 |
 |
 |
 |
 |
2002 Third Quarter Earnings
| FROM: | Robert H.
Gaughen, Jr., President Hingham Institution for Savings Hingham, MA (NASDAQ-HIFS) |
| DATE: | October 22, 2002 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
PRESS RELEASE
EARNINGS INCREASE FOR THIRD QUARTER
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ B HIFS), Hingham, Massachusetts, announced an increase in third quarter and nine months year-to-date earnings for 2002. Net income for nine months ended September 30, 2002 was $4,210,000 or $2.05 per share (basic) representing a 12% increase over net income of $3,754,000 or $1.84 per share (basic) for the same period last year. Earnings for the third quarter ended September 30, 2002 increased to $1,326,000 or $0.64 per share (basic), an improvement over the earnings reported for the same quarter last year.
Growth trends of recent years continued with a 13% increase in total assets, a 10% increase in total deposits, a 10% increase in total loans, and a 13% increase in stockholders' equity over those of September 30, 2001.
President Robert H. Gaughen, Jr. announced that "Despite current economic trends, I am extremely pleased to report positive year-to-date growth in our balance sheet, net income, and net interest margin."
Asset quality remains strong. At quarter end the Bank had no foreclosed properties, and nonperforming loans totaled only 0.14% of total assets. The net interest margin for the nine months ended September 30, 2002 increased to 3.94% as compared to 3.92% for the same period last year.
The annualized Return on Average Assets and Return on Average Equity for 2002 were 1.41% and 15.81% respectively. Book value per share increased to $18.00 as of September 30, 2002, and the Bank continued to merit the Federal Deposit Corporation's highest capital rating with a tier one capital ratio of 8.82%.
Hingham Institution for Savings is a Massachusetts-chartered savings bank. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest in Massachusetts. The Bank's main offices are 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, and Weymouth.
The Bank's shares of common stock are listed and traded
on The Nasdaq Stock Market under the symbol HIFS.
Consolidated Statements of Income
