Company Strategy & Performance - Chimera Investment Corp is a hybrid mortgage REIT focused on diversified investment solutions across the mortgage credit product spectrum[10, 13] - The company reported earnings available for distribution of $039 per share[19] - Book value per share was $2091, a 12% decrease from the previous quarter[22] - Economic return for the quarter was 05%[19, 22] HomeXpress Acquisition - Chimera entered into a definitive agreement to acquire HomeXpress Mortgage Corp, expected to close in Q4 2025[11, 21, 22] - The acquisition consideration includes cash equal to HomeXpress's book value plus a $120 million premium and 2,077,151 shares of CIM common stock[22] - HomeXpress has originated over $107 billion in loans since 2016[25, 27] - HomeXpress generated $47 million in pre-tax earnings in 2024[27] Portfolio Composition & Activity - The company purchased $19 billion in notional Agency pass-throughs, with an additional $402 million settling in Q3[22] - Recourse leverage increased to 18x from 12x in Q1 due to growth in Agency RMBS allocation[22] - Loans under third-party asset management grew 43% year-over-year to $254 billion[57, 58]

Financial Performance - Net income increased 36% to $42.7 million, or $0.50 per diluted share[10] - Adjusted net income increased 39% to $44.5 million, or $0.52 per diluted share[10] - Net interest income totaled $127.3 million, an increase of $8.4 million, or 7%, from the prior quarter[14] - Net interest margin increased 10 basis points to 3.58%[14] - Excluding accretion on acquired loans, net interest margin expanded five basis points to 3.29%[14] - Tangible book value per share of $17.19 increased 12% year over year[10] Loan and Deposit Trends - Loans grew 6.4% on an annualized basis[10] - Loans outstanding increased by $165.8 million, or 6.4% annualized, from the prior quarter[33] - Total deposits decreased $77.2 million, or 2.5% annualized during the second quarter[58] - Year over year, deposits have increased by $381.5 million, or 3.1%[58] - Cost of deposits declined 13 basis points to 1.80%[10, 14] Acquisitions and Capital - Completed the acquisition of Heartland Bancshares, Inc, adding four branches and approximately $777 million in assets[10] - The proposed acquisition of Villages Bancorporation, Inc, which will add 19 branches and approximately $4.1 billion in assets, is expected to close in the fourth quarter of 2025[10] - Strong capital position, with a Tier 1 capital ratio of 14.6%[10]

Financial Performance - Net income was $100.2 million, which translates to $0.50 per diluted share[5] - Operating net income reached $81.7 million, or $0.41 per diluted share, marking a 21% increase compared to the previous quarter[5] - Net interest margin expanded by 21 basis points to 3.59%[7] - Operating efficiency ratio improved to 50.8%[9] Balance Sheet & Loan Portfolio - Total loans increased by $385 million, representing an annualized growth of 8%[54] - Total deposits remained consistent with the previous quarter[24] - Non-performing loans decreased to $54.7 million, accounting for 0.30% of total loans, an improvement from $91.6 million or 0.51% at March 31, 2025[7] - Wealth management assets under management reached a record high of $8.7 billion[7] Commercial Real Estate (CRE) - CRE portfolio totaled $7.3 billion, representing 39% of total loans[79, 83] - Non-performing CRE loans decreased to $25 million, or 0.4% of total CRE loans, compared to $58 million, or 0.8% in the prior quarter[83] - CRE investor office loans amounted to $828 million, or 4% of total loans[89] Capital & Outlook - Common Equity Tier 1 (CET1) capital ratio stood at 14.4%[64] - Tangible book value per share increased by $0.52 to $12.53, a 4% increase compared to the previous quarter[5] - The company expects loan growth of 3%-5% and deposit growth of 0%-1% for the full year 2025[91]

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]

Net Income: Net income for the quarter ended March 31, 2025 totaled $1.5 million or $0.20 per diluted share (including Series A preferred shares). Adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) increased to $4.1 million or $0.55 per diluted share for the quarter ended March 31, 2025. Net Interest Income: Net interest income was $14.6 million for the quarter ended March 31, 2025, an increase of $0.8 million or 5.95% from the quarter ended December 31, 2 ...