Hanover Bancorp repurchased 112,346 shares at $23.54 average in Q2 2026
Regional bank executed 1.6% of outstanding shares under ongoing $2.6M program authorization
What the filing says
Hanover Bancorp, Inc. (NASDAQ: HNVR) executed share repurchases during the second quarter ended June 30, 2026, buying back 112,346 shares of common stock at a weighted average price of $23.54 per share for an aggregate cost of $2.6 million. The repurchases represented approximately 1.6% of shares outstanding at the beginning of the period and were conducted under the Company's existing share repurchase program.
As of June 30, 2026, 171,729 shares remained available for repurchase under the authorized program, which totals 366,050 shares. The execution mechanism was not specified in the filing. Management noted in its earnings commentary that the "ongoing commitment to share buybacks and dividends reflects our confidence in the Company's financial strength and our dedication to delivering long-term shareholder returns."
The repurchase activity occurred amid a period of improved financial performance for the $2.34 billion-asset bank, which reported net income of $4.1 million for Q2 2026 and record net interest income of $16.8 million, up 13.4% year-over-year. Book value per share (including Series A preferred shares) increased to $27.66 at June 30, 2026 from $27.02 at December 31, 2025, reflecting both retained earnings and the dilution-reduction impact of the share repurchases.
For the quarter ended June 30, 2026, the Company repurchased 112,346 shares of its common stock, which represented approximately 1.6% of shares outstanding at the beginning of the period, at a weighted average price of $23.54 per share. Of the 366,050 shares authorized under the Company's share repurchase program, 171,729 shares remain available for repurchase as of June 30, 2026. — Hanover Bancorp, Inc. /MD 8-K filing · View on SEC EDGAR →
What this means
Hanover Bancorp executed a modest share-repurchase program in Q2 2026, buying back approximately 1.6% of outstanding shares at roughly $23.54 per share. The $2.6 million in buyback activity is consistent with a regional bank's capital-management strategy, supporting earnings per share accretion and returning capital to shareholders alongside a $0.10 quarterly dividend. With 171,729 shares remaining authorized for repurchase out of 366,050 total, the company retains material buyback capacity. The repurchase occurred in a period of improved profitability and positive management sentiment, as reflected in the CEO's commentary on shareholder returns.
Frequently asked questions
- How many shares did Hanover Bancorp repurchase in Q2 2026?
- Hanover repurchased 112,346 shares of common stock at a weighted average price of $23.54 per share for a total cost of $2.6 million. This represented approximately 1.6% of shares outstanding at the beginning of the quarter.
- How much buyback authorization remains?
- As of June 30, 2026, 171,729 shares remained available for repurchase under the company's share repurchase program, which has a total authorization of 366,050 shares. This represents approximately 47% of the original authorization remaining.
- What was the execution mechanism for these buybacks?
- The filing does not specify the execution mechanism—whether the shares were repurchased through open-market purchases under Rule 10b-18, a 10b5-1 plan, or another method. This detail is typical of quarterly earnings releases and is often disclosed in more formal proxy or regulatory filings.
- How did the repurchase activity affect Hanover's book value per share?
- Book value per share increased to $27.66 at June 30, 2026 from $27.02 at year-end 2025, benefiting from both net income retained during the period and the dilution-reduction effect of the share repurchases. The combination of earnings and share count reduction supports per-share metrics.
- Why is management supporting buybacks alongside dividends?
- Management stated that the 'ongoing commitment to share buybacks and dividends reflects our confidence in the Company's financial strength and our dedication to delivering long-term shareholder returns.' This capital-return strategy is typical for banks with solid profitability and capital ratios.
- What is Hanover Bancorp's market context?
- Hanover is a $2.34 billion-asset regional bank holding company based in Mineola, New York, focusing on community commercial banking in the New York metropolitan area. In Q2 2026, it reported record net interest income and improving margins, supporting its ability to fund both shareholder returns and balance-sheet growth.