5.27.04 Press Release
INTRODUCING OUR
NEW 20/20 MORTGAGE
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts, announced that it will begin accepting loan applications today for its new product, the "20/20 Mortgage." This new product has a 40-year term with one single rate adjustment after 20 years.
Robert H. Gaughen, Jr., President and Chief Executive Officer of the Bank, stated "This product is truly unique to the marketplace. We combine a low 20-year rate with a 40-year term to give the borrower the lowest possible payment. We know that the 20/20 mortgage will fill a need in our marketplace by lowering monthly housing expenses for borrowers. We are hopeful that new home ownership in the communities we serve will increase as a result of this innovative mortgage."
The 20/20 Mortgage is available for properties anywhere in Massachusetts. The Bank will offer Jumbo Loan amounts up to $2 million for this product. Hingham Institution for Savings is an Equal Housing Lender providing local servicing on all of its mortgage loan products.
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 Massachusetts. 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 Hull, Cohasset, Scituate, and South Weymouth.
The Bank's shares of common stock are listed and traded on the Nasdaq Stock Market under the symbol HIFS.
6.25.03 Press Release
HINGHAM
SETTLES REIT TAX DISPUTE
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts, announced today that it has settled a tax dispute with the Massachusetts Department of Revenue ("DOR"). As previously announced, during the first quarter of 2003 the Bank recorded a $1.4 million charge against income, net of taxes, arising from a retroactive change to Massachusetts tax law. As a result of the settlement, during the second quarter the Bank will record a credit of approximately $700,000 or 50% of the disputed amount.
The settlement arises from a dispute between the DOR and a group of over 50 banks. The dispute centered on a retroactive change to Massachusetts tax laws pertaining to the deduction for dividends received from a Real Estate Investment Trust ("REIT").
In announcing the settlement, Robert H. Gaughen, Jr., President and Chief Executive Officer of the Bank, stated that "While we were comfortable with our stance in the dispute, the inherent uncertainty and expense of litigation made such a settlement desirable. This will allow us to focus our time and attention on moving forward with our core business."
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 Massachusetts. 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 Hull, Cohasset, Scituate, and South Weymouth.
The Bank's shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
6.2.03 Press Release
HINGHAM RECEIVES #1 NATIONAL
RANKING
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts, announced that it has received the #1 national performance rating for a second year in SNL Financial's recent ranking of the country's smaller thrift institutions.
Rankings are based on a weighted average of scores
in six categories, including EPS Growth, Efficiency Ratio, ROAE
and ROAA. Hingham was ranked #1 of the 192 smaller thrifts, "...Hingham
Institution for Savings repeated as champion..." SNL Financial's
ThriftInvestor, May 2003. SNL Financial is a respected information
and research firm in the financial information marketplace, providing
news and analysis to the banking and financial services sector.
More information on this analysis may be found in the May issue
of ThriftInvestor, or at www.snl.com.
Click here for article highlights.
HIFS has also recently been named in the 2003 "Globe 100," an annual listing by the Boston Globe of the 100 top-performing publicly traded companies in Massachusetts. HIFS President Robert Gaughen, Jr., has been quoted in this award supplement:
"Investors are looking for things they understand
and things that pay a pretty good dividend, and the smaller banks
offer both. I think we'll continue to do just fine this year."
Boston Globe article "Viewed as safe haven, stocks for small
institutions reap solid gains"
HIFS has also been included in the 2003 Boston Herald's "The Herald Hundred." Northeastern University's College of Business Administration professors Paul Bolster and Fred Wiseman have created this listing of the top-performing publicly traded companies based in Massachusetts for the past six years. This year the listing included numerical rankings to assist readers in weighing investment risks. Hingham Institution for Savings is ranked 5th on the Boston Herald's listing for "Least Risky Companies," a ranking of the stock's risk relative to the entire market.
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 Massachusetts. 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 Hull, Cohasset, Scituate, and South Weymouth.
The Bank's shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
This press release may contain statements relating to future results of the Bank (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures within the Bank's market, bond market fluctuations, personal and corporate customers' bankruptcies, and inflation, as well as other risks and uncertainties.
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts, announced today that it has recorded a charge against current earnings of $1.4 million in state taxes, net of federal tax deductions, reflecting a retroactive change to Massachusetts tax law.
The legislation, which was signed by the Governor of Massachusetts on March 5, 2003, states that dividends received by a Bank from a real estate investment trust ("REIT") do not qualify for the state's 95% dividends-received deduction. The law is retroactive for tax years beginning in 1999.
The Bank established Hingham Capital Corporation, a REIT, in 2000. In 2000, 2001, and 2002, the REIT paid dividends to the Bank, which the Bank deducted for state tax purposes in light of the then-existing Massachusetts state tax laws. Accordingly, no provision for state taxes had been recorded.
The cumulative retroactive effect of the new legislation is $1.4 million in state taxes, net of federal tax deductions.
The Bank questions the constitutionality of this retroactive legislation and intends to vigorously challenge the retroactive nature of the law. It is believed that this retroactive tax law will affect as many as 50 other Massachusetts financial institutions.
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 Massachusetts. 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 Hull, Cohasset, Scituate, and South Weymouth.
The Bank's shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
6.11.02 Press Release
Hingham Institution for
Savings Announces the Receipt of a
Notice of Intent to Assess State Taxes and Its Intent to Contest
Hingham Institution for Savings (the "Bank")) received a Notice of Intent to Assess (the "Notice") from the Commonwealth of Massachusetts Department of Revenue (the "DOR") indicating that, for the tax period ending October 31, 2001, the Bank owed $486,958 in additional taxes and $15,943 in accrued interest through the notice date of June 2, 2002. The Notice indicates that the additional taxes and interest relate to the denied claim of a dividends received deduction pertaining to Hingham Capital Corporation (the "Corporation"), a real estate investment trust ("REIT") of which the Bank owns 99%. The Corporation pays an annual dividend to the Bank.
The Bank understands that many other banks operating in the Commonwealth of Massachusetts with similar real estate investment trust subsidiaries have also received similar Notices of Intent to Assess from the DOR. Pursuant to the Commonwealth of Massachusetts Tax Code, as it relates to the dividends received deduction, the Bank excluded 95% of the dividend that it received from the Corporation when it prepared its October 31, 2001 excise tax return. The DOR has challenged this deduction, arguing that such distributions are not considered dividends for purposes of the Internal Revenue Code and, as such, cannot be deducted for state tax purposes.
The Bank believes that its tax treatment of the dividend is valid under Massachusetts law. The Bank intends to file a dispute of the DOR findings and appeal the DOR's proposed assessment. Accordingly, the Bank intends to continue its current accounting practice of estimating its tax provision under the assumption that its dividend deductions for prior periods are valid, and it anticipates claiming the dividends received deduction when it files its October 31, 2002 excise tax return.
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 Massachusetts. 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 Hull, Cohasset, Scituate, and South Weymouth.
The Bank's shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
This press release may contain statements relating to future results of the Bank (including certain projections and business trends) that are considered "forward-looking statements"as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures within the Bank's market, bond market fluctuations, personal and corporate customers' bankruptcies, and inflation, as well as other risks and uncertainties.
5.30.02 Press Release
HINGHAM RECEIVES #1 NATIONAL RANKING
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts, announced a #1 national performance rating in SNL Financial's recent ranking of the country's smaller thrifts for 2001.
Each year SNL Financial's ThriftInvestor magazine performs an analysis of publicly traded thrifts by total assets and has historically only ranked the 100 largest thrifts. This year, SNL Financial has for the first time expanded this study to include the smaller thrifts in the marketplace, using the same criteria. Rankings are based on a weighted average of scores in six categories, including EPS growth, Efficiency Ratio, ROAE and ROAA. Hingham was ranked #1 of the 218 smaller thrifts. SNL Financial is a respected information and research firm in the financial information marketplace, providing news and analysis to the banking and financial services sector. In announcing it's ranking, SNL Financial reported that "Hingham Institution for Savings excels in all categories." More information on this analysis may be found in the May issue of ThriftInvestor, or at www.snl.com. Click here for article highlights.
HIFS has also recently been named in the 2002 "Globe 100", an annual listing by the Boston Globe of the 100 top-performing publicly traded companies in Massachusetts.
"In short, the story of this year's listing of the state's
best companies is as much about those that don't appear as it is
about those that do. The defining characteristic of the companies
that made the cut is that they managed to find a formula for profitability
amid a sea of red ink."
Scott Bernard Nelson, reporter for Boston Globe
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 Massachusetts. 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 Hull, Cohasset, Scituate, and South
Weymouth.
The Bank's shares of common stock are listed and traded on The Nasdaq
Stock Market under the symbol HIFS.
6.30.01 Press Release
HINGHAM INSTITUTION FOR SAVINGS, MASSHOUSING TEAM UP TO OFFER NO-DOWN PAYMENT LOANS FOR FIRST-TIME SOUTH SHORE BUYERS
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts and MassHousing (formally known as the Massachusetts Housing Finance Agency) announced today a new loan program that will allow low- and moderate-income first-time homebuyers in seven South Shore communities to buy a home with no down payment.
The loans are available through a new MassHousing initiative designed to help more families own their own home using combined resources of local banks and MassHousing, the state's quasi-public affordable housing bank.
Loans will be available to qualified, first-time homebuyers looking to purchase a home in Hingham, Cohasset, Hull, Marshfield, Norwell, Quincy, Scituate, and Weymouth. The loans will be made by Hingham Institution for Savings and insured by MassHousing's Mortgage Insurance Fund. Borrowers will benefit from competitive interest rates and fees as well as reduced closing costs. A total of $5 million will be available on a first-come, first-served basis beginning on Monday, July 30.
The 100% financing is made possible by the mortgage insurance provided by MassHousing. Massachusetts General Laws limit state-chartered banks, such as Hingham Institution for Savings, to loaning only 95% of the total cost of a home. But affordable housing statutes allow banks to loan 100% of the total cost of a house when partnering with a "public instrumentality" such MassHousing for the purpose of expanding or facilitating home financing or affordable housing.
"With this partnership, MassHousing continues its record of developing innovative opportunities to assist low- and moderate-income families attain the dream of home ownership," said MassHousing Executive Director Steven D. Pierce. "This new initiative leverages the resources of our Mortgage Insurance Fund to insure affordable mortgage loans that otherwise could not be made in the conventional mortgage arena."
The program allows creditworthy first-time homebuyers with a household income of up to $90,000 to purchase a single-family home or condominium priced up to $275,000 in one of the seven towns with no down payment and 100% financing (2-4 family homes and condominiums receive 97% financing).
Most importantly, The program allows eligible first-time homebuyers to buy a home without having to save the traditional 5% for a down payment or to be qualified for a mortgage based on how much they can afford to put down.
President Robert H. Gaughen, Jr. announced "Hingham Institution for Savings is a leading mortgage lender on the South Shore, and this program will enable low- and moderate-income first-time buyers within our community to buy a home without a downpayment. Our $5 million participation in this program demonstrates the commitment that the Bank has to the communities we serve. We are pleased to be involved with MassHousing and look forward to helping first-time buyers realize the dream of home ownership."
The loan will be a 30-Year Adjustable Rate Mortgage with the first five years fixed. The rate is then adjusted every five years. The loans include competitive interest rates, with no points, reduced closing costs, program costs, and other related fees. Participants in the program are required to complete a homebuyer education program.
For more information on this new loan program, consumers can call Hingham Institution for Savings at (781) 749-2200.
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 Massachusetts. 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 Hull, Cohasset, Scituate, and Weymouth.
The Massachusetts Housing Finance Agency, now doing business as MassHousing, is the leading provider of affordable housing in Massachusetts. Since 1970, MassHousing has generated $6 billion in loans to finance over 60,000 units of mixed-income rental housing and 40,000 mortgages for affordable home ownership opportunities for first-time homebuyers throughout the state. For more information, visit MassHousing web site at www.masshousing.com.
Copyright 2007 Hingham Institution for Savings. All rights reserved. Member FDIC/Member DIF FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. Hingham Institution for Savings has chosen not to participate in the FDIC's Transaction Account Guarantee Program. Customers of Hingham Institution for Savings with noninterest-bearing transaction accounts will continue to be insured through December 31, 2013 for up to $250,000 under the FDIC's general deposit insurance rules. All deposits above this amount are insured by the Deposit Insurance Fund.
