Hanover Bancorp Q2 net income rises

Hanover Bancorp

23/07/2025 21:10

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.)