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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | October 20 , 2008 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
59% INCREASE IN QUARTERLY EARNINGS
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq – HIFS), (Nasdaq – HIFS), Hingham, Massachusetts announced third quarter earnings for 2008. Net income for the quarter ended September 30, 2008 was $1,788,000 or $0.84 per share (basic and diluted) as compared to net income of $1,124,000 or $0.53 per share (basic and diluted) for the same period last year.
Assets at September 30, 2008 were $812,129,000 and represented a 9.2% increase over September 30, 2007.
The annualized Return on Average Equity for the third quarter and first nine-months of 2008 were 12.37% and 10.56% respectively.
Increases in capital were also noted and at September 30, 2008, the Bank reported book value per share of $27.39, a 7.2% increase from September 30, 2007.
President Robert H. Gaughen, Jr. stated “We’re pleased to report that our current quarterly earnings represent a 59% increase over the third quarter of 2007 and our earnings from the first three quarters of 2008 represent a 42% increase over those of the same period of 2007. In this period of financial turmoil, we are proud of these accomplishments and we remain committed to the conservative strategies and practices that have made this possible. At quarter end, the Bank had no foreclosed property and non-performing loans represented only .69% of total assets, a decrease from 1.1% at the end of the second quarter. 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. We have also experienced very strong deposit growth this past quarter with deposits increasing from $467,598,000 at June 30, 2008 to $490,771,000 on September 30, 2008. Our goal remains to continue our quality growth and effective cost control in this challenging environment.”
