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Hanover Bancorp Inc. (HNVR-8.74%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total assets to $2.31 billion from $2.27 billion at the end of the previous year. Total loans increased to $1.99 billion from $1.96 billion, while total deposits rose to $1.95 billion from $1.90 billion.
Net interest income for the year was $53.1 million, a decrease from $54.5 million in the previous year. The decrease was attributed to a higher increase in interest expense compared to interest income.
The provision for credit losses increased to $4.9 million compared to $3.4 million in the previous year, reflecting adjustments in the allowance for credit losses.
Non-interest income rose to $15.3 million from $8.8 million, driven by gains on the sale of loans held-for-sale and increased loan servicing and fee income.
Non-interest expenses increased to $47.1 million from $39.7 million, primarily due to additional staffing in the SBA, C&I Banking, and Operations teams.
Net income for the year was $12.3 million, down from $15.2 million in the previous year. The effective tax rate was 24.6%, slightly lower than the previous year's rate of 24.9%.
Hanover Bancorp's capital levels remained strong, with total stockholders' equity increasing to $196.6 million from $184.8 million. The Bank's capital ratios exceeded regulatory requirements, maintaining its status as 'well-capitalized.'
The filing also details the Bank's liquidity position, with undrawn liquidity sources totaling $713.1 million, providing a buffer against uninsured deposit balances.
The Bank's investment securities portfolio was reported at $87.4 million, with the majority classified as available-for-sale. The allowance for credit losses on loans was increased to $22.8 million, reflecting changes in the economic environment and loan portfolio composition.
Hanover Bancorp continues to focus on its core markets in New York and New Jersey, with strategic initiatives aimed at expanding its commercial and residential lending operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hanover Bancorp Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.