Hanover Bancorp, Inc. · NASDAQ:HNVR
Hanover Bancorp — Investor Presentation (June 2025)
24 slides from Hanover Bancorp's investor presentation, Jun 18, 2025
Slide 1: Confidential Investor Presentation
Confidential Investor Presentation Exhibit 99.1
Slide 2: Disclaimer
2 Disclaimer (1) The acquisition is subject to applicable regulatory approvals, approval of the Minden shareholders and other customary closing conditions. The private placement is not conditional on the closing of the acquisition. This presentation has been prepared by us solely for informational p
Slide 3: Overview of Hanover Bancorp, Inc.
3 Overview of Hanover Bancorp, Inc. • The Bank was founded in 2009 and is headquartered in Mineola, NY • The Bank was recapitalized in 2012 by a group led by our current Chairman and CEO Michael Puorro and current members of our Board of Directors • Successfully completed IPO and NASDAQ listing in M
Slide 4: Corporate Timeline
4 Corporate Timeline Growth in Total Assets ($mm) Note: Hanover previously had a fiscal year end of September 30th. 2017 - 2024 is for the period ended December 31st for each respective year. (1) - based on the preliminary index additions released by FTSE Russell ✓ In February 2022, we initiated a q
Slide 5: Hanover Executive Management Team
5 Hanover Executive Management Team Note: Throughout the presentation, unless otherwise specified, references to “Hanover” may be to either the holding company or the bank. Name Position with Hanover Age Years of Banking Experience Year Started at Hanover Michael P. Puorro CEO & Chairman 66 35+ 2012
Slide 6: Business Strategy
6 Business Strategy Creating a Differentiated Community Bank Focus on Delivering Shareholder Value Organic Growth • 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 cust
Slide 7: Robust TBV Per Share & Balance Sheet Growth
7 Robust TBV Per Share & Balance Sheet Growth Note: Hanover previously had a fiscal year end of September 30th. 2020 - 2024 is for the period ended December 31st for each respective year. Dollars in millions. Note: CAGR calculated from December 31st, 2020 through March 31st, 2025. (1) Tangible Book
Slide 8: Superior Price Performance Since IPO
8 Superior Price Performance Since IPO Source: S&P Global Market Intelligence; FactSet. Market Data as of May 16th, 2025. Note: HNVR IPO priced at $21.00 per share on May 10th, 2022. Significant uptick in volume beginning Q4 2024 - US Banks
Slide 9: Strong and Efficient Profitability
9 Strong and Efficient Profitability Success Maintaining Strong Profitability Metrics Across a Branch-lite Operating Model Source: S&P Global Market Intelligence; SEC Filings. 2025 YTD = Annualized data for the 3-month period ended 3/31/2025. Note: Hanover previously had a fiscal year end of Septemb
Slide 10: High Level of Insured and Collateralized Deposits
10 High Level of Insured and Collateralized Deposits Insured and collateralized deposits, which include municipal deposits, accounted for approximately 89% of total deposits at March 31, 2025. Commitment To Growing Core(1) Deposit Balances Balance Sheet Liquidity Securities Portfolio Composition As
Slide 11: Investment Highlights
11 Investment Highlights • Recent market consolidation has resulted in a lack of sub-$5 billion asset sized banks in the Long Island and Greater New York City Metro Area. • Since June 2020, there have been 17 bank transactions in the tri-state area, 11 of which involved targets with total assets les
Slide 12: Preliminary Russell 2000 Reconstitution May 2025
12 Preliminary Russell 2000 Reconstitution May 2025 HNVR To Be Included in Russell 2000 Index Based on the preliminary index additions released by FTSE Russell, HNVR will be included in the Russell 2000 index when the index is reconstituted on June 27, 2025 after the close of the equity markets. The
Slide 13: Niche Lending & Branch-Lite Model Drives Profitability
13 $1.8 $0.8 HNVR Peers $215.2 $92.1 HNVR Peers $217.1 $74.6 HNVR Peers $254.6 $106.9 HNVR Peers Niche Lending & Branch-Lite Model Drives Profitability Niche Lending & Funding Expertise Drives Pricing Power Efficient, Profitable and Scalable Business Model Yield on Loans ✓ A number of our business s
Slide 14: Loan portfolio and strategic opportunities
14 • For the quarter ended March 31, 2025, Hanover’s HFI loan portfolio decreased to $1.96 billion, a decrease of $24.8 million or 1.25% from December 31, 2024. • Hanover's loan pipeline with executed term sheets at March 31, 2025 is approximately $255 million, with approximately 92% being niche-res
Slide 15: Niche Lending Segments: SBA Lending
15 Niche Lending Segments: SBA Lending 12 Months Ended 12/31/2022 12 Months Ended 3 12/31/2024 SBA Lending • Continue to Realize Strategic Opportunities: – SBA & USDA Banking Team Expansion. • Efficient and Consistent Results: – National SBA expansion undertaken in 2023 continues to scale with the i
Slide 16: Niche Lending Segments: Commercial Real Estate
16 Niche Lending Segments: Commercial Real Estate Note: Hanover previously had a fiscal year end of September 30th. 2020 - 2024 is for the period ended December 31st for each respective year. 4 Commercial Real Estate (including Multi-family) ✓ The Bank’s exposure to Land/Construction loans is minor
Slide 17: Niche Lending Segments: Multi-Family Deep Dive
17 Niche Lending Segments: Multi-Family Deep Dive Rent Type # of Notes Current DSCR Avg # of Units Location Manhattan 7 $ 10,299 2 % $ 1,471 49.6 % 1.88 14 Other NYC 93 244,552 46 % 2,630 61.2 % 1.40 9 Outside NYC 42 81,188 15 % 1,933 64.2 % 1.36 13 Market 142 $ 336,039 63 % $ 2,366 61.5 % 1.41 11 L
Slide 18: Growing Core Deposit Franchise
18 Deposit Growth ($mm) Noninterest-Bearing Deposit Growth ($mm) Noninterest-bearing Deposits 1% IB Demand, Savings & MMDA 26% Time Deposits 73% Growing Core Deposit Franchise • Hired a Chief Municipal Officer and supporting personnel to initiate our municipal banking business, which has grown munic
Slide 19: Asset Quality Managed Through Disciplined Policies and Procedures
19 Note: Hanover previously had a fiscal year end of September 30th. 2020 - 2024 is for the period ended December 31st for each respective year. 2025 YTD = Annualized data for the 3-month period ended 3/31/2025. (1) Includes loans greater than 90 days past due and accruing. (2) Data for 3-month peri
Slide 20: Significant Consolidation of NYC Metro Community Banks
20 2016 Rank Institution Deposits ($mm) 1 $2,695 2 $3,344 3 $2,926 4 $3,009 5 $3,412 6 $2,714 7 $2,260 8 $2,609 9 $1,838 10 $1,392 Significant Consolidation of NYC Metro Community Banks Provides Growth Opportunities Source: SEC Filings; S&P Global Market Intelligence. Note: Dollars in millions. (1)
Slide 21: Confidential Investor Presentation
Confidential Investor Presentation
Slide 22: New York MSA – A Leading U.S. Banking Market
22 $6,192 $4,666 $1,874 $894 $844 $632 $537 $518 $457 $436 Sioux Falls, SD Salt Lake City, UT Seaford, DE Charlotte, NC New York City Town of Pecos, TX San Jose, CA San Francisco San Antonio, TX Philadelphia 19.4 12.8 9.2 8.4 7.7 6.4 6.4 6.3 6.3 5.2 New York City Los Angeles Chicago Dallas Houston A
Slide 23: Non-GAAP Reconciliation: Tangible Book Value per Share
23 Non-GAAP Reconciliation Tangible Book Value per Share (1) Includes common stock and Series A preferred stock. As of Mar. 31, Non-GAAP Reconciliation Table 2025 2024 2023 2022 2021 2020 Book value per share (1) $ 26.21 $ 26.48 $ 25.16 $ 24.34 $ 23.26 $ 19.12 Less: goodwill and other intangible ass
Slide 24: Non-GAAP Reconciliation: ROATCE / PPNR
24 Non-GAAP Reconciliation ROATCE / Pre-Provision Net Revenue/Average Assets Note: Ratios as of or for the three months ended Match 31st, 2025, December 31st 2024 and Match 31st, 2024 are annualized. (1) Includes common stock and Series A preferred stock. Non-GAAP Reconciliation Table ROATCE / Pre-P