Hanover Bancorp Inc Dossier
Qualitative Analysis
Business overview
Hanover Bancorp, Inc. (NASDAQ: HNVR) is a Maryland-chartered bank holding company headquartered in Mineola, New York, serving as the parent company for Hanover Community Bank. Established in 2009, the bank operates ten branch locations serving Long Island, the greater New York metropolitan area, and Freehold, New Jersey. Hanover Community Bank focuses on highly personalized and efficient community commercial banking services, offering a complete suite of consumer, commercial, and municipal banking products. Its primary lending activities include multi-family and commercial mortgages, residential loans, business loans, and lines of credit.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Actively managing and reducing concentration levels in Multifamily and Commercial Real Estate (CRE) portfolios, resulting in a reduction in the CRE concentration ratio to 360% of capital at December 31, 2025, from 385% at December 31, 2024.
Expected impact: Improves the bank's risk profile and aligns concentration levels with regulatory expectations while shifting focus toward C&I lending.
Initiated a proactive credit cleanup during the fourth quarter of 2025, removing $9.6 million of non-performing loans (NPLs) from the balance sheet through a combination of charge-offs and loan sales.
Expected impact: Enhances asset quality and improves the overall credit risk profile of the bank.
Partnered with SRM to convert the bank's legacy core processing system to the FIS Horizon XE solution, which was successfully completed in the spring of 2025.
Expected impact: Provides better automation, operational efficiency, and seamless integration across online and mobile platforms to future-proof operations.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To significantly expand commercial banking capabilities, with a particular focus on small business clients and Small Business Administration (SBA) lending in the New York City metro market.
Financial impact: Expected to be more than 20% accretive to Hanover's earnings per share, with Savoy's single midtown Manhattan branch becoming the focal point and headquarters for business development in NYC.
Strategic Partnerships
SRM's Core & Digital Integration team assisted Hanover Bank in developing a project plan, establishing milestones, and executing the successful migration of its legacy core processing system to the FIS Horizon XE platform in 2025.