Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-16

Hanover Bancorp, Inc. (HNVR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,499,882
Michael Puorro total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against HNVR
3 companies name HNVR as a compensation peer

Each company listed discloses HNVR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named HNVR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Puorro$716,000$0$491,047$0$235,147$0$57,688$1,499,882
Chairman, President and Chief Executive Officer
McClelland Wilcox575,0000274,99300037,177887,170
Former President
Joseph Burns406,850059,254085,029024,800575,933
Executive Vice President and Chief Lending Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Michael Puorro$1,499,882$1,131,468+368,414
McClelland Wilcox887,170821,724+65,446
Joseph Burns575,933517,969182,793+57,964

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Lisa A. DiiorioFSVP & Chief Accounting Off.2026-05-01D6,000$0$0Derivative, Class A CommonForm 4 ↗
Lisa A. DiiorioFSVP & Chief Accounting Off.2026-05-01A6,0001378,000CommonForm 4 ↗
Lisa A. DiiorioFSVP & Chief Accounting Off.2026-05-01D3,8792492,010CommonForm 4 ↗
Robert GoldenDirector2026-05-06A10,00013130,000CommonForm 4 ↗
Robert GoldenDirector2026-05-06D10,00000Derivative, Class A CommonForm 4 ↗
Robert GoldenDirector2026-05-19D2,2592351,483CommonForm 4 ↗
Robert GoldenDirector2026-05-19D1,0122323,291CommonForm 4 ↗
Robert GoldenDirector2026-05-27D1,2952430,471CommonForm 4 ↗
Robert GoldenDirector2026-05-29D1,5142435,893CommonForm 4 ↗
Robert GoldenDirector2026-06-02D1,8472342,668CommonForm 4 ↗
Robert GoldenDirector2026-06-10D8,41924203,759CommonForm 4 ↗
Robert GoldenDirector2026-06-12D3,7632490,379CommonForm 4 ↗
Robert GoldenDirector2026-06-12D6612416,005CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
McClelland WilcoxOTHER$274,993
Joseph BurnsOTHER59,254
Michael PuorroOTHER491,047
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
McClelland WilcoxPSU23,376$540,219
Michael PuorroRSU9,336215,755
Joseph BurnsPSU7,053162,995
Joseph BurnsRSU2,55352,067
Michael PuorroPSU35,446819,157
McClelland WilcoxRSU5,228120,819
05

Incentive-plan design — the Compensation Discussion & Analysis

Our long-range mission is to produce value for our shareholders by providing outstanding service and responsiveness to the markets and customers we serve. These goals are reflected in our 2025 NEO Compensation and Benefits Program by: Creating balanced incentives that do not encourage NEOs to expose Hanover to inappropriate risks by providing excessive compensation that could lead to material loss; and Providing an overall market competitive compensation package to our NEOs to continue to attract, retain and reward our highly qualified and productive executive team.

CEO STI target (% of salary)55%
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners, LLC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
202643,001
202543,001

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
2025a
2026b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Robert GoldenIndependent · Lead Independent Director · Compensation · Nominating/Governance$72,204$35,000$0$0$0$107,204
Philip OkunIndependent · Audit · Compensation · Nominating/Governance70,95435,000000105,954
Ahron H. HaspelIndependent · Audit (Chair) · Compensation · Nominating/Governance (Chair)67,57935,000003,000105,579
Metin NegrinIndependent · Audit · Compensation (Chair)65,70435,000000100,704
Elena SistiIndependent · Audit61,32935,00000096,329
Michael KatzIndependent · Audit · Compensation · Nominating/Governance53,45435,00000088,454
John R. SorrentiIndependent50,07935,00000085,079
Varkey AbrahamIndependent · Nominating/Governance49,07935,00000084,079
Michael P. PuorroEmployee director · Board Chair00000
Michael ThadenIndependent · Compensation000000
09

Board fee structure and ownership guideline

Annual cash retainer$36,996
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$490,382
Equity awards (grant-date value)$280,000
All other compensation$3,000
Total cost of the board$773,382

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Hanover Bancorp, Inc.2025Michael Puorro$716,000$491,047$0$235,147$1,499,882

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

FAQ

Frequently asked questions

Who was the highest-paid executive at Hanover Bancorp, Inc. in fiscal 2025?
The highest-paid executive at Hanover Bancorp, Inc. in fiscal 2025 was Michael Puorro, who served as Chairman, President and Chief Executive Officer with total compensation of $1,499,882.
How does Hanover Bancorp, Inc.'s chief executive pay compare to its disclosed peer group?
The filing shows the CEO pay percentile of disclosed peers was not disclosed.
What is Hanover Bancorp, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was not disclosed in this extract.
How did shareholders vote on Hanover Bancorp, Inc.'s executive compensation?
The Say on Pay support for the latest vote was not disclosed in this extract.
How much does Hanover Bancorp, Inc. spend in total on board compensation for fiscal 2025?
The total board compensation for fiscal 2025 was $773,382.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael PuorroDEF 14A2026-04-230001104659-26-047669Section “Summary Compensation Table”. As printed: 1,499,882. Filing ↗machine: r3 · c26 · span 225462–225471
2Section 01, McClelland WilcoxDEF 14A2026-04-230001104659-26-047669Section “Summary Compensation Table”. As printed: 887,170. Filing ↗machine: r7 · c26 · span 235020–235027
3Section 01, Joseph BurnsDEF 14A2026-04-230001104659-26-047669Section “Summary Compensation Table”. As printed: 575,933. Filing ↗machine: r11 · c26 · span 243481–243488
4Section 03, McClelland Wilcox OTHERDEF 14A2026-04-230001104659-26-047669Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t74 · r7 · c11 · span 233846–233853
5Section 03, Joseph Burns OTHERDEF 14A2026-04-230001104659-26-047669Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t74 · r11 · c11 · span 242309–242315
6Section 03, Michael Puorro OTHERDEF 14A2026-04-230001104659-26-047669Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t74 · r3 · c11 · span 224123–224130
7Section 07, pay ratio10-K2026-03-130001104659-26-027651Section “CEO Pay Ratio”. As printed: —. Filing ↗
8Section 08, Robert GoldenDEF 14A2026-04-230001104659-26-047669Section “Director Compensation”. As printed: 107,204. Filing ↗machine: t82 · r3 · c11 · span 288299–288306
9Section 08, Philip OkunDEF 14A2026-04-230001104659-26-047669Section “Director Compensation”. As printed: 105,954. Filing ↗machine: t82 · r7 · c11 · span 292826–292833
10Section 08, Ahron H. HaspelDEF 14A2026-04-230001104659-26-047669Section “Director Compensation”. As printed: 105,579. Filing ↗machine: t82 · r4 · c11 · span 289423–289430
11Section 08, Metin NegrinDEF 14A2026-04-230001104659-26-047669Section “Director Compensation”. As printed: 100,704. Filing ↗machine: t82 · r6 · c11 · span 291701–291708
12Section 08, Elena SistiDEF 14A2026-04-230001104659-26-047669Section “Director Compensation”. As printed: 96,329. Filing ↗machine: t82 · r8 · c11 · span 293946–293952
13Section 08, Michael KatzDEF 14A2026-04-230001104659-26-047669Section “Director Compensation”. As printed: 88,454. Filing ↗machine: t82 · r5 · c11 · span 290533–290539
14Section 08, John R. SorrentiDEF 14A2026-04-230001104659-26-047669Section “Director Compensation”. As printed: 85,079. Filing ↗machine: t82 · r9 · c11 · span 295059–295065
15Section 08, Varkey AbrahamDEF 14A2026-04-230001104659-26-047669Section “Director Compensation”. As printed: 84,079. Filing ↗machine: t82 · r2 · c11 · span 287178–287184
16Section 08, Michael P. PuorroDEF 14A2026-04-230001104659-26-047669Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Michael ThadenDEF 14A2026-04-230001104659-26-047669Section “Director Compensation”. As printed: 0. Filing ↗machine: t82 · r10 · c11 · span 296285–296292
18Section 02, Lisa A. Diiorio 2026-05-01Form 42026-05-050001225208-26-004937Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Lisa A. Diiorio 2026-05-01Form 42026-05-050001225208-26-004937Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Lisa A. Diiorio 2026-05-01Form 42026-05-050001225208-26-004937Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Robert Golden 2026-05-06Form 42026-05-080001225208-26-005020Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Robert Golden 2026-05-06Form 42026-05-080001225208-26-005020Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Robert Golden 2026-05-19Form 42026-05-210001225208-26-005526Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Robert Golden 2026-05-19Form 42026-05-210001225208-26-005526Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Robert Golden 2026-05-27Form 42026-05-290001225208-26-005639Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Robert Golden 2026-05-29Form 42026-06-020001225208-26-005715Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Robert Golden 2026-06-02Form 42026-06-040001225208-26-005793Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Robert Golden 2026-06-10Form 42026-06-120001225208-26-005973Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Robert Golden 2026-06-12Form 42026-06-160001225208-26-006060Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Robert Golden 2026-06-12Form 42026-06-160001225208-26-006060Insider equity transaction reported since the proxy statement. Filing ↗
31Section 06, 2025 voteForm 8-K2025-03-260001104659-25-028261Item 5.07 · say-on-pay result. As reported: —. Filing ↗
32Section 06, 2026 voteForm 8-K2026-04-230001104659-26-047669Item 5.07 · say-on-pay result. As reported: —. Filing ↗
33Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
34Section 09b board cost (computed)ComputedcomputedCash 490,382 + equity 280,000 + all other 3,000 = 773,382, summed across the director compensation table rows.machine: formula: Σ = 773,382
35Hanover Bancorp, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-230001104659-26-047669CEO total compensation as printed in Hanover Bancorp, Inc.'s own proxy. As printed: 1,499,882. Filing ↗machine: r3 · c26 · span 225462–225471