Hanover Bancorp, Inc. · NASDAQ:HNVR
Hanover Bancorp — Q3 2025 Earnings Presentation
26 slides from Hanover Bancorp's earnings presentation, November 2025
Slide 1: Confidential Investor Presentation
Confidential Investor Presentation 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by us solely for informational purposes based on our own information, as well as information from public and industry sources. This presentation does not constitute an offer to sell, nor a solicitation of an offer to buy, any securities by any person in
Slide 3: Overview of Hanover Bancorp, Inc.
Overview of Hanover Bancorp, Inc. Company Background & Financial Snapshot Key Metrics & Banking Footprint • The Bank was founded in 2009 and is headquartered in Mineola, NY 9/30/25 9/30/25 9/30/25 • The Bank was recapitalized in 2012 by a group led by our current Chairman and CEO Michael Puorro and
Slide 4: Corporate Timeline
Corporate Timeline Growth in Total Assets ($mm) $2,270 $2,312 $2,332 $1,984 $1,458 $862 $877 $541 $652 2017 2018 2019 2020 2021 2022 2023 2024 Sep-25 In March and June 2017, we In February 2019, the Bank further In February 2022, we initiated a Filed a shelf registration on Form S-3 for esta
Slide 5: Hanover Executive Management Team
Confidential Investor Presentation Hanover Executive Management Team Years of Banking Year Started at Age Name Position with Hanover Experience Hanover Michael P. Puorro CEO & Chairman 66 35+ 2012 McClelland Wilcox President 53 20+ 2021 Lance P. Burke Exec. VP & Chief Financial Officer 46 25+ 2021 K
Slide 6: Business Strategy
Business Strategy Creating a Differentiated Community Bank • Build the premier community bank franchise serving customers and small to mid-size businesses in the New York City metro area and Long Island • Continue to penetrate the potential customer bases across multiple, highly profitable niche ver
Slide 7: Robust TBV Per Share & Balance Sheet Growth
Robust TBV Per Share & Balance Sheet Growth Book Value / Tangible Book Value per Share(1) Total Assets ($mm) Book Value Per Share Tangible Book Value per Share $2,270 $2,312 $2,332 $2,400 $36.00 $1,984 $2,000 $30.00 $27.03 $26.48 $24.34 $25.16 $24.43 $23.26 $23.86 $24.00 $21.66 $22.51 $1,600 $1,458
Slide 8: Superior Price Performance Since IPO
Superior Price Performance Since IPO Significant uptick in volume beginning Q4 2024 8 Source: S&P Global Market Intelligence; FactSet. Market Data as of November 5th, 2025. Note: HNVR IPO priced at $21.59 per share on May 11th, 2022.
Slide 9: Strong and Efficient Profitability
Strong and Efficient Profitability Success Maintaining Strong Profitability Metrics Across a Branch-lite Operating Model Net Income and Non-Interest Income ($M) Recent Margin Expansion Yield on Loans Cost of Deposits NIM Non-Interest Income Net Income 6.21% 6.18% 6.11% 6.11% 6.04% 5.90% 6.03% 6.01%
Slide 10: Balance Sheet Liquidity
Balance Sheet Liquidity As of September 30, 2025, the Company maintained a High Level of Insured and Collateralized Deposits strong liquidity position with $712.2 million in undrawn Insured and collateralized deposits, which include municipal deposits, accounted for approximately 86% of total deposi
Slide 11: Investment Highlights
Investment Highlights • Recent market consolidation has resulted in a lack of sub-$5 billion asset sized banks in the Long Island and High Degree of Greater New York City Metro Area. Franchise Scarcity Value • Since June 2020, there have been 24 bank transactions in the tri-state area, 17 of which i
Slide 12: June 2025 HNVR Included in Russell 2000
Russell 2000 June 2025 HNVR was added to the Russell 2000 index in late June 2025. The Russell 2000® Index encompasses the 2,000 largest U.S.-traded stocks by objective, market- HNVR capitalization rankings, and style attributes. The Included in Russell Indexes are widely used by investment managers
Slide 13: Niche Lending & Branch-Lite Model Drives Profitability
Niche Lending & Branch-Lite Model Drives Profitability Niche Lending & Funding Expertise Drives Pricing Power Efficient, Profitable and Scalable Business Model A number of our business segments are focused on providing Total Assets per Office specialized lending and deposit products to specific cu
Slide 14: Niche Lending Segments: Niche-Residential and C&I
Niche Lending Segments: Niche-Residential and C&I • For the quarter ended September 30, 2025, Hanover’s HFI loan portfolio increased to $1.99 billion, an increase of $3.2 million or 0.16% from December 31, 2024. 1 Residential Real Estate Initiated our residential lending platform in 2013 with a fo
Slide 15: Niche Lending Segments: SBA Lending
Niche Lending Segments: SBA Lending 12 Months 12 Months 12 Months 9 Months 3 SBA Lending Ended 12/31/2022 Ended 12/31/2023 Ended 12/31/2024 Ended 9/30/2025 $161.0 $140.8 (1) SBA $102.2 Originations $72.1 ($M) • Continue to Realize Strategic Opportunities: $1.6 – SBA & USDA Banking Team Expansion. $1
Slide 16: Niche Lending Segments: Commercial Real Estate
Niche Lending Segments: Commercial Real Estate 4 Commercial Real Estate (including Multi-family) Fixed Rate Reset / Maturity Schedule ($000s) The Bank’s exposure to Land/Construction loans is CRE Investor Portfolio not significant at $5.9 million at September 30, 2025, Calendar Period Avg all at f
Slide 17: Niche Lending Segments: Multi-Family Deep Dive
Niche Lending Segments: Multi-Family Deep Dive Multi-Family Loan Portfolio - Loans by Rent Type (1) # of Outstanding Multi- Avg Loan Current Avg # Rent Type Notes Loan Balance Family DSCR of Units ($000's omitted) ($000'sSize omitted) LTV Location Manhattan 7 $ 10,203 2 % $ 1,458 49.4 % 1.91 14 Othe
Slide 18: Stabilized Multi-Family Pro Forma Stress Results
Stabilized Multi-Family Pro Forma Stress Results Multi-Family Stabilized Rent Portfolio Total O/S % of Total Current Projected ($000's MF Weighted Weighted DSCR Range # Loans omitted) Portfolio Average LTV Average LTV < 1.0 9 $ 13,946 3 % 60 % 96 % 1.0 < x < 1.2 22 68,884 13 % 66 % 75 % 1.2 < x < 1.
Slide 19: Growing Core Deposit Franchise
Growing Core Deposit Franchise Diversifying our Deposit Composition As of September 30, 2012 As of September 30, 2025 NonInterest-bearing Noninterest-bearing Deposits Deposits, 12% 1% IB Demand, Savings & MMDA Time 26% Deposits, 28% $54 $2.0 million billion Time Deposits IB Demand, Savings 73% & MMD
Slide 20: Asset Quality Managed Through Disciplined Policies and Procedures
Asset Quality Managed Through Disciplined Policies and Procedures • Management utilized local community ties along with their experience with both federal and New York bank regulatory agencies to create a bank that emphasizes strong credit quality. Credit Philosophy • Total loans having credit risk
Slide 21: Significant Consolidation of NYC Metro Community Banks Provides Growth Opportunities
Significant Consolidation of NYC Metro Community Banks Provides Growth Opportunities % of Banks Acquired in NYC(1) Top 20 NYC MSA Banks in 2016(2) Acquired Institutions ranked by asset size Approximately 37% of banks(1) in NYC MSA were consolidated in the last 5 years 2019Y 4.3% 2020Y 14.5% 2021Y 7.
Slide 22: Confidential Investor Presentation
Confidential Investor Presentation 22
Slide 23: New York MSA – A Leading U.S. Banking Market
New York MSA – A Leading U.S. Banking Market Most Populated MSA 3rd Largest Deposits per Branch (min $100bn in MSA) Population (mm) Deposits per Branch ($mm) New York City 19.4 Sioux Falls, SD $4,875 Los Angeles 12.8 Salt Lake City, UT $4,098 Chicago 9.2 New York City $829 Dallas 8.4 Charlotte, NC $
Slide 24: Non-GAAP Reconciliation Tangible Book Value per Share
Non-GAAP Reconciliation Tangible Book Value per Share As of December 31, As of Sep. 30, As of Jun. 30, As of Sep. 30, Non-GAAP Reconciliation Table 2025 2025 2024 2024 2023 2022 2021 2020 (dollars in thousands except per share data) Book value per share (1) $ 27.03 $ 26.52 $ 25.89 $ 26.48 $ 25.16 $
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net Income / Diluted Earnings per Share / Adjusted ROAA / Adjusted ROATCE Non-GAAP Reconciliation Table As of or For the Three Months Ended As of or For the Years Ended December 31, 09/30/25 06/30/25 09/30/24 2024 2023 2022 2021 2020 (dollars in thousands, except per
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Pre-Provision Net Revenue / Average Assets Non-GAAP Reconciliation Table As of or For the Three Months Ended As of or For the Years Ended December 31, 09/30/25 06/30/25 09/30/24 2024 2023 2022 2021 2020 (dollars in thousands) Net interest income $ 15,223 $ 14,795 $ 13,102 $ 5