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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | August 23, 2010 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
Hingham Savings Ranked #1 Thrift in the East, #2 in the Nation by SNL Financial
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq-HIFS), Hingham, Massachusetts announced they were the top ranked thrift institution in the East and #2 in the nation, based on annual performance for 2009 in the annual ranking of the 100 largest public thrifts in the country compiled by SNL Financial. SNL noted Hingham Savings as a “regular fixture” among their highest thrift ratings, with observations about the Bank’s steady climb to their top performance rankings over the past several years. They cited Hingham’s Savings ability to grow earning assets, with net loans increasing 9% over the last 12 months, as an example of a bank that has prospered during the economic downturn. The Bank’s high returns and strong efficiency ratio were also noted.
President Robert H. Gaughen stated, “We’re pleased to learn of Hingham Savings’ top Eastern ranking in this report. This past year has created a tremendous opportunity for us as a strong community bank. We have watched our national competitors experience startling losses in spite of their government bailouts. Our soundness as a bank has resonated with many of our new customers, who have sought the services of an institution they can trust. We experienced 28% earnings growth last year, and we are actively lending to businesses and residents in our communities. We remain committed to the conservative strategies and practices that have made our 2009 performance possible. Continued improvements in our net interest margin, diligent cost control and prudent lending standards have produced real bottom line improvements at a time when some banks are struggling. We are proud to be recognized by SNL Financial again this year.”
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Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest in the Commonwealth. The Bank’s main office is located on Main Street, Hingham Massachusetts 02043, phone (781)749.2200 The Bank also maintains branch offices in South Hingham and the neighboring towns of Cohasset, Hull, Scituate, Weymouth, and Norwell as well as the South End of Boston.
The Bank’s shares of common stock are listed and traded on the Nasdaq Stock Market under the symbol HIFS.
Copyright 2007 Hingham Institution for Savings. All rights reserved. Member FDIC/Member DIF All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, moneymarket deposit accounts, and Interest on Lawyers Trust Accounts ("IOLTAs"). For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov. All deposit amounts above the FDIC limits are insured in full by the Depositors Insurance Fund.
Hingham Institution for Savings
55 Main Street
Hingham MA 02043
Telephone: 781.749.2200
