Hanover Bancorp Q2 FY26 net income rises 66.67% to $4.1 million; net interest margin widens 34 basis points to 3.1%
HNVR•Quarterly results and margin expansion
Hanover Bancorp posted Q2 net income of $4.1 million, up 70.83% from Q1, with earnings per share of $0.55.
Net interest income rose 2.5% from Q1 to a record $16.8 million as net interest margin widened 14 basis points to 3.1%.
Balance sheet, credit quality and capital actions
Demand deposits climbed 7.13% from Q1 to a record $254.3 million; non-performing loans increased to $28.3 million, or 1.42% of total loans.
The board declared a $0.10 quarterly cash dividend payable Aug. 13. The company also repurchased 112,346 shares at $23.54.
Kevin O'Connor will become president effective July 27, and the Riverhead, New York branch is slated to open in Q3.
