Hanover Bancorp Inc ( (HNVR) ) has released its Q3 earnings. Here is a breakdown of the information Hanover Bancorp Inc presented to its investors.
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Hanover Bancorp, Inc., a community commercial bank holding company, provides a range of banking services focusing on personalized solutions in the metro-New York area. In its third quarter of 2024, Hanover Bancorp reported a net income of $3.5 million or $0.48 per diluted share, with an adjusted net income of $3.7 million or $0.50 per diluted share. The company also achieved record non-interest income of $4.0 million and a significant increase in net interest income to $13.1 million. Key performance highlights include strong liquidity with $637.1 million in undrawn sources and substantial growth in core deposits by 5.14% compared to the previous year-end. Hanover’s strategic focus on loan growth in residential, C&I, and SBA loans continues to enhance liquidity and income generation. The company maintained robust asset quality with non-performing loans at 0.77% of the total portfolio and a credit loss allowance of 1.17%. Looking ahead, Hanover’s management is optimistic about continued growth, driven by strategic expansions and a diversified revenue stream, positioning the company for sustained success amid interest rate fluctuations and market consolidation.
