Oct. 23 at 8:05 PM
$HNVR Hanover Bancorp reports Q3 EPS 48c, consensus 43c
Reports Q3 Net interest income was
$13.1M for the quarter ended September 30 an increase of
$1.3M, or 11.04%, versus the comparable 2023 quarter due to improvement of the Company's net interest margin to 2.37% in the 2024 quarter from 2.29% in the comparable 2023 quarter. While net interest income and non-interest income increased during the quarter ended September 30, 2024 compared to the September 30, 2023 quarter, this was offset by an increase in non-interest expenses, particularly compensation and benefits, resulting in flat earnings between these periods.
The increase in non-interest income is primarily related to the increase in the gain on sale of loans held-for-sale which was partially offset by a decrease in other operating income. In the September 30, 2023 quarter, the Company settled ongoing litigation and received a settlement payment of
$975 thousand which was recorded in other operating income.
Included in compensation and benefits expense in the third quarter of 2024 was expense related to additional staff for the SBA, C&I Banking and Operations teams and severance payments in August 2024 paid in connection with a loan personnel restructuring initiative. These expenses were offset by lower incentive compensation expense resulting from reduced projected lending activity and lower deferred loan origination costs.
