Hanover Bancorp Inc ( (HNVR) ) has released its Q1 earnings. Here is a breakdown of the information Hanover Bancorp Inc presented to its investors.
Hanover Bancorp, Inc. is a community commercial bank holding company that offers a wide range of financial services, including multi-family and commercial mortgages, residential loans, and business loans, primarily serving the metro-New York area. In its first quarter of 2025, Hanover Bancorp reported a net income of $1.5 million, or $0.20 per diluted share, with an adjusted net income of $4.1 million, or $0.55 per diluted share, excluding core system conversion expenses. The company experienced a net interest income increase to $14.6 million, a 13.10% rise from the previous year, and a net interest margin expansion to 2.68%. Hanover Bancorp’s liquidity position remained strong, with undrawn liquidity sources totaling $679 million, and the company continued its loan diversification strategy, focusing on residential, C&I, and SBA loans. The bank also completed a core processing system conversion, which is expected to enhance operational efficiencies and customer benefits. Looking ahead, Hanover Bancorp remains committed to disciplined development in its core business verticals and anticipates a more favorable banking environment, with potential qualification for the Russell 2000 index.