Hanover Bancorp, Inc. · NASDAQ:HNVR
Hanover Bancorp — Debt Investor Presentation (2026)
30 slides from Hanover Bancorp's debt investor presentation, 2026
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: Terms of Proposed Offering
Terms of Proposed Offering Issuer Hanover Bancorp, Inc. Security Subordinated Notes Amount $25,000,000 Rating BBB+ by Egan Jones Rating Agency Structure Fixed-to-Floating Rate Subordinated Notes Issuance Type Regulation D Private Placement with Registration Rights Term 10 Years Call Date 5 Years Red
Slide 4: Overview of Hanover Bancorp, Inc.
Overview of Hanover Bancorp, Inc. Company Background & Financial Snapshot Key Metrics & Banking Footprint • Hanover Bancorp, Inc. (the “Company”) is the bank holding 12/31/25 12/31/25 12/31/25 company of Hanover Community Bank (the “Bank”) • • The Bank was founded in 2009 and is headquartered in Min
Slide 5: Investment Highlights
Investment Highlights • Recent market consolidation has resulted in a lack of sub-$5 billion asset sized banks in the Long Island and High Degree of Greater New York City Metro Area. Franchise Scarcity Value • Since June 2020, there have been 24 bank transactions in the tri-state area, 17 of which i
Slide 6: Corporate Timeline
Corporate Timeline Growth in Total Assets ($mm) $2,270 $2,312 $2,383 $1,984 $1,458 $862 $877 $541 $652 2017 2018 2019 2020 2021 2022 2023 2024 2025 In March and June 2017, we In February 2019, the Bank further In February 2022, we initiated a Filed a shelf registration statement on establish
Slide 7: Hanover Executive Management Team
Confidential Investor Presentation Hanover Executive Management Team Years of Banking Year Started at Age Experience Hanover Name Position with Hanover Michael P. Puorro Chairman, President, and CEO 66 35+ 2012 Lance P. Burke Senior Exec. VP & Chief Financial Officer 46 25+ 2021 Michael Locorriere S
Slide 8: Business Strategy
Confidential Investor Presentation Business Strategy Creating a Differentiated Community Bank • Build the premier community bank franchise serving customers and small to mid-size businesses in the New York City metro area and on Long Island • Continue to penetrate the potential customer bases across
Slide 9: Strong and Efficient Profitability
Confidential Investor Presentation Strong and Efficient Profitability Success Maintaining Strong Profitability Metrics Across a Branch-lite Operating Model Net Income and Non-Interest Income ($M) Recent Margin Expansion Non-Interest Income Core Net Income Recent Margin Expansion Yield on Loans Cost
Slide 10: TBV Per Share & Balance Sheet Growth
Confidential Investor Presentation 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 $36.00 $3,000 $30.00 $27.03 $2,500 $2,312 $2,383 $26.48 $2,270 $24.34 $25.16 $24.41 $23.26 $23.86 $1,984 $24.00
Slide 11: Diversified Loan Portfolio with Historical Growth
Diversified Loan Portfolio with Historical Growth Diversifying our Loan Portfolio As of December 31, 2020 As of December 31, 2025 $729 $2.0 million billion 4Q’20 Yield on Loans: 5.07% 4Q’25 Yield on Loans: 5.94% • Successfully executed strategic acquisitions and organic expansion to grow loan portfo
Slide 12: Niche Lending & Branch-Lite Model Drives Profitability
Confidential Investor Presentation 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
Slide 13: Niche Lending Segments: Niche-Residential and C&I
Niche Lending Segments: Niche-Residential and C&I • For the quarter ended December 31, 2025, Hanover’s HFI loan portfolio increased to $2.0 billion, an increase of $15.2 million or 0.76% from December 31, 2024. 1 Residential Real Estate Initiated our residential lending platform in 2013 with a foc
Slide 14: Niche Lending Segments: SBA Lending
Niche Lending Segments: SBA Lending 3 SBA Lending Year Ended Year Ended Year Ended Year Ended 12/31/2022 12/31/2023 12/31/2024 12/31/2025 $161.0 $140.8 SBA $84.0 Originations $72.1 ($M) • Continue to Realize Strategic Opportunities: $1.6 – SBA & USDA Banking Team Expansion. $1.2 $1.2 Average $1.0 Or
Slide 15: Niche Lending Segments: Commercial Real Estate
Niche Lending Segments: Commercial Real Estate 4 Commercial Real Estate (including Multi-family) Fixed Rate Reset / Maturity Schedule ($000s) At December 31, 2025, 64% of the multi-family loan CRE Investor Portfolio portfolio is secured by properties subject to free Calendar Period Avg market rent
Slide 16: Niche Lending Segments: Multi-Family Deep Dive
Niche Lending Segments: Multi-Family Deep Dive ($ in thousands) 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 6 $ 9,792 2 % $ 1,632 50.6
Slide 17: 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 $ 13,877 3 % 60 % 97 % 1.0 < x < 1.2 13 35,520 7 % 65 % 75 % 1.2 < x < 1.3
Slide 18: 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 19: Growing Core Deposit Franchise
Growing Core Deposit Franchise Diversifying our Deposit Composition As of September 30, 2012 As of December 31, 2025 NonInterest-bearing Noninterest-bearing Deposits Deposits, 12% 1% IB Demand, Savings & Time MMDA Deposits, 26% 25% $54 $2.0 million billion Time Deposits IB Demand, Savings 73% & MMDA
Slide 20: Balance Sheet Liquidity
Confidential Investor Presentation Balance Sheet Liquidity As of December 31, 2025, the Company maintained a High Level of Insured and Collateralized Deposits strong liquidity position with $776.9 million in undrawn Insured and collateralized deposits, which include municipal deposits, accounted for
Slide 21: Pro Forma Capital Ratios
Pro Forma Capital Ratios Estimated Holding Company Ratios Bank Level Ratios 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 $24.7 million of existing subordinated debt; data as of December 31, 2025 21
Slide 22: Double Leverage & Interest Coverage
Double Leverage & Interest Coverage ($ in thousands) As of or for the Year ended December 31, 2021 2022 2023 2024 2025 Equity Inv estments 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 Lev erage Ratio 118.5% 113.6
Slide 23: Appendix
Confidential Investor Presentation 23
Slide 24: Significant Consolidation of NYC Metro Community Banks Provides Growth Opportunities
Confidential Investor Presentation Significant Consolidation of NYC Metro Community Banks Provides Growth Opportunities % of Banks Acquired in NYC(1) Top 20 NYC MSA Banks in 2016(2) Approximately 37% of banks(1) in NYC MSA were consolidated in the last 5 years Acquired Institutions ranked by asset s
Slide 25: New York MSA – A Leading U.S. Banking Market
Confidential Investor Presentation 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 $4,098 Chicago 9.2 New York C
Slide 26: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet December 31, ($ in thousands) 2021 2022 2023 2024 2025 Total Cash and Cash Equiv alents 114,951 152,298 177,207 162,857 208,904 I nv estment Securities 12,370 16,487 65,460 87,513 100,569 Total Cash & Investment Securities 127,321 168,785 242,667 250,370 309,473
Slide 27: Historical Consolidated Income Statement
Historical Consolidated Income Statement Year Ended December 31, ($ in thousands) 2021 2022 2023 2024 2025 Total I nterest I ncome 55,794 74,385 113,626 133,022 130,479 Total I nterest Expense 6,144 13,136 61,739 79,930 70,002 Net Interest Income 49,650 61,249 51,887 53,092 60,477 Prov ision (Benefi
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Tangible Book Value per Share As of December 31, Non-GAAP Reconciliation Table 2025 2024 2023 2022 2021 2020 (1) Book value per share (GAAP) $ 27.02 $ 26.48 $ 25.16 $ 24.34 $ 23.26 $ 19.12 Less: goodw ill and other intangible assets (2.61) (2.62) (2.65) (2.68) (3.53) (0.46) (
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net Income / Diluted Earnings per Share / Adjusted ROAA / Adjusted ROATCE As of or For the Three Non-GAAP Reconciliation Table Months Ended As of or For the Years Ended December 31, 12/31/25 2025 2024 2023 2022 2021 2020 (dollars in thousands, except per share data)
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Pre-Provision Net Revenue / Average Assets As of or For the Three Non-GAAP Reconciliation Table Months Ended As of or For the Years Ended December 31, 12/31/25 2025 2024 2023 2022 2021 2020 (dollars in thousands) Net interest income (GAAP) $ 15,830 $ 60,477 $ 53,092 $ 51,887