Quarterly ResultJul 23, 2026, 04:05 PM
Hanover Bancorp Q2 Net Income $4.1M; EPS $0.55
AI Summary
Hanover Bancorp, Inc. reported strong second-quarter 2026 results, with net income rising to $4.1 million, or $0.55 per diluted share, a significant increase from the previous quarter and prior year. The company achieved record net interest income of $16.8 million and expanded its net interest margin to 3.10%. Demand deposits also reached a record $254.3 million, driven by C&I banking relationships and municipal operating accounts. Additionally, Hanover Bancorp announced the appointment of Kevin O’Connor as its new President and declared a quarterly cash dividend of $0.10 per share.
Key Highlights
- Net income for Q2 2026 was $4.1 million, or $0.55 per diluted share, up from $1.9 million in Q1 2026.
- Adjusted net income for Q2 2026 was $4.3 million, or $0.58 per diluted share.
- Net interest income reached a record $16.8 million, a 13.36% increase from Q2 2025.
- Net interest margin expanded to 3.10% in Q2 2026, up from 2.96% in Q1 2026 and 2.76% in Q2 2025.
- Demand deposits increased by $16.9 million (7.13%) to a record $254.3 million.
- The company repurchased 112,346 shares of common stock at a weighted average price of $23.54 per share.
- A quarterly cash dividend of $0.10 per share was approved for common and Series A preferred shares.
- Kevin O’Connor was appointed President of the Company and the Bank, effective July 27, 2026.
Price Impact
More from HNVR