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PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | July 21, 2010 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
20% INCREASE IN QUARTERLY EARNINGS
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq – HIFS), Hingham, Massachusetts announced second quarter earnings for 2010. Net income for the quarter ended June 30, 2010 was $2,421,000 or $1.14 per share (basic and diluted) as compared to $2,023,000 or $0.95 per share (basic and diluted) for the same period last year. The Bank’s return on average equity for the second quarter of 2010 was 14.15%, and the return on average assets was 1.00%. Net income for the first half of 2010 was $4,736,000 or $2.23 per share (basic and diluted) as compared to $3,595,000 or $1.69 per share (basic and diluted) for the same period last year. The Bank’s return on average equity for the first half of 2010 was 14.01% compared to 11.70% for the same period in 2009.
Strong growth trends of recent years continued, as deposits increased by $96.7 million representing a 17% increase from June 30, 2009. Net loans increased by 8% and total assets increased by 13% over those for the second quarter of 2009. Stockholders’ equity increased to $69.0 million as of June 30, 2010 representing a 10% increase from June 30, 2009 with a related increase in book value per share from $29.40 to $32.47.
At June 30, 2010 non-performing assets totaled 1.57% of total assets, up from 1.36% at December 31, 2009. For the quarter ended June 30, 2010, a provision of $300,000 was made to the allowance for loan loss allowance compared to $450,000 for the same period in 2009. Foreclosure related expenses totaled $161,000 for the quarter ended June 30, 2010 compared to $62,000 for the quarter ended June 30, 2009.
President Robert H. Gaughen, Jr. stated, “We’re pleased to report continued growth and consistent strength as our quarterly earnings represent a 20% increase over the same period last year and our earnings for the first half of 2010 represent a 32% increase over the first half of 2009. This is on top of a 43% increase in second quarter earnings from 2008 to 2009 and a 33% increase in earnings for the first half of the year from 2008 to 2009. Although non-performing assets increased to 1.57% of total assets from 1.36% at December 31, 2009, significant progress has been made on several non-performing loans which are now in the final stages of being resolved. We are actively pursuing resolution on these credits and believe that our conservative underwriting standards will continue to provide sufficient protection.
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. The Bank also maintains branch offices in South Hingham and the neighboring towns of Cohasset, Hull, Scituate, Weymouth and Norwell as well as the South End of Boston.
The Bank’s shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
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.
Hingham Institution for Savings
55 Main Street
Hingham MA 02043
Telephone: 781.749.2200
