Hanover Bancorp Q1 net income rises 23.2% to $1.9 million; revenue increases 4.1% to $19.1 million

• Hanover Bancorp posted net income of $1.87 million, lifting diluted EPS to $0.25 for quarter ended March 31, 2026.
• Revenue rose to $19.11 million, while return on average assets climbed to 0.33%.
• Net interest margin widened to 2.96% from 2.68%, as cost of interest-bearing liabilities eased to 3.51% from 4.01%.
• Asset quality weakened, with non-accrual loans increasing to $24.59 million, or 1.23% of total loans.
• Funding and capital actions included a $35 million issuance of 10-year fixed-to-floating rate subordinated notes with a 7.25% fixed coupon for first five years, alongside a restructuring of $60.3 million of FHLB advances that cut weighted average all-in borrowing cost to 3.47% from 4.27%.

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