Business
Hanover Bancorp, Inc. Reports Earnings for the Fourth Calendar Quarter, Strong Net Loan Growth and Declares $0.10 Quarterly Cash Dividend
Fourth Calendar Quarter Performance Highlights Net Income: Net income for the quarter ended December 31, 2022 totaled $5.3 million or $0.72 per diluted share
About this update from Hanover Bancorp, Inc.
[{"type":"text","content":"Fourth Calendar Quarter Performance Highlights Net Income: Net income for the quarter ended December 31, 2022 totaled $5.3 million or $0.72 per diluted share (includes Series A preferred shares), versus $6.5 million or $1.16 per diluted share in the same period a year ago. Excluding the impact of net purchase accounting accretion, the Company’s net income was $5.1 million or $0.69 per diluted share (includes Series A preferred shares) in the quarter ended December 31, 2022 versus net income of $5.3 million or $0.93 per diluted share in the comparable 2021 quarter.Pre-Provision Net Revenue: Pre-provision net revenue was $8.4 million or 1.86% of average assets for the quarter ended December 31, 2022 versus $9.4 million or 2.59% of average assets in the comparable 2021 quarter and $9.6 million or 2.28% of average assets in the prior linked quarter of 2022.Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on February 14, 2023 to stockholders of record on February 7, 2023.Financial Performance Metrics: Returns on average total assets and average stockholders’ equity were 1.18% and 12.04%, respectively, in the quarter ended December 31, 2022, versus 1.80% and 20.52% in the comparable 2021 period, and 1.39% and 13.45% in the linked 2022 quarter. The Company’s return on average tangible common equity was 13.54% in the quarter ended December 31, 2022.Net Interest Income: Net interest income was $15.3 million for the quarter ended December 31, 2022, a decrease of $1.2 million, or 7.1% versus the prior linked quarter. Net interest income was $15.3 million for the quarter ended December 31, 2021.Net Interest Margin: The Company’s net interest margin during the quarter ended December 31, 2022 was 3.49% versus 4.04% in the quarter ended September 30, 2022 and 4.39% in the quarter ended December 31, 2021. Excluding the impact of net purchase accounting accretion, the Company’s net interest margin was 3.43% in the quarter ended December 31, 2022, 3.93% in the quarter ended September 30, 2022 and 3.90% in the quarter ended December 31, 2021.Balance Sheet: Assets totaled $1.98 billion at December 31, 2022 versus $1.84 billion at September 30, 2022 and $1.46 billion at December 31, 2021.Capital Strength: The Bank’s Tier 1 leverage ratio was 10.34%...