Hingham Inst - HIFS STOCK NEWS

Hingham Institution for Savings (NASDAQ: HIFS) reported its 2024 financial results, with net income of $28,191,000 ($12.95 per share basic), up from $26,371,000 in 2023. The bank's return on equity was 6.68% and return on assets was 0.65% for 2024.

Total assets decreased 1% to $4.458 billion, while net loans declined 1% to $3.874 billion. Retail and business deposits grew 7% to $1.997 billion, with non-interest-bearing deposits increasing 17% to $397.5 million. The net interest margin improved to 1.24% in Q4 2024, marking the third consecutive quarter of expansion.

Credit quality remained strong with non-performing assets at 0.03% of total assets. The efficiency ratio improved to 52.30% in Q4 2024 from 71.58% in Q4 2023. Book value per share grew 5% to $198.03, with a trailing five-year compound annual growth rate of 11.3%.

Hingham Institution for Savings (NASDAQ:HIFS) has declared a regular quarterly cash dividend of $0.63 per share, payable on January 15, 2025, to stockholders of record as of January 6, 2025. The bank acknowledges significantly lower returns on equity and assets in 2024 due to increased short-term interest rates and yield curve inversion. While no special dividend was declared in 2023 and 2024, breaking a 29-year tradition, the bank maintains its 124th consecutive quarterly dividend. Management emphasizes focus on capital allocation, defensive underwriting, and cost control, noting improving conditions as assets reprice higher and liabilities reprice lower.

Hingham Institution for Savings (NASDAQ: HIFS) reported its Q3 2024 financial results. Net income for the quarter was $5.846 million, or $2.66 per share diluted, up 77% from $1.50 per share a year ago. Annualized return on average equity increased to 5.52%, with return on average assets at 0.54%. Core net income per share increased by 9% to $1.44. For the first nine months of 2024, net income was $16.816 million, a 16% decrease from the same period in 2023. Core net income per share dropped 40% to $3.45. Total assets were $4.450 billion, a 1% decline year-to-date but a 2% increase from last year. The bank's net interest margin rose to 1.07%, and non-performing assets were minimal at 0.04% of total assets. Retail and business deposits grew 8% year-to-date. The bank declared a regular cash dividend of $0.63 per share, payable on November 13, 2024.

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.