Hanover Bancorp, Inc. /MD HNVR
Hanover Bancorp, Inc., a Maryland corporation (the "Company"), is the holding company for Hanover Community Bank (the "Bank"), a New York chartered community commercial bank focusing on highly personalized and efficient services and products responsive to local needs. On June 25, 2025, the Company completed its reincorporation from New York to Maryland. The Bank operates as a locally headquartered, community-oriented bank serving customers throughout the New York metro area from offices in Nassau, Suffolk, Queens, Kings (Brooklyn) and New York (Manhattan) Counties, New York, and Freehold, Monmouth County, New Jersey. We opened the Bank's Hauppauge Business Banking Center in Hauppauge, Suffolk County, New York in May 2023. In June 2025, we opened a full-service branch in Port Jefferson, Suffolk County, New York. As of December 31, 2025, we had total assets of $2.38 billion, total loans of $2.00 billion, total deposits of $2.03 billion and total stockholders' equity of $200.3 million.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $130.5M | $133.0M | $105.0M | $68.4M | $48.7M | $40.1M | — |
| Interest expense | $60.5M | $53.1M | $54.5M | $7.2M | $7.0M | $13.0M | — |
| Pre-tax income | $10.0M | $16.4M | $20.2M | $30.5M | $14.1M | $6.2M | — |
| Income tax | $2.5M | $4.0M | $5.0M | $6.9M | $3.2M | $1.2M | — |
| Net income | $7.5M | $12.3M | $15.2M | $23.6M | $10.9M | $5.0M | — |
| EPS, basic | 1.01 | 1.67 | 2.07 | 3.74 | 2.32 | 1.20 | — |
| EPS, diluted | 1.00 | 1.66 | 2.05 | 3.68 | 2.28 | 1.18 | — |
| Shares, diluted (wtd. avg.) | $7.3M | $7.2M | $7.1M | $6.2M | $4.7M | $4.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $208.9M | $162.9M | $177.2M | $149.9M | $166.5M | $80.2M | $87.8M |
| Property, plant and equipment | $14.3M | $15.3M | $16.1M | $14.5M | $15.0M | $14.2M | — |
| Goodwill | $19.2M | $19.2M | $19.2M | $19.2M | $19.2M | $1.9M | $1.5M |
| Other intangibles | $196.0K | $250.0K | $311.0K | $399.0K | $480.0K | — | — |
| Total assets | $2.38B | $2.31B | $2.15B | $1.84B | $1.48B | $851.6M | — |
| Short-term debt | $100.7M | $107.8M | $179.8M | $101.8M | $159.6M | $85.2M | — |
| Total liabilities | $2.18B | $2.12B | $1.96B | $1.67B | $1.36B | $773.6M | — |
| Retained earnings | $72.4M | $67.9M | $58.7M | $46.5M | $25.0M | $14.1M | — |
| Total equity | $200.3M | $196.6M | $184.8M | $172.6M | $122.5M | $78.0M | $72.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $13.1M | $5.4M | $16.4M | $25.1M | $13.2M | $566.0K | — |
| Depreciation and amortisation | $2.0M | $2.1M | $1.8M | $1.7M | $1.4M | $1.3M | — |
| Stock-based compensation | $1.6M | $1.6M | $1.9M | $1.7M | $901.0K | $766.0K | — |
| Capital expenditure | $869.0K | $1.3M | $3.4M | $1.1M | $2.1M | $1.1M | — |
| Investing cash flow | -$27.9M | -$45.4M | -$256.4M | -$374.1M | $89.8M | -$7.3M | — |
| Financing cash flow | $60.9M | $25.6M | $282.6M | $332.5M | -$16.7M | -$898.0K | — |
| Dividends paid | $3.0M | $3.0M | $2.9M | $2.0M | $0 | — | — |
| Buybacks | $1.8M | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-027651.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |