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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | July 22, 2008 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
30% INCREASE IN QUARTERLY EARNINGS HINGHAM INSTITUTION FOR SAVINGS
(Nasdaq – HIFS), Hingham, Massachusetts announced second quarter earnings for 2008. Net income for the quarter ended June 30, 2008 was $1,416,000 or $0.67 per share (basic and diluted) as compared to net income of $1,090,000 or $0.51 per share (basic and diluted) for the same period last year.
Assets at June 30, 2008 were $778,395,000 and represented a 9.7% increase over June 30, 2007. The annualized Return on Average Equity for the second quarter and first half of 2008 were 9.99% and 9.63% respectively.
Increases in capital were also noted and at June 30, 2008, the Bank reported book value per share of $26.77, a 6.6% increase from June 30, 2007. President Robert H. Gaughen, Jr. stated “We’re pleased to report that our current quarterly earnings represent a 30% increase over the second quarter of 2007 and our earnings from the first half of 2008 represent a 33% increase over those of the first half of 2007.
Non-performing assets were 1.1% of total assets at June 30, 2008. The Bank is actively managing these assets and believes that their supporting collateral and the current level of loan loss reserves is adequate to cover losses, if any. While no bank is completely immune from the challenge of declining real estate values, continued improvements in our net interest margin, diligent cost control and prudent lending standards have produced real bottom line improvements at a time when some banks are struggling. Our goal remains to continue our quality growth and effective cost control in this challenging environment.”
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, Norwell, Scituate, and Weymouth along with a 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.
