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Hanover Bank Announces Core Banking System Conversion to Drive Digital Growth
Tue 22 Apr 25, 12:00 PMHanover Bank Unveils a Refreshed Logo to Reflect Commitment to Innovation and Growth
Tue 08 Apr 25, 12:00 PM| Breakdown | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 |
| Income before tax | 20.19M | 30.50M | 14.05M | 6.21M | - |
| Minority interest | - | - | - | - | - |
| Net income | 15.16M | 23.56M | 10.85M | 4.97M | - |
| Selling general administrative | 23.86M | 21.29M | 16.29M | 12.09M | - |
| Selling and marketing expenses | - | 0.35M | 0.12M | 0.30M | - |
| Gross profit | 56.98M | 1.70M | 45.06M | 28.49M | - |
| Reconciled depreciation | - | 1.74M | 1.48M | 1.35M | - |
| Ebit | - | 37.67M | 14.05M | 6.21M | - |
| Ebitda | 1.77M | 39.41M | 15.53M | 7.56M | - |
| Depreciation and amortization | - | 1.74M | 1.48M | 1.35M | - |
| Non operating income net other | - | - | - | - | - |
| Operating income | 1.77M | 37.67M | 14.05M | 6.21M | - |
| Other operating expenses | 9.50M | 5.09M | -31.00500M | -22.27200M | 1.35M |
| Interest expense | 50.55M | 7.17M | 6.97M | 13.01M | 0.00000M |
| Tax provision | 5.02M | 6.94M | 3.20M | 1.24M | - |
| Interest income | 105.04M | 68.43M | 48.67M | 40.13M | - |
| Net interest income | 54.49M | 61.25M | 41.71M | 27.12M | - |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 5.02M | 6.94M | 3.20M | 1.24M | 2.57M |
| Total revenue | 63.34M | 1.70M | 45.06M | 28.49M | - |
| Total operating expenses | 3.15M | 5.09M | -31.00500M | -22.27200M | - |
| Cost of revenue | 6.36M | - | - | - | - |
| Total other income expense net | 18.42M | -7.17500M | -6.96700M | -13.01100M | - |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 15.16M | 23.56M | 10.85M | 4.97M | - |
| Net income applicable to common shares | - | 23.56M | 10.85M | 4.97M | 8.09M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 |
| Total assets | 2149.63M | 1840.06M | 1484.64M | 851.61M | - |
| Intangible assets | - | 4.75M | 4.17M | 0.18M | - |
| Earning assets | - | - | - | - | - |
| Other current assets | - | -8.54600M | 1261.58M | 725.60M | 3.27M |
| Total liab | 215.37M | 1667.47M | 1362.11M | 773.56M | - |
| Total stockholder equity | 185.91M | 172.58M | 122.53M | 78.04M | - |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | - | -2.50800M | -1.29000M | -0.37400M | - |
| Common stock | - | 0.07M | 0.06M | 0.04M | 0.04M |
| Capital stock | - | 0.07M | 0.06M | 0.04M | - |
| Retained earnings | - | 46.48M | 24.97M | 14.12M | 9.15M |
| Other liab | - | 13.05M | 12.01M | 8.29M | 10.34M |
| Good will | 19.17M | 19.17M | 19.17M | 1.90M | - |
| Other assets | 1885.70M | 1631.03M | 1261.58M | 725.60M | 728.91M |
| Cash | 192.62M | 149.95M | 151.25M | 80.21M | - |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | - | 0.92M | 1.29M | 0.37M | 650.82M |
| Current deferred revenue | - | 2.51M | - | - | - |
| Net debt | 22.75M | -23.62700M | 32.90M | 19.93M | - |
| Short term debt | - | 101.75M | - | - | - |
| Short long term debt | - | - | - | - | - |
| Short long term debt total | 215.37M | 126.32M | 184.16M | 100.14M | - |
| Other stockholder equity | - | 126.66M | 97.25M | 63.73M | 62.76M |
| Property plant equipment | - | 14.46M | 15.00M | 14.16M | 14.41M |
| Total current assets | 203.51M | 162.23M | 168.36M | 93.01M | 91.10M |
| Long term investments | 15.00M | 16.70M | 16.36M | 16.76M | - |
| Net tangible assets | - | 153.42M | 102.88M | 76.12M | 70.47M |
| Short term investments | 10.89M | 12.29M | 7.75M | 6.04M | - |
| Net receivables | - | 8.55M | 9.36M | 6.77M | - |
| Long term debt | 204.47M | 126.32M | 184.16M | 100.14M | - |
| Inventory | - | - | - | - | - |
| Accounts payable | - | 0.92M | 1.29M | 0.37M | 650.29M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | - | -0.62000M | 0.26M | 0.16M | - |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | 0.07M | - | - | - |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | 46.48M | - | - | - |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | -60.41500M | -6.03600M | -3.55800M | -32.99600M | - |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 60.41M | 46.80M | 54.70M | 33.00M | - |
| Capital lease obligations | 10.90M | - | - | - | - |
| Long term debt total | - | 24.57M | - | - | - |
| Breakdown | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 |
| Investments | - | -370.45800M | 0.98M | -3.67800M | 0.16M |
| Change to liabilities | - | -0.24700M | 0.00000M | 0.00000M | 0.00000M |
| Total cashflows from investing activities | - | -374.14600M | 89.85M | -7.29000M | -45.81500M |
| Net borrowings | - | -57.71000M | -174.54500M | -15.59100M | -8.77300M |
| Total cash from financing activities | - | 332.50M | -16.70700M | -0.89800M | 68.59M |
| Change to operating activities | - | -0.25200M | 1.50M | -3.38900M | 2.62M |
| Net income | 15.16M | 23.56M | 10.85M | 4.97M | 8.09M |
| Change in cash | - | -16.59700M | 86.33M | -7.62200M | 30.73M |
| Begin period cash flow | 149.95M | 166.54M | 80.21M | 87.83M | - |
| End period cash flow | - | 149.95M | 166.54M | 80.21M | 87.83M |
| Total cash from operating activities | - | 25.05M | 13.19M | 0.57M | 7.96M |
| Issuance of capital stock | - | 27.77M | 0.11M | 0.11M | - |
| Depreciation | - | 1.74M | 1.48M | 1.35M | 0.71M |
| Other cashflows from investing activities | - | -2.56600M | 1.15M | 1.36M | 0.29M |
| Dividends paid | - | -2.05200M | 2.05M | 2.05M | 2.05M |
| Change to inventory | - | - | - | - | - |
| Change to account receivables | - | 0.82M | 1.92M | -3.50100M | - |
| Sale purchase of stock | - | 27.77M | - | - | - |
| Other cashflows from financing activities | - | 439.49M | 182.18M | 54.78M | 72.26M |
| Change to netincome | - | 2.80M | -2.63400M | 1.13M | -3.02900M |
| Capital expenditures | 0.00000M | 1.12M | 2.08M | 1.09M | 1.52M |
| Change receivables | - | 0.82M | - | - | - |
| Cash flows other operating | - | -0.11000M | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | -16.59700M | - | - | - |
| Change in working capital | - | 0.56M | 3.43M | -6.89000M | - |
| Stock based compensation | - | 1.68M | 0.90M | 0.77M | - |
| Other non cash items | - | -3.81800M | -3.82800M | 0.17M | - |
| Free cash flow | - | 23.93M | 11.11M | -0.52700M | - |
Sector: Financial Services Industry: Banks - Regional
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | |
|---|---|---|---|---|---|---|---|
| HNVR Hanover Bancorp Inc |
0.40 1.68% | 24.17 | 8.99 | - | 1.69 | 0.56 | |
| HDB HDFC Bank Limited ADR |
0.23 1.02% | 23.25 | 20.81 | 20.96 | 0.11 | 4.77 | |
| CIHKY China Merchants Bank Co Ltd |
-0.27 0.88% | 30.44 | 7.78 | 7.65 | 0.56 | 0.90 | 3.62 |
| DBSDF DBS Group Holdings Ltd |
0.16 0.32% | 50.61 | 15.29 | 14.41 | 5.84 | 2.36 | 10.40 |
| CIHHF China Merchants Bank Co Ltd Class H |
- -% | 5.92 | 6.10 | 5.67 | 0.44 | 0.77 | 3.43 |
Hanover Bancorp, Inc., a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts. It also provides business loans, commercial real estate financing, small business administration, lending directory services, and residential mortgage. In addition, the company offers cash management, online and mobile banking, merchant services, and digital solutions. Its banking offices are located in Nassau, Suffolk, Queens, Kings, New York Counties, New York, Monmouth County, Freehold, and New Jersey. The company was founded in 2008 and is headquartered in Mineola, New York.
80 East Jericho Turnpike, Mineola, NY, United States, 11501
| Name | Title | Year Born |
|---|---|---|
| Mr. Michael P. Puorro CPA | CEO & Chairman | 1960 |
| Mr. Brian K. Finneran | Pres | 1958 |
| Mr. Lance P. Burke | Exec. VP & CFO | 1979 |
| Ms. Lisa A. Dilorio | First Sr. VP & Chief Accounting Officer | 1964 |
| Ms. Alice T. Rouse | Exec. VP & Chief Risk Officer | 1966 |
| Mr. McClelland W. Wilcox | Sr. Exec. VP, Chief Lending & Chief Revenue Officer | 1971 |
| Mr. Michael P. Locorriere | Exec. VP & Chief Municipal Officer | 1968 |
| Ms. Michelle Mihas | First VP & Corp. Sec. | NA |
| Mr. McClelland W. Wilcox | President & Chief Revenue Officer | 1972 |
| Mr. Kevin Corbett | Executive VP & Chief Credit Officer | 1960 |
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