Groowe Groowe BETA / Newsroom
⏱ News is delayed by 15 minutes. Sign in for real-time access. Sign in

Form 8-K

sec.gov

8-K — Hanover Bancorp, Inc. /MD

Accession: 0001104659-26-049414

Filed: 2026-04-27

Period: 2026-04-27

CIK: 0001828588

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hnvr-20260427x8k.htm (Primary)

EX-99.1 (hnvr-20260427xex99d1.htm)

GRAPHIC (hnvr-20260427xex99d1001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: hnvr-20260427x8k.htm · Sequence: 1

Hanover Bancorp, Inc. /MD_April 27, 2026

Hanover Bancorp, Inc. /MD0001828588false00018285882026-04-272026-04-27

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

​

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 27, 2026

​

HANOVER BANCORP, INC.

(Exact name of registrant as specified in its charter)

​

​

​

​

Maryland

001-41384

81-3324480

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

​

​

​

​

​

​

​

80 East Jericho Turnpike, Mineola, New York

11501

(Address of principal executive offices)

(Zip Code)

​

Registrant’s telephone number, including area code: (516) 548-8500

​

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

​

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

​

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

​

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

​

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​

Securities registered pursuant to Section 12(b) of the Act:

​

​

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock

HNVR

NASDAQ

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☒

​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

​

​

​

​

Item 2.02 – Results of Operations and Financial Condition

​

On April 27, 2026, Hanover Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026.

​

The press release issued by the Company on April 27, 2026 is furnished herewith as Exhibit 99.1. This information is being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

​

​

​

​

Item 9.01 – Financial Statements and Exhibits

​

(d) Exhibits

​

​

​

​

​

Exhibit

Number

​ ​ ​ ​

Description

​

​

Exhibit 99.1

Press release issued by the Company on April 27, 2026

Exhibit 104

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

​

​

​

​

​

SIGNATURE

​

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​

​

​

HANOVER BANCORP, INC.

​

​

​

Date: April 27, 2026

​

By:

/s/ Lance P. Burke

​

​

​

Lance P. Burke

​

​

​

Senior Executive Vice President & Chief Financial Officer

​

​

​

(Principal Financial Officer)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EX-99.1

EX-99.1

Filename: hnvr-20260427xex99d1.htm · Sequence: 2

Exhibit 99.1

​

​

FOR IMMEDIATE RELEASE

Investor and Press Contact:

Lance P. Burke

Chief Financial Officer

(516) 548-8500

​

​

Hanover Bancorp, Inc. Reports First Quarter 2026 Results Highlighted by Continued Margin Expansion and Declares $0.10 Quarterly Cash Dividend

​

First Quarter Performance Highlights

​

● Net Income: Net income for the quarter ended March 31, 2026 totaled $1.9 million or $0.25 per diluted share (including Series A preferred shares).  Adjusted (non-GAAP) net income (excluding severance expenses) was $4.0 million or $0.54 per diluted share for the quarter ended March 31, 2026.

● Net Interest Income: Net interest income was $16.4 million for the quarter ended March 31, 2026, an increase of $0.5 million, or 3.36% from the quarter ended December 31, 2025 and $1.7 million, or 11.85%, from the quarter ended March 31, 2025, representing the highest level since the third quarter of 2022.

● Net Interest Margin Expansion: The Company’s net interest margin for the quarter ended March 31, 2026 increased to 2.96% from 2.84% for the quarter ended December 31, 2025 and 2.68% in the quarter ended March 31, 2025.

● Subordinated Debt: On March 12, 2026, the Company completed the private placement of $35 million of 7.25% fixed-to-floating subordinated notes due in 2036. Proceeds were used to redeem the Company’s previously outstanding 8.54% floating rate subordinated notes on April 15, 2026 and to enhance the Bank’s capital base.

● Executed Wholesale Funding Optimization: In February 2026, the Bank proactively restructured $60.3 million of FHLB advances into new, flexible, put-feature advances.  The restructuring reduced the weighted average borrowing cost from 4.27% to 3.47%, saving approximately $40 thousand in monthly interest expense, while maintaining term funding and call protection.

● Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common shares and Series A preferred shares payable on May 18, 2026 to stockholders of record on May 11, 2026.

● Long Island Expansion: Regulatory authorization has been received for the opening of a full-service branch in a state-of-the-art facility in downtown Riverhead, New York. In anticipation of the branch opening later this year, a temporary loan production office in Riverhead with business development staff became operational in March 2026.

​

Mineola, NY – April 27, 2026 – Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended March 31, 2026 and the declaration of a $0.10 per share cash dividend on both common shares and Series A preferred shares payable on May 18, 2026 to stockholders of record on May 11, 2026.

​

Earnings Summary for the Quarter Ended March 31, 2026

​

The Company reported net income for the quarter ended March 31, 2026 of $1.9 million or $0.25 per diluted share (including Series A preferred shares) versus $1.5 million or $0.20 per diluted share (including Series A preferred shares) for the quarter ended March 31, 2025.  The Company recorded adjusted (non-GAAP) net income (excluding severance expenses of $2.1 million, net of tax) of $4.0 million or $0.54 per diluted share in the quarter ended March 31, 2026, versus adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) of $4.1 million or $0.55 per diluted share in the comparable 2025 quarter.  Returns on average assets, average stockholders’ equity and average tangible equity were 0.33%, 3.74% and 4.14%, respectively, for the quarter ended March 31, 2026, versus 0.27%, 3.11% and 3.45%, respectively, for the comparable quarter of 2025.  Adjusted (non-GAAP) returns, exclusive of severance expenses, on average assets, average stockholders’ equity and average tangible equity were 0.70%, 7.98% and 8.83%, respectively, in the quarter ended March 31, 2026, versus 0.73%, 8.36% and 9.27%, respectively, in the comparable 2025 quarter, exclusive of core system conversion expenses for the 2025 quarter.

​

The increase in net income recorded in the first quarter of 2026 from the comparable 2025 quarter resulted from an increase in net interest income.  This was partially offset by a decrease in non-interest income, consisting primarily of gain on sale of loans held-for-sale and an increase in income tax expense.

​

Non-interest expense for the three months ended March 31, 2026 includes a severance payment related to a Board approved Transition Agreement dated February 12, 2026 between the Company and the former President of the Company and the Bank, McClelland Wilcox.  In connection with a management restructuring initiative, Mr. Wilcox’s last day of employment was March 31, 2026 and, pursuant to the terms of his Employment Agreement, he was entitled to a severance benefit of approximately $2.15 million.

​

Net interest income was $16.4 million for the quarter ended March 31, 2026, an increase of $1.7 million, or 11.85% from the comparable 2025 quarter.  This increase was due to improvement in the Company’s net interest margin to 2.96% in the 2026 quarter from 2.68% in the comparable 2025 quarter.  The cost of interest-bearing liabilities decreased to 3.51% in the 2026 quarter from 4.01% in the comparable 2025 quarter, a decrease of 50 basis points.  This decrease was partially offset by a 17 basis point decrease in the yield on interest earning assets to 5.84% in the 2026 quarter from 6.01% in the first quarter of 2025.  Net interest income on a linked quarter basis increased $0.5 million or 3.36%, resulting from a 16 basis point decrease in cost of interest-bearing liabilities.  Excluding interest expense of $100 thousand resulting from the temporary carrying of multiple subordinated debt issuances, as discussed below, the Bank’s net interest margin was 2.98% for the quarter ended March 31, 2026.

​

On March 12, 2026, the Company issued $35 million of 10-year fixed-to-floating rate subordinated notes with a fixed coupon rate of 7.25% for the first five years.  The Company used the net proceeds to provide capital to support growth of the consolidated entity and to redeem in full, its previously outstanding $25 million of 8.54% floating rate subordinated notes on April 15, 2026, thereby reducing the Company’s cost of funds.

​

Michael P. Puorro, Chairman, President and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with first quarter 2026 results which reflect strengthening core performance and disciplined balance sheet management, highlighted by $4.0 million in adjusted net income, increasing return on average assets, credit stabilization, and continued margin expansion to 2.96%. We also enhanced our capital position through a $35 million subordinated debt issuance, reduced funding costs through proactive balance sheet optimization, maintained our commitment to shareholder returns with a quarterly dividend, and advanced our strategic expansion into Long Island.”

​

2

Balance Sheet Highlights

​

Total assets were $2.37 billion at March 31, 2026 versus $2.38 billion at December 31, 2025.  Total securities available for sale (“AFS”) at March 31, 2026 were $105.8 million, an increase of $6.2 million from December 31, 2025, primarily driven by growth in U.S. GSE residential mortgage-backed securities and corporate bonds, offset by decreases in U.S. Treasury securities and collateralized loan obligations.

​

Total deposits were $2.02 billion at March 31, 2026 versus $2.03 billion at December 31, 2025.  Our loan to deposit ratio was 99% both at March 31, 2026 and December 31, 2025.

​

In February 2026, the Bank executed a proactive wholesale funding optimization strategy, restructuring five FHLB advances maturing in 2027 and 2028 and totaling $60.3 million in two new advances of equal principal with embedded put features to enhance balance sheet flexibility.  The transaction reduced the weighted average all-in borrowing cost from 4.27% to 3.47%, generating approximately $40 thousand in monthly interest expense savings while preserving appropriate term funding and call protection.

​

Borrowings at March 31, 2026 were $59.8 million, with a weighted average rate and term of 3.49% and 54 months, respectively.  At March 31, 2026 and December 31, 2025, the Company had $59.8 million (net of $470 thousand deferred prepayment penalty) and $100.7 million, respectively, of term FHLB advances outstanding.  The Company had no FHLB overnight borrowings outstanding at March 31, 2026 and December 31, 2025.  The Company had no borrowings outstanding under lines of credit with correspondent banks at March 31, 2026 and December 31, 2025.

​

Stockholders’ equity was $201.4 million at March 31, 2026 as compared to $200.3 million at December 31, 2025.  Retained earnings increased by $1.1 million due primarily to net income of $1.9 million for the quarter ended March 31, 2026, which was offset by $0.7 million of dividends declared.  The accumulated other comprehensive loss at March 31, 2026 was 0.33% of total equity and was comprised of a $0.4 million after tax net unrealized loss on the investment portfolio and a $0.2 million after tax net unrealized loss on derivatives.  Book value per share (including Series A preferred shares) increased to $27.11 at March 31, 2026 from $27.02 at December 31, 2025.  Tangible book value per share (including Series A preferred shares) increased to $24.50 at March 31, 2026 from $24.41 at December 31, 2025.

​

Loan Portfolio

​

The Bank’s loan portfolio was $1.99 billion at March 31, 2026 and $2.00 billion at December 31, 2025.  At March 31, 2026, the Company’s residential loan portfolio (including home equity) amounted to $764.1 million, with an average loan balance of $491 thousand and a weighted average loan-to-value ratio of 56%.  Commercial real estate (including construction) and multifamily loans totaled $1.08 billion at March 31, 2026, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%.  As discussed below, approximately 35% of the multifamily portfolio is subject to rent regulation.  The Company’s commercial real estate concentration ratio continues to improve, decreasing to 354% of capital at March 31, 2026 from 362% at December 31, 2025, with loans secured by office space accounting for 2% of the total loan portfolio and totaling $41.5 million at March 31, 2026.  The Company’s loan pipeline at March 31, 2026 is approximately $114.7 million, with approximately 58% being niche-residential, SBA and USDA lending opportunities.

​

The Bank originates loans for its portfolio and for sale in the secondary market under a residential flow origination program.  During the quarters ended March 31, 2026 and 2025, the Company sold $35.2 million and $18.3 million, respectively, of residential loans under its flow origination program and recorded gains on sale of loans held-for-sale of $0.9 million and $0.4 million, respectively.  Residential loan originations were $32 million for the quarter ended March 31, 2026.

​

3

During the quarters ended March 31, 2026 and 2025, the Company sold approximately $6.3 million and $23.4 million, respectively, in government guaranteed SBA loans and recorded gains on sale of loans held-for-sale of $0.5 million and $1.9 million, respectively.  SBA loan originations and gains on sale continue to be lower due to a less favorable economic outlook for many business owners along with the Bank’s ongoing prudent decision to tighten credit. Together, these factors contributed to lower SBA loan volume, approval levels, and related gain-on-sale income.

​

Commercial Real Estate Statistics

​

A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multifamily and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years.  The Bank’s exposure to Land/Construction loans as of March 31, 2026 is not significant at $11.5 million, all at floating interest rates.  As shown below, as of March 31, 2026, 21% of the loan balances in these combined portfolios will either have a rate reset or mature in 2026, with another 55% with rate resets or maturing in 2027.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multifamily Market Rent Portfolio Fixed Rate Reset/Maturity Schedule

​

Multifamily Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule

Calendar Period (Loan Data as of 3/31/2026)

# Loans

​

Total O/S ($000's omitted)

​

Avg O/S ($000's omitted)

​

Avg Interest Rate

​ ​ ​

Calendar Period (Loan Data as of 3/31/2026)

​

# Loans

​

Total O/S ($000's omitted)

​ ​

Avg O/S ($000's omitted)

​

Avg Interest Rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

29

​

$

86,070

​

$

2,968

​

3.76

%

​

2026

​

16

​

$

35,838

​

$

2,240

​

3.89

%

2027

​

70

​

​

185,867

​

​

2,655

​

4.39

%

​

2027

​

51

​

​

120,805

​

​

2,369

​

4.22

%

2028

​

15

​

​

20,598

​

​

1,373

​

6.14

%

​

2028

​

12

​

​

9,962

​

​

830

​

7.07

%

2029

​

7

​

​

11,156

​

​

1,594

​

6.58

%

​

2029

​

4

​

​

4,251

​

​

1,063

​

6.38

%

2030

​

8

​

​

20,180

​

​

2,523

​

6.19

%

​

2030

​

7

​

​

13,542

​

​

1,935

​

6.32

%

2031+

​

12

​

​

35,462

​

​

2,955

​

5.58

%

​

2031+

​

6

​

​

6,456

​

​

1,076

​

3.82

%

Fixed Rate

​

141

​

​

359,333

​

​

2,548

​

4.62

%

​

Fixed Rate

​

96

​

​

190,854

​

​

1,988

​

4.49

%

Floating Rate

​

1

​

​

105

​

​

105

​

9.50

%

​

Floating Rate

​

1

​

​

447

​

​

447

​

9.00

%

Total

​

142

​

$

359,438

​

$

2,531

​

4.63

%

​

Total

​

97

​

$

191,301

​

$

1,972

​

4.50

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule

Calendar Period (Loan Data as of 3/31/2026)

# Loans

​

Total O/S ($000's omitted)

​

Avg O/S ($000's omitted)

​

Avg Interest Rate

​

​

​

​

​

​

​

​

2026

​

34

​

$

50,188

​

$

1,476

​

6.11

%

2027

​

83

​

​

137,570

​

​

1,657

​

4.73

%

2028

​

28

​

​

30,261

​

​

1,081

​

6.65

%

2029

​

5

​

​

5,894

​

​

1,179

​

6.70

%

2030

​

14

​

​

13,426

​

​

959

​

6.98

%

2031+

​

16

​

​

16,019

​

​

1,001

​

5.56

%

Fixed Rate

​

180

​

​

253,358

​

​

1,408

​

5.45

%

Floating Rate

​

10

​

​

10,003

​

​

1,000

​

8.39

%

Total CRE-Inv.

​

190

​

$

263,361

​

$

1,386

​

5.56

%

​

​

4

Stabilized Multifamily Pro Forma Stress Results

​

The table below reflects a pro forma stressed evaluation of the Bank’s Multifamily stabilized loan portfolio as of March 31, 2026, using the primary assumption for a revised Debt Service Coverage Ratio (“DSCR”) calculation, for all loans where the current interest rate is below 5.75%.  The current balance for these loans is recast at 5.75% with a 30-year amortization.  The chart below reflects the impact of these adjustments on the portfolio.  The projected loan to value (“LTV”) assumption resets all loans using a 6% cap rate (despite lower current cap rates) and the last reported property net operating income (“NOI”) to determine an implied property valuation and based on the current loan balance, the resultant LTV.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multifamily Stabilized Rent Portfolio (Loan Data as of 3/31/2026)

DSCR Range

# Loans

​

Total O/S ($000's omitted)

​

% of Total MF Portfolio

​

Current Weighted Average LTV

​

Projected Weighted Average LTV

​

​

​

​

​

​

​

​

​

​

​

< 1.0

​

6

​

$

11,091

​

2

%

​

64

%

​

96

%

1.0 < x <1.2

​

17

​

​

35,911

​

7

%

​

63

%

​

73

%

1.2 < x <1.3

​

13

​

​

40,891

​

7

%

​

63

%

​

71

%

1.3 < x <1.5

​

27

​

​

60,886

​

11

%

​

63

%

​

61

%

1.5 < x <2.0

​

21

​

​

34,183

​

6

%

​

58

%

​

53

%

x > 2.0

​

13

​

​

8,339

​

2

%

​

44

%

​

36

%

Total

​

97

​

$

191,301

​

35

%

​

61

%

​

65

%

​

​

As reflected above, only 6 loans totaling $11 million in the multifamily rent stabilized portfolio would have a pro forma DSCR less than 1x while maintaining projected weighted average LTV’s under 100%.  This represents 2% of the total multifamily portfolio.  The remainder of this portfolio, totaling $180 million, representing 33% of the entire multifamily portfolio, would possess DSCR’s greater than 1x while maintaining a projected weighted average LTV well within our policy guidelines.  Additionally, 73% of the stabilized loans and 73% of the entire multifamily portfolio are further secured with personal guarantees from the borrowers.  Based on the maturities and rate resets in the previous 12 months, we believe the overall demand for multifamily housing in our market will allow our borrowers to address any adverse impact proactively.  The Bank continues to successfully manage multifamily loans with scheduled rate repricing or maturities.  Matured loans that qualified for renewal have been retained while others have paid off in full through refinances.  The majority of the rate resetting loans remain as performing loans at the new higher interest rate.

​

5

Rental breakdown of Multifamily portfolio

​

The table below segments our portfolio of loans secured by Multifamily properties based on rental terms and location as of March 31, 2026.  As shown below, 65% of the combined portfolio is secured by properties subject to free market rental terms, which is the dominant tenant type.  Both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles.  The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multifamily Loan Portfolio - Loans by Rent Type (Loan Data as of 3/31/2026)

Rent Type

# Notes

​

Outstanding Loan Balance

​

% of Total Multifamily

​

Avg Loan Size

​

LTV

​

Current DSCR

​

Avg # of Units

​

​

($000's omitted)

​

​

​

($000's omitted)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Market

​

142

​

$

359,438

​

65

%

​

$

2,531

​

61.0

%

​

1.45

​

11

Location

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Manhattan

​

7

​

$

16,079

​

3

%

​

$

2,297

​

54.5

%

​

1.82

​

13

Other NYC

​

93

​

$

260,556

​

47

%

​

$

2,802

​

60.9

%

​

1.41

​

9

Outside NYC

​

42

​

$

82,803

​

15

%

​

$

1,972

​

62.8

%

​

1.51

​

14

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stabilized

​

97

​

$

191,301

​

35

%

​

$

1,972

​

61.3

%

​

1.46

​

12

Location

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Manhattan

​

7

​

$

10,147

​

2

%

​

$

1,450

​

50.1

%

​

1.76

​

19

Other NYC

​

79

​

$

164,232

​

30

%

​

$

2,079

​

61.9

%

​

1.43

​

11

Outside NYC

​

11

​

$

16,922

​

3

%

​

$

1,538

​

62.3

%

​

1.61

​

14

​

Office Property Exposure

​

The Bank’s exposure to the Office market is not significant.  Loans secured by office space accounted for 2% of the total loan portfolio at March 31, 2026, with a total balance of $41.5 million, of which less than 1% is located in Manhattan.  The pool has a 2.41x weighted average DSCR and a 54% weighted average LTV.

​

Asset Quality and Allowance for Credit Losses

​

At March 31, 2026, the Bank reported $24.5 million in non-performing loans, or $17.7 million net of $6.8 million that is government guaranteed by the SBA, compared to non-performing loans of $21.6 million, or $17.9 million net of $3.7 million that is government guaranteed by the SBA at December 31, 2025.  At March 31, 2026 non-performing loans were 1.23% of total loans outstanding versus 1.08% at December 31, 2025.  Excluding the guaranteed portion, non-performing loans were 0.89% of total loans outstanding at March 31, 2026 versus 0.90% at December 31, 2025.

​

During the first quarter of 2026, the Bank recorded a provision for credit losses of $530 thousand (including a $30 thousand provision for credit losses on unfunded commitments).  The allowance for credit losses was $19.1 million at March 31, 2026 versus $18.7 million at December 31, 2025.  The allowance for credit losses as a percentage of total loans was 0.96% at March 31, 2026 and 0.93% at December 31, 2025.

​

Net Interest Margin

​

The Bank’s net interest margin increased to 2.96% for the quarter ended March 31, 2026 compared to 2.68% in the quarter ended March 31, 2025.  Excluding interest expense of $100 thousand resulting from the temporary carrying of multiple subordinated debt issuances, as discussed above, the Bank’s net interest margin was 2.98% for the quarter ended March 31, 2026.

​

6

About Hanover Community Bank and Hanover Bancorp, Inc.

​

Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs.  Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities.  Backed by state-of-the-art technology, Hanover offers a full range of financial services.  Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multifamily and commercial mortgages, residential loans, business loans and lines of credit.  Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more.  The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Port Jefferson, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Bowery, New York, and Freehold, New Jersey.

​

Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender.  For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

​

Non-GAAP Disclosure

​

This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, pre-provision net revenue (“PPNR”), PPNR return on average assets, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio.  A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).  The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP and provides greater comparability across time periods.  While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.  The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

​

With respect to the calculations of and reconciliations of adjusted net income, PPNR, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

7

Forward-Looking Statements

This release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as "may," "believe," "expect," "anticipate," "should," "plan," "estimate," "predict," "continue," and "potential" or the negative of these terms or other comparable terminology.  Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc.  Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect as a result of inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties.  There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements.  Factors that might cause such a difference include, but are not limited to: (1) the impact of a pandemic or other health crises and the government’s response to such pandemic or crises on our operations as well as those of our customers and on the economy generally and in our market area specifically, (2) competitive pressures among depository institutions may increase significantly; (3) changes in the interest rate environment may reduce interest margins; (4) loan origination and sale volumes, charge-offs and credit loss provisions may vary substantially from period to period; (5) general economic conditions may be less favorable than expected; (6) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (7) legislative or regulatory changes or actions may adversely affect the businesses in which Hanover Bancorp, Inc. is engaged; (8) the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; (9) changing political conditions and the outcome of federal, state, and local elections and the resulting economic and other impact on the areas in which we conduct business; (10) changes and trends in the securities markets may adversely impact Hanover Bancorp, Inc.; (11) a delayed or incomplete resolution of regulatory issues could adversely impact our planning; (12) difficulties in integrating any businesses that we may acquire, which may increase our expenses and delay the achievement of any benefits that we may expect from such acquisitions; (13) the impact of the strategic credit cleanup that we implemented during the fourth quarter of 2025 and the wholesale funding restructuring we implemented during the first quarter of 2026; (14) the impact of reputation risk created by the developments discussed above on such matters as business generation and retention, funding and liquidity could be significant; and (15) the outcome of any future regulatory and legal investigations and proceedings may not be anticipated.  Further information on other factors that could affect the financial results of Hanover Bancorp, Inc. are included in our Annual Report on Form 10-K under Item 1A - Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission.  Consequently, no forward-looking statement can be guaranteed.  Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

​

​

8

HANOVER BANCORP, INC.

STATEMENTS OF CONDITION (unaudited)

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

March 31,

​ ​ ​

December 31,

​ ​ ​

March 31,

​

​

2026

​

2025

​

2025

Assets

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

194,448

​

$

208,904

​

$

160,234

Securities-available for sale, at fair value

​

​

105,799

​

​

99,552

​

​

93,197

Investments-held to maturity

​

​

963

​

​

1,017

​

​

3,671

Loans held for sale

​

​

16,296

​

​

6,407

​

​

16,306

​

​

​

​

​

​

​

​

​

​

Loans, net of deferred loan fees and costs

​

​

1,992,694

​

​

2,000,749

​

​

1,960,674

Less: allowance for credit losses

​

​

(19,149)

​

​

(18,694)

​

​

(22,925)

Loans, net

​

​

1,973,545

​

​

1,982,055

​

​

1,937,749

​

​

​

​

​

​

​

​

​

​

Goodwill

​

​

19,168

​

​

19,168

​

​

19,168

Premises & fixed assets

​

​

14,049

​

​

14,313

​

​

14,511

Operating lease assets

​

​

8,072

​

​

9,855

​

​

8,484

Other assets

​

​

38,609

​

​

41,825

​

​

38,207

Assets

​

$

2,370,949

​

$

2,383,096

​

$

2,291,527

​

​

​

​

​

​

​

​

​

​

Liabilities and stockholders’ equity

​

​

​

​

​

​

​

​

​

Core deposits

​

$

1,504,925

​

$

1,518,491

​

$

1,418,209

Time deposits

​

​

517,421

​

​

509,896

​

​

518,229

Total deposits

​

​

2,022,346

​

​

2,028,387

​

​

1,936,438

​

​

​

​

​

​

​

​

​

​

Borrowings

​

​

59,780

​

​

100,725

​

​

107,805

Subordinated debentures

​

​

59,021

​

​

24,743

​

​

24,702

Operating lease liabilities

​

​

8,797

​

​

10,567

​

​

9,144

Other liabilities

​

​

19,564

​

​

18,408

​

​

16,795

Liabilities

​

​

2,169,508

​

​

2,182,830

​

​

2,094,884

​

​

​

​

​

​

​

​

​

​

Stockholders’ equity

​

​

201,441

​

​

200,266

​

​

196,643

Liabilities and stockholders’ equity

​

$

2,370,949

​

$

2,383,096

​

$

2,291,527

​

​

​

​

​

​

​

​

9

HANOVER BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(dollars in thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​ ​ ​

3/31/2026

​ ​ ​

3/31/2025

Interest income

​

$

32,292

​

$

32,837

Interest expense

​

​

15,930

​

​

18,208

Net interest income

​

​

16,362

​

​

14,629

Provision for credit losses

​

​

530

​

​

600

Net interest income after provision for credit losses

​

​

15,832

​

​

14,029

​

​

​

​

​

​

​

Loan servicing and fee income

​

​

1,042

​

​

1,081

Service charges on deposit accounts

​

​

250

​

​

117

Gain on sale of loans held-for-sale

​

​

1,443

​

​

2,352

Other operating income

​

​

9

​

​

182

Non-interest income

​

​

2,744

​

​

3,732

​

​

​

​

​

​

​

Compensation and benefits

​

​

7,822

​

​

7,232

Severance expenses

​

​

2,305

​

​

—

Conversion expenses

​

​

—

​

​

3,180

Occupancy and equipment

​

​

2,068

​

​

1,836

Data processing

​

​

422

​

​

593

Professional fees

​

​

906

​

​

787

Federal deposit insurance premiums

​

​

362

​

​

337

Other operating expenses

​

​

1,721

​

​

2,031

Non-interest expense

​

​

15,606

​

​

15,996

​

​

​

​

​

​

​

Income before income taxes

​

​

2,970

​

​

1,765

Income tax expense

​

​

1,096

​

​

244

​

​

​

​

​

​

​

Net income

​

$

1,874

​

$

1,521

​

​

​

​

​

​

​

Earnings per share ("EPS"):(1)

​

​

​

​

​

​

Basic

​

$

0.25

​

$

0.20

Diluted

​

$

0.25

​

$

0.20

​

​

​

​

​

​

​

Average shares outstanding for basic EPS (1)(2)

​

​

7,434,107

​

​

7,463,537

Average shares outstanding for diluted EPS (1)(2)

​

​

7,439,004

​

​

7,469,489

​

(1) Calculation includes common stock and Series A preferred stock.

(2) Average shares outstanding before subtracting participating securities.

​

​

​

10

HANOVER BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

QUARTERLY TREND

(dollars in thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​ ​ ​

3/31/2026

​ ​ ​

12/31/2025

​ ​ ​

9/30/2025

​ ​ ​

6/30/2025

​ ​ ​

3/31/2025

Interest income

​

$

32,292

​

$

32,599

​

$

32,994

​

$

32,049

​

$

32,837

Interest expense

​

​

15,930

​

​

16,769

​

​

17,771

​

​

17,254

​

​

18,208

Net interest income

​

​

16,362

​

​

15,830

​

​

15,223

​

​

14,795

​

​

14,629

Provision for credit losses

​

​

530

​

​

6,100

​

​

1,325

​

​

2,357

​

​

600

Net interest income after provision for credit losses

​

​

15,832

​

​

9,730

​

​

13,898

​

​

12,438

​

​

14,029

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loan servicing and fee income

​

​

1,042

​

​

1,049

​

​

1,057

​

​

1,083

​

​

1,081

Service charges on deposit accounts

​

​

250

​

​

234

​

​

237

​

​

162

​

​

117

Gain on sale of loans held-for-sale

​

​

1,443

​

​

1,244

​

​

1,451

​

​

2,298

​

​

2,352

Gain on sale of investments

​

​

—

​

​

215

​

​

—

​

​

—

​

​

—

Other operating income

​

​

9

​

​

23

​

​

40

​

​

18

​

​

182

Non-interest income

​

​

2,744

​

​

2,765

​

​

2,785

​

​

3,561

​

​

3,732

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Compensation and benefits

​

​

7,822

​

​

6,877

​

​

6,774

​

​

7,003

​

​

7,232

Severance expenses

​

​

2,305

​

​

—

​

​

—

​

​

—

​

​

—

Conversion expenses

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,180

Occupancy and equipment

​

​

2,068

​

​

2,036

​

​

1,960

​

​

1,910

​

​

1,836

Data processing

​

​

422

​

​

339

​

​

313

​

​

508

​

​

593

Professional fees

​

​

906

​

​

752

​

​

732

​

​

878

​

​

787

Federal deposit insurance premiums

​

​

362

​

​

352

​

​

334

​

​

365

​

​

337

Other operating expenses

​

​

1,721

​

​

2,003

​

​

1,900

​

​

1,952

​

​

2,031

Non-interest expense

​

​

15,606

​

​

12,359

​

​

12,013

​

​

12,616

​

​

15,996

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income taxes

​

​

2,970

​

​

136

​

​

4,670

​

​

3,383

​

​

1,765

Income tax expense

​

​

1,096

​

​

103

​

​

1,179

​

​

940

​

​

244

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

1,874

​

$

33

​

$

3,491

​

$

2,443

​

$

1,521

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per share ("EPS"):(1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

0.25

​

$

—

​

$

0.47

​

$

0.33

​

$

0.20

Diluted

​

$

0.25

​

$

—

​

$

0.47

​

$

0.33

​

$

0.20

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average shares outstanding for basic EPS (1)(2)

​

​

7,434,107

​

​

7,443,861

​

​

7,477,647

​

​

7,500,871

​

​

7,463,537

Average shares outstanding for diluted EPS (1)(2)

​

​

7,439,004

​

​

7,447,556

​

​

7,483,319

​

​

7,506,584

​

​

7,469,489

​

(1) Calculation includes common stock and Series A preferred stock.

(2) Average shares outstanding before subtracting participating securities.

​

​

​

​

11

HANOVER BANCORP, INC.

CONSOLIDATED NON-GAAP FINANCIAL INFORMATION (1) (unaudited)

(dollars in thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Three Months Ended

​

​

​ ​ ​

3/31/2026

​ ​ ​

3/31/2025

​

ADJUSTED NET INCOME:

​

​

​

​

​

​

​

Net income, as reported

​

$

1,874

​

$

1,521

​

Adjustments:

​

​

​

​

​

​

​

Conversion expenses

​

​

—

​

​

3,180

​

Severance expenses

​

​

2,305

​

​

—

​

Total adjustments, before income taxes

​

​

2,305

​

​

3,180

​

Adjustment for reported effective income tax rate

​

​

182

​

​

608

​

Total adjustments, after income taxes

​

​

2,123

​

​

2,572

​

Adjusted net income

​

$

3,997

​

$

4,093

​

Basic earnings per share - adjusted

​

$

0.54

​

$

0.55

​

Diluted earnings per share - adjusted

​

$

0.54

​

$

0.55

​

​

​

​

​

​

​

​

​

ADJUSTED OPERATING EFFICIENCY RATIO:

​

​

​

​

​

​

​

Operating efficiency ratio, as reported

​

​

81.68

%

​

87.12

%

Adjustments:

​

​

​

​

​

​

​

Conversion expenses

​

​

—

%

​

(17.32)

%

Severance expenses

​

​

(12.06)

%

​

—

%

Adjusted operating efficiency ratio

​

​

69.62

%

​

69.80

%

​

​

​

​

​

​

​

​

Adjusted Return on Average Assets

​

​

0.70

%

​

0.73

%

Adjusted Return on Average Equity

​

​

7.98

%

​

8.36

%

Adjusted Return on Average Tangible Equity

​

​

8.83

%

​

9.27

%

Adjusted Non-interest Expense to Average Assets

​

​

2.34

%

​

2.28

%

​

​

​

​

​

​

​

​

PRE-PROVISION NET REVENUE ("PPNR"):

​

​

​

​

​

​

​

Net income, as reported

​

$

1,874

​

$

1,521

​

Add: Provision for credit losses

​

​

530

​

​

600

​

Add: Provision for income taxes

​

​

1,096

​

​

244

​

Pre-provision net revenue

​

​

3,500

​

​

2,365

​

Adjustments: Conversion expenses

​

​

—

​

​

3,180

​

Adjustments: Severance expenses

​

​

2,305

​

​

—

​

Adjusted pre-provision net revenue

​

$

5,805

​

$

5,545

​

​

​

​

​

​

​

​

​

PPNR Return on Average Assets

​

​

0.62

%

​

0.42

%

Adjusted PPNR Return on Average Assets

​

​

1.02

%

​

0.99

%

​

(1) A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.

Note: Prior period information has been adjusted to conform with current period presentation.

​

12

HANOVER BANCORP, INC.

SELECTED FINANCIAL DATA (unaudited)

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​ ​ ​

3/31/2026

​ ​ ​

3/31/2025

​

Profitability:

​

​

​

​

​

​

​

Return on average assets

​

​

0.33

%

​

0.27

%

Return on average equity (1)

​

​

3.74

%

​

3.11

%

Return on average tangible equity (1)

​

​

4.14

%

​

3.45

%

Pre-provision net revenue return on assets

​

​

0.62

%

​

0.42

%

Yield on average interest-earning assets

​

​

5.84

%

​

6.01

%

Cost of average interest-bearing liabilities

​

​

3.51

%

​

4.01

%

Net interest rate spread (2)

​

​

2.33

%

​

2.00

%

Net interest margin (3)

​

​

2.96

%

​

2.68

%

Non-interest expense to average assets

​

​

2.74

%

​

2.85

%

Operating efficiency ratio (4)

​

​

81.68

%

​

87.12

%

​

​

​

​

​

​

​

​

Average balances:

​

​

​

​

​

​

​

Interest-earning assets

​

$

2,241,791

​

$

2,217,107

​

Interest-bearing liabilities

​

​

1,841,547

​

​

1,842,073

​

Loans

​

​

2,006,288

​

​

1,989,796

​

Deposits

​

​

1,950,190

​

​

1,919,436

​

Borrowings

​

​

126,100

​

​

133,665

​

​

(1) Includes common stock and Series A preferred stock.

(2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(3) Represents net interest income divided by average interest-earning assets.

(4) Represents non-interest expense divided by the sum of net interest income and non-interest income.

Note: Prior period information has been adjusted to conform to current period presentation.

​

​

​

13

HANOVER BANCORP, INC.

SELECTED FINANCIAL DATA (unaudited)

(dollars in thousands, except share and per share data)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At or For the Three Months Ended

​

​

​ ​ ​

3/31/2026

​ ​ ​

12/31/2025

​ ​ ​

9/30/2025

​ ​ ​

6/30/2025

​

Asset quality:

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for credit losses - loans (1)

​

$

500

​

$

5,925

​

$

1,375

​

$

2,170

​

Net (charge-offs)/recoveries

​

​

(45)

​

​

(9,585)

​

​

(592)

​

​

(3,524)

​

Allowance for credit losses

​

​

19,149

​

​

18,694

​

​

22,354

​

​

21,571

​

Allowance for credit losses to total loans (2)

​

​

0.96

%

​

0.93

%

​

1.12

%

​

1.10

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-performing loans

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-guaranteed portion

​

$

17,749

​

$

17,934

​

$

16,993

​

$

12,475

​

Guaranteed portion (4)

​

​

6,837

​

​

3,670

​

​

176

​

​

176

​

Total

​

$

24,586

​

$

21,604

​

$

17,169

​

$

12,651

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-performing loans/total loans

​

​

1.23

%

​

1.08

%

​

0.86

%

​

0.64

%

Non-performing loans, excluding guaranteed/total loans

​

​

0.89

%

​

0.90

%

​

0.85

%

​

0.63

%

Non-performing loans/total assets

​

​

1.04

%

​

0.91

%

​

0.74

%

​

0.55

%

Non-performing loans, excluding guaranteed/total assets

​

​

0.75

%

​

0.75

%

​

0.73

%

​

0.54

%

Allowance for credit losses/non-performing loans

​

​

77.89

%

​

86.53

%

​

130.20

%

​

170.51

%

Allowance for credit losses/non-performing loans, excluding guaranteed

​

​

107.89

%

​

104.24

%

​

131.55

%

​

172.91

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital (Bank only):

​

​

​

​

​

​

​

​

​

​

​

​

​

Tier 1 Capital

​

$

210,222

​

$

204,431

​

$

205,434

​

$

203,282

​

Tier 1 leverage ratio

​

​

9.20

%

​

9.05

%

​

9.15

%

​

9.29

%

Common equity tier 1 capital ratio

​

​

13.32

%

​

12.90

%

​

13.13

%

​

13.16

%

Tier 1 risk based capital ratio

​

​

13.32

%

​

12.90

%

​

13.13

%

​

13.16

%

Total risk based capital ratio

​

​

14.57

%

​

14.06

%

​

14.38

%

​

14.41

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity data:

​

​

​

​

​

​

​

​

​

​

​

​

​

Shares outstanding (3)

​

​

7,431,661

​

​

7,410,403

​

​

7,467,390

​

​

7,499,243

​

Stockholders’ equity

​

$

201,441

​

$

200,266

​

$

201,833

​

$

198,885

​

Book value per share (3)

​

​

27.11

​

​

27.02

​

​

27.03

​

​

26.52

​

Tangible common equity (3)

​

​

182,089

​

​

180,902

​

​

182,456

​

​

179,495

​

Tangible book value per share (3)

​

​

24.50

​

​

24.41

​

​

24.43

​

​

23.94

​

Tangible common equity (“TCE”) ratio (3)

​

​

7.74

%

​

7.65

%

​

7.89

%

​

7.83

%

​

(1) Excludes $30 thousand, $175 thousand, ($50) thousand and $187 thousand provision for credit losses on unfunded commitments for the quarters ended 3/31/26, 12/31/25, 9/30/25 and 6/30/25, respectively.

(2) Calculation excludes loans held for sale.

(3) lncludes common stock and Series A preferred stock.

(4) Guaranteed by the SBA.

​

​

​

​

14

HANOVER BANCORP, INC.

STATISTICAL SUMMARY

QUARTERLY TREND

(unaudited, dollars in thousands, except share data)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

3/31/2026

​ ​ ​

12/31/2025

​ ​ ​

9/30/2025

​ ​ ​

6/30/2025

​

Loan distribution (1):

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgages

​

$

737,692

​

$

751,536

​

$

725,873

​

$

715,418

​

Multifamily

​

​

550,739

​

​

541,083

​

​

537,333

​

​

539,573

​

Commercial real estate - OO

​

​

271,692

​

​

275,747

​

​

267,050

​

​

267,223

​

Commercial real estate - NOO

​

​

257,787

​

​

260,903

​

​

271,201

​

​

271,552

​

Commercial & industrial

​

​

147,929

​

​

145,591

​

​

161,240

​

​

148,907

​

Home equity

​

​

26,439

​

​

25,459

​

​

25,582

​

​

23,361

​

Consumer

​

​

416

​

​

430

​

​

404

​

​

418

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans

​

$

1,992,694

​

$

2,000,749

​

$

1,988,683

​

$

1,966,452

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sequential quarter growth rate

​

​

(0.40)

%

​

0.61

%

​

1.13

%

​

0.29

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CRE concentration ratio

​

​

354

%

​

362

%

​

362

%

​

368

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans sold during the quarter

​

$

41,523

​

$

39,114

​

$

44,532

​

$

46,045

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Funding distribution:

​

​

​

​

​

​

​

​

​

​

​

​

​

Demand

​

$

237,346

​

$

247,786

​

$

232,984

​

$

243,664

​

N.O.W.

​

​

772,318

​

​

781,681

​

​

701,199

​

​

655,333

​

Savings

​

​

44,307

​

​

58,475

​

​

43,363

​

​

42,860

​

Money market

​

​

450,954

​

​

430,549

​

​

434,973

​

​

497,799

​

Total core deposits

​

​

1,504,925

​

​

1,518,491

​

​

1,412,519

​

​

1,439,656

​

Time

​

​

517,421

​

​

509,896

​

​

562,304

​

​

511,625

​

Total deposits

​

​

2,022,346

​

​

2,028,387

​

​

1,974,823

​

​

1,951,281

​

Borrowings

​

​

59,780

​

​

100,725

​

​

100,725

​

​

107,805

​

Subordinated debentures

​

​

59,021

​

​

24,743

​

​

24,729

​

​

24,716

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total funding sources

​

$

2,141,147

​

$

2,153,855

​

$

2,100,277

​

$

2,083,802

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sequential quarter growth rate - total deposits

​

​

(0.30)

%

​

2.71

%

​

1.21

%

​

0.77

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end core deposits/total deposits ratio

​

​

74.41

%

​

74.86

%

​

71.53

%

​

73.78

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end demand deposits/total deposits ratio

​

​

11.74

%

​

12.22

%

​

11.80

%

​

12.49

%

​

(1) Excluding loans held for sale

​

Note: Prior period information has been adjusted to conform to current period presentation.

​

​

15

HANOVER BANCORP, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1) (unaudited)

(dollars in thousands, except share and per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

3/31/2026

​ ​ ​

12/31/2025

​ ​ ​

9/30/2025

​ ​ ​

6/30/2025

​ ​ ​

3/31/2025

​

Tangible common equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total equity (2)

​

$

201,441

​

$

200,266

​

$

201,833

​

$

198,885

​

$

196,643

​

Less: goodwill

​

​

(19,168)

​

​

(19,168)

​

​

(19,168)

​

​

(19,168)

​

​

(19,168)

​

Less: core deposit intangible

​

​

(184)

​

​

(196)

​

​

(209)

​

​

(222)

​

​

(236)

​

Tangible common equity (2)

​

$

182,089

​

$

180,902

​

$

182,456

​

$

179,495

​

$

177,239

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tangible common equity (“TCE”) ratio

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tangible common equity (2)

​

$

182,089

​

$

180,902

​

$

182,456

​

$

179,495

​

$

177,239

​

Total assets

​

​

2,370,949

​

​

2,383,096

​

​

2,331,580

​

​

2,311,976

​

​

2,291,527

​

Less: goodwill

​

​

(19,168)

​

​

(19,168)

​

​

(19,168)

​

​

(19,168)

​

​

(19,168)

​

Less: core deposit intangible

​

​

(184)

​

​

(196)

​

​

(209)

​

​

(222)

​

​

(236)

​

Tangible assets

​

$

2,351,597

​

$

2,363,732

​

$

2,312,203

​

$

2,292,586

​

$

2,272,123

​

TCE ratio (2)

​

​

7.74

%

​

7.65

%

​

7.89

%

​

7.83

%

​

7.80

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tangible book value per share

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tangible common equity (2)

​

$

182,089

​

$

180,902

​

$

182,456

​

$

179,495

​

$

177,239

​

Shares outstanding (2)

​

​

7,431,661

​

​

7,410,403

​

​

7,467,390

​

​

7,499,243

​

​

7,503,731

​

Tangible book value per share (2)

​

$

24.50

​

$

24.41

​

$

24.43

​

$

23.94

​

$

23.62

​

​

(1) A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.

(2) Includes common stock and Series A preferred stock.

​

​

​

16

HANOVER BANCORP, INC.

NET INTEREST INCOME ANALYSIS

For the Three Months Ended March 31, 2026 and 2025

(unaudited, dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

​

Average

​

​

​

​

Average

​

Average

​

​

​

​

Average

​

​

​ ​ ​

Balance

​ ​ ​

Interest

​ ​ ​

Yield/Cost

​ ​ ​

Balance

​ ​ ​

Interest

​ ​ ​

Yield/Cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

$

2,006,288

​

$

29,618

​

​

5.99

%

$

1,989,796

​

$

29,984

​

​

6.11

%

Investment securities

​

​

101,028

​

​

1,371

​

​

5.50

%

​

85,839

​

​

1,186

​

​

5.60

%

Interest-earning cash

​

​

126,984

​

​

1,164

​

​

3.72

%

​

133,458

​

​

1,482

​

​

4.50

%

FHLB stock and other investments

​

​

7,491

​

​

139

​

​

7.53

%

​

8,014

​

​

185

​

​

9.36

%

Total interest-earning assets

​

​

2,241,791

​

​

32,292

​

​

5.84

%

​

2,217,107

​

​

32,837

​

​

6.01

%

Non interest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and due from banks

​

​

11,952

​

​

​

​

​

​

​

​

9,504

​

​

​

​

​

​

​

Other assets

​

​

54,098

​

​

​

​

​

​

​

​

49,695

​

​

​

​

​

​

​

Total assets

​

$

2,307,841

​

​

​

​

​

​

​

$

2,276,306

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and stockholders’ equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Savings, N.O.W. and money market deposits

​

$

1,234,058

​

$

9,552

​

​

3.14

%

$

1,217,429

​

$

11,455

​

​

3.82

%

Time deposits

​

​

481,389

​

​

4,730

​

​

3.98

%

​

490,979

​

​

5,320

​

​

4.39

%

Total savings and time deposits

​

​

1,715,447

​

​

14,282

​

​

3.38

%

​

1,708,408

​

​

16,775

​

​

3.98

%

Borrowings

​

​

93,583

​

​

955

​

​

4.14

%

​

108,972

​

​

1,107

​

​

4.12

%

Subordinated debentures

​

​

32,517

​

​

693

​

​

8.64

%

​

24,693

​

​

326

​

​

5.35

%

Total interest-bearing liabilities

​

​

1,841,547

​

​

15,930

​

​

3.51

%

​

1,842,073

​

​

18,208

​

​

4.01

%

Demand deposits

​

​

234,743

​

​

​

​

​

​

​

​

211,028

​

​

​

​

​

​

​

Other liabilities

​

​

28,536

​

​

​

​

​

​

​

​

24,726

​

​

​

​

​

​

​

Total liabilities

​

​

2,104,826

​

​

​

​

​

​

​

​

2,077,827

​

​

​

​

​

​

​

Stockholders’ equity

​

​

203,015

​

​

​

​

​

​

​

​

198,479

​

​

​

​

​

​

​

Total liabilities & stockholders’ equity

​

$

2,307,841

​

​

​

​

​

​

​

$

2,276,306

​

​

​

​

​

​

​

Net interest rate spread

​

​

​

​

​

​

​

​

2.33

%

​

​

​

​

​

​

​

2.00

%

Net interest income/margin

​

​

​

​

$

16,362

​

​

2.96

%

​

​

​

$

14,629

​

​

2.68

%

​

17

GRAPHIC

GRAPHIC

Filename: hnvr-20260427xex99d1001.jpg · Sequence: 3

Binary file (12759 bytes)

Download hnvr-20260427xex99d1001.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Document and Entity Information

Apr. 27, 2026

Document and Entity Information [Abstract]

Document Type

8-K

Document Period End Date

Apr. 27, 2026

Entity File Number

001-41384

Entity Registrant Name

Hanover Bancorp, Inc. /MD

Entity Incorporation, State or Country Code

MD

Entity Tax Identification Number

81-3324480

Entity Address State Or Province

NY

Entity Address, Address Line One

80 East Jericho Turnpike

Entity Address, City or Town

Mineola

Entity Address, Postal Zip Code

11501

City Area Code

516

Local Phone Number

548-8500

Title of 12(b) Security

Common stock

Trading Symbol

HNVR

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

true

Entity Ex Transition Period

false

Entity Central Index Key

0001828588

Amendment Flag

false

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

X

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

na

Period Type:

duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 7A

-Section B

-Subsection 2

+ Details

Name:

dei_EntityExTransitionPeriod

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration