Hanover Community Bank
Headquarters
2131 Jericho Tpke
Garden City Park, NY 11040
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2024 Overview
General Bank Information
Hanover Community Bank is an FDIC insured institution located in Garden City Park, NY. It was founded in 2009 and has approximately $2.27 billion in assets. Customers can open an account at one of its 3 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 58675 |
| Date Established | 2009 |
| Assets | $ 2.27 billion |
| Loans | $ 1,945.87 million |
| Deposits | $ 1,904.93 million |
| Capital | $ 208.58 million |
For a more detailed analysis of Hanover Community Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - April 20, 2024
Your Current Location: Ohio, OH 43085
Loan Rates - April 20, 2024
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for Hanover Community Bank
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Featured - Ohio 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 3030 |
7.451% |
7.375% 0.75 points $2,400 fees |
$2,211 | Learn More |
NMLS ID: 1907 |
points fees |
Learn More | ||
NMLS ID: Not a Lender |
points fees |
Learn More | ||
NMLS ID: Not a Lender |
points fees |
Learn More |
Featured - Ohio Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
7.490 %
|
$0 |
Learn More
More Info |
Note to Hanover Community Bank
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Branches
Hanover Community Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Climate Policy and Initiatives
Hanover Community Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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Financial Details
Hanover Community Bank Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Hanover Community Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| Hanover Community Bank | U.S. Bank Average |
|---|---|
| 6.33% | 3.96% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of December 31, 2024, Hanover Community Bank had $14,451,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $208,584,000 in equity and $19,658,000 in loans loss reserves. That gives it a Texas Ratio of 6.33%.
Return on Equity
| Hanover Community Bank | U.S. Bank Average |
|---|---|
| 7.19% | 12.20% |
Hanover Community Bank has a Return on Equity of 7.19% versus the BestCashCow average of 12.20%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| Hanover Community Bank | U.S. Bank Average |
|---|---|
| 9.19% | 10.76% |
Hanover Community Bank has a Capitalization of 9.19% versus the BestCashCow average of 10.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
Hanover Community Bank Balance Sheet Analysis
As of December 31, 2023, Hanover Community Bank had assets of $2,269,227,000, loans of $1,945,873,000, and deposits of $1,904,934,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
December 31, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 176.97 million |
| Interest-bearing balances | $ 166.70 million |
| Total securities | $ 65.46 million |
| Federal funds sold and reverse repurchase | $ 0.52 million |
| Net loans and leases | $ 1,945.87 million |
| Loan loss allowance | $ 19.66 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | $ 24.15 million |
| All other assets | $ 20.92 million |
| Total Assets | $ 2.06 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 1,904.93 million |
| Interest-bearing deposits | $ 1,696.81 million |
| Deposits held in domestic offices | $ 1,904.93 million |
| % insured (estimated) | 59.55% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 56.71 million |
| Subordinated debt | N.A. |
| All other liabilities | $ 11.03 million |
| Total Liabilities | $ 2.06 billion |
| Shareholders’ Equity | $ 208.58 million |
Summary Income Statement
December 31, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 113.63 million |
| Total Interest Expense | $ 60.44 million |
| Net interest income | $ 53.18 million |
| Provision for loan and lease losses | $ 2.13 million |
| Total non interest income | $ 10.69 million |
| Total non interest expense | $ 41.93 million |
| Pre-tax Net Operating Income | $ 15.05 million |
Bank Loan Profile?
The top three loan types in Hanover Community Bank’s loan portfolio are Multifamily Mortgages, 1-4 Family Residential Loans, and Commercial Real Estate.
Compared to other banks in New York, Hanover Community Bank has a significantly higher percent of Multifamily Mortgages on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 22.19 | ✓ | ||
| Multifamily Mortgages |
24.64 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 0.00 | ✓ | ||
| Small Business Loans | 6.29 | ✓ | ||
| Construction and Development Loans | 0.89 | ✓ | ||
| Commercial Real Estate | 22.12 | ✓ | ||
| Commercial and Industrial Loans | 2.93 | ✓ | ||
| Farm Loans | 0.00 | ✓ | ||
Customer Reviews for Hanover Community Bank
Douglas H
February 5, 2020 |
The employees of this bank are helpful but the bank's systems and procedures for obtaining your account information STINK. If you want a bank that provides you quarterly (or even annual) statements by mail for your accounts, there are none provided here. It is "do it yourself" banking, like dealing with an Internet-only bank. You have to print out your own "statements" and their system keeps changing at least once per year for the detail you can actually print. If you don't login at least once every 3 months, your online account access is cancelled even though you still have active accounts. You then have to "re-enroll" for access all over again. The "re-enroll" activation process can't be completed successfully using Windows 10 browser (the website doesn't tell you that) --you have to use Google Chrome or something else. Right now in the "latest" version of the ever-changing software, all you can print is the total balance in each account, not the detail of monthly activity. So I am supposed to do it myself yet can't get decent detail information in hard copy. NOT ACCEPTABLE. If you want to deal with a true Internet bank, go for it elsewhere. At least in that case you should be able to print out full detail and they won't delete your access just because you haven't logged in recently. When my current CDs at Hanover mature, the money will be going somewhere else.
Is this review helpful? Yes:3 / No: 0
Brendan Galligan
July 17, 2016 |
I am pleased with your conservative approach to banking. Thank you!
Is this review helpful? Yes:0 / No: 3
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