Core Insights - Hanover Bank has introduced a new logo as part of a brand identity refresh, aiming to position itself as a leader in digital banking solutions while maintaining a commitment to exceptional service [1][2][3] Company Overview - Hanover Bancorp, Inc. operates Hanover Community Bank, which focuses on personalized and efficient banking services tailored to client needs [6] - The bank offers a comprehensive range of financial services, including consumer, commercial, and municipal banking products, as well as advanced mobile and internet banking technologies [6] Brand Identity and Vision - The new logo symbolizes a forward-thinking vision that emphasizes trust, stability, and progress, reflecting the bank's core values since its establishment in 2009 [2][5] - The refreshed identity is part of a broader initiative to enhance the banking experience for both individuals and businesses, with updates being implemented across various platforms [4] Leadership Perspective - The Chairman and CEO of Hanover Bank, Michael P. Puorro, highlighted the importance of the new logo in reinforcing the bank's commitment to innovation and client-focused services in a rapidly evolving financial landscape [3][5]

Financial Performance - For calendar 2024, the company recognized net income of $12.3 million, or $1.66 per diluted share, compared to net income of $15.2 million, or $2.05 per diluted share for fiscal 2023, reflecting a decrease in net interest income and an increase in the provision for credit losses [236]. - The company’s return on average equity for calendar 2024 was 6.45%, down from 8.10% in the previous year [239]. - The effective income tax rate for 2024 was 24.6%, slightly down from 24.9% in 2023, reflecting lower net income [252]. - The Company reported net income of $12.3 million for the year ended December 31, 2024, offset by $2.9 million in dividends declared [300]. - The net income for the three months ended December 31, 2024, was $12,346, compared to $3,763 for the same period in 2023, showing a significant increase of approximately 228.5% [323]. - Total comprehensive income for the three months ended December 31, 2024, was $13,462 thousand, up from $2,635 thousand in the prior year, reflecting a growth of 411% [327]. Asset and Liability Management - As of December 31, 2024, the company reported total assets of $2.31 billion, total stockholders' equity of $196.6 million, total loans of $1.99 billion, and total deposits of $1.95 billion [228]. - Total assets reached $2,233 million in 2024, compared to $1,976 million in 2023, marking an increase of 13.0% [242]. - The company's total liabilities as of December 31, 2024, were $2,115,472, an increase from $2,085,230 as of December 31, 2023, representing a growth of about 1.45% [320]. - Total deposits increased to $1.95 billion at December 31, 2024, up by $49.7 million from $1.90 billion at December 31, 2023 [284]. - Average total deposits for 2024 were $1,840,378 thousand with an average interest rate of 3.94% [286]. Interest Income and Expense - Net interest income for calendar 2024 was $53.1 million, a decrease of 2.6% from $54.5 million for fiscal 2023, with a net interest margin of 2.44%, down 41 basis points from 2.85% [241]. - Total interest income increased by $28.0 million, or 26.6%, with an average yield on interest-earning assets of 6.12%, up 63 basis points from 5.49% for fiscal 2023 [241]. - Total interest expense rose by $29.4 million, or 58.1%, with an average cost of interest-bearing liabilities at 4.40%, an increase of 122 basis points from 3.18% for fiscal 2023 [241]. - Total interest expense rose to $79.9 million in 2024, up from $50.6 million in 2023, driven by increased costs in deposits and borrowings [246]. Credit Losses and Provisions - The provision for credit losses increased to $4.0 million in June 2024, primarily due to an allowance for credit losses on an individually evaluated loan of $2.5 million [236]. - Provision for credit losses increased to $4.9 million in 2024 from $3.4 million in 2023, with total net charge-offs remaining stable at $1.6 million [248]. - The allowance for credit losses increased to $22.8 million at December 31, 2024, up from $19.7 million at December 31, 2023, with a ratio of 1.15% to total portfolio loans [277]. - The provision for credit losses for the three months ended December 31, 2024, was $4,940, significantly higher than $200 for the same period in 2023, reflecting a substantial increase in credit loss provisions [323]. Non-Interest Income and Expenses - The company’s total non-interest income for the three months ended December 31, 2024, was $15.3 million, compared to $3.3 million for the same period in 2023 [239]. - Non-interest income rose to $15.3 million in 2024, an increase of $6.5 million from $8.8 million in 2023, primarily driven by higher net gains on loan sales [249]. - Non-interest expense for 2024 was $47.1 million, an increase of $7.4 million from $39.7 million in 2023, mainly due to additional staffing [251]. Branch Expansion and Regulatory Approvals - The company expects to open a new full-service branch in Port Jefferson, New York, with operations anticipated to begin in the first half of 2025 [227]. - The company has received regulatory approval for the new branch, and business development staff have already joined in anticipation of the opening [227]. Investment Securities - The total investment securities available-for-sale amounted to $85.084 million with a fair value of $83.755 million as of December 31, 2024, compared to $63.292 million and $61.419 million respectively at December 31, 2023 [259]. - The weighted average yield on available-for-sale investment securities was 5.45% as of December 31, 2024, compared to 6.56% at December 31, 2023 [262]. - The total unrealized losses on available-for-sale securities were $1.605 million, with $13.849 million in gross unrealized losses for securities in a continuous unrealized loss position [414]. Loan Portfolio - As of December 31, 2024, the company's loan portfolio totaled $1.99 billion, an increase of $28.3 million from $1.96 billion at December 31, 2023, with growth concentrated in residential, SBA, and C&I loans [263]. - Loans as interest-earning assets amounted to $2,005 million in 2024, with an interest yield of 6.13%, compared to $1,772 million and 5.51% in 2023 [242]. - The total outstanding loans in the Multi-Family Market Rent Portfolio amount to $347.6 million, with an average outstanding loan size of $2.4 million and an average interest rate of 4.30% [270]. - The Company sold approximately $159.1 million of loans in the year ended December 31, 2024, recognizing gains of $10.9 million, compared to $51.8 million and $4.1 million in gains for the year ended September 30, 2023 [421]. Risk Management and Credit Quality - The Company categorizes loans into risk categories based on borrowers' ability to service their debt, using indicators such as current financial information and historical payment experience [424]. - The Company continuously monitors the credit quality of its loan receivables through assigned credit risk ratings by loan segment [422]. - The Company engages a third-party independent loan reviewer for semi-annual reviews of a sample of loans to validate credit risk ratings [423]. Changes in Accounting Standards - The company adopted ASC 326 for credit loss accounting effective October 1, 2023, changing its methodology for calculating credit losses [312]. - The Company recognized a one-time cumulative effect adjustment to retained earnings of $4.0 million, or $3.2 million net of tax effects, due to the adoption of ASU 2016-13 on October 1, 2023 [405]. - The Company adopted ASU 2022-02 concurrently with ASU 2016-13, which eliminates creditor accounting guidance for troubled debt restructurings [406].

Group 1: Earnings Performance - Hanover Bancorp, Inc. reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of $0.49 per share, but down from $0.54 per share a year ago, representing an earnings surprise of 6.12% [1] - The company posted revenues of $18 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.83%, compared to year-ago revenues of $15.91 million [2] - Over the last four quarters, Hanover Bancorp has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - Hanover Bancorp shares have increased approximately 14.1% since the beginning of the year, outperforming the S&P 500's gain of 3.2% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.48 on revenues of $17.8 million, and for the current fiscal year, it is $2.36 on revenues of $75.3 million [7] Group 3: Industry Context - The Zacks Industry Rank indicates that the Banks - Northeast industry is currently in the top 9% of over 250 Zacks industries, suggesting a favorable environment for stocks in this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for Hanover Bancorp is currently mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Financial Performance - Net income for Q4 2024 totaled $3.9 million, or $0.52 per diluted share, compared to $3.8 million, or $0.51 per diluted share in Q4 2023[4]. - Net income for the year ended December 31, 2024, was $12,346 thousand, a decrease of 9.14% from $13,589 thousand in 2023[35]. - Basic earnings per share (EPS) for the three months ended December 31, 2024, was $0.53, compared to $0.51 in the same period of 2023, reflecting a growth of 3.92%[35]. Income and Revenue - Record non-interest income of $4.2 million in Q4 2024, an increase of 5.89% from Q3 2024 and 28.67% from Q4 2023[1]. - Non-interest income for the year ended December 31, 2024, was $15,339 thousand, an increase of 43.36% from $10,691 thousand in 2023[35]. - Net interest income was $13.8 million in Q4 2024, up $1.1 million or 9.08% from Q4 2023, with a net interest margin of 2.53%[6]. - For Q4 2024, Hanover Bancorp reported net interest income of $13,808,000, an increase from $12,659,000 in Q4 2023, reflecting a margin of 2.53% compared to 2.40%[51]. - For the full year 2024, net interest income was $53,092,000, compared to $51,887,000 in 2023, with a margin of 2.44% versus 2.59%[52]. Assets and Deposits - Total assets increased to $2.31 billion at December 31, 2024, compared to $2.27 billion at December 31, 2023[12]. - Total deposits increased by $49.7 million or 2.61% year-over-year, reaching $1.95 billion at December 31, 2024[13]. - Total deposits reached $1,954,283 thousand as of December 31, 2024, compared to $1,904,595 thousand a year earlier, marking an increase of 2.62%[34]. - Total deposits slightly decreased to $1,954,283,000 in Q4 2024, with a sequential quarter growth rate of (0.17)%[48]. Loans and Credit Quality - The Bank's loan portfolio grew to $1.99 billion, an increase of $28.3 million or 1.45% for the year ended December 31, 2024[17]. - Total loans decreased to $1,985,524,000 in Q4 2024, reflecting a sequential quarter growth rate of (1.01)%[48]. - Non-performing loans totaled $16.4 million, representing 0.82% of total loans outstanding as of December 31, 2024[26]. - The allowance for credit losses was 1.15% of total loans, with non-performing loans totaling $16.4 million, representing 0.82% of the total loan portfolio[3]. - Provision for credit losses on loans increased to $400,000 in Q4 2024 from $200,000 in Q3 2024, while net charge-offs were $(1,027,000) in Q4 2024[44]. Equity and Book Value - Stockholders' equity rose to $196.6 million at December 31, 2024, an increase of $11.8 million from the previous year[16]. - The Company reported a tangible book value per share of $23.86 at December 31, 2024, a 9.97% annualized increase from $23.28 at September 30, 2024[3]. - Book value per share increased to $26.48 in Q4 2024, compared to $25.89 in Q3 2024[44]. - Tangible common equity (TCE) ratio improved to 7.73% in Q4 2024, up from 7.49% in Q3 2024[50]. Operational Efficiency and Future Outlook - The Company expects to complete a core processing system conversion by February 15, 2025, aimed at improving operational efficiency and customer experience[10]. - The Company expects the volume of SBA loan activity to increase in 2025, focusing on originations for sale over portfolio growth[19]. - The Company's loan pipeline with executed term sheets at December 31, 2024, is approximately $237 million, with 89% being niche-residential, conventional C&I, and SBA & USDA lending opportunities[17].

Core Performance Highlights - The company reported a net income of $3.9 million or $0.52 per diluted share for the quarter ended December 31, 2024, compared to $3.8 million or $0.51 per diluted share in the same quarter of 2023, reflecting a slight year-over-year increase [2][4] - Non-interest income reached a record $4.2 million for the quarter, up by $0.2 million or 5.89% from the previous quarter and $0.9 million or 28.67% from the same quarter last year [2] - Net interest income was $13.8 million for the quarter, an increase of $0.7 million or 5.39% from the previous quarter and $1.1 million or 9.08% from the same quarter last year [2][6] Financial Metrics - The net interest margin improved to 2.53% for the quarter, up from 2.37% in the previous quarter and 2.40% in the same quarter last year [2][31] - The company maintained a strong liquidity position with undrawn liquidity sources totaling $713.1 million, approximately 283% of uninsured deposit balances [2] - Core deposits increased by $3.1 million or 0.84% annualized from the previous quarter and $74.1 million or 5.36% from the same quarter last year [2] Loan and Deposit Activity - The company successfully diversified its loan portfolio, with commercial and industrial (C&I) loans increasing by $61.0 million or 56.52% year-over-year, now representing 8.51% of total loans [2] - Total deposits rose to $1.95 billion, an increase of $49.7 million or 2.61% compared to the previous year [15] - The loan-to-deposit ratio was 102% at December 31, 2024, compared to 103% at the same time last year [15] Asset Quality - Non-performing loans totaled $16.4 million, representing 0.82% of the total loan portfolio, indicating solid asset quality [29] - The allowance for credit losses was 1.15% of total loans, reflecting a cautious approach to credit risk management [30] Strategic Initiatives - The company is set to complete a core processing system conversion to FIS Horizon by February 15, 2025, which is expected to enhance operational efficiency and customer service [9][12] - The company declared a cash dividend of $0.10 per share on both common and Series A preferred shares, payable on February 19, 2025 [3][9] Year-End Summary - For the year ended December 31, 2024, net income was $12.3 million or $1.66 per diluted share, down from $13.6 million or $1.84 per diluted share in 2023 [7][8] - The decrease in annual net income was attributed to an increase in the provision for credit losses and non-interest expenses, partially offset by higher non-interest income [8]

Financial Performance - For the three months ended September 30, 2024, revenue increased to $17.056 million from $15.506 million for the same period in 2023, representing a growth of 10%[164] - Net income for the three months ended September 30, 2024, was $3.539 million, slightly up from $3.523 million in the same period of 2023[164] - The Bank's net income for the nine months ended September 30, 2024, was $8.4 million, offset by $2.2 million in declared dividends[193] - The company recorded net income of $8.4 million for the nine months ended September 30, 2024, down from $9.8 million in the comparable period[216] Asset and Deposit Information - Total assets as of September 30, 2024, were $2.3 billion, with total deposits of $2.0 billion and total stockholders' equity of $192.3 million[166] - Total assets of the Company were $2.3 billion as of September 30, 2024, unchanged from December 31, 2023[174] - Total deposits increased to $2.0 billion at September 30, 2024, reflecting a growth of $52.9 million or 2.8% from $1.9 billion at December 31, 2023[178] - Core deposit balances grew to $1.5 billion as of September 30, 2024, up from $1.4 billion as of December 31, 2023[178] - The Company's outstanding uninsured deposits were $622.1 million or 31.8% of total deposits as of September 30, 2024, down from $771.0 million or 40.5% at December 31, 2023[178] Credit Losses and Loan Information - The provision for credit losses decreased to $200,000 for the three months ended September 30, 2024, compared to $500,000 for the same period in 2023[164] - The allowance for credit losses increased by $3.7 million, or 19.1%, to $23.4 million, representing 1.17% of total loans as of September 30, 2024[209] - The company recorded a provision for credit losses on loans of $4.5 million for the nine months ended September 30, 2024, compared to $1.9 million for the same period in 2023, indicating an increase in credit loss provisions[222] - Total non-accrual loans at September 30, 2024, were $15.4 million, or 0.77% of total loans, compared to 0.80% at September 30, 2023[169] - The company recorded net loan charge-offs of $0.4 million during the three months ended September 30, 2024, compared to $1.2 million for the same period in 2023[227] Interest Income and Margin - The net interest income for the three months ended September 30, 2024, increased by $1.3 million compared to the same period in 2023, with a net interest margin improvement to 2.37% from 2.29%[204][205] - The yield on interest-earning assets rose to 6.17% in the 2024 quarter, an increase of 56 basis points from 5.61% in the comparable 2023 quarter[205] - The company's net interest margin decreased to 2.41% in the 2024 nine-month period from 2.65% in the comparable 2023 period[217] - The yield on interest-earning assets increased to 6.14% in the 2024 nine-month period from 5.58% in the comparable 2023 period, an increase of 56 basis points[217] Non-Interest Income and Expenses - Non-interest income increased by $0.2 million for the three months ended September 30, 2024, driven by a $1.4 million increase in net gain on sale of loans[211] - Non-interest income increased by $3.7 million for the nine months ended September 30, 2024, driven by a $4.4 million increase in net gain on sale of loans, with approximately $81.8 million sold in the government guaranteed portion of SBA loans[222] - Total non-interest expense increased by $1.9 million for the three months ended September 30, 2024, primarily due to higher salaries and employee benefits[213] - Total non-interest expense rose by $3.3 million for the nine months ended September 30, 2024, primarily due to increased salaries and employee benefits for additional staff[223] Capital and Regulatory Ratios - The Bank's tier 1 leverage ratio was 8.85%, and the common equity tier 1 risk-based capital ratio was 12.99% as of September 30, 2024, exceeding regulatory guidelines for a well-capitalized institution[194] - As of September 30, 2024, the Bank had total stockholders' equity of $192.3 million, an increase of $7.5 million from $184.8 million at December 31, 2023, primarily due to a $6.2 million increase in retained earnings[193] Strategic Initiatives - The Company opened a new business banking center in Hauppauge, New York, in May 2023, and plans to open a full-service branch in Port Jefferson by Q1 2025[159] - The Bank initiated a flow origination program for residential loans in late 2023 to resume sales and generate fee income[161] - The Company announced a stock repurchase program allowing the repurchase of up to 366,050 shares, approximately 5% of its outstanding shares, with no repurchases made as of September 30, 2024[195] Interest Rate Risk Management - The Company employs strategies to manage interest rate risk, including diversifying interest-earning assets and liabilities, and utilizing interest rate swap agreements[232] - The Company’s asset/liability management program aims to maximize net interest income while managing overall risk from interest rate fluctuations[231] - The Company’s interest rate risk exposure is assessed based on a 12-month time horizon[233] Other Information - The evaluation of the effectiveness of the Company's disclosure controls concluded they are effective in timely alerting to material information[236] - The Company is not subject to any legal proceedings that could materially impact its financial condition[237] - The EVE and NII measurements are subject to model limitations and may not precisely forecast the effects of interest rate changes[234]

Group 1 - The importance of confirming the sustainability of a trend for successful short-term investing is emphasized, as trends can reverse unexpectedly, leading to potential losses [1][2] - A unique short-term trading strategy called "Recent Price Strength" helps identify stocks with strong fundamentals that can maintain their upward momentum [3] - Hanover Bancorp, Inc. (HNVR) has shown a solid price increase of 16.6% over the past 12 weeks, indicating investor confidence in its potential upside [4] Group 2 - HNVR has also experienced a price increase of 7.2% over the last four weeks, suggesting that the upward trend is still intact [5] - The stock is currently trading at 85% of its 52-week high-low range, indicating a potential breakout opportunity [5] - HNVR holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6] Group 3 - The Zacks Rank system has a strong track record, with Zacks Rank 1 stocks averaging a +25% annual return since 1988, highlighting the effectiveness of this ranking system [7] - HNVR has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7] - The price trend for HNVR is expected to remain positive, and there are other stocks that also meet the criteria of the "Recent Price Strength" screen [8]

Core Insights - Hanover Bancorp, Inc. (HNVR) reported quarterly earnings of $0.50 per share, exceeding the Zacks Consensus Estimate of $0.41 per share, and showing an increase from $0.38 per share a year ago, representing an earnings surprise of 21.95% [1] - The company generated revenues of $17.06 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 2.13% and increasing from $15.51 million year-over-year [1] - Hanover Bancorp has outperformed consensus EPS estimates three times in the last four quarters and has topped consensus revenue estimates four times in the same period [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $17.2 million, while the estimate for the current fiscal year is $1.56 on revenues of $67.3 million [4] - The estimate revisions trend for Hanover Bancorp is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell), indicating expected underperformance in the near future [4] Industry Context - The Banks - Northeast industry, to which Hanover Bancorp belongs, is currently in the top 20% of over 250 Zacks industries, suggesting a favorable industry outlook [5] - Another company in the same industry, Eastern Bankshares, Inc. (EBC), is expected to report quarterly earnings of $0.33 per share, reflecting a year-over-year increase of 3.1%, with revenues projected at $215.92 million, up 38.1% from the previous year [5]

Financial Performance - Net income for Q3 2024 totaled $3.5 million or $0.48 per diluted share, with adjusted net income of $3.7 million or $0.50 per diluted share[1]. - Net income for the three months ended September 30, 2024, was $3,539, slightly up from $3,523 in the same period last year[37]. - Adjusted net income for Q3 2024 was $3,703,000, compared to $2,791,000 in Q3 2023, representing a significant increase of 32.7%[42]. - Basic earnings per share (EPS) for the three months ended September 30, 2024, remained at $0.48, consistent with the prior year[37]. - Basic earnings per share (EPS) for Q3 2024 was $0.48, unchanged from Q3 2023[40]. Income and Revenue - Record non-interest income reached $4.0 million, a 9.17% increase from Q2 2024 and a 6.66% increase from Q3 2023[1]. - Non-interest income for the nine months ended September 30, 2024, was $11,152, up from $7,437 for the same period in 2023, showing a significant increase of 49.0%[37]. - Interest income for Q3 2024 was $34,113,000, an increase of 17.6% compared to $28,952,000 in Q3 2023[40]. - Net interest income for the three months ended September 30, 2024, was $13,102, an increase from $11,799 for the same period in 2023, representing a growth of 11.0%[37]. - Net interest income after provision for credit losses rose to $12,902,000 in Q3 2024, up from $11,299,000 in Q3 2023, reflecting a year-over-year increase of 14.2%[40]. Loans and Deposits - Total loans amounted to $2.01 billion, a net increase of $48.6 million or 3.31% annualized from December 31, 2023[1]. - Total deposits increased to $1,957,544 as of September 30, 2024, compared to $1,941,929 on June 30, 2024, reflecting a growth of 0.6%[36]. - The Bank's loan portfolio grew to $2.01 billion, an increase of $48.6 million or 3.31% annualized for the nine months ended September 30, 2024[18]. - The residential loan portfolio amounted to $745.9 million with an average loan balance of $483 thousand and a weighted average loan-to-value ratio of 57%[18]. - Total loans amounted to $2,005,813,000, showing a sequential quarter decline of 0.35%[51]. Asset Quality - Non-performing loans totaled $15.5 million, representing 0.77% of the total loan portfolio, with an allowance for credit losses of 1.17%[2]. - Non-performing loans were reported at $15.5 million, representing 0.77% of total loans outstanding as of September 30, 2024[27]. - The allowance for credit losses was $23.4 million as of September 30, 2024, compared to $19.7 million at December 31, 2023[27]. - The allowance for credit losses was $23,406 as of September 30, 2024, compared to $19,658 on December 31, 2023, indicating a rise in provisions[35]. - The allowance for credit losses to total loans ratio remained stable at 1.17%[48]. Operational Efficiency - The operating efficiency ratio for Q3 2024 was reported at 71.75%, an increase from 66.53% in Q3 2023, indicating a decline in operational efficiency[42]. - Non-interest expense increased to $12,238,000 in Q3 2024, up from $10,317,000 in Q3 2023, reflecting a rise of 18.6%[40]. - Compensation and benefits expenses increased to $6,840 for the three months ended September 30, 2024, from $5,351 in the same period last year, marking a rise of 27.8%[37]. Capital and Equity - Total equity increased to $192,339 thousand as of September 30, 2024, up from $190,072 thousand on June 30, 2024, representing a growth of 1.33%[52]. - Tangible common equity (TCE) rose to $172,906 thousand, compared to $170,625 thousand in the previous quarter, reflecting an increase of 1.34%[52]. - Tier 1 capital stood at $198,196,000, with a Tier 1 leverage ratio of 8.85%[48]. - The tangible book value per share increased to $23.28 as of September 30, 2024, compared to $22.73 a year earlier, representing a growth of 2.42%[52]. Branch Expansion - The Company received regulatory approval for a new full-service branch in Port Jefferson, expected to be operational in Q1 2025[2]. - A new branch is set to open in Port Jefferson, New York in the first quarter of 2025, expanding the Bank's presence in the metro-New York area[28].

Core Points - Hanover Bancorp, Inc. hosted a cocktail party to express gratitude to the community and businesses that supported its expansion into Suffolk County [1][2] - The bank emphasizes a philosophy of success through collaboration and community support, recognizing the contributions of local leaders and businesses [2][3] - The new business center in Hauppauge is designed as a state-of-the-art facility, enhancing the local economy and providing various banking services [3][6] Company Overview - Hanover Bancorp, Inc. operates Hanover Community Bank, focusing on personalized banking services tailored to client needs [8] - The bank offers a comprehensive range of financial products, including commercial and consumer banking services, and operates multiple branch locations [9] - The management team consists of local business leaders who understand the financial landscape of the metro-New York area [8]