Hanover Bancorp Inc (OTC: HNVR) is a community banking company that operates through its subsidiary Hanover Community Bank, a New York chartered commercial bank serving the New York metro area. The bank earns revenue primarily through net interest income on loans and deposits, with a loan portfolio of $2.00 billion as of December 31, 2025. Total assets stood at $2.38 billion, total deposits at $2.03 billion, and total stockholders' equity at $200.3 million as of December 31, 2025. Founded in 2009 and recapitalized in 2012, the bank operates branches across Nassau, Suffolk, Queens, Kings (Brooklyn), and New York (Manhattan) Counties in New York, plus Freehold, Monmouth County, New Jersey. The multifamily loan portfolio is heavily concentrated in New York City, with 79% of multifamily outstanding balances in NYC locations as of December 31, 2025. The holding company was reincorporated from New York to Maryland on June 25, 2025.

Revenue model

Net interest income on loans funded by customer deposits, supplemented by fee income on banking services. Dividends from Hanover Community Bank constitute the primary funding source for the holding company's own obligations and any shareholder dividends.

Products and services

Consumer and commercial banking services including loans (multifamily, commercial real estate, and other loan categories), deposit accounts (non-interest-bearing demand, savings, NOW, money market, and time deposits), and loan servicing. The bank holds loan servicing rights and securities portfolios (held-to-maturity and available-for-sale).

Customers and end markets

Retail and commercial customers in the New York metro area. Multifamily lending is a material end market: as of December 31, 2025, the multifamily portfolio totaled approximately $541 million across 238 notes, with 64% in market-rate properties and 36% in stabilized properties. Geographic concentration is in Other NYC (48% of multifamily balances in Brooklyn and other NYC boroughs), with additional exposure in Manhattan and outside NYC.

Value-chain role

Direct originator and balance-sheet holder of community bank loans. The bank originates, underwrites, and holds loans, funds them with retail and commercial deposits, and services its own loan portfolio.

Geographic exposure

New York metro area: Nassau, Suffolk, Queens, Kings (Brooklyn), and New York (Manhattan) Counties in New York State, plus Freehold, Monmouth County, New Jersey. A Business Banking Center in Hauppauge, Suffolk County opened May 2023; a full-service branch in Port Jefferson, Suffolk County opened June 2025.

Source: SEC 10-K, filed 2026-03-13

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