Hanover Bancorp, Inc. Reports 2024 Full Year And Fourth Quarter Results Highlighted by Fourth Quarter Robust Margin Expansion and Record Non-interest Income
Hanover Bancorp (HNVR) reported Q4 2024 net income of $3.9 million or $0.52 per diluted share, with notable performance highlights including record non-interest income of $4.2 million, up 28.67% YoY. Net interest income increased to $13.8 million, up 9.08% YoY, while net interest margin expanded to 2.53%.
The company maintained a strong liquidity position with $713.1 million in undrawn sources, covering 283% of uninsured deposits. Core deposits grew by $74.1 million YoY, with 87% of total deposits being insured or collateralized. The loan portfolio showed diversification success with C&I loans increasing 56.52% YoY.
Asset quality remained solid with non-performing loans at 0.82% of the total portfolio. The company declared a $0.10 per share cash dividend payable February 19, 2025. Tangible book value per share increased 6% YoY to $23.86.
Hanover Bancorp (HNVR) ha riportato un utile netto per il quarto trimestre del 2024 di 3,9 milioni di dollari, ovvero 0,52 dollari per azione diluita, con importanti risultati, tra cui un record di reddito non da interessi di 4,2 milioni di dollari, in aumento del 28,67% su base annua. Il reddito netto da interessi è aumentato a 13,8 milioni di dollari, con un incremento del 9,08% su base annua, mentre il margine di interesse netto è salito al 2,53%.
L'azienda ha mantenuto una solida posizione di liquidità con 713,1 milioni di dollari in fonti non utilizzate, coprendo il 283% dei depositi non assicurati. I depositi core sono aumentati di 74,1 milioni di dollari su base annua, con l'87% dei depositi totali assicurati o collateralizzati. Il portafoglio prestiti ha mostrato un successo nella diversificazione con i prestiti C&I in aumento del 56,52% su base annua.
La qualità degli attivi è rimasta solida con i prestiti non performanti allo 0,82% del portafoglio totale. L'azienda ha dichiarato un dividendo in contante di 0,10 dollari per azione, pagabile il 19 febbraio 2025. Il valore contabile tangibile per azione è aumentato del 6% su base annua, raggiungendo 23,86 dollari.
Hanover Bancorp (HNVR) reportó un ingreso neto del cuarto trimestre de 2024 de 3,9 millones de dólares o 0,52 dólares por acción diluida, con aspectos destacados de rendimiento que incluyen un récord de ingresos no por intereses de 4,2 millones de dólares, un aumento del 28,67% interanual. Los ingresos netos por intereses aumentaron a 13,8 millones de dólares, un incremento del 9,08% interanual, mientras que el margen de interés neto se amplió al 2,53%.
La empresa mantuvo una fuerte posición de liquidez con 713,1 millones de dólares en fuentes no utilizadas, lo que cubre el 283% de los depósitos no asegurados. Los depósitos básicos crecieron en 74,1 millones de dólares interanualmente, con el 87% del total de los depósitos asegurados o colateralizados. La cartera de préstamos mostró un éxito en la diversificación con un aumento del 56,52% interanual en préstamos C&I.
La calidad de los activos se mantuvo sólida con préstamos no productivos en el 0,82% de la cartera total. La empresa declaró un dividendo en efectivo de 0,10 dólares por acción, pagadero el 19 de febrero de 2025. El valor contable tangible por acción aumentó un 6% interanualmente, alcanzando 23,86 dólares.
하노버 반콥(HNVR)은 2024년 4분기 순이익이 390만 달러 또는 희석 주당 0.52 달러에 달했다고 보고했습니다. 주목할 만한 성과로는 비이자 수익이 420만 달러로 증가하며 연간 28.67% 상승한 점이 있습니다. 순이자 수익은 1380만 달러로 연간 9.08% 증가했으며, 순이자 마진은 2.53%로 확대되었습니다.
회사는 7억 1310만 달러의 미사용 자금으로 강력한 유동성 위치를 유지하며 보장되지 않은 예금의 283%를 커버하고 있습니다. 핵심 예금은 연간 7410만 달러 증가했으며, 전체 예금의 87%는 보험에 가입되거나 담보가 설정되었습니다. 대출 포트폴리오는 C&I 대출이 연간 56.52% 증가하여 다각화에 성공했습니다.
자산 품질은 총 포트폴리오의 0.82%에 해당하는 부실 대출로 양호하게 유지되었습니다. 회사는 2025년 2월 19일 지급될 주당 0.10 달러의 현금 배당금을 선언했습니다. 주당 실제 장부 가치는 연간 6% 증가하여 23.86 달러에 달했습니다.
Hanover Bancorp (HNVR) a annoncé un bénéfice net pour le quatrième trimestre de 2024 de 3,9 millions de dollars ou 0,52 dollar par action diluée, avec des performances notables, y compris un revenu non d'intérêts record de 4,2 millions de dollars, en hausse de 28,67 % sur un an. Le revenu net d'intérêts a augmenté à 13,8 millions de dollars, soit une hausse de 9,08 % sur un an, tandis que la marge d'intérêt nette a été élargie à 2,53 %.
L'entreprise a maintenu une position de liquidité solide avec 713,1 millions de dollars dans des ressources non utilisées, couvrant 283 % des dépôts non assurés. Les dépôts de base ont augmenté de 74,1 millions de dollars sur un an, avec 87 % du total des dépôts étant assurés ou garantis. Le portefeuille de prêts a montré un succès de diversification avec les prêts C&I en hausse de 56,52 % sur un an.
La qualité des actifs est restée solide avec des prêts non performants à 0,82 % du portefeuille total. L'entreprise a déclaré un dividende en espèces de 0,10 dollar par action, payable le 19 février 2025. La valeur comptable tangible par action a augmenté de 6 % sur un an, atteignant 23,86 dollars.
Hanover Bancorp (HNVR) meldete einen Nettogewinn im vierten Quartal 2024 von 3,9 Millionen Dollar oder 0,52 Dollar pro verwässerter Aktie, mit bemerkenswerten Leistungskennzahlen, darunter ein Rekord bei den nicht-zinsbezogenen Einnahmen von 4,2 Millionen Dollar, was einem Anstieg von 28,67 % im Jahresvergleich entspricht. Die Nettozinseinnahmen stiegen auf 13,8 Millionen Dollar, ein Anstieg von 9,08 % im Jahresvergleich, während die Nettozinsspanne auf 2,53 % anstieg.
Das Unternehmen hielt eine starke Liquiditätsposition mit 713,1 Millionen Dollar an nicht genutzten Quellen, die 283 % der nicht versicherten Einlagen abdeckten. Die Kern Einlagen wuchsen um 74,1 Millionen Dollar im Vergleich zum Vorjahr, wobei 87 % der Gesamteinlagen versichert oder besichert waren. Das Kreditportfolio zeigte Erfolge in der Diversifizierung mit einem Anstieg der C&I-Kredite um 56,52 % im Jahresvergleich.
Die Vermögensqualität blieb solide, mit einem Anteil von notleidenden Krediten von 0,82 % des Gesamtkredits. Das Unternehmen erklärte eine Bardividende von 0,10 Dollar pro Aktie, zahlbar am 19. Februar 2025. Der materielle Buchwert pro Aktie stieg im Jahresvergleich um 6 % auf 23,86 Dollar.
- Record non-interest income of $4.2M, up 28.67% YoY
- Net interest margin expanded to 2.53% from 2.40% YoY
- Strong liquidity position with $713.1M in undrawn sources
- C&I loans increased 56.52% YoY
- Tangible book value per share grew 6% YoY to $23.86
- 87% of deposits are insured or collateralized
- Full-year net income decreased to $12.3M from $13.6M YoY
- Full-year EPS declined to $1.66 from $1.84 YoY
- Increased provision for credit losses, including $4.0M in Q2 2024
Insights
The Q4 2024 results reveal a strategically sound execution with multiple positive indicators. The 16 basis point net interest margin expansion to 2.53% demonstrates effective balance sheet management in a challenging rate environment. This improvement is particularly noteworthy given the liability-sensitive nature of the balance sheet, suggesting potential further upside if Fed rate cuts materialize in 2025.
The non-interest income growth is notably sustainable, driven by three key factors:
- SBA loan sale premiums increased to
9.06% from8.26% YoY - C&I banking deposits more than doubled to
$96.4 million - Residential lending program generating consistent fee income with
2.42% premiums
The reduction in CRE concentration from
The imminent core system conversion to FIS Horizon is strategically significant, promising improved operational efficiency without increasing expenses - a rare combination that should enhance profitability metrics in 2025. The
The sustainable improvements in core metrics, coupled with strategic initiatives gaining traction, position Hanover for continued growth with reduced risk profile. The diversification of revenue streams and strong asset quality metrics (
Fourth Quarter Performance Highlights
- Net Income: Net income for the quarter ended December 31, 2024 totaled
$3.9 million or$0.52 per diluted share (including Series A preferred shares). - Record Non-interest Income: The Company reported record non-interest income of
$4.2 million for the quarter ended December 31, 2024, an increase of$0.2 million or5.89% from the quarter ended September 30, 2024 and$0.9 million or28.67% from the quarter ended December 31, 2023. - Net Interest Income: Net interest income was
$13.8 million for the quarter ended December 31, 2024, an increase of$0.7 million or5.39% from the quarter ended September 30, 2024 and$1.1 million , or9.08% from the quarter ended December 31, 2023. - Net Interest Margin: The Company’s net interest margin during the quarter ended December 31, 2024 increased to
2.53% from2.37% in the quarter ended September 30, 2024 and2.40% in the quarter ended December 31, 2023. - Strong Liquidity Position: At December 31, 2024, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled
$713.1 million , or approximately283% of uninsured deposit balances. - Deposit Activity: Core deposits, consisting of Demand, NOW, Savings and Money Market, increased
$3.1 million or0.84% annualized from September 30, 2024 and$74.1 million or5.36% from December 31, 2023. Demand deposits increased$5.3 million or10.33% annualized from September 30, 2024 and$3.9 million or1.86% from December 31, 2023. Total deposits increased$49.7 million or2.61% from December 31, 2023. Insured and collateralized deposits, which include municipal deposits, accounted for approximately87% of total deposits at December 31, 2024.
- Loan Diversification Strategy: The continued success in loan diversification resulted in C&I loans increasing by
$61.0 million , or56.52% , year over year, increasing to8.51% of total loans at December 31, 2024. In addition, the commercial real estate concentration ratio improved, declining from432% of capital at December 31, 2023 to385% of capital at December 31, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans, which strategically enhances our management of liquidity and capital while producing additional non-interest income. - Asset Quality: At December 31, 2024, the Bank’s asset quality remained solid with non-performing loans totaling
$16.4 million , representing0.82% of the total loan portfolio, while the allowance for credit losses was1.15% of total loans. Loans secured by office space accounted for2.45% of the total loan portfolio with a total balance of$48.7 million , of which less than1% is located in Manhattan. - Banking Initiatives: At December 31, 2024, the Company’s banking initiatives reflected continuing momentum:
- SBA & USDA Banking: Gains on sale of SBA loans totaled
$2.5 million for the quarter ended December 31, 2024, representing a9.76% increase over the comparable 2023 quarter. Total SBA loans sold were$30.9 million for the quarter ended December 31, 2024, representing a3.98% increase over the comparable 2023 quarter. Premiums earned on the sale of SBA loans increased to9.06% for the quarter ended December 31, 2024 from8.26% for the quarter ended December 31, 2023. - C&I Banking/Hauppauge Business Banking Center: The C&I Banking Team and the Hauppauge Business Banking Center increased deposits to
$96.4 million as of December 31, 2024 from$44.9 million at December 31, 2023. This growth has continued since year end, with these deposits reaching$104 million at January 27, 2025. Loan originations tied to this office were$33.5 million during the fourth quarter of 2024 and$88.4 million for the full year. Momentum continues to build with deposit and C&I loan pipelines related to this office of$43 million and$112 million , respectively. - Residential Lending: The Bank continues to originate loans for its portfolio and for sale in the secondary market under its recently developed flow origination program. Of the
$26.1 million in closed loans originated in the quarter ended December 31, 2024,$11.7 million were originated for the Bank’s portfolio and reflected a weighted average yield of6.88% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of62% . The remaining$14.4 million of closed loans were originated for sale in the secondary market. Under this program, the Bank produced total gains of$0.5 million and a resulting premium of2.42% in the fourth quarter of 2024.
- SBA & USDA Banking: Gains on sale of SBA loans totaled
- Technology: The Company expects to complete a core processing system conversion from its existing provider to FIS Horizon on or about February 15, 2025. This conversion is expected to deliver immediate and tangible benefits to the Bank’s operations and customers, offering material improvements in user interfaces, functionality and efficiency that will better support our commitment to a digital forward future on better financial terms.
- Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was
$23.86 at December 31, 2024, an increase of9.97% annualized from$23.28 at September 30, 2024 and6.00% from$22.51 at December 31, 2023.
- Quarterly Cash Dividend: The Company’s Board of Directors approved a
$0.10 per share cash dividend on both common and Series A preferred shares payable on February 19, 2025 to stockholders of record on February 12, 2025.
MINEOLA, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) -- Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter and year ended December 31, 2024 and the declaration of a
Earnings Summary for the Quarter Ended December 31, 2024
The Company reported net income for the quarter ended December 31, 2024 of
While net interest income and non-interest income increased during the quarter ended December 31, 2024 compared to the quarter ended December 31, 2023, these gains were partially offset by an increase in non-interest expenses, particularly compensation and benefits. The increase in non-interest income is primarily related to the increases in the gain on sale of loans held-for-sale and loan servicing and fee income. This increase is reflective of the strengthening of secondary market premiums in connection with sales of SBA loans and the gains on the recently developed residential loan flow program. The increase in compensation and benefits expense in the fourth quarter of 2024 versus the comparable 2023 quarter was primarily related to lower deferred loan origination costs that were offset by lower incentive compensation expense resulting from reduced lending activity.
Net interest income was
Earnings Summary for the Year Ended December 31, 2024
For the year ended December 31, 2024, the Company reported net income of
The decrease in net income recorded for the year ended December 31, 2024 from the comparable 2023 period resulted from an increase in the provision for credit losses and an increase in non-interest expense, which were partially offset by an increase in non-interest income. The year-over-year increase in the provision for credit losses was primarily related to the recording of a
Net interest income was
Our imminent core system conversion is expected to position us to compete more effectively across all lines of business, as customers expect greater convenience and technological capabilities, and will enable the Bank to realize operational efficiencies while maximizing our customer appeal. The substantial improvement in features and functionality expected with the conversion will be achieved on better financial terms than under our current system, enabling us to realize a material gain in performance with no adverse impact to operating expenses.
Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with fourth-quarter results. Notable increases in net interest margin, tangible book value, returns on average assets and average tangible equity complemented further improvement in our CRE concentration ratio and sound credit quality, bringing 2024 to a well-rounded conclusion. Building on this momentum, we enter 2025 with strong loan and deposit pipelines across our critical verticals, including C&I, SBA and Residential Banking and the benefit of diversified income streams. Ongoing performance will be enhanced by our pending core system conversion, which will deliver tangible operational efficiencies and customer benefits, and could be positively impacted by further Federal Open Market Committee (“FOMC”) rate decreases, an improved yield curve, a favorable banking environment and potential qualification for the Russell 2000, which would increase institutional ownership and enhance the liquidity of our stock. We continue to focus on scaling our key verticals while maintaining prudent expense management, which we believe will increase shareholder value through enhanced performance.”
Balance Sheet Highlights
Total assets at December 31, 2024 were
Total deposits at December 31, 2024 were
The Company had
Total borrowings at December 31, 2024 were
Stockholders’ equity was
Loan Portfolio
For the year ended December 31, 2024, the Bank’s loan portfolio grew to
The Bank’s investments in diversification continue to deliver results, with the volume of SBA & USDA loans originated for sale and the volume of residential loans originated for sale sustaining momentum. During the quarter ended December 31, 2024, the Company sold
Commercial Real Estate Statistics
A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at
| Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule | Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule | |||||||||||||||||||||||
| Calendar Period | # Loans | Total O/S ( | Avg O/S ( | Avg Interest Rate | Calendar Period | # Loans | Total O/S ( | Avg O/S ( | Avg Interest Rate | |||||||||||||||
| 2025 | 10 | $ | 16,416 | $ | 1,642 | 4.30 | % | 2025 | 14 | $ | 19,527 | $ | 1,395 | 4.82 | % | |||||||||
| 2026 | 36 | 118,503 | 3,292 | 3.66 | % | 2026 | 20 | 42,901 | 2,145 | 3.67 | % | |||||||||||||
| 2027 | 71 | 176,490 | 2,486 | 4.30 | % | 2027 | 53 | 124,773 | 2,354 | 4.22 | % | |||||||||||||
| 2028 | 18 | 29,858 | 1,659 | 6.15 | % | 2028 | 12 | 10,221 | 852 | 7.14 | % | |||||||||||||
| 2029 | 6 | 4,957 | 826 | 7.70 | % | 2029 | 4 | 4,346 | 1,087 | 6.38 | % | |||||||||||||
| 2030+ | 2 | 639 | 320 | 4.47 | % | 2030+ | 4 | 1,169 | 292 | 5.41 | % | |||||||||||||
| Fixed Rate | 143 | 346,863 | 2,426 | 4.29 | % | Fixed Rate | 107 | 202,937 | 1,897 | 4.36 | % | |||||||||||||
| Floating Rate | 3 | 716 | 239 | 9.22 | % | Floating Rate | — | — | — | — | % | |||||||||||||
| Total | 146 | $ | 347,579 | $ | 2,381 | 4.30 | % | Total | 107 | $ | 202,937 | $ | 1,897 | 4.36 | % | |||||||||
| CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule | |||||||||||
| Calendar Period | # Loans | Total O/S ( | Avg O/S ( | Avg Interest Rate | |||||||
| 2025 | 30 | $ | 23,439 | $ | 781 | 6.12 | % | ||||
| 2026 | 33 | 44,679 | 1,354 | 4.87 | % | ||||||
| 2027 | 90 | 163,358 | 1,815 | 5.03 | % | ||||||
| 2028 | 30 | 31,803 | 1,060 | 6.63 | % | ||||||
| 2029 | 4 | 2,378 | 595 | 7.03 | % | ||||||
| 2030+ | 12 | 5,745 | 479 | 6.24 | % | ||||||
| Fixed Rate | 199 | 271,402 | 1,364 | 5.33 | % | ||||||
| Floating Rate | 10 | 27,103 | 2,710 | 8.95 | % | ||||||
| Total CRE-Inv. | 209 | $ | 298,505 | $ | 1,428 | 5.66 | % | ||||
Rental breakdown of Multi-Family portfolio
The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below,
| Multi-Family Loan Portfolio - Loans by Rent Type | ||||||||||||||||||
| Rent Type | # of Notes | Outstanding Loan Balance | % of Total Multi-Family | Avg Loan Size | LTV | Current DSCR | Avg # of Units | |||||||||||
| ( | ( | |||||||||||||||||
| Market | 146 | $ | 347,579 | 63 | % | $ | 2,381 | 61.6 | % | 1.39 | 11 | |||||||
| Location | ||||||||||||||||||
| Manhattan | 7 | $ | 17,840 | 3 | % | $ | 2,549 | 51.9 | % | 1.62 | 15 | |||||||
| Other NYC | 93 | $ | 244,408 | 44 | % | $ | 2,628 | 61.2 | % | 1.38 | 10 | |||||||
| Outside NYC | 46 | $ | 85,331 | 16 | % | $ | 1,855 | 64.8 | % | 1.39 | 13 | |||||||
| Stabilized | 107 | $ | 202,937 | 37 | % | $ | 1,897 | 62.4 | % | 1.39 | 12 | |||||||
| Location | ||||||||||||||||||
| Manhattan | 6 | $ | 9,035 | 2 | % | $ | 1,506 | 44.7 | % | 1.59 | 17 | |||||||
| Other NYC | 89 | $ | 174,888 | 32 | % | $ | 1,965 | 63.2 | % | 1.38 | 11 | |||||||
| Outside NYC | 12 | $ | 19,014 | 3 | % | $ | 1,584 | 64.4 | % | 1.40 | 16 | |||||||
Office Property Exposure
The Bank’s exposure to the Office market is minor at
Asset Quality and Allowance for Credit Losses
At December 31, 2024, the Bank’s asset quality remained solid with non-performing loans totaling
During the fourth quarter of 2024, the Bank recorded a provision for credit losses expense of
Net Interest Margin
The Bank’s net interest margin increased to
About Hanover Community Bank and Hanover Bancorp, Inc.
Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in the first quarter of 2025.
Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.
Non-GAAP Disclosure
This discussion includes non-GAAP financial measures, including the Company’s tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.
With respect to the calculations of and reconciliations of TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.
Forward-Looking Statements
This release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as "may," "believe," "expect," "anticipate," "should," "plan," "estimate," "predict," "continue," and "potential" or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A - Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.
Investor and Press Contact:
Lance P. Burke
Chief Financial Officer
(516) 548-8500
| HANOVER BANCORP, INC. | |||||||||||||
| STATEMENTS OF CONDITION (unaudited) | |||||||||||||
| (dollars in thousands) | |||||||||||||
| December 31, | September 30, | December 31, | |||||||||||
| 2024 | 2024 | 2023 | |||||||||||
| Assets | |||||||||||||
| Cash and cash equivalents | $ | 162,857 | $ | 141,231 | $ | 177,207 | |||||||
| Securities-available for sale, at fair value | 83,755 | 98,359 | 61,419 | ||||||||||
| Investments-held to maturity | 3,758 | 3,828 | 4,041 | ||||||||||
| Loans held for sale | 12,404 | 16,721 | 8,904 | ||||||||||
| Loans, net of deferred loan fees and costs | 1,985,524 | 2,005,813 | 1,957,199 | ||||||||||
| Less: allowance for credit losses | (22,779 | ) | (23,406 | ) | (19,658 | ) | |||||||
| Loans, net | 1,962,745 | 1,982,407 | 1,937,541 | ||||||||||
| Goodwill | 19,168 | 19,168 | 19,168 | ||||||||||
| Premises & fixed assets | 15,337 | 16,373 | 15,886 | ||||||||||
| Operating lease assets | 8,337 | 8,776 | 9,754 | ||||||||||
| Other assets | 43,749 | 40,951 | 36,140 | ||||||||||
| Assets | $ | 2,312,110 | $ | 2,327,814 | $ | 2,270,060 | |||||||
| Liabilities and stockholders' equity | |||||||||||||
| Core deposits | $ | 1,456,513 | $ | 1,453,444 | $ | 1,382,397 | |||||||
| Time deposits | 497,770 | 504,100 | 522,198 | ||||||||||
| Total deposits | 1,954,283 | 1,957,544 | 1,904,595 | ||||||||||
| Borrowings | 107,805 | 125,805 | 128,953 | ||||||||||
| Subordinated debentures | 24,689 | 24,675 | 24,635 | ||||||||||
| Operating lease liabilities | 9,025 | 9,472 | 10,459 | ||||||||||
| Other liabilities | 19,670 | 17,979 | 16,588 | ||||||||||
| Liabilities | 2,115,472 | 2,135,475 | 2,085,230 | ||||||||||
| Stockholders' equity | 196,638 | 192,339 | 184,830 | ||||||||||
| Liabilities and stockholders' equity | $ | 2,312,110 | $ | 2,327,814 | $ | 2,270,060 | |||||||
| HANOVER BANCORP, INC. | |||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME (unaudited) | |||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||
| Three Months Ended | Year Ended | ||||||||||||
| 12/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | ||||||||||
| Interest income | $ | 33,057 | $ | 31,155 | $ | 133,022 | $ | 113,626 | |||||
| Interest expense | 19,249 | 18,496 | 79,930 | 61,739 | |||||||||
| Net interest income | 13,808 | 12,659 | 53,092 | 51,887 | |||||||||
| Provision for credit losses | 400 | 200 | 4,940 | 2,132 | |||||||||
| Net interest income after provision for credit losses | 13,408 | 12,459 | 48,152 | 49,755 | |||||||||
| Loan servicing and fee income | 981 | 778 | 3,690 | 2,809 | |||||||||
| Service charges on deposit accounts | 136 | 85 | 469 | 297 | |||||||||
| Gain on sale of loans held-for-sale | 3,014 | 2,326 | 10,940 | 5,841 | |||||||||
| Gain on sale of investments | 27 | - | 31 | - | |||||||||
| Other operating income | 29 | 65 | 209 | 1,744 | |||||||||
| Non-interest income | 4,187 | 3,254 | 15,339 | 10,691 | |||||||||
| Compensation and benefits | 6,699 | 5,242 | 25,600 | 21,562 | |||||||||
| Occupancy and equipment | 1,810 | 1,746 | 7,222 | 6,628 | |||||||||
| Data processing | 536 | 530 | 2,096 | 2,063 | |||||||||
| Professional fees | 782 | 729 | 3,079 | 3,191 | |||||||||
| Federal deposit insurance premiums | 375 | 375 | 1,418 | 1,476 | |||||||||
| Other operating expenses | 2,198 | 2,048 | 7,697 | 7,200 | |||||||||
| Non-interest expense | 12,400 | 10,670 | 47,112 | 42,120 | |||||||||
| Income before income taxes | 5,195 | 5,043 | 16,379 | 18,326 | |||||||||
| Income tax expense | 1,293 | 1,280 | 4,033 | 4,737 | |||||||||
| Net income | $ | 3,902 | $ | 3,763 | $ | 12,346 | $ | 13,589 | |||||
| Earnings per share ("EPS"):(1) | |||||||||||||
| Basic | $ | 0.53 | $ | 0.51 | $ | 1.67 | $ | 1.85 | |||||
| Diluted | $ | 0.52 | $ | 0.51 | $ | 1.66 | $ | 1.84 | |||||
| Average shares outstanding for basic EPS (1)(2) | 7,427,583 | 7,324,133 | 7,403,758 | 7,326,903 | |||||||||
| Average shares outstanding for diluted EPS (1)(2) | 7,456,471 | 7,383,529 | 7,432,741 | 7,386,299 | |||||||||
| (1) Calculation includes common stock and Series A preferred stock. | |||||||||||||
| (2) Average shares outstanding before subtracting participating securities. | |||||||||||||
| Note: Prior period information has been adjusted to conform to current period presentation. | |||||||||||||
| HANOVER BANCORP, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||||||||||
| QUARTERLY TREND | ||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||
| Interest income | $ | 33,057 | $ | 34,113 | $ | 33,420 | $ | 32,432 | $ | 31,155 | ||||||
| Interest expense | 19,249 | 21,011 | 20,173 | 19,497 | 18,496 | |||||||||||
| Net interest income | 13,808 | 13,102 | 13,247 | 12,935 | 12,659 | |||||||||||
| Provision for credit losses | 400 | 200 | 4,040 | 300 | 200 | |||||||||||
| Net interest income after provision for credit losses | 13,408 | 12,902 | 9,207 | 12,635 | 12,459 | |||||||||||
| Loan servicing and fee income | 981 | 960 | 836 | 913 | 778 | |||||||||||
| Service charges on deposit accounts | 136 | 123 | 114 | 96 | 85 | |||||||||||
| Gain on sale of loans held-for-sale | 3,014 | 2,834 | 2,586 | 2,506 | 2,326 | |||||||||||
| Gain on sale of investments | 27 | - | 4 | - | - | |||||||||||
| Other operating income | 29 | 37 | 82 | 61 | 65 | |||||||||||
| Non-interest income | 4,187 | 3,954 | 3,622 | 3,576 | 3,254 | |||||||||||
| Compensation and benefits | 6,699 | 6,840 | 6,499 | 5,562 | 5,242 | |||||||||||
| Occupancy and equipment | 1,810 | 1,799 | 1,843 | 1,770 | 1,746 | |||||||||||
| Data processing | 536 | 547 | 495 | 518 | 530 | |||||||||||
| Professional fees | 782 | 762 | 717 | 818 | 729 | |||||||||||
| Federal deposit insurance premiums | 375 | 360 | 365 | 318 | 375 | |||||||||||
| Other operating expenses | 2,198 | 1,930 | 1,751 | 1,818 | 2,048 | |||||||||||
| Non-interest expense | 12,400 | 12,238 | 11,670 | 10,804 | 10,670 | |||||||||||
| Income before income taxes | 5,195 | 4,618 | 1,159 | 5,407 | 5,043 | |||||||||||
| Income tax expense | 1,293 | 1,079 | 315 | 1,346 | 1,280 | |||||||||||
| Net income | $ | 3,902 | $ | 3,539 | $ | 844 | $ | 4,061 | $ | 3,763 | ||||||
| Earnings per share ("EPS"):(1) | ||||||||||||||||
| Basic | $ | 0.53 | $ | 0.48 | $ | 0.11 | $ | 0.55 | $ | 0.51 | ||||||
| Diluted | $ | 0.52 | $ | 0.48 | $ | 0.11 | $ | 0.55 | $ | 0.51 | ||||||
| Average shares outstanding for basic EPS (1)(2) | 7,427,583 | 7,411,064 | 7,399,816 | 7,376,227 | 7,324,133 | |||||||||||
| Average shares outstanding for diluted EPS (1)(2) | 7,456,471 | 7,436,068 | 7,449,110 | 7,420,926 | 7,383,529 | |||||||||||
| (1) Calculation includes common stock and Series A preferred stock. | ||||||||||||||||
| (2) Average shares outstanding before subtracting participating securities. | ||||||||||||||||
| Note: Prior period information has been adjusted to conform to current period presentation. | ||||||||||||||||
| HANOVER BANCORP, INC. | ||||||||||||||||
| SELECTED FINANCIAL DATA (unaudited) | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| 12/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | |||||||||||||
| Profitability: | ||||||||||||||||
| Return on average assets | 0.70 | % | 0.69 | % | 0.55 | % | 0.66 | % | ||||||||
| Return on average equity (1) | 7.98 | % | 8.10 | % | 6.45 | % | 7.44 | % | ||||||||
| Return on average tangible equity (1) | 8.87 | % | 9.06 | % | 7.18 | % | 8.33 | % | ||||||||
| Pre-provision net revenue to average assets | 1.00 | % | 0.97 | % | 0.95 | % | 0.99 | % | ||||||||
| Yield on average interest-earning assets | 6.06 | % | 5.91 | % | 6.12 | % | 5.67 | % | ||||||||
| Cost of average interest-bearing liabilities | 4.24 | % | 4.19 | % | 4.40 | % | 3.68 | % | ||||||||
| Net interest rate spread (2) | 1.82 | % | 1.72 | % | 1.72 | % | 1.99 | % | ||||||||
| Net interest margin (3) | 2.53 | % | 2.40 | % | 2.44 | % | 2.59 | % | ||||||||
| Non-interest expense to average assets | 2.21 | % | 1.97 | % | 2.11 | % | 2.04 | % | ||||||||
| Operating efficiency ratio (4) | 69.01 | % | 67.05 | % | 68.88 | % | 67.31 | % | ||||||||
| Average balances: | ||||||||||||||||
| Interest-earning assets | $ | 2,169,595 | $ | 2,090,839 | $ | 2,174,000 | $ | 2,004,634 | ||||||||
| Interest-bearing liabilities | 1,804,700 | 1,751,330 | 1,818,110 | 1,678,464 | ||||||||||||
| Loans | 2,003,686 | 1,910,409 | 2,005,524 | 1,829,586 | ||||||||||||
| Deposits | 1,853,828 | 1,767,753 | 1,840,378 | 1,675,913 | ||||||||||||
| Borrowings | 153,126 | 170,793 | 174,327 | 182,307 | ||||||||||||
| (1) Includes common stock and Series A preferred stock. | ||||||||||||||||
| (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. | ||||||||||||||||
| (3) Represents net interest income divided by average interest-earning assets. | ||||||||||||||||
| (4) Represents non-interest expense divided by the sum of net interest income and non-interest income excluding gain on sale of securities available for sale. | ||||||||||||||||
| HANOVER BANCORP, INC. | ||||||||||||||||
| SELECTED FINANCIAL DATA (unaudited) | ||||||||||||||||
| (dollars in thousands, except share and per share data) | ||||||||||||||||
| At or For the Three Months Ended | ||||||||||||||||
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||||||||||||
| Asset quality: | ||||||||||||||||
| Provision for credit losses - loans (1) | $ | 400 | $ | 200 | $ | 3,850 | $ | 300 | ||||||||
| Net (charge-offs)/recoveries | (1,027 | ) | (438 | ) | (79 | ) | (85 | ) | ||||||||
| Allowance for credit losses | 22,779 | 23,406 | 23,644 | 19,873 | ||||||||||||
| Allowance for credit losses to total loans (2) | 1.15 | % | 1.17 | % | 1.17 | % | 0.99 | % | ||||||||
| Non-performing loans | $ | 16,368 | $ | 15,365 | $ | 15,828 | $ | 14,878 | ||||||||
| Non-performing loans/total loans | 0.82 | % | 0.77 | % | 0.79 | % | 0.74 | % | ||||||||
| Non-performing loans/total assets | 0.71 | % | 0.66 | % | 0.68 | % | 0.64 | % | ||||||||
| Allowance for credit losses/non-performing loans | 139.17 | % | 152.33 | % | 149.38 | % | 133.57 | % | ||||||||
| Capital (Bank only): | ||||||||||||||||
| Tier 1 Capital | $ | 201,744 | $ | 198,196 | $ | 195,703 | $ | 195,889 | ||||||||
| Tier 1 leverage ratio | 9.13 | % | 8.85 | % | 8.89 | % | 8.90 | % | ||||||||
| Common equity tier 1 capital ratio | 13.32 | % | 12.99 | % | 12.78 | % | 12.99 | % | ||||||||
| Tier 1 risk based capital ratio | 13.32 | % | 12.99 | % | 12.78 | % | 12.99 | % | ||||||||
| Total risk based capital ratio | 14.58 | % | 14.24 | % | 14.21 | % | 14.19 | % | ||||||||
| Equity data: | ||||||||||||||||
| Shares outstanding (3) | 7,427,127 | 7,428,366 | 7,402,163 | 7,392,412 | ||||||||||||
| Stockholders' equity | $ | 196,638 | $ | 192,339 | $ | 190,072 | $ | 189,543 | ||||||||
| Book value per share (3) | 26.48 | 25.89 | 25.68 | 25.64 | ||||||||||||
| Tangible common equity (3) | 177,220 | 172,906 | 170,625 | 170,080 | ||||||||||||
| Tangible book value per share (3) | 23.86 | 23.28 | 23.05 | 23.01 | ||||||||||||
| Tangible common equity ("TCE") ratio (3) | 7.73 | % | 7.49 | % | 7.38 | % | 7.43 | % | ||||||||
| (1) Excludes | ||||||||||||||||
| 9/30/24, 6/30/24 and 3/31/24, respectively. | ||||||||||||||||
| (2) Calculation excludes loans held for sale. | ||||||||||||||||
| (3) Includes common stock and Series A preferred stock. | ||||||||||||||||
| Note: Prior period information has been adjusted to conform to current period presentation. | ||||||||||||||||
| HANOVER BANCORP, INC. | |||||||||||||||||
| STATISTICAL SUMMARY | |||||||||||||||||
| QUARTERLY TREND | |||||||||||||||||
| (unaudited, dollars in thousands, except share data) | |||||||||||||||||
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||||||
| Loan distribution (1): | |||||||||||||||||
| Residential mortgages | $ | 702,832 | $ | 719,037 | $ | 733,040 | $ | 730,017 | |||||||||
| Multifamily | 550,570 | 557,634 | 562,503 | 568,043 | |||||||||||||
| Commercial real estate | 536,288 | 529,948 | 549,725 | 556,708 | |||||||||||||
| Commercial & industrial | 168,909 | 171,899 | 139,209 | 123,419 | |||||||||||||
| Home equity | 26,422 | 26,825 | 27,992 | 26,879 | |||||||||||||
| Consumer | 503 | 470 | 485 | 449 | |||||||||||||
| Total loans | $ | 1,985,524 | $ | 2,005,813 | $ | 2,012,954 | $ | 2,005,515 | |||||||||
| Sequential quarter growth rate | -1.01 | % | -0.35 | % | 0.37 | % | 2.47 | % | |||||||||
| CRE concentration ratio | 385 | % | 397 | % | 403 | % | 416 | % | |||||||||
| Loans sold during the quarter | $ | 53,499 | $ | 43,537 | $ | 35,302 | $ | 26,735 | |||||||||
| Funding distribution: | |||||||||||||||||
| Demand | $ | 211,656 | $ | 206,327 | $ | 199,835 | $ | 202,934 | |||||||||
| N.O.W. | 692,890 | 621,880 | 661,998 | 708,897 | |||||||||||||
| Savings | 48,885 | 53,024 | 44,821 | 48,081 | |||||||||||||
| Money market | 503,082 | 572,213 | 571,170 | 493,123 | |||||||||||||
| Total core deposits | 1,456,513 | 1,453,444 | 1,477,824 | 1,453,035 | |||||||||||||
| Time | 497,770 | 504,100 | 464,105 | 464,227 | |||||||||||||
| Total deposits | 1,954,283 | 1,957,544 | 1,941,929 | 1,917,262 | |||||||||||||
| Borrowings | 107,805 | 125,805 | 148,953 | 148,953 | |||||||||||||
| Subordinated debentures | 24,689 | 24,675 | 24,662 | 24,648 | |||||||||||||
| Total funding sources | $ | 2,086,777 | $ | 2,108,024 | $ | 2,115,544 | $ | 2,090,863 | |||||||||
| Sequential quarter growth rate - total deposits | -0.17 | % | 0.80 | % | 1.29 | % | 0.67 | % | |||||||||
| Period-end core deposits/total deposits ratio | 74.53 | % | 74.25 | % | 76.10 | % | 75.79 | % | |||||||||
| Period-end demand deposits/total deposits ratio | 10.83 | % | 10.54 | % | 10.29 | % | 10.58 | % | |||||||||
| (1) Excluding loans held for sale | |||||||||||||||||
| HANOVER BANCORP, INC. | ||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1) (unaudited) | ||||||||||||||||||||
| (dollars in thousands, except share and per share amounts) | ||||||||||||||||||||
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||||||
| Tangible common equity | ||||||||||||||||||||
| Total equity (2) | $ | 196,638 | $ | 192,339 | $ | 190,072 | $ | 189,543 | $ | 184,830 | ||||||||||
| Less: goodwill | (19,168 | ) | (19,168 | ) | (19,168 | ) | (19,168 | ) | (19,168 | ) | ||||||||||
| Less: core deposit intangible | (250 | ) | (265 | ) | (279 | ) | (295 | ) | (311 | ) | ||||||||||
| Tangible common equity (2) | $ | 177,220 | $ | 172,906 | $ | 170,625 | $ | 170,080 | $ | 165,351 | ||||||||||
| Tangible common equity ("TCE") ratio | ||||||||||||||||||||
| Tangible common equity (2) | $ | 177,220 | $ | 172,906 | $ | 170,625 | $ | 170,080 | $ | 165,351 | ||||||||||
| Total assets | 2,312,110 | 2,327,814 | 2,331,098 | 2,307,508 | 2,270,060 | |||||||||||||||
| Less: goodwill | (19,168 | ) | (19,168 | ) | (19,168 | ) | (19,168 | ) | (19,168 | ) | ||||||||||
| Less: core deposit intangible | (250 | ) | (265 | ) | (279 | ) | (295 | ) | (311 | ) | ||||||||||
| Tangible assets | $ | 2,292,692 | $ | 2,308,381 | $ | 2,311,651 | $ | 2,288,045 | $ | 2,250,581 | ||||||||||
| TCE ratio (2) | 7.73 | % | 7.49 | % | 7.38 | % | 7.43 | % | 7.35 | % | ||||||||||
| Tangible book value per share | ||||||||||||||||||||
| Tangible equity (2) | $ | 177,220 | $ | 172,906 | $ | 170,625 | $ | 170,080 | $ | 165,351 | ||||||||||
| Shares outstanding (2) | 7,427,127 | 7,428,366 | 7,402,163 | 7,392,412 | 7,345,012 | |||||||||||||||
| Tangible book value per share (2) | $ | 23.86 | $ | 23.28 | $ | 23.05 | $ | 23.01 | $ | 22.51 | ||||||||||
| (1) A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. | ||||||||||||||||||||
| (2) Includes common stock and Series A preferred stock. | ||||||||||||||||||||
| HANOVER BANCORP, INC. | |||||||||||||||||
| NET INTEREST INCOME ANALYSIS | |||||||||||||||||
| For the Three Months Ended December 31, 2024 and 2023 | |||||||||||||||||
| (unaudited, dollars in thousands) | |||||||||||||||||
| 2024 | 2023 | ||||||||||||||||
| Average | Average | Average | Average | ||||||||||||||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | ||||||||||||
| Assets: | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Loans | $ | 2,003,686 | $ | 30,753 | 6.11 | % | $ | 1,910,409 | $ | 28,394 | 5.90 | % | |||||
| Investment securities | 94,886 | 1,381 | 5.79 | % | 56,834 | 940 | 6.56 | % | |||||||||
| Interest-earning cash | 62,850 | 747 | 4.73 | % | 114,033 | 1,570 | 5.46 | % | |||||||||
| FHLB stock and other investments | 8,173 | 176 | 8.57 | % | 9,563 | 251 | 10.41 | % | |||||||||
| Total interest-earning assets | 2,169,595 | 33,057 | 6.06 | % | 2,090,839 | 31,155 | 5.91 | % | |||||||||
| Non interest-earning assets: | |||||||||||||||||
| Cash and due from banks | 8,973 | 7,429 | |||||||||||||||
| Other assets | 50,068 | 50,677 | |||||||||||||||
| Total assets | $ | 2,228,636 | $ | 2,148,945 | |||||||||||||
| Liabilities and stockholders' equity: | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Savings, N.O.W. and money market deposits | $ | 1,152,755 | $ | 11,916 | 4.11 | % | $ | 1,039,062 | $ | 11,547 | 4.41 | % | |||||
| Time deposits | 498,819 | 5,642 | 4.50 | % | 541,475 | 5,231 | 3.83 | % | |||||||||
| Total savings and time deposits | 1,651,574 | 17,558 | 4.23 | % | 1,580,537 | 16,778 | 4.21 | % | |||||||||
| Borrowings | 128,446 | 1,365 | 4.23 | % | 146,167 | 1,392 | 3.78 | % | |||||||||
| Subordinated debentures | 24,680 | 326 | 5.25 | % | 24,626 | 326 | 5.25 | % | |||||||||
| Total interest-bearing liabilities | 1,804,700 | 19,249 | 4.24 | % | 1,751,330 | 18,496 | 4.19 | % | |||||||||
| Demand deposits | 202,254 | 187,216 | |||||||||||||||
| Other liabilities | 27,168 | 26,031 | |||||||||||||||
| Total liabilities | 2,034,122 | 1,964,577 | |||||||||||||||
| Stockholders' equity | 194,514 | 184,368 | |||||||||||||||
| Total liabilities & stockholders' equity | $ | 2,228,636 | $ | 2,148,945 | |||||||||||||
| Net interest rate spread | 1.82 | % | 1.72 | % | |||||||||||||
| Net interest income/margin | $ | 13,808 | 2.53 | % | $ | 12,659 | 2.40 | % | |||||||||
| HANOVER BANCORP, INC. | |||||||||||||||||
| NET INTEREST INCOME ANALYSIS | |||||||||||||||||
| For the Years Ended December 31, 2024 and 2023 | |||||||||||||||||
| (unaudited, dollars in thousands) | |||||||||||||||||
| 2024 | 2023 | ||||||||||||||||
| Average | Average | Average | Average | ||||||||||||||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | ||||||||||||
| Assets: | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Loans | $ | 2,005,524 | $ | 122,970 | 6.13 | % | $ | 1,829,586 | $ | 103,975 | 5.68 | % | |||||
| Investment securities | 98,238 | 5,992 | 6.10 | % | 26,171 | 1,534 | 5.86 | % | |||||||||
| Interest-earning cash | 60,868 | 3,191 | 5.24 | % | 139,006 | 7,243 | 5.21 | % | |||||||||
| FHLB stock and other investments | 9,370 | 869 | 9.27 | % | 9,871 | 874 | 8.85 | % | |||||||||
| Total interest-earning assets | 2,174,000 | 133,022 | 6.12 | % | 2,004,634 | 113,626 | 5.67 | % | |||||||||
| Non interest-earning assets: | |||||||||||||||||
| Cash and due from banks | 8,567 | 8,034 | |||||||||||||||
| Other assets | 50,461 | 52,953 | |||||||||||||||
| Total assets | $ | 2,233,028 | $ | 2,065,621 | |||||||||||||
| Liabilities and stockholders' equity: | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Savings, N.O.W. and money market deposits | $ | 1,160,115 | $ | 51,457 | 4.44 | % | $ | 1,029,415 | $ | 39,430 | 3.83 | % | |||||
| Time deposits | 483,668 | 21,060 | 4.35 | % | 466,742 | 14,888 | 3.19 | % | |||||||||
| Total savings and time deposits | 1,643,783 | 72,517 | 4.41 | % | 1,496,157 | 54,318 | 3.63 | % | |||||||||
| Borrowings | 149,667 | 6,109 | 4.08 | % | 157,701 | 6,124 | 3.88 | % | |||||||||
| Subordinated debentures | 24,660 | 1,304 | 5.29 | % | 24,606 | 1,297 | 5.27 | % | |||||||||
| Total interest-bearing liabilities | 1,818,110 | 79,930 | 4.40 | % | 1,678,464 | 61,739 | 3.68 | % | |||||||||
| Demand deposits | 196,595 | 179,756 | |||||||||||||||
| Other liabilities | 27,000 | 24,701 | |||||||||||||||
| Total liabilities | 2,041,705 | 1,882,921 | |||||||||||||||
| Stockholders' equity | 191,323 | 182,700 | |||||||||||||||
| Total liabilities & stockholders' equity | $ | 2,233,028 | $ | 2,065,621 | |||||||||||||
| Net interest rate spread | 1.72 | % | 1.99 | % | |||||||||||||
| Net interest income/margin | $ | 53,092 | 2.44 | % | $ | 51,887 | 2.59 | % | |||||||||
FAQ
What was Hanover Bancorp's (HNVR) Q4 2024 net income and EPS?
How much did HNVR's non-interest income grow in Q4 2024?
What is HNVR's dividend payment for Q4 2024?
How did HNVR's net interest margin change in Q4 2024?
What was HNVR's tangible book value per share as of December 31, 2024?
