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Hanover Bancorp, Inc. received an amended Schedule 13G (Amendment No. 2) from a group of investment entities led by Fourthstone LLC, a registered investment adviser. Fourthstone reports beneficial ownership of 144,216 shares of Hanover Bancorp common stock on behalf of advisory clients, representing 2.02% of the class based on 7,156,661 shares outstanding as of April 30, 2026.
The filing lists related entities, including Fourthstone Master Opportunity Fund Ltd., Fourthstone QP Opportunity Fund LP, Fourthstone Small-Cap Financials Fund LP, Fourthstone GP LLC, and L. Phillip Stone IV, all as reporting persons with shared voting and dispositive power over these shares. The group states the securities were acquired in the ordinary course of business and not for the purpose of changing or influencing control of Hanover Bancorp, and confirms ownership of 5 percent or less of the outstanding common stock.
Hanover Bancorp, Inc., the holding company for Hanover Community Bank, reported improved profitability for the quarter ended June 30, 2026. Net income for the quarter was $4,064 thousand, up from $2,443 thousand a year earlier, and basic and diluted EPS rose to $0.55 from $0.33. For the first six months of 2026, net income was $5,938 thousand versus $3,964 thousand in 2025, with EPS of $0.80 versus $0.53, supported by higher net interest income and a lower provision for credit losses.
Total assets were $2,336,630 thousand, including net loans of $1,978,754 thousand and securities available for sale of $135,043 thousand. Deposits totaled $2,012,839 thousand, and stockholders’ equity increased to $202,747 thousand. The allowance for credit losses on loans rose slightly to $19,139 thousand, while loans on nonaccrual status increased to $28,340 thousand from $21,604 thousand at December 31, 2025. Results for the first half also include a Board-approved severance payment of approximately $2.15 million to the former President as part of a management restructuring initiative.
Hanover Bancorp, Inc. /MD President Kevin M. O'Connor purchased 10,000 shares of Common Stock on July 30, 2026 at $26.88 per share in an open-market or private transaction. Following this buy, he directly owns 12,300 shares. The Rule 10b5-1 plan checkbox was not selected.
Hanover Bancorp, Inc. reported initial insider holdings for President Kevin M. O'Connor in a Form 3. He directly owns 2300.0000 shares of the company's Common Stock. The filing lists this ownership position only and does not report any purchase or sale transactions.
Hanover Bancorp, Inc. reported improved results for the quarter and six months ended June 30, 2026. Quarterly net income was $4.1 million, or $0.55 per diluted share, and adjusted net income was $4.3 million, or $0.58 per diluted share. For the six‑month period, net income was $5.9 million ($0.80 per diluted share) and adjusted net income was $8.3 million ($1.11 per diluted share).
Performance was driven mainly by higher net interest income and lower provision for credit losses. Net interest income rose to $16.8 million, with net interest margin expanding to 3.10%, as the cost of interest‑bearing liabilities fell to 3.46%. Non‑interest income declined, reflecting lower gains on loan sales, and expenses included $240 thousand of debt extinguishment costs and severance.
Total assets were $2.34 billion and deposits $2.01 billion at June 30, 2026, with a loan‑to‑deposit ratio of 99%. Stockholders’ equity was $202.7 million, and tangible book value per share increased to $25.02. Non‑performing loans were $28.3 million, or 1.42% of total loans, with an allowance for credit losses of $19.1 million, or 0.96% of total loans. The company declared a $0.10 per share cash dividend on common and Series A preferred shares.
Hanover Bancorp, Inc. appointed Kevin O’Connor as President of both the company and Hanover Community Bank, effective July 27, 2026. He will lead expansion and regional growth across the Long Island market, focusing on strengthening client relationships and new business opportunities.
O’Connor brings more than 35 years of banking experience, including leadership roles at Valley Bank, Dime Community Bank and Bridgehampton National Bank. His compensation includes an annual base salary aligned with other senior executives, eligibility for short- and long-term incentive plans, and an initial 10,000-share restricted stock award vesting over five years.
Hanover Bancorp is offering to exchange up to $35,000,000 in aggregate principal amount of registered 7.25% Fixed-to-Floating Rate Subordinated Notes due 2036 (the "New Notes") for all outstanding unregistered 7.25% Fixed-to-Floating Rate Subordinated Notes due 2036 (the "Old Notes"). The exchange offer expires at 11:59 p.m., New York City time, on July 23, 2026, unless extended. The Company will receive no cash proceeds from the exchange, the New Notes will evidence the same debt and will not increase outstanding indebtedness, and the New Notes will be registered under the Securities Act while the Old Notes remain subject to transfer restrictions.
Hanover Bancorp, Inc. director Robert Golden reported indirect open-market sales totaling 4,424 shares of common stock at prices around $24 per share. The sales were made from a trust for his benefit, which still holds 182,515 shares. He also reports additional indirect trust, LLC and spousal holdings, plus 28,341 shares held directly.
Hanover Bancorp director Robert Golden reported an insider transaction involving a trust for his benefit. On June 10, 2026, the trust sold 8,419 shares of common stock at an average of $24.2023 per share in an open-market or private transaction. That trust continues to hold 186,939 shares for his benefit, and Golden also has additional indirect trust and LLC interests plus 28,341 shares held directly.