HNVR

MKT CAP:$160M

Hanover Bancorp, Inc.

Market Cap

$160M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$22.48-$0.29 (-1.27%)

Apr 22, 2026

Company Details

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...

CEO

Michael Puorro

IPO Date

May 11, 2022

Website

www.hanoverbank.com

Key Metrics TTM

Revenue

$143M

-3.4% YoY

Net Income

$7M

EPS (Diluted)

$1.00

Free Cash Flow

$4M

Revenue / Share

$19.24

Gross Margin

43.9%

Operating Margin

6.9%

Net Margin

5.2%

FCF Margin

2.9%

P/S

1.1x

P/E

21.4x

Earnings Reports

FY 2025

Mar 13, 2026

$143M-3.4%EPS $1.00

Q4 2025

Mar 13, 2026

$35M-5.0%EPS $0.00

Q3 2025

Nov 7, 2025

$36M-6.0%EPS $0.47

Q2 2025

Aug 8, 2025

$36M-3.9%EPS $0.33

Q1 2025

May 9, 2025

$37M+1.6%EPS $0.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$19M	$17M	$8M
Q2 22	$18M	$16M	$7M
Q3 22	$22M	$16M	$8M
Q4 22	$24M	$15M	$7M
Q1 23	$27M	$15M	$4M
Q2 23	$30M	$15M	$4M
Q3 23	$33M	$15M	$5M
Q4 23	$34M	$16M	$5M
Q1 24	$36M	$16M	$5M
Q2 24	$37M	$13M	$1M
Q3 24	$38M	$17M	$5M
Q4 24	$37M	$18M	$5M
Q1 25	$37M	$18M	$2M
Q2 25	$36M	$16M	$3M
Q3 25	$36M	$17M	$5M
Q4 25	$35M	$12M	$136.0K

Valuation

Quarter	P/S	P/E
Q1 22	2.0x	7.2x
Q2 22	1.8x	5.5x
Q3 22	1.7x	5.7x
Q4 22	1.7x	6.3x
Q1 23	1.4x	6.6x
Q2 23	1.3x	7.6x
Q3 23	1.1x	8.4x
Q4 23	1.0x	9.5x
Q1 24	0.8x	7.3x
Q2 24	0.9x	9.9x
Q3 24	0.9x	10.9x
Q4 24	1.1x	13.5x
Q1 25	1.1x	16.8x
Q2 25	1.2x	15.1x
Q3 25	1.2x	15.1x
Q4 25	1.2x	22.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3M	$3M
Q2 22	$8M	$7M
Q3 22	$8M	$8M
Q4 22	$6M	$5M
Q1 23	$1M	$185.0K
Q2 23	$8M	$7M
Q3 23	$906.0K	$590.0K
Q4 23	$4M	$4M
Q1 24	$4M	$3M
Q2 24	-$1M	-$3M
Q3 24	$2M	$4M
Q4 24	$1M	$2M
Q1 25	$4M	$4M
Q2 25	-$2M	-$2M
Q3 25	$3M	$2M
Q4 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 22	$360.0K
Q2 22	$282.0K
Q3 22	$191.0K
Q4 22	$845.0K
Q1 23	$1M
Q2 23	$1M
Q3 23	$316.0K
Q4 23	$356.0K
Q1 24	$308.0K
Q2 24	$1M
Q3 24	$2M
Q4 24	$789.0K
Q1 25	$228.0K
Q2 25	$90.0K
Q3 25	$317.0K
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+84.8%	+47.3%
Q2 22	+42.6%	-9.4%
Q3 22	+10.9%	+36.8%
Q4 22	+26.3%	+62.5%
Q1 23	+44.1%	+104.8%
Q2 23	+68.3%	+133.0%
Q3 23	+51.1%	+98.8%
Q4 23	+43.5%	+71.9%
Q1 24	+34.3%	+35.2%
Q2 24	+21.7%	+37.9%
Q3 24	+16.6%	+19.6%
Q4 24	+8.2%	+9.1%
Q1 25	+1.6%	+13.7%
Q2 25	-3.9%	-10.2%
Q3 25	-6.0%	-7.0%
Q4 25	-5.0%	+9.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$462.0K	2.5%
Q2 22	$564.0K	3.1%
Q3 22	$441.0K	2.0%
Q4 22	$439.0K	1.8%
Q1 23	$794.0K	3.0%
Q2 23	$401.0K	1.3%
Q3 23	$237.0K	0.7%
Q4 23	$360.0K	1.0%
Q1 24	$381.0K	1.1%
Q2 24	$401.0K	1.1%
Q3 24	$417.0K	1.1%
Q4 24	$388.0K	1.0%
Q1 25	$494.0K	1.4%
Q2 25	$392.0K	1.1%
Q3 25	$323.0K	0.9%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$6M	$153.0K
Q2 22	$5M	$112.0K
Q3 22	$5M	$50.0K
Q4 22	$4M	$150.0K
Q1 23	$6M	$183.0K
Q2 23	$6M	$200.0K
Q3 23	$5M	—
Q4 23	$6M	—
Q1 24	$6M	—
Q2 24	$7M	—
Q3 24	$7M	—
Q4 24	$7M	—
Q1 25	$8M	—
Q2 25	$7M	—
Q3 25	$7M	—
Q4 25	$9M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$127M	$5M	$132M
Q2 22	$134M	$7M	$141M
Q3 22	$150M	$12M	$162M
Q4 22	$152M	$12M	$164M
Q1 23	$204M	$12M	$216M
Q2 23	$212M	$11M	$223M
Q3 23	$193M	$11M	$204M
Q4 23	$177M	$61M	$238M
Q1 24	$136M	$93M	$229M
Q2 24	$141M	$0	$141M
Q3 24	$141M	$98M	$240M
Q4 24	$163M	$32M	$195M
Q1 25	$160M	$0	$160M
Q2 25	$165M	$0	$165M
Q3 25	$168M	$37M	$204M
Q4 25	$209M	$0	$209M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	7M	+28.8%	+28.8%
Q2 22	7M	-6.9%	+19.9%
Q3 22	7M	+10.2%	+3.9%
Q4 22	7M	-3.7%	+27.2%
Q1 23	7M	-0.0%	-1.3%
Q2 23	7M	+0.6%	+6.7%
Q3 23	7M	+3.7%	+0.4%
Q4 23	7M	-3.6%	+0.5%
Q1 24	7M	+4.0%	+4.5%
Q2 24	7M	-2.9%	+0.8%
Q3 24	7M	+3.2%	+0.4%
Q4 24	7M	+0.3%	+4.5%
Q1 25	7M	+0.2%	+0.7%
Q2 25	8M	+0.5%	+4.2%
Q3 25	7M	-3.0%	-2.1%
Q4 25	7M	+2.3%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$136.9K	136
Q2 22	$133.0K	136
Q3 22	$133.4K	162
Q4 22	$148.0K	162
Q1 23	$165.5K	162
Q2 23	$187.9K	162
Q3 23	$185.6K	176
Q4 23	$195.5K	176
Q1 24	$204.6K	176
Q2 24	$210.5K	176
Q3 24	$216.3K	176
Q4 24	$201.3K	185
Q1 25	$197.7K	185
Q2 25	$192.5K	185
Q3 25	$193.4K	185
Q4 25	$182.3K	194

Revenue / Employee