What caused HNVR's EPS decline in Q2 and Q3 2024?

Hanover Bancorp's EPS decline in Q2 and Q3 2024 can be attributed to several factors:

1. **Interest Income Impact**: The decline in net interest income by 17.1% year-over-year to $12.7 million in Q4 2023, as reported in the 2024 Q4 earnings report, likely had a cumulative effect on EPS in Q2 and Q3 2024. This decrease in net interest income, primarily due to rising interest rates,压缩了净息差, negatively impacted revenue and, consequently, EPS.
2. **Non-Interest Expense Increase**: There was an increase in non-interest expense, largely due to growth-related increases in compensation and benefits, occupancy and equipment, federal deposit insurance premiums, and other operating expenses. This increase in expenses would have eaten into the net profit, reducing EPS.
3. **Provision for Credit Losses**: A decrease in the provision for credit losses, which is a component of the expense side, partially offset the impact of declining interest income and rising non-interest expenses. However, if the provision was not sufficient to cover all the losses, it could have contributed to a lower EPS.
4. **Market Conditions and Competition**: The broader market conditions and competition within the banking sector also play a role. Rising interest rates, while beneficial in some respects, can lead to increased competition for borrowers, which may have affected Hanover Bancorp's lending activities and, subsequently, its income and EPS.

In summary, the decline in Hanover Bancorp's EPS in Q2 and Q3 2024 is likely a result of a combination of factors including the impact of interest income, non-interest expense increase, provision for credit losses and market conditions and competition.