Hanover Bancorp reports FY22 net income $23.6M, NIM 4.18%, TBV $21.00

Hanover Bancorp, Inc. /MD

2022-FY EPS reported $3.68

Total assets $1.84B, net loans $1.624B, deposits $1.5B at Sep 30, 2022.
Net income $23.6M for FY22; adjusted ROATCE 18.8% and adjusted ROAA 1.56%.
Net interest margin 4.18%, efficiency ratio 50%; loan growth ex-PPP 46% LTM.
Quarterly dividend of $0.10/share initiated Feb 2022; IPO in May 2022 at $21.00.
Municipal deposits grew to $416.9M; planned branch expansion into Hauppauge early 2023.

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