Hanover Bancorp Inc
ir.hanoverbank.comWhat Do They Do?
Provides consumer, commercial, and municipal banking services to individuals, businesses, and public municipalities in the New York metro area.
10-K for FY2025, filed Mar 13, 2026Hanover Bancorp, Inc., a Maryland corporation (the “Company”), is the holding company for Hanover Community Bank (the “Bank”), a New York…View ↗
Our one- to four-family residential mortgage segment has a particular niche focus on non-conforming loans, primarily secured by…View ↗
Our lending strategy is to maintain a broadly diversified loan portfolio based on the type of customer (i.e., businesses versus…View ↗
We also have a municipal banking business, which has produced a significant level of deposits at cost-effective rates. The business…View ↗
How Do They Make Money?
The Bank earns service charges for deposit-account services when it performs them, and also earns merchant card processing fees.
10-K for FY2025, filed Mar 13, 2026
$130.5M
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10-K for FY2025, filed Mar 13, 2026
$130.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Service charges on deposit accounts
Sold outright
10-K for FY2025, filed Mar 13, 2026 |
95%
FY2022: 100%
|
Service charges on deposit accounts, FY2025
$750K Sources
|
Sold outright |
|
Merchant card processing fees
|
4.8% |
Merchant card processing fees, FY2025
$38K Sources
|
Who Are Their Customers?
Consumers and businesses access banking services through branches and digital channels; residential borrowers come through branch referrals or brokers, while municipalities use the Bank’s municipal banking services across Long Island.
10-K for FY2025, filed Mar 13, 2026The Bank offers a full range of financial services including a complete suite of consumer, commercial, and municipal banking products and…View ↗
Residential real estate. We originate mainly non-qualified, alternative documentation, single-family residential mortgage loans through…View ↗
We also have a municipal banking business, which has produced a significant level of deposits at cost-effective rates. The business…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.
How Are They Changing?
Growing. Revenue grew 2.7x in 4 years, from $48.7M in FY2021 to $130.5M in FY2025, about 28% a year.
Residential mortgage sales
The older report described mortgage sales to financial institutions and plans to broaden its buyer network; the latest describes individual loans originated for identified buyers after appetite for mortgage pools declined.
10-K for FY2022, filed Dec 23, 2022 10-K for FY2025, filed Mar 13, 2026We originate non-qualified one- to four-family residential mortgage loans both to sell and hold for investment. Single-family residential…View ↗
We originate non-qualified one- to four-family residential mortgage loans both to sell and hold for investment. Single-family residential…View ↗
Guaranteed lending reach
The older report outlined plans to expand guaranteed lending nationally through a Southeast team; the latest says SBA and USDA loans are originated in New York and New Jersey and elsewhere across the country.
10-K for FY2022, filed Dec 23, 2022 10-K for FY2025, filed Mar 13, 2026Historically, we have primarily originated SBA and USDA guaranteed loans only in the New York metropolitan area. However, we intend to…View ↗
SBA loans are originated subject to personal guarantees and may include real estate belonging to guarantors as collateral. We monitor SBA…View ↗
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