Third Quarter Performance Highlights Net Income: Net income for the quarter ended September 30, 2025 totaled $3.5 million or $0.47 per diluted share (including Series A preferred shares), versus $2.4 million or $0.33 per diluted share (including Series A preferred shares) in the prior linked quarter.Pre-Provision Net Revenue: Pre-provision net revenue was $6.0 million resulting in a return on average assets of 1.05% for the quarter ended September 30, 2025 which was the highest level since the first quarter ...

Core Insights - Hanover Bancorp, Inc. reported a net income of $2.4 million or $0.33 per diluted share for the quarter ended June 30, 2025, a significant increase from $0.8 million or $0.11 per diluted share in the same quarter of 2024 [3][5][39] - The company declared a cash dividend of $0.10 per share on both common and Series A preferred shares, payable on August 13, 2025 [2][4] Financial Performance - Pre-provision net revenue for the quarter was $5.7 million, marking the highest level since Q1 2023 [4][10] - Net interest income increased to $14.8 million, up $1.5 million or 11.69% from the same quarter in 2024, driven by an improved net interest margin of 2.76% [4][6][31] - Demand deposits grew by $28.1 million or 13.03% from the previous quarter, indicating strong performance in C&I and Municipal banking verticals [4][10] Asset Quality and Loan Portfolio - Non-performing loans decreased to $12.7 million, representing 0.64% of the total loan portfolio, down from 0.82% at the end of 2024 [29][30] - The company actively managed its loan diversification strategy, reducing the commercial real estate concentration ratio to 368% of capital [4][16] - The residential loan portfolio amounted to $738.8 million, with a weighted average loan-to-value ratio of 57% [16] Strategic Developments - The company opened its tenth branch in Port Jefferson, New York, as part of its strategic expansion into underserved markets [4][10] - Hanover Bancorp was added to the Russell 2000 Index in late June 2025, enhancing its visibility among institutional investors [4][11] Balance Sheet Highlights - Total assets were reported at $2.31 billion, with total deposits at $1.95 billion as of June 30, 2025 [11][12] - The company maintained a strong liquidity position with undrawn liquidity sources totaling $686.5 million, approximately 274% of uninsured deposit balances [4][11] Non-Interest Expenses - Non-interest expenses increased, particularly in compensation and benefits, due to staffing for the new branch and expansion of the C&I banking teams [5][8] - The effective tax rate for the quarter was 27.8%, slightly up from 27.2% in the comparable quarter of 2024 [5][8]

Core Insights - Hanover Community Bank has opened its tenth branch in Port Jefferson, New York, marking a significant step in its strategic growth and commitment to serving the Long Island region [1][4] - The new branch offers a full range of commercial banking services and robust consumer banking services, catering to both businesses and individual consumers [2][4] Company Expansion - The Port Jefferson branch is strategically located to serve the thriving Suffolk County area and is Hanover Bank's second branch in this county [2][4] - This expansion is part of Hanover Bank's broader strategy to deliver tailored, community-focused financial support across Long Island and the New York metropolitan area [4] Services Offered - The new branch provides commercial lending, treasury management, cash flow solutions, checking and savings accounts, personal loans, and digital banking tools [2][4] - Hanover Bank emphasizes a relationship-focused banking approach, aiming to empower local residents and businesses while contributing to long-term economic development [3][4] Community Engagement - The bank is committed to hiring professionals from the communities it serves, reinforcing its dedication to understanding local needs [5] - A formal Grand Opening event will be held to engage with business leaders, residents, and community stakeholders [6] Company Background - Hanover Bancorp, Inc. is the holding company for Hanover Community Bank, which focuses on personalized and efficient banking services [7] - The bank offers a complete suite of financial products, including multi-family and commercial mortgages, residential loans, and business lines of credit [7]

Core Insights - Hanover Bancorp, Inc. reported a net income of $1.5 million or $0.20 per diluted share for the quarter ended March 31, 2025, a decrease from $4.1 million or $0.55 per diluted share in the same quarter of 2024 [3][4][37] - The company declared a cash dividend of $0.10 per share on both common and Series A preferred shares, payable on May 14, 2025 [2][4] - Adjusted net income, excluding core system conversion expenses, was $4.1 million or $0.55 per diluted share for the quarter ended March 31, 2025, unchanged from the prior year [3][41] Financial Performance - Net interest income increased to $14.6 million for the quarter, up $1.7 million or 13.10% from the comparable quarter in 2024 [4][7] - The net interest margin improved to 2.68% from 2.41% in the same quarter of 2024, driven by a decrease in the cost of interest-bearing liabilities [4][27] - The company recorded a provision for credit losses of $0.6 million, with the allowance for credit losses at 1.17% of total loans [26][37] Asset Quality - Non-performing loans decreased by 28.5% to $11.7 million, representing 0.60% of the total loan portfolio [25][4] - The allowance for credit losses increased to $22.9 million, compared to $22.8 million at the end of 2024 [26][4] Balance Sheet Highlights - Total assets were $2.29 billion, a slight decrease from $2.31 billion at the end of 2024 [9][34] - Total deposits decreased by $17.8 million or 0.91% from December 31, 2024, but increased by $19.2 million or 1.00% from March 31, 2024 [10][34] - The loan-to-deposit ratio improved to 101% at March 31, 2025, from 102% at December 31, 2024 [10][4] Loan Portfolio - The loan portfolio decreased by $24.9 million to $1.96 billion from December 31, 2024, primarily due to the management of commercial real estate and multifamily loan concentrations [15][4] - The residential loan portfolio amounted to $733.6 million, with an average loan balance of $486 thousand and a weighted average loan-to-value ratio of 57% [15][4] Strategic Initiatives - The company completed its core processing system conversion to FIS Horizon in February 2025, which is expected to enhance operational efficiencies and customer benefits [4][8] - Hanover Bancorp is focusing on disciplined development of its core business verticals, including niche residential, SBA, and C&I lending [8][4]