HarborOne Bancorp : Investor Presentation April 2025

Published: 2025-04-24 16:57:06 ET HONE

Investor Presentation

April 2025

A Unique New England Banking Franchise

COMPANY HIGHLIGHTS1

Exchange/Ticker:

NASDAQ/HONE

Total Assets:

$5.7 Billion

Total Loans:

$4.8 Billion

Total Deposits:

$4.6 Billion

Market Capitalization:

$450 Million

 HarborOne Bancorp, Inc. is a bank holding company and the parent of HarborOne Bank, a state-chartered trust company.

 HarborOne Bank is headquartered in Brockton, MA with 30 full-service banking centers throughout Metro Boston, Southeast Massachusetts and Rhode Island, with commercial lending offices in Boston and Providence.

 HarborOne Mortgage, LLC ("HarborOne Mortgage") is a wholly owned subsidiary of HarborOne Bank with 15 offices in Massachusetts, Rhode Island, New Hampshire, Maine, New Jersey, and Florida and licensed to lend in 5 additional states.

 HarborOne Bank is a recognized leader in financial and personal enrichment education and innovation through HarborOne U.

1: All information as of March 31, 2025

Q1 2025

Q1 2025 Highlights

Net Income

$5.5 Million

Diluted EPS

$0.14

Net Interest Margin

2.39%

Loans-to-Deposits Ratio

104.38%

Tangible Book Value

$11.90

Q1 2025

Key Performance Metrics

Total Assets

$5.9 B

$5.8 B

$5.7 B

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Total Loans

$4.8 B

$4.9 B

$4.8 B

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Tier 1 Leverage

Tangible Book Value per share

9.7%

9.8%

9.9%

$11.88

$11.78

$11.90

$11.48

$11.63

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Q1 2025

Key Performance Metrics (Cont.)

Net Interest Income ($MM)

$31,350

$31,893

$31,827

$31,469

$30,582

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Net Interest Margin on FTE Basis

2.25%

2.31%

2.36%

2.39%

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Net Income ($MM)

$8,887

$7,300

$7,296

$5,500

$3,924

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

EPS

$0.21

$0.17

$0.18

$0.14

$0.10

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Q1 2025

Loan Portfolio

Total Loan Portfolio

$4.8 Billion

Residential 1-4

Family

31%

CRE 47%

C&I

13%

Construction

HELOC, 2nd Mtg. & Other Consumer 4%

Highlights

Q1 2025

Asset Quality

Non-Performing Assets ($MM)

Provision ($MM)

Annualized

NPA/Assets %

$12.2

$9.8

0.21%

0.17%

$28.4 $29.5 $30.9

0.49% 0.51% 0.54%

Provision/Loans %

$5.90

0.48%

$1.93

$1.39

-$0.17

$0.62

0.16%

0.11%

-0.01%

0.05%

Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Top 5 Classified Relationships ($MM)

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Allowance for Credit Losses ($MM)

Category

Asset Type

Balance

Specific

Charge

Occupancy

Reserve

off

CRE- Office1,2

Conv. to Med Office

$15.3

$1.7

50%

CRE- Multi1

Market Rate

$11.8

98%

C&I

Healthcare Practice

$8.6

N/A

CRE- Office1

Conversion to Lab

$8.6

$8.3

CRE- Office1

Metro Office

$6.2

$0.4

46%

ACL %

$54.0

$48.2 $49.1 1.11%

1.01% 1.02%

$56.1

1.16%

$49.3

1.02%

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Note: The decrease in the ACL in Q1 25 is due to a $8.3 MM charge-off

Q1 2025

Continued Focus on C&I and Small Business

C&I and Small Business Loans ($MM)

33% Combined Growth since Q1 24

$549.9 $594.5 $627.5

$471.2 $499.0 $152.5 $158.4 $160.2

$144.4 $143.3

$326.8

$355.7

$397.4

$436.0

$467.30

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

C&I

Small Business

Portfolio Composition ($MM)

Type

Balance

Avg Balance

Classified

Non-Acc

Manufacturing

$120.7

$1.0

Utilities

$103.8

$3.5

Healthcare

$97.0

$0.4

$9.0

$8.7

Education

$68.1

$2.3

Retail

$30.6

$0.2

Construction

$30.0

$0.1

$0.6

$0.3

Restaurant

$21.8

$0.3

$0.1

Wholesale Trade

$20.8

$0.4

Rental and Leasing

$17.2

$0.8

Administrative

$15.1

$0.1

$0.4

$0.2

Professional Services $11.4

$0.1

All Others1

$91.0

$0.2

$1.6

$1.2

Total

$627.5

$0.3

$11.7

$10.5

Portfolio Characteristics

Other

2026

New

2025

England

10%

2027

32%

2029 & later

2028

58%

66%

New England Focused

Maturity Profile

Highlights

1: $1 million of Non-Accrual exposure comprised of the guaranteed portion of SBA 7(a) loan attributed to a

single borrower; 2: DSCR calculated based on most recent financial information, typically received annually;

Q1 2025

3.Source: SBA 7(a) & 504 Lender Report for the 3 months ended March 31, 2025 based on dollars approved

Commercial Real Estate & Construction Profile

Portfolio by Type ($2.5B)

Portfolio Characteristics

Restaurant

14% of CRE is Owner Occupied

Other

2025

Education

Other

12%

Industrial/

Warehouse

Healthcare

23%

Office

Multifamily

18%

Retail

Hotel

12%

13%

CT 2%

2029 and

10%

later

2026

50%

65%

16%

2027

14%

2028

16%

New England Focused

Maturity Profile

Portfolio Composition ($MM)

Type

Balance

Avg Balance

Classified

Non-Acc

Industrial/Warehouse

$561.5

$7.2

$4.5

Multifamily

$459.7

$6.8

$16.1

Hotel/Hospitality

$312.0

$8.7

$4.5

Retail Trade

$295.1

$3.5

Office

$211.5

$5.4

$28.5

$8.6

Healthcare

$217.0

$3.8

Educational Services

$76.7

$5.9

Restaurant

$48.6

$2.1

Manufacturing

$23.8

$2.1

Construction

$18.7

$1.9

All Others

$263.9

$2.1

$1.6

Total

$2,488.5

$4.5

$55.2

$8.6

Highlights

1: DSCR calculated based on most recent financial information, typically received annually; 2: LTV is based on

origination appraisal vs current balances, with a weighted average seasoning of approximately 3 years

Q1 2025

Disclaimer

HarborOne Bancorp Inc. published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 20:55 UTC.