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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | October 19 , 2005 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
INCREASED NET INCOME
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ - HIFS), Hingham, Massachusetts announced third quarter earnings for 2005. Net income for the quarter ended September 30, 2005 was $1,541,000 or $0.74 per share (basic) representing a 3% increase over net income of $1,499,000 or $0.72 per share (basic) for the same period last year. Net income for nine months ended September 30, 2005 was $4,626,000 or $2.21 per share (basic) representing an 8% increase over net income of $4,294,000 or $2.06 per share (basic) for the same period last year.
Assets at September 30, 2005 were $604,203,000 and represented a 14% increase over September 30, 2004. Asset growth was most notable in the loan category which increased $68.5 million, or 17%, over the same period. Deposits grew to $367,353,000 at September 30, 2005, a 12% increase over the balance at September 30, 2004.
The annualized Return on Average Assets and Return on Average Equity for the quarter were 1.05% and 12.97% respectively.
Increases in capital were also noted and at September 30, 2005, the Bank reported book value per share of $22.72, an 8% increase from September 30, 2004.
Robert H. Gaughen, Jr. stated "The entire financial industry is attempting to compensate for a shrinking net interest margin. We have been successful in mitigating these pressures with our proven ability to expand our loan portfolio. The Bank originated $47,909,000 in loans during the third quarter of 2005, representing a 39% increase over the same period last year. Equally important, our asset quality remains exceptional. At quarter end, the Bank had no foreclosed property and only two nonperforming loans, representing a minimal 0.16% of total loans."
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.
