Page 1

Exhibit 99.1 HARBORONE Bancorp HarborOne Bancorp , Inc. Announces 2021 Third Quarter Earnings Contact : Linda Simmons , EVP , CFO Brockton , Massachusetts ( October 26 , 2021 ) : HarborOne Bancorp , Inc. ( the “ Company ” or “ HarborOne ” ) ( NASDAQ : HONE ) , the holding company for HarborOne Bank ( the " Bank ” ) , announced net income of $ 12.3 million , or $ 0.24 per diluted share , for the third quarter of 2021 , compared to $ 14.3 million , or $ 0.27 per diluted share , for the preceding quarter and $ 11.9 million , or $ 0.22 per diluted share , for the same period last year . For the nine months ended September 30 , 2021 , net income was $ 45.9 million , or $ 0.88 per diluted share , compared to $ 27.2 million , or $ 0.50 per diluted share , for the same period last year . Selected Third Quarter Financial Highlights : • • • Commercial loan growth of $ 52.8 million , or 2.6 % , excluding U.S. Small Business Administration Paycheck Protection Program ( " PPP " ) loans . Recorded a reversal of provision of $ 1.6 million , reflecting continued positive pandemic and economic trends . Second share repurchase program completed at an average cost of $ 14.09 per share , third share repurchase program approved . Cost of funds continue to decline , decreasing 4 basis points . " We continue to make steady progress against our plan despite market challenges including an ultra - competitive rate environment , tight labor market , and the ongoing impact of COVID - 19 . I'm incredibly proud of our team for continuing to deliver in these tough times , " said Jim Blake , CEO . " " We're very excited with our recently announced expansion into Brighton , Brookline , and Cambridge as we continue to make investments in building out our greater Boston footprint . We look forward to the opportunities this expansion will provide for our customers and the business , " added Joe Casey , President and COO . Net Interest Income The Company's net interest and dividend income was $ 32.8 million for the quarter ended September 30 , 2021 , up $ 273,000 , or 0.8 % , from $ 32.5 million for the quarter ended June 30 , 2021 and up $ 1.6 million , or 5.2 % , from $ 31.2 million for the quarter ended September 30 , 2020 . The tax equivalent interest rate spread and net interest margin were 2.97 % and 3.08 % , respectively , for the quarter ended September 30 , 2021 , compared to 2.93 % and 3.06 % , respectively , for the quarter ended June 30 , 2021 , and 2.87 % and 3.09 % , respectively , for the quarter ended September 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 PPP loan forgiveness . The continued favorable repricing of deposits was partially offset by the decrease in the yield on interest - earning assets . Additionally , effective September 30 , 2021 , $ 20.0 million in Federal Home Loan Bank of Boston ( " FHLB " ) borrowings with an average cost of 3.5 % were prepaid , with a penalty of $ 1.1 million included in noninterest expense . Although interest rates may begin to rise moving into 2022 , the positive impact of the recognition of deferred loan fees on PPP loan forgiveness will diminish , resulting in continued margin pressure . The quarter - over - quarter increase in net interest and dividend income included a decrease of $ 79,000 , or 0.2 % , in total interest and dividend income and a decrease of $ 352,000 , or 10.5 % , in total interest expense . The decrease in total interest and dividend income primarily reflected a $ 31.0 million decrease in average interest - earning assets and a 2 - basis point decrease in the yield on average interest - earning assets . The yield on loans was 3.91 % for the quarter ended September 30 , 2021 , down from 4.00 % for the quarter ended June 30 , 2021 , as new loan originations have lower interest rates . The yield on loans continues to be impacted by the recognition of deferred fees due to PPP loan forgiveness , accretion income and prepayment penalties , although the recent uptick in rates is expected to lessen the impact from these yield adjustments in the future . The three months ended September 30 , 2021 and June 30 , 2021 include the recognition of deferred fees on PPP loans in the amount of $ 1.9 million and $ 1.3 million , respectively . Most of the remaining $ 2.1 million in deferred PPP loan fees are expected to be recognized in the fourth quarter of 2021 as the loans are forgiven . Interest on loans in the third quarter included $ 675,000 in accretion income from the fair value discount on loans acquired in connection with the merger with Coastway Bancorp , Inc. and $ 436,000 in prepayment penalties on commercial loans . Accretion income and prepayment penalties in the preceding quarter were $ 1.0 million and $ 244,000 , respectively . The quarter - over - quarter decrease in total interest expense primarily reflected a decrease in interest rates , resulting in a 4 - 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 $ 19.4 million , while the average balance of non - certificate accounts increased $ 49.0 million from the preceding quarter . Average FHLB advances decreased $ 12.4 million , and the cost of those funds decreased 17 basis points , resulting in a decrease of $ 100,000 in interest expense on FHLB borrowings . The increase in net interest and dividend income from the prior year quarter reflected a decrease of $ 2.9 million , or 48.9 % , in total interest expense , partially offset by a $ 1.2 million , or 3.3 % , decrease in total interest and dividend income . The decreases reflect rate