Hanover Bancorp, Inc. reported its financial results for the three and nine months ended September 30, 2024, showcasing a mix of growth and challenges compared to the previous fiscal period. As of September 30, 2024, total assets increased to $2,327.8 million from $2,270.1 million at the end of 2023. Total deposits rose to $1,957.5 million, up from $1,904.6 million, while total liabilities also increased to $2,135.5 million from $2,085.2 million.
The company experienced a notable increase in interest income, reporting $34.1 million for the third quarter of 2024, compared to $29.0 million in the same quarter of 2023. For the nine-month period, interest income reached $100.0 million, up from $82.5 million year-over-year. However, total interest expense also rose significantly, reaching $21.0 million for the third quarter of 2024, compared to $17.2 million in the prior year, leading to a net interest income of $13.1 million, an increase from $11.8 million.
Net income for the third quarter of 2024 was $3.5 million, slightly up from $3.5 million in the same quarter of 2023. However, net income for the nine months ended September 30, 2024, decreased to $8.4 million from $9.8 million in the previous year. This decline was attributed to a $2.6 million increase in the provision for credit losses and a $3.2 million rise in non-interest expenses, partially offset by a $3.7 million increase in non-interest income.
The company’s provision for credit losses for the nine months ended September 30, 2024, was $4.5 million, significantly higher than $1.9 million in the same period of 2023. The allowance for credit losses as a percentage of total loans increased to 1.17% from 1.00% at the end of 2023.
Strategically, Hanover Bancorp has been expanding its services, including the introduction of business banking for the legal cannabis industry and the opening of a new Business Banking Center in Hauppauge, New York. The company has also received regulatory approval for a new full-service branch in Port Jefferson, expected to open in early 2025.
Overall, while Hanover Bancorp demonstrated growth in assets and deposits, it faced challenges with rising expenses and credit loss provisions, impacting profitability compared to the previous fiscal period.
About Hanover Bancorp, Inc. /NY
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.