Hingham Institution for Saving - HIFS STOCK NEWS

Hingham Institution for Savings (NASDAQ: HIFS) reported its Q2 2024 results. Net income for the quarter ended June 30, 2024, was $4.1 million, or $1.88 per share, down 50% from $8.2 million, or $3.76 per share, the previous year. Core net income fell 46% year-over-year to $2.2 million. For the first half of 2024, net income was $11 million, a 34% decrease year-over-year, while core net income dropped 55% to $4.4 million. Total assets grew to $4.52 billion, up 5% from June 2023. Net loans increased by 5% to $3.93 billion. Deposits grew by 6% year-to-date to $1.92 billion. The net interest margin improved to 0.96% from 0.85% in Q1 2024. However, the return on average equity dropped to 3.92% from 8.27% in Q2 2023. Book value per share grew 3% to $191.34, while the bank declared a regular dividend of $0.63 per share, payable on August 7, 2024.

Hingham Savings, trading as HIFS on NASDAQ, reported first-quarter 2024 results with net income of $6,868,000, a decrease of 19% from the same period in 2023. Core net income also decreased by 61% to $2,213,000. Total assets increased to $4.529 billion, with net loans at $3.938 billion. Retail and business deposits grew by 7% annually, while non-interest-bearing deposits declined by 8%. The Bank continues to focus on developing deposit relationships and recruiting new talent. The net interest margin decreased to 0.85%, with key credit metrics remaining strong. Chairman Robert H. Gaughen Jr. acknowledged the challenges posed by short-term interest rate increases and an inverted yield curve, expressing cautious optimism for the future.

Hingham Institution for Savings (HIFS) announced its earnings for the fourth quarter and the year ended December 31, 2023. Net income for the year decreased by 29% compared to the same period in 2022, with core net income decreasing by 73%. Total assets and net loans increased by 7%, while retail and business deposits declined by 2%. The Bank's net interest margin decreased significantly, and the efficiency ratio increased to 57.18% in 2023.

Hingham Institution for Savings (NASDAQ:HIFS) Declares Quarterly Cash Dividend of $0.63 per Share, Announces No Special Dividend for 2023. The bank's Board of Directors has approved a regular quarterly cash dividend of $0.63 per share, to be paid on January 10, 2024. The decision was made considering the challenging market environment, with lower returns on equity and assets due to the increase in short-term interest rates and the inversion of the yield curve. The Bank has also decided not to declare a special dividend for 2023, as it believes that reinvestment of incremental capital to support lending at attractive pricing is warranted.

Hingham Institution for Savings announces Q3 2023 results

Hingham Institution for Savings (NASDAQ: HIFS) announced its Q2 2023 results, reporting net income of $8,248,000 or $3.84 per share basic and $3.76 per share diluted. The Bank's annualized return on average equity for Q2 2023 was 8.27%, and the annualized return on average assets was 0.80%. Net income per share (diluted) for Q2 2023 increased by 159% compared to the same period in 2022. Total assets were $4.311 billion at June 30, 2023, representing 6% annualized growth year-to-date and 8% growth from June 30, 2022.

HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS) reported earnings for Q1 2023, revealing a net income of $8.51 million ($3.96 per share basic), down from $11.86 million ($5.54 per share) a year ago. The annualized return on average equity decreased to 8.67%, compared to 13.10% in Q1 2022. Core net income also fell sharply by 62%, totaling $5.74 million or $2.61 per diluted share. Despite a total asset increase to $4.206 billion (15% growth year-over-year), net interest margin dropped significantly to 1.46% from 3.30% last year. The Bank maintained a solid book value per share of $182.89 and declared a dividend of $0.63 per share, marking its 117th consecutive quarterly dividend. The challenges stem from rising interest rates affecting margins and net income.

HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS) reported a net income of $37.52 million or $17.49 per share for the year ended December 31, 2022, down 44% from $67.46 million or $31.50 per share in 2021. Core net income was $54.57 million or $24.78 per share, a 4% decrease from the previous year. Total assets grew 22% to $4.19 billion, with net loans increasing by 22% to $3.66 billion. Total deposits rose 5% to $2.51 billion. The bank’s net interest margin decreased, reflecting higher funding costs amid rising interest rates. In dividend activity, the bank declared $3.03 per share in dividends since December 2021, including a special dividend of $0.63.

HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS) reported a net income of $10.5 million, or $4.77 per diluted share for Q3 2022, down from $14 million or $6.36 per diluted share in Q3 2021. The annualized return on average equity fell to 11.07% from 16.57% a year earlier. Core net income increased 3% year-over-year to $14.5 million, translating to $6.58 per diluted share. Total assets grew 25% year-to-date, reaching $4.06 billion. The board declared a quarterly dividend of $0.61, marking a 3% increase. Net interest margin decreased to 2.76%, reflecting challenges in interest rates.