Hanover Bancorp reported third‑quarter 2025 earnings, posting net income of $3.5 million, or $0.47 per diluted share, the same as the quarter ended September 30, 2024.
Net interest income rose to $15.2 million, an increase of 16.19% from $13.1 million in Q3 2024, driven by a 0.37‑percentage‑point improvement in the net interest margin to 2.74% from 2.37% in the prior year.
Total assets stood at $2.33 billion, while total deposits increased to $1.97 billion, a 1.05% year‑over‑year gain. Demand deposits grew 15.12% from the end of 2024, reflecting strong commercial and municipal lending activity.
The loan portfolio expanded to $1.99 billion, with residential loans at $751.5 million and commercial real‑estate loans at $1.08 billion. Non‑performing loans increased to 0.86% of total loans, up from 0.82% at the end of 2024.
The company declared a $0.10 per share cash dividend for both common and Series A preferred shares, payable on November 20, 2025 to shareholders of record on November 13, 2025. The dividend remains unchanged from the prior quarter, maintaining the bank’s consistent quarterly payout.
Chairman and CEO highlighted that pre‑provision net revenue grew $6.0 million, supported by higher net interest income and lower operating expenses. Management noted a modest rise in the provision for credit losses and a decline in non‑interest income, but emphasized the bank’s focus on commercial and municipal lending and a staggered reset schedule for commercial‑real‑estate loans as key strategic priorities.
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