secwatch.observer — SEC 8-K summary
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Issuer:     Hanover Bancorp, Inc. /MD (HNVR)
CIK:        0001828588
Form:       8-K
Filed at:   2024-07-24T23:59:59+00:00
Accession:  0001558370-24-010047
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1828588/000155837024010047/0001558370-24-010047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1828588/000155837024010047/hnvr-20240724x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-010047

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