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April 22, 2025
Mineola, NY – April 22, 2025 – Hanover Bank, the bank subsidiary of Hanover Bancorp (Nasdaq “HNVR”), is excited to announce its conversion to a new core banking system, a significant technological upgrade designed to improve the banking experience for our clients, streamline operations for employees, and drive greater value for all our stakeholders. Our core banking system conversion was successfully completed on Tuesday, February 18, 2025.
As the bank continues to evolve into a more business-focused financial institution, we remain committed to providing the best possible service to our customers. This upgrade strengthens Hanover Bank’s ability to offer digitally forward business banking solutions that are agile and expected to drive success in today’s economy.
Further, this transition will enhance our ability to offer innovative services and solutions while maintaining the security, reliability, and trust that our clients have come to expect. With a focus on improving our customer experience, the new system will offer:
“Our core banking conversion is not just about technology – it’s about creating long-term value for our clients, helping them grow and succeed in an increasingly digital and competitive marketplace,” stated Michael P. Puorro, Chairman & Chief Executive Officer of Hanover Bank. Hanover Bank’s employees have undergone comprehensive training to leverage the full capabilities of the new system, empowering them to serve clients with more speed and accuracy. With more automated and simplified back-office functions due to the efficiencies created by the conversion, our focus on delivering top-tier, unparalleled service will only continue to grow.
Better functionality on more competitive financial terms bolsters our sustained commitment to efficient operations. The conversion also brings advantages for all stakeholders, including:
About Hanover Community Bank and Hanover Bancorp, Inc. Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in mid 2025.
Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.
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As the bank continues to evolve into a more business-focused financial institution, we remain committed to providing the best possible service to our customers. This upgrade strengthens Hanover Bank’s ability to offer digitally forward business banking solutions that are agile and expected to drive success in today’s economy.
Further, this transition will enhance our ability to offer innovative services and solutions while maintaining the security, reliability, and trust that our clients have come to expect. With a focus on improving our customer experience, the new system will offer:
- Faster and More Efficient Services: Clients will benefit from improved user interfaces and digital banking tools, enabling us to provide an even higher level of convenience and responsiveness.
- Enhanced Security: As digital banking continues to grow, security is of paramount importance, and our new core system features state-of-the-art security protocols, ensuring that client data and transactions are safeguarded at the highest level.
- Customizable Business Solutions: Our new core banking system allows for more tailored product offerings and integrated banking solutions designed to streamline banking and financial management for our clients.
“Our core banking conversion is not just about technology – it’s about creating long-term value for our clients, helping them grow and succeed in an increasingly digital and competitive marketplace,” stated Michael P. Puorro, Chairman & Chief Executive Officer of Hanover Bank. Hanover Bank’s employees have undergone comprehensive training to leverage the full capabilities of the new system, empowering them to serve clients with more speed and accuracy. With more automated and simplified back-office functions due to the efficiencies created by the conversion, our focus on delivering top-tier, unparalleled service will only continue to grow.
Better functionality on more competitive financial terms bolsters our sustained commitment to efficient operations. The conversion also brings advantages for all stakeholders, including:
- Operational Efficiency: The new core system will allow for better management of resources, reduce operational costs, and improve profitability. This translates into a stronger, more sustainable financial institution poised for continued growth.
- Improved Reporting and Insights: Enhanced reporting tools will provide real-time, actionable insights, supporting more informed decision-making and business strategies.
About Hanover Community Bank and Hanover Bancorp, Inc. Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in mid 2025.
Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.
Download Press Release
April 8, 2025
Mineola, NY — April 8, 2025 – Hanover Bank, the bank subsidiary of Hanover Bancorp (Nasdaq “HNVR”) is excited to unveil its new logo, a brand identity refresh that embodies our continued evolution into a financial services leader recognized for delivering digital banking solutions with unparalleled service.
Our new logo reflects a forward-thinking vision that builds on the values of trust, stability, and progress – values that have always been at the heart of Hanover Bank since our founding in 2009 – underscoring our commitment to innovation and tradition.
“We take great pride in our legacy and the strong relationships we’ve built over the years, and this logo represents our commitment to propelling them forward as we deliver a more agile, innovative, and client-focused banking experience, reinforcing our leadership in an ever-evolving world,” said Michael P. Puorro, Chairman and CEO of Hanover Bank.
The refreshed logo is part of a broader initiative to enhance our banking experience for both individuals and businesses. Our updated identity will be phased in across all touchpoints, including digital platforms, branch signage, advertising and much more.
“As we look toward the future in an increasingly digital world, we remain steadfast in upholding the core values that have been the foundation of our success. This symbolizes our dedication to both progress and transformation, while reinforcing our ongoing commitment to innovation,” concluded Mr. Puorro.
For more information, please visit hanoverbank.com or follow us on Facebook, LinkedIn, Instagram, X (formerly Twitter) and YouTube.
About Hanover Community Bank and Hanover Bancorp, Inc.
Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in early 2025.
Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website hanoverbank.com.
Read
Hanover Bank Unveils a Refreshed Logo to Reflect Commitment to Innovation and Growth
Mineola, NY — April 8, 2025 – Hanover Bank, the bank subsidiary of Hanover Bancorp (Nasdaq “HNVR”) is excited to unveil its new logo, a brand identity refresh that embodies our continued evolution into a financial services leader recognized for delivering digital banking solutions with unparalleled service.
Our new logo reflects a forward-thinking vision that builds on the values of trust, stability, and progress – values that have always been at the heart of Hanover Bank since our founding in 2009 – underscoring our commitment to innovation and tradition.
“We take great pride in our legacy and the strong relationships we’ve built over the years, and this logo represents our commitment to propelling them forward as we deliver a more agile, innovative, and client-focused banking experience, reinforcing our leadership in an ever-evolving world,” said Michael P. Puorro, Chairman and CEO of Hanover Bank.
The refreshed logo is part of a broader initiative to enhance our banking experience for both individuals and businesses. Our updated identity will be phased in across all touchpoints, including digital platforms, branch signage, advertising and much more.
“As we look toward the future in an increasingly digital world, we remain steadfast in upholding the core values that have been the foundation of our success. This symbolizes our dedication to both progress and transformation, while reinforcing our ongoing commitment to innovation,” concluded Mr. Puorro.
For more information, please visit hanoverbank.com or follow us on Facebook, LinkedIn, Instagram, X (formerly Twitter) and YouTube.
About Hanover Community Bank and Hanover Bancorp, Inc.
Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in early 2025.
Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website hanoverbank.com.
March 31, 2025Read
Hanover Bancorp, Inc. Reports First Quarter 2025 Results Highlighted by Accelerated Margin Expansion, Improved Credit Quality Metrics & Successful Core Banking System Conversion
First Quarter Performance Highlights
Read the full article here
- Net Income: Net income for the quarter ended March 31, 2025 totaled $1.5 million or $0.20 per diluted share (including Series A preferred shares). Adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) increased to $4.1 million or $0.55 per diluted share for the quarter ended March 31, 2025.
- Net Interest Income: Net interest income was $14.6 million for the quarter ended March 31, 2025, an increase of $0.8 million or 5.95% from the quarter ended December 31, 2024 and $1.7 million, or 13.10% from the quarter ended March 31, 2024.
- Net Interest Margin Expansion: The Company’s net interest margin during the quarter ended March 31, 2025 increased to 2.68% from 2.53% in the quarter ended December 31, 2024 and 2.41% in the quarter ended March 31, 2024.
- Strong Liquidity Position: At March 31, 2025, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $679.0 million, or approximately 322% of uninsured deposit balances. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 89% of total deposits at March 31, 2025.
- Demand Deposits: Demand deposits increased $12.6 million or 6.23% from March 31, 2024 and $3.9 million or 1.85% from December 31, 2024
- Loan Diversification Strategy: The Company continues to actively manage its Multi-Family and Commercial Real Estate portfolios which resulted in a reduction in the commercial real estate concentration ratio to 369% of capital at March 31, 2025 from 385% at December 31, 2024 and 416% at March 31, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans. The Company will selectively explore Commercial Real Estate opportunities with an emphasis on relationship based Commercial Real Estate lending.
- Asset Quality: At March 31, 2025, the Bank’s asset quality improved with non-performing loans decreasing 28.5% to $11.7 million, representing 0.60% of the total loan portfolio, while the allowance for credit losses increased to 1.17% of total loans.
- Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.62 at March 31, 2025 (inclusive of one-time core system conversion expenses of $2.6 million, net of tax, or $0.34 per share) compared to $23.86 at December 31, 2024.
- Technology & Rebranding: The Company completed its core processing system conversion to FIS Horizon in February 2025. This conversion, coupled with our recently revealed refreshed corporate logo, exemplifies our momentum towards a more technologically advanced, modern and digitally forward-thinking bank.
- Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on May 14, 2025 to stockholders of record on May 7, 2025.
Read the full article here
January 29, 2025Read
Hanover Bancorp, Inc. Reports 2024 Full Year and Fourth Quarter Results Highlighted by Fourth Quarter Robust Margin Expansion and Record Non-Interest Income
Fourth Quarter Performance Highlights:
Read the full report here
- Net Income: Net income for the quarter ended December 31, 2024 totaled $3.9 million or $0.52 per diluted share (including Series A preferred shares).
- Record Non-interest Income: The Company reported record non-interest income of $4.2 million for the quarter ended December 31, 2024, an increase of $0.2 million or 5.89% from the quarter ended September 30, 2024 and $0.9 million or 28.67% from the quarter ended December 31, 2023.
- Net Interest Income: Net interest income was $13.8 million for the quarter ended December 31, 2024, an increase of $0.7 million or 5.39% from the quarter ended September 30, 2024 and $1.1million, or 9.08% from the quarter ended December 31, 2023.
- Net Interest Margin: The Company’s net interest margin during the quarter ended December 31, 2024 increased to 2.53% from 2.37% in the quarter ended September 30, 2024 and 2.40% in the quarter ended December 31, 2023.
- Strong Liquidity Position: At December 31, 2024, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $713.1 million, or approximately 283% of uninsured deposit balances.
- Deposit Activity: Core deposits, consisting of Demand, NOW, Savings and Money Market, increased $3.1 million or 0.84% annualized from September 30, 2024 and $74.1 million or 5.36% from December 31, 2023. Demand deposits increased $5.3 million or 10.33% annualized from September 30, 2024 and $3.9 million or 1.86% from December 31, 2023. Total deposits increased $49.7 million or 2.61% from December 31, 2023. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 87% of total deposits at December 31, 2024.
- Loan Diversification Strategy: The continued success in loan diversification resulted in C&I loans increasing by $61.0 million, or 56.52%, year over year, increasing to 8.51% of total loans at December 31, 2024. In addition, the commercial real estate concentration ratio improved, declining from 432% of capital at December 31, 2023 to 385% of capital at December 31, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans, which strategically enhances our management of liquidity and capital while producing additional non- interest income.
- Asset Quality: At December 31, 2024, the Bank’s asset quality remained solid with non-performing loans totaling $16.4 million, representing 0.82% of the total loan portfolio, while the allowance for credit losses was 1.15% of total loans. Loans secured by office space accounted for 2.45% of the total loan portfolio with a total balance of $48.7 million, of which less than 1% is located in Manhattan.
- Banking Initiatives: At December 31, 2024, the Company’s banking initiatives reflected continuing momentum:
- BA & USDA Banking: Gains on sale of SBA loans totaled $2.5 million for the quarter ended December 31, 2024, representing a 9.76% increase over the comparable 2023 quarter. Total SBA loans sold were $30.9 million for the quarter ended December 31, 2024, representing a 3.98% increase over the comparable 2023 quarter. Premiums earned on the sale of SBA loans increased to 9.06% for the quarter ended December 31, 2024 from 8.26% for the quarter ended December 31, 2023.
- C&I Banking/Hauppauge Business Banking Center: The C&I Banking Team and the Hauppauge Business Banking Center increased deposits to $96.4 million as of December 31, 2024 from $44.9 million at December 31, 2023. This growth has continued since year end, with these deposits reaching $104 million at January 27, 2025. Loan originations tied to this office were $33.5 million during the fourth quarter of 2024 and $88.4 million for the full year. Momentum continues to build with deposit and C&I loan pipelines related to this office of $43 million and $112 million, respectively.
- Residential Lending: The Bank continues to originate loans for its portfolio and for sale in the secondary market under its recently developed flow origination program. Of the $26.1 million in closed loans originated in the quarter ended December 31, 2024, $11.7 million were originated for the Bank’s portfolio and reflected a weighted average yield of 6.88% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of 62%. The remaining $14.4 million of closed loans were originated for sale in the secondary market. Under this program, the Bank produced total gains of $0.5 million and a resulting premium of 2.42% in the fourth quarter of 2024.
- Technology: The Company expects to complete a core processing system conversion from its existing provider to FIS Horizon on or about February 15, 2025. This conversion is expected to deliver immediate and tangible benefits to the Bank’s operations and customers, offering material improvements in user interfaces, functionality and efficiency that will better support our commitment to a digital forward future on better financial terms.
- Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.86 at December 31, 2024, an increase of 9.97% annualized from $23.28 at September 30, 2024 and 6.00% from $22.51 at December 31, 2023.
- Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on February 19, 2025 to stockholders of record on February 12, 2025.
Read the full report here
April 22, 2025
Hanover Bank Announces Core Banking System Conversion to Drive Digital Growth
Read
April 8, 2025Hanover Bank Unveils a Refreshed Logo to Reflect Commitment to Innovation and Growth
Read
March 31, 2025Hanover Bancorp, Inc. Reports First Quarter 2025 Results Highlighted by Accelerated Margin Expansion, Improved Credit Quality Metrics & Successful Core Banking System Conversion
Read
January 29, 2025Hanover Bancorp, Inc. Reports 2024 Full Year and Fourth Quarter Results Highlighted by Fourth Quarter Robust Margin Expansion and Record Non-Interest Income
Read
October 24, 2024Hanover Bancorp, Inc. Reports Third Quarter 2024 Results and Declares $0.10 Quarterly Cash Dividend
Read
August 2, 2024Hanover Bancorp, Inc. Announces Small Business Recovery Grants to Local Non-Profit Organizations
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July 30, 2024Hanover Bancorp, Inc. Reports Earnings for the Second Quarter and Declares $0.10 Quarterly Cash Dividend
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May 21, 2024LIBN Executive Circle Award 2024
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April 17, 2024Hanover Bancorp, Inc. Reports Earnings for the First Quarter with Increased Net Income and Net Interest Income and Strong Non-interest Income
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January 25, 2024Hanover Bancorp, Inc. Reports Earnings for the Fourth Calendar Quarter Highlighted by Increased Net Income and Net Interest Income and Strong Non-Interest Income
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November 16, 2023Hanover Bancorp Announces Joseph Burns as its New Executive Vice President, Chief Lending Officer
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October 27, 2023Hanover Bancorp, Inc. Reports Earnings for the Third Calendar Quarter and Fiscal Year 2023 and Declares $0.10 Quarterly Cash Dividend
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July 26, 2023Pursuit and Hanover Bank Develop Innovative Partnership to Offer Bank-Style Business Line of Credit Product to Clients of Nonprofit Lender
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May 23, 2023Hanover Bank Opens Business Banking Center in Hauppauge, Long Island
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April 27, 2023Hanover Bank Announces Appointment of New President
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April 27, 2023Hanover Bancorp, Inc. Reports Earnings for the Second Fiscal Quarter and Declares $0.10 Quarterly Cash Dividend
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