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Hanover Bancorp, Inc. (HNVR) provides community-focused banking services through personalized financial solutions for businesses and residents. This news hub offers investors and stakeholders timely updates on strategic developments and operational milestones.
Access comprehensive coverage of HNVR's official announcements including earnings reports, leadership updates, and regulatory filings. Track the bank's commercial lending initiatives, mortgage product developments, and community partnership programs that reflect its local market expertise.
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Hanover Bancorp, Inc. (NASDAQ: HNVR) reported its financial results for the quarter ended March 31, 2023, with net income of $3.2 million or $0.43 per diluted share, a decrease from $5.9 million or $1.00 per diluted share in the prior year. Adjusted net income was $3.6 million or $0.48 per diluted share. Total deposits rose to $1.7 billion, reflecting an increase of $189.6 million since December 31, 2022. The bank maintained a strong liquidity position with $602.2 million in liquidity sources. Net interest income declined by 5.6% to $13.9 million, attributed to a reduced net interest margin of 3.04%.
The bank is expanding its SBA and USDA banking teams and is set to open a new banking center in Hauppauge in May 2023. The tangible book value per share increased to $21.96.
Hanover Bancorp reported net income of $5.3 million or $0.72 per diluted share for Q4 2022, a 20.6% decline from $6.5 million or $1.16 per diluted share in Q4 2021. Pre-provision net revenue fell to $8.4 million, down from $9.4 million year-over-year. The Board declared a $0.10 cash dividend payable on February 14, 2023. The bank exhibited strong loan growth of $123.3 million, a 30.4% annualized increase, and total assets rose to $1.98 billion. However, net interest margin decreased to 3.49% from 4.39% in Q4 2021. The company maintains a healthy Tier 1 leverage ratio of 10.34%.
Hanover Bancorp, Inc. (HNVR) reported net income of $5.8 million or $0.79 per diluted share for Q3 2022, down from $7.1 million or $1.25 a year ago. For FY 2022, net income rose to $23.6 million, up from $10.9 million in FY 2021. The company declared a $0.10 cash dividend, continuing its streak of four consecutive dividends. Pre-provision net revenue was $9.6 million. Net interest income increased by 1.8% year-over-year to $16.4 million, while net interest margin slightly decreased to 4.04%. Total assets reached $1.84 billion, with strong loan growth of 62.5% on a linked quarter basis.
Hanover Bancorp, Inc. (Nasdaq: HNVR) has been recognized in the Piper Sandler Sm-All Stars: Class of 2022, highlighting its status among the top 35 small-cap banks in the U.S. Companies must meet strict criteria, including a market cap below $2.5 billion and demonstrating exceptional growth and profitability. CEO Michael P. Puorro praised the team's efforts in achieving this accolade. Hanover Bancorp offers a comprehensive range of banking services and operates multiple branches in New York and New Jersey, ensuring strong community-focused financial solutions.
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