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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | July 19, 2007 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
BANK ANNOUNCES QUARTERLY EARNINGS
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq – HIFS), Hingham, Massachusetts announced second quarter earnings for 2007. Net income for the quarter ended June 30, 2007 was $1,090,000 or $0.51 per share (basic and diluted) as compared to net income of $1,109,000 or $0.52 per share (basic and diluted) for the same period last year.
Assets at June 30, 2007 were $709,504,000 and represented a 7% increase over June 30, 2006. Asset growth was most notable in the loan category which increased $41,060,000, or 8%, over the same period. Deposits increased to $428,688,000 at June 30, 2007, a 9% increase over the balance at June 30, 2006.
The annualized Return on Average Assets and Return on Average Equity for the 2007 quarter were 0.62% and 8.21% respectively.
Increases in capital were also noted and at June 30, 2007, the Bank reported book value per share of $25.11, a 6% increase from June 30, 2007.
President Robert H. Gaughen, Jr. stated “We’re pleased to report that our current quarterly earnings represent a 15% increase over the first quarter of 2007 earnings and a minimal decrease of 2% from the second quarter earnings of the prior year. The pressure on the net interest margin caused by an inverted yield curve hasn’t eased and continues to challenge the entire banking industry. We have been successful in offsetting this impact by continuing to generate profitable growth. Our goal remains to continue our quality growth and effective cost control in this challenging environment. Equally important, our asset quality remains strong. At quarter end, the Bank had no foreclosed property and only eight nonperforming loans representing only 0.27% of total assets. These loans are all well collateralized and we believe represent no risk of loss.”
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 along with its newest branch office in Boston’s South End.
The Bank’s shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
