Hanover Bancorp Q1 net interest income rises on margin expansion

Hanover Bancorp

27/04/2026 21:10

Overview

U.S. community bank's Q1 net interest income rose ~12% yr/yr, driven by margin expansion

Adjusted net income for Q1 was $4.0 mln, slightly down from prior year

Company completed $35 mln subordinated debt offering and restructured $60.3 mln in FHLB advances

Outlook

Company did not provide specific financial guidance for the current quarter or full year in its press release

Result Drivers

MARGIN EXPANSION - Net interest income rose due to higher net interest margin from lower funding costs

FUNDING COST REDUCTION - Restructuring of FHLB advances and new subordinated debt lowered borrowing costs

LOWER NON-INTEREST INCOME - Decline in gains on sale of loans, especially SBA loans, due to weaker economic outlook and tighter credit

Company press release: ID:nGNX135L0G

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
$1.87 mln
Q1 Net Interest Income
$16.36 mln
Q1 Loan Loss Provision
$530,000
Q1 Pretax Profit
$2.97 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "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 $23.50, about 5.1% above its April 24 closing price of $22.36

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

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)