Hanover Bancorp Q2 net income more than doubles on lower provision for credit losses
HNVR•Key financial details
| Metric | Actual |
|---|---|
| Q2 net income | $4.06 mln |
| Q2 net interest income | $16.77 mln |
| Q2 provision for credit losses | $500,000 |
| Q2 pretax profit | $5.42 mln |
Drivers of the quarter
- Net interest income — Q2 benefited from higher net interest income and margin expansion, as the cost of interest-bearing liabilities declined.
- Credit loss provision — Lower provision for credit losses supported earnings growth.
- Demand deposits — Record demand deposit growth was driven by C&I banking relationships and municipal accounts.
- Non-interest income — Lower gains on sale of loans reduced non-interest income, partly offsetting other improvements.
Capital return and outlook
The company repurchased 1.6% of shares outstanding in Q2.
Kevin O’Connor was appointed as new president, effective on July 27.
Hanover Bancorp did not provide specific financial guidance for the current quarter or full year.
