Hanover Bancorp, Inc. reported a net income of $3.5 million, or $0.47 per diluted share, for the third quarter of 2025, reflecting a slight decrease from the $3.5 million, or $0.48 per diluted share, recorded in the same period of 2024. The company's total assets increased to $2.33 billion as of September 30, 2025, compared to $2.31 billion at the end of 2024. Total deposits also rose to $2.0 billion, up from $1.95 billion at the end of the previous fiscal year. The net interest income for the quarter was $15.2 million, an increase from $13.1 million in the prior year, driven by a higher net interest margin of 2.74%, up from 2.37%.
In terms of operational performance, Hanover Bancorp's provision for credit losses increased to $1.3 million for the third quarter of 2025, compared to $0.2 million in the same quarter of 2024. The allowance for credit losses stood at $22.4 million, representing 1.12% of total loans, which remained stable compared to the previous quarter. The company reported total non-accrual loans of $17.2 million, or 0.86% of total loans, an increase from $16.4 million at the end of 2024. The efficiency ratio improved to 66.71% from 71.75% in the prior year, indicating better cost management.
Strategically, Hanover Bancorp has made significant advancements, including the completion of a core processing system conversion to FIS Horizon in February 2025. The company also expanded its geographic footprint by opening a new full-service branch in Port Jefferson, New York, in June 2025, and a business banking center in Hauppauge, New York, in May 2023. These expansions are part of the bank's strategy to enhance its commercial lending and deposit activities, particularly in underserved areas.
The company has also focused on diversifying its loan portfolio, with total loans reaching $1.99 billion as of September 30, 2025, slightly up from $1.98 billion at the end of 2024. The residential real estate loan portfolio accounted for $751.5 million, while commercial real estate loans totaled $1.1 billion. The bank's strategy includes offering a range of products, including loans for the legal cannabis industry, which it began in late 2023.
Looking ahead, Hanover Bancorp anticipates continued growth in its commercial and industrial lending activities, supported by a strong pipeline. The company remains committed to maintaining a well-capitalized position, with a total stockholders' equity of $201.8 million and a common equity tier 1 risk-based capital ratio of 13.13%, exceeding regulatory requirements. The bank's management is optimistic about its ability to navigate the current economic landscape and capitalize on emerging opportunities.
About Hanover Bancorp, Inc. /NY
Hanover Bancorp, Inc. is a bank holding company for Hanover Community Bank, a community-focused New York bank offering personalized banking services, including commercial, small business, and residential mortgage loans. It serves the New York metro area, emphasizing niche markets like non-conforming residential loans and municipal banking. The company generates revenue through loans, deposits, and fee-based services, operating under extensive federal and state banking regulations.
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