Hanover Bancorp Q2 net income $3.2M ($0.43 EPS) vs $5.9M a year ago; NIM compresses

Hanover Bancorp, Inc. /MD

2023-Q2 EPS reported $1.15

Net income $3.2M ($0.43 diluted EPS) vs $5.9M ($1.00) in Q2 2022; adjusted EPS $0.48.
Net interest margin narrowed to 3.04% from 4.26% as deposit costs surged 250 bps YoY.
Total deposits rose $189.6M to $1.7B; insured/collateralized deposits ~84% of total.
Provision for loan losses $0.9M, including $407K write-off on Savoy Bank acquired PCI loans.
Board declared $0.10 per share quarterly dividend payable May 17, 2023 (unchanged).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Hanover Bancorp, Inc. /MD reported the quarter ended March 31, 2023 results: net income $3.2 million or $0.43 per diluted share, EPS $0.43 per diluted share.

Period: the quarter ended March 31, 2023
Net income: $3.2 million or $0.43 per diluted share
EPS: $0.43 per diluted share
Result: reported results

Exact text from the filing

The Company reported net income for the quarter ended March 31, 2023 of $3.2 million or $0.43 per diluted share (including Series A preferred shares), versus $5.9 million or $1.00 per diluted share in the comparable year ago period.

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Source: SEC EDGAR

accession 0001558370-23-006966

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