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Hanover Bancorp, Inc. Ny (HNVR) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

Hanover Bancorp, Inc. Ny

HISTORY TOOLS
CIK: 1828588 Ticker: HNVR

Exhibit 99.1

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FOR IMMEDIATE RELEASE

Investor and Press Contacts:

Brian K. Finneran

President

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Lance P. Burke

Chief Financial Officer

(516) 548-8500

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Hanover Bancorp, Inc. Reports Third Fiscal Quarter

Net Income of $5.3 million, Announces New Jersey Expansion and Plans for

Long Island Expansion and Declares $0.10 Quarterly

Cash Dividend

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Third Fiscal Quarter Highlights

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●Initial Public Offering: The Company completed its Initial Public Offering (“IPO”) and began trading on the Nasdaq Global Select Market under the symbol HNVR on May 11, 2022. Gross proceeds of $30.8 million (including underwriters’ overallotment option, which was exercised in full) were raised at an offering price of $21.00 per share.
●Net Income: Net income for the quarter ended June 30, 2022 totaled $5.3 million or $0.80 per diluted common share, versus $221 thousand or $0.05 per diluted common share in the same period a year ago. The Company recorded adjusted (non-GAAP) net income (excluding merger-related charges) of $5.5 million or $0.83 per diluted common share in the quarter ended June 30, 2022, versus adjusted (non-GAAP) net income of $3.3 million or $0.68 per diluted common share in the comparable 2021 quarter. The Company recorded net income for the nine months ended June 30, 2022 of $17.7 million or $2.92 per diluted common share, compared to $3.8 million or $0.85 per diluted common share in the comparable 2021 nine-month period. The Company recorded adjusted (non-GAAP) net income (primarily excluding merger-related charges) of $17.9 million or $2.95 per diluted common share for the nine months ended June 30, 2022, versus adjusted (non-GAAP) net income of $7.2 million or $1.61 per diluted common share in the comparable 2021 nine-month period.
●Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per common share cash dividend payable on August 16, 2022 to stockholders of record on August 9, 2022.
●Financial Performance Metrics: Returns on average total assets and average stockholders’ equity were 1.41% and 14.05%, respectively, in the quarter ended June 30, 2022, versus 0.08% and 0.92% in the comparable 2021 period. Adjusted (non-GAAP) returns on average total assets and average stockholders’ equity were 1.46% and 14.57%, respectively, in the quarter ended June 30, 2022, versus 1.14% and 13.71% in the comparable 2021 period. The Company’s return on average tangible common equity was 16.12% in the quarter ended June 30, 2022.

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The following information was filed by Hanover Bancorp, Inc. Ny (HNVR) on Wednesday, July 27, 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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SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (Parenthetical)
Consolidated Statements Of Income (Unaudited)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income - Changes In Accumulated Other Comprehensive Income By Component, Net Of Tax (Details)
Accumulated Other Comprehensive Income - Reclassification Out Of Accumulated Other Comprehensive Income (Details)
Basis Of Presentation, Risks And Uncertainties, Accounting Policies And Recent Accounting Developments
Basis Of Presentation, Risks And Uncertainties, Accounting Policies And Recent Accounting Developments (Details)
Basis Of Presentation, Risks And Uncertainties, Accounting Policies And Recent Accounting Developments (Policies)
Borrowings
Borrowings (Details)
Borrowings (Tables)
Business Combinations
Business Combinations (Tables)
Business Combinations - Consideration Paid (Details)
Business Combinations - Fair Value Of Assets Received And Liabilities Assumed (Details)
Business Combinations - Loans Acquired In Savoy Acquisition (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Equity Compensation Plans
Equity Compensation Plans (Tables)
Equity Compensation Plans - 2021 And 2018 Equity Compensation Plans (Details)
Equity Compensation Plans - Restricted Stock (Details)
Equity Compensation Plans - Stock Options (Details)
Fair Value
Fair Value (Tables)
Fair Value - Assets Measured At Fair Value On Recurring Basis (Details)
Fair Value - Carrying Amount And Fair Value Of Financial Instruments (Details)
Fair Value - Changes In Mortgage Servicing Rights (Details)
Fair Value - Significant Inputs Utilized In Cash Flow Models (Details)
Loans
Loans (Tables)
Loans - Activity In Allowance For Loan Losses By Portfolio Segment (Details)
Loans - Aging Of Recorded Investment In Past Due And Non-Accrual Loans By Portfolio Segment (Details)
Loans - Allowance For Loan Losses, Allowance For Loan Losses And Recorded Investment By Portfolio Segment Based On Impairment Method (Details)
Loans - Carrying Amount For Purchased Credit Impaired Loans (Details)
Loans - Changes In Accretable Difference On Purchased Loans (Details)
Loans - Classification Of Loans (Details)
Loans - Impaired Loans (Details)
Loans - Loan Portfolio By Credit Risk Rating (Details)
Loans - Troubled Debt Restructurings (Details)
Loss Contingencies
Regulatory Matters
Regulatory Matters (Details)
Regulatory Matters (Tables)
Securities
Securities (Tables)
Securities - Investment Securities Available For Sale And Held To Maturity (Details)
Securities - Securities Portfolio Presented By Contractual Maturity (Details)
Subordinated Debentures
Subordinated Debentures (Details)

Material Contracts, Statements, Certifications & more

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: 0001558370-22-013404
Submitted to the SEC: Fri Aug 12 2022 7:41:41 AM EST
Accepted by the SEC: Fri Aug 12 2022
Period: Thursday, June 30, 2022
Industry: State Commercial Banks

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