Hanover Bancorp, Inc. (“Hanover” or “the Company”
– NASDAQ: HNVR), the holding company for Hanover
Community Bank (“the Bank”), today reported results for the quarter
ended June 30, 2023 and the payment of a $0.10 per share cash
dividend on both common and Series A preferred shares payable
on August 16, 2023 to stockholders of record on August 9,
2023.
Earnings Summary for the Quarter Ended
June 30, 2023
The Company reported net income for the quarter
ended June 30, 2023 of $3.1 million or $0.42 per diluted
share (including Series A preferred shares), versus
$5.3 million or $0.80 per diluted share in the comparable
period a year ago. In connection with the Company’s initial public
offering in May 2022, average shares outstanding increased to
7,332,090 in the 2023 period from 6,596,505 in the comparable
period of 2022. Returns on average assets and average stockholders’
equity were 0.60% and 6.82%, respectively, in the quarter ended
June 30, 2023, versus 1.41% and 14.05%, respectively, in the
comparable quarter of 2022, and 0.68% and 7.24% in the quarter
ending March 31, 2023.
The decline in net income recorded in the third
fiscal quarter of 2023 from the comparable 2022 quarter resulted
from two primary factors. The first was a decrease in net interest
income. The second was an increase in non-interest expense largely
due to increases in compensation and benefits, professional fees
and regulatory assessments (included in other operating expenses),
which were partially offset by a decrease in the provision for loan
losses and an increase in non-interest income. Included in
compensation and benefits expense in the second quarter of 2023 was
expense related to the staffing of the SBA and C&I Banking
teams, and lower deferred loan origination costs that were offset
by lower incentive compensation expense resulting from reduced
lending activity. The increase in non-interest income is reflective
of the strengthening of secondary market premiums in connection
with sales of SBA loans. In addition, the Company’s effective tax
rate increased to 29.9% in the second calendar quarter of 2023 from
22.9% in the comparable year ago period. This increase is primarily
related to a $0.3 million tax related adjustment due to increased
business in other states, coupled with lower projected pre-tax
income. We anticipate the effective tax rate for the remainder of
the year to range from 24.5% to 25.5%.
Net interest income was $13.5 million for
the quarter ended June 30, 2023, a decrease of
$1.3 million, or 8.9% versus the comparable 2022 period due to
compression of the Company’s net interest margin to 2.68% in the
2023 quarter from 4.05% in the comparable 2022 quarter. The yield
on interest earning assets increased to 5.65% in the 2023 quarter
from 4.45% in the comparable 2022 quarter, an increase of
120 basis points, offset by a 302 basis point increase in
the cost of interest-bearing liabilities to 3.52% in 2023 from
0.50% in the third fiscal quarter of 2022. The rapid and
significant rise in interest rates driven by the Federal Reserve
and, to a lesser extent, the Company’s decision to increase
liquidity as a result of recent industry events resulted in the
higher cost of funds.
Earnings Summary for the Nine Months
Ended June 30, 2023
For the nine months ended June 30,
2023, the Company reported net income of $11.6 million or
$1.57 per diluted share (including Series A preferred shares),
versus $17.7 million or $2.92 per diluted share a year ago.
The Company recorded adjusted (non-GAAP) net income (excluding
merger-related expenses and severance and retirement expenses) of
$12.0 million or $1.62 per diluted share for the
nine months ended June 30, 2023, versus adjusted
(non-GAAP) net income of $17.9 million or $2.95 per diluted
share in the comparable 2022 nine-month period. Excluding the
impact of net purchase accounting accretion, the Company’s net
income was $10.8 million or $1.46 per diluted share (including
Series A preferred shares) for the nine months ended
June 30, 2023 versus net income of $15.2 million or $2.50
per diluted share in the comparable 2022 period. In connection with
the Company’s initial public offering in May 2022, average
shares outstanding increased to 7,316,241 for the nine months
ended June 30, 2023 from 5,970,288 in the comparable period of
2022.
The decline in net income recorded for the
nine months ended June 30, 2023 from the comparable 2022
period resulted primarily from a decrease in net interest income,
an increase in the provision for loan losses expense due to growth
in the loan portfolio, a decrease in gain on sale of loans due to a
lower volume of SBA loan sales and depressed secondary market
premiums early in the year, a decrease in purchase accounting
accretion and an increase in non-interest expense. The increase in
non-interest expense was primarily due to increases in occupancy
and equipment, data processing, professional fees and regulatory
assessments (included in other operating expenses).
Net interest income was $42.7 million for
the nine months ended June 30, 2023, a decrease of
$2.1 million, or 4.8% from the comparable 2022 period due to
compression of the Company’s net interest margin to 3.05% in the
2023 period from 4.23% in the comparable 2022 period. The year over
year decrease in purchase accounting accretion accounted for
25 basis points of the decline in the net interest margin. The
yield on interest earning assets increased to 5.44% in the 2023
period from 4.60% in the comparable 2022 period, an increase of
84 basis points that was offset by a 243 basis point
increase in the cost of interest-bearing liabilities to 2.90% in
2023 from 0.47% in the comparable 2022 period due to the rapid and
significant rise in interest rates.
Michael P. Puorro, Chairman and Chief Executive
Officer, commented on the Company’s quarterly results: “We are
pleased to show consistent results in the second quarter of 2023 as
we navigate this unprecedented banking environment while investing
in our continued diversification and growth. With sound earnings,
liquidity and capital, we have a strong foundation on which to
expand our existing verticals and develop new opportunities.
Deposit and loan growth at our recently launched Hauppauge Business
Banking Center, the nexus of our C&I banking strategy, are off
to a strong start with core deposits currently in excess of
$17 million. Supported by a dynamic team and robust products,
services and technology, we look forward to expanding our customer
base with these and new pending initiatives as we build for the
future.”
Balance Sheet Highlights
Total assets at June 30, 2023 were
$2.12 billion versus $1.84 billion at September 30,
2022. Total deposits at June 30, 2023 increased to
$1.59 billion compared to $1.53 billion at
September 30, 2022. During the quarter ended June 30,
2023, total deposits decreased $113.6 million from
March 31, 2023 primarily due to the seasonality of municipal
deposits.
The Company had $346.4 million in total
municipal deposits at June 30, 2023, at a weighted average
rate of 3.79% versus $416.9 million at a weighted average rate
of 1.19% at September 30, 2022. The Company’s municipal
deposit program is built on long-standing relationships developed
in the local marketplace. This core deposit business will continue
to provide a stable source of funding for the Company’s lending
products at costs lower than those of both consumer deposits and
market-based borrowings. The Company continues to broaden its
municipal customer deposit base as evidenced by the increase in the
number of relationships year over year.
Total borrowings at June 30, 2023 were
$293.8 million, including $4.1 million in Federal Reserve
Paycheck Protection Program Liquidity Facility advances, with a
weighted average rate and term of 4.47% and 16 months,
respectively. At June 30, 2023 and September 30, 2022,
the Company had $129.7 million and $37.8 million,
respectively, of term FHLB advances outstanding. The Company added
$100.7 million of extended duration FHLB term advances in
March 2023 to provide additional liquidity and enhance the
interest rate sensitivity profile. The Company had
$160.0 million and $55.0 million of FHLB overnight
borrowings outstanding at June 30, 2023 and September 30,
2022, respectively. The Company utilizes a number of strategies to
manage interest rate risk including interest rate swap agreements.
During the second quarter of 2023, the Company executed its first
pay fixed, receive floating interest rate swap with a notional
amount totaling $25.0 million for a four-year term at a fixed rate
of 3.89%.
Stockholders’ equity increased to
$182.8 million at June 30, 2023 from $172.6 million
at September 30, 2022, resulting in an increase in tangible
book value per share (including Series A preferred shares) to
$22.26 at June 30, 2023 from $21.00 at September 30,
2022. This increase was primarily due to net income earned during
the nine months ended June 30, 2023. The accumulated
other comprehensive loss at June 30, 2023 was minimal at 0.77%
of total equity and was comprised of $1.5 million after tax
net unrealized loss on the investment portfolio that was partially
offset by a $0.1 million after tax net unrealized gain on
derivatives.
Loan Portfolio Growth and Allowance for
Loan Losses
On a linked quarter basis, the Company exhibited
net loan growth of $36.1 million, an 8.1% increase on an
annualized basis. For the twelve months ended June 30, 2023,
the Bank’s loan portfolio grew to $1.82 billion, for an
increase of 30.3% excluding PPP loans. Year over year growth was
concentrated primarily in multi-family, residential and commercial
real estate loans. At June 30, 2023, the Company’s residential
loan portfolio (including home equity) amounted to
$625.3 million, with an average loan balance of
$484 thousand and a weighted average loan-to-value ratio of
57%. Commercial real estate and multifamily loans totaled
$1.13 billion at June 30, 2023, with an average loan
balance of $1.5 million and a weighted average loan-to-value
ratio of 60%. The Company’s commercial real estate concentration
ratio was 457% of capital at June 30, 2023 versus 467% of
capital at March 31, 2023, with loans secured by office space
accounting for less than 3.0% of the total loan portfolio and
totaling $50.8 million. The Company’s loan pipeline is
approximately $157 million, with approximately 90% being
niche-residential, conventional C&I and SBA and USDA lending
opportunities.
Historically, the Bank has generated additional
income by strategically originating and selling residential and
government guaranteed loans to other financial institutions at
premiums, while also retaining servicing rights in some sales.
However, due to the pace of interest rate increases over the last
year, the residential loan sale market remains inactive, and the
Bank continues originating residential loans for its own portfolio.
During the quarter ended June 30, 2023, the Company sold
$12.6 million in SBA loans and recorded gains on the sale of
loans held-for-sale of $1.1 million. The Company recorded
gains of $0.8 million on the sale of SBA loans in the quarter
ended June 30, 2022.
In the first half of 2023 we largely completed
expansions of our SBA & USDA and C&I Banking Teams and
anticipate the pace and volume of SBA and USDA guaranteed loan
originations and C&I loan originations and deposit production
will grow during the second half of 2023.
During the third fiscal quarter of 2023, the
Bank recorded a provision for loan losses expense of
$0.5 million. The June 30, 2023, allowance for loan
losses balance was $15.4 million versus $12.8 million at
September 30, 2022. The allowance for loan losses as a percent
of total loans was 0.84% at June 30, 2023 versus 0.79% at
September 30, 2022. The allowance for loan losses as a percent
of total loans excluding acquired loans (“originated loans”) was
0.95% at June 30, 2023. At June 30, 2023, non-performing
loans totaled $10.8 million of which $7.2 million
represented legacy Savoy Bank originated loans that were either
written down to fair value at the acquisition date or are 100%
guaranteed by the SBA.
Net Interest Margin
The Bank’s net interest margin was 2.68% during
the third fiscal quarter of 2023 versus 4.05% in the comparable
2022 quarter and 3.04% in the March 31, 2023 quarter. The
decrease from the prior year quarter and linked quarter was
primarily related to the increase in the total cost of funds,
partially offset by the increase in the average yield on loans and
to a lesser extent, the Company’s decision to increase liquidity as
a result of the recent industry events. The margin compression
reflects the effects of the rapid and significant rise in interest
rates and the competitive deposit environment.
About Hanover Community Bank and Hanover
Bancorp, Inc.
Hanover Bancorp, Inc. (NASDAQ: HNVR), is a bank
holding company for Hanover Community Bank, a community commercial
bank focusing on highly personalized and efficient services and
products responsive to client needs. Management and the Board of
Directors are comprised of a select group of successful local
businesspeople who are committed to the success of the Bank by
knowing and understanding the metro-New York area’s financial needs
and opportunities. Backed by state-of-the-art technology, Hanover
offers a full range of financial services. Hanover employs a
complete suite of consumer, commercial, and municipal banking
products and services, including multi-family and commercial
mortgages, residential loans, business loans and lines of credit.
Hanover also offers its customers access to 24-hour ATM service
with no fees attached, free checking with interest, telephone
banking, advanced technologies in mobile and internet banking for
our consumer and business customers, safe deposit boxes and much
more. The Company’s corporate administrative office is located in
Mineola, New York where it also operates a full-service branch
office along with additional branch locations in Garden City Park,
Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center
and Chinatown, New York, and Freehold, New Jersey.
Hanover Community Bank is a member of the
Federal Deposit Insurance Corporation and is an Equal Housing/Equal
Opportunity Lender. For further information, call
(516) 548-8500 or visit the Bank’s website at
www.hanoverbank.com.
Non-GAAP Disclosure
This discussion includes non-GAAP financial
measures, including the Company’s adjusted operating earnings,
adjusted returns on average assets and shareholders’ equity, and
adjusted operating efficiency ratio. A non-GAAP financial measure
is a numerical measure of historical or future performance,
financial position or cash flows that excludes or includes amounts
that are required to be disclosed in the most directly comparable
measure calculated and presented in accordance with generally
accepted accounting principles in the United States (“U.S. GAAP”).
The Company’s management believes that the presentation of non-GAAP
financial measures provides both management and investors with a
greater understanding of the Company’s operating results and trends
in addition to the results measured in accordance with GAAP, and
provides greater comparability across time periods. While
management uses non-GAAP financial measures in its analysis of the
Company’s performance, this information is not meant to be
considered in isolation or as a substitute for the numbers prepared
in accordance with U.S. GAAP or considered to be more important
than financial results determined in accordance with U.S. GAAP. The
Company’s non-GAAP financial measures may not be comparable to
similarly titled measures used by other financial institutions.
With respect to the calculations of adjusted
operating net income and adjusted operating efficiency ratio for
the periods presented in this discussion, reconciliations to the
most comparable U.S. GAAP measures are provided in the tables that
follow.
Forward-Looking Statements
This release may contain certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and may be identified by
the use of such words as "may," "believe," "expect," "anticipate,"
"should," "plan," "estimate," "predict," "continue," and
"potential" or the negative of these terms or other comparable
terminology. Examples of forward-looking statements include, but
are not limited to, estimates with respect to the financial
condition, results of operations and business of Hanover Bancorp,
Inc. Any or all of the forward-looking statements in this release
and in any other public statements made by Hanover Bancorp, Inc.
may turn out to be incorrect. They can be affected by inaccurate
assumptions that Hanover Bancorp, Inc. might make or by known or
unknown risks and uncertainties, including those discussed in our
Annual Report on Form 10-K under Item 1A - Risk Factors, as updated
by our subsequent filings with the Securities and Exchange
Commission. Further, the adverse effect of the COVID-19 pandemic on
the Company, its customers, and the communities where it operates
may adversely affect the Company’s business, results of operations
and financial condition for an indefinite period of time.
Consequently, no forward-looking statement can be guaranteed.
Hanover Bancorp, Inc. does not intend to update any of the
forward-looking statements after the date of this release or to
conform these statements to actual events.
Investor and Press Contact:Lance P. BurkeChief
Financial Officer(516) 548-8500
|
HANOVER BANCORP, INC. |
STATEMENTS OF CONDITION (unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
September 30, |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
211,533 |
|
|
$ |
204,355 |
|
|
$ |
149,947 |
|
Securities-available for sale, at fair value |
|
|
11,094 |
|
|
|
11,849 |
|
|
|
12,285 |
|
Investments-held to maturity |
|
|
4,180 |
|
|
|
4,263 |
|
|
|
4,414 |
|
|
|
|
|
|
|
|
Loans, net of deferred loan fees and costs |
|
|
1,823,503 |
|
|
|
1,787,365 |
|
|
|
1,623,531 |
|
Less: allowance for loan losses |
|
|
(15,369 |
) |
|
|
(14,879 |
) |
|
|
(12,844 |
) |
Loans, net |
|
|
1,808,134 |
|
|
|
1,772,486 |
|
|
|
1,610,687 |
|
|
|
|
|
|
|
|
Goodwill |
|
|
19,168 |
|
|
|
19,168 |
|
|
|
19,168 |
|
Premises & fixed assets |
|
|
16,256 |
|
|
|
15,692 |
|
|
|
14,462 |
|
Operating lease assets |
|
|
10,602 |
|
|
|
11,008 |
|
|
|
- |
|
Other assets |
|
|
40,816 |
|
|
|
32,899 |
|
|
|
29,095 |
|
Assets |
|
$ |
2,121,783 |
|
|
$ |
2,071,720 |
|
|
$ |
1,840,058 |
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
Core deposits |
|
$ |
1,137,134 |
|
|
$ |
1,276,422 |
|
|
$ |
1,189,033 |
|
Time deposits |
|
|
456,505 |
|
|
|
430,852 |
|
|
|
339,073 |
|
Total deposits |
|
|
1,593,639 |
|
|
|
1,707,274 |
|
|
|
1,528,106 |
|
|
|
|
|
|
|
|
Borrowings |
|
|
293,849 |
|
|
|
136,962 |
|
|
|
101,752 |
|
Subordinated debentures |
|
|
24,608 |
|
|
|
24,594 |
|
|
|
24,568 |
|
Operating lease liabilities |
|
|
11,309 |
|
|
|
11,711 |
|
|
|
- |
|
Other liabilities |
|
|
15,572 |
|
|
|
10,657 |
|
|
|
13,048 |
|
Liabilities |
|
|
1,938,977 |
|
|
|
1,891,198 |
|
|
|
1,667,474 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
182,806 |
|
|
|
180,522 |
|
|
|
172,584 |
|
Liabilities and stockholders' equity |
|
$ |
2,121,783 |
|
|
$ |
2,071,720 |
|
|
$ |
1,840,058 |
|
HANOVER BANCORP, INC. |
CONSOLIDATED STATEMENTS OF INCOME (unaudited) |
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
6/30/2023 |
|
6/30/2022 |
|
6/30/2023 |
|
6/30/2022 |
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
28,459 |
|
|
$ |
16,259 |
|
|
$ |
76,091 |
|
|
$ |
48,816 |
|
Interest expense |
|
|
14,954 |
|
|
|
1,439 |
|
|
|
33,398 |
|
|
|
3,983 |
|
Net interest income |
|
|
13,505 |
|
|
|
14,820 |
|
|
|
42,693 |
|
|
|
44,833 |
|
Provision for loan losses |
|
|
500 |
|
|
|
1,000 |
|
|
|
2,932 |
|
|
|
2,400 |
|
Net interest income after provision for loan
losses |
|
|
13,005 |
|
|
|
13,820 |
|
|
|
39,761 |
|
|
|
42,433 |
|
|
|
|
|
|
|
|
|
|
Loan servicing and fee income |
|
|
811 |
|
|
|
779 |
|
|
|
2,028 |
|
|
|
2,203 |
|
Service charges on deposit accounts |
|
|
70 |
|
|
|
60 |
|
|
|
200 |
|
|
|
169 |
|
Gain on sale of loans held-for-sale |
|
|
1,052 |
|
|
|
849 |
|
|
|
2,625 |
|
|
|
3,916 |
|
Gain on sale of investments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
105 |
|
Other operating income |
|
|
41 |
|
|
|
140 |
|
|
|
288 |
|
|
|
483 |
|
Non-interest income |
|
|
1,974 |
|
|
|
1,828 |
|
|
|
5,141 |
|
|
|
6,876 |
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
5,405 |
|
|
|
4,843 |
|
|
|
15,301 |
|
|
|
15,400 |
|
Occupancy and equipment |
|
|
1,587 |
|
|
|
1,394 |
|
|
|
4,601 |
|
|
|
4,177 |
|
Data processing |
|
|
576 |
|
|
|
374 |
|
|
|
1,435 |
|
|
|
1,133 |
|
Marketing and advertising |
|
|
200 |
|
|
|
112 |
|
|
|
533 |
|
|
|
298 |
|
Acquisition costs |
|
|
- |
|
|
|
250 |
|
|
|
- |
|
|
|
250 |
|
Professional fees |
|
|
781 |
|
|
|
579 |
|
|
|
2,345 |
|
|
|
1,718 |
|
Other operating expenses |
|
|
2,017 |
|
|
|
1,178 |
|
|
|
5,189 |
|
|
|
3,376 |
|
Non-interest expense |
|
|
10,566 |
|
|
|
8,730 |
|
|
|
29,404 |
|
|
|
26,352 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
4,413 |
|
|
|
6,918 |
|
|
|
15,498 |
|
|
|
22,957 |
|
Income tax expense |
|
|
1,319 |
|
|
|
1,585 |
|
|
|
3,857 |
|
|
|
5,227 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,094 |
|
|
$ |
5,333 |
|
|
$ |
11,641 |
|
|
$ |
17,730 |
|
|
|
|
|
|
|
|
|
|
Earnings per share ("EPS"): (1) |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.42 |
|
|
$ |
0.81 |
|
|
$ |
1.59 |
|
|
$ |
2.97 |
|
Diluted |
|
$ |
0.42 |
|
|
$ |
0.80 |
|
|
$ |
1.57 |
|
|
$ |
2.92 |
|
|
|
|
|
|
|
|
|
|
Average shares outstanding for basic EPS (1)(2) |
|
|
7,332,090 |
|
|
|
6,596,505 |
|
|
|
7,316,241 |
|
|
|
5,970,288 |
|
Average shares outstanding for diluted EPS (1)(2) |
|
|
7,407,613 |
|
|
|
6,695,567 |
|
|
|
7,393,976 |
|
|
|
6,069,494 |
|
|
|
|
|
|
|
|
|
|
(1) Calculation includes common stock and Series A preferred
stock for the three and nine months ended 6/30/23. |
(2) Average shares outstanding before subtracting
participating securities. |
|
|
|
|
|
|
|
|
|
Note: Prior period information has been
adjusted to conform to current period presentation. |
HANOVER BANCORP, INC. |
CONSOLIDATED STATEMENTS OF INCOME (unaudited) |
QUARTERLY TREND |
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
28,459 |
|
|
$ |
25,060 |
|
|
$ |
22,572 |
|
|
$ |
19,613 |
|
|
$ |
16,259 |
|
Interest expense |
|
|
14,954 |
|
|
|
11,136 |
|
|
|
7,308 |
|
|
|
3,191 |
|
|
|
1,439 |
|
Net interest income |
|
|
13,505 |
|
|
|
13,924 |
|
|
|
15,264 |
|
|
|
16,422 |
|
|
|
14,820 |
|
Provision for loan losses |
|
|
500 |
|
|
|
932 |
|
|
|
1,500 |
|
|
|
2,050 |
|
|
|
1,000 |
|
Net interest income after provision for loan
losses |
|
|
13,005 |
|
|
|
12,992 |
|
|
|
13,764 |
|
|
|
14,372 |
|
|
|
13,820 |
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing and fee income |
|
|
811 |
|
|
|
539 |
|
|
|
678 |
|
|
|
681 |
|
|
|
779 |
|
Service charges on deposit accounts |
|
|
70 |
|
|
|
67 |
|
|
|
63 |
|
|
|
63 |
|
|
|
60 |
|
Gain on sale of loans held-for-sale |
|
|
1,052 |
|
|
|
995 |
|
|
|
578 |
|
|
|
1,227 |
|
|
|
849 |
|
Other operating income |
|
|
41 |
|
|
|
155 |
|
|
|
92 |
|
|
|
24 |
|
|
|
140 |
|
Non-interest income |
|
|
1,974 |
|
|
|
1,756 |
|
|
|
1,411 |
|
|
|
1,995 |
|
|
|
1,828 |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
5,405 |
|
|
|
5,564 |
|
|
|
4,332 |
|
|
|
4,265 |
|
|
|
4,843 |
|
Occupancy and equipment |
|
|
1,587 |
|
|
|
1,537 |
|
|
|
1,477 |
|
|
|
1,457 |
|
|
|
1,394 |
|
Data processing |
|
|
576 |
|
|
|
441 |
|
|
|
418 |
|
|
|
496 |
|
|
|
374 |
|
Marketing and advertising |
|
|
200 |
|
|
|
183 |
|
|
|
150 |
|
|
|
50 |
|
|
|
112 |
|
Acquisition costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
250 |
|
Professional fees |
|
|
781 |
|
|
|
881 |
|
|
|
683 |
|
|
|
850 |
|
|
|
579 |
|
Other operating expenses |
|
|
2,017 |
|
|
|
1,961 |
|
|
|
1,211 |
|
|
|
1,713 |
|
|
|
1,178 |
|
Non-interest expense |
|
|
10,566 |
|
|
|
10,567 |
|
|
|
8,271 |
|
|
|
8,831 |
|
|
|
8,730 |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
4,413 |
|
|
|
4,181 |
|
|
|
6,904 |
|
|
|
7,536 |
|
|
|
6,918 |
|
Income tax expense |
|
|
1,319 |
|
|
|
972 |
|
|
|
1,566 |
|
|
|
1,712 |
|
|
|
1,585 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,094 |
|
|
$ |
3,209 |
|
|
$ |
5,338 |
|
|
$ |
5,824 |
|
|
$ |
5,333 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share ("EPS"): (1) |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.42 |
|
|
$ |
0.44 |
|
|
$ |
0.73 |
|
|
$ |
0.80 |
|
|
$ |
0.81 |
|
Diluted |
|
$ |
0.42 |
|
|
$ |
0.43 |
|
|
$ |
0.72 |
|
|
$ |
0.79 |
|
|
$ |
0.80 |
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding for basic EPS (1)(2) |
|
|
7,332,090 |
|
|
|
7,324,036 |
|
|
|
7,292,940 |
|
|
|
7,287,622 |
|
|
|
6,596,505 |
|
Average shares outstanding for diluted EPS (1)(2) |
|
|
7,407,613 |
|
|
|
7,406,933 |
|
|
|
7,387,938 |
|
|
|
7,380,638 |
|
|
|
6,695,567 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation includes common stock and Series A preferred
stock for the quarters ended 6/30/23, 3/31/23 and 12/31/22. |
(2) Average shares outstanding before subtracting
participating securities. |
|
|
|
|
|
|
|
|
|
|
|
Note: Prior period information has been
adjusted to conform to current period presentation. |
HANOVER BANCORP, INC. |
CONSOLIDATED NON-GAAP FINANCIAL
INFORMATION (1) (unaudited) |
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
6/30/2023 |
|
6/30/2022 |
|
6/30/2023 |
|
6/30/2022 |
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME: |
|
|
|
|
|
|
|
|
Net income, as reported |
|
$ |
3,094 |
|
|
$ |
5,333 |
|
|
$ |
11,641 |
|
|
$ |
17,730 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Merger-related expenses |
|
|
- |
|
|
|
250 |
|
|
|
- |
|
|
|
250 |
|
Severance and retirement expenses |
|
|
- |
|
|
|
- |
|
|
|
456 |
|
|
|
- |
|
Total adjustments, before income taxes |
|
|
- |
|
|
|
250 |
|
|
|
456 |
|
|
|
250 |
|
Adjustment for reported effective income tax rate |
|
|
- |
|
|
|
53 |
|
|
|
105 |
|
|
|
53 |
|
Total adjustments, after income taxes |
|
|
- |
|
|
|
197 |
|
|
|
351 |
|
|
|
197 |
|
Adjusted net income |
|
$ |
3,094 |
|
|
$ |
5,530 |
|
|
$ |
11,992 |
|
|
$ |
17,927 |
|
Basic earnings per share - adjusted |
|
$ |
0.42 |
|
|
$ |
0.84 |
|
|
$ |
1.64 |
|
|
$ |
3.00 |
|
Diluted earnings per share - adjusted |
|
$ |
0.42 |
|
|
$ |
0.83 |
|
|
$ |
1.62 |
|
|
$ |
2.95 |
|
|
|
|
|
|
|
|
|
|
ADJUSTED OPERATING EFFICIENCY
RATIO(2): |
|
|
|
|
|
|
|
|
Operating efficiency ratio, as reported |
|
|
68.26 |
% |
|
|
52.43 |
% |
|
|
61.47 |
% |
|
|
51.07 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
Merger-related expenses |
|
|
0.00 |
% |
|
|
-1.50 |
% |
|
|
0.00 |
% |
|
|
-0.48 |
% |
Severance and retirement expenses |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
-0.95 |
% |
|
|
0.00 |
% |
Adjusted operating efficiency ratio |
|
|
68.26 |
% |
|
|
50.93 |
% |
|
|
60.52 |
% |
|
|
50.59 |
% |
|
|
|
|
|
|
|
|
|
ADJUSTED RETURN ON AVERAGE ASSETS |
|
|
0.60 |
% |
|
|
1.46 |
% |
|
|
0.83 |
% |
|
|
1.63 |
% |
ADJUSTED RETURN ON AVERAGE EQUITY |
|
|
6.82 |
% |
|
|
14.57 |
% |
|
|
8.95 |
% |
|
|
17.46 |
% |
|
|
|
|
|
|
|
|
|
(1) A non-GAAP financial measure is a numerical measure of
historical or future financial performance, financial position or
cash flows that excludes or includes amounts that are required to
be disclosed in the most directly comparable measure calculated and
presented in accordance with generally accepted accounting
principles in the United States (“U.S. GAAP”). The Company’s
management believes the presentation of non-GAAP financial measures
provide investors with a greater understanding of the Company’s
operating results in addition to the results measured in accordance
with U.S. GAAP. While management uses non-GAAP measures in its
analysis of the Company’s performance, this information should not
be viewed as a substitute for financial results determined in
accordance with U.S. GAAP or considered to be more important than
financial results determined in accordance with U.S. GAAP. |
(2) Excludes gain on sale of securities available for
sale. |
HANOVER BANCORP, INC. |
SELECTED FINANCIAL DATA (unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
6/30/2023 |
|
6/30/2022 |
|
6/30/2023 |
|
6/30/2022 |
Profitability: |
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.60 |
% |
|
|
1.41 |
% |
|
|
0.81 |
% |
|
|
1.61 |
% |
Return on average equity(1) |
|
|
6.82 |
% |
|
|
14.05 |
% |
|
|
8.68 |
% |
|
|
17.27 |
% |
Return on average tangible equity(1) |
|
|
7.64 |
% |
|
|
16.12 |
% |
|
|
9.75 |
% |
|
|
20.15 |
% |
Pre-provision net revenue to average assets |
|
|
0.95 |
% |
|
|
2.09 |
% |
|
|
1.27 |
% |
|
|
2.30 |
% |
Yield on average interest-earning assets |
|
|
5.65 |
% |
|
|
4.45 |
% |
|
|
5.44 |
% |
|
|
4.60 |
% |
Cost of average interest-bearing liabilities |
|
|
3.52 |
% |
|
|
0.50 |
% |
|
|
2.90 |
% |
|
|
0.47 |
% |
Net interest rate spread (2) |
|
|
2.13 |
% |
|
|
3.95 |
% |
|
|
2.54 |
% |
|
|
4.13 |
% |
Net interest margin (3) |
|
|
2.68 |
% |
|
|
4.05 |
% |
|
|
3.05 |
% |
|
|
4.23 |
% |
Non-interest expense to average assets |
|
|
2.04 |
% |
|
|
2.30 |
% |
|
|
2.03 |
% |
|
|
2.39 |
% |
Operating efficiency ratio (4) |
|
|
68.26 |
% |
|
|
52.43 |
% |
|
|
61.47 |
% |
|
|
51.07 |
% |
|
|
|
|
|
|
|
|
|
Average balances: |
|
|
|
|
|
|
|
|
Interest-earning assets |
|
$ |
2,020,393 |
|
|
$ |
1,467,131 |
|
|
$ |
1,870,184 |
|
|
$ |
1,417,742 |
|
Interest-bearing liabilities |
|
|
1,702,208 |
|
|
|
1,149,705 |
|
|
|
1,542,242 |
|
|
|
1,123,649 |
|
Loans |
|
|
1,798,651 |
|
|
|
1,323,482 |
|
|
|
1,748,618 |
|
|
|
1,283,856 |
|
Deposits |
|
|
1,692,045 |
|
|
|
1,269,123 |
|
|
|
1,589,092 |
|
|
|
1,206,207 |
|
Borrowings |
|
|
184,678 |
|
|
|
89,758 |
|
|
|
140,221 |
|
|
|
117,737 |
|
|
|
|
|
|
|
|
|
|
(1) Includes common stock and Series A preferred stock for the
three and nine months ended 6/30/23. |
(2) Represents the difference between the yield on average
interest-earning assets and the cost of average interest-bearing
liabilities. |
(3) Represents net interest income divided by average
interest-earning assets. |
(4) Excludes gain on sale of securities available for
sale. |
HANOVER BANCORP, INC. |
SELECTED FINANCIAL DATA (unaudited) |
(dollars in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
At or For the Three Months Ended |
|
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
Asset quality: |
|
|
|
|
|
|
|
|
Provision for loan losses |
|
$ |
500 |
|
|
$ |
932 |
|
|
$ |
1,500 |
|
|
$ |
2,050 |
|
Net (charge-offs)/recoveries |
|
|
(10 |
) |
|
|
(457 |
) |
|
|
60 |
|
|
|
(92 |
) |
Allowance for loan losses |
|
|
15,369 |
|
|
|
14,879 |
|
|
|
14,404 |
|
|
|
12,844 |
|
Allowance for loan losses to total loans (1) |
|
|
0.84 |
% |
|
|
0.83 |
% |
|
|
0.82 |
% |
|
|
0.79 |
% |
Allowance for loan losses to originated loans (1)(5) |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
|
0.94 |
% |
Non-performing loans (2)(3)(4) |
|
$ |
10,785 |
|
|
$ |
11,031 |
|
|
$ |
11,798 |
|
|
$ |
13,512 |
|
Non-performing loans/total loans |
|
|
0.59 |
% |
|
|
0.62 |
% |
|
|
0.68 |
% |
|
|
0.83 |
% |
Non-performing loans/total assets |
|
|
0.51 |
% |
|
|
0.53 |
% |
|
|
0.59 |
% |
|
|
0.73 |
% |
Allowance for loan losses/non-performing loans |
|
|
142.50 |
% |
|
|
134.88 |
% |
|
|
122.09 |
% |
|
|
95.06 |
% |
|
|
|
|
|
|
|
|
|
Capital (Bank only): |
|
|
|
|
|
|
|
|
Tier 1 Capital |
|
$ |
188,568 |
|
|
$ |
185,449 |
|
|
$ |
182,934 |
|
|
$ |
178,340 |
|
Tier 1 leverage ratio |
|
|
9.16 |
% |
|
|
9.79 |
% |
|
|
10.34 |
% |
|
|
10.90 |
% |
Common equity tier 1 capital ratio |
|
|
13.16 |
% |
|
|
12.88 |
% |
|
|
14.17 |
% |
|
|
15.21 |
% |
Tier 1 risk based capital ratio |
|
|
13.16 |
% |
|
|
12.88 |
% |
|
|
14.17 |
% |
|
|
15.21 |
% |
Total risk based capital ratio |
|
|
14.24 |
% |
|
|
13.93 |
% |
|
|
15.30 |
% |
|
|
16.32 |
% |
|
|
|
|
|
|
|
|
|
Equity data: |
|
|
|
|
|
|
|
|
Shares outstanding (6) |
|
|
7,334,120 |
|
|
|
7,331,092 |
|
|
|
7,299,000 |
|
|
|
7,285,648 |
|
Stockholders' equity |
|
$ |
182,806 |
|
|
$ |
180,522 |
|
|
$ |
177,628 |
|
|
$ |
172,584 |
|
Book value per share (6) |
|
|
24.93 |
|
|
|
24.62 |
|
|
|
24.34 |
|
|
|
23.69 |
|
Tangible common equity (6) |
|
|
163,294 |
|
|
|
160,992 |
|
|
|
158,079 |
|
|
|
153,017 |
|
Tangible book value per share (6) |
|
|
22.26 |
|
|
|
21.96 |
|
|
|
21.66 |
|
|
|
21.00 |
|
Tangible common equity ("TCE") ratio (6) |
|
|
7.77 |
% |
|
|
7.84 |
% |
|
|
8.05 |
% |
|
|
8.41 |
% |
|
|
|
|
|
|
|
|
|
(1) Calculation excludes loans held for sale. |
|
|
|
|
|
|
|
|
(2) Includes $0.1 million of Purchased Credit Impaired loans 90
days past due and still accruing and $0.2 million of loans
fully guaranteed by the SBA at 6/30/23. |
(3) Includes $0.7 million of Purchased Credit Impaired loans 90
days past due and still accruing and $0.2 million of loans
fully guaranteed by the SBA at 3/31/23. |
(4) Includes $1.2 million of Purchased Credit Impaired loans 90
days past due and still accruing and $0.2 million of loans
fully guaranteed by the SBA at 12/31/22 and 9/30/22. |
(5) Calculation excludes acquired loans. |
(6) Includes common stock and Series A preferred stock at 6/30/23,
3/31/23 and 12/31/22. |
|
|
|
|
|
|
|
|
|
Note: Prior period information has been
adjusted to conform to current period presentation. |
HANOVER BANCORP, INC. |
STATISTICAL SUMMARY |
QUARTERLY TREND |
(unaudited, dollars in thousands, except share
data) |
|
|
|
|
|
|
|
|
|
|
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
|
|
|
|
|
|
|
|
Loan
distribution (1): |
|
|
|
|
|
|
|
|
Residential mortgages |
|
$ |
598,747 |
|
|
$ |
567,106 |
|
|
$ |
550,161 |
|
|
$ |
488,692 |
|
Multifamily |
|
|
583,837 |
|
|
|
588,244 |
|
|
|
590,530 |
|
|
|
575,061 |
|
Commercial real estate |
|
|
546,120 |
|
|
|
541,924 |
|
|
|
533,442 |
|
|
|
485,891 |
|
Commercial & industrial |
|
|
67,918 |
|
|
|
59,184 |
|
|
|
46,162 |
|
|
|
46,285 |
|
Home equity |
|
|
26,517 |
|
|
|
30,664 |
|
|
|
26,358 |
|
|
|
27,566 |
|
Consumer |
|
|
364 |
|
|
|
243 |
|
|
|
157 |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
1,823,503 |
|
|
$ |
1,787,365 |
|
|
$ |
1,746,810 |
|
|
$ |
1,623,531 |
|
|
|
|
|
|
|
|
|
|
Sequential quarter growth rate |
|
|
2.02 |
% |
|
|
2.32 |
% |
|
|
7.59 |
% |
|
|
14.67 |
% |
|
|
|
|
|
|
|
|
|
Loans sold during the quarter |
|
$ |
12,610 |
|
|
$ |
12,756 |
|
|
$ |
8,047 |
|
|
$ |
19,342 |
|
|
|
|
|
|
|
|
|
|
Funding distribution: |
|
|
|
|
|
|
|
|
Demand |
|
$ |
180,303 |
|
|
$ |
178,592 |
|
|
$ |
199,556 |
|
|
$ |
219,225 |
|
N.O.W. |
|
|
480,108 |
|
|
|
627,102 |
|
|
|
536,092 |
|
|
|
582,457 |
|
Savings |
|
|
67,626 |
|
|
|
79,414 |
|
|
|
107,275 |
|
|
|
128,927 |
|
Money market |
|
|
409,097 |
|
|
|
391,314 |
|
|
|
285,471 |
|
|
|
258,424 |
|
Total core deposits |
|
|
1,137,134 |
|
|
|
1,276,422 |
|
|
|
1,128,394 |
|
|
|
1,189,033 |
|
Time |
|
|
456,505 |
|
|
|
430,852 |
|
|
|
389,256 |
|
|
|
339,073 |
|
Total deposits |
|
|
1,593,639 |
|
|
|
1,707,274 |
|
|
|
1,517,650 |
|
|
|
1,528,106 |
|
Borrowings |
|
|
293,849 |
|
|
|
136,962 |
|
|
|
238,273 |
|
|
|
101,752 |
|
Subordinated debentures |
|
|
24,608 |
|
|
|
24,594 |
|
|
|
24,581 |
|
|
|
24,568 |
|
|
|
|
|
|
|
|
|
|
Total funding sources |
|
$ |
1,912,096 |
|
|
$ |
1,868,830 |
|
|
$ |
1,780,504 |
|
|
$ |
1,654,426 |
|
|
|
|
|
|
|
|
|
|
Sequential quarter growth rate - total deposits |
|
|
-6.66 |
% |
|
|
12.49 |
% |
|
|
-0.68 |
% |
|
|
13.23 |
% |
|
|
|
|
|
|
|
|
|
Period-end core deposits/total deposits ratio |
|
|
71.35 |
% |
|
|
74.76 |
% |
|
|
74.35 |
% |
|
|
77.81 |
% |
|
|
|
|
|
|
|
|
|
Period-end demand deposits/total deposits ratio |
|
|
11.31 |
% |
|
|
10.46 |
% |
|
|
13.15 |
% |
|
|
14.35 |
% |
|
|
|
|
|
|
|
|
|
(1) Excluding loans held for sale |
HANOVER BANCORP, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(1) (unaudited) |
(dollars in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
Tangible common equity |
|
|
|
|
|
|
|
|
|
|
Total equity (2) |
|
$ |
182,806 |
|
|
$ |
180,522 |
|
|
$ |
177,628 |
|
|
$ |
172,584 |
|
|
$ |
167,391 |
|
Less: goodwill |
|
|
(19,168 |
) |
|
|
(19,168 |
) |
|
|
(19,168 |
) |
|
|
(19,168 |
) |
|
|
(19,168 |
) |
Less: core deposit intangible |
|
|
(344 |
) |
|
|
(362 |
) |
|
|
(381 |
) |
|
|
(399 |
) |
|
|
(418 |
) |
Tangible common equity (2) |
|
$ |
163,294 |
|
|
$ |
160,992 |
|
|
$ |
158,079 |
|
|
$ |
153,017 |
|
|
$ |
147,805 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity ("TCE") ratio |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity (2) |
|
$ |
163,294 |
|
|
$ |
160,992 |
|
|
$ |
158,079 |
|
|
$ |
153,017 |
|
|
$ |
147,805 |
|
Total assets |
|
|
2,121,783 |
|
|
|
2,071,720 |
|
|
|
1,983,692 |
|
|
|
1,840,058 |
|
|
|
1,609,757 |
|
Less: goodwill |
|
|
(19,168 |
) |
|
|
(19,168 |
) |
|
|
(19,168 |
) |
|
|
(19,168 |
) |
|
|
(19,168 |
) |
Less: core deposit intangible |
|
|
(344 |
) |
|
|
(362 |
) |
|
|
(381 |
) |
|
|
(399 |
) |
|
|
(418 |
) |
Tangible assets |
|
$ |
2,102,271 |
|
|
$ |
2,052,190 |
|
|
$ |
1,964,143 |
|
|
$ |
1,820,491 |
|
|
$ |
1,590,171 |
|
TCE ratio (2) |
|
|
7.77 |
% |
|
|
7.84 |
% |
|
|
8.05 |
% |
|
|
8.41 |
% |
|
|
9.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share |
|
|
|
|
|
|
|
|
|
|
Tangible equity (2) |
|
$ |
163,294 |
|
|
$ |
160,992 |
|
|
$ |
158,079 |
|
|
$ |
153,017 |
|
|
$ |
147,805 |
|
Shares outstanding (2) |
|
|
7,334,120 |
|
|
|
7,331,092 |
|
|
|
7,299,000 |
|
|
|
7,285,648 |
|
|
|
7,296,624 |
|
Tangible book value per share (2) |
|
$ |
22.26 |
|
|
$ |
21.96 |
|
|
$ |
21.66 |
|
|
$ |
21.00 |
|
|
$ |
20.26 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) A non-GAAP financial measure is a numerical measure of
historical or future financial performance, financial position or
cash flows that excludes or includes amounts that are required to
be disclosed in the most directly comparable measure calculated and
presented in accordance with generally accepted accounting
principles in the United States (“U.S. GAAP”). The Company’s
management believes the presentation of non-GAAP financial measures
provide investors with a greater understanding of the Company’s
operating results in addition to the results measured in accordance
with U.S. GAAP. While management uses non-GAAP measures in its
analysis of the Company’s performance, this information should not
be viewed as a substitute for financial results determined in
accordance with U.S. GAAP or considered to be more important than
financial results determined in accordance with U.S. GAAP. |
(2) Includes common stock and Series A preferred stock at
6/30/23, 3/31/23 and 12/31/22. |
HANOVER BANCORP, INC. |
NET INTEREST INCOME ANALYSIS |
For the Three Months Ended June 30, 2023 and
2022 |
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
1,798,651 |
|
|
$ |
25,581 |
|
|
5.70 |
% |
|
$ |
1,323,482 |
|
|
$ |
15,842 |
|
|
4.80 |
% |
Investment securities |
|
|
15,885 |
|
|
|
198 |
|
|
5.00 |
% |
|
|
10,752 |
|
|
|
98 |
|
|
3.66 |
% |
Interest-earning cash |
|
|
195,883 |
|
|
|
2,494 |
|
|
5.11 |
% |
|
|
128,669 |
|
|
|
272 |
|
|
0.85 |
% |
FHLB stock and other investments |
|
|
9,974 |
|
|
|
186 |
|
|
7.48 |
% |
|
|
4,228 |
|
|
|
47 |
|
|
4.46 |
% |
Total interest-earning assets |
|
|
2,020,393 |
|
|
|
28,459 |
|
|
5.65 |
% |
|
|
1,467,131 |
|
|
|
16,259 |
|
|
4.45 |
% |
Non interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
8,240 |
|
|
|
|
|
|
|
10,035 |
|
|
|
|
|
Other assets |
|
|
53,511 |
|
|
|
|
|
|
|
44,858 |
|
|
|
|
|
Total assets |
|
$ |
2,082,144 |
|
|
|
|
|
|
$ |
1,522,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings, N.O.W. and money market deposits |
|
$ |
1,080,328 |
|
|
$ |
9,905 |
|
|
3.68 |
% |
|
$ |
778,751 |
|
|
$ |
579 |
|
|
0.30 |
% |
Time deposits |
|
|
437,202 |
|
|
|
3,214 |
|
|
2.95 |
% |
|
|
281,196 |
|
|
|
427 |
|
|
0.61 |
% |
Total savings and time deposits |
|
|
1,517,530 |
|
|
|
13,119 |
|
|
3.47 |
% |
|
|
1,059,947 |
|
|
|
1,006 |
|
|
0.38 |
% |
Borrowings |
|
|
160,079 |
|
|
|
1,501 |
|
|
3.76 |
% |
|
|
65,213 |
|
|
|
100 |
|
|
0.62 |
% |
Subordinated debentures |
|
|
24,599 |
|
|
|
334 |
|
|
5.45 |
% |
|
|
24,545 |
|
|
|
333 |
|
|
5.44 |
% |
Total interest-bearing liabilities |
|
|
1,702,208 |
|
|
|
14,954 |
|
|
3.52 |
% |
|
|
1,149,705 |
|
|
|
1,439 |
|
|
0.50 |
% |
Demand deposits |
|
|
174,515 |
|
|
|
|
|
|
|
209,176 |
|
|
|
|
|
Other liabilities |
|
|
23,490 |
|
|
|
|
|
|
|
10,863 |
|
|
|
|
|
Total liabilities |
|
|
1,900,213 |
|
|
|
|
|
|
|
1,369,744 |
|
|
|
|
|
Stockholders' equity |
|
|
181,931 |
|
|
|
|
|
|
|
152,280 |
|
|
|
|
|
Total liabilities & stockholders' equity |
|
$ |
2,082,144 |
|
|
|
|
|
|
$ |
1,522,024 |
|
|
|
|
|
Net interest rate spread |
|
|
|
|
|
2.13 |
% |
|
|
|
|
|
3.95 |
% |
Net interest income/margin |
|
|
|
$ |
13,505 |
|
|
2.68 |
% |
|
|
|
$ |
14,820 |
|
|
4.05 |
% |
HANOVER BANCORP, INC. |
NET INTEREST INCOME ANALYSIS |
For the Nine Months Ended June 30, 2023 and
2022 |
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
1,748,618 |
|
|
$ |
71,501 |
|
|
5.47 |
% |
|
$ |
1,283,856 |
|
|
$ |
47,972 |
|
|
5.00 |
% |
Investment securities |
|
|
16,268 |
|
|
|
608 |
|
|
5.00 |
% |
|
|
12,659 |
|
|
|
358 |
|
|
3.78 |
% |
Interest-earning cash |
|
|
97,681 |
|
|
|
3,558 |
|
|
4.87 |
% |
|
|
116,709 |
|
|
|
356 |
|
|
0.41 |
% |
FHLB stock and other investments |
|
|
7,617 |
|
|
|
424 |
|
|
7.44 |
% |
|
|
4,518 |
|
|
|
130 |
|
|
3.85 |
% |
Total interest-earning assets |
|
|
1,870,184 |
|
|
|
76,091 |
|
|
5.44 |
% |
|
|
1,417,742 |
|
|
|
48,816 |
|
|
4.60 |
% |
Non interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
9,557 |
|
|
|
|
|
|
|
8,901 |
|
|
|
|
|
Other assets |
|
|
53,334 |
|
|
|
|
|
|
|
47,044 |
|
|
|
|
|
Total assets |
|
$ |
1,933,075 |
|
|
|
|
|
|
$ |
1,473,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings, N.O.W. and money market deposits |
|
$ |
1,000,926 |
|
|
$ |
22,461 |
|
|
3.00 |
% |
|
$ |
694,429 |
|
|
$ |
1,290 |
|
|
0.25 |
% |
Time deposits |
|
|
401,095 |
|
|
|
7,144 |
|
|
2.38 |
% |
|
|
311,483 |
|
|
|
1,319 |
|
|
0.57 |
% |
Total savings and time deposits |
|
|
1,402,021 |
|
|
|
29,605 |
|
|
2.82 |
% |
|
|
1,005,912 |
|
|
|
2,609 |
|
|
0.35 |
% |
Borrowings |
|
|
115,635 |
|
|
|
2,792 |
|
|
3.23 |
% |
|
|
93,213 |
|
|
|
376 |
|
|
0.54 |
% |
Subordinated debentures |
|
|
24,586 |
|
|
|
1,001 |
|
|
5.44 |
% |
|
|
24,524 |
|
|
|
998 |
|
|
5.44 |
% |
Total interest-bearing liabilities |
|
|
1,542,242 |
|
|
|
33,398 |
|
|
2.90 |
% |
|
|
1,123,649 |
|
|
|
3,983 |
|
|
0.47 |
% |
Demand deposits |
|
|
187,071 |
|
|
|
|
|
|
|
200,295 |
|
|
|
|
|
Other liabilities |
|
|
24,522 |
|
|
|
|
|
|
|
12,456 |
|
|
|
|
|
Total liabilities |
|
|
1,753,835 |
|
|
|
|
|
|
|
1,336,400 |
|
|
|
|
|
Stockholders' equity |
|
|
179,240 |
|
|
|
|
|
|
|
137,287 |
|
|
|
|
|
Total liabilities & stockholders' equity |
|
$ |
1,933,075 |
|
|
|
|
|
|
$ |
1,473,687 |
|
|
|
|
|
Net interest rate spread |
|
|
|
|
|
2.54 |
% |
|
|
|
|
|
4.13 |
% |
Net interest income/margin |
|
|
|
$ |
42,693 |
|
|
3.05 |
% |
|
|
|
$ |
44,833 |
|
|
4.23 |
% |
Hanover Bancorp (NASDAQ:HNVR)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Hanover Bancorp (NASDAQ:HNVR)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024