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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | April 20, 2009 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
22% INCREASE IN QUARTERLY EARNINGS HINGHAM SAVINGS
(Nasdaq – HIFS), Hingham, Massachusetts announced first quarter earnings for 2009. Net income for the quarter ended March 31, 2009 was $1,572,000 or $0.74 per share (basic and diluted) as compared to $1,287,000 or $0.61 per share (basic and diluted) for the same period last year. The Bank’s return on average equity for the first quarter of 2009 was 10.35%, and the return on average assets was 0.78%.
Strong growth trends of recent years continued, as deposits increased to $561,754,000 representing a record 22% increase from March 31, 2008. Total loans increased by 10% and total assets increased by 11% over those for the first quarter of 2008. Increases in capital were also noted. Stockholders’ equity increased to $60,874,000 as of March 31, 2009 representing a 9% increase from March 31, 2008 with a related increase in book value per share from $26.39 to $28.66.
President Robert H. Gaughen, Jr. stated, “We’re pleased to report continued growth and consistent strength as our quarterly earnings represent a 22% increase over the same period last year. These results were achieved even after a significant provision of $550,000 was made to the loan loss allowance during this past quarter. While this provision was made proactively in light of general economic conditions, the Bank experienced no net loan losses for the quarter. As of March 31, 2009 the Bank had no foreclosed property on its books. Non-performing assets totaled 1.39% of total assets up from .91% at December 31, 2008. We believe these loans are well collaterized and present minimal risk of loss. While no bank is completely immune from the challenge of declining real estate values, during this period of financial turmoil, a provision for potential loan losses based on current economic conditions is prudent. Our goal remains to vigorously manage asset quality, effectively control costs and protect our earnings.”
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, Weymouth as well as the South End of Boston and a recently opened branch in Norwell.
The Bank’s shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
