Customer Focused.
Values Driven.
2 0 2 0 S U M M A R Y A N N U A L R E P O R T
Dear Shareholders, Customers, and Employees:
While the business results were solid, I’m equally proud of the
work that we did to support the communities where we work and
live, including:
• $1.6 million in charitable contributions through our Community
Relations and HarborOne Foundations in MA and RI to
support and empower our local communities and to provide
the much-needed services to their constituents
• Transitioned our HarborOne U educational programming
completely online, providing real-time and pre-recorded
programming that enabled us to grow the number of
participants that we served
• Launched a Diversity, Equity, and Inclusion committee
charged with identifying and implementing internal and
external programs to support under-represented populations
While we look back on 2020 with heavy hearts for all that was
lost, we are also grateful for the exceptional team and company
that we have built. We thank you for your faith and trust in us,
and we will work hard every day to be the very best that we can
be and our customers’ most trusted financial partner.
Be Well,
James Blake, CEO
HarborOne Bancorp, Inc.
I’m pleased to share with you the results of what was the most
challenging, and most successful, year in our history. Certainly our
financial success is something we’re particularly proud of, but in
2020 “success” was defined in many other ways. We learned a lot
about ourselves and about each other, with an outstanding team of
dedicated professionals who, despite a complete upheaval in their
personal and professional lives, never took their eye off of our
commitment to put customers first, helping them navigate the
tumultuous realities of the pandemic.
It started, almost overnight, as we transitioned our teams to a
“work from home” mode using a technology infrastructure that was
ready to handle the challenge and performed almost flawlessly.
Our business banking and commercial lenders, and their partners
in Operations, worked long days and weekends to support
business customers with the PPP Loan program. HarborOne
Mortgage delivered $2.8B in new loans, another “best in our
history” performance thanks to a tireless team of lenders,
underwriters, and processors. And our branches rose to the
challenge, as they created and deployed an entirely new retail
model and protocols for drive-through and appointment banking
and, eventually, re-opened our branches with a safety-first mindset
to provide the superior service that our customers expect of us.
Key Highlights
• Net income of $44.8 million, or $0.82 per basic and diluted
share, compared to $18.3 million, or $0.33 per basic and
diluted share, for the year ended 12/31/19
• Grew our commercial lending portfolio to $2.11B vs. $1.63B for
the year ending 12/31/19
• Opened our new Quincy, MA branch
• 30% growth in our mobile and online banking activity as
customers migrated more of their business to digital channels
• Implemented a stock buy-back program, and paid the first
dividend in our history
• For the third consecutive year, named a “Best Bank” in
Massachusetts by Forbes, and named to the Boston Globe’s
Top Places to Work in MA, an honor we’ve earned for 10 of
the last 12 years
Community Investment
6%
11%
38%
30%
Scholarships
Basic Needs
Housing
Education
15%
Community & Civic
$1,608,596 TOTAL IN SUPPORT
Overall, HarborOne contributed over $1.6 million in support to
local community organizations and college scholarships in 2020.
This year was an incredibly challenging time for individuals and
families across the HarborOne service area. In response to the
devastating economic challenges brought on by the COVID
crisis, HarborOne targeted the majority of its support towards
food insecurity, housing and educational needs to assist those
most affected by the crisis. A sampling of HarborOne’s partners:
Father Bill’s & MainSpring • Old Colony YMCA • Youth Build
MetroSouth Boys & Girls Club • One Neighborhood Builders
Community Servings • United Way of Greater Plymouth County
NeighborWorks Housing Solutions
HarborOne Bank
• In 2020, HarborOne Bank provided $909,705 in financial and
in-kind support to local non-profit and civic organizations.
HarborOne Foundation
• In 2020 the HarborOne Foundation made 48 grants totaling
$400,000 to non-profits addressing education, housing and
basic human needs.
HarborOne Foundation Rhode Island
• In 2020, the HarborOne Foundation Rhode Island provided
$290,000 in grants to 35 Rhode Island organizations.
The ONECommunity Scholarship Program awarded $100,000
in college scholarships to 20 exceptional high school seniors.
Our Caring Crew Members across MA and RI combined to
give 5,332 hours of volunteer service. Highlights include:
• Providing new backpacks and school supplies for hundreds
of economically disadvantaged children across the HarborOne
service area.
• Purchasing holiday gifts for families experiencing economic
hardship.
• Lending time and talent to serve on Board of Directors and
Committees for 95 organizations.
HarborOne U continues to deliver education and skills that
fuel future success.
• In 2020, HarborOne U successfully pivoted to an online virtual
delivery of education content. Overall, the U hosted 120
financial and small business classes and webinars to more
than 2,000 individuals and provided 75 hours of financial
coaching. Additionally, an interactive financial education
program was developed to provide important life skills virtually
to more than 1,700 youth across MA & RI.
• For more than a decade, HarborOne U has provided financial
education, small business and life skills training to over 20,000
individuals and served as a model to other institutions with a
common goal to advance economic mobility and create
thriving communities.
Board of Directors
Michael J. Sullivan, Esq., Chairman
Joseph F. Barry
Mandy Lee Berman
James W. Blake
Joseph F. Casey
David P. Frenette, Esq.
Gordon Jezard
Barry R. Koretz
Dr. Timothy R. Lynch
William Payne
Wallace H. Peckham, III CPA
Andreana Santangelo
Damian W. Wilmot, Esq.
Leadership Team
James W. Blake, CEO
Joseph F. Casey, President and COO
H. Scott Sanborn, EVP, Chief Lending Officer
Linda Simmons, EVP, Chief Financial Officer
Inez H. Friedman-Boyce, Esq., SVP, General Counsel & Corporate Secretary
Kevin Hamel, SVP, Chief Information Officer
Brenda K. Kerr, SVP, Retail
Joseph McQuade, SVP, Chief Enterprise Risk Officer
David Reilly, SVP, Operations
Dave Tryder, SVP, Chief Marketing Officer
Patricia Williams, SVP, Human Resources
HarborOne Mortgage
Camille Madden, President
HarborOne Performance Highlights
STEADY GROWTH CONTINUED IN MANY KEY AREAS
NET INTEREST AND DIVIDEND INCOME*
2017
2018
2019
2020
NET INTEREST MARGIN (FTE BASIS)
2017
2018
2019
2020
* Dollars in thousands
$74,348
$88,930
$109,062
$120,066
3.04%
3.22%
3.14%
3.06%
COMMERCIAL, COMMERCIAL CONSTRUCTION, AND COMMERCIAL REAL ESTATE LOANS*
2017
2018
2019
2020
TOTAL DEPOSITS*
2017
2018
2019
2020
$876,592
$1,368,858
$1,628,601
$2,114,989
$2,013,738
$2,685,061
$2,942,873
$3,506,209
HONE STOCK PERFORMANCE
HarborOne Bank
Russell 2000
12/31/17
12/31/18
12/31/19
12/31/20
150
135
124
121
154
151
154
182
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
We provide a personalized experience while caring about every customer. We focus on
understanding their financial goals for today and dreams for tomorrow. We are unwavering
in our commitment to the communities we serve.
Our Corporate Values
Integrity | Teamwork | Respect | Trust | Accountability
HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, a Massachusetts-chartered
savings bank with $4.43 billion in assets. The Bank, established in 1917 as a state-chartered credit
union, converted to a state-chartered co-operative bank on July 1, 2013, and to a state-chartered
savings bank on March 17, 2020. Today, HarborOne has 26 full service branches in southeastern
Massachusetts and Rhode Island and commercial lending offices in Boston and Providence.
HarborOne Mortgage, headquartered in Manchester, NH provides personalized residential lending
solutions through a network of more than 30 branch offices located in Massachusetts, Rhode Island,
New Hampshire, Maine and New Jersey, and is also licensed to lend in five additional states.
HarborOne is a recognized leader in education, providing a range of educational services through
"HarborOne U," with classes on small business, financial literacy and personal enrichment at
campuses adjacent to our Brockton and Mansfield locations. In 2016, HarborOne made a 10-year,
$1,000,000 commitment to supporting secondary education for high school seniors through the
OneCommunity Scholarship Program.
Follow Us
NMLS #459218
HarborOne Bank
770 Oak Street, Brockton, MA 02301
800-244-7592 or 508-895-1000