Hanover Bancorp, Inc 8-K, filed Oct 28, 2026

Hanover Bancorp, Inc. (HNVR)

8-K 2026-10-28 For: 2026-10-28

Added on October 28, 2026

About this 8-K

Hanover Bancorp, Inc filed this 8-K on October 28, 2026.

Hanover Bancorp, Inc. reported third-quarter net income of $4.3 million, or $0.60 per diluted share, record quarterly net interest income of $17.0 million, and $2.1 billion of loans at September 30, 2026. Its board approved a $0.10 per-share cash dividend. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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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)


Title of each class	Trading symbol	Name of each exchange on which registered
Common stock	HNVR	NASDAQ

Exhibit 99.1	Press release issued by the Company on October 28, 2026
Exhibit 104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

	HANOVER BANCORP, INC.

Date: October 28, 2026	By:	/s/ Lance P. Burke
		Lance P. Burke
		Senior Executive Vice President & Chief Financial Officer
		(Principal Financial Officer)


Multifamily Market Rent Portfolio Fixed Rate Reset/Maturity Schedule								Multifamily Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
Calendar Period (Loan Data as of 9/30/2026)	# Loans	Total O/S ($000's omitted)		Avg O/S ($000's omitted)		Avg Interest Rate		Calendar Period (Loan Data as of 9/30/2026)	# Loans	Total O/S ($000's omitted)		Avg O/S ($000's omitted)		Avg Interest Rate

2026	16	$	52,999	$	3,312	3.59	%	2026	10	$	24,390	$	2,439	3.97	%
2027	70		182,428		2,606	4.40	%	2027	52		126,803		2,439	4.32	%
2028	15		20,398		1,360	6.13	%	2028	10		8,272		827	6.84	%
2029	7		11,081		1,583	6.58	%	2029	4		4,212		1,053	6.38	%
2030	8		20,023		2,503	6.19	%	2030	7		13,398		1,914	6.32	%
2031+	28		92,369		3,299	6.48	%	2031+	8		15,229		1,904	7.05	%
Fixed Rate	144		379,298		2,634	5.04	%	Fixed Rate	91		192,304		2,113	4.78	%
Floating Rate	2		1,333		667	8.34	%	Floating Rate	1		456		456	9.00	%
Total	146	$	380,631	$	2,607	5.06	%	Total	92	$	192,760	$	2,095	4.80	%


CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
Calendar Period (Loan Data as of 9/30/2026)	# Loans	Total O/S ($000's omitted)		Avg O/S ($000's omitted)		Avg Interest Rate

2026	11	$	27,620	$	2,511	6.46	%
2027	81		125,336		1,547	4.75	%
2028	27		28,417		1,052	6.66	%
2029	7		23,587		3,370	6.53	%
2030	14		13,229		945	6.98	%
2031+	32		49,344		1,542	6.77	%
Fixed Rate	172		267,533		1,555	5.77	%
Floating Rate	7		5,397		771	8.18	%
Total CRE-Inv.	179	$	272,930	$	1,525	5.82	%


Multifamily Stabilized Rent Portfolio (Loan Data as of 9/30/2026)
DSCR Range	# Loans	Total O/S ($000's omitted)		% of Total MF Portfolio		Current Weighted Average LTV		Projected Weighted Average LTV

< 1.0	8	$	21,739	4	%	62	%	98	%
1.0 < x <1.2	18		57,734	10	%	63	%	73	%
1.2 < x <1.3	16		36,518	6	%	64	%	66	%
1.3 < x <1.5	21		44,929	8	%	58	%	59	%
1.5 < x <2.0	19		26,055	5	%	61	%	52	%
x > 2.0	10		5,785	1	%	39	%	29	%
Total	92	$	192,760	34	%	61	%	67	%


Multifamily Loan Portfolio - Loans by Rent Type (Loan Data as of 9/30/2026)
Rent Type	# Notes	Outstanding Loan Balance		% of Total Multifamily		Avg Loan Size		LTV		Current DSCR	Avg # of Units
		($000's omitted)				($000's omitted)

Market	146	$	380,631	66	%	$	2,607	60.8	%	1.38	11
Location
Manhattan	7	$	24,263	4	%	$	3,466	62.5	%	1.33	13
Other NYC	97	$	274,357	48	%	$	2,828	60.3	%	1.35	9
Outside NYC	42	$	82,011	14	%	$	1,953	62.2	%	1.50	14

Stabilized	92	$	192,760	34	%	$	2,095	60.8	%	1.43	12
Location
Manhattan	7	$	10,022	2	%	$	1,432	49.6	%	1.64	19
Other NYC	74	$	165,978	29	%	$	2,243	61.4	%	1.40	11
Outside NYC	11	$	16,760	3	%	$	1,524	61.6	%	1.62	14


	September 30,		June 30,		December 31,
	2026		2026		2025
Assets
Cash and cash equivalents	$	142,579	$	141,243	$	208,904
Securities-available for sale, at fair value		138,215		135,043		99,552
Investments-held to maturity		865		912		1,017
Loans held for sale		3,615		2,928		6,407

Loans, net of deferred loan fees and costs		2,084,650		1,997,893		2,000,749
Less: allowance for credit losses		(19,917)		(19,139)		(18,694)
Loans, net		2,064,733		1,978,754		1,982,055

Goodwill		19,168		19,168		19,168
Premises & fixed assets		13,891		14,052		14,313
Operating lease assets		6,698		7,006		9,855
Bank Owned life Insurance ("BOLI")		15,157		—		—
Other assets		36,896		37,524		41,825
Assets	$	2,441,817	$	2,336,630	$	2,383,096

Liabilities and stockholders’ equity
Core deposits	$	1,601,591	$	1,506,501	$	1,518,491
Time deposits		509,317		506,338		509,896
Total deposits		2,110,908		2,012,839		2,028,387

Borrowings		59,840		59,810		100,725
Subordinated debentures		34,266		34,229		24,743
Operating lease liabilities		7,324		7,628		10,567
Other liabilities		26,564		19,377		18,408
Liabilities		2,238,902		2,133,883		2,182,830

Stockholders’ equity		202,915		202,747		200,266
Liabilities and stockholders’ equity	$	2,441,817	$	2,336,630	$	2,383,096


	Three Months Ended				Nine Months Ended
	9/30/2026		9/30/2025		9/30/2026		9/30/2025
Interest income	$	33,201	$	32,994	$	97,559	$	97,880
Interest expense		16,175		17,771		47,400		53,233
Net interest income		17,026		15,223		50,159		44,647
Provision for credit losses		1,100		1,325		2,130		4,282
Net interest income after provision for credit losses		15,926		13,898		48,029		40,365

Loan servicing and fee income		960		1,057		3,166		3,221
Service charges on deposit accounts		146		237		515		516
Gain on sale of loans held-for-sale		550		1,451		3,370		6,101
BOLI Income		157		—		157		—
Other operating income		441		40		586		240
Non-interest income		2,254		2,785		7,794		10,078

Compensation and benefits		6,919		6,774		22,074		21,009
Severance expenses		—		—		2,340		—
Conversion expenses		—		—		—		3,180
Occupancy and equipment		2,075		1,960		6,155		5,706
Data processing		481		313		1,334		1,414
Professional fees		687		732		2,490		2,397
Federal deposit insurance premiums		324		334		1,050		1,036
Other operating expenses		1,909		1,900		6,206		5,883
Non-interest expense		12,395		12,013		41,649		40,625

Income before income taxes		5,785		4,670		14,174		9,818
Income tax expense		1,436		1,179		3,887		2,363

Net income	$	4,349	$	3,491	$	10,287	$	7,455

Earnings per share ("EPS"):⁽¹⁾
Basic	$	0.60	$	0.47	$	1.40	$	1.00
Diluted	$	0.60	$	0.47	$	1.40	$	1.00

Average shares outstanding for basic EPS ⁽¹⁾⁽²⁾		7,292,462		7,477,647		7,373,819		7,480,737
Average shares outstanding for diluted EPS⁽¹⁾⁽²⁾		7,292,462		7,483,319		7,373,819		7,486,459


	Three Months Ended
	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025
Interest income	$	33,201	$	32,066	$	32,292	$	32,599	$	32,994
Interest expense		16,175		15,295		15,930		16,769		17,771
Net interest income		17,026		16,771		16,362		15,830		15,223
Provision for credit losses		1,100		500		530		6,100		1,325
Net interest income after provision for credit losses		15,926		16,271		15,832		9,730		13,898

Loan servicing and fee income		960		1,164		1,042		1,049		1,057
Service charges on deposit accounts		146		119		250		234		237
Gain on sale of loans held-for-sale		550		1,377		1,443		1,244		1,451
Gain on sale of investments		—		—		—		215		—
BOLI Income		157		—		—		—		—
Other operating income		441		136		9		23		40
Non-interest income		2,254		2,796		2,744		2,765		2,785

Compensation and benefits		6,919		7,333		7,822		6,877		6,774
Severance expenses		—		35		2,305		—		—
Occupancy and equipment		2,075		2,012		2,068		2,036		1,960
Data processing		481		431		422		339		313
Professional fees		687		897		906		752		732
Federal deposit insurance premiums		324		364		362		352		334
Other operating expenses		1,909		2,576		1,721		2,003		1,900
Non-interest expense		12,395		13,648		15,606		12,359		12,013

Income before income taxes		5,785		5,419		2,970		136		4,670
Income tax expense		1,436		1,355		1,096		103		1,179

Net income	$	4,349	$	4,064	$	1,874	$	33	$	3,491

Earnings per share ("EPS"):⁽¹⁾
Basic	$	0.60	$	0.55	$	0.25	$	—	$	0.47
Diluted	$	0.60	$	0.55	$	0.25	$	—	$	0.47

Average shares outstanding for basic EPS ⁽¹⁾⁽²⁾		7,292,462		7,396,444		7,434,107		7,443,861		7,477,647
Average shares outstanding for diluted EPS ⁽¹⁾⁽²⁾		7,292,462		7,396,444		7,439,004		7,447,556		7,483,319


	Three Months Ended ⁽²⁾						Nine Months Ended ⁽²⁾
	9/30/2026			9/30/2025			9/30/2026			9/30/2025

Net income, as reported	$	4,349		$	3,491		$	10,287		$	7,455
Adjustments:
Debt extinguishment charges		—			—			240			—
Conversion expenses		—			—			—			3,180
Severance expenses		—			—			2,340			—
Total adjustments, before income taxes		—			—			2,580			3,180
Income tax effect of adjustments		—			—			251			608
Total adjustments, after income taxes		—			—			2,329			2,572
Adjusted net income (non-GAAP)	$	4,349		$	3,491		$	12,616		$	10,027

Diluted earnings per share ⁽³⁾	$	0.60		$	0.47		$	1.40		$	1.00
Adjustments for non-recurring charges, net of tax		—			—			0.31			0.34
Adjusted diluted earnings per share (non-GAAP) ⁽³⁾	$	0.60		$	0.47		$	1.71		$	1.34

Efficiency ratio (non-GAAP) ⁽⁴⁾		64.29	%		66.71	%		71.87	%		74.23	%
Adjustments:
Debt extinguishment charges		—	%		—	%		(0.41)	%		—	%
Conversion expenses		—	%		—	%		—	%		(5.81)	%
Severance expenses		—	%		—	%		(4.04)	%		—	%
Adjusted efficiency ratio (non-GAAP)		64.29	%		66.71	%		67.42	%		68.42	%

Return on average assets		0.75	%		0.61	%		0.60	%		0.44	%
Adjustments for non-recurring charges, net of tax		—	%		—	%		0.14	%		0.16	%
Adjusted return on average assets (non-GAAP)		0.75	%		0.61	%		0.74	%		0.60	%

Return on average equity ⁽³⁾		8.44	%		6.90	%		6.75	%		5.00	%
Adjustments for non-recurring charges, net of tax		—	%		—	%		1.53	%		1.72	%
Adjusted return on average equity (non-GAAP) ⁽³⁾		8.44	%		6.90	%		8.28	%		6.72	%

Return on average tangible equity (non-GAAP) ⁽³⁾⁽⁵⁾		9.32	%		7.63	%		7.46	%		5.54	%
Adjustments for non-recurring charges, net of tax		—	%		—	%		1.69	%		1.91	%
Adjusted return on average tangible equity (non-GAAP) ⁽³⁾		9.32	%		7.63	%		9.15	%		7.45	%

Non-interest expense to average assets		2.13	%		2.10	%		2.44	%		2.41	%
Adjustments for non-recurring charges		—	%		—	%		(0.15)	%		(0.19)	%
Adjusted non-interest expense to average assets (non-GAAP)		2.13	%		2.10	%		2.29	%		2.22	%


	At or For the Three Months Ended
	9/30/2026			6/30/2026			3/31/2026			12/31/2025
Asset quality:
Provision for credit losses - loans ⁽¹⁾	$	1,100		$	500		$	500		$	5,925
Net (charge-offs)/recoveries		(322)			(510)			(45)			(9,585)
Allowance for credit losses		19,917			19,139			19,149			18,694
Allowance for credit losses to total loans ⁽²⁾		0.96	%		0.96	%		0.96	%		0.93	%

Non-performing loans
Non-guaranteed portion	$	22,074		$	21,283		$	17,749		$	17,934
Guaranteed portion ⁽⁴⁾		7,034			7,057			6,837			3,670
Total	$	29,108		$	28,340		$	24,586		$	21,604

Non-performing loans/total loans		1.40	%		1.42	%		1.23	%		1.08	%
Non-performing loans, excluding guaranteed/total loans		1.06	%		1.07	%		0.89	%		0.90	%
Non-performing loans/total assets		1.19	%		1.21	%		1.04	%		0.91	%
Non-performing loans, excluding guaranteed/total assets		0.90	%		0.91	%		0.75	%		0.75	%
Allowance for credit losses/non-performing loans		68.42	%		67.53	%		77.89	%		86.53	%
Allowance for credit losses/non-performing loans, excluding guaranteed		90.23	%		89.93	%		107.89	%		104.24	%

Capital (Bank only):
Tier 1 Capital	$	215,721		$	215,650		$	210,222		$	204,431
Tier 1 leverage ratio		9.43	%		9.76	%		9.20	%		9.05	%
Common equity tier 1 capital ratio		12.85	%		13.59	%		13.32	%		12.90	%
Tier 1 risk based capital ratio		12.85	%		13.59	%		13.32	%		12.90	%
Total risk based capital ratio		14.07	%		14.84	%		14.57	%		14.06	%

Equity data:
Shares outstanding ⁽³⁾		7,259,409			7,330,424			7,431,661			7,410,403
Stockholders’ equity	$	202,915		$	202,747		$	201,441		$	200,266
Book value per share ⁽³⁾		27.95			27.66			27.11			27.02
Tangible common equity ⁽³⁾		183,587			183,408			182,089			180,902
Tangible book value per share ⁽³⁾		25.29			25.02			24.50			24.41
Tangible common equity (“TCE”) ratio ⁽³⁾		7.58	%		7.91	%		7.74	%		7.65	%


	2026							2025
	Average				Average			Average				Average
	Balance		Interest		Yield/Cost			Balance		Interest		Yield/Cost

Assets:
Interest-earning assets:
Loans	$	2,039,760		30,683		5.97	%	$	1,978,375	$	29,951		6.01	%
Investment securities		133,891		1,907		5.65	%		99,816		1,604		6.38	%
Interest-earning cash		56,123		526		3.72	%		117,314		1,311		4.43	%
FHLB stock and other investments		5,924		85		5.69	%		7,821		128		6.49	%
Total interest-earning assets		2,235,698		33,201		5.89	%		2,203,326		32,994		5.94	%
Non interest-earning assets:
Cash and due from banks		11,509							10,083
Other assets		62,428							53,860
Total assets	$	2,309,635						$	2,267,269

Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Savings, N.O.W. and money market deposits	$	1,264,508		10,381		3.26	%	$	1,186,968	$	11,207		3.75	%
Time deposits		466,367		4,502		3.83	%		493,724		5,097		4.10	%
Total savings and time deposits		1,730,875		14,883		3.41	%		1,680,692		16,304		3.85	%
Borrowings		70,636		636		3.57	%		106,866		1,141		4.24	%
Subordinated debentures		34,241		656		7.60	%		24,720		326		5.23	%
Total interest-bearing liabilities		1,835,752		16,175		3.50	%		1,812,278		17,771		3.89	%
Demand deposits		240,687							223,570
Other liabilities		28,647							30,622
Total liabilities		2,105,086							2,066,470
Stockholders’ equity		204,549							200,799
Total liabilities & stockholders’ equity	$	2,309,635						$	2,267,269
Net interest rate spread						2.39	%						2.05	%
Net interest income/margin			$	17,026		3.02	%			$	15,223		2.74	%


Exhibit Number		Description