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]

Financial Performance - For the three months ended June 30, 2024, the Company reported revenue of $16.9 million, an increase of 9.0% from $15.5 million in the same period of 2023[138]. - Net income for the three months ended June 30, 2024, was $0.8 million, a decrease of 72.7% compared to $3.1 million for the same period in 2023[139]. - The company recorded net income of $0.8 million for the three months ended June 30, 2024, down from $3.1 million in the same period in 2023, reflecting a decrease of approximately 74.2%[168]. - For the six months ended June 30, 2024, net income was $4.9 million, down from $6.3 million in the comparable period in 2023, a decrease of approximately 22.2%[178]. Credit Losses and Provisions - The provision for credit losses increased to $4.0 million for the three months ended June 30, 2024, compared to $0.5 million in the same period of 2023[138]. - Provision for credit losses expense increased to $3.9 million for the three months ended June 30, 2024, compared to $0.5 million in the same period in 2023, marking a significant increase of 680%[173]. - The allowance for credit losses increased by $4.0 million, or 20.3%, to $23.6 million, representing 1.17% of total loans as of June 30, 2024[173]. - The provision for credit losses on loans increased to $4.1 million for the six months ended June 30, 2024, compared to $1.4 million for the same period in 2023[184]. Assets and Liabilities - Total assets as of June 30, 2024, were $2.3 billion, with total deposits of $1.9 billion and total stockholders' equity of $190.1 million[139]. - Total assets of the Company were $2.3 billion as of June 30, 2024, unchanged from December 31, 2023[145]. - Total loans increased by $55.8 million to $2.0 billion as of June 30, 2024[146]. - The aggregate amount of outstanding uninsured deposits was $675.7 million, or 34.8% of total deposits as of June 30, 2024[148]. Non-Interest Income and Expenses - Non-interest income rose by $1.6 million for the three months ended June 30, 2024, driven primarily by a $1.5 million increase in net gain on sale of loans, totaling $2.5 million for the quarter[174]. - Total non-interest expense increased by $1.1 million for the three months ended June 30, 2024, primarily due to higher salaries and employee benefits[176]. - Non-interest income rose by $3.5 million to $XX million for the six months ended June 30, 2024, driven by a $3.0 million increase in net gain on sale of loans, with approximately $54.7 million in SBA loans sold[184]. - Total non-interest expense increased by $1.3 million for the six months ended June 30, 2024, primarily due to higher salaries and employee benefits[185]. Capital and Equity - Total stockholders' equity increased to $190.1 million at June 30, 2024, up from $184.8 million at December 31, 2023[157]. - The Company's tier 1 leverage ratio was 8.89% and total risk-based capital ratio was 14.21% as of June 30, 2024, exceeding regulatory guidelines[158]. Interest Rates and Risk Management - The company's net interest margin compressed to 2.46% in the second quarter of 2024 from 2.68% in the same quarter of 2023, reflecting the impact of rising interest rates[169]. - The yield on interest-earning assets increased to 6.22% in the second quarter of 2024 from 5.65% in the same quarter of 2023, an increase of 57 basis points[169]. - The company has implemented strategies to manage interest rate risk, including diversifying interest-earning assets and liabilities, emphasizing core deposits, and utilizing interest rate swap agreements[191]. - The estimated net interest income (NII) at June 30, 2024, is $56,171 thousand, with a projected decrease of $13,005 thousand (23.2%) if interest rates rise by 400 basis points[193]. Regulatory and Compliance - The company adopted ASU 2016-13 effective October 1, 2023, which involves new controls over financial reporting related to credit losses[195]. - The company’s internal controls over financial reporting have not materially changed during the three months ended June 30, 2024, except for those related to the adoption of ASU 2016-13[195]. - The company is not subject to any legal proceedings that could materially affect its financial condition[196]. Business Development - The Company opened a new business banking center in Hauppauge, New York, in May 2023, to enhance commercial lending and deposit activities[134]. - The Company initiated a flow origination program in late 2023 to resume residential loan sales and generate fee income[136].

MINEOLA, N.Y., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Michael P. Puorro, Chairman and Chief Executive Officer of Hanover Bancorp, Inc. the bank holding company for Hanover Community Bank, today announced grants to seventeen local not-for-profit organizations as a part of the Federal Home Loan Bank of New York's (FHLBNY) Small Business Recovery Grant Program. Mr. Puorro stated "These organizations are the very heartbeat of the communities we serve, and we are thrilled that this money will help them in fulfilling ...

Exhibit 99.1 ● Net Income: Net income for the quarter ended June 30, 2024 totaled $0.8 million (after giving effect to an allowance for credit loss ("ACL") on an individually evaluated loan of $2.5 million and a $1.1 million provision resulting from ongoing enhancements to the current expected credit loss ("CECL") model) or $0.11 per diluted share (including Series A preferred shares), versus $4.1 million or $0.55 per diluted share (including Series A preferred shares) in the prior linked quarter and $3.1 m ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File No. 001-41384 HANOVER BANCORP, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdictio ...

Hanover Bancorp, Inc. (HNVR) came out with quarterly earnings of $0.55 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 52.78%. A quarter ago, it was expected that this company would post earnings of $0.34 per share when it actually produced earnings of $0.54, delivering a surprise of 58.82%.Over the last four quarters, the co ...

Exhibit 99.1 First Quarter Performance Highlights Earnings Summary for the Quarter Ended March 31, 2024 The increase in net income recorded in the first quarter of 2024 from the comparable 2023 quarter resulted from an increase in non-interest income and a decrease in the provision for credit losses, which were partially offset by an increase in non-interest expense, primarily in occupancy and equipment. Additionally, net interest income decreased due to the continued impact of higher funding costs resultin ...

First Quarter Performance Highlights Net Income: Net income for the quarter ended March 31, 2024 totaled $4.1 million or $0.55 per diluted share (including Series A preferred shares), versus $3.8 million or $0.51 per diluted share (including Series A preferred shares) in the prior linked quarter and $3.2 million or $0.43 per diluted share (including Series A preferred shares) in the comparable 2023 quarter. Our first quarter results reflect linked quarter and year over year increases in diluted earnings per ...

This article examines some of the most shorted financial stocks on the market. More specifically, we’re looking at financial stocks short sellers are targeting that you may want to sell before it’s too late. The uncertain economic environment warrants analyzing financial stocks sold short by market participants, as a divergence is likely to occur.Significant short selling of a stock generally means market participants believe it is overpriced. However, other rationales exist for short selling. For example, ...