Guided by values. Focused on growth. 2019 Summary Annual Report Dear Shareholders, Customers, and Employees: I’m pleased to share a summary of our financial performance for 2019, a year that marked significant progress in the execution of our long-term strategic plan. First, and foremost, a heartfelt thank you to our customers, whose faith and trust in us has propelled us to new heights. To our almost 700 staff members, through whose tireless efforts we are able to be the very best that we can be each and every day. To our shareholders, your confidence in our mission and our belief that HarborOne is a special place provides the assurance that we will continue to forge ahead. It is through the relationships that we build and strengthen with each of you that will keep our future bright. Some key highlights of a very successful 2019 include: • Achieving $4B+ in assets • Growing our Commercial Lending portfolio to $1.6B Opening of our first “branch of the future” model • in Stoughton, MA, as well as our first branch in downtown Boston Capitalizing on a strong residential lending market originating $1.3B in new loans Successful completion of our second-step capital raise, adding $300MM+ in liquidity For the second consecutive year, we earned the #1 Bank in Massachusetts ranking by Forbes • • • • • • Our Community Relations team and Employee Caring Crew invested an additional $870,000 and provided 7,464 hours of volunteer service to local non-profit organizations HarborOne U continued a tradition of delivering excellence in personal enrichment and financial education for consumers and small business owners, providing over 200 classes that impacted 6,000 consumers and small businesses Awarded $100,000 in scholarships to high school seniors attending higher education institutions through our OneCommunity Scholarship Program, a 10 year/$1MM commitment to helping exceptional students and families pay for college Another important milestone in 2019 was the updating of our corporate Mission and Vision Statements, and a recommitment to our corporate values. You can find these on the back page of the report, and we’re focusing our energy on meeting these very high standards for ourselves and our customers. 2019 was an extremely important year in the history of our company, as it provided many foundational components that will fuel our growth in 2020 and beyond. Quite simply, we are on a roll, and we’re looking forward with great confidence to what the future holds. While the business results were solid, I’m equally as proud of the work that we did to support the communities where we work and live. Key highlights of this work include: Our Charitable Foundations, in both RI and MA, • contributed a total of $600,000 to 77 worthy organizations Sincerely, James Blake, CEO HarborOne Bancorp, Inc. Community Investment Overall, HarborOne invested $1.55MM in support of local community organizations and college scholarships in 2019 HarborOne Foundation • In 2019, the HarborOne Foundation made 44 grants totaling $400,000 to non-profits providing education, housing, and basic human needs HarborOne Foundation Rhode Island • In 2019, the HarborOne Foundation Rhode Island provided over $200,000 in grants to 33 Rhode Island organizations HarborOne Bank provided over $870,000 in financial and in-kind support to local non-profit and civic organizations including: • United Way of Greater Plymouth County • Old Colony YMCA • NeighborWorks/Housing Solutions • Father Bill’s & MainSpring • Boys & Girls Club of Metro South The ONECommunity Scholarship Program awarded $100,000 in college scholarships Our Caring Crew Members across MA and RI combined to give 7,464 hours of volunteer service. Highlights included: • In partnership with our colleagues from HarborOne Mortgage, we packed 5,000 new backpacks full of school supplies for economically disadvantaged children across the HarborOne service area • Harvest for Hunger: Employees collected 7,000 non- perishable food items and donated more than $25,000 to local area food and nutrition programs • Employees lent their time and talent to serve on Boards of Directors and Committees for over 90 organizations HarborOne U continues to deliver education and skills that fuel future success • In 2019, HarborOne U hosted 200 financial and small business classes and helped organize more than 10 Credit for Life Fairs providing more than 6,000 individuals with important life skills, small business, and financial education across MA and RI • For more than a decade, HarborOne U has provided financial education, small business and life skills training to over 16,000 individuals, and served as a model to other institutions with a common goal to advance economic mobility and create thriving communities Board of Directors HarborOne Bank Leadership Team Michael J. Sullivan, Esq., Chairman James W. Blake, CEO Joseph F. Barry Mandy Lee Berman James W. Blake Joseph F. Casey Joseph F. Casey, President and COO H. Scott Sanborn, EVP, Chief Lending Officer Inez Friedman-Boyce, SVP, General Counsel & Corporate Secretary Christopher Gibbons, SVP, Consumer Lending David P. Frenette, Esq. Brenda K. Kerr, SVP, Retail Gordon Jezard Barry R. Koretz Dr. Timothy R. Lynch William Payne Mark Langone, SVP, Chief Enterprise Risk Officer David Reilly, SVP, Operations Linda Simmons, SVP, Chief Financial Officer Dave Tryder, SVP, Chief Marketing Officer Wallace H. Peckham, III CPA Patricia Williams, SVP, Human Resources Damian W. Wilmot HarborOne Mortgage Camille Madden, President Bancorp Performance Highlights Steady growth continued in many key areas. Net interest and dividend income* 2016 2017 2018 2019 $60,995 $74,348 $88,930 $109,062 Net Interest Margin (FTE Basis) 2016 2017 2018 2019 *Dollars in thousands 2.85% 3.04% 3.22% 3.14% Commercial, Commercial Construction, and Commercial Real Estate Loans* $640,428 $881,681 2016 2017 2018 2019 Total Deposits* 2016 2017 2018 2019 $1,373,351 $1,632,540 $1,804,753 $2,013,738 $2,685,061 $2,942,873 HONE Stock Performance HarborOne Bank Russell 2000 12 . 31 . 16 12 . 31 . 17 12 . 31 . 18 12 . 31 . 19 151 118 150 135 124 121 154 151 Index Value *Dollars in thousands The selected financial data of the Company set forth in this report does not purport to be complete and should be read in conjunction with, and is qualified in its entirety by, the more detailed information appearing in the Company’s Form 10-K. About HarborOne Our Mission HarborOne Mortgage, headquartered in Manchester, We provide a personalized experience while caring NH, provides personalized residential lending solutions about every customer. We focus on understanding through a network of more than 30 branch offices their financial goals for today and dreams for tomorrow. located in Massachusetts, Rhode Island, New Hampshire, We are unwavering in our commitment to the Maine, New Jersey, and Florida, and also originates in communities we serve. four additional states. Our Corporate Values: HarborOne is a recognized leader in education, Integrity | Teamwork | Respect | Trust | Accountability providing a range of educational services through “HarborOne U,” with classes on small business, financial HarborOne Bancorp, Inc. is the holding company for literacy, and personal enrichment at campuses adjacent HarborOne Bank, with $4.06 billion in assets. The Bank, to our Brockton and Mansfield locations. In 2016, established in 1917 as a state-chartered credit union, HarborOne made a 10-year, $1,000,000 commitment converted to a state-chartered co-operative bank on July to supporting higher education for high school seniors 1, 2013. Today, HarborOne has 25 full service branches through the OneCommunity Scholarship Program. in southeastern Massachusetts and Rhode Island and The Bank was recognized as the #1 Ranked Bank in commercial lending offices in Boston and Providence. Massachusetts by Forbes in 2018 and 2019. #1 Bank in Massachusetts. Again. Follow us NMLS #459218 HarborOne Bank 770 Oak Street, Brockton, MA 02301 800-244-7592 or 508-895-1000