New York, May 27, 2026, 19:02 (EDT)
- Hanover Bancorp traded between $23.34 and $23.83 and last changed hands at $23.35, off 8 cents.
- The regional-bank space traded lower, with the SPDR S&P Regional Banking ETF slipping roughly 1%.
- Hanover’s virtual annual meeting is coming up May 28, giving investors a near-term governance date.
Hanover Bancorp, Inc. shares fell on Wednesday, dropping 8 cents to $23.35 on the Nasdaq late in the day. Regional bank stocks lost ground after the Memorial Day break. Volume was 59,818, with shares trading in a $23.34 to $23.83 range.
Hanover is a lightly traded community bank, so even small moves in the stock tend to get noticed, especially as investors keep an eye on funding, credit, and voting issues. Nasdaq had U.S. markets closed for Memorial Day on May 25, with trading starting up again this week.
Regional banks traded lower. The SPDR S&P Regional Banking ETF was off about 1% to $69.58. Dime Community Bancshares slid 1.5%. Shares of Metropolitan Bank Holding dropped 1.7%. Ponce Financial Group was down about 0.1%.
Hanover Bancorp, Inc, out of Mineola, New York, runs Hanover Community Bank. The bank has $2.37 billion in assets and operates 10 branches across Long Island, the greater New York metro area, and Freehold, New Jersey, the company said.
No new press release came out Wednesday. The most recent news from Hanover is its first-quarter report. The company reported net income of $1.9 million, or 25 cents a diluted share, up from $1.5 million, or 20 cents a share, the year before. Adjusted net income was $4.0 million, or 54 cents a diluted share.
Net interest margin—the gap between what banks make on loans and securities and what they pay for deposits and borrowings—was up at Hanover. The margin hit 2.96% in the first quarter, up from 2.84% in the fourth quarter and 2.68% a year ago. That helped net interest income climb to $16.4 million.
Michael P. Puorro, who chairs Hanover and is also CEO and president, said the quarter showed “strengthening core performance” along with “continued margin expansion to 2.96%.” He noted Hanover improved its capital position with a $35 million subordinated debt deal.
Hanover said it closed a $35 million sale of 10-year fixed-to-floating subordinated notes, carrying a 7.25% fixed coupon for the first five years. The company will use the money to help fund growth and to redeem $25 million of floating-rate notes that had an 8.54% coupon. That debt move is just one part of the funding story.
The company said it restructured $60.3 million in Federal Home Loan Bank advances, cutting the weighted average borrowing cost down to 3.47% from 4.27%. That trims monthly interest expense by about $40,000. The savings might look minor, but with a $167 million market cap, lower funding costs still matter for earnings views.
The risk remains on credit. Hanover’s non-performing loans climbed to $24.5 million at March 31 from $21.6 million at Dec. 31. Non-performing loans are those with missed payments. The share of non-performers moved up to 1.23% of total loans from 1.08%. Hanover said its non-guaranteed portion was basically unchanged at 0.89% of total loans.
Commercial real estate is still something to watch in regional banks. Hanover reported $1.08 billion in commercial real estate, construction, and multifamily loans as of March 31. Office loans made up just 2% of the total, or $41.5 million.
Hanover’s proxy says its annual shareholder meeting is set for May 28 at 9:00 a.m. Eastern. The meeting will be virtual, and shareholders who were on record April 8 can vote.
