Quarterly ResultApr 27, 2026, 04:02 PM
HNVR Q1 Net Income $1.9M; Margin Expands to 2.96%; Declares Dividend
AI Summary
Hanover Bancorp, Inc. reported Q1 2026 GAAP net income of $1.9 million ($0.25 per diluted share) and adjusted net income of $4.0 million ($0.54 per diluted share). The company achieved significant net interest margin expansion to 2.96% and increased net interest income to $16.4 million. Strategic actions included a $35 million subordinated debt issuance to enhance capital and redeem prior notes, and a wholesale funding optimization that reduced borrowing costs. Additionally, the Board declared a $0.10 per share quarterly cash dividend and advanced its Long Island expansion with a new branch authorization.
Key Highlights
- HNVR Q1 2026 GAAP Net Income $1.9M, or $0.25 per diluted share
- Adjusted (non-GAAP) Net Income $4.0M, or $0.54 per diluted share
- Net Interest Income $16.4M, up 11.85% YoY and 3.36% QoQ
- Net Interest Margin expanded to 2.96% from 2.84% QoQ and 2.68% YoY
- Issued $35M of 7.25% fixed-to-floating subordinated notes due 2036
- Restructured $60.3M FHLB advances, saving $40K monthly interest expense
- Declared $0.10 per share quarterly cash dividend
- Long Island expansion with new Riverhead branch authorized and LPO operational
Price Impact
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