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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | July 19, 2004 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
BANK ANNOUNCES STRONG QUARTERLY EARNINGS
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts, announced second quarter earnings for 2004. Net income for the quarter ended June 30, 2004 was $1,392,000 or $0.67 per share (basic) as compared to net income of $2,130,000 or $1.03 per share (basic) for the same period last year. Earnings for the second quarter of 2003 were positively impacted when the Bank recognized a $700,000 credit to the provision for income taxes due to the settlement of a tax dispute with the Massachusetts Department of Revenue.
Assets at June 30, 2004 were $526,060,000 and represented a 14% increase over June 30, 2003. Asset growth was most notable in the deposit category which increased $58.3 million, or 21%, over the same period. Loans grew to $385,934,000 at June 30, 2004, a 12% increase over the balance at June 30, 2003.
The annualized Return on Average Assets and Return on Average Equity for the quarter were 1.12% and 13.06% respectively.
Increases in capital were also noted and at June 30, 2004, the Bank reported book value per share of $20.26, a 6% increase from June 30, 2003.
"The Bank continues to generate strong loan growth while many of our peers are reporting fairly anemic results. The Bank originated in excess of $55,000,000 in loans in the second quarter of 2004. Equally important, our asset quality remained exceptional. At quarter end, the Bank had no foreclosed property and only one nonperforming loan totaling $171,000, or a minimal 0.04% of total loans," 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.
