Hanover Bancorp, Inc. /MD

Listed Company

HNVRCIK 0001828588NasdaqAcceleratedSmaller ReportingEmerging GrowthState Commercial BanksMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$7.49M

Total Assets

$2.38B

Equity

$200.27M

Shares Out

7.17M

Op. Cash Flow

$13.05M

Business

Hanover Bancorp, Inc. is the holding company for Hanover Community Bank, a community commercial bank that provides personalized banking services to local customers. It offers a range of products and services including one- to four-family residential mortgage lending (with a focus on non‑conforming loans), commercial real estate and construction loans, commercial and industrial lending, SBA and USDA loans, deposit accounts and municipal banking, and business banking services. Key business segments include residential mortgage, commercial real estate, C&I, SBA lending and municipal deposits. The Bank serves the New York metropolitan area and parts of New Jersey through its branch network, broker channels and institutional loan purchasers.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Loans	120	123	98	67	48
Taxable securities	6	6	806,000	484,000	685,000
Other interest income	5	4	7	940,000	305,000
Total interest income	130	133	105	68	49
Savings, NOW and money market deposits	43	51	33	3	903,000
Time deposits	21	21	11	2	4
Borrowings	6	7	7	2	2
Total interest expense	70	80	51	—	—
Net interest income	60	53	54	61	42
Provision for credit losses	10	5	3	—	—
Net interest income after provision for credit losses	50	48	51	57	41
Total non-interest income	13	15	9	9	3
Salaries and employee benefits	28	26	21	20	15
Occupancy and equipment	8	7	6	6	5
Data processing	2	2	2	2	1
Professional fees	3	3	3	3	2
Federal deposit insurance premiums	1	1	1	368,000	—
Conversion expenses	3	—	—	—	—
Other expenses	8	8	6	5	3
Total non-interest expense	53	47	40	35	30
Income before income tax expense	10	16	20	30	14
Income tax expense	2	4	5	7	3
NET INCOME	7	12	15	24	11
BASIC (in dollars per share)	1.01	1.67	2.07	3.74	2.32
DILUTED (in dollars per share)	1	1.66	2.05	3.68	2.28

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2022 2022-09-30
Cash and non-interest-bearing deposits due from banks	96	13	10	5	10
Interest-bearing deposits due from banks	113	150	166	187	140
Total cash and cash equivalents	209	163	177	193	150
Securities held to maturity, fair value of $976 and $3,609 at December 31, 2025 and 2024, respectively (net of allowance for credit losses of $0 at December 31, 2025 and 2024)	1	4	4	—	—
Securities available for sale, at fair value (net of allowance for credit losses of $0 at December 31, 2025 and 2024)	100	84	61	—	—
Loans held for sale	6	12	9	—	—
Loans	2,001	1,986	1,957	—	—
Allowance for credit losses	−19	−23	−20	—	—
Total loans, net	1,982	1,963	1,938	—	—
Premises and equipment, net	14	15	16	16	14
Operating lease assets	10	8	10	10	—
Accrued interest receivable	12	12	12	11	9
Prepaid post retirement plan	3	3	4	4	3
"Stock in Federal Home Loan Bank (""FHLB""), at cost"	8	8	9	11	6
Goodwill	19	19	19	19	19
Loan servicing rights	6	6	5	4	4
Other assets	13	15	5	6	4
TOTAL ASSETS	2,383	2,312	2,270	2,150	1,840
Non-interest-bearing demand	248	212	208	186	219
Savings, NOW and money market	1,271	1,245	1,175	1,019	970
Time	510	498	522	530	339
Total deposits	2,028	1,954	1,905	1,735	1,528
Borrowings	101	108	129	180	102
Subordinated debentures ($25,000 face amount less unamortized debt issuance costs of $257 and $311 at December 31, 2025 and 2024, respectively)	25	25	25	25	25
Operating lease liabilities	11	9	11	11	—
Accrued interest payable	2	2	2	2	915,000
Other liabilities	17	18	15	11	12
TOTAL LIABILITIES	2,183	2,115	2,085	1,964	1,667
COMMITMENTS AND CONTINGENT LIABILITIES	—	—	—	—	—
Preferred stock, Series A (par value $0.01; 15,000,000 shares authorized; issued and outstanding 275,000 at December 31, 2025 and 2024)	5	5	3	3	0
Common stock (par value $0.01; 17,000,000 shares authorized; issued and outstanding 7,135,403 and 7,152,127 at December 31, 2025 and 2024, respectively)	71,000	72,000	72,000	72,000	73,000
Surplus	123	125	126	126	127
Retained earnings	72	68	59	59	46
Accumulated other comprehensive loss, net of tax	−680,000	−1	−2	−1	−620,000
TOTAL STOCKHOLDERS' EQUITY	200	197	185	186	173
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,383	2,312	2,270	2,150	1,840

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	2	2	2	2	1
Amortization of right-of-use assets	2	2	2	0	—
Originations of loans held for sale	−94	−40	—	—	0
Proceeds from loans held for sale	91	40	—	—	0
Net gain on sale of securities available-for-sale	−215,000	−31,000	0	−105,000	—
Gain on sale of fixed assets (included in other income)	−167,000	0	—	—	—
Stock-based compensation	2	2	2	2	901,000
Net gain on sale of loans held-for-sale	−7	−11	−4	−5	—
Net amortization of premiums, discounts and loan fees and costs	2	1	−748,000	−4	−4
Payments on operating leases	−2	−2	—	—	—
Amortization of intangible assets	54,000	61,000	72,000	81,000	32,000
Amortization of debt issuance costs	54,000	54,000	53,000	55,000	72,000
Loan servicing rights valuation adjustments	1	809,000	767,000	495,000	251,000
Deferred tax expense	2	594,000	1	1	365,000
Decrease in accrued interest receivable	69,000	66,000	−2	817,000	2
Increase in other assets	−1	−10	−2	−5,000	1
Increase (decrease) in accrued interest payable	209,000	−192,000	906,000	−375,000	−134,000
(Decrease) increase in other liabilities	−2	3	−264,000	160,000	239,000
Net cash provided by operating activities	13	5	16	25	13
Purchases of securities available-for-sale	−131	−623	0	−8	−5
Redemptions of restricted securities, net	93,000	727,000	−4	—	—
Proceeds from sales of securities available-for-sale	8	2	0	2	3
Principal repayments of securities held to maturity	3	279,000	302,000	4	2
Maturities, prepayments and calls of securities available-for-sale	109	599	50,000	335,000	338,000
Proceeds from loans held for sale previously classified as portfolio loans	100	128	—	—	—
Net increase in loans	−116	−152	−299	−455	17
Additions to premises and equipment	−869,000	−1	−3	−1	−2
Proceeds from sales of fixed assets	300,000	0	—	—	—
Net cash used in investing activities	−28	−45	−256	−374	90
Net increase in deposits	74	50	207	365	158
Repayments of term FHLB advances	−7	−19	−12	−4	−35
Proceeds from Federal Reserve Bank borrowings	0	20	0	—	0
Repayments of Federal Reserve Bank borrowings	0	−22	−5	−109	−149
Payments related to tax withholding for equity awards	−779,000	−198,000	−170,000	−28,000	0
Cash dividends paid	−3	−3	−3	—	—
Repurchase of common stock of Hanover Bancorp, Inc.	−2	0	—	—	—
Proceeds from exercise of stock options, net	−468,000	−68,000	106,000	—	—
Net cash provided by financing activities	61	26	283	332	−17
Increase (decrease) in cash and cash equivalents	46	−14	43	−17	86
Interest paid	70	80	50	8	7
Income taxes paid	3	4	4	6	1
Transfers from portfolio loans to loans held for sale	84	121	52	80	48
Transfers from loans to other real estate owned (included in other assets)	650,000	0	—	0	2
Preferred stock issued in exchange for common stock	0	2	3	0	—
Lease liabilities arising from obtaining right-of-use assets	4	301,000	2	—	—

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