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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $40.1M | $48.7M | $68.4M | $105.0M | $133.0M | $130.5M |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | $5.0M | $10.9M | $23.6M | $15.2M | $12.3M | $7.5M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6022
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| CFG | CITIZENS FINANCIAL GROUP INC/RI | $27.44B | 16.9x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $27.41B | 14.4x | -2.2% |
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