Hanover Bancorp Q2 net income rises

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

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