at June 30, 2018. The tangible common equity to tangible assets ratio was 8.04% at June 30, 2019, 7.99% at March 31, 2019 and 11.68% at June 30, 2018. At June 30, 2019, the Company and the Bank exceeded all regulatory capital requirements.

About HarborOne Bancorp, Inc.

HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, the largest co-operative bank in New England. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Eastern Massachusetts and Rhode Island through a network of 24 full-service branches located in Massachusetts and Rhode Island, one limited service branch and a commercial lending office in each of Boston, Massachusetts and Providence, Rhode Island. The Bank also provides a range of educational services through “HarborOne U,” with classes on small business, financial literacy and personal enrichment at two campuses located adjacent to our Brockton and Mansfield locations. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with more than 30 offices in Massachusetts, Rhode Island, New Hampshire, Maine, and New Jersey and is also licensed to lend in four additional states.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, acquisitions may not produce results at levels or within time frames originally anticipated; adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in the value of securities in the Company’s investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the Annual Report on Form 10‑K and Quarterly Reports on Form 10‑Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, HarborOne Bancorp, Inc.’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Use of Non-GAAP Measures

In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The Company’s management believes that the supplemental non-GAAP information, which consists of the tax equivalent basis for yields, the efficiency ratio, tangible common equity to tangible assets ratio and tangible book value per share is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

HarborOne Bancorp, Inc.

Consolidated Balance Sheet Trend

(Unaudited)


	June 30,		March 31,		December 31,		September 30,		June 30,
(in thousands)	2019		2019		2018		2018		2018

Assets

Cash and due from banks	$	27,205	$	25,227	$	27,686	$	18,478	$	20,232
Short-term investments		51,502		76,328		77,835		76,619		112,264
Total cash and cash equivalents		78,707		101,555		105,521		95,097		132,496

Securities available for sale, at fair value		202,457		219,966		209,293		191,847		185,702
Securities held to maturity, at amortized cost		34,752		41,104		44,688		47,371		48,251
Federal Home Loan Bank stock, at cost		14,876		16,134		24,969		13,263		15,310
Loans held for sale, at fair value		84,651		32,449		42,107		155,268		71,017
Loans:
Residential real estate		1,121,335		1,115,424		1,115,456		661,755		768,537
Commercial real estate		1,027,884		952,404		934,420		788,561		726,276
Commercial construction		157,130		158,504		161,660		129,796		150,710
Total mortgage loans on real estate		2,306,349		2,226,332		2,211,536		1,580,112		1,645,523
Commercial		301,056		299,658		277,271		139,616		132,293
Consumer		453,159		469,346		491,445		498,417		516,897
Loans		3,060,564		2,995,336		2,980,252		2,218,145		2,294,713
Less: Allowance for loan losses		(22,261)		(21,282)		(20,655)		(19,440)		(19,244)
Net deferred loan costs		5,377		5,193		5,255		5,677		5,982
Net loans		3,043,680		2,979,247		2,964,852		2,204,382		2,281,451
Mortgage servicing rights, at fair value		18,156		20,231		22,217		23,748		22,832
Goodwill		69,635		69,635		70,088		13,660		13,629
Other intangible assets		7,100		7,739		8,379		66		88
Other assets		183,410		167,936		161,007		108,098		108,938
Total assets	$	3,737,424	$	3,655,996	$	3,653,121	$	2,852,800	$	2,879,714

Liabilities and Stockholders' Equity

Deposits:
NOW and demand deposit accounts	$	594,506	$	574,379	$	556,517	$	432,628	$	429,397
Regular savings and club accounts		544,401		497,697		482,088		327,030		403,732
Money market deposit accounts		885,775		842,824		758,933		674,657		681,524
Brokered deposits		131,936		117,940		77,508		66,831		79,396
Term certificate accounts		812,987		803,805		810,015		684,495		608,453
Total deposits		2,969,605		2,836,645		2,685,061		2,185,641		2,202,502
Short-term borrowed funds		98,000		126,000		290,000		25,000		70,000
Long-term borrowed funds		211,149		229,935		229,936		206,187		217,438
Subordinated debt		33,843		33,812		33,799		33,855		—
Other liabilities and accrued expenses		53,709		66,156		56,751		48,772		41,198
Total liabilities		3,366,306		3,292,548		3,295,547		2,499,455		2,531,138

Common stock		327		327		327		327		327
Additional paid-in capital		154,730		153,326		152,156		150,732		150,063
Unearned compensation - ESOP		(9,793)		(9,942)		(10,091)		(10,239)		(10,388)
Retained earnings		225,936		221,155		219,088		218,977		213,049
Treasury stock		(1,548)		(1,548)		(1,548)		(1,548)		(742)
Accumulated other comprehensive income (loss)		1,466		130		(2,358)		(4,904)		(3,733)
Total stockholders' equity		371,118		363,448		357,574		353,345		348,576

Total liabilities and stockholders' equity	$	3,737,424	$	3,655,996	$	3,653,121	$	2,852,800	$	2,879,714

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)


	Quarters Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
(in thousands, except share data)	2019		2019		2018		2018		2018

Interest and dividend income:
Interest and fees on loans	$	35,438	$	34,365	$	33,947	$	25,115	$	23,866
Interest on loans held for sale		542		358		648		625		521
Interest on securities		1,850		1,847		1,788		1,629		1,567
Other interest and dividend income		448		483		540		480		297
Total interest and dividend income		38,278		37,053		36,923		27,849		26,251

Interest expense:
Interest on deposits		9,362		8,243		7,181		5,409		4,450
Interest on FHLB borrowings		1,679		2,275		2,400		1,130		906
Interest on subordinated debentures		524		505		552		189		—
Total interest expense		11,565		11,023		10,133		6,728		5,356

Net interest and dividend income		26,713		26,030		26,790		21,121		20,895

Provision for loan losses		1,750		857		1,502		632		886

Net interest and dividend income, after provision for loan losses		24,963		25,173		25,288		20,489		20,009

Noninterest income:
Mortgage banking income:
Changes in mortgage servicing rights fair value		(2,241)		(2,151)		(1,734)		(378)		(306)
Other		10,896		6,653		7,730		9,249		8,765
Total mortgage banking income		8,655		4,502		5,996		8,871		8,459

Deposit account fees		4,056		3,778		4,007		3,302		3,224
Income on retirement plan annuities		100		96		101		100		119
Gain on sale and call of securities, net		1,267		—		5		—		—
Bank-owned life insurance income		253		253		1,003		243		243
Other income		1,387		1,213		540		1,124		512
Total noninterest income		15,718		9,842		11,652		13,640		12,557

Noninterest expenses:
Compensation and benefits		20,585		19,245		20,062		16,809		17,345
Occupancy and equipment		4,411		4,448		3,949		3,027		2,961
Data processing		2,199		2,046		1,965		1,702		1,569
Loan expense		1,334		1,271		1,227		1,503		1,390
Marketing		1,177		958		611		639		1,084
Professional fees		1,384		946		1,237		712		915
Deposit insurance		589		666		572		540		491
Merger expenses		—		—		3,808		274		524
Other expenses		3,402		3,012		3,162		2,177		2,239
Total noninterest expenses		35,081		32,592		36,593		27,383		28,518

Income before income taxes		5,600		2,423		347		6,746		4,048

Income tax provision		819		356		236		818		945

Net income	$	4,781	$	2,067	$	111	$	5,928	$	3,103

Earnings per common share:
Basic	$	0.15	$	0.07	$	—	$	0.19	$	0.10
Diluted	$	0.15	$	0.07	$	—	$	0.19	$	0.10
Weighted average shares outstanding:
Basic		31,582,546		31,561,761		31,571,467		31,575,210		31,578,961
Diluted		31,582,546		31,561,761		31,571,467		31,575,811		31,578,961

HarborOne Bancorp, Inc.

Consolidated Statements of Net Income

(Unaudited)


	For the Six Months Ended June 30,
(dollars in thousands, except share data)	2019		2018		$ Change		% Change

Interest and dividend income:
Interest and fees on loans	$	69,803	$	46,370	$	23,433	50.5	%
Interest on loans held for sale		900		932		(32)	(3.4)
Interest on securities		3,697		3,063		634	20.7
Other interest and dividend income		931		571		360	63.0
Total interest and dividend income		75,331		50,936		24,395	47.9

Interest expense:
Interest on deposits		17,605		7,973		9,632	120.8
Interest on FHLB borrowings		3,954		1,944		2,010	103.4
Interest on subordinated debentures		1,029		—		1,029	100.0
Total interest expense		22,588		9,917		12,671	127.8

Net interest and dividend income		52,743		41,019		11,724	28.6

Provision for loan losses		2,607		1,694		913	53.9

Net interest and dividend income, after provision for loan losses		50,136		39,325		10,811	27.5

Noninterest income:
Mortgage banking income:
Changes in mortgage servicing rights fair value		(4,392)		716		(5,108)	(713.4)
Other		17,549		15,026		2,523	16.8
Total mortgage banking income		13,157		15,742		(2,585)	(16.4)

Deposit account fees		7,834		6,191		1,643	26.5
Income on retirement plan annuities		196		232		(36)	(15.5)
Gain on sale and call of securities, net		1,267		—		1,267	100.0
Bank-owned life insurance income		506		482		24	5.0
Other income		2,600		1,259		1,341	106.5
Total noninterest income		25,560		23,906		1,654	6.9

Noninterest expenses:
Compensation and benefits		39,830		33,697		6,133	18.2
Occupancy and equipment		8,859		6,236		2,623	42.1
Data processing		4,245		3,122		1,123	36.0
Loan expense		2,605		2,652		(47)	(1.8)
Marketing		2,135		2,083		52	2.5
Professional fees		2,330		1,883		447	23.7
Deposit insurance		1,255		985		270	27.4
Merger expenses		—		1,010		(1,010)	(100.0)
Other expenses		6,414		4,449		1,965	44.2
Total noninterest expenses		67,673		56,117		11,556	20.6

Income before income taxes		8,023		7,114		909	12.8

Income tax provision		1,175		1,759		(584)	(33.2)

Net income	$	6,848	$	5,355	$	1,493	27.9	%

Earnings per common share:
Basic	$	0.22	$	0.17
Diluted	$	0.22	$	0.17
Weighted average shares outstanding:
Basic		31,572,211		31,574,411
Diluted		31,572,211		31,574,411

HarborOne Bancorp, Inc.

Average Balances / Yields

(Unaudited)


	Quarters Ended
	June 30, 2019							March 31, 2019							June 30, 2018
	Average							Average							Average
	Outstanding					Yield/		Outstanding					Yield/		Outstanding					Yield/
	Balance			Interest		Cost (6)		Balance			Interest		Cost (6)		Balance			Interest		Cost (6)
	(dollars in thousands)
Interest-earning assets:
Loans (1)	$	3,072,345		$	35,980	4.70	%	$	3,016,943		$	34,723	4.67	%	$	2,303,245		$	24,387	4.25	%
Investment securities (2)		259,151			1,880	2.91			260,211			1,886	2.94			233,587			1,613	2.77
Other interest-earning assets		26,758			448	6.71			37,971			483	5.16			41,584			297	2.87
Total interest-earning assets		3,358,254			38,308	4.58			3,315,125			37,092	4.54			2,578,416			26,297	4.09
Noninterest-earning assets		260,864							252,882							130,551
Total assets	$	3,619,118						$	3,568,007						$	2,708,967
Interest-bearing liabilities:
Savings accounts	$	528,360			564	0.43		$	484,963			364	0.30		$	346,201			150	0.17
NOW accounts		140,115			25	0.07			136,954			25	0.07			128,360			21	0.06
Money market accounts		872,653			3,384	1.56			794,477			2,760	1.41			698,591			1,496	0.86
Certificates of deposit		788,701			4,627	2.35			812,992			4,512	2.25			592,811			2,534	1.71
Brokered deposits		124,122			762	2.46			99,341			582	2.38			66,892			249	1.50
Total interest-bearing deposits		2,453,951			9,362	1.53			2,328,727			8,243	1.44			1,832,855			4,450	0.97
FHLB advances		291,835			1,679	2.31			392,483			2,275	2.35			217,712			906	1.67
Subordinated debentures		33,826			524	6.21			33,822			505	6.05			—			—	—
Total borrowings		325,661			2,203	2.71			426,305			2,780	2.64			217,712			906	1.67
Total interest-bearing liabilities		2,779,612			11,565	1.67			2,755,032			11,023	1.62			2,050,567			5,356	1.05
Noninterest-bearing liabilities:
Noninterest-bearing deposits		423,462							400,573							278,846
Other noninterest-bearing liabilities		49,163							52,219							33,561
Total liabilities		3,252,237							3,207,824							2,362,974
Total equity		366,881							360,183							345,993
Total liabilities and equity	$	3,619,118						$	3,568,007						$	2,708,967
Tax equivalent net interest income					26,743							26,069							20,941
Tax equivalent interest rate spread (3)						2.91	%						2.92	%						3.04	%
Less: tax equivalent adjustment					30							39							46
Net interest income as reported				$	26,713						$	26,030						$	20,895
Net interest-earning assets (4)	$	578,642						$	560,093						$	527,849
Net interest margin (5)						3.19	%						3.18	%						3.25	%
Tax equivalent effect						—							0.01							0.01
Net interest margin on a fully tax equivalent basis						3.19	%						3.19	%						3.26	%
Average interest-earning assets to average interest-bearing liabilities		120.82	%						120.33	%						125.74	%

Supplemental information:
Total deposits, including demand deposits	$	2,877,413		$	9,362			$	2,729,300		$	8,243			$	2,111,701		$	4,450
Cost of total deposits						1.31	%						1.22	%						0.85	%
Total funding liabilities, including demand deposits	$	3,203,074		$	11,565			$	3,155,605		$	11,023			$	2,329,413		$	5,356
Cost of total funding liabilities						1.45	%						1.42	%						0.92	%


(1) Includes loans held for sale, nonaccruing loan balances and interest received on such loans.
(2) Includes securities available for sale and securities held to maturity. Interest income from tax exempt securities is computed on a taxable equivalent basis using a tax rate of 21% for the quarters presented. The yield on investments before tax equivalent adjustments for the quarters presented were 2.86%, 2.88%, and 2.69%, respectively.
(3) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(4) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
(5) Net interest margin represents net interest income divided by average total interest-earning assets.
(6) Annualized.

HarborOne Bancorp, Inc.

Average Balances / Yields

(Unaudited)

Year to Date

June 30, 2019

June 30, 2018

Average

Outstanding

Yield/

Outstanding

HarborOne Bancorp, Inc. 8-K