Business
Hanover Bancorp, Inc. Reports Earnings for the First Quarter with Increased Net Income and Net Interest Income and Strong Non-interest Income
First Quarter Performance Highlights Net Income: Net income for the quarter ended March 31, 2024 totaled $4.1 million or $0.55 per diluted share (including
About this update from Hanover Bancorp, Inc.
[{"type":"text","content":"First Quarter Performance Highlights Net Income: Net income for the quarter ended March 31, 2024 totaled $4.1 million or $0.55 per diluted share (including Series A preferred shares), versus $3.8 million or $0.51 per diluted share (including Series A preferred shares) in the prior linked quarter and $3.2 million or $0.43 per diluted share (including Series A preferred shares) in the comparable 2023 quarter. Our first quarter results reflect linked quarter and year over year increases in diluted earnings per share (“EPS”) of 7.8% and 27.9%, respectively.Net Interest Income: Net interest income was $12.9 million for the quarter ended March 31, 2024, an increase of $0.3 million, or 2.2% from the prior linked quarter as new loan growth at current, higher market rates continue to mitigate increased funding costs.Net Interest Margin: The Company’s net interest margin during the quarter ended March 31, 2024 increased to 2.41% from 2.40% in the quarter ended December 31, 2023.Strong Non-interest Income: The Company’s non-interest income increased $0.3 million or 9.9% from the quarter ended December 31, 2023 and $1.8 million or 103.6% from the quarter ended March 31, 2023. This quarter’s non-interest income was a record for the Company when considering continuing revenues. Although non-interest income was higher for the quarter ended September 30, 2023, those results included income from a litigation settlement.Strong Liquidity Position: At March 31, 2024, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $644.1 million or approximately 265% of uninsured deposit balances.Deposit Activity: Core deposits, consisting of Demand, NOW, Savings and Money Market, increased $70.6 million or 5.1% from December 31, 2023 and $176.6 million or 13.8% from March 31, 2023. Total deposits increased $12.7 million or 0.7% from December 31, 2023 and $210.0 million or 12.3% from March 31, 2023. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 87% of total deposits at March 31, 2024.Loan Growth: Loans totaled $2.01 billion, a net increase of $48.3 million, or 9.9% annualized, from December 31, 2023, and up $218.1 million or 12.2% from March 31, 2023, primarily driven by growth in niche-residential, conventional C&I and SBA loans.Asset ...