Hanover Bancorp Reports Q3 2026 Results with Record Net Interest Income and Loan Growth

On October 28, 2026, Hanover Bancorp, Inc. reported its financial results for the three and nine months ended September 30, 2026. The company reported net income of $4.3 million for the third quarter of 2026, or $0.60 per diluted share, compared to $3.5 million, or $0.47 per diluted share, in the same period of 2025. For the nine months ended September 30, 2026, net income totaled $10.3 million, or $1.40 per diluted share, up from $7.5 million, or $1.00 per diluted share, in the prior year period.

Key financial metrics for the third quarter of 2026 included a return on average assets of 0.75% and a return on average tangible equity of 9.32%. The company achieved record net interest income of $17.0 million for the quarter, an increase of $1.8 million from the same period in 2025. This increase was driven by a net interest margin of 3.02%, compared to 2.74% in the prior year quarter. Pre-provision net revenue (non-GAAP) was $6.9 million, or 1.18% of average assets, marking the highest level since the fourth quarter of 2022.

The company’s balance sheet expanded significantly during the quarter. Total assets grew to $2.44 billion as of September 30, 2026, an increase of $105.2 million from the prior quarter. Total loans outstanding reached $2.1 billion, up $86.8 million from the prior quarter, driven by growth in niche-residential and relationship CRE and C&I lending. Loan production for the three months ended September 30, 2026 was $178.7 million, a 69.70% increase from the linked quarter. Demand deposits also increased to a record $255.1 million.

In other business developments, the company’s Board of Directors approved a quarterly cash dividend of $0.10 per share on both common and Series A preferred shares, payable on November 18, 2026, to stockholders of record on November 11, 2026. The company also opened a new full-service branch in downtown Riverhead, New York, on September 30, 2026. Additionally, the company repurchased $2.2 million of common stock during the quarter, which contributed to a tangible common equity to tangible assets ratio of 7.58%.