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.
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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.
Hanover Bancorp reported strong performance for Q3 2022, with a net income of $5.3 million ($0.80 per diluted share), up from $221 thousand in Q3 2021. Total assets rose to $1.61 billion, and net interest income increased by 41.8% to $14.8 million. The company's board declared a $0.10 cash dividend per share, payable on August 16, 2022. The IPO raised $30.8 million, supporting growth in lending activities, primarily in commercial and residential sectors. Returns on average assets and equity improved significantly to 1.41% and 14.05%, respectively, demonstrating strong operational efficiency.
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Hanover Bancorp, Inc. (NASDAQ: HNVR) announced the successful exercise of an overallotment option, resulting in the sale of an additional 191,250 shares at $21.00 per share. This transaction is projected to generate approximately $4.0 million in gross proceeds for the company, with net proceeds expected to be about $3.8 million after expenses. The shares were offered following a registration statement declared effective by the SEC on May 10, 2022. Hanover focuses on providing personalized banking services within the metro-New York area.