HarborOne Bancorp, Inc. (HONE): Business Model Canvas [Dec-2025 Updated]

You're looking at the final operational blueprint for HarborOne Bancorp, Inc. right before its $490 million sale to Eastern Bankshares, Inc. in November 2025. Honestly, this was a classic community bank play: managing $5.70 billion in assets with a core focus on regional lending, driving $33.2 million in Net Interest Income in Q2 2025, all while balancing 30 physical branches against new digital needs. To see exactly how this Massachusetts and Rhode Island player structured its value creation-from its criticized loan management to its HarborOne U education arm-dive into the full nine-block analysis below.

HarborOne Bancorp, Inc. (HONE) - Canvas Business Model: Key Partnerships

You're looking at the structure right after the big integration, so the key partnerships reflect the immediate post-merger reality as of late 2025. The most significant partnership is the one that just happened, which fundamentally changes the scale and resources available to the former HarborOne Bancorp operations.

Eastern Bankshares, Inc. (EBC) for the $490 million merger

The merger of HarborOne Bancorp, Inc. with Eastern Bankshares, Inc. officially closed on November 1, 2025. The transaction was valued at approximately $490 million based on Eastern Bankshares' closing price of $15.48 per share on April 23, 2025. Under the terms, HarborOne shareholders elected to receive either 0.765 shares of Eastern common stock or $12.00 in cash per share. The agreement required that between 75% and 85% of HarborOne shares convert to Eastern stock. At the midpoint assumption of 80% stock consideration, Eastern anticipated issuing about 25.2 million shares and paying an aggregate of $99 million in cash. The resulting combined franchise holds $31 billion in assets as of the closing date. This combination was structured to deliver 16% earnings accretion and a tangible book value earnback period of 2.8 years. The pro forma entity projects a net interest margin of approximately 3.70% and an operating return on average tangible common equity around 15.5%.

Here's a quick look at the scale change:

Metric	HarborOne (Pre-Merger, Q1 2025)	Eastern Bankshares (Pre-Merger, Q1 2025 Est.)	Combined Entity (Pro Forma)
Total Assets	$5.7 billion	Approximately $25.5 billion (as of 6/30/2025)	$31 billion
Projected EPS Accretion	N/A	N/A	16%
Projected Tangible BV Earnback	N/A	N/A	2.8 years

Correspondent banks for liquidity and payment processing

Maintaining liquidity through external relationships remains critical, especially as the integration proceeds. As of June 30, 2025, HarborOne Bank reported having $1.28 billion in available borrowing capacity across its multiple correspondent relationships. Borrowed funds stood at $439.7 million at that same date. On the payment processing side, the industry was navigating significant changes; the Federal Reserve delayed the ISO 20022 standard for domestic Fedwire to July 14, 2025, but the deadline for cross-border payments via SWIFT remained November 2025. This means compliance with the global standard for international transactions was an immediate focus for the combined entity's payment operations.

Third-party technology vendors for digital banking platform

HarborOne Bank provides a full suite of online and mobile banking services, which are now being integrated into the larger Eastern Bank platform. These tools allow customers to check balances, pay bills, make deposits, and transfer funds. The partnership structure here involves integrating the existing digital infrastructure, which relies on various third-party providers for core processing, security, and front-end functionality. The full conversion of HarborOne banking and mortgage products to Eastern Bank's systems is scheduled for the weekend of February 21, 2026.

• Mobile banking tools cover balance checks, bill pay, fund transfers, and new account opening.
• The transition to the combined entity's systems is targeted for completion in February 2026.

Mortgage loan aggregators for secondary market sales

The mortgage segment, operating through HarborOne Mortgage, LLC, focuses on originating residential loans primarily for sale in the secondary market, which generates noninterest income. The reliance on secondary market sales means partnerships with loan aggregators are key for offloading volume and managing risk. For the quarter ending June 30, 2025, the net gains on mortgage loan sales were reported as ($6,304) thousand. This reflects the market conditions, as residential mortgage balances for HarborOne decreased by $18.9 million, or 1.2%, in Q1 2025, partly due to limited purchases from the mortgage subsidiary.

Local community organizations for outreach and branding

The community focus, historically driven by the HarborOne Foundation and ONECommunity initiatives, is now merging into the Eastern Bank Foundation. At the time of the merger announcement, HarborOne Bank was no longer accepting new requests for support, directing applicants to the Eastern Bank Foundation. Prior to the merger, HarborOne Bank had received an Outstanding Community Reinvestment Act rating from the FDIC. The bank's historical community investment included cumulative contributions of $7,290,914 between 2016 and 2021, with over $1.71 million donated to local organizations in 2021 alone. Furthermore, a partnership with the Center for Women and Enterprise in Rhode Island resulted in 82 qualified small business loans totaling $17.6 million during a prior evaluation period.

The ONECommunity Scholarship Program had awarded $900,000 in college scholarships since its inception. Honestly, the immediate action item here is for the community relations team to align the Outstanding CRA rating legacy with the Eastern Bank Foundation's programs. Finance: draft the Q4 2025 pro-forma capital allocation plan by next Wednesday.

HarborOne Bancorp, Inc. (HONE) - Canvas Business Model: Key Activities

You're looking at the core things HarborOne Bancorp, Inc. (HONE) had to do every day to keep the lights on and serve its customers as of mid-2025, right before the merger closed.

The primary engine is definitely the lending and deposit-gathering cycle. You have to originate loans, manage the risk on those loans, and constantly bring in low-cost funding to support that lending.

Commercial and Retail Loan Origination and Servicing

Origination activity, especially in mortgages, was a key driver for noninterest income in the second quarter of 2025. HarborOne Mortgage, LLC originated $176.2 million in loans, which resulted in a gain on sale of $3.378 million for the quarter ending June 30, 2025. This was a step up from the first quarter, which saw only $114.1 million in closings. The overall loan portfolio management involved a net decline in total loans by $93.8 million, settling at $4.73 billion as of June 30, 2025.

The lending focus shifted within the portfolio:

• Commercial real estate and construction loans decreased by $118.4 million.
• Commercial and industrial loans actually grew by $16.5 million.
• Residential real estate and consumer loans saw a modest increase of $8.1 million.

Core Deposit Gathering Across Retail and Business Accounts

Gathering stable funding is crucial for any bank, and HONE saw some movement in its deposit base during Q2 2025. Total deposits fell by $125.1 million sequentially, ending the quarter at $4.49 billion. This decline was partially driven by a $51.1 million drop in brokered deposits. Still, the core funding base, which is the FDIC-insured portion, remained substantial; as of June 30, 2025, these deposits represented approximately 73% of total deposits. The bank worked to keep funding costs down, noting that the cost of deposits, excluding brokered deposits, decreased by 7 basis points.

Managing the Loan Portfolio

Managing credit quality is a constant, high-stakes activity. As of the end of Q2 2025, the amount classified as criticized and classified commercial loans rose to $193.7 million. This was an increase from $187.1 million at the end of the prior quarter. This increase was largely due to an $18.3 million rise in criticized commercial construction loans. To account for potential losses, the provision for credit losses for the quarter was $739,000. Net charge-offs for the period were $1.7 million, equating to an annualized rate of 0.14%.

Here's a quick look at the asset quality metrics as of June 30, 2025:

Metric	Amount / Percentage
Total Criticized/Classified Commercial Loans	$193.7 million
Total Nonperforming Assets	$32.7 million
Nonperforming Assets as Percentage of Total Assets	0.58%
Provision for Credit Losses (Q2 2025)	$739,000
Net Charge-Offs (Annualized Rate, Q2 2025)	0.14%

Providing Wealth Management and Trust Services

This activity is channeled through the affiliate, HarborOne Wealth Management, offering advisory and fiduciary services. While specific revenue for this segment isn't broken out in the top-line numbers, it contributes to the overall noninterest income, which was $12.2 million in Q2 2025. This noninterest income also benefited from deposit fees and a $382,000 swap fee income.

Running the HarborOne U Financial Education Program

HarborOne U is the vehicle for community engagement and financial literacy. They deliver programs in person or virtually to groups ranging from 15 - 200 people. The content is available in English, Spanish, Portuguese, and Haitian Creole. Key programs include:

• Financial Wellbeing: A 1 1/2 hour session on budgeting and credit scores.
• Millionaire Mindset: A 1-hour interactive curriculum using the Kahoot! platform for ages 15-20.
• Credit for Life: A program teaching real-life budgeting skills using assigned salaries and imaginary cash/credit.

A concrete investment in future financial health was the 2025 ONECommunity Scholarship, which awarded $100,000 to 20 students, marking the conclusion of a 10-year, $1 million commitment to college scholarships.

Finance: draft 13-week cash view by Friday.

HarborOne Bancorp, Inc. (HONE) - Canvas Business Model: Key Resources

You're looking at the tangible and intangible assets HarborOne Bancorp, Inc. relies on to execute its business strategy, especially as it navigates the announced merger with Eastern Bankshares, Inc. These are the foundational elements supporting its operations through late 2025.

The physical footprint remains a core asset, though its future is tied to the merger integration. HarborOne Bancorp, Inc. operates a network of 30 full-service branches strategically located across Eastern Massachusetts and Rhode Island. This physical presence is complemented by dedicated commercial lending offices in key metropolitan areas, specifically Boston and Providence, which house the experienced commercial lending teams.

Financially, the scale of the operation is captured by the balance sheet figures. As of March 31, 2025, HarborOne Bancorp, Inc. reported Total assets of $5.70 billion. By the end of the second quarter, June 30, 2025, total assets had slightly contracted to $5.61 billion.

Risk management resources are quantified by the reserves set aside for potential loan losses. The Allowance for Credit Losses (ACL) on loans stood at $48.0 million as of June 30, 2025 (Q2 2025). This compares to $49.3 million at the end of the first quarter, March 31, 2025.

The intangible assets are increasingly important in today's banking environment. HarborOne Bancorp, Inc. maintains a digital banking platform providing essential online and mobile access for its customers. This platform supports core services like remote deposit capture, electronic bill payments, and cash management tools for small businesses.

Here's a quick look at the key financial and physical resource metrics around mid-2025:

Resource Metric	Value	As of Date/Period
Total Assets	$5.70 billion	March 31, 2025
Total Assets	$5.61 billion	June 30, 2025
Allowance for Credit Losses (ACL) on Loans	$48.0 million	June 30, 2025 (Q2 2025)
Full-Service Branch Network	30	Geographic Footprint
ACL on Unfunded Commitments	$3.4 million	June 30, 2025 (Q2 2025)

The specialized human capital is concentrated in specific areas:

• Experienced commercial lending teams based in Boston and Providence.
• Management focused on technology enhancements and service innovations amid the merger process.

Furthermore, the bank utilizes its affiliate structure for specialized services, which also counts as a key resource:

• HarborOne Mortgage, LLC, offering mortgage lending services.
• HarborOne Wealth Management, providing investment advisory and trust services.

HarborOne Bancorp, Inc. (HONE) - Canvas Business Model: Value Propositions

HarborOne Bancorp, Inc. focused on delivering value through deep regional ties and a comprehensive service offering, even as its independent existence concluded in late 2025.

Community-centric banking with local decision-making

The core value proposition centered on being a community bank with strong local roots in eastern Massachusetts and Rhode Island. This was supported by a history dating back to 1917, formerly Brockton Cooperative Bank. The commitment to community was quantified in 2023 through staff volunteering over 5,100 hours of community service.

Full suite of personal, commercial, and mortgage lending products

HarborOne Bancorp, Inc. provided a full spectrum of lending, as evidenced by its balance sheet leading up to the merger. As of the quarter ended June 30, 2025, total loans stood at $4.73 billion, with total assets at $5.61 billion. The loan portfolio composition, based on year-end 2024 figures, showed a clear focus on real estate and business lending.

Loan Category (as of Dec 31, 2024)	Percentage of Total Loans
Commercial Real Estate Loans	47%
Residential 1-4 Family Loans	31%
Commercial and Industrial (C&I) Loans	13.2%

The mortgage operation, through HarborOne Mortgage, LLC, contributed significantly, realizing a $3.4 million gain on loan sales from mortgage closings totaling $176.2 million in the second quarter of 2025.

Personalized financial advisory and wealth management services

Personalized service extended to investment needs via the affiliate HarborOne Wealth Management. This offered investment advisory, retirement planning, and fiduciary services to clients across the footprint. While specific 2025 Assets Under Management (AUM) figures aren't immediately available, the structure itself represents a dedicated value stream beyond standard deposit and loan services.

Financial literacy and small business education via HarborOne U

Knowledge transfer was a distinct offering through HarborOne U, providing free digital content, webinars, and recordings for both small business and personal finance education. The programs were designed to scale, capable of being delivered to groups ranging from 15 to 200 participants, either in person or virtually. For context on community impact, in 2023, the bank engaged more than 4,700 youth in its financial education programs.

• Financial Wellbeing session length: 1 1/2 hour session, or broken into two to three shorter sessions.
• Millionaire Mindset program duration: 1-hour program.

Convenience through a dual branch/digital channel model

Customers accessed services through a physical footprint and modern digital tools. As of the end of 2024, HarborOne Bank operated 30 full-service branches and commercial lending offices across Massachusetts and Rhode Island. The digital component included online account management, bill pay, funds transfers, and mobile check deposit. As of March 31, 2025, total deposits reached $4.62 billion, with uninsured deposits at $942 million, representing 20.4% of that total.

The loans-to-deposits ratio showed the balance between lending and deposit gathering, improving to 104.38% as of March 31, 2025, from 106.63% the prior quarter.

HarborOne Bancorp, Inc. (HONE) - Canvas Business Model: Customer Relationships

You're looking at the relationship strategy for HarborOne Bancorp, Inc. right as it transitions into the Eastern Bank family, effective November 1, 2025. The core of their approach, even through this merger, remains deeply local and relationship-driven.

Personalized, long-term relationship management for commercial clients

HarborOne Bancorp, Inc. historically focused on serving businesses through dedicated commercial banking relationships. This is evident in the loan portfolio composition; for instance, in the first quarter of 2025, while commercial real estate and construction loans saw payoffs, the bank noted that commercial and industrial loans increased by $33.0 million quarter-over-quarter, suggesting active management within these key segments. The emphasis is on building long-term ties, which is a key differentiator from larger, national institutions.

Dedicated customer support via branch staff and call centers

The physical footprint was central to delivering this high-touch service. HarborOne Bank served its market through a network of 30 full-service banking centers across Massachusetts and Rhode Island, supplemented by commercial lending offices in Boston, Massachusetts, and Providence, Rhode Island. Following the merger announcement, the commitment was made to retain all HarborOne and Eastern branch employees, ensuring continuity of local staff support.

Service Point Type	Count (Pre-Merger)	Geographic Focus
Full-Service Banking Centers	30	Eastern Massachusetts and Rhode Island
Commercial Lending Offices	2	Boston, Massachusetts and Providence, Rhode Island

Transactional self-service through digital and ATM channels

While the relationship focus is strong, transactional needs are met through digital means. HarborOne Bank offered a full suite of online and mobile banking tools, including remote deposit capture, electronic bill payments, and cash management tools. This aligns with the broader 2025 trend where a significant majority of consumers, about 77 percent, prefer managing accounts through a mobile app or computer. Furthermore, as of November 1, 2025, transitioning HarborOne customers gained the ability to use any Eastern Bank ATM free of charge for cash withdrawals. Nationally, over 83% of U.S. adults used digital banking services as of 2025.

Community engagement and local advocacy to build trust

Trust is built through visible local commitment. HarborOne Bank had secured an Outstanding Community Reinvestment Act rating from the FDIC. This local advocacy is set to continue under the combined entity, as Eastern Bank has been named a top 10 charitable contributor in Massachusetts by the Boston Business Journal for the 13th year. Eastern Bank's community support totals more than $240 million in charitable giving since 1994.

Proactive customer education to enhance financial well-being

HarborOne Bancorp, Inc. actively sought to enhance customer financial well-being through dedicated educational outreach. This was primarily delivered via the "HarborOne U" initiative, which provided resources directly to the community.

• HarborOne U offered free digital content.
• The program included access to webinars.
• It also provided recordings for small business and personal financial education.

If onboarding takes 14+ days, churn risk rises, so making educational resources readily available digitally helps bridge that gap.

HarborOne Bancorp, Inc. (HONE) - Canvas Business Model: Channels

You're looking at how HarborOne Bancorp, Inc. gets its services to the customer base, which, as of late 2025, is in a state of transition following the merger with Eastern Bank on October 31, 2025. The core delivery mechanisms remain centered on a physical footprint supported by robust digital tools.

The traditional branch network is the backbone for serving consumers, businesses, and municipalities across Eastern Massachusetts and Rhode Island. HarborOne Bank historically operated through a network of 30 full-service branches across these two states. To be specific, prior data indicated this network comprised 22 branches in Massachusetts and 11 in Rhode Island, though the total count cited in official materials was often 30 or 33 locations before the full integration.

For specialized commercial relationships, the bank maintains dedicated physical points of contact. You find a commercial lending office specifically located in Boston, Massachusetts, and another in Providence, Rhode Island, ensuring direct access for business clients in those key markets.

Here's a quick look at the scale of the physical and digital touchpoints as reported around the mid-2025 period:

Channel Component	Metric/Count	Data Point (Late 2025 Context)
Full-Service Branch Network	Number of Locations	30 (Serving MA and RI)
Commercial Lending Offices	Key Cities	Boston, MA and Providence, RI
Mortgage Origination Volume (Q2 2025)	Closed Loan Volume	$176.2 million
Mortgage Origination Volume (Q1 2025)	Closed Loan Volume	$114.1 million
Digital Platform Access	Availability	Desktop and Mobile Applications

Digital delivery is crucial for everyday banking convenience. HarborOne provides a comprehensive digital banking platform accessible via desktop and mobile applications. These mobile banking tools help customers manage daily finances simply, letting you check balances, pay bills, make deposits, and transfer funds. Honestly, the platform even supports opening a new account digitally.

Residential mortgage origination is channeled through its subsidiary, HarborOne Mortgage, LLC. This entity focuses on personalized residential lending solutions throughout New England and other states. The origination activity shows fluctuation based on market conditions; for instance, Q2 2025 saw mortgage closings totaling $176.2 million, which was an increase from the $114.1 million closed in Q1 2025. Still, this was down from the $179.1 million in closings recorded in the fourth quarter of 2024.

For cash access, the ATM network is now intrinsically linked to the Eastern Bank system following the November 1, 2025, merger. While the specific number of legacy HarborOne ATMs isn't detailed, the immediate channel benefit for customers is access to any Eastern Bank ATM free of charge for cash withdrawals. Eastern Bank itself has a combined network of over 120 branch and ATM locations spanning from southern New Hampshire through Rhode Island.

• Digital services include remote deposit capture, electronic bill payments, and cash management tools.
• HarborOne U provides educational resources, including free digital content and webinars, delivered virtually.
• The mortgage subsidiary lends in ME, NH, VT, MA, RI, NJ, CT, and FL.

Finance: draft a pro-forma channel expense comparison for Q3 2025 vs. Q3 2024 by next Tuesday.

HarborOne Bancorp, Inc. (HONE) - Canvas Business Model: Customer Segments

You're looking at the core groups HarborOne Bancorp, Inc. (HONE) served before its November 1, 2025, acquisition by Eastern Bankshares, Inc. The bank's footprint was concentrated, serving customers across a defined geographic area.

Individuals and families in Eastern Massachusetts and Rhode Island

This segment was the bedrock, supported by a physical network of 30 full-service branches located across Massachusetts and Rhode Island. The bank offered a full range of personal banking services, including deposit products like checking, savings, and money market accounts. The funding mix as of the first quarter of 2025 showed total deposits at $4.62 billion, with FDIC-insured deposits making up approximately 74% of that total.

Small and mid-size businesses (C&I) needing working capital and treasury services

HarborOne Bancorp, Inc. actively pursued commercial growth within this segment. For instance, in the first quarter of 2025, the Commercial and Industrial (C&I) loan portfolio saw growth of $33.0 million quarter-over-quarter. These clients received lending products such as term loans and lines of credit, alongside treasury management services to help them manage their cash flow.

Commercial Real Estate (CRE) investors and developers

CRE financing was a significant part of the lending book, though management was actively managing exposure. As of the end of the first quarter of 2025, Commercial Real Estate (CRE) loans represented 47% of the total loan portfolio, which stood at $4.82 billion. This segment experienced a reduction in balances in Q1 2025, with Commercial real estate and construction loans decreasing by $44.5 million as the bank favored payoffs over new renewals for certain loans.

Municipalities seeking deposit and treasury management services

HarborOne Bancorp, Inc. provided financial services to municipalities, which typically involve holding public funds in deposit accounts and offering treasury management solutions. This segment is a key component of the bank's overall deposit base, though specific financial breakdowns for municipal deposits aren't typically separated in public earnings releases.

Affluent clients for wealth management and trust services

The bank catered to affluent clients through its affiliate, HarborOne Wealth Management. This division offered investment advisory, retirement planning, and fiduciary services. While specific Assets Under Management (AUM) for HarborOne Wealth Management as of late 2025 isn't explicitly detailed in the latest reports, the focus was on providing personalized financial advisory services to high-net-worth individuals within its footprint.

Here's a quick look at the loan portfolio composition as reported at the end of the first quarter of 2025, which reflects the primary focus areas for commercial lending:

Loan Category	Percentage of Total Loans ($4.82 Billion)	Q1 2025 Balance Change
Commercial Real Estate (CRE)	47%	Decreased by $44.5 million
Residential 1-4 Family	31%	Decreased by $20.0 million
Commercial and Industrial (C&I)	13%	Increased by $33.0 million

The overall funding structure showed a strategic shift toward more stable funding sources leading up to the merger:

• Total deposits were $4.62 billion at March 31, 2025.
• Client deposits (excluding brokered) grew by $79.6 million (or 1.9%) in Q1 2025.
• Brokered deposits decreased by $11.6 million in Q1 2025.
• The loans-to-deposits ratio improved by 225 basis points to 104.38% by March 31, 2025.
• The cost of deposits (excluding brokered) saw a reduction of 15 basis points in Q1 2025.

The bank also offered educational services through HarborOne U, providing free digital content and webinars for small business and personal financial education.

HarborOne Bancorp, Inc. (HONE) - Canvas Business Model: Cost Structure

You're looking at the hard costs HarborOne Bancorp, Inc. (HONE) incurred to run its business through the second quarter of 2025, right before the Eastern Bankshares merger closed in November 2025. These are the expenses that eat into the revenue generated from lending and fees.

The primary driver of funding costs is the interest expense on deposits and borrowings to fund loans. While the absolute interest expense figure isn't explicitly broken out in the latest reports, we see the impact on the top line: Net Interest Income increased to $33.2 million for Q2 2025, up from $31.5 million in the prior period. This improvement was supported by lower funding costs, specifically, the cost of deposits, excluding brokered deposits, decreased 7 basis points. Also, borrowing costs improved as average borrowings declined by $87.8 million quarter-over-quarter.

Noninterest expense for the second quarter of 2025 totaled $34.1 million, which was up $1.2 million from the first quarter's $32.9 million. This total was elevated by one-time charges related to the pending acquisition.

The structure of these noninterest costs for Q2 2025 can be partially mapped out:

Cost Component	Q2 2025 Amount (in millions)	Notes
Total Noninterest Expense	$34.1	Reported for the quarter ended June 30, 2025.
Merger-related Expenses	$1.7	Explicitly noted as elevating noninterest expense quarter-over-quarter.
Provision for Credit Losses (PCL)	$0.739	Reported as a separate expense item, $739K.
Net Charge-offs (NCOs)	$1.7	Actual losses recognized for the quarter, annualized at 0.14%.

The Provision for credit losses, which is the expense set aside for expected future loan losses, was $739K in Q2 2025. This was set against net charge-offs of $1.7 million for the same quarter. The total Allowance for Credit Losses (ACL) on loans stood at $48.0 million, or 1.01% of total loans, as of June 30, 2025.

Regarding personnel and technology, the data is less granular, but we have some context on personnel costs:

• Compensation and benefits expenses were flat in comparison to the prior quarter (Q1 2025).
• Specific dollar amounts for personnel costs for branch staff, lenders, and corporate functions are embedded within the Total Noninterest Expense of $34.1 million.
• Explicit figures for technology and infrastructure costs for digital banking are not itemized separately in the reported highlights.

To be fair, understanding the exact split between personnel, technology, and other operating costs requires digging into the full 10-Q filing, but the major known drivers are the $1.7 million merger cost and the $739K PCL.

Finance: draft Q3 2025 expense forecast by next Tuesday.

HarborOne Bancorp, Inc. (HONE) - Canvas Business Model: Revenue Streams

You're looking at how HarborOne Bancorp, Inc. (HONE) actually brings in the money, which for a bank like this, boils down to two main buckets: the interest they make and the fees they charge. As of late 2025, based on the second quarter results, the core engine is definitely the Net Interest Income (NII).

The primary driver is Net Interest Income (NII), which for Q2 2025 hit $33.2 million. This number reflects the spread between what HarborOne Bancorp, Inc. earns on its assets, like loans, and what it pays out on its liabilities, like deposits and borrowings. That NII was supported by higher loan yields, which included a notable $721,000 in prepayment fees during that quarter.

The second major component is Noninterest Income, which totaled $12.2 million in Q2 2025. This is the non-lending, non-deposit-cost revenue that adds stability and diversification to the top line. The table below breaks down the key components of HarborOne Bancorp, Inc.'s revenue streams for that period.

Revenue Component	Q2 2025 Amount (USD)	Notes
Net Interest Income (NII)	$33.2 million	Core earnings from the loan and securities portfolio.
Total Noninterest Income	$12.2 million	Income from fees, mortgage sales, and other services.
Gain on Sale of Mortgages	$3.378 million	Specific component within Noninterest Income from HarborOne Mortgage, LLC.
Swap Fee Income	$382,000	Specific fee income component.

You asked specifically about the interest earned on the loan book. While I don't have the exact interest earned breakdown for commercial versus residential loans for Q2 2025, we can look at the underlying loan portfolio that generates that interest, which is heavily weighted toward real estate. Here's what the loan book looked like, giving you a sense of where that $33.2 million NII is coming from:

• Loans secured by real estate: $4,271,077 thousand (approximately $4.27 billion)
• Commercial and industrial loans: $524,712 thousand (approximately $0.52 billion)
• Consumer loans: The remainder of the loan book, which includes residential mortgages and home equity loans, contributes to the overall interest income.

The fee income streams, which fall under Noninterest Income, are also important for HarborOne Bancorp, Inc.'s overall financial picture. These fees are generated from the daily banking relationship with customers, not just the lending activity. The sources for this fee income include:

• Fee income from deposit accounts, which saw an increase quarter-over-quarter.
• Treasury management services for business clients.
• Swaps, which contributed $382,000 in Q2 2025.
• Mortgage banking activities, which included the $3.378 million gain on sale of mortgages from loan closings of $176.2 million in the quarter.

Honestly, the mortgage banking gain on sale is a significant, though sometimes variable, piece of that noninterest income pie. If onboarding takes 14+ days, churn risk rises, but for now, the mortgage unit delivered a solid $3.378 million gain on sales in Q2 2025. Finance: draft Q3 2025 NII forecast sensitivity analysis by next Tuesday.