10-Q 1 hone-20220331x10q.htm 10-Q
0001769617--12-312022Q1P3YP6Yhttp://fasb.org/us-gaap/2021-01-31#OtherAssetshttp://www.harborone.com/20220331#OtherLiabilitiesAndAccruedExpensesMemberP16Y9M7Dfalse0001769617us-gaap:TreasuryStockMember2022-01-012022-03-310001769617us-gaap:TreasuryStockMember2021-01-012021-03-310001769617us-gaap:CommonStockMember2022-01-012022-03-310001769617us-gaap:CommonStockMember2021-01-012021-03-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2022-03-310001769617us-gaap:TreasuryStockMember2022-03-310001769617us-gaap:RetainedEarningsMember2022-03-310001769617us-gaap:AdditionalPaidInCapitalMember2022-03-310001769617us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-03-310001769617hone:UnearnedCompensationEmployeeStockOwnershipPlanMember2022-03-310001769617us-gaap:TreasuryStockMember2021-12-310001769617us-gaap:RetainedEarningsMember2021-12-310001769617us-gaap:AdditionalPaidInCapitalMember2021-12-310001769617us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001769617hone:UnearnedCompensationEmployeeStockOwnershipPlanMember2021-12-310001769617us-gaap:TreasuryStockMember2021-03-310001769617us-gaap:RetainedEarningsMember2021-03-310001769617us-gaap:AdditionalPaidInCapitalMember2021-03-310001769617us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001769617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001769617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310001769617hone:UnearnedCompensationEmployeeStockOwnershipPlanMember2021-03-310001769617us-gaap:TreasuryStockMember2020-12-310001769617us-gaap:RetainedEarningsMember2020-12-310001769617us-gaap:AdditionalPaidInCapitalMember2020-12-310001769617us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001769617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001769617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001769617hone:UnearnedCompensationEmployeeStockOwnershipPlanMember2020-12-310001769617us-gaap:InterestRateSwapMemberus-gaap:MortgageBackedSecuritiesMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:ResidentialConstructionMember2022-01-012022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMember2022-01-012022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMember2022-01-012022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMember2021-01-012021-03-310001769617us-gaap:UnallocatedFinancingReceivablesMember2021-01-012021-03-310001769617us-gaap:UnfundedLoanCommitmentMemberus-gaap:ResidentialPortfolioSegmentMemberhone:ResidentialConstructionMember2022-01-012022-03-310001769617us-gaap:UnfundedLoanCommitmentMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-01-012022-03-310001769617us-gaap:UnfundedLoanCommitmentMemberus-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMember2022-01-012022-03-310001769617us-gaap:UnfundedLoanCommitmentMemberus-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2022-01-012022-03-310001769617srt:FederalHomeLoanBankOfBostonMember2022-03-310001769617srt:FederalHomeLoanBankOfBostonMember2021-12-310001769617us-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-03-310001769617us-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-03-310001769617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310001769617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310001769617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310001769617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:UncollateralizedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:UncollateralizedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310001769617us-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-310001769617us-gaap:FinancingReceivables30To59DaysPastDueMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:UncollateralizedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:UncollateralizedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001769617us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001769617us-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001769617us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001769617us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001769617us-gaap:FederalHomeLoanBankAdvancesMember2021-12-310001769617us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-310001769617us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:UncollateralizedMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMemberus-gaap:PassMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:SubstandardMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:SpecialMentionMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:PassMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:DoubtfulMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMemberus-gaap:ResidentialPortfolioSegmentMemberhone:ResidentialConstructionMember2022-03-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-03-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMemberus-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMember2022-03-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMemberus-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2022-03-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001769617us-gaap:UnfundedLoanCommitmentMemberus-gaap:ResidentialPortfolioSegmentMemberhone:ResidentialConstructionMember2022-03-310001769617us-gaap:UnfundedLoanCommitmentMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-03-310001769617us-gaap:UnfundedLoanCommitmentMemberus-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMember2022-03-310001769617us-gaap:UnfundedLoanCommitmentMemberus-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2022-03-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMember2022-03-310001769617us-gaap:UnfundedLoanCommitmentMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:ResidentialConstructionMember2022-03-310001769617us-gaap:UnfundedLoanCommitmentMember2022-03-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:ResidentialPortfolioSegmentMemberhone:ResidentialConstructionMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberhone:NonImpairedFinancingReceivableMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberhone:ImpairedFinancingReceivableMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMemberhone:NonImpairedFinancingReceivableMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberhone:NonImpairedFinancingReceivableMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberhone:ImpairedFinancingReceivableMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnallocatedFinancingReceivablesMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001769617us-gaap:UnallocatedFinancingReceivablesMemberhone:NonImpairedFinancingReceivableMember2021-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:ResidentialConstructionMember2021-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:NonImpairedFinancingReceivableMember2021-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:ImpairedFinancingReceivableMember2021-12-310001769617us-gaap:ConsumerPortfolioSegmentMemberhone:NonImpairedFinancingReceivableMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2021-12-310001769617us-gaap:UnallocatedFinancingReceivablesMember2021-12-310001769617us-gaap:ConsumerPortfolioSegmentMember2021-12-310001769617hone:NonImpairedFinancingReceivableMember2021-12-310001769617hone:ImpairedFinancingReceivableMember2021-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMember2021-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:ResidentialConstructionMember2021-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMember2021-03-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMember2021-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2021-03-310001769617us-gaap:UnallocatedFinancingReceivablesMember2021-03-310001769617us-gaap:ConsumerPortfolioSegmentMember2021-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMember2020-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:ResidentialConstructionMember2020-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMember2020-12-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMember2020-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2020-12-310001769617us-gaap:UnallocatedFinancingReceivablesMember2020-12-310001769617us-gaap:ConsumerPortfolioSegmentMember2020-12-310001769617hone:OtherLoansMember2022-03-310001769617us-gaap:FairValueMeasurementsNonrecurringMember2022-03-310001769617us-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001769617srt:MinimumMember2022-03-310001769617srt:MaximumMember2022-03-310001769617srt:MinimumMember2021-12-310001769617srt:MaximumMember2021-12-310001769617us-gaap:ResidentialPortfolioSegmentMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-01-012021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2021-01-012021-12-310001769617us-gaap:ResidentialPortfolioSegmentMember2021-01-012021-12-310001769617hone:HarboroneMortgageSegmentMember2022-03-310001769617hone:HarborOneBankSegmentMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMember2022-03-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMember2021-12-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMember2021-12-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:UncollateralizedMember2021-12-310001769617us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2021-12-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMemberus-gaap:PassMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:SubstandardMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:SpecialMentionMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:PassMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMemberus-gaap:DoubtfulMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:NonaccrualLoansMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:AccrualLoansMember2022-03-310001769617us-gaap:ConsumerPortfolioSegmentMemberhone:NonaccrualLoansMember2022-03-310001769617us-gaap:ConsumerPortfolioSegmentMemberhone:AccrualLoansMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialConstructionMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2022-03-310001769617us-gaap:ResidentialPortfolioSegmentMember2022-03-310001769617us-gaap:ConsumerPortfolioSegmentMember2022-03-310001769617hone:CollateralDependentMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-03-310001769617hone:CollateralDependentMemberus-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2022-03-310001769617hone:CollateralDependentMemberus-gaap:ResidentialPortfolioSegmentMember2022-03-310001769617hone:CollateralDependentMemberus-gaap:CommercialPortfolioSegmentMember2022-03-310001769617hone:CollateralDependentMember2022-03-310001769617us-gaap:FederalHomeLoanBankAdvancesMember2022-03-310001769617hone:DerivativeLoanAndForwardContractsMember2022-03-310001769617hone:DerivativeLoanAndForwardContractsMember2021-12-310001769617hone:DerivativeLoanAndForwardContractsMember2021-03-310001769617hone:DerivativeLoanAndForwardContractsMember2020-12-310001769617us-gaap:UnusedLinesOfCreditMember2022-03-310001769617us-gaap:HomeEquityMember2022-03-310001769617us-gaap:ConstructionLoansMember2022-03-310001769617hone:OtherLoansCommitmentsMember2022-03-310001769617hone:LoanOriginationCommitmentsResidentialRealEstateMember2022-03-310001769617us-gaap:UnusedLinesOfCreditMember2021-12-310001769617us-gaap:HomeEquityMember2021-12-310001769617us-gaap:ConstructionLoansMember2021-12-310001769617hone:OtherLoansCommitmentsMember2021-12-310001769617hone:LoanOriginationCommitmentsResidentialRealEstateMember2021-12-310001769617hone:DerivativeLoanAndForwardContractsMember2022-01-012022-03-310001769617hone:DerivativeLoanAndForwardContractsMember2021-01-012021-03-310001769617us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2022-01-012022-03-310001769617us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2022-03-310001769617us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001769617us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2022-03-310001769617hone:RiskParticipationAgreementsMemberus-gaap:NondesignatedMember2022-03-310001769617hone:DerivativeLoanMemberus-gaap:NondesignatedMember2022-03-310001769617us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2021-12-310001769617us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001769617us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2021-12-310001769617hone:RiskParticipationAgreementsMemberus-gaap:NondesignatedMember2021-12-310001769617hone:DerivativeLoanMemberus-gaap:NondesignatedMember2021-12-310001769617us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:OtherIncomeMember2022-01-012022-03-310001769617us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberhone:MortgageBankingIncomeMember2022-01-012022-03-310001769617hone:DerivativeLoanMemberus-gaap:NondesignatedMemberhone:MortgageBankingIncomeMember2022-01-012022-03-310001769617us-gaap:NondesignatedMember2022-01-012022-03-310001769617us-gaap:ForwardContractsMemberus-gaap:NondesignatedMemberhone:MortgageBankingIncomeMember2021-01-012021-03-310001769617hone:DerivativeLoanMemberus-gaap:NondesignatedMemberhone:MortgageBankingIncomeMember2021-01-012021-03-310001769617us-gaap:NondesignatedMember2021-01-012021-03-310001769617us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2022-03-310001769617us-gaap:OtherLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2022-03-310001769617us-gaap:OtherLiabilitiesMemberhone:DerivativeLoanMemberus-gaap:NondesignatedMember2022-03-310001769617us-gaap:OtherLiabilitiesMember2022-03-310001769617us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2021-12-310001769617us-gaap:OtherLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2021-12-310001769617us-gaap:OtherLiabilitiesMemberhone:DerivativeLoanMemberus-gaap:NondesignatedMember2021-12-310001769617us-gaap:OtherLiabilitiesMember2021-12-310001769617us-gaap:OtherAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2022-03-310001769617us-gaap:OtherAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001769617us-gaap:OtherAssetsMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2022-03-310001769617us-gaap:OtherAssetsMemberhone:DerivativeLoanMemberus-gaap:NondesignatedMember2022-03-310001769617us-gaap:OtherAssetsMember2022-03-310001769617us-gaap:OtherAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2021-12-310001769617us-gaap:OtherAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001769617us-gaap:OtherAssetsMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2021-12-310001769617us-gaap:OtherAssetsMemberhone:DerivativeLoanMemberus-gaap:NondesignatedMember2021-12-310001769617us-gaap:OtherAssetsMember2021-12-310001769617us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2022-03-310001769617us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617hone:InterestRateManagementAgreementsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617hone:InterestRateManagementAgreementsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617hone:DerivativeLoanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617hone:DerivativeLoanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617us-gaap:InterestRateSwapMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617us-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001769617us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617us-gaap:ForwardContractsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617us-gaap:ForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001769617hone:InterestRateManagementAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617hone:InterestRateManagementAgreementsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617hone:InterestRateManagementAgreementsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001769617hone:DerivativeLoanMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617hone:DerivativeLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617hone:DerivativeLoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001769617us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617us-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617hone:InterestRateManagementAgreementsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617hone:InterestRateManagementAgreementsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617hone:DerivativeLoanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617hone:DerivativeLoanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617us-gaap:InterestRateSwapMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617us-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001769617us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617us-gaap:ForwardContractsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617us-gaap:ForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001769617hone:InterestRateManagementAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617hone:InterestRateManagementAgreementsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617hone:InterestRateManagementAgreementsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001769617hone:DerivativeLoanMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617hone:DerivativeLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617hone:DerivativeLoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMember2022-01-010001769617us-gaap:SubordinatedDebtMember2022-03-310001769617us-gaap:SubordinatedDebtMember2021-12-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2022-01-010001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2022-01-012022-03-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2021-01-012021-03-310001769617srt:MinimumMemberus-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-03-310001769617srt:MinimumMemberus-gaap:CommercialRealEstateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-03-310001769617srt:MinimumMemberhone:CommercialAndIndustrialMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-03-310001769617srt:MaximumMemberus-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-03-310001769617srt:MaximumMemberus-gaap:CommercialRealEstateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-03-310001769617srt:MaximumMemberhone:CommercialAndIndustrialMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-03-310001769617us-gaap:SubordinatedDebtMember2018-08-300001769617srt:ScenarioForecastMemberus-gaap:SubordinatedDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMember2023-09-012023-09-010001769617us-gaap:CommercialRealEstateMember2022-03-310001769617us-gaap:CommercialRealEstateMember2021-12-310001769617us-gaap:RetainedEarningsMember2022-01-012022-03-310001769617us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001769617us-gaap:RetainedEarningsMember2021-01-012021-03-310001769617us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001769617us-gaap:CommonStockMember2022-03-310001769617us-gaap:CommonStockMember2021-12-310001769617us-gaap:CommonStockMember2021-03-310001769617us-gaap:CommonStockMember2020-12-310001769617us-gaap:InterestRateSwapMember2022-03-3100017696172020-12-310001769617us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617hone:U.s.GovernmentAndGovernmentSponsoredEnterpriseObligationsAndCorporateBondsMember2022-03-310001769617us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617us-gaap:DomesticCorporateDebtSecuritiesMember2022-03-310001769617us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-03-310001769617hone:SbaAssetBackedSecuritiesMember2022-03-310001769617us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-310001769617us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-03-310001769617hone:CollateralizedMortgageObligationsSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-03-310001769617us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001769617hone:SbaAssetBackedSecuritiesMember2021-12-310001769617hone:CollateralizedMortgageObligationsSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001769617us-gaap:CommercialRealEstateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhone:SalesComparisonApproachMember2022-03-310001769617us-gaap:CommercialRealEstateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-03-310001769617us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-03-310001769617us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617us-gaap:FairValueMeasurementsRecurringMember2022-03-310001769617us-gaap:ResidentialMortgageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001769617us-gaap:CommercialRealEstateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001769617hone:OtherRealEstateAndRepossessedAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001769617hone:CommercialAndIndustrialMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001769617us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001769617us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617us-gaap:FairValueMeasurementsRecurringMember2021-12-310001769617hone:CommercialAndIndustrialMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhone:SalesComparisonApproachMember2021-03-310001769617us-gaap:InterestRateSwapMember2022-01-012022-03-310001769617us-gaap:CommercialRealEstateMember2022-01-012022-03-310001769617us-gaap:InterestRateSwapMember2021-01-012021-12-310001769617us-gaap:ResidentialMortgageMember2021-01-012021-03-310001769617hone:OtherRealEstateAndRepossessedAssetsMember2021-01-012021-03-310001769617hone:CommercialAndIndustrialMember2021-01-012021-03-310001769617us-gaap:OperatingSegmentsMemberhone:HarboroneMortgageSegmentMember2022-03-310001769617us-gaap:OperatingSegmentsMemberhone:HarborOneBankSegmentMember2022-03-310001769617us-gaap:OperatingSegmentsMemberhone:HarboroneMortgageSegmentMember2021-03-310001769617us-gaap:OperatingSegmentsMemberhone:HarborOneBankSegmentMember2021-03-310001769617us-gaap:EmployeeStockOptionMember2022-01-012022-03-310001769617us-gaap:EmployeeStockOptionMember2021-01-012021-03-310001769617hone:UnearnedCompensationEmployeeStockOwnershipPlanMember2022-01-012022-03-310001769617hone:UnearnedCompensationEmployeeStockOwnershipPlanMember2021-01-012021-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMember2022-01-012022-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:SecondMortgageLoanAndHomeEquityLineOfCreditMember2021-01-012021-03-310001769617us-gaap:ResidentialPortfolioSegmentMemberhone:OneToFourFamilyRealEstateLoanMember2021-01-012021-03-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-01-012021-03-310001769617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-01-012022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2022-01-012022-03-310001769617us-gaap:ConsumerPortfolioSegmentMember2022-01-012022-03-310001769617us-gaap:CommercialPortfolioSegmentMemberhone:CommercialAndIndustrialMember2021-01-012021-03-310001769617us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-03-310001769617us-gaap:UnfundedLoanCommitmentMember2022-01-012022-03-310001769617us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001769617us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001769617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001769617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001769617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001769617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-3100017696172021-01-012021-12-310001769617hone:HarboroneBankMember2022-03-310001769617hone:HarboroneBankMember2021-12-310001769617us-gaap:InterestRateSwapMemberus-gaap:MortgageBackedSecuritiesMember2021-12-310001769617hone:HarboroneBankMember2022-01-012022-03-310001769617us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001769617us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001769617us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001769617us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-3100017696172021-03-310001769617hone:DerivativeLoanMember2022-01-012022-03-310001769617srt:FederalHomeLoanBankOfBostonMember2022-01-012022-03-310001769617us-gaap:OperatingSegmentsMemberhone:HarboroneMortgageSegmentMember2022-01-012022-03-310001769617us-gaap:OperatingSegmentsMemberhone:HarborOneBankSegmentMember2022-01-012022-03-310001769617us-gaap:OperatingSegmentsMemberhone:HarboroneMortgageSegmentMember2021-01-012021-03-310001769617us-gaap:OperatingSegmentsMemberhone:HarborOneBankSegmentMember2021-01-012021-03-310001769617us-gaap:CommercialPortfolioSegmentMember2022-03-310001769617us-gaap:CommercialPortfolioSegmentMember2021-12-310001769617hone:DerivativeLoanMember2022-03-310001769617hone:DerivativeLoanMember2021-12-310001769617hone:CommercialAndIndustrialMemberhone:PaycheckProtectionProgramMember2022-03-310001769617hone:CommercialAndIndustrialMemberhone:PaycheckProtectionProgramMember2021-12-310001769617srt:MinimumMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-01-012022-03-310001769617srt:MaximumMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-01-012022-03-310001769617srt:MinimumMember2022-01-012022-03-310001769617srt:MaximumMember2022-01-012022-03-310001769617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2022-03-3100017696172021-09-302021-09-300001769617hone:HarboroneMortgageLlcMember2022-01-012022-03-3100017696172022-03-3100017696172021-12-3100017696172021-01-012021-03-3100017696172022-05-0200017696172022-01-012022-03-31hone:contracthone:segmentxbrli:sharesiso4217:USDhone:statexbrli:purehone:itemhone:securityhone:Officeiso4217:USDxbrli:shareshone:derivative

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-38955

HarborOne Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Massachusetts

 

81-1607465

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

770 Oak Street, Brockton, Massachusetts

02301

(Address of principal executive offices)

(Zip Code)

(508) 895-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act

Title of each Class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value

HONE

The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of May 2, 2022, there were 51,257,696 shares of the Registrant’s common stock, par value $0.01 per share, outstanding

Index

PAGE

PART I.

FINANCIAL INFORMATION

ITEM 1.

Financial Statements

Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (unaudited)

1

Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021 (unaudited)

2

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021 (unaudited)

3

Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2022 and 2021 (unaudited)

4

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)

5

Notes to Consolidated Financial Statements (unaudited)

7

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

44

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

60

ITEM 4.

Controls and Procedures

60

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

61

ITEM 1A.

Risk Factors

61

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

61

ITEM 3.

Defaults Upon Senior Securities

61

ITEM 4.

Mine Safety Disclosures

61

ITEM 5.

Other Information

61

ITEM 6.

Exhibits

62

EXHIBIT INDEX

62

SIGNATURE

63

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Balance Sheets (unaudited)

March 31, 

December 31, 

(in thousands, except share data)

    

2022

2021

 

Assets

    

 

Cash and due from banks

$

41,862

$

35,549

Short-term investments

97,870

159,170

Total cash and cash equivalents

139,732

194,719

Securities available for sale, at fair value

361,529

394,036

Federal Home Loan Bank stock, at cost

5,931

5,931

Asset held for sale

678

881

Loans held for sale, at fair value

25,690

45,642

Loans

3,737,350

3,607,733

Less: Allowance for credit losses on loans

(41,765)

(45,377)

Net loans

3,695,585

3,562,356

Accrued interest receivable

10,989

10,624

Other real estate owned and repossessed assets

53

Mortgage servicing rights, at fair value

45,043

38,268

Property and equipment, net

49,926

50,745

Retirement plan annuities

14,281

14,174

Bank-owned life insurance

90,454

89,972

Goodwill

69,802

69,802

Intangible assets

2,930

3,164

Other assets

78,755

73,038

Total assets

$

4,591,325

$

4,553,405

Liabilities and Stockholders' Equity

Deposits:

Demand deposit accounts

$

771,172

$

743,051

NOW accounts

310,090

313,733

Regular savings and club accounts

1,218,656

1,138,979

Money market deposit accounts

864,316

858,970

Term certificate accounts

597,746

627,916

Total deposits

3,761,980

3,682,649

Long-term borrowed funds

55,702

55,711

Subordinated debt

34,191

34,159

Mortgagors' escrow accounts

9,485

8,459

Accrued interest payable

584

1,083

Other liabilities and accrued expenses

80,318

92,083

Total liabilities

3,942,260

3,874,144

Commitments and contingencies (Notes 9 and 10)

Common stock, $0.01 par value; 150,000,000 shares authorized; 59,832,421 and 59,087,487 shares issued; 51,257,696 and 52,390,478 shares outstanding at March 31, 2022 and December 31, 2021, respectively

591

585

Additional paid-in capital

477,302

469,934

Retained earnings

332,734

325,699

Treasury stock, at cost, 8,574,725 and 6,693,504 shares at March 31, 2022 and December 31, 2021, respectively

(113,513)

(85,859)

Accumulated other comprehensive (loss) income

(19,047)

(1,637)

Unearned compensation - ESOP

(29,002)

(29,461)

Total stockholders' equity

649,065

679,261

Total liabilities and stockholders' equity

$

4,591,325

$

4,553,405

The accompanying notes are an integral part of these unaudited interim Consolidated Financial Statements.

1

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Income (unaudited)

Three Months Ended March 31, 

(in thousands, except share data)

  

2022

  

2021

  

Interest and dividend income:

Interest and fees on loans

$

33,576

$

33,860

Interest on loans held for sale

264

1,324

Interest on taxable securities

1,701

585

Other interest and dividend income

61

78

Total interest and dividend income

35,602

35,847

Interest expense:

Interest on deposits

1,621

2,720

Interest on FHLB borrowings

188

552

Interest on subordinated debentures

523

523

Total interest expense

2,332

3,795

Net interest and dividend income

33,270

32,052

Provision for credit losses

338

91

Net interest and dividend income, after provision (credit) for loan losses

32,932

31,961

Noninterest income:

Mortgage banking income:

Gain on sale of mortgage loans

5,322

24,802

Changes in mortgage servicing rights fair value

5,285

3,409

Other

2,558

4,515

Total mortgage banking income

13,165

32,726

Deposit account fees

4,472

3,852

Income on retirement plan annuities

107

104

Bank-owned life insurance income

483

493

Other income

834

634

Total noninterest income

19,061

37,809

Noninterest expense:

Compensation and benefits

20,723

27,454

Occupancy and equipment

5,428

5,256

Data processing

2,241

2,343

Loan expenses

478

2,435

Marketing

1,218

813

Deposit expenses

546

440

Postage and printing

419

401

Professional fees

1,539

1,583

Foreclosed and repossessed assets

(34)

23

Deposit insurance

349

320

Other expenses

1,928

1,734

Total noninterest expense

34,835

42,802

Income before income taxes

17,158

26,968

Income tax provision

4,891

7,576

Net income

$

12,267

$

19,392

Earnings per common share:

Basic

$

0.26

$

0.37

Diluted

$

0.25

$

0.37

Weighted average shares outstanding:

Basic

47,836,410

52,537,409

Diluted

48,690,420

53,000,830

The accompanying notes are an integral part of these unaudited interim Consolidated Financial Statements.

2

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Comprehensive Income (unaudited)

Three Months Ended March 31, 

(in thousands)

    

2022

2021

Net income

$

12,267

$

19,392

Other comprehensive income:

Unrealized gain/loss on cash flow hedge:

Unrealized holding gains (losses)

3,789

1,733

Reclassification adjustment for net losses (gains) included in net income

111

112

Net change in unrealized gains (losses) on derivatives in cash flow hedging instruments

3,900

1,845

Related tax effect

(1,096)

(516)

Net-of-tax amount

2,804

1,329

Unrealized gain/loss on securities available for sale:

Unrealized holding (losses) gains

(25,929)

(4,713)

Related tax effect

5,715

1,039

Net-of-tax amount

(20,214)

(3,674)

Total other comprehensive (loss) income

(17,410)

(2,345)

Comprehensive (loss) income

$

(5,143)

$

17,047

The accompanying notes are an integral part of these unaudited interim Consolidated Financial Statements.

3

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

Accumulated

Common Stock

Additional

Treasury

Other

Unearned

Total

Outstanding

Paid-in

Retained

Stock,

Comprehensive

Compensation

Stockholders'

(in thousands, except share data)

Shares

Amount

Capital

Earnings

at Cost

Income (Loss)

- ESOP

Equity

Balance at December 31, 2020

57,205,458

$

584

$

464,176

$

277,312

$

(16,644)

$

2,185

$

(31,299)

$

696,314

Comprehensive income (loss)

19,392

(2,345)

17,047

Dividends declared of $0.05 per share

(2,588)

(2,588)

ESOP shares committed to be released (57,681 shares)

242

459

701

Restricted stock awards granted

188,377

Share-based compensation expense

772

772

Stock options exercised

62,840

1

642

643

Treasury stock purchased

(1,227,913)

(14,816)

(14,816)

Balance at March 31, 2021

56,228,762

$

585

$

465,832

$

294,116

$

(31,460)

$

(160)

$

(30,840)

$

698,073

Balance at December 31, 2021

52,390,478

$

585

$

469,934

$

325,699

$

(85,859)

$

(1,637)

$

(29,461)

$

679,261

Cumulative effect of change in accounting principle - ASC 326

(1,884)

(1,884)

Comprehensive income(loss)

12,267

(17,410)

(5,143)

Dividends declared of $0.07 per share

(3,348)

(3,348)

ESOP shares committed to be released (57,681 shares)

387

459

846

Restricted stock awards granted, net of forfeitures

108,997

Share-based compensation expense

971

971

Stock options exercised

639,442

6

6,010

6,016

Treasury stock purchased

(1,881,221)

(27,654)

(27,654)

Balance at March 31, 2022

51,257,696

$

591

$

477,302

$

332,734

$

(113,513)

$

(19,047)

$

(29,002)

$

649,065

The accompanying notes are an integral part of these unaudited interim Consolidated Financial Statements.

4

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Cash Flows (unaudited)

    

Three Months Ended March 31, 

(in thousands)

    

2022

    

2021

Cash flows from operating activities:

Net income

$

12,267

$

19,392

Adjustments to reconcile net income to net cash used by operating activities:

Provision for credit losses

429

91

Net amortization of securities premiums/discounts

395

1,201

Proceeds from sale of loans

199,122

696,005

Loans originated for sale

(175,161)

(678,960)

Net (accretion) of net deferred loan costs/fees and premiums

(170)

(393)

Depreciation and amortization of premises and equipment

977

1,325

Change in mortgage servicing rights fair value

(5,285)

(3,409)

Mortgage servicing rights capitalized

(1,490)

(5,697)

Accretion of fair value adjustment on loans and deposits, net

(327)

(1,212)

Amortization of other intangible assets

234

323

Amortization of subordinated debt issuance costs

31

31

Net gains on mortgage loan sales, including fair value adjustments

(4,009)

(18,927)

Bank-owned life insurance income

(483)

(493)

Income on retirement plan annuities

(107)

(104)

Write-down of asset held for sale

203

Net (gain) loss on sale and write-down of other real estate owned and repossessed assets

(17)

21

ESOP expense

846

701

Share-based compensation expense

971

772

Decrease in operating lease right-of-use assets

445

Decrease in operating lease liabilities

(425)

Change in other assets

2,728

(3,128)

Change in other liabilities

(16,515)

3,579

Net cash provided (used) by operating activities

14,659

11,118

Cash flows from investing activities:

Activity in securities available for sale:

Maturities, prepayments and calls

17,285

46,956

Purchases

(11,102)

(80,540)

Net redemption of FHLB stock

1,166

Participation-in loan purchases

(27,823)

(17,535)

Net loan (originations) payments

(104,059)

51,982

Proceeds from sale of other real estate owned and repossessed assets

119

407

Additions to property and equipment

(158)

(2,375)

Net cash used by investing activities

(125,738)

61

(continued)

The accompanying notes are an integral part of these unaudited interim Consolidated Financial Statements.

5

Table of Contents

HarborOne Bancorp, Inc.

Consolidated Statements of Cash Flows (unaudited)

Three Months Ended March 31, 

(in thousands)

    

2022

    

2021

          

Cash flows from financing activities:

Net increase in deposits

79,315

168,230

Net change in short-term borrowed funds

(35,000)

Proceeds from other borrowed funds and subordinated debt

3,400

Repayment of other borrowed funds

(9)

(20,009)

Net change in mortgagors' escrow accounts

1,026

732

Proceeds from exercise of stock options

6,016

643

Treasury stock purchased

(27,654)

(14,816)

Dividends paid

(2,602)

(1,704)

Net cash provided by financing activities

56,092

101,476