Bank Announces Income

October 31, 1990

HANOVER, Pa. -- Hanover Bancorp Inc. has announced that the corporation's net income for the period ending Sept. 30, 1990 was $2.141 million, an increase of 9.7 percent over the same period last year.

Net income per share for the same period increased from $1.64 per share to $1.80 per share.

As of Sept. 30, Bancorp's total assets were $241,982,000, an increase of 8.7 percent over September 1989. Net loans were $160,595,000, an increase of 7.6 percent over 1989. Deposits as of Sept. 30 totaled $211,491,000, up 8.8 percent over last year.

Return on average assets and return on average shareholders' equity were reported at 1.23 percent and 15.21 percent as of Sept. 30, respectively.

Hanover Bancorp Inc. is the parent corporation of the Bank of Hanover and Trust Co. The bank operates seven branch offices in Pennsylvania and a loan office in Westminster.

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