Hanover Bancorp Q2 net income more than doubles on lower provision for credit losses

Hanover Bancorp

23/07/2026 21:15

    

    Overview
  
U.S. community bank's Q2 net income and adjusted EPS rose sharply yr/yr
Q2 net interest income and margin reached record levels, supporting profitability gains
Company repurchased 1.6% of shares outstanding in Q2; Kevin O’Connor appointed as new president, effective on July 27

    

    Outlook
  
Company did not provide specific financial guidance for the current qtr or full yr

    

    Result Drivers
  
NET INTEREST INCOME - Q2 benefited from higher net interest income and margin expansion, as cost of interest-bearing liabilities declined
CREDIT LOSS PROVISION - Lower provision for credit losses supported earnings growth
DEMAND DEPOSITS - Record demand deposit growth driven by C&I banking relationships and municipal accounts
NON-INTEREST INCOME - Lower gains on sale of loans reduced non-interest income, partly offsetting other improvements

    
Company press release: ID:nGNX9zVrG1

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
Q2 Net Income
 
$4.06 mln
 
Q2 Net Interest Income
 
$16.77 mln
 
Q2 Provision for Credit Losses
 
$500,000
 
Q2 Pretax Profit
 
$5.42 mln
 

    

    Analyst Coverage
  
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "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 $24.25, about 1.2% below its July 22 closing price of $24.54
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

    

    Reuters Recommended Reads
  
July 23 - Bankwell Financial beats Q2 revenue estimates, raises 2026 net interest income guidance
July 23 - United Bancorp Q2 net interest income rises, partly by deposit growth
July 23 - Community Heritage Financial net interest income rises on higher asset yields

    
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(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.)