Hanover Bancorp, Inc. Ny (HNVR) 10K Annual Reports & 10Q SEC Filings

Net Income: Net income for the quarter ended September 30, 2023 totaled $3.5 million or $0.48 per diluted share (including Series A preferred shares). Net income for the quarter ended June 30, 2023 totaled $3.1 million or $0.42 per diluted share (including Series A preferred shares). The Company recorded net income for the fiscal year ended September 30, 2023 of $15.2 million or $2.05 per diluted share, compared to $23.6 million or $3.68 per diluted share in the comparable 2022 fiscal year.

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Strong Liquidity Position: At September 30, 2023, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $534.7 million or approximately 204% of uninsured deposit balances.

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Deposit Activity: Total deposits increased $141.4 million or 8.9% from June 30, 2023. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 85% of total deposits at September 30, 2023.

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Loan Growth: Loans totaled $1.87 billion, a net increase of $51.1 million, or 11.2% annualized, from June 30, 2023, primarily driven by growth in niche-residential, conventional C&I and SBA loans.

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Banking Initiatives: At September 30, 2023, the Company’s existing banking initiatives, all of which emphasize both loan and deposit growth, are continuing to gain traction:

o

SBA & USDA Banking: SBA gains on sale increased by approximately 40% from June 2023, and the Bank was included in the SBA’s list of top lenders by volume for the SBA’s 9/30/23 fiscal year, placing 43rd out of 1,615 banks with Agency authorized volume of $139 million.

o

C&I Banking: Deposits at the Hauppauge Business Banking Center, the nexus of the Bank’s commercial banking activities, reached $36.1 million, and loans originated by the C&I Banking Team totaled $88.7 million through the fiscal year ended September 30, 2023.

o

Residential Banking: The Bank achieved $196.0 million in closed loans for the fiscal year ended September 30, 2023. Currently, the Company’s pipeline is approximately $67 million with a weighted average yield of 7.39% before origination and other fees which average 50-100 bps and an average 61% LTV.

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Accumulated Other Comprehensive Loss, Net of Tax, was $1.3 million, reflecting the relatively small size of the Company’s investment portfolio and representing approximately 0.71% of total capital at September 30, 2023.

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Capital Strength: The Bank’s Tier 1 leverage ratio was 9.16% and its Total Risk-Based capital ratio was 14.60% at September 30, 2023, each significantly above the regulatory minimums (including the capital conservation buffer) for a well-capitalized institution. The Company’s Tangible Common Equity ratio was 7.81% at September 30, 2023, 7.77% at June 30, 2023, and 8.41% at September 30, 2022.

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Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) increased to $22.73 at September 30, 2023 from $22.26 at June 30, 2023 and $21.00 at September 30, 2022.

The following information was filed by Hanover Bancorp, Inc. Ny (HNVR) on Thursday, October 26, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hanover Bancorp, Inc. Ny's 10-K Annual Report:

Financial - Expense Highlight
However, total interest expense increased by $43.4 million, or 604.5%, reflecting the rapid and significant rise in interest rates driven by the Federal Reserve and, to a lesser extent, the Company's decision to maintain increased liquidity as a result of recent industry events resulted in the higher cost of funds as the average rate on interest bearing liabilities increased to 3.18% from 0.62%.

Other - Other Highlight
Estimates for loan losses are determined by management's ongoing review and grading of the loan portfolio, consideration of historical loan loss and delinquency experience, trends in past due and nonaccrual loans, risk characteristics of the various classifications of loans, concentrations of loans to specific borrowers or industries, existing economic conditions, the fair value of underlying collateral, and other qualitative and quantitative factors which could affect probable credit losses.
Financial - Earnings Highlight
The increase was primarily due to net income earned for the year ended September 30, 2023, less cash dividends paid to shareholders.
Financial - Earnings Highlight
The decline in net income recorded for the fiscal year ended September 30, 2023 from the comparable 2022 period resulted primarily from a decrease in net interest income, a decrease in gain on sale of loans due to a lower volume of SBA loan sales, zero residential loan sales in the current year and depressed secondary market premiums early in the year, a decrease in purchase accounting accretion and an increase in non-interest expense.
Other - Other Highlight
Because current economic conditions can change and future events are inherently difficult to predict, the anticipated amount of estimated loan losses, and therefore the appropriateness of the allowance for loan losses, could change significantly.
Other - Other
Daily, management receives a current...Read more
Financial - Income
Net interest income for the...Read more
Financial - Shares
Under the new repurchase program,...Read more
Revenue - Product
At the beginning of the...Read more
Financial - Cash Flow
On a weekly basis, appropriate...Read more
Other - Other
Allowance for Loan Losses We...Read more
M & A - Other
The following table presents the...Read more
Financial - Shares
The repurchase program permits shares...Read more
Financial - Earnings
Net interest margin was 2.85%...Read more
Financial - Income
In addition, offsetting this decline,...Read more
Financial - Income
The following table details the...Read more
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The effective income tax rate...Read more
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Based upon the results of...Read more
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Our significant accounting policies and...Read more
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In addition, regulatory agencies, as...Read more
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At September 30, 2023, the...Read more
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The testing program includes an...Read more
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In evaluating the allowance for...Read more
Financial - Income
Income tax expense was $5.0...Read more
Other - Other
No borrowings were outstanding under...Read more
Revenue - Product
We utilized brokered certificates of...Read more
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From and including October 15,...Read more
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Nonperforming Assets The following table...Read more
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The Company experienced $1.6 million...Read more
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Our sources of wholesale funding...Read more
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Liquidity is continuously monitored, thereby...Read more
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Revenue - Product
Net gain on the sale...Read more
Financial - Expense
Non-interest expense was $39.7 million...Read more
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At September 30, 2023 and...Read more
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Material estimates that are particularly...Read more
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Borrowings and the scheduled amortization...Read more
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These liquid assets may include...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Hanover Bancorp, Inc. Ny provided additional information to their SEC Filing as exhibits

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 97: Ex-97

Ticker: HNVR
CIK: 1828588
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-019964
Submitted to the SEC: Thu Dec 21 2023 4:55:22 PM EST
Accepted by the SEC: Thu Dec 21 2023
Period: Saturday, September 30, 2023
Industry: State Commercial Banks

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Hanover Bancorp, Inc. Ny (HNVR) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, September 30, 2023

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