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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 (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.
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.
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