Parent Company Only Condensed Financial Information

12 Months Ended

Sep. 30, 2023

Parent Company Only Condensed Financial Information [Abstract]

Parent Company Only Condensed Financial Information

Note 17. Parent Company Only Condensed Financial Information

Condensed parent company only financial statements of Hanover Bancorp, Inc. are as follows:

Condensed Balance Sheets

	September 30,
(in thousands)	2023		2022
ASSETS
Cash and due from banks	$	729	$	304
Investment in Bank		209,554		197,290
Other assets		845		141
Total Assets	$	211,128	$	197,735
LIABILITIES AND STOCKHOLDERS' EQUITY
Subordinated debentures	$	24,621	$	24,568
Accrued interest payable		573		573
Accrued expenses and other liabilities		27		10
Total Liabilities		25,221		25,151
Total Stockholders' Equity		185,907		172,584
Total Liabilities and Stockholders' Equity	$	211,128	$	197,735

Condensed Statements of Income

	Year Ended September 30,
(in thousands)	2023		2022
Dividends received from Bank	$	5,300	$	400
Interest expense		(1,304)		(1,331)
Non-interest expense		(159)		(18)
Income (loss) before income taxes and equity in undistributed earnings of the Bank		3,837		(949)
Income tax benefit		232		253
Equity in undistributed earnings of the Bank		11,095		24,252
Net income	$	15,164	$	23,556

Condensed Statements of Cash Flows

	Year Ended September 30,
(in thousands)	2023		2022
Cash flows from operating activities:
Net income	$	15,164	$	23,556
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of the Bank		(11,095)		(24,252)
Amortization of debt issuance costs		53		55
(Increase) decrease in other assets		(704)		909
Decrease in accrued interest payable		—		(3)
Decrease in other liabilities		—		(191)
Net cash provided by operating activities		3,418		74
Cash flows from investing activities:
Investment in Bank		—		(26,000)
Net cash used in investing activities		—		(26,000)
Cash flows from financing activities:
Proceeds from exercise of stock options		106		—
Net proceeds from issuance of common stock		—		27,729
Payments related to tax withholding for equity awards		(170)		(28)
Cash dividends paid		(2,929)		(2,042)
Net cash (used in) provided by financing activities		(2,993)		25,659
Net increase (decrease) in cash and due from banks		425		(267)
Cash and due from banks, beginning of period		304		571
Cash and due from banks, end of period	$	729	$	304