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what it is
Hanover is a community bank that makes money on loans, deposits, and fee-based banking services around New York and New Jersey.
how it gets paid
Last year Hanover Bancorp made $130M in revenue. multi-family & commercial mortgages was the main engine at $52M, or 40% of sales.
why growth slowed
Revenue fell 1.9% last year. $1.66 full-year EPS matters most because one quarter can look great.
what just happened
Revenue hit $98M and EPS reached $1.00, but outside data also shows a more recent $0.47 EPS print with no posted estimate.
At a glance
B balance sheet — gets the job done, barely
15.5x trailing p/e — the market's not buying it — or you found a deal
1.9% dividend yield — cash in your pocket every quarter
$1.66 fy2024 eps est
$6M fy2024 rev est
xvary composite: 53/100 — below average
What they do
Hanover is a community bank that makes money on loans, deposits, and fee-based banking services around New York and New Jersey.
This is a relationship bank, not a scale bank. Hanover runs 10 branches and employs 185 people, which means your business loan or deposit account is sold with local access, not a national ad budget. That matters in community banking because personalized service becomes stickiness (customer retention → people stay put → deposits and loans stay cheaper to keep).
How they make money
$130M
annual revenue · their business grew -1.9% last year
multi-family & commercial mortgages
$52M
+3.0%
business loans & lines of credit
$33.8M
+2.0%
residential loans
$19.5M
4.0%
consumer & municipal banking fees
$15.6M
2.0%
other deposit & service income
$9.1M
0.0%
The products that matter
business and property lending
Commercial Real Estate Lending
core lending focus
This sits inside a $130M revenue bank, and management underlined its importance by hiring a new Chief CRE Lending Officer in January 2026.
credit quality matters
capital raised above deposits
Subordinated Notes
$35M issued mar 12, 2026
This $35M debt raise is large beside last year's $7.5M profit. If the capital only refinances and does not lift earning power, the math gets tight fast.
capital lever
local deposit and lending base
Community Banking Franchise
metro New York only
All operating exposure sits in one market. That focus can help sourcing, but it also means a local slowdown touches 100% of the story.
single-market bet
Key numbers
$1.66
FY24 EPS
This is the clearest scorecard. Profit per share fell from $3.68 in 2022 to $1.66 in 2024, so you are buying a recovery story.
15.5x
trailing p/e
You are paying a market-like multiple for a bank with shrinking earnings, which leaves less room for another disappointment.
$132M
long-term debt
Debt equals 46% of capital, which means balance-sheet pressure matters more here than it would at a larger bank.
1.9%
dividend yield
Your income cushion is small. A 1.9% yield does not hide much if earnings stay weak.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 80 / 100
- long-term debt $132M (46% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for HNVR right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $98M and EPS reached $1.00, but outside data also shows a more recent $0.47 EPS print with no posted estimate.
The hard contrast is this: EDGAR-backed quarterly figures show revenue up 197% vs. prior year and EPS up 113% vs. prior year, while the quarterly EPS history for 2024 still adds to just $1.66 for the full year. That tells you one strong quarter has not fixed the two-year earnings slide yet.
$33M
revenue
$1.00
eps
+197%
vs. last year revenue growth
the number that mattered
$1.66 full-year EPS matters most because one quarter can look great, but the full year still fell 19% from $2.05 in 2023.
source: SEC filings and quarterly history, 2024
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What could go wrong
the #1 risk is metro New York commercial real estate execution funded with subordinated debt.
high
single-market concentration
Hanover operates in one geography. If metro New York credit conditions weaken, 100% of the bank feels it. There is no second market to offset the damage.
all revenue exposure sits in the same local economy
high
the $35M debt raise has to earn its keep
The bank just added $35M of subordinated notes against $7.5M of annual profit. If that capital only refinances and does not improve earning power, interest expense becomes more visible than growth.
the new notes equal about 4.7x last year's net income
med
commercial real estate credit quality
Management is leaning harder into CRE lending and hired for it in January 2026. That works only if underwriting stays sharp while refinancing pressure and vacancies move around the market.
this is where management is pressing for growth
med
thin earnings cushion
Revenue declined 1.9% last year and net income was $7.5M. The dividend costs about $2.9M a year. Coverage exists, but there is not much excess for multiple bad surprises.
a modest hit to profit would matter fast
A downturn in one market, weaker CRE credit, or poor deployment of the $35M notes would pressure a bank that earned only $7.5M last year.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Net income after the debt raise
Last year's profit was $7.5M. If that does not move up after the $35M notes deal, the financing helped the balance sheet more than your earnings power.
calendar
Next quarterly filing
You want the first quarter that fully reflects the March 12, 2026 notes issuance. That is when the real before-and-after starts to show up.
trend
Revenue direction
Revenue fell 1.9% last year. One down year is manageable. A second one would make the growth story look more like refinancing theater.
risk
Commercial real estate underwriting
A new CRE lending chief means more attention here. You want loan growth without seeing credit quality get looser to buy it.
Analyst rankings
coverage
thin
in human-speak, there is not enough broad analyst coverage here to let consensus do your homework for you.
estimate quality
mixed
One visible revenue estimate field shows $6M while filing-level revenue is about $130M. That tells you to trust filings first and vendor summaries second.
short-term signal
unclear
This is not a stock where target changes drive the story. Execution on lending, credit, and funding does.
source: institutional data
Institutional activity
institutional ownership data for HNVR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$23
current price
n/a
target midpoint · n/a from current
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