HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham,
Massachusetts announced earnings for the fourth quarter and the
year ended December 31, 2018.
Net income for the year ended December 31, 2018
was $30,399,000 or $14.25 per share basic and $13.90 per share
diluted, as compared to $25,757,000 or $12.08 per share basic and
$11.81 per share diluted for the same period last year. The
Bank’s return on average equity for the year ended December 31,
2018 was 14.97%, and the return on average assets was 1.32%, as
compared to 14.73% and 1.21% for the same period in 2017. Net
income per share (diluted) for 2018 increased 18% over the same
period in 2017. Net income for the year ended December 31,
2017 included an additional $218,000 in income tax provision as a
result of the Tax Cut and Jobs Act enacted in December 2017, which
required the Bank to remeasure its deferred tax assets and
liabilities.
Excluding the after-tax gains and losses on
securities, both realized and unrealized, core net income for the
year ended December 31, 2018 was $32,776,000 or $15.37 per share
basic and $14.99 per share diluted, as compared to $25,708,000 or
$12.05 per share basic and $11.79 per share diluted for the same
period last year. The Bank’s core return on average equity
for the year ended December 31, 2018 was 16.14%, and the core
return on average assets was 1.42%, as compared to 14.70% and 1.21%
for the same period in 2017. Core net income per share
(diluted) for 2018 increased by 27% over the same period in
2017.
Net income for the quarter ended December 31,
2018 was $4,664,000 or $2.18 per share basic and $2.13 per share
diluted, as compared to $6,691,000 or $3.14 per share basic and
$3.06 per share diluted for the same period last year. The
Bank’s annualized return on average equity for the fourth quarter
of 2018 was 8.78%, and the annualized return on average assets was
0.80%, as compared to 14.51% and 1.18% for the same period last
year. Net income per share (diluted) for the fourth quarter
of 2018 decreased 30% compared to the same period in 2017.
Excluding the after-tax gains and losses on
securities, both realized and unrealized, core net income for the
quarter ended December 31, 2018 was $8,046,000 or $3.77 per share
basic and $3.68 per share diluted, as compared to $6,691,000 or
$3.14 per share basic and $3.06 per share diluted for the same
period last year. The Bank’s annualized core return on
average equity for the fourth quarter of 2018 was 15.14% and the
annualized core return on average assets was 1.38%, as compared to
14.51% and 1.18% for the same period last year. Core net
income per share (diluted) for the fourth quarter of 2018 increased
by 20% over the same period in 2017.
Growth in 2018 was modest, as deposits increased
to $1.573 billion at December 31, 2018, representing 4% growth from
2017. This growth reflected modest growth in retail and
business deposits. Net loans increased to $2.009 billion,
representing 10% growth from 2017. Total assets increased to
$2.409 billion, representing 5% growth from 2017. During
2018, the Bank reduced the balance of excess reserves held at the
Federal Reserve Bank, in order to minimize the carrying cost of its
on-balance sheet liquidity. Book value per share was $99.67
as of December 31, 2018, representing 14% growth from December 31,
2017. In addition to the increase in book value per share,
the Bank declared $1.92 in dividends per share in 2018, including a
special dividend of $0.50 per share declared during the fourth
quarter of 2018. The Bank announced increases in its regular
quarterly dividend in June, September and November of 2018.
The trailing five year compound annual growth rate in book value
per share, an important measure of long-term value creation, rose
to 15.5%.
Key credit and operational metrics remained
strong in 2018. At December 31, 2018, non-performing assets
totaled 0.02% of total assets, compared to 0.07% at December 31,
2017. Non-performing loans as a percentage of the total loan
portfolio totaled 0.02% at December 31, 2018, compared to 0.09% at
December 31, 2017. The Bank recorded $1,000 in net recoveries
in 2018 and $2,000 in net recoveries in 2017. At December 31,
2018 and 2017, the Bank did not own any foreclosed property.
The efficiency ratio fell slightly to 29.89% in 2018, as compared
to 30.06% in 2017. Operating expenses as a percentage of
average assets improved to 0.87% in 2018, as compared to 0.92% in
2017. These metrics reflect the Bank’s disciplined focus on
credit quality and expense management.
Chairman Robert H. Gaughen, Jr. stated, “Returns
on equity and assets were adequate in 2018, although competitive
pressure remains acute. The real test of performance in
banking is a company’s record of compounding shareholder capital
over time through the disciplined management of credit risk and
operational expense. On this measure, our team strives to set
a high bar.
In 2018, the decline in the market value of our
equity investments, concentrated in financial services, ratings,
and payments companies, was decremental to our book value per
share, as opposed to prior years in which these investments were
accretive to our core business. As noted before, the Bank
views these equity investments as long-term partnership interests
in operating companies and consequently does not view short-term
fluctuation in market value, whether positive or negative, as
necessarily indicative of the change in the intrinsic value of the
businesses in which we invest.”
Hingham Institution for Savings is a
Massachusetts-chartered savings bank located in Hingham,
Massachusetts. Incorporated in 1834, it is one of America’s
oldest banks. The Bank’s Main Office is located in Hingham
and the Bank maintains offices on the South Shore, in Boston (South
End and Beacon Hill), and on the island of Nantucket. The
Bank also provides commercial mortgage lending and private banking
services in the Greater Washington D.C. metropolitan area.
The Bank’s shares of common stock are listed and
traded on The NASDAQ Stock Market under the symbol HIFS.
HINGHAM INSTITUTION FOR
SAVINGSSelected Financial Ratios
|
Three Months
EndedDecember 31, |
|
Twelve Months
EndedDecember 31, |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (1) |
1.18 |
% |
|
0.80 |
% |
|
1.21 |
% |
|
1.32 |
% |
Return on average equity (1) |
14.51 |
|
|
8.78 |
|
|
14.73 |
|
|
14.97 |
|
Core return on average assets (1) (5) |
1.18 |
|
|
1.38 |
|
|
1.21 |
|
|
1.42 |
|
Core return on average equity (1) (5) |
14.51 |
|
|
15.14 |
|
|
14.70 |
|
|
16.14 |
|
Interest rate spread (1) (2) |
2.83 |
|
|
2.48 |
|
|
2.91 |
|
|
2.66 |
|
Net interest margin (1) (3) |
2.99 |
|
|
2.79 |
|
|
3.05 |
|
|
2.90 |
|
Operating expenses to average assets (1) |
0.86 |
|
|
0.84 |
|
|
0.92 |
|
|
0.87 |
|
Efficiency ratio (4) |
28.58 |
|
|
30.07 |
|
|
30.06 |
|
|
29.89 |
|
Average equity to average assets |
8.16 |
|
|
9.09 |
|
|
8.22 |
|
|
8.80 |
|
Average interest-earning assets to average interest-bearing
liabilities |
117.59 |
|
|
121.08 |
|
|
117.39 |
|
|
119.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
December 31, 2018 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
Allowance for loan
losses/total loans |
|
0.68 |
% |
|
0.68 |
% |
Allowance for loan
losses/non-performing loans |
|
735.74 |
|
|
2,852.89 |
|
|
|
|
|
|
|
|
Non-performing
loans/total loans |
|
0.09 |
|
|
0.02 |
|
Non-performing
loans/total assets |
|
0.07 |
|
|
0.02 |
|
Non-performing
assets/total assets |
|
0.07 |
|
|
0.02 |
|
|
|
|
|
|
|
|
Share
Related |
|
|
|
|
|
|
Book value per
share |
$ |
87.29 |
|
|
$ |
99.67 |
|
Market value per
share |
$ |
207.00 |
|
|
$ |
197.74 |
|
Shares outstanding at
end of period |
|
2,132,750 |
|
|
|
2,132,750 |
|
(1) Annualized for the three months ended December 31, 2017 and
2018.
(2) Interest rate spread represents the difference between the
yield on interest-earning assets and cost of interest-bearing
liabilities.
(3) Net interest margin represents net interest income divided
by average interest-earning assets.
(4) The efficiency ratio represents total operating expenses,
divided by the sum of net interest income and total other income
(loss), excluding gain (loss) on equity securities, net.
(5) Non-GAAP measurements that represent return on average
assets and return on average equity, excluding the after-tax gain
(loss) on equity securities, net.
HINGHAM INSTITUTION FOR
SAVINGSConsolidated Balance Sheets
(Dollars in thousands,
except per share data) |
|
December 31, 2017 |
|
December
31, 2018 |
(Unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
10,852 |
|
$ |
8,004 |
Federal Reserve and
other short-term investments |
|
|
344,377 |
|
|
287,971 |
Cash and
cash equivalents |
|
|
355,229 |
|
|
295,975 |
|
|
|
|
|
|
|
CRA investment |
|
|
7,341 |
|
|
7,680 |
Debt securities
available for sale |
|
|
17 |
|
|
14 |
Other marketable equity
securities |
|
|
26,946 |
|
|
30,766 |
Securities, at fair value |
|
|
34,304 |
|
|
38,460 |
Federal Home Loan Bank
stock, at cost |
|
|
27,102 |
|
|
28,696 |
Loans, net of allowance
for loan losses of $12,537 at December 31, 2017 and $13,808 at
December 31, 2018 |
|
|
1,833,987 |
|
|
2,009,288 |
Foreclosed assets |
|
|
— |
|
|
— |
Bank-owned life
insurance |
|
|
12,221 |
|
|
12,476 |
Premises and equipment,
net |
|
|
14,068 |
|
|
14,553 |
Accrued interest
receivable |
|
|
4,398 |
|
|
4,581 |
Deferred income tax
asset, net |
|
|
1,301 |
|
|
2,258 |
Other assets |
|
|
1,989 |
|
|
2,300 |
Total
assets |
|
$ |
2,284,599 |
|
$ |
2,408,587 |
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
|
$ |
1,320,487 |
|
$ |
1,359,581 |
Non-interest-bearing
deposits |
|
|
185,375 |
|
|
213,573 |
Total
deposits |
|
|
1,505,862 |
|
|
1,573,154 |
Federal Home Loan Bank
advances |
|
|
579,164 |
|
|
606,600 |
Mortgage payable |
|
|
812 |
|
|
751 |
Mortgagors’ escrow
accounts |
|
|
6,424 |
|
|
7,402 |
Accrued interest
payable |
|
|
575 |
|
|
2,187 |
Other liabilities |
|
|
5,604 |
|
|
5,917 |
Total
liabilities |
|
|
2,098,441 |
|
|
2,196,011 |
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
Preferred
stock, $1.00 par value, 2,500,000 shares authorized, none
issued |
|
|
— |
|
|
— |
Common
stock, $1.00 par value, 5,000,000 shares authorized; 2,132,750
shares issued and outstanding |
|
|
2,133 |
|
|
2,133 |
Additional paid-in capital |
|
|
11,750 |
|
|
11,863 |
Undivided
profits |
|
|
165,596 |
|
|
198,580 |
Accumulated other comprehensive income |
|
|
6,679 |
|
|
— |
Total
stockholders’ equity |
|
|
186,158 |
|
|
212,576 |
Total
liabilities and stockholders’ equity |
|
$ |
2,284,599 |
|
$ |
2,408,587 |
|
|
|
|
|
|
|
HINGHAM INSTITUTION FOR
SAVINGSConsolidated Statements of
Income
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
(In thousands, except
per share amounts) |
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
20,180 |
|
|
$ |
22,716 |
|
|
$ |
75,843 |
|
|
$ |
87,022 |
|
Debt
securities |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
Equity
securities |
|
|
414 |
|
|
|
498 |
|
|
|
1,530 |
|
|
|
1,985 |
|
Federal Reserve and other short-term investments |
|
1,170 |
|
|
|
1,347 |
|
|
|
3,685 |
|
|
|
5,161 |
|
Total
interest and dividend income |
|
|
21,765 |
|
|
|
24,562 |
|
|
|
81,059 |
|
|
|
94,169 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
3,282 |
|
|
|
5,777 |
|
|
|
11,366 |
|
|
|
18,979 |
|
Federal
Home Loan Bank advances |
|
|
1,866 |
|
|
|
2,705 |
|
|
|
5,845 |
|
|
|
9,358 |
|
Mortgage
payable |
|
|
12 |
|
|
|
11 |
|
|
|
50 |
|
|
|
47 |
|
Total
interest expense |
|
|
5,160 |
|
|
|
8,493 |
|
|
|
17,261 |
|
|
|
28,384 |
|
Net
interest income |
|
|
16,605 |
|
|
|
16,069 |
|
|
|
63,798 |
|
|
|
65,785 |
|
Provision for loan
losses |
|
|
407 |
|
|
|
220 |
|
|
|
1,505 |
|
|
|
1,270 |
|
Net interest income, after provision for loan
losses |
|
16,198 |
|
|
|
15,849 |
|
|
|
62,293 |
|
|
|
64,515 |
|
Other income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Customer
service fees on deposits |
|
|
227 |
|
|
|
222 |
|
|
|
889 |
|
|
|
860 |
|
Increase
in bank-owned life insurance |
|
|
63 |
|
|
|
62 |
|
|
|
259 |
|
|
|
255 |
|
Gain
(loss) on equity securities, net |
|
|
— |
|
|
|
(4,313 |
) |
|
|
77 |
|
|
|
(3,023 |
) |
Miscellaneous |
|
|
49 |
|
|
|
44 |
|
|
|
185 |
|
|
|
173 |
|
Total
other income (loss) |
|
|
339 |
|
|
|
(3,985 |
) |
|
|
1,410 |
|
|
|
(1,735 |
) |
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
3,055 |
|
|
|
3,124 |
|
|
|
12,300 |
|
|
|
12,658 |
|
Occupancy
and equipment |
|
|
460 |
|
|
|
461 |
|
|
|
1,765 |
|
|
|
1,774 |
|
Data
processing |
|
|
341 |
|
|
|
360 |
|
|
|
1,270 |
|
|
|
1,402 |
|
Deposit
insurance |
|
|
285 |
|
|
|
220 |
|
|
|
1,080 |
|
|
|
977 |
|
Foreclosure |
|
|
(27 |
) |
|
|
9 |
|
|
|
(13 |
) |
|
|
(32 |
) |
Marketing |
|
|
73 |
|
|
|
142 |
|
|
|
398 |
|
|
|
570 |
|
Other
general and administrative |
|
|
655 |
|
|
|
614 |
|
|
|
2,776 |
|
|
|
2,702 |
|
Total
operating expenses |
|
|
4,842 |
|
|
|
4,930 |
|
|
|
19,576 |
|
|
|
20,051 |
|
Income before income
taxes |
|
|
11,695 |
|
|
|
6,934 |
|
|
|
44,127 |
|
|
|
42,729 |
|
Income tax
provision |
|
|
5,004 |
|
|
|
2,270 |
|
|
|
18,370 |
|
|
|
12,330 |
|
Net
income |
|
$ |
6,691 |
|
|
$ |
4,664 |
|
|
$ |
25,757 |
|
|
$ |
30,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared
per share |
|
$ |
0.68 |
|
|
$ |
0.87 |
|
|
$ |
1.66 |
|
|
$ |
1.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,133 |
|
|
|
2,133 |
|
|
|
2,133 |
|
|
|
2,133 |
|
Diluted |
|
|
2,184 |
|
|
|
2,186 |
|
|
|
2,181 |
|
|
|
2,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.14 |
|
|
$ |
2.18 |
|
|
$ |
12.08 |
|
|
$ |
14.25 |
|
Diluted |
|
$ |
3.06 |
|
|
$ |
2.13 |
|
|
$ |
11.81 |
|
|
$ |
13.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HINGHAM INSTITUTION FOR
SAVINGSNet Interest Income Analysis
|
Three Months Ended
December 31, |
|
|
2017 |
|
|
2018 |
|
|
AVERAGE
BALANCE |
|
INTEREST |
|
YIELD/ RATE (8) |
|
|
AVERAGE
BALANCE |
|
INTEREST |
|
YIELD/ RATE (8) |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) (2) |
$ |
1,816,754 |
|
$ |
20,180 |
|
4.44 |
% |
|
$ |
2,009,174 |
|
$ |
22,716 |
|
4.52 |
% |
Securities (3) (4) |
|
52,513 |
|
|
415 |
|
3.16 |
|
|
|
53,603 |
|
|
499 |
|
3.72 |
|
Federal Reserve and other short-term
investments |
|
353,393 |
|
|
1,170 |
|
1.32 |
|
|
|
237,371 |
|
|
1,347 |
|
2.27 |
|
Total interest-earning assets |
|
2,222,660 |
|
|
21,765 |
|
3.92 |
|
|
|
2,300,148 |
|
|
24,562 |
|
4.27 |
|
Other assets |
|
36,854 |
|
|
|
|
|
|
|
|
37,433 |
|
|
|
|
|
|
Total assets |
$ |
2,259,514 |
|
|
|
|
|
|
|
$ |
2,337,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits (5) |
$ |
1,334,198 |
|
|
3,282 |
|
0.98 |
|
|
$ |
1,469,637 |
|
|
5,777 |
|
1.57 |
|
Borrowed funds |
|
555,953 |
|
|
1,878 |
|
1.35 |
|
|
|
430,121 |
|
|
2,716 |
|
2.53 |
|
Total interest-bearing liabilities |
|
1,890,151 |
|
|
5,160 |
|
1.09 |
|
|
|
1,899,758 |
|
|
8,493 |
|
1.79 |
|
Demand deposits |
|
180,088 |
|
|
|
|
|
|
|
|
218,621 |
|
|
|
|
|
|
Other liabilities |
|
4,819 |
|
|
|
|
|
|
|
|
6,606 |
|
|
|
|
|
|
Total liabilities |
|
2,075,058 |
|
|
|
|
|
|
|
|
2,124,985 |
|
|
|
|
|
|
Stockholders’ equity |
|
184,456 |
|
|
|
|
|
|
|
|
212,596 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
2,259,514 |
|
|
|
|
|
|
|
$ |
2,337,581 |
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
16,605 |
|
|
|
|
|
|
|
$ |
16,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average spread |
|
|
|
|
|
|
2.83 |
% |
|
|
|
|
|
|
|
2.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (6) |
|
|
|
|
|
|
2.99 |
% |
|
|
|
|
|
|
|
2.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets to
average interest-bearing liabilities (7) |
|
|
|
|
|
|
117.59 |
% |
|
|
|
|
|
|
|
121.08 |
% |
(1) |
|
Before allowance for loan losses. |
(2) |
|
Includes non-accrual loans. |
(3) |
|
Excludes the impact of the average net unrealized
gain or loss on securities. |
(4) |
|
Includes Federal Home Loan Bank stock. |
(5) |
|
Includes mortgagors' escrow accounts. |
(6) |
|
Net interest income divided by average total
interest-earning assets. |
(7) |
|
Total interest-earning assets divided by total
interest-bearing liabilities. |
(8) |
|
Annualized. |
HINGHAM INSTITUTION FOR
SAVINGSNet Interest Income Analysis
|
Twelve Months Ended
December 31, |
|
|
2017 |
|
|
2018 |
|
|
AVERAGE
BALANCE |
|
INTEREST |
|
YIELD/ RATE |
|
|
AVERAGE
BALANCE |
|
INTEREST |
|
YIELD/ RATE |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) (2) |
$ |
1,711,152 |
|
$ |
75,843 |
|
4.43 |
% |
|
$ |
1,941,159 |
|
$ |
87,022 |
|
4.48 |
% |
Securities (3) (4) |
|
50,036 |
|
|
1,531 |
|
3.06 |
|
|
|
53,055 |
|
|
1,986 |
|
3.74 |
|
Federal Reserve and other short-term
investments |
|
329,415 |
|
|
3,685 |
|
1.12 |
|
|
|
276,000 |
|
|
5,161 |
|
1.87 |
|
Total interest-earning assets |
|
2,090,603 |
|
|
81,059 |
|
3.88 |
|
|
|
2,270,214 |
|
|
94,169 |
|
4.15 |
|
Other assets |
|
35,662 |
|
|
|
|
|
|
|
|
38,357 |
|
|
|
|
|
|
Total assets |
$ |
2,126,265 |
|
|
|
|
|
|
|
$ |
2,308,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits (5) |
$ |
1,273,420 |
|
|
11,366 |
|
0.89 |
|
|
$ |
1,440,383 |
|
|
18,979 |
|
1.32 |
|
Borrowed funds |
|
507,457 |
|
|
5,895 |
|
1.16 |
|
|
|
463,726 |
|
|
9,405 |
|
2.03 |
|
Total interest-bearing liabilities |
|
1,780,877 |
|
|
17,261 |
|
0.97 |
|
|
|
1,904,109 |
|
|
28,384 |
|
1.49 |
|
Demand deposits |
|
165,839 |
|
|
|
|
|
|
|
|
196,048 |
|
|
|
|
|
|
Other liabilities |
|
4,665 |
|
|
|
|
|
|
|
|
5,369 |
|
|
|
|
|
|
Total liabilities |
|
1,951,381 |
|
|
|
|
|
|
|
|
2,105,526 |
|
|
|
|
|
|
Stockholders’ equity |
|
174,884 |
|
|
|
|
|
|
|
|
203,045 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
2,126,265 |
|
|
|
|
|
|
|
$ |
2,308,571 |
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
63,798 |
|
|
|
|
|
|
|
$ |
65,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average spread |
|
|
|
|
|
|
2.91 |
% |
|
|
|
|
|
|
|
2.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (6) |
|
|
|
|
|
|
3.05 |
% |
|
|
|
|
|
|
|
2.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets to
average interest-bearing liabilities (7) |
|
|
|
|
|
|
117.39 |
% |
|
|
|
|
|
|
|
119.23 |
% |
(1) |
|
Before allowance for loan losses. |
(2) |
|
Includes non-accrual loans. |
(3) |
|
Excludes the impact of the average net unrealized
gain or loss on securities. |
(4) |
|
Includes Federal Home Loan Bank stock. |
(5) |
|
Includes mortgagors' escrow accounts. |
(6) |
|
Net interest income divided by average total
interest-earning assets. |
(7) |
|
Total interest-earning assets divided by total
interest-bearing liabilities. |
CONTACT: Patrick R. Gaughen President and Chief Operating
Officer (781) 783-1761
Hingham Institution for ... (NASDAQ:HIFS)
Historical Stock Chart
From Apr 2024 to May 2024
Hingham Institution for ... (NASDAQ:HIFS)
Historical Stock Chart
From May 2023 to May 2024