Hanover Bancorp Posts Q3 Net Income of $3.5 Million and Declares $0.10 Dividend
Hanover Bancorp Inc. reported net income of $3.5 million, or $0.47 per diluted share including Series A preferred shares, for the quarter ended September 30, 2025. This compares to $2.4 million, or $0.33 per diluted share, in the previous quarter. Pre-provision net revenue was $6.0 million, resulting in a return on average assets of 1.1 percent, up from $5.7 million and 1.0 percent in the prior quarter, and $4.8 million and 0.9 percent in the third quarter of 2024. Total assets reached $2.33 billion as of September 30, 2025, compared to $2.31 billion at December 31, 2024. Securities available for sale totaled $100.0 million, an increase of $16.3 million from the end of 2024, mainly due to growth in collateralized mortgage obligations and corporate bonds. Total deposits stood at $1.97 billion, up $20.5 million, or 1.1 percent, from December 31, 2024. Demand deposits increased by $21.3 million, or 10.1 percent, over the same period. The Board of Directors declared a $0.10 per share cash dividend on both common and Series A preferred shares, payable on November 20, 2025, to shareholders of record as of November 13, 2025. The company continues to develop technology-focused branches in key markets and expand its business development efforts.
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