Hanover Bancorp reports Q4 EPS 52c vs 51c last year

Net interest income was $13.8 million for the quarter ended December 31, 2024, an increase of $0.7 million or 5.39% from the quarter ended September 30, 2024 and $1.1 million, or 9.08% from the quarter ended December 31, 2023. 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 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.”