# EDGAR Filing Document

**Accession Number:** 0001769617
**File Stem:** 0001558370-25-009177
**Filing Date:** 2025-7
**Character Count:** 41886
**Document Hash:** ef56aa44c68966798d19c02c44214673
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-009177.hdr.sgml**: 20250710

**ACCESSION NUMBER**: 0001558370-25-009177

**CONFORMED SUBMISSION TYPE**: 11-K/A

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250710

**DATE AS OF CHANGE**: 20250710

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HarborOne Bancorp, Inc.
- **CENTRAL INDEX KEY:** 0001769617
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38955
- **FILM NUMBER:** 251116426

**BUSINESS ADDRESS:**
- **STREET 1:** 770 OAK STREET
- **CITY:** BROCKTON
- **STATE:** MA
- **ZIP:** 02301
- **BUSINESS PHONE:** 508-895-1000

**MAIL ADDRESS:**
- **STREET 1:** 770 OAK STREET
- **CITY:** BROCKTON
- **STATE:** MA
- **ZIP:** 02301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HarborOne Bancorp, Inc./NEW
- **DATE OF NAME CHANGE:** 20190815

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HarborOne NorthEast Bancorp, Inc.
- **DATE OF NAME CHANGE:** 20190304

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 11-K/A** 

(Amendment No. 1)

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⌧ **Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934** 

**For the Fiscal Year Ended December 31, 2024** 

**OR** 

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| | |
|:---|:---|
| ◻ | **Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934**  |

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**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission file number 001-38955** 

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A. Full title of the plan and address of the plan, if different from that of the issuer name below:

**HarborOne 401(k) Plan** 

B. Name of the issuer of the securities held pursuant to the plan and the address of its principal office:

**HarborOne Bancorp, Inc.** 

**770 Oak Street** 

**Brockton, Massachusetts 02301** 

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**Explanatory Note**

This Amendment No. 1 to the Annual Report on Form 11-K for the fiscal year ended December 31, 2024, originally filed with the U.S. Securities and Exchange Commission on June 27, 2025 (the "Original Form 11-K"), is being filed solely to correct the date in the Original Form 11-K signature page. No other changes have been made to the Original Form 11-K as originally filed.

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**HARBORONE 401(k) PLAN**

**TABLE OF CONTENTS**

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---

| | |
|:---|:---|
|  | **Page** |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#Report_of_Independent_Registered) | 1 |
| [STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, DECEMBER 31, 2024 AND 2023](#STATEMENTSOFNETASSETSAVAILABLEFORBENEFIT) | 3 |
| [STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, FOR THE YEAR ENDED DECEMBER 31, 2024](#STATEMENTOFCHANGESINNETASSETSAVAILABLEFO) | 4 |
| [NOTES TO FINANCIAL STATEMENTS](#NOTE_368450) | 5 |
| **SUPPLEMENTAL INFORMATION** |  |
| [SCHEDULE H, LINE 4(i) – SCHEDULE OF ASSETS (HELD AT END OF YEAR)](#ScheduleHLine4i_206304) | 14 |
| [SCHEUDLE H, LINE 4(j) – SCHEUDLE OF REPORTABLE TRANSACTIONS](#ScheduleHLine4j) | 15 |
| [SIGNATURE](#SIGNATURES_525675) | 16 |
| EXHIBIT INDEX |  |
| [EXHIBIT 23.1 CONSENT OF GRAY, GRAY & GRAY, LLP](hone-20241231xex23d1.htm) |  |

---

Note: Other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA) have been omitted because they are not applicable.

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![Graphic](hone-20241231x11ka001.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Administrative Committee and Plan Participants of<br>the HarborOne 401(k) Plan

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the HarborOne 401(k) Plan (the "Plan") as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes and schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of HarborOne 401(k) Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Gray, Gray & Gray, LLP • gggllp.com • 781.407.0300 • 150 Royall Street, Suite 102, Canton, MA 02021

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**SUPPLEMENTAL INFORMATION**

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To the Administrative Committee and Plan Participants of<br>the HarborOne 401(k) Plan<br>Page 2

**Supplemental Information**

The supplemental information contained in the Schedule of Assets (Held at End of Year) and Schedule of Reportable Transactions have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

![Graphic](hone-20241231x11ka002.jpg)

We have served as the Plan's auditor since 2013.

Canton, Massachusetts<br>June 27, 2025

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**HARBORONE 401(k) PLAN**

**S** **TATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

**December 31, 2024 and 2023**

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---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in mutual funds | $68447826 | $63586672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in common/collective trust | 1593687 | 2638725 |
| &nbsp;&nbsp;&nbsp;&nbsp;HarborOne Stock Fund | 7231427 | 9626860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 941505 | 1587968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value | 78214445 | 77440225 |
| &nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 1080250 | 1005704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 974737 | 993534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 47591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 2102578 | 1999238 |
| **NET ASSETS AVAILABLE FOR BENEFITS** | $80317023 | $79439463 |

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<u>The accompanying notes are an integral part of these financial statements.</u>

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**HARBORONE 401(k) PLAN**

**STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS**

**YEAR ENDED DECEMBER 31, 2024**

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| | |
|:---|:---|
| **ADDITIONS** |  |
| &nbsp;&nbsp;Additions to net assets attributed to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $7718680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 1772322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 9491002 |
| &nbsp;&nbsp;Interest earned on notes receivable from participants | 82472 |
| &nbsp;&nbsp;Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant deferrals | 3317511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant rollovers | 441862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 976542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total contributions** | 4735915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total additions** | 14309389 |
| **DEDUCTIONS** |  |
| &nbsp;&nbsp;Deductions from net assets attributed to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits paid to participants | 13284474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 147355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total deductions** | 13431829 |
| **NET INCREASE** | 877560 |
| **NET ASSETS AVAILABLE FOR BENEFITS** |  |
| &nbsp;&nbsp;Beginning of year | 79439463 |
| &nbsp;&nbsp;End of year | $80317023 |

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<u>The accompanying notes are an integral part of these financial statements.</u>

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**HARBORONE 401(k) PLAN**

**NOTES TO FINANCIAL STATEMENTS**

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**NOT** **E 1: DESCRIPTION OF THE PLAN**

The following description of the HarborOne 401(k) Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.

**General:** The Plan is a defined-contribution plan that covers substantially all employees of HarborOne Bank ("Bank"). Established in 1997, the Plan provides retirement benefits. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

**Plan Administration:** The Bank is the Plan administrator. Certain administrative functions are performed by employees of the Bank, or its subsidiaries. No such employees receive compensation from the Plan. The Plan Administrator engages a third party, John Hancock Retirement Plan Services ("JHRPS"), to provide recordkeeping and administrative services.

**Eligibility:** Employees of the Bank who have reached 21 years of age are eligible to participate in the Plan and contribute a portion of their compensation. Employees who have reached 21 years of age become eligible for employer profit sharing contributions upon completion of twelve months of service. To receive the employer profit sharing contribution, the employee must be employed as of the last day of the year.

An employee who Is no longer eligible to participate in this Plan due to a change in employment status, and who becomes eligible to participate in the HarborOne Mortgage, LLC Retirement Plan, shall have their account, including any loan promissory notes, transferred from this Plan to the HarborOne Mortgage, LLC Retirement Plan. Similarly, an employee who is no longer eligible to participate in the HarborOne Mortgage, LLC Retirement Plan due to a change in employment status, and who becomes eligible to participate in this Plan, shall have their accounts, including any loan promissory notes, transferred from the HarborOne Mortgage, LLC Retirement Plan, to this Plan.

**Contributions:** Each year, participants may contribute up to the lesser of 100% of their pretax annual compensation, as defined in the Plan, or the limits set by the IRS. The Plan allows some or all of these contributions to be designated as after-tax Roth Deferral Contributions. Participants who have attained the age of 50 before the end of the Plan year are eligible to make catch-up contributions. Participants may also contribute amounts received from any other retirement plan that satisfies the tax rules for rollovers.

The Bank may make discretionary matching contributions to the Plan based on a percentage of participant's deferral contributions or equal to a specified dollar amount. The Bank may choose to make an annual non-elective contribution each year. For the Plan year ended December 31, 2024 the Bank made a non-elective contribution in an amount equal to 3.0% of each eligible participant's compensation for the Plan year.

Unless instructed otherwise by the participant, upon becoming eligible to participate in the Plan, 5% of the participant's eligible compensation will be contributed to the Plan subject to annual limits set by the IRS. This automatic deferral percentage is increased 2% per year up to a maximum of 15%, unless instructed otherwise by the participant.

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**HARBORONE 401(k) PLAN**

**NOTES TO FINANCIAL STATEMENTS**

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**NOTE 1: DESCRIPTION OF THE PLAN (CONTINUED)**

Any individual who transfers employment from HarborOne Mortgage, LLC and becomes an employee of the Bank, shall have their active deferral elections under the HarborOne Mortgage, LLC Retirement Plan, if any, transferred to the Plan as soon as administratively possible following the date of such employment transfer. Such transferred employee shall not be subject to automatic contribution provisions.

**Participant Accounts:** Each participant's account is credited with the participant's contributions, earnings (losses) thereon, and an allocation of the Bank's contributions and Plan earnings. Allocations of earnings (losses) are based on account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account balance.

**Investment Options:** Participants direct the investment of their contributions into various investment options offered by the Plan.

**Calculation of Vested Benefits:** Participants are immediately vested in their voluntary contributions plus actual earnings thereon. The vesting period for employer discretionary matching and non-elective contributions is as follows:

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| | |
|:---|:---|
| **Years of Service** | **Vested %** |
| Less than 2 | 0 |
| 2 | 20% |
| 3 | 40% |
| 4 | 60% |
| 5 | 80% |
| 6 or more | 100% |

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With respect to any employer matching contributions transferred to the Plan from the HarborOne Mortgage, LLC Retirement Plan (the "Mortgage Plan") with respect to Participants who were participants in the Mortgage Plan as of March 31, 2018, such participants shall have a nonforfeitable (vested) right to a percentage of the value of such transferred employer matching amounts as follows:

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| | |
|:---|:---|
| **Years of Service** | **Vested %** |
| Less than 1 | 0 |
| 1 | 25% |
| 2 | 50% |
| 3 | 100% |

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However, with respect to participants who were participants in the Mortgage Plan on or after April 1, 2018, such participants shall have a nonforfeitable (vested) right to a percentage of the value of such transferred employer matching amounts as follows:

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| | |
|:---|:---|
| **Years of Service** | **Vested %** |
| Less than 2 | 0 |
| 2 | 50% |
| 3 | 100% |

---

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**HARBORONE 401(k) PLAN**

**NOTES TO FINANCIAL STATEMENTS**

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**NOTE 1: DESCRIPTION OF THE PLAN (CONTINUED)**

Furthermore, with respect to any employer discretionary profit-sharing contributions transferred from the Mortgage Plan to this Plan, participants who were participants in the Mortgage Plan as of March 31, 2018, shall have a nonforfeitable (vested) right to a percentage of the value of such transferred amounts as follows:

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| | |
|:---|:---|
| **Years of Service** | **Vested %** |
| Less than 1 | 0 |
| 1 | 25% |
| 2 | 50% |
| 3 | 75% |
| 4 | 100% |

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However, with respect to participants who were participants in the Mortgage Plan on or after April 1, 2018, any employer discretionary profit-sharing contributions transferred from the Mortgage Plan to this Plan, such participants shall have a nonforfeitable (vested) right to a percentage of the value of such transferred amounts as set forth in the 'calculation of vested benefits' footnote.

To the extent a participant's account includes amounts that transferred to the Plan from the Mortgage Plan, as a result of such participant's transfer of employment from HarborOne Mortgage, LLC to the Company, and such individual was a participant in the Mortgage Plan on March 31, 2018, then, if such participant separates from service on or after their attainment of age 55 ("early retirement age"), they shall have a nonforfeitable-interest in 100% of their account, if not otherwise 100% vested under the applicable vesting schedule and shall be entitled to receive distribution of their vested account. The foregoing provisions shall not apply to any individual who first became eligible to participate in the Mortgage Plan on or after April 1, 2018.

**Forfeited Accounts:** At December 31, 2024 and 2023, forfeited non-vested accounts totaled $103,145 and $74,036, respectively. This account may be used to pay administrative expenses, and any remaining amounts can be used to reduce future employer contributions. During 2024, forfeited non-vested accounts totaling $76,133 were used to reduce the employer matching contribution and to cover Plan expenses.

**Plan Expense Reimbursement Account:** As part of the recordkeeping and administrative service fee arrangement with JHRPS any service revenue received in connection with the Plan is used to offset the

cost of Plan services. JHRPS reimbursed to the Plan investment fund related revenue received to the Plan expense reimbursement account. Investment fund related revenue received by JHRPS typically include Rule 12b-1 fees and service fees paid by the fund or the fund's affiliates. The Plan expense reimbursement accounts are used by the Plan to pay direct and necessary expenses of the Plan; these fees are reflected as appreciation in investments. At December 31, 2024 and 2023, there was $29,110 and $30,918, respectively, in this account. During 2024, the cumulative amount of $29,361 was added to the account, and $31,169 was used from the expense reimbursement account to fund Plan expenses.

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**HARBORONE 401(k) PLAN**

**NOTES TO FINANCIAL STATEMENTS**

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**NOTE 1: DESCRIPTION OF THE PLAN (CONTINUED)**

**Notes Receivable from Participants:** Participants may borrow from their vested fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their account balances, whichever is less. Loans are secured by the balances in the participants' accounts and bear interest at rates based on the prevailing interest rates charged by persons in the business of lending money for loans that would be made under similar circumstances, which currently range from 4.25% to 9.50% at December 31, 2024. Principal and interest are paid ratably usually through payroll deductions. If participants terminate or retire, they will have the choice of repaying the loan or having the loan offset from their account. The offset loan amount will be considered a taxable distribution.

**Payment of Benefits:** On termination of service due to death, disability, retirement, or other reasons, a participant may receive a lump-sum amount equal to the value of the participant's vested interest in their account. In-service withdrawals are also permitted for certain financial hardships or when a participant attains age 59½.

Participants are also allowed to take an in-service withdrawal of vested employer non-elective contributions that have been in their account for at least two years.

**NOTE 2: SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Accounting:** The financial statements of the Plan are prepared under the accrual basis of accounting.

**Investment Valuation and Income Recognition:** Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan's management determines the Plan's valuation policies utilizing information provided by the investment advisers, trustees and other parties involved with the Plan. See Note 3 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.

**Use of Estimates:** The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Plan management to make estimates and assumptions that affect the reported amounts of Plan assets and liabilities and changes therein, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Notes Receivable from Participants:** Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2024 or 2023.

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**HARBORONE 401(k) PLAN**

**NOTES TO FINANCIAL STATEMENTS**

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**NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**Risks and Uncertainties:** The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such change could materially affect the amounts reported in the statements of net assets available for benefits.

**Payment of Benefits:** Benefits paid to participants are recorded when paid.

**Operating Expenses:** Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Bank. Expenses that are paid by the Bank are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are included in administrative expenses. Investment related expenses are included in net appreciation of fair value of investments.

**Uncertain Tax Positions:** Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more-likely-than-not would not be sustained upon examination. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2021**.**

**NOTE 3: FAIR VALUE MEASUREMENTS**

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1 - inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan can access at the measurement date.

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**HARBORONE 401(k) PLAN**

**NOTES TO FINANCIAL STATEMENTS**

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**NOTE 3: FAIR VALUE MEASUREMENTS (CONTINUED)**

Level 2 - inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as:

● quoted prices for similar assets or liabilities in active markets;

● quoted prices for identical or similar assets or liabilities in inactive markets;

● inputs other than quoted prices that are observable for the asset or liability;

● inputs that are derived principally from or corroborated by observable market data by correlation or other means.

● If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 - inputs that are unobservable for the asset or liability.

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024 and 2023.

*Mutual funds:* Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

*Common/collective trust:* Valued at the NAV of units of a collective trust. The NAV, as provided by the fund manager, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported NAV.

*Cash:* Valued at carrying value, which approximates fair value, and classified within Level 1 of the fair value hierarchy.

*HarborOne Stock Fund:* The fund is a unitized stock fund that consists of HarborOne Bancorp, Inc. common stock and short-term cash investments to provide liquidity. Fair value is based upon the fair value of the underlying assets derived principally from or corroborated by observable market data by correlation or other means. These investments are classified within Level 2 of the fair value hierarchy.

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**HARBORONE 401(k) PLAN**

**NOTES TO FINANCIAL STATEMENTS**

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**NOTE 3: FAIR VALUE MEASUREMENTS (CONTINUED)**

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth by level, within the fair value hierarchy, the Plan's investments at fair value as of December 31, 2024 and December 31, 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Level 1** | **Level 2** | **&nbsp;&nbsp;&nbsp;&nbsp;Level 3&nbsp;&nbsp;&nbsp;&nbsp;** | **Total** |
| Cash | $941505 | $— | $— | $941505 |
| Mutual Funds | 68447826 |  |  | 68447826 |
| HarborOne Stock Fund |  | 7231427 |  | 7231427 |
| Total assets in the fair value hierarchy | 69389331 | 7231427 |  | 76620758 |
| Investments measured at net asset value (a) |  |  |  | 1593687 |
| &nbsp;&nbsp;Total investments at fair value | $69389331 | $7231427 | $— | $78214445 |
|  | **2023** | **2023** | **2023** | **2023** |
|  | **Level 1** | **Level 2** | **&nbsp;&nbsp;&nbsp;&nbsp;Level 3&nbsp;&nbsp;&nbsp;&nbsp;** | **Total** |
| Cash | $1587968 | $— | $— | $1587968 |
| Mutual Funds | 63586672 |  |  | 63586672 |
| HarborOne Stock Fund |  | 9626860 |  | 9626860 |
| Total assets in the fair value hierarchy | 65174640 | 9626860 |  | 74801500 |
| Investments measured at net asset value (a) |  |  |  | 2638725 |
| &nbsp;&nbsp;Total investments at fair value | $65174640 | $9626860 | $— | $77440225 |

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(a) In accordance with Subtopic 820-10, the common/collective trust investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.

**Fair Value of Investments in Entities that Use NAV:** The Plan invests in the Putman Stable Value PSVF 25 which is a common/collective trust. A common/collective trust invests in stable value investment vehicles such as guaranteed investment contracts, bank investment contracts and synthetic guaranteed investment contracts issued by highly rated financial institutions and corporations as well as obligations of the U.S. Government or its agencies. Participant assets may be deposited to or withdrawn from the common/collective trust at the stated unit value as of the close of business on any business day, and there are no unfunded commitments.

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**HARBORONE 401(k) PLAN**

**NOTES TO FINANCIAL STATEMENTS**

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**NOTE 4: PLAN TERMINATION**

Although it has not expressed any intent to do so, the Bank has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts. See note 7 for subsequent events.

**NOTE 5: TAX STATUS**

The Internal Revenue Service has determined by a letter dated August 25, 2022 that the Plan is designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving the determination letter. However, the Plan Administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan's financial statements.

**NOTE 6: RELATED PARTY TRANSACTIONS AND PARTY-IN-INTEREST TRANSACTIONS**

During the year, the Plan paid administrative expenses of $76,855 to JHRPS, who served as the third-party administrator to the Plan and, therefore, these transactions qualify as party-in-interest transactions. During the year, the Plan also paid $30,500 to Gray, Gray & Gray, LLP, who provides audit services to the Plan, and $40,000 to MMA Securities, LLC who serve as the investment advisors to the Plan and therefore, these transactions also qualify as party-in-interest transactions.

Participants may allocate up to 25% of their account balance to the HarborOne Stock Fund. Participants are subject to restrictions on trading during blackout periods and other reporting requirements of the Securities and Exchange Commission. At December 31, 2024, the Plan held 594,883 shares of HarborOne Bancorp, Inc., common stock, with a fair value of $7,037,466 or $11.83 per share. For the year ended December 31, 2024, the Plan received dividend income of $258,336 from the HarborOne Stock Fund. At December 31, 2023, the Plan held 785,465 shares of HarborOne Bancorp, Inc. common stock, with a fair value of $9,409,871 or $11.98 per share. The HarborOne Stock Fund also held cash investments totaling $241,552 and $216,989 at December 31, 2024 and 2023, respectively. Because the Bank is the Plan Sponsor, transactions involving the Bank's common stock qualify as party-in-interest transactions. All of these transactions are exempt from the prohibited transaction rules.

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**HARBORONE 401(k) PLAN**

**NOTES TO FINANCIAL STATEMENTS**

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**NOTE 7: SUBSEQUENT EVENTS**

The date to which events occurring after December 31, 2024, the date of the most recent statement of financial position, have been evaluated for possible adjustment to the financial statements or disclosure is June 27, 2025, which is the date the financial statements were available to be issued.

On April 24, 2025, HarborOne Bancorp, Inc.("HarborOne Bancorp"), the Bank, Eastern Bankshares, Inc., ("Eastern"), and Eastern Bank, entered into an agreement and plan of merger. Pursuant to the terms and subject to the conditions set forth in the agreement and plan of merger, Eastern will acquire HarborOne Bancorp and the Bank through the merger of HarborOne Bancorp, Inc. with and into Eastern, with Eastern as the surviving entity (the "Merger"). The agreement and plan of merger further provides that following the Merger, the Bank will merge with and into Eastern Bank, with Eastern Bank as the surviving entity.

Completion of the Merger, by and among Eastern, Eastern Bank, HarborOne Bancorp, and the Bank is subject to customary closing conditions, including receipt of regulatory approvals and approval by HarborOne Bancorp shareholders. HarborOne Bancorp anticipates that the Merger will close during the fourth quarter of 2025, although Eastern has the right under the agreement and plan of merger to defer the closing until February 20, 2026 if the closing conditions are satisfied after October 31, 2025 but before February 20, 2026.

As of the date these financial statements were available to be issued, assuming completion of the Bank merger, Plan management has asserted that the current Plan, including all assets and loans, will merge into the Eastern Bank 401(k) plan in February of 2026.

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**SUPPLEMENTAL INFORMATION**

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**HarborOne 401(k) Plan<br>EIN No.: 04-1123040, Plan No. 002<br>Schedule H, Line 4** **i - Schedule of Assets (Held at End of Year)<br>Plan Year Ending: 12/31/2024**

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| | | | | |
|:---|:---|:---|:---|:---|
| (a) | (b) | (c) | (d) | (e) |
|  | Identity of issue, borrower, lessor | Description of investment, including maturity date, rate |  | Current |
|  | or similar part | of interest, collateral, par or maturity value | Cost | value |
| \* | HarborOne | HarborOne Stock Fund | \*\* | $7231427 |
|  | American Funds | American Funds New Perspective R6 | \*\* | $1451380 |
|  | American Funds | American Funds New World R6 | \*\* | $681944 |
|  | BlackRock | BlackRock High Yield Bond Instl | \*\* | $535250 |
|  | DWS | RREEF Real Assets Fund R6 | \*\* | $241269 |
|  | Janus | Janus Henderson Enterprise N | \*\* | $2133320 |
|  | Janus | Janus Henderson Triton N | \*\* | $213133 |
| \* | John Hancock | Retirement Living 2025 Lftm R6 | \*\* | $2419502 |
| \* | John Hancock | Retirement Living 2030 Lftm R6 | \*\* | $5539393 |
| \* | John Hancock | Retirement Living 2020 Lftm R6 | \*\* | $2305020 |
| \* | John Hancock | Retirement Living 2035 Lftm R6 | \*\* | $6165057 |
| \* | John Hancock | Retirement Living 2040 Lftm R6 | \*\* | $5142518 |
| \* | John Hancock | Retirement Living 2045 Lftm R6 | \*\* | $3612666 |
| \* | John Hancock | Retirement Living 2015 Lftm R6 | \*\* | $532078 |
| \* | John Hancock | Retirement Living 2055 Lftm R6 | \*\* | $3004858 |
| \* | John Hancock | Retirement Living 2050 Lftm R6 | \*\* | $2747468 |
| \* | John Hancock | Retirement Living 2060 Lftm R6 | \*\* | $1510820 |
| \* | John Hancock | Retirement Living 2010 Lftm R6 | \*\* | $460077 |
| \* | John Hancock | Retirement Living 2065 Lftm R6 | \*\* | $6090 |
| \* | John Hancock | John Hancock Disciplined Value Mid Cap R6 | \*\* | $826342 |
| \* | John Hancock | John Hancock Bond Fund R6 | \*\* | $1833326 |
|  | JPMorgan | JPMorgan Equity Income R6 | \*\* | $3164923 |
|  | JPMorgan | JPMorgan US Equity R6 | \*\* | $2063181 |
|  | JPMorgan | Undiscovered Mgrs Behavioral Value R6 | \*\* | $316100 |
|  | MFS | MFS Intl Diversification Fd R6 | \*\* | $988255 |
|  | PGIM  | PGIM Global Total Returns Fund R6 | \*\* | $406075 |
|  | Pioneer | Strategic Income K | \*\* | $145300 |
|  | Putnam | Stable Value PSVF 25 | \*\* | $1593687 |
|  | T. Rowe Price | T. Rowe Price Institutional Large Cap Growth | \*\* | $5890616 |
|  | Vanguard | Vanguard 500 Index Adm | \*\* | $7768185 |
|  | Vanguard | Vanguard Total Bond Market Index Adm | \*\* | $2066714 |
|  | Vanguard | Treasury Money Market In | \*\* | $941505 |
|  | Vanguard | Vanguard Small Cap Index Adm | \*\* | $1782579 |
|  | Vanguard | Vanguard Mid Cap Index Adm | \*\* | $1345286 |
|  | Vanguard | Vanguard Total International Stock Index Adm | \*\* | $1149101 |
| \* | Participant loans | Participant loans with interest rates of 4.25% to 9.50%, maturing through 2043 | - | $1080250 |
| \* Party-in-interest | \* Party-in-interest | \* Party-in-interest | \* Party-in-interest | \* Party-in-interest |
| \*\* The cost of participant directed investments is not required to be disclosed | \*\* The cost of participant directed investments is not required to be disclosed | \*\* The cost of participant directed investments is not required to be disclosed | \*\* The cost of participant directed investments is not required to be disclosed | \*\* The cost of participant directed investments is not required to be disclosed |

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**SUPPLEMENTAL INFORMATION**

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**HarborOne 401(k) Plan<br>EIN No.: 04-1123040, Plan No. 002<br>Schedule H, Line 4j - Schedule of Reportable Transactions<br>Plan Year Ending: 12/31/2024**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | (f) |  |
| (a) | (b) | (c) | (d) | (e) | Current value | (g) |
| Identity of party | Description  | Purchase | Selling | Cost | of assets on | Net gain or |
| involved | of asset | price | price | of assets | transaction date | (loss) |
| John Hancock Retirement Living 2030 Lftm R6 | Mutual Fund | $5449969 | $- | $5449969 | $5449969 | $- |
| John Hancock Retirement Living 2030 Lftm R6 - 22 Series | Mutual Fund | $5857715 | $- | $5857715 | $5857715 | $- |
| John Hancock Retirement Living 2035 Lftm R6 | Mutual Fund | $5938125 | $- | $5938125 | $5938125 | $- |
| John Hancock Retirement Living 2035 Lftm R6 - 24 Series | Mutual Fund | $6427142 | $- | $6427173 | $6427142 | $31 |
| John Hancock Retirement Living 2040 Lftm R6 | Mutual Fund | $4631132 | $- | $4631132 | $4631132 | $- |
| John Hancock Retirement Living 2040 Lftm R6 - 25 Series | Mutual Fund | $4979744 | $- | $4979744 | $4979744 | $- |
| John Hancock Retirement Living 2030 Lftm R6 | Mutual Fund | $- | $5449969 | $6023044 | $5449969 | $(573075) |
| John Hancock Retirement Living 2030 Lftm R6 - 7 Series | Mutual Fund | $- | $5721466 | $6320333 | $5721466 | $(598867) |
| John Hancock Retirement Living 2035 Lftm R6 | Mutual Fund | $- | $5941880 | $6489130 | $5941880 | $(547250) |
| John Hancock Retirement Living 2035 Lftm R6 - 9 Series | Mutual Fund | $- | $6024559 | $6578045 | $6024559 | $(553486) |
| John Hancock Retirement Living 2040 Lftm R6 | Mutual Fund | $- | $4631132 | $4964751 | $4631132 | $(333619) |
| John Hancock Retirement Living 2040 Lftm R6 - 6 Series | Mutual Fund | $- | $4644851 | $4979336 | $4644851 | $(334485) |

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**SIGNATURES**

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Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  |  | HARBORONE 401(k) PLAN |
| June 27, 2025 | By:  | /s/ Susan B. Stewart |
|  |  | Susan B. Stewart<br>*Senior Vice President, Chief Human Resources Officer* |

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## Exhibit 23.1

**EXHIBIT 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statement No. 333-233292 and 333-249324 on Form S-8 of our report dated June 27, 2025, appearing in this Annual Report on Form 11-K of the **HarborOne 401(k) Plan** for the year ended December 31, 2024

![Graphic](hone-20241231xex23d1003.jpg)

Canton, Massachusetts<br>June 27, 2025

![Graphic](hone-20241231xex23d1001.jpg)

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