Form 8-K
8-K — Hanover Bancorp, Inc. /MD
Accession: 0001104659-26-106555
Filed: 2026-09-10
Period: 2026-09-10
CIK: 0001828588
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — hnvr-20260910x8k.htm (Primary)
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8-K
8-K (Primary)
Filename: hnvr-20260910x8k.htm · Sequence: 1
Hanover Bancorp, Inc. /MD_September 10, 2026
Hanover Bancorp, Inc. /MD0001828588false00018285882026-09-102026-09-10
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 10, 2026
HANOVER BANCORP, INC.
(Exact name of registrant as specified in its charter)
Maryland
001-41384
81-3324480
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
80 East Jericho Turnpike, Mineola, New York
11501
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (516) 548-8500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol
Name of each exchange on which registered
Common stock
HNVR
NASDAQ
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01.
Regulation FD Disclosure
On September 10, 2026, representatives of the Registrant will present to various investors the information about the Registrant described in the slides attached to this report as Exhibit 99.1, which are incorporated by reference herein.
The information in Item 7.01 of this report is being furnished, not filed, pursuant to Regulation FD. Accordingly, the information in Item 7.01 of this report will not be incorporated by reference into any registration statement filed by the Registrant under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Registrant that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Registrant.
Item 9.01.Financial Statements and Exhibits
(d) Exhibits
The following Exhibits are furnished as part of this report:
Exhibit No.
Description
99.1
Investor Presentation
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HANOVER BANCORP, INC.
Date: September 10, 2026
By:
/s/ Lance P. Burke
Lance P. Burke
Senior Executive Vice President and
Chief Financial Officer
EX-99.1
EX-99.1
Filename: hnvr-20260910xex99d1.htm · Sequence: 2
Exhibit 99.1
Confidential Investor Presentation
1
INVESTOR
PRESENTATION
September 2026
2
Draft 09.13.17
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 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 any jurisdiction in which it is unlawful for such person to
make such an offering or solicitation. Neither the SEC nor any other regulatory agency has approved or disapproved of our securities or passed upon the accuracy or
adequacy of this presentation. Any representation to the contrary is a criminal offense. Our common stock is not a deposit account of our bank subsidiary and is not insured
by the FDIC or any other governmental agency.
Forward-Looking Statements
This presentation includes statements that are, or may be deemed, “forward-looking statements.” In some cases, these forward-looking statements can be identified by the
use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,”
“approximately,” “potential,” “projected,” “pro forma” or, in each case, their negatives or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. Any or all of the forward-looking statements herein made by us may turn out to be incorrect.
Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover
Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect as a
result of inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties. There are a number of important factors that could
cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not
limited to: (1) the impact of a pandemic or other health crises and the government’s response to such pandemic or crises on our operations as well as those of our customers
and on the economy generally and in our market area specifically; (2) competitive pressures among depository institutions may increase significantly; (3) changes in the
interest rate environment may reduce interest margins; (4) loan origination and sale volumes, charge-offs and credit loss provisions may vary substantially from period to period;
(5) general economic conditions may be less favorable than expected; (6) political developments, wars or other hostilities may disrupt or increase volatility in securities markets
or other economic conditions; (7) legislative or regulatory changes or actions may adversely affect the businesses in which Hanover Bancorp, Inc. is engaged; (8) the impacts
of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; (9) changing political conditions and the outcome of federal, state, and
local elections and the resulting economic and other impact on the areas in which we conduct business; (10) changes relating to rent regulation and housing, including
recent legislative action in New York City to freeze rents on certain rent-regulated properties; (11) changes and trends in the securities markets may adversely impact Hanover
Bancorp, Inc.; (12) a delayed or incomplete resolution of regulatory issues could adversely impact our planning; (13) difficulties in integrating any businesses that we may
acquire, which may increase our expenses and delay the achievement of any benefits that we may expect from such acquisitions; (14) the impact of the strategic credit
cleanup that we implemented during the fourth quarter of 2025 and the wholesale funding restructuring we implemented during the first quarter of 2026; (15) the impact of
reputation risk created by the developments discussed above on such matters as business generation and retention, funding and liquidity could be significant; (16) our ability
to hire and retain key personnel; and (17) the outcome of any future regulatory and legal investigations and proceedings may not be anticipated.
By their nature, forward-looking statements involve risks and uncertainties because they relate to future events, competitive dynamics, and banking, regulatory, and other
developments, and depend on anticipated circumstances that may or may not occur (or may occur on longer or shorter timelines than anticipated). They can be affected by
inaccurate assumptions that we might make, or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A - Risk
Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Although
we believe that we have a reasonable basis for each forward-looking statement contained in this presentation, we caution you that forward-looking statements are not
guarantees of future performance and that our actual results of operations, financial condition, and liquidity, and the development of the industry in which we operate may
differ materially from the forward-looking statements contained in this presentation.
In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking
statements contained in this presentation, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this
presentation speak only as of the respective dates of such statements, and we undertake no obligation to update such statements to reflect events or circumstances after the
date of this presentation, except as required by law.
Non-GAAP Financial Measures
This presentation contains supplemental financial information, which includes the Company’s adjusted net income, adjusted diluted earnings per share, adjusted return on
average assets (“Adjusted ROAA”), adjusted return on average common equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share,
return on average tangible common equity (“ROATCE”), Adjusted ROATCE and pre-provision net revenue (“PPNR”), which are financial measures not determined in
accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our management uses these non-GAAP measures in its analysis of our
performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in
accordance with GAAP. Management believes that the presentation of these non-GAAP financial measures provides both management and investors useful supplemental
information that is essential to a proper understanding of our financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may
use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist
investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. A reconciliation of
our non-GAAP financial measures to the most directly comparable GAAP measures has been provided herein in the appendix to this presentation.
3
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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
Chairman and CEO Michael Puorro and current members of our
Board of Directors
• Successfully completed IPO and NASDAQ listing in May 2022
• Provides differentiated consumer and commercial banking services
to clients on Long Island, in the New York City boroughs and in
Freehold, NJ
• Hauppauge Business Banking Center: opened May 22, 2023
• Port Jefferson Branch: opened June 25, 2025
• $21.5 million in Q2 2026 originations tied to these two locations
• Business loan(1) pipeline of $48 million with deposits of
~$168 million across both locations as of 6/30/2026
• Riverhead Branch: planned opening September 2026
• Executed an organic strategy from 2012 – 2018, focused primarily on
the non-qualified mortgage niche residential lending business
• Completed two successful M&A transactions, acquiring Chinatown
Federal Savings Bank (CFSB) in 2019 and Savoy Bank in 2021
• Successful team of seasoned bankers and banking teams from local,
regional and national financial institutions
• Demonstrated track record of profitability; Hanover is highly focused
around an efficient operating platform and branch network
Company Background & Financial Snapshot Key Metrics & Banking Footprint
06/30/26
$2.3B
TOTAL ASSETS
06/30/26
$2.0B
TOTAL LOANS
06/30/26
$2.0B
TOTAL DEPOSITS
Headquarters
Current Branches (10)
9
8
2
3
4
5
6
7
1
10
(1) Business loans defined as conventional C&I and CRE – Owner Occupied
(2) Includes Series A preferred shares. Tangible common equity and tangible book value are
non-GAAP financial measures. See the appendix to this presentation for a reconciliation
for the most directly comparable GAAP measure
Source: S&P Global Market Intelligence; SEC Filings; FDIC.
(3) Represents a non-GAAP financial measure, adjusted for Debt extinguishment
charges and severance expenses, and related income tax effects in 2026. See
the appendix to this presentation for a reconciliation for the most directly
comparable GAAP measure
$ in millions 6/30/2026 3/31/2026 6/30/2025
Total Assets $2,337 $2,371 $2,312
Gross Loans $1,998 $1,993 $1,966
Deposits $2,013 $2,022 $1,951
Stockholders' Equity(2) $203 $201 $199
Tangible Common Equity(2) $183 $182 $179
TCE / TA 7.91% 7.74% 7.83%
BV/Share(2) $27.66 $27.11 $26.52
TBV/Share (2) $25.02 $24.50 $23.94
Balance Sheet at
6/30/2026 3/31/2026 6/30/2025
Net Income $4.1 $1.9 $2.4
Adj. Net Income (3) $4.3 $4.0 $2.4
Diluted EPS $0.55 $0.25 $0.33
Adj. Diluted EPS (3) $0.58 $0.54 $0.33
ROAA 0.73% 0.33% 0.44%
Adj. ROAA (3) 0.77% 0.70% 0.44%
ROATCE 8.85% 4.14% 5.46%
Adj. ROATCE (3) 9.30% 8.83% 5.46%
Net Interest Margin 3.10% 2.96% 2.76%
$ in millions (except per share Quarter Ended
data)
4
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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 25 bank merger transactions in the tri-state area, 18 of which involved
targets with total assets less than $5 billion.
High Degree of
Franchise Scarcity
Value
• Since 2014, the residential mortgage operation has been highly focused on non-conforming lending in New
York City. With the addition of Savoy, the Company acquired a niche in SBA and small business commercial
banking platform. Since 2021, the Bank has strategically expanded growth efforts to focus in the commercial
banking space, alongside residential lending efforts.
• Hanover’s municipal deposit banking business is differentiated in that it is focused on long-term relationships
(46 as of June 30, 2026).
Niche Lending &
Funding Expertise
Drives Pricing Power
• Significantly enhanced the Bank’s commercial lending activity with the opening of the Hauppauge Business
Banking Center in May 2023 and the hiring of our EVP & Chief Lending Officer, Joseph Burns (previously First
Senior VP and New York State Market President of Valley Bank).
• Demonstrated track record of profitability and investing in the business. Hanover is highly focused on
increasing profitability and efficiency within its operating platform and branch network.
• The Company’s level of assets, loans, deposits and revenue relative to the number of branch offices is well
above peers. Management believes a continued focus on operating efficiently will result in above average
levels of profitability over the long-term.
Efficient, Profitable
and Scalable
Business Model
• Since 2016, Hanover has incurred $18.3 million in cumulative net charge-offs, representing 162 basis points of
average loans over that time period.
• Total non-accrual loans at June 30, 2026 were $28.3 million, or $21.3 million net of $7.0 million that is
government guaranteed by the SBA. At June 30, 2026 non-accrual loans were 1.42% of total loans; excluding
the guaranteed portion, non-accrual loans were 1.07% of total loans.
• Hanover’s reserves of $19.1 million represent 0.96% of total loans at June 30, 2026.
Disciplined
Underwriting and
High Quality
Balance Sheet
• Hanover’s executive team, which is led by Chairman and CEO Michael Puorro and President Kevin
O’Connor, has significant experience with M&A transactions and post-closing integration efforts.
• In August 2019, the Company closed the CFSB acquisition and has successfully grown the former CFSB deposit
franchise.
• In May 2021, the Company closed the Savoy merger, acquiring an approximately $650 million total asset
single branch commercial bank located in NYC. The transaction significantly diversified the Bank’s revenue
and lending mix while boosting profitability and leveraging Savoy’s expertise in commercial and SBA lending.
Demonstrated
Ability to Integrate
M&A Transactions
5
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$541 $652
$862 $877
$1,458
$1,984
$2,270 $2,312 $2,383 $2,337
Corporate Timeline
Growth in Total Assets ($mm)
Note: Hanover previously had a fiscal year end of September 30th. 2017 - 2025 is for the period ended December 31st for each respective year.
✓ In February 2022, we initiated a
quarterly cash dividend of $0.10 p/s
✓ In March 2022, we opened a new
branch in Freehold, NJ
✓ In May 2022, we announced and
closed our IPO, issuing 1,466,250
common shares at $21.00 per share
✓ In July 2022, we announced a new
business banking center location in
Hauppauge, Suffolk County, Long
Island, which opened in May 2023
✓ In November 2023, we announced the
appointment of Joseph Burns as our
new Chief Lending Officer. He
previously served as regional president
of Valley Bank’s New York commercial
banking operation
✓ We changed our fiscal year end from
September 30th to December 31st in
October 2023 with a stub period from
October 1st through December 31st
2023
✓ In March and June 2017, we
established offices in Forest Hills and
Mineola, NY, respectively
✓ Our total consolidated assets grew to
over $500 million during 2017
✓ Announced and completed the
acquisition of Chinatown Federal
Savings Bank (CFSB) in 2018 and 2019
respectively; enhanced and diversified
our funding profile and provided
greater visibility in New York City
✓ We acquired total assets of $141.3
million, total loans of $93.6 million and
total deposits of $108.8 million, as well
as three branches in Manhattan and
Brooklyn, NY (one of which was
subsequently consolidated)
✓ In February 2019, the Bank further
expanded into Queens County, New
York with a de novo branch in Flushing,
New York
✓ In October 2020, we issued $25.0 million
in subordinated notes to support the
Savoy acquisition. The offering was
rated investment grade
✓ In late 2020, we established a
municipal banking business led by
Michael Locorriere, who has 25 + years
of banking and government
experience. He previously served as
EVP and Director of Municipal Banking
at a consolidated competitor in the
Long Island Market
✓ Savoy acquisition announced in 2020
and completed in 2021, we acquired
total assets of $648.4 million, total loans
of $573.1 million, and total deposits of
$340.2 million
✓ Filed a shelf registration statement on
Form S-3 for $50 million in January 2024
✓ The Company completed its core
system conversion to FIS Horizon in
February 2025. This upgrade has
enhanced efficiency, functionality, user
experience, and supports a digital-forward strategy
✓ Successfully opened the Port Jefferson
branch on June 25, 2025
✓ HNVR was added to the Russell 2000
index upon reconstitution in late June
2025
✓ Successfully refinanced $25.0 million of
floating rate subordinated debt
through a private placement of $35.0
million of 7.25% fixed-to-floating
subordinated notes due in 2036 to
enhance the Bank’s capital base –
completed March 2026
✓ Appointed Kevin O’Connor as
President effective July 27th, 2026. Mr.
O’Connor brings more than 35 years of
banking experience to Hanover
2017 2018 2019 2020 2021 2022 2023 2024 2025 Jun-26
Confidential Investor Presentation
6
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 Years of Banking
Experience
Year Started at
Hanover
Michael P. Puorro Chairman and CEO 35+ 2012
Kevin O’Connor President 35+ 2026
Lance P. Burke Senior Exec. VP & Chief Financial Officer 25+ 2021
Michael Locorriere Senior Exec. VP & Chief Municipal Officer 25+ 2020
Kevin Corbett Exec. VP & Chief Credit Officer 40+ 2020
Joseph F. Burns Exec. VP & Chief Lending Officer 35+ 2023
John P. Vivona Exec. VP & Chief Risk Officer 35+ 2023
Raymond Sanchez Exec. VP & Chief Information Officer 25+ 2022
Lisa A. Diiorio First Senior VP & Chief Accounting Officer 30+ 2016
Confidential Investor Presentation
7
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
• Continue to penetrate the potential customer bases across multiple, highly profitable niche verticals that have substantial
expansion potential
• Continue to serve the local economies in our geographic footprint with a sustained commitment to unparalleled service that
is beyond the scope of larger banks and economies of scale that are beyond the reach of smaller competitors
• Focus on diversifying the loan portfolio through niche lending segments to generate appropriate risk-adjusted returns
• Continued growth and diversification through niche-residential real estate, conventional C&I, relationship CRE, and SBA and
USDA lending
• Commitment to complementing portfolio growth with continued growth of secondary market sales for SBA and USDA and non-QM residential loans
• The loan pipeline at June 30, 2026, is approximately $223.0 million, with 50% in niche-residential and SBA/USDA lending
opportunities and 22% in conventional C&I and CRE – Owner Occupied lending opportunities
Diversifying Loan
Portfolio through
Niche Segments
• Deposit and treasury management products and services complement the niche lending focus
• Launched back-to-back customer loan level swap program in late 2025, expected to gain traction by late-2026
into 2027, diversifying noninterest income sources and providing interest rate risk protection
• Established a municipal banking business in 2020 with potential to produce a significant level of deposits at cost effective
rates with the effort led by Michael Locorriere
• Continued development of strategically located, highly efficient branches in key commercial markets to drive organic,
relationship-based deposit and loan growth
Complementing
the Lending Efforts
and Diversifying
Funding
Strategic
Acquisitions
• The CFSB acquisition in August 2019 provided us with full-service branches which complemented our lending in those areas
• Expanded commercial banking capabilities through the Savoy acquisition, with a particular focus on small business clients
and Small Business Administration (SBA) lending
• Continue to pursue prudent and commercially attractive acquisitions in both traditional banking and select non-bank targets
Confidential Investor Presentation
8
March 2026
$35M Holding
Company
Subordinated
Debt Issuance
• Successful completion of $35M Holding Company
Subordinated Debt issuance on 3/12/26
• Fixed coupon of 7.25% for first 5 years then floating rate for
last 5 years (3m SOFR + 386bps)
• 10 Year final maturity, with ability to call the instrument after
year 5
• Proceeds used to pay off $25M of existing
subordinated debt floating @ 3M SOFR+487.4bps,
and to bolster capital position for future growth
initiatives
Subordinated Debt Issuance
Confidential Investor Presentation
9
2.13%
2.49%
HNVR Peer
Median
66.1% 67.0%
HNVR Peer
Median
$26.7
$34.2
$20.3 $21.5 $23.5
$12.0
$24.2
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 YTD
Jun-26
Annualized
Jun-26
Strong and Efficient Profitability
Success Maintaining Strong Profitability Metrics Across a Branch-lite Operating Model
Source: S&P Global Market Intelligence; SEC Filings.
Note: Hanover previously had a fiscal year end of September 30th. 2021 - 2025 is for the period ended December 31st for each respective year. Peers include major
exchange-traded banks and thrifts with most recent quarter total assets between $1 and $3 billion, excluding merger targets and mutuals. Pre-provision net revenue is a
non-GAAP measure.
Net Income and Non-Interest Income ($M) Recent Margin Expansion
4-Year Avg. Efficiency Ratio (%) Adjusted Pre-Provision Net Revenue ($M) 4-Year Avg. Opex/Avg. Assets (%)
2.1% 1.0% 1.0%
Adjusted PPNR / Avg. Assets:
2.1% 1.0% 1.1%
6.18% 6.11% 6.11% 6.04% 6.01% 5.94% 5.99% 6.00%
4.10%
3.77% 3.54% 3.43% 3.40%
3.12% 2.97%
2.94%
2.37% 2.53% 2.68% 2.76% 2.74% 2.84% 2.96%
3.10%
Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26
Yield on Loans Cost of Deposits NIM
$5.4
$7.9
$10.7
$15.3
$12.8
$5.5
$11.2
$15.9
$22.4
$13.6 $12.3
$10.1
$8.3
$16.7
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 YTD
Jun-26
Annualized
Jun-26
Non-Interest Income Adjusted Net Income
Confidential Investor Presentation
10
$1,177
$1,518
$1,905 $1,954 $2,028 $2,013
$1,277
$1,747
$1,957 $1,986 $2,001 $1,998
$1,458
$1,984
$2,270 $2,312 $2,383 $2,337
$23.26 $24.34 $25.16 $26.48 $27.02 $27.66
$19.73 $21.66
$22.51 $23.86 $24.41 $25.02
Book Value Per Share Tangible Book Value per Share
TBV Per Share & Balance Sheet Growth
Note: Hanover previously had a fiscal year end of September 30th. 2021 - 2025 is for the period ended December 31st for each respective year. Dollars in millions.
Note: CAGR calculated from December 31st, 2021 through June 30th , 2026.
(1) Includes Series A preferred stock.
Book Value / Tangible Book Value per Share(1)
Total Gross Loans (ex. HFS) ($mm) Total Deposits ($mm)
Total Assets ($mm)
Savoy acquisition
completed CECL adoption
11
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359
591 573 551 541 566 437 577 715 729 777 764
1,277
1,747
1,957 1,986 2,001 1,998
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26
Multifamily
1-4 Family
Total
1-4
Family
38.3%
Multifamily 28.3%
CRE
25.4%
C&D 0.5%
C&I
7.5%
Consumer 0.0%
1-4
Family
34.2%
Multifamily 28.1%
CRE
29.1%
C&I
8.6%
Consumer 0.0%
Loan Growth (ex HFS) ($mm) Loan Yield Growth (%)
Diversified Loan Portfolio with Historical Growth
• Successfully executed strategic acquisitions and organic expansion to grow loan portfolio from $1.3 billion at December 31, 2021
to $2.0 billion at June 30, 2026, at a compound annual growth rate of 10%
• Well diversified loan portfolio with over 90% secured by real estate
Diversifying our Loan Portfolio
As of December 31, 2021 As of June 30, 2026
$1.3
billion
0 92 176
Note: Hanover previously had a fiscal year end of September 30th. 2021 - 2025 is for the period ended December 31st for each respective year.
$2.0
billion
4Q’21 Yield on Loans: 5.18% 2Q’26 Yield on Loans: 6.00%
5.13
5.00
5.68
6.13
6.02 5.99
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26
Confidential Investor Presentation
12
$1.7
$1.1
HNVR Peers
$7.8
$4.5
HNVR Peers
$201.3
$88.7
HNVR Peers
$198.2
$79.4
HNVR Peers
$233.7
$106.3
HNVR Peers
Niche Lending & Branch-Lite Model Drives Profitability
Niche Lending & Funding Expertise
Drives Pricing Power Efficient, Profitable and Scalable Business Model
Yield on Loans
✓ A number of our business segments are focused on providing
specialized lending and deposit products to specific customer
groups within our markets.
✓ We are focused on providing expertise and excellent service in the
chosen segments in which we operate.
✓ Since 2014 our residential mortgage operation has been highly
focused on non-conforming lending in New York City.
✓ With Savoy, we acquired a niche SBA and small business
commercial banking business.
✓ Our municipal deposit banking business is differentiated in that we
are focused on long-term relationships and our customers are not
transactional in nature.
✓ Consistent Loan Yield achievement
Revenue per Office
Total Net Loans per Office Total Deposits per Office
Total Assets per Office
Net Income per Office
For the six months
ended June 30, 2026;
Profitability data
annualized
($ in millions)
Source: S&P Global Market Intelligence; SEC Filings. Jun-26 = data for the 3-month period ended June 30, 2026.
Note: Hanover previously had a fiscal year end of September 30th. 2021 - 2025 is for the period ended December 31st for each respective year. Peers include major
exchange-traded banks and thrifts with most recent quarter total assets between $1 and $3 billion, excluding merger targets and mutuals.
(1) 2026 YTD utilizes adjusted net income (see appendix for reconciliation)
(1)
5.13% 5.00%
5.68%
6.13% 6.02%
5.99%
4.54% 4.68%
5.42%
5.76%
6.04% 5.94%
HNVR Peers
13
148, 201, 61
20, 49, 89
$1,277
$1,747
$1,957 $1,986 $2,001 $1,998
• For the quarter ended June 30, 2026, Hanover’s HFI loan portfolio
remained flat at $2.0 billion, from December 31, 2025.
• Hanover's loan pipeline at June 30, 2026 is approximately $223 million,
with approximately 50% being niche-residential and SBA/USDA lending
opportunities, and 22% in business(1) loans.
– Commercial real estate (CRE) concentration ratio continues to
improve with loans secured by office space accounting for 2%
of the total loan portfolio and totaling $40.2 million at June 30,
2026.
– The CRE concentration ratio decreased to 346% of total capital
at 06/30/2026 from 362% of total capital at 12/31/2025 and 368%
of total capital at 6/30/2025
• Continue to Realize Strategic Opportunities:
– Opened Hauppauge Business Banking Center in May 2023 &
Port Jefferson Branch in June 2025.
o $21.5M in C&I originations and ~$168M in deposit balances for
the quarter ended June 30, 2026
Niche Lending Segments: Niche-Residential and C&I
Note: Hanover previously had a fiscal year end of September 30th. 2021 - 2025 is for the period ended December 31st for each respective year.
Total Gross Loans (ex. HFS) Growth ($mm)
1 Residential Real Estate
✓ Initiated our residential lending platform in 2013 with a
focus on the boroughs of New York City.
✓ We originate mainly non-qualified, alternative
documentation single-family residential mortgage loans
through broker referrals, our branch network and retail
channels.
✓ Developed flow origination program in 2024Q2; total
sales of $126M for a net gain of $3.2M on an annualized
basis through the first six months of 2026.
✓ We offer multiple products including those designed
specifically for two-to four-family units.
✓ Building on the acquisition of Savoy, we have invested
heavily in developing C&I Banking, prioritizing the hiring
of relationship-based bankers to drive organic deposit
and loan growth in our key markets.
✓ Since 2021, strategic initiative to build out the C&I
business included the opening of the Freehold branch
and expansion into Hauppauge and Port Jefferson while
simultaneously hiring a specialized C&I team.
✓ Our products include commercial deposit accounts,
cash management services and loans, including term
loans and lines of credit, all of which are powered by our
robust digital banking platform.
2 Commercial and Industrial
(1) Business loans defined as conventional C&I and CRE – Owner Occupied
$48 $0 $0 $38 $92 $62
$126 $107
$216 $191
$131
$245
$116
$234
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 YTD
Jun-26
Annualized
Jun-26
Loans Sold ($M) Loans Originated ($M)
14
148, 201, 61
20, 49, 89
Niche Lending Segments: SBA Lending
Year
Ended
12/31/22
Year
Ended
12/31/24
3 SBA Lending
• Continue to Realize Strategic and
Sensible SBA Lending Opportunities
through Economic Headwinds:
– Given the continued less
favorable economic outlook for
small business owners over the
last year and the Bank’s ongoing
prudent decision to tighten
credit, SBA loan originations and
gains on sales remain lower
relative to prior years.
– Hanover continues to capitalize
on SBA Lending opportunities
that align with the Bank’s
strategic plan and risk tolerance.
SBA
Originations
($M)
Average
Origination
Size
($M)
Loans Sold
($M)
Gross
Premium
(%)
Note: Hanover previously had a fiscal year end of September 30th. 2022 - 2025 is for the period ended December 31st for each respective year.
(1): Based on US SBA data for the fiscal year-end 9/30/25
Top 100 SBA lender
by volume(1)
Per US Small Business Administration
Year
Ended
12/31/25
Year
Ended
12/31/23
YTD
Annualized
06/30/26
8.26% 8.43% 9.49% 8.80% 9.31%
$72.1
$140.8
$161.0
$84.0
$38.1
$1.6
$1.2 $1.2 $1.0
$2.1
$53.1
$73.5
$111.7
$62.9
$29.4
15
148, 201, 61
20, 49, 89
408%
470%
432%
385% 362% 346%
Niche Lending Segments: Commercial Real Estate
4 Commercial Real Estate (including Multifamily)
✓ At June 30, 2026, 63% of the multifamily loan
portfolio is secured by properties subject to free
market rental terms, which is the dominant tenant
type. Both the Market Rent and Stabilized Rent
segments of our portfolio present very similar
average borrower profiles. The portfolio is primarily
located in the New York City boroughs of Brooklyn,
the Bronx and Queens.
✓ The Bank’s exposure to the Office market is not
significant at $40.2 million as of June 30, 2026, of
which less than 1% is located in Manhattan. The
pool has a 2.44x weighted average DSCR, and a
54% weighted average LTV.
✓ The Bank’s exposure to Land/Construction loans is
not significant at $10.3 million at June 30, 2026, all at
floating interest rates. As shown at right and on the
next slide, 16% of the loan balances in these
combined portfolios will either mature or have a
rate reset in 2026, with another 54% with rate resets
or maturing in 2027.
✓ The Bank’s commercial real estate concentration
ratio continues to improve, decreasing to 346% of
capital at June 30, 2026 from 362% of capital at
December 31, 2025.
Fixed Rate Reset / Maturity Schedule ($000s)
CRE / TRBC Ratio (%)
Calendar Period
(Loan Data as of
06/30/2026) # Loans
2026 17 $ 31,740 $ 1,867 6.02 %
2027 81 126,645 1,564 4.74 %
2028 28 30,106 1,075 6.65 %
2029 6 8,160 1,360 6.78 %
2030 14 13,353 954 6.99 %
2031+ 24 30,891 1,287 6.63 %
Fixed Rate 170 $ 240,895 $ 1,417 5.58 %
Floating Rate 10 7,677 768 7.92 %
Total CRE-Inv. 180 $ 248,572 $ 1,381 5.66 %
CRE Investor Portfolio
Total O/S Avg O/S
Avg
Interest
Rate
16
148, 201, 61
20, 49, 89
Niche Lending Segments: Multifamily Deep Dive
(1): Loan Data as of June 30, 2026
($ in thousands)
Rent Type
# of
Notes
Current
DSCR
Avg #
of Units
Location
Manhattan 6 $ 10,300 2 % $ 1,717 49.3 % 1.44 9
Other NYC 94 $ 263,153 46 % $ 2,800 60.7 % 1.40 9
Outside NYC 42 $ 82,409 15 % $ 1,962 62.4 % 1.52 14
Market 142 $ 355,862 63 % $ 2,506 60.8 % 1.43 10
Location
Manhattan 7 $ 10,090 2 % $ 1,441 49.8 % 1.76 19
Other NYC 78 $ 183,077 32 % $ 2,347 61.6 % 1.39 11
Outside NYC 11 $ 16,850 3 % $ 1,532 61.9 % 1.58 14
Stabilized 96 $ 210,017 37 % $ 2,188 61.1 % 1.42 12
Multifamily Loan Portfolio - Loans by Rent Type(1)
Outstanding
Loan Balance
% of Total
Multi-Family
Avg Loan
Size LTV ($000's omitted) ($000's omitted)
Calendar Period
(Loan Data as of
06/30/2026) # Loans
Calendar Period
(Loan Data as of
06/30/2026) # Loans
2026 22 $ 70,753 $ 3,216 3.62 % 2026 11 $ 25,609 $ 2,328 3.96 %
2027 70 184,958 2,642 4.39 % 2027 52 126,943 2,441 4.29 %
2028 15 20,517 1,368 6.14 % 2028 10 8,318 832 6.84 %
2029 7 11,120 1,589 6.58 % 2029 5 19,750 3,950 6.40 %
2030 8 20,099 2,512 6.19 % 2030 7 13,471 1,924 6.32 %
2031+ 19 48,314 2,543 5.83 % 2031+ 10 15,473 1,547 6.16 %
Fixed Rate 141 $ 355,761 $ 2,523 4.70 % Fixed Rate 95 $ 209,564 $ 2,206 4.82 %
Floating Rate 1 101 101 9.50 % Floating Rate 1 453 453 7.92 %
Total 142 $ 355,862 $ 2,506 4.71 % Total 96 $ 210,017 $ 2,188 4.82 %
Multifamily Market Rent Portfolio Multifamily Stabilized Rent Portfolio
Total O/S Avg O/S
Avg
Interest
Rate Total O/S Avg O/S
Avg
Interest
Rate
17
148, 201, 61
20, 49, 89
Stabilized Multifamily Pro Forma Stress Results
• The table above reflects a pro forma stressed evaluation of the Bank’s Multifamily rent stabilized loan portfolio at June 30, 2026, using
the primary assumption for a revised Debt Service Coverage Ratio (“DSCR”) calculation, for all loans where the current interest rate is
below 6.00%. The current balance for these loans is recast at 6.00% with a 30-year amortization.
• The projected Loan-to-value (“LTV”) assumption resets all loans using a 6.25% cap rate and the last reported property net operating income (“NOI”)
to determine an implied property valuation based on the current loan balance, the resultant LTV.
• The results show 5 loans totaling $16 million in the multifamily rent stabilized portfolio would have a pro forma DSCR less than 1x, which
represents 3% of the total multifamily portfolio.
• The remainder of this portfolio, totaling $194 million, representing 34% of the entire multifamily portfolio, would possess DSCR’s greater
than 1x while maintaining a projected weighted average LTV well within our policy guidelines.
• Additionally, 73% of the rent stabilized loans and 74% of the entire multifamily portfolio are further secured with personal guarantees
from borrowers
• Based on the maturities and rate resets in the previous 12 months, we believe the overall demand for multifamily housing in our market
will allow our borrowers to address any adverse impact proactively. The Bank continues to successfully manage multifamily loans with
scheduled rate repricing or maturities.
DSCR Range
< 1.0 5 $ 16,207 3 % 62 % 102 %
1.0 < x < 1.2 14 33,833 6 % 62 % 75 %
1.2 < x < 1.3 12 48,544 8 % 64 % 74 %
1.3 < x < 1.5 30 70,004 12 % 62 % 63 %
1.5 < x < 2.0 21 32,745 6 % 58 % 55 %
x > 2.0 14 8,684 2 % 45 % 37 %
Total 96 $ 210,017 37 % 61 % 68 %
# Loans
Multifamily Stabilized Rent Portfolio
Total O/S
($000's
omitted)
% of Total
MF
Portfolio
Current
Weighted
Average LTV
Projected
Weighted
Average LTV
18
148, 201, 61
20, 49, 89
0.04% 0.00% 0.05% 0.08%
0.71%
0.06%
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 2026 YTD
Annualized
Note: Hanover previously had a fiscal year end of September 30th. 2021 - 2025 is for the period ended December 31st for each respective year.
(1) Includes nonaccrual loans, loans greater than 90 days past due and accruing, and other real estate owned.
(2) Excludes portion of Non-performing loans guaranteed by the SBA
Asset Quality Managed Through Disciplined Policies and Procedures
Credit Philosophy
Credit Underwriting
and Administration
• 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.
• Total loans having credit risk ratings of Special Mention and Substandard were $56.4 million at June 30,
2026.
• Total non-accrual loans at June 30, 2026 were $28.3 million, or $21.3 million net of $7.0 million that is
government guaranteed by the SBA. At June 30, 2026 non-accrual loans were 1.42% of total loans.
Excluding the guaranteed portion, non-accrual loans were 1.07% of total loans.
• During Q4 2025, the Company initiated a strategic credit cleanup and recorded net charge-offs of $9.6
million. The $9.6 million consisted of a $4.0 million partial charge-off on a C&I loan that had deteriorated to
non-performing status during the quarter. This loan is to a borrower whose business has been negatively
impacted by tariffs and other economic challenges. In conjunction with the charge-off, a $1.0 million
specific reserve has been established for this loan. The remaining $5.6 million was comprised of full and
partial charge-offs on non-performing loans which had previously established specific reserves of $3.6 million.
• Allowance for credit losses was 0.96% of total loans at June 30, 2026. Loans secured by office space
accounted for 2% of the total loan portfolio with a total balance of $40.2 million, of which less than 1% is
located in Manhattan.
• Provision for credit loss expense of $0.5 million for the quarter ended June 30, 2026, versus $2.4 million for
the comparable period in 2025.
Nonperforming Assets(1) / Total Assets Net Charge-offs / Average Loans
0.59% 0.59% 0.64% 0.71%
0.93%
1.24%
0.56% 0.58% 0.62% 0.69% 0.78%
0.94%
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26
Nonperforming Assets / Total Assets
Nonperforming Assets, excl. guaranteed/Total Assets (2)
19
148, 201, 61
20, 49, 89
$1,177
$1,518
$1,905 $1,954 $2,028 $2,013
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26
NonInterest-bearing
Deposits, 13%
IB Demand, Savings
& MMDA, 62%
Time
Deposits,
25%
Deposit Growth ($mm) Noninterest-Bearing Deposit Growth ($mm)
Noninterest-bearing Deposits
1%
IB Demand, Savings &
MMDA
26%
Time Deposits
73%
Growing Core Deposit Franchise
• Completed core conversion in February 2025, which resulted in material improvements in user interfaces, functionality and efficiency
that will better support our commitment to a digital forward future on better financial terms
• Reduced wholesale funding levels (defined as Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits, listing service
deposits and Federal funds purchased)
• As of June 30, 2026, Municipal funding accounted for 46 relationships and ~$577M in deposit relationships at a weighted average rate
of 2.98%
Diversifying our Deposit Composition
As of September 30, 2012 As of June 30, 2026
$54
million
0 92 176
Note: Hanover previously had a fiscal year end of September 30th. 2021 - 2025 is for the period ended December 31st for each respective year.
$2.0
billion
$191 $200 $208 $212
$248 $254
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26
Confidential Investor Presentation
20
Insured and
Collateralized,
87%
Uninsured,
13%
20%
8%
2%
36%
33%
1%
U.S. GSE residential MBS - AFS U.S. GSE residential CMO - AFS
U.S. GSE commercial MBS - AFS Collateralized loan obligations - AFS
Corporate bonds- AFS U.S. GSE residential MBS - HTM
$850
$1,128
$1,382 $1,457 $1,518 $1,507
High Level of Insured and Collateralized Deposits
Insured and collateralized deposits, which include municipal
deposits, accounted for approximately 87% of total deposits at
June 30, 2026.
Commitment To Growing
Core(1) Deposit Balances
Balance Sheet Liquidity
Securities Portfolio Composition
As of June 30, 2026, the Company maintained a strong
liquidity position with $742.6 million in undrawn sources,
covering 288% of uninsured deposits. The loan portfolio
continues to demonstrate diversification, with C&I loans
increasing by $42.5 million since the end of 2023; 14% on
a compound annual basis
• At June 30, 2026, accumulated
other comprehensive loss
included an unrealized loss on
AFS securities of $0.5 million
– Representing
only 0.3% of total
equity for the
same period
Total Core Deposits since December 2021 ($M)
(1) Core deposits consist of Demand, NOW, Savings, and Money Market deposits.
151 185
224
• Securities portfolio of $136.0
million as of June 30, 2026
– AFS securities / fair value
o $48.5 mm CLOs
o $45.0 mm corporate bonds
o $11.1 mm residential CMO
o $28.0 mm residential MBS
o $2.5 mm commercial MBS
– HTM securities / amort. cost
o $0.9 mm residential MBS
Confidential Investor Presentation
21
Confidential Investor Presentation
22
2016
Rank Institution
Deposits
($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) Banks in the NYC MSA acquired in a given year as a percentage of the number of institutions with total assets less than $5 billion as of December 31st of the prior year.
(2) Institutions ranked by asset size. Includes banks with total assets less than $5 billion as of December 31st, 2016.
% of Banks Acquired in NYC(1) Top 20 NYC MSA Banks in 2016(2)
Approximately 37% of banks(1) in NYC MSA were
consolidated in the last 5 years 2016
Rank Institution
Deposits
($mm)
11 $1,167
12 $1,113
13 $695
14 $946
15 $835
16 $777
17 $746
18 $661
19 $718
20 $573
Acquired Institutions ranked by asset size
Long Island Significantly Consolidated
4.3%
14.5%
7.5%
10.2%
6.4%
0.0%
4.7%
2019Y
2020Y
2021Y
2022Y
2023Y
2024Y
2025Y
Confidential Investor Presentation
23
1.0
1.0
1.0
1.1
1.2
1.3
2.2
3.1
3.2
4.1
New Jersey
Ohio
North Carolina
Pennsylvania
Georgia
Illinois
New York
Florida
Texas
California
19.4
12.8
9.2
8.4
7.7
6.4
6.4
6.3
6.3
5.2
New York City
Los Angeles
Chicago
Dallas
Houston
Atlanta
Washington D.C.
Miami
Philadelphia
Phoenix
New York MSA – A Leading U.S. Banking Market
Population (mm) Deposits per Branch ($mm)
Deposits ($bn)
Most Populated MSA 3
rd Largest Deposits per Branch (min $100bn in MSA)
Largest Deposit Market (MSA)
Small Businesses (mm)
4
th Most Small Businesses by State
$410
$426
$443
$453
$526
$599
$798
$829
$4,098
$4,875
Philadelphia, PA
Jacksonville, FL
San Antonio, TX
Raleigh, NC
San Francisco, CA
San Jose, CA
Charlotte, NC
New York City
Salt Lake City, UT
Sioux Falls, SD
$497
$553
$585
$687
$690
$712
$783
$897
$1,049
$4,032
San Francisco, CA
Washington, DC
Boston, MA
Chicago, IL
Philadelphia, PA
Dallas, TX
Los Angeles, CA
Sioux Falls, SD
Salt Lake City, UT
New York City
Source: S&P Global Market Intelligence; SEC Filings; US Census; U.S. Small Business Administration. Note: Small Business data as of 2024.
Note – Deposits as of 6/30/2025 and includes all Commercial Banks, Savings Banks, Savings & Loan Associations, and Credit Unions
Note – Population data as of 2025
24
148, 201, 61
20, 49, 89
Non-GAAP Reconciliation
Tangible Book Value per Share/Tangible Common Equity/Tangible Assets/Tangible Common Equity Ratio
(1) Includes common stock and Series A preferred stock.
As of Jun. 30, As of Mar. 31, As of Jun. 30,
Non-GAAP Reconciliation Table 2026 2026 2025 2025 2024 2023 2022 2021
(dollars in thousands except per share data)
Book value per share (GAAP) (1) $ 27.66 $ 27.11 $ 26.52 $ 27.02 $ 26.48 $ 25.16 $ 24.34 $ 23.26
Less: goodwill and other intangible assets (2.64) (2.61) (2.58) (2.61) (2.62) (2.65) (2.68) (3.53)
Tangible book value per share (Non-GAAP) (1) $ 25.02 $ 24.50 $ 23.94 $ 24.41 $ 23.86 $ 22.51 $ 21.66 $ 19.73
Stockholders' equity (GAAP) (1) $ 202,747 $ 201,441 $ 198,885 $ 200,266 $ 196,638 $ 184,830 $ 177,628 $ 129,379
Less: goodwill and other intangible assets (19,339) (19,352) (19,390) (19,364) (19,418) (19,479) (19,549) (19,627)
Tangible common equity (Non-GAAP)(1) $ 183,408 $ 182,089 $ 179,495 $ 180,902 $ 177,220 $ 165,351 $ 158,079 $ 109,752
Total assets (GAAP) $ 2,336,630 $ 2,370,949 $ 2,311,976 $2,383,096 $2,312,110 $2,270,060 $1,983,692 $1,458,180
Less: goodwill and other intangible assets (19,339) (19,352) (19,390) (19,364) (19,418) (19,479) (19,549) (19,627)
Tangible assets (Non-GAAP) $ 2,317,291 $ 2,351,597 $ 2,292,586 $2,363,732 $2,292,692 $2,250,581 $1,964,143 $1,438,553
Common Equity Ratio (GAAP) 8.68% 8.50% 8.60% 8.40% 8.50% 8.14% 8.95% 8.87%
Less: impact from goodwill and other intangible assets (0.77%) (0.76%) (0.77%) (0.75%) (0.77%) (0.79%) (0.90%) (1.24%)
Tangible common equity ratio (Non-GAAP) (1) 7.91% 7.74% 7.83% 7.65% 7.73% 7.35% 8.05% 7.63%
As of December 31,
25
148, 201, 61
20, 49, 89
Non-GAAP Reconciliation
Adjusted Net Income / Adjusted Diluted Earnings per Share / Adjusted ROAA / Adjusted ROATCE
Note: Ratio as of or for the three months ended June 30th , 2026, March 31st, 2026 and June 30th, 2025 are annualized.
(1) Includes common stock and Series A preferred stock.
Non-GAAP Reconciliation Table
06/30/26 03/31/26 06/30/25 2025 2024 2023 2022 2021
Net income $ 4,064 $ 1,874 $ 2,443 $ 7,488 $ 12,346 $ 13,589 $ 22,357 $ 15,869
Adjustments:
Conversion expenses - - - 3,180 - - - -
Litigation settlement payment - - - - - (975) - -
Debt extinguishment charges 240 - - - - - - -
Severance and retirement 35 2,305 - - 219 777 - -
Merger-related expenses - - - - - - 250 4,285
Income tax effect of adjustments above (69) (182) - (608) (55) 57 (53) (936)
Adjusted net income (Non-GAAP) $ 4,270 $ 3,997 $ 2,443 $ 10,060 $ 12,510 $ 13,448 $ 22,554 $ 19,218
Diluted earnings per share (1) $ 0.55 $ 0.25 $ 0.33 $ 1.00 $ 1.66 $ 1.84 $ 3.46 $ 3.14
Adjustments for non-recurring charges, net of tax 0.03 0.29 - 0.35 0.02 (0.02) 0.03 0.67
Adjusted diluted earnings per share (Non-GAAP) (1) $ 0.58 $ 0.54 $ 0.33 $ 1.35 $ 1.68 $ 1.82 $ 3.49 $ 3.81
Return on average assets 0.73% 0.33% 0.44% 0.33% 0.55% 0.66% 1.39% 1.28%
Adjustments for non-recurring charges, net of tax 0.04% 0.37% 0.00% 0.12% 0.01% -0.01% 0.01% 0.27%
Adjusted return on average assets (Non-GAAP) 0.77% 0.70% 0.44% 0.45% 0.56% 0.65% 1.40% 1.55%
Average stockholders’ equity (1) $ 203,462 $ 203,015 $ 198,869 $ 200,676 $ 191,323 $ 182,700 $ 158,460 $ 106,003
Less: average goodwill and other intangible assets (19,346) (19,358) (19,398) (19,391) (19,449) (19,515) (19,588) (12,138)
Average tangible common equity (Non-GAAP) (1) $ 184,116 $ 183,657 $ 179,471 $ 181,285 $ 171,874 $ 163,185 $ 138,872 $ 93,865
Return on average common equity (1) 8.01% 3.74% 4.93% 3.73% 6.45% 7.44% 14.11% 14.97%
Adjustments for non-recurring charges, net of tax 0.41% 4.24% 0.00% 1.28% 0.09% -0.08% 0.12% 3.16%
Adjusted return on average common equity
(Non-GAAP) (1) 8.42% 7.98% 4.93% 5.01% 6.54% 7.36% 14.23% 18.13%
Return on average tangible common equity
(Non-GAAP) (1) 8.85% 4.14% 5.46% 4.13% 7.18% 8.33% 16.10% 16.91%
Adjustments for non-recurring charges, net of tax 0.45% 4.69% 0.00% 1.42% 0.10% -0.09% 0.14% 3.56%
Adjusted return on average tangible common
equity (Non-GAAP) (1) 9.30% 8.83% 5.46% 5.55% 7.28% 8.24% 16.24% 20.47%
As of or For the Years Ended December 31,
(dollars in thousands, except per share data)
As of or For the Three Months Ended
26
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 June 30th , 2026, March 31st, 2026 and June 30th, 2025 are annualized.
1) Net Revenue is pre-provision net revenue less provision for credit losses
Non-GAAP Reconciliation Table
06/30/26 03/31/26 06/30/25 2025 2024 2023 2022 2021
Net interest income (GAAP) $ 16,771 $ 16,362 $ 14,795 $ 60,477 $ 53,092 $ 51,887 $ 61,250 $ 49,650
Non-interest income (GAAP) 2,796 2,744 3,561 12,843 15,339 10,691 7,907 5,438
Non-interest expense (GAAP) (13,648) (15,606) (12,616) (52,984) (47,112) (42,120) (35,188) (32,679)
Pre-provision net revenue (Non-GAAP) $ 5,919 $ 3,500 $ 5,740 $ 20,336 $ 21,319 $ 20,458 $ 33,969 $ 22,409
Pre-provision net revenue (annualized)
(Non-GAAP) $ 23,741 $ 14,194 $ 23,023 $ 20,336 $ 21,319 $ 20,458 $ 33,969 $ 22,409
Average Assets $ 2,231,942 $ 2,307,841 $2,208,164 $2,258,311 $2,233,028 $ 2,065,621 $1,612,660 $1,240,511
Net Revenue(1)/average assets (GAAP) 0.97% 0.52% 0.61% 0.44% 0.73% 0.89% 1.79% 1.66%
Pre-provision net revenue/average assets 1.06% 0.62% 1.04% 0.90% 0.95% 0.99% 2.11% 1.81%
Pre-provision net revenue (Non-GAAP) $ 5,919 $ 3,500 $ 5,740 $ 20,336 $ 21,319 $ 20,458 $ 33,969 $ 22,409
Adjustments:
Conversion Expenses - - - 3,180 - - - -
Litigation settlement payment - - - - - (975) - -
Debt extinguishment charges 240 - - - - - - -
Severance and retirement 35 2,305 - - 219 777 - -
Merger-related expenses - - - - - - 250 4,285
Adjusted Pre-Provision Net Revenue
(Non-GAAP) $ 6,194 $ 5,805 $ 5,740 $ 23,516 $ 21,538 $ 20,260 $ 34,219 $ 26,694
Adjusted Pre-Provision Net Revenue
(annualized) (Non-GAAP) $ 24,844 $ 23,543 $ 23,023 $ 23,516 $ 21,538 $ 20,260 $ 34,219 $ 26,694
Adj. Pre-provision net revenue/average
assets (Non-GAAP) 1.11% 1.02% 1.04% 1.04% 0.96% 0.98% 2.12% 2.15%
As of or For the Years Ended December 31,
(dollars in thousands)
As of or For the Three Months Ended
27
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 127,321 168,785 242,667 250,370 309,473
Total Loans 1,277,434 1,746,810 1,957,199 1,985,524 2,000,749
Allowance for Credit Losses 9,386 14,404 19,658 22,779 18,694
Loans HFS – – 8,904 12,404 6,407
Total Loans, Net 1,268,048 1,732,406 1,946,445 1,975,149 1,988,462
Goodwill and Intangible Assets 19,627 19,549 19,479 19,418 19,364
Other Assets 43,184 62,952 61,469 67,173 65,797
Total Assets 1,458,180 1,983,692 2,270,060 2,312,110 2,383,096
Total Deposits 1,176,751 1,517,650 1,904,595 1,954,283 2,028,387
Borrowings 113,274 250,336 139,412 116,830 111,292
Subordinated Debt 24,504 24,581 24,635 24,689 24,743
Total Debt 137,778 274,917 164,047 141,519 136,035
Total Other Liabilities 14,272 13,497 16,588 19,670 18,408
Total Liabilities 1,328,801 1,806,064 2,085,230 2,115,472 2,182,830
Preferred Equity – 2,963 2,963 5,041 5,041
Common Equity 129,379 174,665 181,867 191,597 195,225
Total Shareholder's Equity 129,379 177,628 184,830 196,638 200,266
Total Liabilities and Shareholder's Equity 1,458,180 1,983,692 2,270,060 2,312,110 2,383,096
Source: Company documents; S&P Global Market Intelligence.
Note: Hanover previously had a fiscal year end of September 30th. 2021 - 2025 is for the period ended December 31st for each respective year.
As of June30,
($ in thousands) 2021 2022 2023 2024 2025 2026
Total Cash and Cash Equivalents 114,951 152,298 177,207 162,857 208,904 141,243
Investment Securities 12,370 16,487 65,460 87,513 100,569 135,955
Total Cash & Investment Securities 127,321 168,785 242,667 250,370 309,473 277,198
Total Loans 1,277,434 1,746,810 1,957,199 1,985,524 2,000,749 1,997,893
Allowance for Credit Losses (9,386) (14,404) (19,658) (22,779) (18,694) (19,139)
Loans HFS 8,904 12,404 6,407 2,928
Total Loans, Net 1,268,048 1,732,406 1,946,445 1,975,149 1,988,462 1,981,682
Goodwill and Intangible Assets 19,627 19,549 19,479 19,418 19,364 19,339
Other Assets 43,184 62,952 61,469 67,173 65,797 58,411
Total Assets 1,458,180 1,983,692 2,270,060 2,312,110 2,383,096 2,336,630
Total Deposits 1,176,751 1,517,650 1,904,595 1,954,283 2,028,387 2,012,839
Borrowings 113,274 238,273 128,953 107,805 100,725 59,810
Subordinated Debt 24,504 24,581 24,635 24,689 24,743 34,229
Total Debt 137,778 262,854 153,588 132,494 125,468 94,039
Other Liabilities 14,272 25,560 27,047 28,695 28,975 27,005
Total Liabilities 1,328,801 1,806,064 2,085,230 2,115,472 2,182,830 2,133,883
Preferred Equity - 2,963 2,963 5,041 5,041 5,041
Common Equity 129,379 174,665 181,867 191,597 195,225 197,706
Total Shareholder's Equity 129,379 177,628 184,830 196,638 200,266 202,747
Total Liabilities and Shareholder's Equity 1,458,180 1,983,692 2,270,060 2,312,110 2,383,096 2,336,630
As of December 31,
28
148, 201, 61
20, 49, 89
Historical Consolidated Income Statement
Six Months Ended
June 30,
($ in thousands) 2021 2022 2023 2024 2025 2026
Total Interest Income 55,794 74,385 113,626 133,022 130,479 64,358
Total Interest Expense 6,144 13,135 61,739 79,930 70,002 31,225
Net Interest Income 49,650 61,250 51,887 53,092 60,477 33,133
Provision For Credit Losses 1,800 5,050 2,132 4,940 10,382 1,030
NII After Provision for Credit Losses 47,850 56,200 49,755 48,152 50,095 32,103
Non-Interest Income 5,438 7,907 10,691 15,339 12,843 5,540
Non-Interest Expense 32,679 35,188 42,120 47,112 52,984 29,254
Income Before Income Tax Expense 20,609 28,919 18,326 16,379 9,954 8,389
Income Tax Expense 4,740 6,562 4,737 4,033 2,466 2,451
Net Income 15,869 22,357 13,589 12,346 7,488 5,938
Earnings Per Share ($) 3.16 3.32 1.85 1.67 1.00 0.80
Years Ended December 31,
Source: Company documents; S&P Global Market Intelligence.
Note: Hanover previously had a fiscal year end of September 30th. 2021 - 2025 is for the period ended December 31st for each respective year.
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Document and Entity Information
Sep. 10, 2026
Document and Entity Information [Abstract]
Document Type
8-K
Document Period End Date
Sep. 10, 2026
Entity File Number
001-41384
Entity Registrant Name
Hanover Bancorp, Inc. /MD
Entity Incorporation, State or Country Code
MD
Entity Tax Identification Number
81-3324480
Entity Address State Or Province
NY
Entity Address, Address Line One
80 East Jericho Turnpike
Entity Address, City or Town
Mineola
Entity Address, Postal Zip Code
11501
City Area Code
516
Local Phone Number
548-8500
Title of 12(b) Security
Common stock
Trading Symbol
HNVR
Security Exchange Name
NASDAQ
Entity Emerging Growth Company
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