Hanover Bancorp, Inc. (HNVR) | Investment Case

1. Company Snapshot

1.a. Company Description

Hanover Bancorp, Inc.operates as the bank holding company for Hanover Community Bank that provides banking products and services for small and medium-sized businesses, municipalities, and individuals in the New York metro area.The company offers checking, savings, money market, NOW, and individual retirement accounts, as well as certificates of deposits and time deposits; cards; and residential and commercial real estate mortgages, commercial and industrial loans, lines of credit, and small business administration loans, as well as home equity, multi-family, business, bridge, and other personal purpose loans.

It operates branch offices located in Manhattan, Brooklyn, Queens, and Nassau County, New York; and administrative office in Suffolk County, New York.The company was founded in 2008 and is headquartered in Mineola, New York.

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1.b. Last Insights on HNVR

Recent negative drivers behind Hanover Bancorp, Inc.'s performance include a decline in earnings per share, with Q4 2024 EPS of $0.52, down from $0.54 in the same period last year. Although the company reported record non-interest income of $4.2 million, up 28.67% from the same period last year, its net income of $3.9 million was likely a disappointment. Additionally, the company's reliance on non-interest income may be a concern, as it may not be sustainable in the long term.

1.c. Company Highlights

Last Price	23.09
Change Percentage	-0.84%
Open	23.25
Previous Close	23.29
Market Cap ( Millions)	166
Volume	8009
Year High	27
Year Low	17.47
M A 50	21.86
M A 200	22.13

FCF Yield	3.79%
Dividend Yield	1.73%
ROE	5.72%
Debt / Equity	67.64%
Net Debt / EBIDTA	-162.97%
Price To Book	0.83
Price Earnings Ratio	14.79
Price To FCF	26.41
Price To sales	1.14
EV / EBITDA	7.09

2. Transcript Summary

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3. NewsRoom

Hanover Bancorp (NASDAQ:HNVR) Stock Price Up 5% – Should You Buy?

Nov -06

Source: defenseworld.net

Hanover Bancorp, Inc. (HNVR) Q3 Earnings and Revenues Lag Estimates

Oct -30

Source: zacks.com

Hanover Bancorp, Inc. Reports Third Quarter 2025 Results and Declares $0.10 Quarterly Cash Dividend

Oct -30

Source: globenewswire.com

Your Bank - Your Way: Hanover Bank Launches Dynamic New Website

Sep -25

Source: globenewswire.com

Hanover Bank Launches Inaugural Radio & Digital Audio Campaign to Reinforce Community Commitment & Growth Strategy

Aug -07

Source: globenewswire.com

Hanover Bancorp, Inc. (HNVR) Misses Q2 Earnings and Revenue Estimates

Jul -23

Source: zacks.com

Hanover Bancorp, Inc. Reports Second Quarter 2025 Results Highlighted by Strong Demand Deposit Growth, Continued Margin Expansion and Its Inclusion in the Russell 2000 Index

Jul -23

Source: globenewswire.com

Hanover Bank Opens Tenth Branch in Port Jefferson, Long Island Enhancing Banking Services to Suffolk County

Jun -25

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.40%)

6. Segments

Banking and Related Activities

Expected Growth: 6.4%

Hanover Bancorp, Inc.'s 6.4% growth in Banking and Related Activities is driven by increasing demand for commercial loans, expansion of digital banking services, and strategic acquisitions. Additionally, the company's focus on community banking, mortgage lending, and wealth management has contributed to its growth. Furthermore, a favorable interest rate environment and improving asset quality have also supported the segment's growth.

7. Detailed Products

Commercial Banking

Hanover Bancorp, Inc. offers a range of commercial banking services, including cash management, commercial loans, and treasury management solutions, designed to meet the financial needs of businesses.

Residential Lending

Hanover Bancorp, Inc. provides residential lending services, including mortgage loans, home equity loans, and refinancing options, to help individuals and families achieve their homeownership goals.

Consumer Banking

Hanover Bancorp, Inc. offers a range of consumer banking services, including checking and savings accounts, credit cards, and personal loans, designed to meet the financial needs of individuals.

Wealth Management

Hanover Bancorp, Inc. provides wealth management services, including investment management, financial planning, and trust services, to help individuals and families achieve their long-term financial goals.

Online Banking

Hanover Bancorp, Inc. offers online banking services, including online bill pay, mobile banking, and account management, to provide customers with convenient and secure access to their accounts.

8. Hanover Bancorp, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Hanover Bancorp, Inc. is moderate due to the presence of alternative financial institutions and digital payment platforms.

Bargaining Power Of Customers

The bargaining power of customers is low for Hanover Bancorp, Inc. as customers have limited negotiating power due to the bank's strong brand reputation and limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Hanover Bancorp, Inc. as the bank relies on a few large suppliers for technology and services, giving them some negotiating power.

Threat Of New Entrants

The threat of new entrants is low for Hanover Bancorp, Inc. due to the high barriers to entry in the banking industry, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high for Hanover Bancorp, Inc. due to the competitive nature of the banking industry, with many established players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	60.55%
Debt Cost	3.95%
Equity Weight	39.45%
Equity Cost	2.77%
WACC	3.48%
Leverage	153.51%

11. Quality Control: Hanover Bancorp, Inc. passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Bank of South Carolina

A-Score: 7.5/10

Value: 6.3

Growth: 3.9

Quality: 8.8

Yield: 8.0

Momentum: 9.0

Volatility: 9.3

1-Year Total Return ->

Meridian

A-Score: 6.5/10

Value: 7.9

Growth: 4.2

Quality: 5.1

Yield: 7.0

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

Hanover Bancorp

A-Score: 6.5/10

Value: 6.8

Growth: 5.7

Quality: 6.2

Yield: 4.0

Momentum: 8.5

Volatility: 8.0

1-Year Total Return ->

Plumas Bank

A-Score: 6.1/10

Value: 3.8

Growth: 6.9

Quality: 7.4

Yield: 5.0

Momentum: 6.5

Volatility: 7.3

1-Year Total Return ->

Eagle Bancorp Montana

A-Score: 6.1/10

Value: 6.9

Growth: 5.2

Quality: 3.4

Yield: 6.0

Momentum: 6.0

Volatility: 9.0

1-Year Total Return ->

Pathward Financial

A-Score: 5.7/10

Value: 8.7

Growth: 4.2

Quality: 8.2

Yield: 0.0

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-5.78%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

3.48%

Hanover Bancorp, Inc. - US4107102067

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on HNVR

1.c. Company Highlights

Medium Volatility

Average Quality

Fairly Valued

Earnings Beats

Average Yield

Earnings Miss

Stable Momentum

Average Growth

Lower Quality

Weak Momentum

Revenues Beats

Revenues Miss

More Volatile

Strong Momentum

Lower Growth

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.40%)

6. Segments

Banking and Related Activities

Expected Growth: 6.4%

7. Detailed Products

Commercial Banking

Residential Lending

Consumer Banking

Wealth Management

Online Banking

8. Hanover Bancorp, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Hanover Bancorp, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.09$

Current Price

23.09$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA