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HONE News
HONE Events
Eastern Bankshares and HarborOne Bancorp Receive Merger Approval
Eastern Bankshares (EBC) and HarborOne Bancorp (HONE) jointly announced they have received all the necessary regulatory approvals to complete their proposed merger, which was previously announced on April 24. Eastern and HarborOne expect the Merger to close on or about November 1.
HarborOne Bancorp reports Q2 EPS 20c, consensus 19c
Reports Q2 NII 33.215M vs $31.350M last year. "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."
HarborOne Bancorp upgraded to Buy from Neutral at Seaport Research
Seaport Research upgraded HarborOne Bancorp (HONE) to Buy from Neutral with a $16 price target after Eastern Bankshares (EBC) and HarborOne announced a definitive merger agreement pursuant to which HarborOne will merge with and into Eastern in a stock and cash transaction. Under the merger agreement, HarborOne shareholders will receive for each share of HarborOne common stock, at the holder's election, either 0.765 shares of Eastern common stock or $12.00 in cash, notes the analyst, who says the deal solidifies Eastern's number four position in the Boston metro area.
Eastern Bankshares and HarborOne Bancorp enter into merger agreement
Eastern Bankshares (EBC) and HarborOne Bancorp (HONE) have entered into a definitive merger agreement pursuant to which HarborOne will merge with and into Eastern in a stock and cash transaction. Under the merger agreement, unanimously adopted by both boards, HarborOne shareholders will receive for each share of HarborOne common stock, at the holder's election, either 0.765 shares of Eastern common stock or $12.00 in cash, subject to allocation procedures to ensure that the total number of shares of HarborOne common stock that receive the Stock Consideration represents between 75% and 85% of the total number of shares of HarborOne common stock outstanding. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for HarborOne shareholders for the Stock Consideration they will receive. Assuming 80% Stock Consideration, the midpoint of the range, Eastern anticipates issuing approximately 25.2 million shares of its common stock and paying an aggregate amount of $99M in cash in the merger. The transaction is valued at approximately $490M. The merger is expected to close in Q4. No vote of Eastern shareholders is required. All HarborOne directors and executive officers have agreed to vote in favor of the merger. In connection with the closing, Joseph Casey and one other director from HarborOne are expected to be elected to Eastern's Board of Directors. Eastern has $25.0B in assets and $8.4B in assets under management. HarborOne Bank, founded in 1917, has $5.7B in assets, 30 banking centers in Massachusetts and Rhode Island, and operates HarborOne Mortgage.
HarborOne Bancorp reports Q1 EPS 14c, consensus 17c
Reports Q1 NII $31.5M vs. $306M last year. "The first quarter represents a solid start to the year," commented Joseph F. Casey, President & CEO. "Our Bank team achieved continued strong commercial and industrial loan growth of $33 million, decreased commercial real estate balances, lower loan delinquencies, and a reduction of 15 basis points in the cost of deposits, excluding brokered deposits. Our residential mortgage team delivered an 11.8% increase in year-over-year loan closings during the slowest quarter seasonally for that business, against a backdrop of elevated mortgage rates."
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