Business
Hanover Bancorp, Inc. Reports 2024 Full Year And Fourth Quarter Results Highlighted by Fourth Quarter Robust Margin Expansion and Record Non-interest Income
Fourth Quarter Performance Highlights Net Income: Net income for the quarter ended December 31, 2024 totaled $3.9 million or $0.52 per diluted share
About this update from Hanover Bancorp, Inc.
[{"type":"text","content":"Fourth Quarter Performance Highlights Net Income: Net income for the quarter ended December 31, 2024 totaled $3.9 million or $0.52 per diluted share (including Series A preferred shares).Record Non-interest Income: The Company reported record non-interest income of $4.2 million for the quarter ended December 31, 2024, an increase of $0.2 million or 5.89% from the quarter ended September 30, 2024 and $0.9 million or 28.67% from the quarter ended December 31, 2023.Net Interest Income: Net interest income was $13.8 million for the quarter ended December 31, 2024, an increase of $0.7 million or 5.39% from the quarter ended September 30, 2024 and $1.1 million, or 9.08% from the quarter ended December 31, 2023.Net Interest Margin: The Company’s net interest margin during the quarter ended December 31, 2024 increased to 2.53% from 2.37% in the quarter ended September 30, 2024 and 2.40% in the quarter ended December 31, 2023.Strong Liquidity Position: At December 31, 2024, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $713.1 million, or approximately 283% of uninsured deposit balances.Deposit Activity: Core deposits, consisting of Demand, NOW, Savings and Money Market, increased $3.1 million or 0.84% annualized from September 30, 2024 and $74.1 million or 5.36% from December 31, 2023. Demand deposits increased $5.3 million or 10.33% annualized from September 30, 2024 and $3.9 million or 1.86% from December 31, 2023. Total deposits increased $49.7 million or 2.61% from December 31, 2023. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 87% of total deposits at December 31, 2024. Loan Diversification Strategy: The continued success in loan diversification resulted in C&I loans increasing by $61.0 million, or 56.52%, year over year, increasing to 8.51% of total loans at December 31, 2024. In addition, the commercial real estate concentration ratio improved, declining from 432% of capital at December 31, 2023 to 385% of capital at December 31, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans, which strategically enhances our management of liquidity and capital while producing additional non-int...