Hanover Bancorp reports Q1 EPS 55c vs 43c last year

Michael Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “Our first quarter results reflect linked quarter increases of 7.84% and 7.17%, and year over year increases of 27.91% and 19.58%, in diluted EPS and ROTCE, respectively, due to the continued expansion of our SBA and C&I Banking verticals. Our investments in these initiatives anticipated the current interest rate environment, enabling our continued strategic growth despite the persistence of uncertain economic conditions. We are very pleased with these results and remain committed to disciplined expense management and selective growth in scalable, profitable business verticals to drive results in the immediate future. Longer term, we believe our balance sheet is well-positioned for favorable changes in the interest rate environment predicted by many economists.”