Hanover Bancorp, Inc. · NASDAQ:HNVR
Hanover Bancorp — Debt Investor Presentation (March 2026)
30 slides from Hanover Bancorp's debt investor presentation, Mar 12, 2026
Slide 1: Confidential Investor Presentation
Confidential Investor Presentation 1
Slide 2: Disclaimer
2 148, 201, 61 20, 49, 89 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 so
Slide 3: Terms of Proposed Offering
3 148, 201, 61 20, 49, 89 Terms of Proposed Offering Issuer Hanover Bancorp, Inc. Security Subordinated Notes Structure Fixed-to-Floating Rate Subordinated Notes Rating BBB+ by Egan Jones Rating Agency Amount $25,000,000 Issuance Type Regulation D Private Placement with Registration Rights Term 10 Y
Slide 4: Overview of Hanover Bancorp, Inc.
4 148, 201, 61 20, 49, 89 Overview of Hanover Bancorp, Inc. • Hanover Bancorp, Inc. (the “Company”) is the bank holding company of Hanover Community Bank (the “Bank”) • 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
Slide 5: Investment Highlights
5 148, 201, 61 20, 49, 89 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 24 bank transactions in the tri-state area, 17 of which involved target
Slide 6: Corporate Timeline and Growth in Total Assets
6 148, 201, 61 20, 49, 89 $541 $652 $862 $877 $1,458 $1,984 $2,270 $2,312 $2,383 Corporate Timeline Growth in Total Assets ($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. ✓ In February 2022, we initia
Slide 7: Hanover Executive Management Team
Confidential Investor Presentation 7 Note: Throughout the presentation, unless otherwise specified, references to “Hanover” may be to either the holding company or the bank. Hanover Executive Management Team Name Position with Hanover Age Years of Banking Experience Year Started at Hanover Michael P
Slide 8: Business Strategy
Confidential Investor Presentation 8 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 on Long Island • Co
Slide 9: Strong and Efficient Profitability
Confidential Investor Presentation 9 63.8% 67.3% Hanover Bank Peer Median $7.2 $22.4 $34.0 $20.5 $21.3 $23.5 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Strong and Efficient Profitability Success Maintaining Strong Profitability Metrics Across a Branch-lite Operating Model Source: S&P Global Market In
Slide 10: TBV Per Share & Balance Sheet Growth
Confidential Investor Presentation 10 $688 $1,177 $1,518 $1,905 $1,954 $2,028 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $729 $1,277 $1,747 $1,957 $1,986 $2,001 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $877 $1,458 $1,984 $2,270 $2,312 $2,383 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $19.12 $23.26
Slide 11: Diversified Loan Portfolio with Historical Growth
11 148, 201, 61 20, 49, 89 Multifamily 1 amily Total 1 amily 37. % Multifamily27.0% CRE 2 .3% C D 0. % C I 7.3% Consumer1.3% Loan Growth ($mm) Loan Yield Growth (%) 1 amily 58.3% Multifamily 20.2% CRE 15.8% C I 2.8% Consumer 2.9% Diversified Loan Portfolio with Historical Growth • Successfully execu
Slide 12: Niche Lending & Branch-Lite Model Drives Profitability
Confidential Investor Presentation 12 5.30% 5.13% 5.00% 5.68% 6.13% 6.02% 4.59% 4.54% 4.68% 5.42% 5.76% 6.04% HNVR Peers $1.0 $0.9 HNVR Peers $7.3 $4.1 HNVR Peers $202.8 $93.2 HNVR Peers $198.8 $78.3 HNVR Peers $238.3 $106.5 HNVR Peers Niche Lending & Branch-Lite Model Drives Profitability Niche Len
Slide 13: Loan Originations, Sales and Pipeline
13 148, 201, 61 20, 49, 89 $22 $48 $0 $0 $38 $80 $107 $92 $216 $191 $131 $245 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Loans Sold ($M) Loans Originated ($M) • For th quart r nd d mb r Hanov r’s HFI loan portfolio increased to $2.0 billion, an increase of $15.2 million or 0.76% from December 31, 202
Slide 14: Niche Lending Segments: SBA Lending
14 148, 201, 61 20, 49, 89 8.26% 8.43% 9.49% 8.13% $53.1 $73.5 $111.7 $62.9 $1.6 $1.2 $1.2 $1.0 $72.1 $140.8 $161.0 $84.0 Niche Lending Segments: SBA Lending Year Ended 12/31/2022 Year Ended 12/31/2024 3 SBA Lending • Continue to Realize Strategic Opportunities: – SBA & USDA Banking Team Expansion.
Slide 15: Niche Lending Segments: Commercial Real Estate
15 148, 201, 61 20, 49, 89 225% 408% 470% 432% 385% 360% Niche Lending Segments: Commercial Real Estate 4 Commercial Real Estate (including Multi-family) ✓ At December 31, 2025, 64% of the multi-family loan portfolio is secured by properties subject to free market rental terms, which is the dominant
Slide 16: Niche Lending Segments: Multi-Family Deep Dive
16 148, 201, 61 20, 49, 89 Niche Lending Segments: Multi-Family Deep Dive (1): Loan Data as of December 31, 2025 Rent Type # of Notes Current DSCR Avg # of Units Location Manhattan 6 $ 9,792 2 % $ 1,632 50.6 % 2.13 15 Other NYC 94 $ 261,184 48 % $ 2,779 61.2 % 1.42 9 Outside NYC 40 $ 77,226 14 % $ 1
Slide 17: Stabilized Multi-Family Pro Forma Stress Results
17 148, 201, 61 20, 49, 89 Stabilized Multi-Family Pro Forma Stress Results • The table above reflects a proforma stressed evaluation of the Bank’s Multifamily stabilized loan portfolio at December 31, 2025, using the primary assumption for a revised Debt Service Coverage Ratio (“DSCR”) calculation,
Slide 18: Asset Quality Managed Through Disciplined Policies and Procedures
18 148, 201, 61 20, 49, 89 0.07% 0.04% 0.00% 0.05% 0.08% 0.71% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 0.46% 0.42% 0.59% 0.64% 0.71% 0.93% 0.00% 0.50% 1.00% 1.50% Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Note: Hanover previously had a fiscal year end of S
Slide 19: Growing Core Deposit Franchise
19 148, 201, 61 20, 49, 89 $688 $1,177 $1,518 $1,905 $1,954 $2,028 $- $400 $800 $1,200 $1,600 $2,000 $2,400 $86 $191 $200 $208 $212 $248 $- $50 $100 $150 $200 $250 $300 NonInterest-bearing Deposits, 12% IB Demand, Savings & MMDA, 63% Time Deposits, 25% Deposit Growth ($mm) Noninterest-Bearing Deposi
Slide 20: High Level of Insured and Collateralized Deposits
Confidential Investor Presentation 20 $311 $850 $1,128 $1,382 $1,457 $1,518 $- $500 $1,000 $1,500 $2,000 $2,500 Insured and Collateralized, 85% Uninsured, 15% 18% 12% 3% 32% 30% 1% 4% U.S. GSE residential MBS - AFS U.S. GSE residential CMO - AFS U.S. GSE commercial MBS - AFS Collateralized loan obli
Slide 21: Pro Forma Capital Ratios
21 148, 201, 61 20, 49, 89 Pro Forma Capital Ratios % % % % % % % % L v rag Ratio Ratio i r Ratio otal apital Ratio tandalon ro Forma for ub bt R fi Note: Assumes $25 million raised ($24.4 million net of 1.40% spread and $250K out of pocket expenses) with a 20% risk-weighting and a redemption of $24
Slide 22: Double Leverage & Interest Coverage
22 148, 201, 61 20, 49, 89 Double Leverage & Interest Coverage ($ in thousands) As of or for the Year ended December 31, 2021 2022 2023 2024 2025 Equity Investments in Subsidiaries $153,296 $201,767 $208,584 $219,674 $223,880 Consolidated Equity $129,379 $177,628 $184,830 $196,638 $200,266 Double Le
Slide 23: Confidential Investor Presentation 23
Confidential Investor Presentation 23
Slide 24: Significant Consolidation of NYC Metro Community Banks
Confidential Investor Presentation 24 2016 Rank Institution Deposits ($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 $1,392 Significant Consolidation of NYC Metro Community Banks Provides Growth Opportunities Source: SEC Filings; S&P Global Market Intelligen
Slide 25: New York MSA – A Leading U.S. Banking Market
Confidential Investor Presentation 25 19.4 12.8 9.2 8.4 7.7 6.4 6.4 6.3 6.3 5.2 New York City Los Angeles Chicago Dallas Houston Atlanta Washington D.C. Miami Philadelphia Phoenix New York MSA – A Leading U.S. Banking Market Population (mm) Deposits per Branch ($mm) Deposits ($bn) Most Populated MSA
Slide 26: Historical Consolidated Balance Sheet
26 148, 201, 61 20, 49, 89 Historical Consolidated Balance Sheet December 31, ($ in thousands) 2021 2022 2023 2024 2025 Total Cash and Cash Equivalents 114,951 152,298 177,207 162,857 208,904 Investment Securities 12,370 16,487 65,460 87,513 100,569 Total Cash & Investment Securities 127,321 168,785
Slide 27: Historical Consolidated Income Statement
27 148, 201, 61 20, 49, 89 Historical Consolidated Income Statement Year Ended December 31, ($ in thousands) 2021 2022 2023 2024 2025 Total Interest Income 55,794 74,385 113,626 133,022 130,479 Total Interest Expense 6,144 13,136 61,739 79,930 70,002 Net Interest Income 49,650 61,249 51,887 53,092 6
Slide 28: Non-GAAP Reconciliation: Tangible Book Value per Share
28 148, 201, 61 20, 49, 89 Non-GAAP Reconciliation Tangible Book Value per Share (1) Includes common stock and Series A preferred stock. Non-GAAP Reconciliation Table 2025 2024 2023 2022 2021 2020 Book value per share (GAAP) (1) $ 27.02 $ 26.48 $ 25.16 $ 24.34 $ 23.26 $ 19.12 Less: goodwill and othe
Slide 29: Non-GAAP Reconciliation: Adjusted Net Income, EPS, ROAA, ROATCE
29 148, 201, 61 20, 49, 89 Non-GAAP Reconciliation Adjusted Net Income / Diluted Earnings per Share / Adjusted ROAA / Adjusted ROATCE Note: Ratio as of or for the three months ended December 31st, 2025 is annualized. (1) Includes common stock and Series A preferred stock. Non-GAAP Reconciliation Tab
Slide 30: Non-GAAP Reconciliation: Pre-Provision Net Revenue / Average Assets
30 148, 201, 61 20, 49, 89 Non-GAAP Reconciliation Pre-Provision Net Revenue / Average Assets Note: Ratio as of or for the three months ended December 31st, 2025 is annualized. Non-GAAP Reconciliation Table 12/31/25 2025 2024 2023 2022 2021 2020 Net interest income (GAAP) $ 15,830 $ 60,477 $ 53,092
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