PRESS RELEASE
FROM: Robert H. Gaughen, Jr.,
President
Hingham Institution
for Savings
Hingham, MA
(NASDAQ-HIFS)
DATE: April 21, 2008
CONTACT: William M. Donovan, Jr., Vice President 781.749.2200
BANK ANNOUNCES ANNUAL EARNINGS
36% INCREASE IN NET INCOME HINGHAM INSTITUTION FOR SAVINGS (Nasdaq – HIFS), Hingham, Massachusetts announced first quarter earnings for 2008. Net income for the quarter ended March 31, 2008 was $1,287,000 or $0.61 per share (basic and diluted) as compared to net income of $945,000 or $0.45 per share (basic and diluted) for the same period last year.
Assets at March 31, 2008 were $758,217,000 and represented an 8% increase over March 31, 2007. Asset growth was most notable in the loan category which increased $54,315,000, or 10%, over the same period. Deposits increased to $461,835,000 at March 31, 2008, a 10% increase over the balance at March 31, 2007.
The annualized Return on Average Assets and Return on Average Equity for the 2008 quarter were 0.69% and 9.26% respectively.
Increases in capital were also noted and at March 31, 2008, the Bank reported book value per share of $26.39, a 6% increase from March 31, 2007.
President Robert H. Gaughen, Jr. stated “We’re pleased to report that our first quarter 2008 earnings represent a 36% increase over the same quarter of 2007. Quality growth and effective cost control, combined with an improving yield curve continue to present an encouraging environment. At quarter end, the Bank had no foreclosed property and only seven nonperforming loans representing a mere 0.28% of total assets. In light of current market conditions, we’ve experienced a minimal increase in nonperforming loans. Asset quality remains strong.”
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 Weymouth and 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.
