21.74
-0.46%
Close of 9 Nov 2026, in USD
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About Hanover Bancorp
From its filings with the US Securities and Exchange Commission
Hanover Bancorp is based in Mineola, New York and is incorporated in Maryland. Its shares trade on Nasdaq under the ticker HNVR. The SEC classifies its business as state commercial banks. In the fiscal year to 31 December 2025, it reported net income of $7.5m. At that date it held total assets of $2.38bn and shareholders' equity of $200.3m.
Hanover Bancorp, Inc., a Maryland corporation (the “Company”), is the holding company for Hanover Community Bank (the “Bank”), a New York chartered community commercial bank focusing on highly personalized and efficient services and products responsive to local needs. On June 25, 2025, the Company completed its reincorporation from New York to Maryland. The Bank operates as a locally headquartered, community-oriented bank serving customers throughout the New York metro area from offices in Nassau, Suffolk, Queens, Kings (Brooklyn) and New York (Manhattan) Counties, New York, and Freehold, Monmouth County, New Jersey. We opened the Bank’s Hauppauge Business Banking Center in Hauppauge, Suffolk County, New York in May 2023. In June 2025, we opened a full-service branch in Port Jefferson, Suffolk County, New York. As of December 31, 2025, we had total assets of $2.38 billion, total loans of $2.00 billion, total deposits of $2.03 billion and total stockholders’ equity of $200.3 million.
The Bank was originally organized in 2009, with a focus on serving the South Asian community in Nassau County. After incurring financial and regulatory setbacks, the Bank was recapitalized in 2012 (the “2012 Recapitalization”). Following the 2012 Recapitalization, the Bank adopted a strategic plan focused on providing differentiated consumer and commercial banking services to clients in the western Long Island markets and New York City boroughs, particularly the Queens and Brooklyn markets.
Quoted from its 10-K, filed 13 Mar 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Financials
- Industry
- Banks
- Listed since
- 11 May 2022
- Employees
- 194
- Head office
- 80 EAST JERICHO TURNPIKE, MINEOLA, NY, 11501
- Incorporated in
- MD
- Classification
- State Commercial Banks
- Filer status
- <br>Emerging growth company
Leadership
Pay as last reported
- Mr. Michael PuorroChairman of the Board, Chief Executive Officer$1.1m
- Mr. Mcclelland WilcoxPresident$838,752
- Mr. Lance BurkeChief Financial Officer, Executive Vice President
- Mr. Kevin CorbettExecutive Vice President, Chief Credit Officer$450,201
- Mr. Robert GoldenLead Independent Director$81,661
- Mr. John SorrentiDirector$70,411
- Mr. Michael ThadenDirector
- Mr. Varkey AbrahamIndependent Director$68,411
- Mr. Ahron HaspelIndependent Director$80,461
- Dr. Michael KatzIndependent Director$69,036
- Mr. Metin NegrinIndependent Director$74,786
- Mr. Philip OkunIndependent Director$77,036
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 0
- Environment
- 0
- Social
- 0
- Governance
- 0
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- The company operates eight branch locations serving Long Island and the greater New York metropolitan area.
- Employees number 194 staff members providing full-service banking products and services to local communities.
- The Bank provides a complete suite of consumer, commercial, and municipal banking products and services.
Weaknesses
- The company is headquartered in Mineola, New York, which may limit broader geographic reach.
- The listing date was 11 May 2022, indicating a relatively recent entry into public markets.
- Operations are concentrated in specific New York locations and Freehold, New Jersey, limiting diversification.
Opportunities
- Advanced technologies in mobile and internet banking offer enhanced access for consumer and business customers.
- Free checking with interest and telephone banking services can attract new retail banking clients.
- Multi-family and commercial mortgages provide opportunities for growth in the commercial lending segment.
Threats
- Competition from other banks in the greater New York metropolitan area may impact market share.
- Economic fluctuations in the Long Island region could affect the performance of residential loans.
- Changes in interest rates may influence the profitability of business loans and lines of credit.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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