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HARBORONE Bancorp Exhibit 99.1 HarborOne Bancorp , Inc. Announces 2021 Second Quarter Earnings Contact : Linda Simmons , EVP , CFO Brockton , Massachusetts ( July 27 , 2021 ) : HarborOne Bancorp , Inc. ( the “ Company ” or “ HarborOne ” ) ( NASDAQ : HONE ) , the holding company for HarborOne Bank ( the " Bank ” ) , announced net income of $ 14.3 million , or $ 0.27 per diluted share , for the second quarter of 2021 , compared to $ 19.4 million , or $ 0.37 per diluted share , for the preceding quarter and $ 10.6 million , or $ 0.19 per diluted share , for the same period last year . For the six months ended June 30 , 2021 , net income was $ 33.7 million , or $ 0.64 per diluted share , compared to $ 15.3 million , or $ 0.28 per diluted share , for the same period last year . Selected Second Quarter Financial Highlights : • Recorded a reversal of provision of $ 4.3 million , reflecting an improved economic outlook . Maintained strong asset quality and had annualized net recoveries of 0.02 % . • Completed first share repurchase program at an average price per share of $ 11.32 ; second share repurchase program launched . Accelerating customer activity and deposit account fee reinstatement drove a deposit account fee increase of 18 % . · • • Commercial loan growth of $ 24.2 million , or 1.2 % , excluding the change in U.S. Small Business Administration Paycheck Protection Program ( " PPP " ) loans . Cost of funds continue to decline , decreasing 7 basis points . " We remain focused on the disciplined management of key business drivers , from asset quality to cost of funds to investments in our digital banking capabilities , ” said Jim Blake , CEO . Added Joseph Casey , President and COO , " We continued our de novo branch expansion with our second Boston branch , and believe we're well positioned to take advantage of the significant market dislocation we expect in Q4 and Q1 2022 with two in - market community bank mergers . ' Net Interest Income The Company's net interest and dividend income was $ 32.5 million for the quarter ended June 30 , 2021 , up $ 478,000 , or 1.5 % , from $ 32.1 million for the quarter ended March 31 , 2021 and up $ 3.1 million , or 10.5 % , from $ 29.4 million for the quarter ended June 30 , 2020. The tax equivalent interest rate spread and net interest margin were 2.93 % and 3.06 % , respectively , for the quarter ended June 30 , 2021 , compared to 2.99 % and 3.14 % , respectively , for the quarter ended March 31 , 2021 , and 2.75 % and 3.00 % , respectively , for the quarter ended June 30 , 2020 . Net interest margin and the tax equivalent interest rate spread continue to be impacted by low interest rates , elevated loan prepayments , and the recognition of deferred fees on U.S. Small Business Administration Paycheck Protection Program ( " PPP " ) loans . The decrease in the yield on interest - earning assets was partially offset by the continued favorable repricing of deposits . It is expected that interest rates will remain low during 2021 , resulting in continued margin pressure . The quarter - over - quarter increase in net interest and dividend income included an increase of $ 40,000 , or 0.1 % , in total interest and dividend income and a decrease of $ 438,000 , or 11.5 % , in total interest expense . The increase in total interest and dividend income primarily reflected a $ 117.2 million increase in average earning assets , partially offset by a 13 - basis point decrease in the yield on average earning assets . The yield on loans was 4.00 % for the quarter ended June 30 , 2021 , up from 3.93 % for the quarter ended March 31 , 2021 , as low interest rates were offset by recognition of deferred fees , accretion income and prepayment penalties . The three months ended June 30 , 2021 and March 31 , 2021 include the recognition of deferred fees on PPP loans in the amount of $ 1.3 million and $ 1.5 million , respectively . Interest on loans in the second quarter included $ 1.0 million in accretion income from the fair value discount on loans acquired in connection with the merger with Coastway Bancorp , Inc. and $ 244,000 in prepayment penalties on commercial loans . Accretion income and prepayment penalties in the preceding quarter were $ 1.2 million and $ 153,000 , respectively . The decrease in total interest expense primarily reflected a decrease in interest rates , resulting in a 7 - basis point decrease in the cost of interest- bearing deposits . The mix of deposits continues to shift as customers move to more liquid options . The average balance of certificate of deposit accounts decreased quarter over quarter by $ 18.1 million , while the savings account average balance increased $ 59.7 million from the preceding quarter . Average Federal Home Loan Bank of Boston ( " FHLB " ) advances decreased $ 5.6 million , and the cost of those funds increased one basis point , resulting in a decrease of $ 21,000 in interest expense on FHLB borrowings . The increase in net interest and dividend income from the prior year quarter reflected a decrease of $ 3.8 million , or 53.2 % , in total interest expense , partially offset by a $ 734,000 , or 2.0 % , decrease in total interest and dividend income . The decreases reflect rate and volume changes in both interest - bearing assets and liabilities . The cost of interest - bearing liabilities decreased 53 basis points while the average balance increased $ 76.9 million . The yield on interest - earning assets decreased 35 basis points while the average balance increased $ 309.8 million .