Quarterly ResultMay 8, 2026, 04:08 PM

Hanover Bancorp Q1 Net Income $1.87M; EPS $0.25

AI Summary

Hanover Bancorp reported an increase in net income to $1.87 million, or $0.25 per diluted share, for the three months ended March 31, 2026, up from $1.52 million, or $0.20 per diluted share, in the prior year period. The company saw an increase in net interest income and a decrease in provision for credit losses, contributing to the improved earnings. However, total assets and deposits experienced a slight decline, and nonaccrual loans increased quarter-over-quarter, with a significant severance payment impacting non-interest expenses.

Key Highlights

Net income increased to $1.87 million for Q1 2026, up from $1.52 million in Q1 2025.
Basic and diluted EPS rose to $0.25 in Q1 2026 from $0.20 in Q1 2025.
Net interest income grew to $16.36 million in Q1 2026, compared to $14.63 million in Q1 2025.
Provision for credit losses decreased to $530 thousand in Q1 2026 from $600 thousand in Q1 2025.
Total assets were $2.37 billion as of March 31, 2026, a slight decrease from $2.38 billion at December 31, 2025.
Total deposits decreased to $2.02 billion as of March 31, 2026, from $2.03 billion at December 31, 2025.
Nonaccrual loans increased to $24.59 million as of March 31, 2026, from $21.60 million at December 31, 2025.
Salaries and employee benefits included a $2.15 million severance payment related to a management restructuring.

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Hanover Bancorp, Inc. /MD

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