Quarterly ResultApr 27, 2026, 04:01 PM
HNVR Q1 Net Income $1.9M, Adj. $4.0M; NIM 2.96%; $35M Sub Debt
AI Summary
Hanover Bancorp reported Q1 2026 net income of $1.9 million, or $0.25 per diluted share, and adjusted net income of $4.0 million, or $0.54 per diluted share. The company saw net interest income rise to $16.4 million, an 11.85% increase year-over-year, with net interest margin expanding to 2.96%. Strategic actions included a $35 million subordinated debt placement, optimization of $60.3 million in FHLB advances, and regulatory approval for a new Long Island branch.
Key Highlights
- Completed private placement of $35 million 7.25% subordinated notes.
- Restructured $60.3 million FHLB advances, saving $40 thousand monthly.
- Q1 Net Income $1.9 million ($0.25/diluted share), up from $1.5 million YoY.
- Q1 Adjusted Net Income $4.0 million ($0.54/diluted share).
- Net Interest Income $16.4 million, an 11.85% increase YoY.
- Net Interest Margin expanded to 2.96% from 2.68% YoY.
- Declared $0.10 per share quarterly cash dividend.
- Received regulatory approval for new Riverhead, NY branch.