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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | April 21 , 2005 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
8% INCREASE IN NET INCOME
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts, announced first quarter earnings for 2005. Net income for the quarter ended March 31, 2005 was $1,517,000 or $0.73 per share (basic) as compared to net income of $1,403,000 or $0.68 per share (basic) for the same period last year.
Assets at March 31, 2005 were $562,328,000 and represented a 15% increase over March 31, 2004. Balance sheet growth was most notable in the deposit category which increased $54,617,000, or 18%, over the same period. Loans grew to $427,691,000 at March 31, 2005, a 17% increase over the balance at March 31, 2004.
The annualized Return on Average Assets and Return on Average Equity for the quarter were 1.11% and 13.42% respectively.
Increases in capital were also noted and at March 31, 2005, the Bank reported book value per share of $21.58, a 6% increase from March 31, 2004.
"The Bank continues to produce strong results primarily driven by our ability to control expenses and expand our balance sheet. The Bank originated in excess of $37,000,000 in loans in the first quarter of 2005. Equally important, our asset quality remained strong. At quarter end, the Bank had no foreclosed property and only three nonperforming loans representing a minimal 0.17% 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.
