Hanover Bancorp Reports Strong Fourth Quarter Earnings

Hanover Bancorp Inc ( (HNVR) ) has released its Q4 earnings. Here is a breakdown of the information Hanover Bancorp Inc presented to its investors.

Hanover Bancorp, Inc., operating as Hanover Community Bank, is a community commercial bank offering personalized banking services and products with a focus on the metro-New York area. It provides a wide range of financial services, including multi-family, commercial, residential loans, and business lines of credit, supported by advanced mobile and internet banking technologies.

In its latest earnings report for the fourth quarter of 2024, Hanover Bancorp, Inc. reported a net income of $3.9 million, which translates to $0.52 per diluted share. The quarter was marked by a record non-interest income of $4.2 million and improvements in net interest income and margin. The company’s asset quality remained strong, with non-performing loans constituting only 0.82% of the total loan portfolio.

The company achieved a 9.08% increase in net interest income for the quarter compared to the previous year, driven by an improved net interest margin of 2.53%. Core deposits saw a moderate increase, while the company’s loan diversification strategy continued to yield positive results, particularly in C&I and SBA loans. Additionally, Hanover’s strong liquidity position and strategic focus on residential loan products for secondary market sales contributed to its robust financial performance.

Looking forward, Hanover Bancorp anticipates further enhancements from its imminent core processing system conversion, which is expected to deliver operational efficiencies and improve customer experiences. The company remains optimistic about continuing its momentum into 2025, focusing on scaling key verticals and maintaining prudent expense management to enhance shareholder value.