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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | April 21 , 2004 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
BANK ANNOUNCES QUARTERLY EARNINGS
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq B HIFS), Hingham, Massachusetts, announced first quarter results of $1.4 million as compared to $197,000 reported for the first quarter of 2003. Earnings for 2003 were negatively impacted by a charge of $1.4 million in state income taxes, net of federal tax deductions, arising from a retroactive change to Massachusetts tax law. On a per-share basis, earnings for 2004 were $0.68 ($0.67 diluted) as compared to $0.10 ($0.09 diluted) for the comparable period in 2003.
Assets at March 31, 2004 were $489,447,000 and represented a 13% increase over March 31, 2003. Asset growth was most notable in the loan category which increased $35.6 million, or 11%, over the same period. Deposits grew to $298,967,000 at March 31, 2004, a 7% increase over the balance at March 31, 2003.
Improvement in capital was also noted and at March 31, 2004, the Bank reported book value per share of $20.29, a 12% increase from March 31, 2003. Return on equity was a strong 13.43% for the first quarter of 2004.
"The Bank continues to achieve growth in its loan portfolio at a time when some of its peers are experiencing flat or declining balances. In fact, the Bank originated in excess of $30,000,000 in loans in the first quarter of 2004. Asset quality remains strong with nonperforming assets less than $175,000, or a low 0.05% of total loans at quarter end 2004," stated President Robert H. Gaughen, Jr.
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 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.
