Hanover Bancorp, Inc.

Hanover Bancorp, Inc. reported net income of $7.5 million for fiscal year 2025, a decrease from $12.3 million in 2024. Total assets grew to $2.38 billion, with total loans of $2.00 billion and total deposits of $2.03 billion. Net interest income was $60.5 million, while non-interest income totaled $12.8 million. The provision for credit losses was $10.4 million, and total non-interest expense was $53.0 million. The company maintained a strong capital position with total stockholders' equity of $200.3 million. Key strategic developments included a core processing system conversion, addition to the Russell 2000 Index, and continued focus on niche lending products and municipal deposits.

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