Welcome to our dedicated page for Hanover Bancorp news (Ticker: HNVR), a resource for investors and traders seeking the latest updates and insights on Hanover Bancorp stock.
Hanover Bancorp, Inc. (HNVR) generates a steady flow of news through its role as the Nasdaq-listed holding company for Hanover Community Bank, a community commercial bank serving the metro–New York region, Long Island, and nearby markets. News coverage typically centers on quarterly and annual earnings releases, balance sheet trends, and updates on key banking verticals such as niche-residential lending, SBA and USDA government-guaranteed lending, commercial and industrial (C&I) banking, and municipal deposits.
Investors following HNVR news can track disclosures on net interest income, net interest margin, pre-provision net revenue, asset quality metrics, and loan and deposit growth. The company’s releases often detail the composition of its loan portfolio, commercial real estate concentration ratios, non-performing loan levels, and allowance for credit losses, giving readers insight into credit risk and portfolio management. Regular announcements of quarterly cash dividends on common and Series A preferred shares also appear in the news stream.
Beyond financial results, Hanover’s news includes strategic and operational milestones. Recent items have highlighted the opening of new branches such as the Port Jefferson location on Long Island, expansion of the Hauppauge Business Banking Center, a core banking system conversion to FIS Horizon, a refreshed corporate logo, and the launch of a redesigned website. Marketing initiatives, including the bank’s first radio and digital audio campaign, further illustrate how the company is promoting its community and digital banking capabilities.
For readers interested in regional banks, commercial banking trends, or community-focused institutions in the New York area, the HNVR news page offers a centralized view of Hanover Bancorp’s earnings announcements, strategic projects, technology upgrades, and branding efforts. Bookmark this page to review new press releases and company updates as they are published.
Hanover Bancorp (HNVR) reported Q4 2024 net income of $3.9 million or $0.52 per diluted share, with notable performance highlights including record non-interest income of $4.2 million, up 28.67% YoY. Net interest income increased to $13.8 million, up 9.08% YoY, while net interest margin expanded to 2.53%.
The company maintained a strong liquidity position with $713.1 million in undrawn sources, covering 283% of uninsured deposits. Core deposits grew by $74.1 million YoY, with 87% of total deposits being insured or collateralized. The loan portfolio showed diversification success with C&I loans increasing 56.52% YoY.
Asset quality remained solid with non-performing loans at 0.82% of the total portfolio. The company declared a $0.10 per share cash dividend payable February 19, 2025. Tangible book value per share increased 6% YoY to $23.86.
Hanover Bancorp (HNVR) reported Q3 2024 net income of $3.5 million or $0.48 per diluted share. Key highlights include record non-interest income of $4.0 million, up 9.17% quarter-over-quarter, and net interest income of $13.1 million, up 11.04% year-over-year. The company's net interest margin improved to 2.37%. Core deposits increased by $71.0 million or 5.14% from December 2023, while total loans grew to $2.01 billion. The company declared a $0.10 quarterly cash dividend payable November 13, 2024.
Hanover Bancorp, Inc. (Nasdaq: HNVR) hosted a celebration at their Hauppauge Business Banking center on September 19, 2024, to thank the community for their support in Suffolk County. Michael P. Puorro, Chairman and CEO, expressed gratitude for the warm welcome received since expanding into the area. The event highlighted the bank's integration into the Long Island Innovation Park at Hauppauge and its contribution to the local economy.
The bank's new state-of-the-art office facility, developed by Aresco 410 , showcases collaboration with the Suffolk County Industrial Development Association (IDA). The building, located at 410 Motor Parkway, benefits from recent zoning changes and sewer expansion in Smithtown. Hanover Bank employs approximately 65 people at this center, offering commercial, municipal, and consumer retail banking products to the Long Island community.
Hanover Bancorp announced grants to seventeen local non-profit organizations as part of the Federal Home Loan Bank of New York's (FHLBNY) Small Business Recovery Grant Program. The program aims to support small businesses and non-profits facing economic challenges due to the current economic environment, including inflation, supply-chain constraints, and rising energy costs.
Michael P. Puorro, Chairman and CEO of Hanover Bancorp, expressed gratitude to the FHLBNY for providing these funds to organizations adversely affected by economic conditions. Hanover Bank has participated in this program before and continues to support local non-profits not only through grants but also through employee involvement in these causes.
Hanover Bancorp (NASDAQ: HNVR) reported Q2 2024 earnings, with net income of $0.8 million or $0.11 per diluted share, compared to $4.1 million or $0.55 the previous quarter. Net interest income was $13.2 million, a 2.4% increase from Q1 2024, but a 1.9% decrease from Q2 2023. Non-interest income hit a record $0.1 million, a 1.3% increase from Q1 2024. The company declared a $0.10 quarterly dividend payable on August 14, 2024. Core deposits rose by $95.4 million since December 2023. Loans totaled $2.01 billion, up by $7.4 million from Q1 2024.
Asset quality remained solid, with non-performing loans at 0.79% of the total loan portfolio. Hanover plans to open a new branch in Port Jefferson, NY.
For the six months ended June 2024, net income was $4.9 million, down from $6.3 million in the same period in 2023. The company saw a decrease in net income due to higher credit loss provisions and rising funding costs. The effective tax rate dropped to 27.2% in Q2 2024 from 29.9% in Q2 2023.
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