Hanover Bancorp Q4 net income $3.9M, margin expands to 2.53%; declares $0.10 dividend

Hanover Bancorp, Inc. /MD

2024-FY EPS reported $1.66

Q4 net income $3.9M ($0.52 diluted EPS), up from $3.8M ($0.51) YoY; FY net income $12.3M ($1.66) vs $13.6M ($1.84).
Net interest margin rose to 2.53% from 2.40% YoY; record non-interest income of $4.2M, up 28.67% YoY.
Core deposits up 5.36% YoY; C&I loans grew 56.52% YoY; CRE concentration ratio improved to 385% of capital from 432%.
NPLs $16.4M (0.82% of loans); ACL at 1.15% of loans. Dividend $0.10/share declared, payable Feb 19.
Core system conversion to FIS Horizon expected around Feb 15; management cites strong pipelines and potential Russell 2000 inclusion.

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