Hanover Bancorp Reports Third Quarter 2024 Results and Declares Quarterly Dividend

Hanover Bancorp, Inc., a New York-based financial institution, filed a Form 8-K with the SEC on October 23, 2024, detailing its financial results for the quarter ended September 30, 2024. The company reported net income of $3.5 million or $0.48 per diluted share, including Series A preferred shares, for the mentioned period. Adjusted non-GAAP net income, excluding certain expenses like severance and retirement expenses, was $3.7 million or $0.50 per diluted share in the same quarter, as mentioned in Exhibit 99.1 of the filing.

The company highlighted several financial performance highlights, including record non-interest income of $4.0 million, an increase in net interest income, and a strong liquidity position with undrawn liquidity sources totaling $637.1 million as of September 30, 2024.

Hanover Bancorp noted growth in core deposits, total deposits, and loans, with its loan portfolio increasing to $2.01 billion, reflecting a net increase of $48.6 million. The company’s asset quality remained solid, with non-performing loans representing 0.77% of the total loan portfolio.

Additionally, the company’s Board of Directors declared a $0.10 per share cash dividend on both common and Series A preferred shares, payable on November 13, 2024, to stockholders of record on November 6, 2024. Hanover Bancorp also received regulatory approval for a new full-service branch in Port Jefferson, New York, expected to open in the first quarter of 2025.

In closing, Chairman and CEO Michael P. Puorro expressed satisfaction with the third-quarter results, emphasizing the benefits of diversified revenue streams and momentum in strategic banking initiatives, positioning the company for growth and opportunity in the future.

The content of this article is based on Hanover Bancorp’s 8-K SEC filing as of October 23, 2024, and the accompanying Exhibit 99.1 provided in the filing.

Note: The figures and details in this report are as per the information provided in the company’s SEC filing and may be subject to adjustments in subsequent disclosures.

(1) Non-GAAP financial measures are included in the filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Hanover Bancorp’s 8K filing here.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.