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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | October 18 , 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 third quarter earnings for 2004. Net income for the quarter ended September 30, 2004 was $1,499,000 or $0.72 per share (basic) as compared to net income of $1,533,000 or $0.74 per share (basic) for the same period last year. "While earnings remained strong, the slight decrease was a result of continued compression of the Bank's net interest margin which was reduced to 3.43% for the third quarter of 2004, as compared to 3.77% for the same quarter of 2003. Expenses, which rose commensurate with the size of the balance sheet, were offset in large measure by growth in earning assets, stated President Robert H. Gaughen, Jr."
Assets as of September 30, 2004 were $529,183,000 and represented an 11.3% increase over September 30, 2003. Asset growth was most notable in the loan category which increased $49.9 million or 14.3% over the same period last year, and deposits increased $30.3 million or 10.2% over the same period last year.
The annualized Return on Average Assets and Return on Average Equity for the quarter were 1.15% and 13.88% respectively.
Increases in capital were also noted and at September 30, 2004, the Bank reported book value per share of $21.03, an 8.5% increase from September 30, 2003.
Asset quality remains strong. As of September 30, 2004, the Bank had no foreclosed property and only two nonperforming loans, representing a minimal 0.10% of total assets.
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.
