Exhibit 99.1

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HarborOne Bancorp, Inc. Announces 2025 Second Quarter Results

Contact: Stephen W. Finocchio, EVP and CFO

Brockton, Massachusetts (July 24, 2025): HarborOne Bancorp, Inc. (the “Company” or “HarborOne”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced net income of $8.1 million, or $0.20 per diluted share, for the quarter ended June 30, 2025, an increase of $2.6 million, or 46.5%, compared to net income of $5.5 million, or $0.14 per diluted share, for the quarter ended March 31, 2025. Net income for the six months ended June 30, 2025, was $13.6 million, or $0.34 per diluted share, compared to $14.6 million, or $0.35 per diluted share for the same period in 2024. On April 24, 2025, the Company announced that it had entered into a definitive merger agreement with Eastern Bankshares, Inc. (“Eastern”), the holding company for Eastern Bank, pursuant to which the Company will merge with and into Eastern in a stock and cash transaction.

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Second Quarter Financial Highlights:

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“I’m pleased to report our steady financial improvement in the second quarter,” commented Joseph F. Casey, President and CEO, “including net interest margin expansion, improved core returns on assets and equity, and continued management of expenses.” He continued: “While we look forward to a successful merger with Eastern, the HarborOne team remains focused on continuing to provide superior service and a seamless transition to our customers, communities and employees.”

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Net Interest Income

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Net interest and dividend income increased $1.7 million from $31.5 million to $33.2 million, while net interest margin improved 13 basis points to 2.52% compared to the prior quarter, impacted by:

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The $1.9 million increase in net interest and dividend income from the prior year quarter reflects net interest margin improvement of 21 basis points, primarily due to higher prepayment fees, lower cost of funds, and lower average balances of funding liabilities.

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Noninterest Income

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Total noninterest income increased $2.3 million, or 23.6%, to $12.2 million, from $9.9 million for the first quarter of 2025, impacted by:

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Total noninterest income increased $302,000 compared to the prior year quarter. The prior year results included a $1.8 million gain on disposal of an asset held for sale, partially offset by a $1.0 million loss on sale of securities.

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Noninterest Expense

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Total noninterest expense was $34.1 million for the quarter ended June 30, 2025, compared to $32.9 million for the quarter ended March 31, 2025; quarter-over-quarter variances of note were:

Total noninterest expense increased $926,000 compared to the prior year quarter, primarily driven by the merger expenses, partially offset by decreases in compensation and benefits, occupancy and equipment expense, and marketing expenses.

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Balance Sheet

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Total assets decreased $91.3 million, or 1.6%, to $5.61 billion, from $5.70 billion at the prior quarter end, impacted by:

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⁽¹⁾ Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures.

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Asset Quality and Allowance for Credit Losses

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The Company recorded a $739,000 provision for credit losses for the quarter ended June 30, 2025. The provision for loan credit losses was $355,000, and the provision for unfunded commitments was $384,000. The provision for loan credit losses was primarily due to a further specific reserve allocation for a previously identified classified commercial and industrial loan and qualitative factor adjustments, partially offset by a decrease in loan balances. During the quarter, a $1.7 million charge-off was recorded when a loan modification with a replacement borrower was resolved, resulting in a new loan recorded at fair value. At March 31, 2025, the provision for loan credit losses was $1.9 million, and the provision for unfunded commitments was a negative $506,000. The first quarter provision for loan credit losses was primarily due to a further specific reserve allocation for a previously identified classified commercial real estate loan, partially offset by a decrease in loan balances and qualitative factor adjustments.

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Net charge-offs totaled $1.7 million, or 0.14% of average loans outstanding on an annualized basis for the quarter ended June 30, 2025, and for the quarter ended March 31, 2025, net charge-offs totaled $8.7 million, or 0.72% of average loans outstanding on an annualized basis. The charge-off in the first quarter of 2025 primarily reflects a charge-off on a single commercial real estate loan.

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The allowance for credit losses (“ACL”) on loans was $48.0 million, or 1.01% of total loans, at June 30, 2025, compared to $49.3 million, or 1.02% of total loans, at March 31, 2025. The ACL on unfunded commitments, included in other liabilities on the unaudited Consolidated Balance Sheet, amounted to $3.4 million at June 30, 2025, compared to $3.0 million at March 31, 2025. Total nonperforming assets were $32.7 million and 0.58% of total assets at June 30, 2025, compared to $30.9 million and 0.54% of total assets at March 31, 2025. In the quarter ended June 30, 2025, non-performing commercial real estate loans increased $784,000, compared to the prior quarter, and non-performing commercial and industrial loans increased $622,000, compared to the prior quarter. As of June 30, 2025, and March 31, 2025, total criticized and classified commercial loans amounted to $193.7 million, and $187.1 million. The quarterly increase in total criticized and classified commercial loans primarily reflects an $18.3 million increase in criticized commercial construction loans.  

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About HarborOne Bancorp, Inc.

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HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, a Massachusetts-chartered trust company. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Eastern Massachusetts and Rhode Island through a network of 30 full-service banking centers located in Massachusetts and Rhode Island, and commercial lending offices in Boston, Massachusetts and Providence, Rhode Island. HarborOne Bank also provides a range of educational resources through “HarborOne U,” with free digital content, webinars, and recordings for small business and personal financial education. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, provides mortgage lending services throughout New England and other states.

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Forward Looking Statements

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Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, changes in general business and economic conditions (including the impact of recently imposed tariffs by the U.S. Administration and foreign governments, inflation and concerns about liquidity) on a national basis and in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in customer behavior; ongoing turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; increases in loan default and charge-off rates; decreases in the value of securities in the Company’s investment portfolio; failure to complete the merger of the Company with and into Eastern that was announced on April 24, 2025 (the “Merger”) or unexpected delays related to the Merger or either party’s inability to satisfy closing conditions required to complete the Merger; failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect Eastern or the expected benefits of the Merger); certain restrictions during the pendency of the Merger that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; the diversion of management’s attention from ongoing business operations and opportunities; fluctuations in real estate values; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; competitive pressures from other financial institutions; cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest, and future pandemics; changes in regulation;

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changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the SEC, which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

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Use of Non-GAAP Measures

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In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures including: “core net income,” “core earnings per common share,” “core return on average earning assets,” “core return on average earning equity,” “efficiency ratio,” “core efficiency ratio,” “tax equivalent efficiency ratio,” “tax equivalent core efficiency ratio,” “total adjusted noninterest expense”, “core noninterest expense,” “tax equivalent net interest and dividend income,” “total core noninterest income,” “tax equivalent total core revenue,” “tangible common equity,” “average tangible common equity,” “tangible assets,” “tangible book value per share,” “tangible common equity to tangible assets,” “return on average tangible common equity,” “core return on average tangible common equity” and certain ratios derived from these measures. Non-GAAP measures are utilized by management, regulators and market analysts to evaluate the Company’s financial position and therefore such information is useful to investors.

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The tax equivalent basis adjusts for the tax-favored status from certain loans held by the Bank that are not taxable for federal income tax purposes.

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Core net income, core noninterest income and core noninterest expense exclude certain items that management does not consider indicative of ongoing financial performance or enhances comparability of results with prior periods. These adjustments include gain or loss on the sale of certain assets and release of reserves for uncertain tax positions.

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These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

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HarborOne Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

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HarborOne Bancorp, Inc.

Consolidated Balance Sheet Trend

(Unaudited)

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HarborOne Bancorp, Inc.

Consolidated Statements of Net Income - Trend

(Unaudited)

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