Lance P. Burke
About Lance P. Burke
Executive Vice President and Chief Financial Officer of Hanover Bancorp, Inc. since 2021, with 25+ years of banking experience focused on accounting and finance leadership at Dime Bank (formerly BNB Bank) and New York Community Bank . Burke signs HNVR’s earnings and corporate 8-K filings as Principal Financial Officer, reflecting oversight of financial reporting and capital markets communications . During his tenure, Hanover’s net interest margin expanded from 2.41% in Q1 2024 to 2.74% in Q3 2025, while tangible book value per share rose to $24.43 by September 30, 2025 (from $23.86 at December 31, 2024) amid stable asset quality and liquidity discipline .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dime Bank (formerly BNB Bank) | Senior Vice President & Controller | 2009–2021 | Led controllership and finance functions |
| New York Community Bank | Accounting and finance roles | 10 years | Early-career finance roles in a large regional bank |
External Roles
- Not disclosed in company filings reviewed.
Fixed Compensation
- Burke’s CFO compensation details (base salary, target/actual bonus) were not disclosed in the 2025 DEF 14A; the Named Executive Officers for 2024 were the CEO, President, and Chief Lending Officer, and the Summary Compensation Table covers only those individuals .
Performance Compensation
- Hanover’s Executive Annual Incentive Plan ties cash bonuses to pre-established financial and strategic goals measured on a calendar-year basis. Financial metrics include: pre-tax, pre-provision net revenue (PPNR), pre-tax, pre-provision ROAA, and net charge-off ratio on Hanover-originated loans; strategic goals carry a 25% weighting. Payouts range from 50% of target at threshold to 150% of target at stretch; 2024 aggregate payouts were slightly below target .
| Metric | Weighting | Target Definition | Payout Range | 2024 Outcome (Company-level) | Vesting |
|---|---|---|---|---|---|
| Pre-tax, pre-provision net revenue (PPNR) | Not specified (part of financial component) | Pre-set calendar-year target | 50–150% of target | Aggregate payout slightly below target | Annual cash |
| Pre-tax, pre-provision ROAA | Not specified | Pre-set calendar-year target | 50–150% of target | Aggregate payout slightly below target | Annual cash |
| Net charge-off ratio | Not specified | Pre-set calendar-year target | 50–150% of target | Aggregate payout slightly below target | Annual cash |
| Non-financial strategic goals (core conversion, deposits, branding, CRA) | 25% | Board-approved corporate goals | 50–150% of target | Goals achieved contributed to payouts | Annual cash |
- Long-Term Incentives: Equity grants are evenly split between time-vested units (TVUs) and performance-vested units (PVUs). TVUs vest over five years; PVUs are earned over Jan 1, 2025 – Dec 31, 2027 based on two metrics: Core ROA vs an industry index (50% weight) and tangible book value per share growth vs an industry index (50% weight), with 0–150% payout of target shares .
| Award Type | Performance Period | Metrics | Weighting | Vesting | Potential Payout |
|---|---|---|---|---|---|
| Time-vested RSUs (TVUs) | N/A | N/A | N/A | 5-year vesting | N/A |
| Performance-vested RSUs (PVUs) | 2025–2027 | Core ROA vs industry index | 50% | Earned post-period | 0–150% of target |
| Performance-vested RSUs (PVUs) | 2025–2027 | TBV per share growth vs industry index | 50% | Earned post-period | 0–150% of target |
- Note: Specific CFO (Burke) award counts/values for 2024 were not disclosed; the proxy lists grants only for CEO, President, and Chief Lending Officer .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 24,068 common shares (0.32% of class) |
| Unvested restricted stock included | 10,509 shares subject to future vesting (voteable) |
| Options (exercisable/unexercisable) | None disclosed for Burke in proxy ownership footnotes |
| Hedging policy | Prohibits hedging/derivative monetization by executives and directors |
| Pledging policy | Prohibits pledging company shares as collateral by executives and directors |
| Stock ownership guidelines | Not disclosed for executive officers in filings reviewed |
Employment Terms
- Employment agreements and change-in-control economics were disclosed for the CEO and President, and a change-in-control agreement for the Chief Lending Officer; no CFO (Burke) employment agreement, severance, or CIC terms were disclosed in the proxy .
Compensation Committee and Governance
- Compensation Committee members: Metin Negrin (Chair), Robert Golden, Ahron H. Haspel, Michael Katz, and Philip Okun; all independent under Nasdaq standards . The Committee met three times in fiscal 2024 and engages Meridian Compensation Partners, LLC as independent consultant, with no conflicts of interest identified . The program includes a clawback policy compliant with Nasdaq listing standards; no excise tax gross-ups; options cannot be repriced; limited perquisites; and prohibitions on hedging and pledging .
Performance & Track Record (Company KPIs during Burke’s tenure)
| Metric | Q1 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|
| Net Interest Margin (%) | 2.41 | 2.53 | 2.68 | 2.76 | 2.74 |
| Net Income ($USD Millions) | $4.06 | $3.90 | $1.52 | $2.44 | $3.49 |
| Tangible Book Value/Share ($) | $23.01 | $23.86 | $23.62 | $23.94 | $24.43 |
Additional highlights:
- Liquidity: Undrawn liquidity sources equaled ~$644 million (265% of uninsured deposits) in Q1 2024; ~$686 million (274%) in Q2 2025; ~$712 million (253%) in Q3 2025 .
- Asset quality: Non-performing loans were 0.74% of total loans in Q1 2024, 0.82% in Q4 2024, 0.60% in Q1 2025, 0.64% in Q2 2025, and 0.86% in Q3 2025, with CRE concentration ratio improving from 385% (12/31/2024) to 362% (9/30/2025) .
Investment Implications
- Alignment: Burke’s 24,068-share stake, including 10,509 unvested RSUs, plus Hanover’s prohibitions on hedging and pledging, signal credible alignment with shareholders and reduced risk of leverage-driven selling .
- Incentive design: Multi-year PVUs tied to Core ROA and TBV vs industry benchmarks encourage durable value creation; TVU 5-year vesting supports retention—though CFO-specific grant values were not disclosed, indicating limited visibility into his at-risk pay mix .
- Retention/CIC risk: Absence of public CFO employment/CIC terms limits quantification of severance economics and retention hooks; however, company-level clawbacks and governance practices mitigate risk-taking concerns .
- Execution context: Under Burke’s financial leadership, NIM and TBV/share trended upward through 2025 with disciplined liquidity and improving CRE concentration ratios—supportive of capital accretion and potential valuation rerating if margin expansion persists .