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Get filing alertsHanover Bancorp reports Q2 net income of $4.1M, up 71% YoY, with record NII and margin at 3.10%
Filed July 23, 2026 · Period ending July 23, 2026 · ~1 min read
Key Changes
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Q2 2026 net income of $4.1M ($0.55/share) more than doubled from $1.9M ($0.25/share) in Q1 2026 and rose 71% from $2.4M ($0.33/share) in Q2 2025, driven by higher net interest income and lower credit loss provisions.
Exhibit 99.1 view on EDGAR → -
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Net interest income reached a record $16.8M, up 13.36% YoY, as net interest margin expanded to 3.10% from 2.76% a year earlier, driven by a 48 basis point decrease in cost of interest-bearing liabilities to 3.46%.
Exhibit 99.1 view on EDGAR → -
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Board declared a $0.10 per share quarterly cash dividend on common and Series A preferred shares, payable August 13, 2026 to shareholders of record August 6, 2026.
Exhibit 99.1 view on EDGAR → -
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Repurchased 112,346 shares (1.6% of shares outstanding) at a weighted average price of $23.54 during Q2 2026; 171,729 shares remain available under the current authorization.
Exhibit 99.1 view on EDGAR → -
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Kevin O'Connor appointed President of Hanover Bancorp and Hanover Community Bank effective July 27, 2026, bringing over 35 years of banking experience from Valley Bank.
Exhibit 99.1 view on EDGAR →
Summary
Hanover Bancorp delivered strong Q2 2026 results with net income of $4.1 million ($0.55 per diluted share), up 71% from $2.4 million a year earlier and more than double the $1.9 million earned in Q1 2026. The improvement was driven by record net interest income of $16.8 million, up 13.36% year-over-year, as the bank's net interest margin expanded 34 basis points to 3.10%. The margin expansion came primarily from a 48 basis point decline in the cost of interest-bearing liabilities to 3.46%, reflecting the bank's success in managing deposit costs in a changing rate environment.
The company returned capital to shareholders through both a $0.10 per share quarterly dividend and active share repurchases, buying back 112,346 shares (1.6% of shares outstanding) at an average price of $23.54 during the quarter. The bank also filled its President role with Kevin O'Connor, a 35-year banking veteran from Valley Bank, effective July 27, 2026. For retail holders, the combination of accelerating profitability, margin expansion, and consistent capital return demonstrates improving fundamentals in the bank's core business.
Section-by-Section Diff
Event · Exhibit 99.1
Hanover Bancorp reported Q2 2026 net income of $4.1M ($0.55/share), record net interest income of $16.8M, margin expansion to 3.10%, and declared a $0.10 dividend.
Added in current filing · view on EDGAR →
For the quarter ended June 30, 2026, the Company repurchased 112,346 shares of its common stock, which represented approximately 1.6% of shares outstanding at the beginning of the period, at a weighted average price of $23.54 per share. Of the 366,050 shares authorized under the Company’s share repurchase program, 171,729 shares remain available for repurchase as of June 30, 2026.
Hanover repurchased 112,346 shares (approximately 1.6% of shares outstanding) at a weighted average price of $23.54 per share during Q2 2026. With 171,729 shares remaining available under the current authorization out of 366,050 total authorized, the company has utilized roughly 53% of its repurchase program, demonstrating active capital management.
Added in current filing · view on EDGAR →
As previously announced on July 20, 2026, Kevin O’Connor has been named to the position of President of the Company and the Bank effective July 27, 2026. Mr. O’Connor brings more than 35 years of banking experience to Hanover Bank, having most recently served as Long Island Market President at Valley Bank.
Kevin O'Connor was appointed President of both Hanover Bancorp and Hanover Community Bank effective July 27, 2026. O'Connor brings over 35 years of banking experience, most recently serving as Long Island Market President at Valley Bank. This follows the departure of the former President in March 2026, for which the company recorded approximately $2.2 million in severance expenses during the first half of 2026.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 28, 2026 · How we verify