Hanover Bancorp Q2 net income rises

Reuters
07/24
Hanover Bancorp <a href="https://laohu8.com/S/QTWO">Q2</a> net income rises 

Overview

  • Hanover Bancorp Q2 net income rises to $2.4 mln from $0.8 mln in 2024

  • Net interest income for Q2 2025 increased 11.69% year-over-year

Outlook

  • Company anticipates higher C&I lending and deposit activity in 2025

  • Company sees continued expansion into Eastern Long Island

  • Hanover expects interest rate environment to remain challenging

Result Drivers

  • NET INTEREST INCOME - Increased by 11.69% year-over-year due to improved net interest margin

  • DEMAND DEPOSIT GROWTH - Increased by 13.03% from March 2025, driven by C&I and Municipal banking success

  • LOAN PORTFOLIO MANAGEMENT - Focus on residential, C&I, and SBA loans with reduced commercial real estate concentration

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Net Income

$2.44 mln

Q2 Net Interest Income

$14.80 mln

Q2 Loan Loss Provision

$2.36 mln

Q2 Pretax Profit

$3.38 mln

Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy"

  • Wall Street's median 12-month price target for Hanover Bancorp Inc is $25.25, about 11.5% above its July 22 closing price of $22.35

  • The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release: ID:nGNX7dqMvh

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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