Hanover Bancorp Q2 net income falls to $0.8M, EPS $0.11 from $0.55 linked quarter due to $4M provision

Hanover Bancorp, Inc. /MD

2024-Q2 EPS reported $0.66

Net income $0.8M, diluted EPS $0.11 vs $4.1M ($0.55) prior Q and $3.1M ($0.42) year ago.
Provision for credit losses of $4.0M, including $2.5M ACL on individually evaluated loan and $1.1M CECL model enhancement.
Net interest margin improved to 2.46% from 2.41% linked quarter, but down from 2.68% year ago.
Non-performing loans at $15.8M (0.79% of loans), reduced to $14.6M post-quarter with sale of largest NPA at no loss.
Board declared $0.10 quarterly dividend, payable Aug 14 to record Aug 7.

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