PRESS RELEASE
FROM: Robert H. Gaughen, Jr.,
President
Hingham Institution
for Savings
Hingham, MA
(NASDAQ-HIFS)
DATE: October 22, 2007
CONTACT: William M. Donovan, Jr., Vice President 781.749.2200
BANK ANNOUNCES QUARTERLY EARNINGS
Hingham Institution for Savings (Nasdaq – HIFS), Hingham, Massachusetts announced third quarter earnings for 2007. Net income for the quarter ended September 30, 2007 was $1,124,000 or $0.53 per share (basic and diluted) as compared to net income of $1,239,000 or $0.58 per share diluted ($0.59 basic) for the same period last year. Included in net income for the third quarter of 2006, was approximately $100,000 related to the delayed declaration of the second quarter dividend on Federal Home Loan Bank stock.
Assets at September 30, 2007 were $743,826,000 and represented a 10% increase over September 30, 2006. Asset growth was most notable in the loan category which increased $55,971,000, or 11%, over the same period. Deposits increased to $439,293,000 at September 30, 2007, a 14% increase over the balance at September 30, 2006.
The annualized Return on Average Assets and Return on Average Equity for the 2007 quarter were 0.62% and 8.35% respectively.
Increases in capital were also noted and at September 30, 2007, the Bank reported book value per share of $25.55, a 5% increase from September 30, 2006.
President Robert H. Gaughen, Jr. stated “We’re pleased to report that our current quarterly earnings represent an increase over the prior three quarters. Quality growth and effective cost control, combined with an improving yield curve present an encouraging environment. Equally important, our asset quality remains strong. At 2007 quarter end, the Bank had no foreclosed property and nonperforming loans represent only 0.43% of total assets. These loans are all well collateralized and we believe present 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.
