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P R E S S R E L E A S E
| FROM: |
Robert H. Gaughen, Jr., President |
| DATE: | October 21, 2003 |
| CONTACT: | William M. Donovan, Jr., Vice President-Administration, (781) 749-2200 |
16% INCREASE IN NET INCOME
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ B HIFS), Hingham, Massachusetts, announced an increase in third quarter earnings for 2003. Earnings for the third quarter ended September 30, 2003 increased to $1,533,000 or $0.74 per share (basic), representing a 16% increase over net income of $1,326,000 or $0.64 per share (basic) for the same period last year.
Growth trends of recent years continued with a 12% increase in total assets, an 8% increase in total deposits, a 12% increase in total loans, and a 9% increase in stockholders' equity over those of September 30, 2002.
President Robert H. Gaughen, Jr. announced that "These strong results continue to be driven primarily by our ability to expand our balance sheet. This continued growth in our attractive marketplace has resulted in a predictable and enviable earnings record."
Total loan originations during this quarter totaled $60.8 million as compared to $33.5 million during the same period of 2002. Asset quality remains strong. At quarter end the Bank had no foreclosed properties, and nonperforming loans included only two loans totaling 0.07% of total assets. Asset quality levels are among the best in the Bank's history.
The annualized Return on Average Assets and Return on Average Equity for 2003 were 1.16% and 13.14% respectively. Book value per share increased to $19.39 as of September 30, 2003.
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.
