Hanover Bancorp (HNVR) investor relations material

Executive summary

• Q3 net income was $4.35 million, or $0.60 diluted EPS, versus $3.49 million and $0.47 a year earlier; Q2 net income was $4.1 million.

• September 30 balances: assets $2.44 billion, deposits $2.11 billion, loans $2.08 billion and stockholders’ equity $202.9 million; assets rose 4.50% and loans 4.34% QoQ.

• PPNR was $6.9 million, or 1.18% of average assets, its highest level since Q4 2022; nine-month net income reached $10.29 million, up from $7.46 million.

Financial highlights

• Q3 revenue was $19.28 million versus $18.01 million; net interest income was $17.03 million versus $15.22 million, while provision expense eased to $1.10 million from $1.33 million.

• Q3 non-interest income was $2.25 million versus $2.79 million, reflecting lower loan-sale gains; non-interest expense was $12.40 million versus $12.01 million.

• Nine-month revenue was $57.95 million versus $54.73 million; net income was $10.29 million and diluted EPS $1.40, versus $7.46 million and $1.00.

• Nine-month NII was $50.2 million, up 12.35%; provision expense was $2.1 million versus $4.3 million, with NII up $5.5 million and provision down $2.2 million.

• Adjusted nine-month net income was $12.6 million versus $10.0 million; adjustments exclude 2026 severance and debt-extinguishment costs and 2025 system-conversion costs.

Outlook and guidance

• Loan pipeline was $221.1 million at September 30; management cited disciplined growth supported by niche-residential, CRE and C&I relationships.

• Management expects higher-yielding loan production and rate resets to mitigate further funding-cost increases; substantial portions of $487.1 million in time deposits maturing within 12 months are expected to be replaced with comparable products.

• Most multifamily loans resetting or maturing remained performing at higher rates; qualifying maturities were renewed while others repaid through refinancing.