Hanover Bancorp Q3 net income $3.5M, EPS $0.48; fiscal year changes to calendar

Hanover Bancorp, Inc. /MD

2023-FY EPS reported $2.05

Net income of $3.5M ($0.48 diluted EPS) for quarter ended Sep 30, 2023, vs $5.8M ($0.79) a year ago.
Net interest margin narrowed to 2.29% from 4.04% YoY, driven by higher deposit costs and increased liquidity.
Deposits grew $141.4M (8.9%) from June 30; undrawn liquidity was 204% of uninsured deposits.
Board declared $0.10 quarterly cash dividend payable Nov 15, 2023; authorized repurchase of up to 366,050 shares.
Fiscal year end changed from Sep 30 to Dec 31; transition stub period Oct–Dec 2023 to be reported.

item 2.02 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Hanover Bancorp, Inc. /MD reported the fiscal year ended September 30, 2023 results: net income $15.2 million, EPS $2.05 per diluted share.

Period: the fiscal year ended September 30, 2023
Net income: $15.2 million
EPS: $2.05 per diluted share
Result: reported results

Exact text from the filing

The Company recorded net income for the fiscal year ended September 30, 2023 of $15.2 million or $2.05 per diluted share, compared to $23.6 million or $3.68 per diluted share in the comparable 2022 fiscal year.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Hanover Bancorp, Inc. /MD reported the quarter ended September 30, 2023 results: net income $3.5 million, EPS $0.48 per diluted share (including Series A preferred shares).

Period: the quarter ended September 30, 2023
Net income: $3.5 million
EPS: $0.48 per diluted share (including Series A preferred shares)
Result: reported results

Exact text from the filing

The Company reported net income for the quarter ended September 30, 2023 of $3.5 million or $0.48 per diluted share (including Series A preferred shares)

View on SEC.gov

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Hanover Bancorp, Inc. /MD: Changed fiscal year end from September 30 to December 31, with a transition report for the stub period ending December 31, 2023 and first full fiscal year ending December 31, 2024 (effective 2023-10-25).

Change: fiscal year change
Effective: 2023-10-25

Exact text from the filing

On October 25, 2023, the Board of Directors of the Company approved a change in the Company’s fiscal year end from September 30 to December 31. As a result of this change, the Company will file a transition report on Form 10-Q for the three-month period ending December 31, 2023 (Stub Period). The Company’s first full calendar fiscal year resulting from the change will be the year ended December 31, 2024.

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Source: SEC EDGAR

accession 0001558370-23-016779

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