Hanover Bancorp (HNVR) Investor presentation summary

Offering overview

• Issuing $25 million in fixed-to-floating rate subordinated notes, rated BBB+ by Egan Jones, via Regulation D private placement with registration rights and a 10-year term, callable after 5 years.

• Proceeds will redeem $25 million of previous debt and support general corporate purposes.

• Lead placement agents are Piper Sandler and Hovde Group.

Company background and growth

• Headquartered in Mineola, NY, with a focus on Long Island, NYC boroughs, and Freehold, NJ.

• Total assets reached $2.4 billion at year-end 2025, with $2.0 billion in loans and deposits.

• Achieved a 20% CAGR in total assets from 2017 to 2025, driven by organic growth and acquisitions.

• Completed IPO in May 2022 and added to the Russell 2000 index in June 2025.

Business strategy and market positioning

• Pursues organic growth and strategic acquisitions, focusing on niche lending segments such as non-qualified residential, SBA, and C&I lending.

• Opened new branches in Hauppauge (2023) and Port Jefferson (2025) to expand commercial banking presence.

• Operates a branch-lite, efficient model with high assets, loans, and deposits per office compared to peers.

• Targets underserved markets due to significant consolidation among sub-$5 billion asset banks in the NYC metro area.