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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | April 21 , 2006 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
BANK ANNOUNCES QUARTERLY EARNINGS
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts announced first quarter earnings for 2006. Net income for the quarter ended March 31, 2006 was $1,302,000 or $0.62 per share (basic) as compared to net income of $1,517,000 or $0.73 per share (basic) for the same period last year.
Assets at March 31, 2006 were $642,097,000 and represented a 14% increase over March 31, 2005. Balance sheet growth was most notable in the loan category which increased $77,003,000 or 18% since March 31, 2005. Deposits increased to $382,097,000 at March 31, 2006, an 8% increase over the balance at March 31, 2005.
The annualized Return on Average Assets and Return on Average Equity for the 2006 quarter were .82% and 10.55% respectively.
Increases in capital were also noted and at March 31,
2006, the Bank reported book value per share of $23.39, an 8% increase
from March 31, 2005.
President Robert H. Gaughen, Jr. stated "Strong growth in our loan
portfolio and effective cost control helped to partially offset the impact
of a most challenging interest rate environment. We have absorbed the
dramatic increase in short-term rates while still producing healthy earnings.
Of equal importance, we have maintained pristine asset quality. At quarter
end, the Bank had no foreclosed property and only one nonperforming loan
representing a minimal 0.03% 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.
