24.CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Condensed financial information relative to HarborOne Bancorp, Inc.’s balance sheet at December 31, 2019 and 2018 and the related statements of net income and cash flows for the years ended December 31, 2019, 2018 and 2017 are presented below. The statement of stockholders’ equity is not presented below as the parent company’s stockholders’ equity is that of the consolidated company.


Balance Sheet	December 31,
	2019		2018
		(in thousands)

Assets
Cash and due from banks	$	135,067	$	9,952
Investment in common stock of HarborOne Bank		529,380		370,574
Loan receivable - ESOP		33,407		10,440
Due from subsidiary		2,456		—
Other assets		871		726
Total assets	$	701,181	$	391,692

Liabilities and Stockholders' Equity
Subordinated debt	$	33,907	$	33,799
Other liabilities and accrued expenses		1,480		180
Due to subsidiary		—		139
Stockholders' equity		665,794		357,574
Total liabilities and stockholders' equity	$	701,181	$	391,692


Statement of Net Income	Year Ended December 31,
	2019		2018		2017
		(in thousands)

Dividends from subsidiary	$	—	$	40,000	$	—
Interest from bank deposits		15		163		63
Interest on short-term investments		953		12		83
Interest on ESOP loan		1,062		488		422
Total income		2,030		40,663		568
Interest expense		2,076		741		—
Operating expenses		3,232		2,356		1,195
Total expenses		5,308		3,097		1,195
Income (loss) before income taxes and equity in undistributed net income (loss) of HarborOne Bank		(3,278)		37,566		(627)
Income tax provision (benefit)		(534)		(388)		289
Income (loss) before equity in income of subsidiaries		(2,744)		37,954		(916)
Equity in undistributed net income (loss) of HarborOne Bank		21,012		(26,560)		11,295
Net income	$	18,268	$	11,394	$	10,379


Statement of Cash Flows	Year Ended December 31,
	2019		2018		2017
		(in thousands)

Cash flows from operating activities:
Net income	$	18,268	$	11,394	$	10,379
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Equity in undistributed net (income) loss of HarborOne Bank		(21,012)		26,560		(11,295)
Deferred income tax provision (benefit)		139		440		445
Share-based compensation		1,432		1,568		600
Net change in other assets		(284)		(841)		1,065
Net change in other liabilities		1,299		577		385
Net cash provided (used) by operating activities		(158)		39,698		1,579

Cash flows from investing activities:
Investment in HarborOne Bank		(152,713)		(10,000)		—
Repayment of ESOP loan		1,862		404		417
Advances to subsidiary		(2,456)		—		—
Cash paid for acquisitions, net of cash acquired		—		(122,235)		—
Net cash provided (used) by investing activities		(153,307)		(131,831)		417

Cash flows from financing activities:
Issuance of common stock		304,161		—		—
Repurchase of common stock		(721)		(1,267)		(280)
Purchase of shares by ESOP		(24,829)		—		—
Proceeds from advance from subsidiary		—		139		—
Repayment of advance from subsidiary		(139)
Proceeds from subordinated debt issuance		—		33,720		—
Amortization of subordinated debt issuance costs		108		79		—
Net cash provided (used) by financing activities		278,580		32,671		(280)

Net change in cash and cash equivalents		125,115		(59,462)		1,716
Cash and cash equivalents at beginning of year		9,952		69,414		67,698
Cash and cash equivalents at end of year	$	135,067	$	9,952	$	69,414