PRESS RELEASE
FROM: Robert H. Gaughen, Jr.,
President
Hingham Institution
for Savings
Hingham, MA
(NASDAQ-HIFS)
DATE: January 23 , 2008
CONTACT: William M. Donovan, Jr., Vice President 781.749.2200
BANK ANNOUNCES ANNUAL EARNINGS
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq – HIFS), Hingham, Massachusetts announced its earnings for 2007. Net income for the year ended December 31, 2007 was $4,490,000 or $2.12 per share (basic and diluted) as compared to $4,640,000 or $2.19 per share (basic and diluted) in 2006. Net income for the fourth quarter ended December 31, 2007 was $1,331,000 or $0.63 per share (basic and diluted) as compared to $990,000 or $0.47 per share (basic and diluted) for the fourth quarter ended December 31, 2006. The Bank’s return on average equity for 2007 was 8.40%, and the return on average assets was 0.63%.
Strong growth trends of recent years continued in 2007 with increases of 8% in total assets, 8% in total deposits, and 10% in total loans over those of December 31, 2006.
President Robert H. Gaughen, Jr. stated, “We’re pleased to report that our fourth quarter 2007 earnings represent a 34% increase over the same quarter of 2006 and an increase over each of the prior seven quarters. Quality growth and effective cost control, combined with an improving yield curve present an encouraging environment. Despite reports of industry-wide credit issues, our asset quality remains strong. As of December 31, 2007, the Bank had no foreclosed property and only six nonperforming loans representing a mere 0.21% of total assets. These loans are all well collateralized and we believe present no risk of loss. We have had absolutely no net loan losses for the past six years.”
Total assets as of December 31, 2007 were $744,602,000 as compared to $691,652,000 at December 31, 2006. Stockholders’ equity increased from $51,818,000 on December 31, 2006 to $54,771,000 on December 31, 2007 with a concomitant increase in book value per share from $24.47 on December 31, 2006 to $25.85 on December 31, 2007.
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 office is 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.
