Hanover Bancorp Q3 profit rises on higher net interest income

Hanover Bancorp

30/10/2025 20:08

Overview

Hanover Q3 net income rises to $3.5 mln, up from $2.4 mln in prior quarter

Net interest income grows 16.19% yr/yr to $15.2 mln

Company's net interest margin improves to 2.74% from 2.37% yr/yr

Outlook

Company expects normalized effective tax rate of 25.0% for remainder of the year

Company sees continued influence from FOMC rate decreases on performance

Company anticipates growth in C&I lending and deposit activity

Result Drivers

NET INTEREST INCOME - Increase driven by improved net interest margin, rising to 2.74% from 2.37% yr/yr

DEPOSIT GROWTH - Demand deposits increased $21.3 mln, or 10.08%, underscoring success of C&I and Municipal banking verticals

LOAN DIVERSIFICATION - Focus on reducing commercial real estate concentration and expanding niche-residential and conventional C&I loans

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Net Income
$3.49 mln
Q3 Net Interest Income
$15.22 mln
Q3 Loan Loss Provision
$1.32 mln
Q3 Pretax Profit
$4.67 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 $24.00, about 16% above its October 29 closing price of $20.17

Press Release: ID:nGNX9dkwG7

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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.)