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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | July 21, 2005 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
13% INCREASE IN NET INCOME
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts announced second quarter earnings for 2005. Net income for the quarter ended June 30, 2005 was $1,568,000 or $0.75 per share (basic) representing a 13% increase over net income of $1,392,000 or $0.67 per share (basic) for the same period last year.
Assets at June 30, 2005 were $585,813,000 and represented an 11% increase over June 30, 2004. Asset growth was most notable in the loan category which increased $59.3 million, or 15%, over the same period. Deposits grew to $356,196,000 at June 30, 2005, an 8% increase over the balance at June 30, 2004.
The annualized Return on Average Assets and Return on Average Equity for the quarter were 1.11% and 13.59% respectively.
Increases in capital were also noted and at June 30, 2005, the Bank reported book value per share of $22.31, a 10% increase from June 30, 2004.
"I'm extremely pleased to report strong earnings growth despite the compression of the net interest margin that continues to challenge the entire financial industry. We have been very successful in mitigating these pressures by our continued ability to expand our loan portfolio. Equally important, our asset quality remained exceptional. At quarter end, the Bank had no foreclosed property and only two 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.
