Hanover Bancorp Declares $0.10 Quarterly Dividend on Common and Preferred Shares
Hanover Bancorp, Inc. (NASDAQ: HNVR), the holding company for Hanover Community Bank, declared a $0.10 per share cash dividend payable to both common and Series A preferred shareholders. The dividend will be paid May 18, 2026 to stockholders of record on May 11, 2026.
Hanover Bancorp, Inc. (NASDAQ: HNVR), the holding company for Hanover Community Bank, declared a $0.10 per share cash dividend on both common shares and Series A preferred shares. The dividend will be paid May 18, 2026 to stockholders of record on May 11, 2026. Read more dividend announcements.
The dividend was approved by the company's board of directors and announced alongside first-quarter 2026 financial results on April 27, 2026.
| Dividend Details | Date |
|---|---|
| Amount per Share | $0.10 |
| Record Date | May 11, 2026 |
| Payment Date | May 18, 2026 |
| Frequency | Quarterly |
First Quarter Financial Performance
The Mineola, New York-based bank reported net income of $1.9 million, or $0.25 per diluted share, for the quarter ended March 31, 2026. Adjusted net income, excluding severance expenses, totaled $4.0 million, or $0.54 per diluted share.
Net interest income reached $16.4 million for the quarter, up $1.7 million, or 11.85%, from the same quarter a year earlier. The company said this represented the highest level since the third quarter of 2022.
Net interest margin expanded to 2.96% from 2.68% in the first quarter of 2025 and 2.84% in the fourth quarter of 2025.
Capital Management and Funding Optimization
Hanover completed a private placement of $35 million in 7.25% fixed-to-floating subordinated notes due 2036 on March 12, 2026. The company used the proceeds to redeem previously outstanding 8.54% floating rate subordinated notes on April 15, 2026 and to enhance the bank's capital base.
In February 2026, the bank restructured $60.3 million of Federal Home Loan Bank advances into new put-feature advances. The move reduced the weighted average borrowing cost from 4.27% to 3.47%, generating approximately $40,000 in monthly interest expense savings.
Expansion Plans
Hanover received regulatory authorization to open a full-service branch in Riverhead, New York, with the opening planned for later in 2026. A temporary loan production office in Riverhead with business development staff became operational in March 2026.