Hanover Bancorp reports Q2 2026 net income of $4.1 million, declares $0.10 dividend
Hanover Bancorp reported net income of $4.1 million, or $0.55 per diluted share, for the quarter ended June 30, 2026, compared with $2.4 million, or $0.33 per diluted share, in the same quarter a year ago. The improvement was driven by net interest income of $16.8 million (up 13.36% year-over-year) and margin expansion to 3.10% from 2.76%, with the cost of interest-bearing liabilities declining 48 basis points. The company declared a $0.10 per share quarterly cash dividend on common and Series A preferred shares, payable August 13, 2026.
- Net interest margin increased to 3.10% for Q2 2026 from 2.76% in Q2 2025
- Cost of interest-bearing liabilities decreased 48 basis points to 3.46% in Q2 2026 from 3.94% in Q2 2025
- Net income $4.1 million ($0.55 per diluted share) in Q2 2026 vs. $2.4 million ($0.33 per diluted share) in Q2 2025
- Net interest income $16.8 million in Q2 2026, up $2.0 million or 13.36% from Q2 2025
- Quarterly cash dividend $0.10 per share declared on common and Series A preferred shares
- Non-performing loans $28.3 million at June 30, 2026 vs. $21.6 million at December 31, 2025
- Stockholders' equity $202.7 million at June 30, 2026 vs. $200.3 million at December 31, 2025
- Repurchased 112,346 shares at aggregate cost of $2.6 million during H1 2026
- Book value per share increased to $27.66 at June 30, 2026 from $27.02 at December 31, 2025
Hanover achieved margin expansion despite a 5 basis point decline in loan yields, reflecting successful deposit-cost management that positions the bank to benefit if interest rates remain elevated, while non-performing loans rose materially from year-end, signaling emerging credit stress in the portfolio.
Derived from 8-K filed 2026-07-23. Not investment advice. Figures are extracted from the filing; prose is AI-assisted. View the source filing on SEC.gov →