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OTHER COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
OTHER COMMITMENTS AND CONTINGENCIES  
OTHER COMMITMENTS AND CONTINGENCIES

9.OTHER COMMITMENTS AND CONTINGENCIES

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ACL on Unfunded Commitments

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The ACL on unfunded commitments amounted to $3.0 million and $3.4 million at March 31, 2025 and 2024, respectively. The activity in the ACL on unfunded commitments for the three months ended March 31, 2025 and 2024 is presented below:

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Commercial

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Commercial

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Commercial

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Residential

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Real Estate

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Construction

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and Industrial

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Real Estate

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Consumer

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Total

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(in thousands)

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Balance at December 31, 2024

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$

947

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$

1,398

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$

793

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$

359

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$

9

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$

3,506

Provision

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(40)

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(354)

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(103)

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(9)

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—

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(506)

Balance at March 31, 2025

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$

907

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$

1,044

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$

690

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$

350

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$

9

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$

3,000

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Balance at December 31, 2023

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$

411

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$

2,351

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$

882

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$

254

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$

20

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$

3,918

Provision

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(51)

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(421)

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(37)

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4

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(1)

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(506)

Balance at March 31, 2024

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$

360

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$

1,930

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$

845

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$

258

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$

19

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$

3,412

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Loan Commitments

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The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and advance funds on various lines of credit. Those commitments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the accompanying unaudited interim Consolidated Financial Statements.

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The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments.

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The following off-balance sheet financial instruments were outstanding at March 31, 2025 and December 31, 2024. The contract amounts represent credit risk.

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March 31, 

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December 31, 

 

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2025

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2024

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(in thousands)

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Commitments to grant residential real estate loans-HarborOne Mortgage

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$

50,920

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$

38,929

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Commitments to grant other loans

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48,522

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25,191

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Unadvanced funds on home equity lines of credit

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285,840

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281,890

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Unadvanced funds on revolving lines of credit

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242,041

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270,735

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Unadvanced funds on construction loans

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142,615

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166,726

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Commitments to extend credit and unadvanced portions of construction loans are agreements to lend to a customer, as long as there is no violation of any condition established in the contract. Commitments to grant loans generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for unadvanced funds on construction loans and home equity and revolving lines of credit may expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. Commitments to grant loans, and unadvanced construction loans and home equity lines of credit are collateralized by real estate, while revolving lines of credit are unsecured.