Hanover Bancorp, Inc. Ny (HNVR) 10-Q Quarterly Report May 2022

Hanover Bancorp, Inc. Reports Fourth Calendar Quarter Net Income of $6.5 million ($1.16 Per Share) and Announces Initiation of $0.10 Quarterly Cash Dividend

Fourth Calendar Quarter Performance Highlights

Net Income: Net income for the quarter ended December 31, 2021, totaled $6.5 million or $1.16 per diluted common share, versus $1.5 million or $0.36 per diluted common share recorded in the same period a year ago.

Initiation of Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per common share cash dividend payable on February 15, 2022, to stockholders of record on February 8, 2022.

Financial Performance Metrics: Returns on average total assets and average stockholders’ equity were 1.80% and 20.52%, respectively, in the quarter ended December 31, 2021, versus 0.71% and 7.62% in the comparable 2020 period.

Net Interest Income: Net interest income was $15.3 million for the quarter ended December 31, 2021, an increase of $7.9 million, or 108.39%, versus the comparable 2020 quarter.

Net Interest Margin: The Company’s net interest margin increased significantly during the quarter ended December 31, 2021, to 4.39% versus 3.53% in the quarter ended December 31, 2020. Excluding the impact of net purchase accounting accretion, the Company’s net interest margin was 3.90% and 3.76% in the quarters ended December 31, 2021, and September 30, 2021, respectively.

Balance Sheet: Assets totaled $1.46 billion at December 31, 2021, versus $1.48 billion at September 30, 2021, and $876.9 million at December 31, 2020.

Capital Strength: The Bank’s Tier 1 leverage ratio was 9.92% and its Total Risk-Based capital ratio was 15.52% at December 31, 2021, each significantly above the regulatory minimums for a well-capitalized institution.

Tangible Book Value Per Share: Tangible book value per common share increased to $19.73 at December 31, 2021, from $18.49 at September 30, 2021, and $18.66 at December 31, 2020.

Strong Lending Activity: On a linked quarter basis, the Company exhibited net loan growth, excluding Paycheck Protection Program (“PPP”) loans, of $97.8 million or 35.35% on an annualized basis. At December 31, 2021, the Company’s loan pipeline was approximately $253.9 million.

Expansion into New Jersey Market: The Company intends to open a full-service branch in Freehold, New Jersey in the first quarter of 2022. This location will expand the Company’s niche Small Business Administration (“SBA”) lending footprint into both the New Jersey and eastern Pennsylvania marketplaces.

The following information was filed by Hanover Bancorp, Inc. Ny (HNVR) on Tuesday, January 25, 2022 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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

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

Ticker: HNVR
CIK: 1828588
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-009008
Submitted to the SEC: Mon May 16 2022 5:06:19 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: State Commercial Banks

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Hanover Bancorp, Inc. Ny (HNVR) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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