Hanover Bancorp(US:HNVR) Newsfilter·2025-01-29 12:30Core 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]