Hingham Savings Reports Second Quarter 2024 Results

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Insights

Hingham Institution for Savings has reported a significant 50% decrease in net income per share (diluted) for the second quarter of 2024, compared to the same period in 2023. This sharp decline can be attributed to increased short-term interest rates and an inverted yield curve, which has pressured the margin. The 3.92% return on average equity and 0.38% return on average assets in the second quarter of 2024 are considerably lower than the previous year's figures, indicating a weakening in performance.

Investor Implications: While the Bank has shown resilience with a 3% growth in book value per share year-to-date, the decline in performance metrics suggests potential challenges ahead. Investors should be cautious and monitor the Bank's ability to navigate the difficult interest rate environment.

Balance Sheet and Efficiency: Despite the drop in earnings, the Bank's balance sheet remains robust, with total assets increasing to $4.521 billion. The efficiency ratio has fluctuated, showing an improvement over the previous quarter but deteriorating relative to the same period last year. A higher efficiency ratio typically indicates increased operating expenses relative to income, which could be a point of concern.

In summary, the short-term outlook may be challenging, but the long-term fundamentals, such as asset quality and book value growth, remain relatively stable.

The Bank's increased focus on stabilized multifamily commercial real estate and construction loans, particularly in markets like Boston and Washington D.C., indicates a strategic move to capitalize on growth opportunities. However, the ongoing challenges such as loan prepayments and the historic inversion of the yield curve are affecting profitability.

Asset Quality: The Bank's non-performing asset ratio remains exceptionally low at 0.04% of total assets, which is a strong indicator of prudent risk management. No commercial real estate loans were delinquent or non-performing and there were no charge-offs recorded, reinforcing the Bank's disciplined underwriting standards.

Sector Growth: The modest asset growth and stable deposit base with a 6% year-to-date increase in retail and business deposits highlight stability in customer relationships. The Bank has also made strategic investments in relationship managers to deepen its deposit base, which could lead to future growth.

Overall, the Bank's conservative approach to credit and asset quality management, along with its strategic positioning in key markets, provides a cushion against current earnings headwinds.

07/12/2024 - 04:01 PM

HINGHAM, Mass., July 12, 2024 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts, announced results for the quarter ended June 30, 2024.

Earnings

Net income for the quarter ended June 30, 2024 was $4,102,000 or $1.88 per share basic and diluted, as compared to $8,248,000 or $3.84 per share basic and $3.76 per share diluted for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2024 was 3.92%, and the annualized return on average assets was 0.38%, as compared to 8.27% and 0.80% for the same period last year. Net income per share (diluted) for the second quarter of 2024 decreased by 50% compared to the same period in 2023.

Core net income for the quarter ended June 30, 2024, which represents net income excluding the after-tax gains on equity securities, both realized and unrealized, was $2,181,000 or $1.00 per share basic and per share diluted, as compared to $4,046,000 or $1.88 per share basic and $1.85 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the second quarter of 2024 was 2.08% and the annualized core return on average assets was 0.20%, as compared to 4.06% and 0.39% for the same period last year. Core net income per share (diluted) for the second quarter of 2024 decreased by 46% over the same period in 2023.

Net income for the six months ended June 30, 2024 was $10,970,000 or $5.04 per share basic and $5.01 per share diluted, as compared to $16,759,000 or $7.80 per share basic and $7.63 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first six months of 2024 was 5.27%, and the annualized return on average assets was 0.50%, as compared to 8.47% and 0.81% for the same period in 2023. Net income per share (diluted) for the first six months of 2024 decreased by 34% over the same period in 2023.

Core net income for the six months ended June 30, 2024, which represents net income excluding the after-tax gains on securities, both realized and unrealized, was $4,395,000 or $2.02 per share basic and $2.01 per share diluted, as compared to $9,791,000 or $4.56 per share basic and $4.46 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first six months of 2024 was 2.11%, and the annualized core return on average assets was 0.20%, as compared to 4.95% and 0.47% for the same period in 2023. Core net income per share (diluted) for the first six months of 2024 decreased by 55% over the same period in 2023.

See Page 10 for a reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and Non-GAAP core net income. GAAP requires that gains and losses on equity securities, net of tax, realized and unrealized, be recognized in the Consolidated Statements of Income. In calculating core net income, the Bank did not make any adjustments other than those relating to after-tax gains on equity securities, realized and unrealized. The Bank did not realize any equity securities gains or losses in the first six months of 2024.

Balance Sheet

Total assets increased to $4.521 billion at June 30, 2024, representing 2% annualized growth year-to-date and 5% growth from June 30, 2023.

Net loans were $3.933 billion at June 30, 2024, representing 1% annualized growth year-to-date and 5% growth from June 30, 2023. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate and multifamily construction. The Bank continues to evaluate new opportunities in the San Francisco market, where interest in acquisitions and refinancing activity from the Bank’s customers began to pick up in 2024. In the second quarter of 2024, the Bank experienced loan prepayments more consistent with historic trends, including the completion and sale of several significant construction projects in Boston and Washington, D.C. As noted below, asset quality remained strong.

Retail and business deposits were $1.921 billion at June 30, 2024, representing 6% annualized growth year-to-date and stable from June 30, 2023. Non-interest-bearing deposits, included in retail and business deposits, were $343.3 million at June 30, 2024, representing 2% annualized growth year-to-date and a 6% decline from June 30, 2023.

Growth in non-interest bearing and money market balances in the first six months of 2024 reflected the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. Investments in new relationship managers over the last nine months combined with changes to our marketing approach, continued to contribute to deposit growth in the second quarter of 2024. The Bank continues to recruit actively for talented commercial bankers in Boston, Washington, and San Francisco, particularly as respected competitors have exited these markets or merged with larger regional banks.

The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to be appealing to customers in times of uncertainty.

Wholesale funds, which includes Federal Home Loan Bank borrowings, brokered deposits, and Internet listing service deposits were $2.146 billion at June 30, 2024, representing a 3% annualized decline year-to-date and 9% growth from June 30, 2023. In the first six months of 2024, the Bank continued to manage its wholesale funding mix to optimize the cost of funds while taking advantage of the inverted yield curve by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $497.6 million at June 30, 2024, representing 4% annualized growth year-to-date and less than 1% growth from June 30, 2023. Borrowings from the Federal Home Loan Bank totaled $1.649 billion at June 30, 2024, representing a 5% annualized decline from December 31, 2023, and 12% growth from June 30, 2023. As of June 30, 2024, the Bank maintained an additional $725.9 million in immediately available borrowing capacity at the Federal Home Loan Bank of Boston and the Federal Reserve Bank, in addition to $369.1 million in cash and cash equivalents.

Book value per share was $191.34 as of June 30, 2024, representing a 3% annualized growth year-to-date and 3% growth from June 30, 2023. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since June 30, 2023.

On June 26, 2024, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on August 7, 2024 to stockholders of record as of July 29, 2024. This was the Bank’s 122nd consecutive quarterly dividend.

The Bank has also generally declared special cash dividends in each of the last twenty-nine years, typically in the fourth quarter, but did not declare a special dividend in 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

Operational Performance Metrics

The net interest margin for the quarter ended June 30, 2024 increased 11 basis points to 0.96%, as compared to 0.85% in the quarter ended March 31, 2024. This reflected a gradual improvement throughout the second quarter and it was the first quarter the net interest margin expanded since the Federal Reserve began raising short-term interest rates in early 2022. This improvement was primarily the result of an increase in the yield on earning assets, as the cost of interest-bearing liabilities remained relatively stable when compared to the prior quarter. The 13 basis points increase in the yield on earning assets was driven primarily by a higher yield on loans, reflecting both an increase in average loan rate - as the Bank continued to originate loans at higher rates and reprice existing loans, as well as higher loan fees. The cost of interest-bearing liabilities was up one basis point, as the pace of increase in the Bank’s deposit costs has slowed or reversed in some products and the Bank continued to take advantage of the inverted yield curve by adding lower rate FHLB advances. The net interest margin in the final month of the second quarter of 2024 was 1.03% annualized.

Key credit and operational metrics remained strong in the second quarter of 2024. At June 30, 2024, non-performing assets totaled 0.04% of total assets, compared to 0.03% at December 31, 2023 and 0.00% at June 30, 2023. Non-performing loans as a percentage of the total loan portfolio totaled 0.04% at June 30, 2024, compared to 0.04% at December 31, 2023 and 0.00% at June 30, 2023. The Bank did not record any charge-offs in the first six months of 2024 or 2023. All non-performing assets and loans cited above were and are residential, owner-occupant loans.

The Bank did not have any delinquent or non-performing commercial real estate loans as of June 30, 2024, December 31, 2023, or June 30, 2023. The Bank did not own any foreclosed property as of June 30, 2024, December 31, 2023 or June 30, 2023.

The efficiency ratio, as defined on page 5 below, decreased to 68.57% for the second quarter of 2024, as compared to 77.24% in the prior quarter, but increased when compared to 55.03% for the same period last year. Operating expenses as a percentage of average assets fell to 0.67% for the second quarter of 2024, as compared to 0.71% for the same period last year. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage, positioning the Bank to operate more efficiently in future.

Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the second quarter of 2024 were significantly lower than our long-term performance, reflecting the challenge from the increase in short-term interest rates over the last twenty-four months and a historically long and deep inversion of the yield curve. These conditions have posed a significant - albeit ultimately temporary - challenge to our business model. Our core business has been particularly challenged during this period and our investment operations have been critical to sustaining growth in book value per share in this environment.

This challenge will begin to fade this year, as our assets continue to reprice. Where the yield curve remains inverted, we will continue to capitalize on it via our wholesale funding activities.

While this market environment has been extraordinarily challenging, the Bank’s business model has been built over time to compound shareholder capital through economic cycles. During all such periods, we remain focused on careful capital allocation, defensive underwriting and disciplined cost control - the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate. I believe that over the past twenty-four months we have retained this focus and it will serve us well as we begin to emerge from this challenge.”

The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended June 30, 2024 with the Federal Deposit Insurance Corporation (FDIC) on or about August 7, 2024.

Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.


HINGHAM INSTITUTION FOR SAVINGS Selected Financial Ratios

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
(Unaudited)

Key Performance Ratios
Return on average assets (1)	0.80	%	0.38	%	0.81	%	0.50	%
Return on average equity (1)	8.27		3.92		8.47		5.27
Core return on average assets (1) (5)	0.39		0.20		0.47		0.20
Core return on average equity (1) (5)	4.06		2.08		4.95		2.11
Interest rate spread (1) (2)	0.66		0.25		0.79		0.19
Net interest margin (1) (3)	1.28		0.96		1.37		0.91
Operating expenses to average assets (1)	0.71		0.67		0.69		0.67
Efficiency ratio (4)	55.03		68.57		50.19		72.63
Average equity to average assets	9.66		9.59		9.58		9.56
Average interest-earning assets to average interest-bearing liabilities	121.66		119.93		121.67		119.92

	June 30, 2023			December 31, 2023			June 30, 2024
(Unaudited)

Asset Quality Ratios
Allowance for credit losses/total loans		0.69	%		0.68	%		0.68	%
Allowance for credit losses/non-performing loans		15,376.47			1,804.47			1,577.28

Non-performing loans/total loans		—			0.04			0.04
Non-performing loans/total assets		—			0.03			0.04
Non-performing assets/total assets		—			0.03			0.04

Share Related
Book value per share	$	185.94		$	188.50		$	191.34
Market value per share	$	213.18		$	194.40		$	178.88
Shares outstanding at end of period		2,150,400			2,162,400			2,180,250

(1)		Annualized.

(2)		Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(3)		Net interest margin represents net interest income divided by average interest-earning assets.

(4)		The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding gain on equity securities, net.

(5)		Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax gain on equity securities, net.


HINGHAM INSTITUTION FOR SAVINGS Consolidated Balance Sheets

(In thousands, except share amounts)	June 30, 2023		December 31, 2023		June 30, 2024
(Unaudited)
ASSETS

Cash and due from banks	$	6,764	$	5,654	$	5,990
Federal Reserve and other short-term investments		347,320		356,823		363,151
Cash and cash equivalents		354,084		362,477		369,141

CRA investment		8,229		8,853		8,722
Other marketable equity securities		65,744		70,949		83,860
Securities, at fair value		73,973		79,802		92,582
Securities held to maturity, at amortized cost		3,500		3,500		6,493
Federal Home Loan Bank stock, at cost		60,897		69,574		66,189
Loans, net of allowance for credit losses of $26,140 at June 30, 2023, $26,652 at December 31, 2023 and $26,940 at June 30, 2024		3,761,572		3,914,244		3,933,419
Bank-owned life insurance		13,478		13,642		13,805
Premises and equipment, net		18,383		17,008		16,676
Accrued interest receivable		7,388		8,554		9,082
Deferred income tax asset, net		2,236		974		—
Other assets		15,216		14,172		13,344
Total assets	$	4,310,727	$	4,483,947	$	4,520,731

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing deposits	$	2,049,918	$	2,010,918	$	2,075,002
Non-interest-bearing deposits		363,827		339,059		343,262
Total deposits		2,413,745		2,349,977		2,418,264
Federal Home Loan Bank advances		1,470,000		1,692,675		1,648,675
Mortgagors’ escrow accounts		13,248		13,942		14,577
Accrued interest payable		6,355		12,261		12,242
Deferred income tax liability, net		—		—		989
Other liabilities		7,526		7,472		8,806
Total liabilities		3,910,874		4,076,327		4,103,553

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; 2,150,400 shares issued and outstanding at June 30, 2023, 2,162,400 shares issued and outstanding at December 31, 2023 and 2,180,250 shares issued and outstanding at June 30, 2024		2,150		2,162		2,180
Additional paid-in capital		13,288		14,150		15,467
Undivided profits		384,415		391,308		399,531
Total stockholders’ equity		399,853		407,620		417,178
Total liabilities and stockholders’ equity	$	4,310,727	$	4,483,947	$	4,520,731


HINGHAM INSTITUTION FOR SAVINGS Consolidated Statements of Income

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands, except per share amounts)		2023		2024		2023			2024
(Unaudited)
Interest and dividend income:
Loans	$	37,806	$	44,665	$	74,222		$	87,785
Debt securities		33		87		66			132
Equity securities		1,044		1,551		1,947			3,001
Federal Reserve and other short-term investments		3,106		2,745		6,480			5,572
Total interest and dividend income		41,989		49,048		82,715			96,490
Interest expense:
Deposits		16,808		22,141		30,608			43,287
Federal Home Loan Bank and Federal Reserve Bank advances		12,151		16,539		24,166			33,751
Total interest expense		28,959		38,680		54,774			77,038
Net interest income		13,030		10,368		27,941			19,452
Provision for credit losses		450		180		606			288
Net interest income, after provision for credit losses		12,580		10,188		27,335			19,164
Other income:
Customer service fees on deposits		141		138		279			275
Increase in cash surrender value of bank-owned life insurance		83		82		166			163
Gain on equity securities, net		5,390		2,464		8,938			8,434
Miscellaneous		54		49		117			104
Total other income		5,668		2,733		9,500			8,976
Operating expenses:
Salaries and employee benefits		4,185		4,234		8,491			8,531
Occupancy and equipment		380		394		771			825
Data processing		746		738		1,399			1,493
Deposit insurance		590		819		1,240			1,629
Foreclosure and related		26		14		(48	)		46
Marketing		277		187		489			276
Other general and administrative		1,120		908		1,964			1,721
Total operating expenses		7,324		7,294		14,306			14,521
Income before income taxes		10,924		5,627		22,529			13,619
Income tax provision		2,676		1,525		5,770			2,649
Net income	$	8,248	$	4,102	$	16,759		$	10,970

Cash dividends declared per share	$	0.63	$	0.63	$	1.26		$	1.26

Weighted average shares outstanding:
Basic		2,149		2,180		2,148			2,175
Diluted		2,191		2,186		2,196			2,189

Earnings per share:
Basic	$	3.84	$	1.88	$	7.80		$	5.04
Diluted	$	3.76	$	1.88	$	7.63		$	5.01


HINGHAM INSTITUTION FOR SAVINGS Net Interest Income Analysis

	Three Months Ended
	June 30, 2023									March 31, 2024									June 30, 2024
	Average Balance (9)			Interest		Yield/ Rate (10)				Average Balance (9)				Interest		Yield/ Rate (10)			Average Balance (9)			Interest			Yield/ Rate (10)

(Dollars in thousands)
(Unaudited)
Assets
Loans (1) (2)	$	3,725,717		$	37,806		4.06		%	$	3,956,135		$		43,120		4.36	%	$	3,980,111			$	44,665		4.49	%
Securities (3) (4)		103,153			1,077		4.18				116,203				1,495		5.15			119,477				1,638		5.48
Short-term investments (5)		245,426			3,106		5.06				208,245				2,827		5.43			202,379				2,745		5.43
Total interest-earning assets		4.074.296			41,989		4.12				4,280,583				47,442		4.43			4,301,967				49,048		4.56
Other assets		56,658									64,034									66,218
Total assets	$	4,130,954								$	4,344,617								$	4,368,185

Liabilities and stockholders’ equity:			`
Interest-bearing deposits (6)	$	2,196,558			16,808			3.06	%	$	2,098,851				21,146		4.03	%	$	2,149,753				22,141		4.12	%
Borrowed funds		1,152,473			12,151			4.22			1,471,027				17,212		4.68			1,437,335				16,539		4.60
Total interest-bearing liabilities		3,349,031			28,959			3.46			3,569,878				38,358		4.30			3,587,088				38,680		4.31
Non-interest-bearing deposits		371,262									346,136									346,663
Other liabilities		11,636									14,261									15,503
Total liabilities		3,731,929									3,930,275									3,949,254
Stockholders’ equity		399,025									414,342									418,931
Total liabilities and stockholders’ equity	$	4,130,954								$	4,344,617								$	4,368,185
Net interest income				$	13,030								$		9,084								$	10,368

Weighted average interest rate spread							0.66		%								0.13	%								0.25	%

Net interest margin (7)							1.28		%								0.85	%								0.96	%

Average interest-earning assets to average interest-bearing liabilities (8)		121.66	%								119.91	%								119.93	%

(1)		Before allowance for credit 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 cash held at the Federal Reserve Bank.
(6)		Includes mortgagors' escrow accounts.
(7)		Net interest income divided by average total interest-earning assets.
(8)		Total interest-earning assets divided by total interest-bearing liabilities.
(9)		Average balances are calculated on a daily basis.
(10)		Annualized.


HINGHAM INSTITUTION FOR SAVINGS Net Interest Income Analysis

	Six Months Ended June 30,
	2023							2024
	Average Balance (9)			Interest		Yield/ Rate (10)		Average Balance (9)			Interest		Yield/ Rate (10)
(Dollars in thousands)
(Unaudited)

Loans (1) (2)	$	3,704,236		$	74,222	4.01	%	$	3,968,123		$	87,785	4.42	%
Securities (3) (4)		101,432			2,013	3.97			117,840			3,133	5.32
Short-term investments (5)		269,834			6,480	4.80			205,312			5,572	5.43
Total interest-earning assets		4,075,502			82,715	4.06			4,291,275			96,490	4.50
Other assets		55,242							65,126
Total assets	$	4,130,744						$	4,356,401

Interest-bearing deposits (6)	$	2,223,225			30,608	2.75		$	2,124,302			43,287	4.08
Borrowed funds		1,126,459			24,166	4.29			1,454,181			33,751	4.64
Total interest-bearing liabilities		3,349,684			54,774	3.27			3,578,483			77,038	4.31
Non-interest-bearing deposits		374,656							346,399
Other liabilities		10,551							14,882
Total liabilities		3,734,891							3,939,764
Stockholders’ equity		395,853							416,637
Total liabilities and stockholders’ equity	$	4,130,744						$	4,356,401
Net interest income				$	27,941						$	19,452

Weighted average interest rate spread						0.79	%						0.19	%

Net interest margin (7)						1.37	%						0.91	%

Average interest-earning assets to average interest-bearing liabilities (8)		121.67	%						119.92	%

(1)		Before allowance for credit 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 cash held at the Federal Reserve Bank.
(6)		Includes mortgagors' escrow accounts.
(7)		Net interest income divided by average total interest-earning assets.
(8)		Total interest-earning assets divided by total interest-bearing liabilities.
(9)		Average balances are calculated on a daily basis.
(10)		Annualized.

HINGHAM INSTITUTION FOR SAVINGS
Non-GAAP Reconciliation

The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax gain on equity securities.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands, unaudited)		2023			2024			2023			2024

Non-GAAP reconciliation:
Net income	$	8,248		$	4,102		$	16,759		$	10,970
Gain on equity securities, net		(5,390	)		(2,464	)		(8,938	)		(8,434	)
Income tax expense (1)		1,188			543			1,970			1,859
Core net income	$	4,046		$	2,181		$	9,791		$	4,395

(1) The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.

The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding gain on equity securities, net.

	Three Months Ended												Six Months Ended
		June 30,				March 31,				June 30,			June 30,
(In thousands, unaudited)		2023				2024				2024				2023				2024

Non-U.S. GAAP efficiency ratio calculation:
Operating expenses	$	7,324			$	7,227			$	7,294			$	14,306			$	14,521

Net interest income	$	13,030			$	9,084			$	10,368			$	27,941			$	19,452
Other income		5,668				6,244				2,733				9,500				8,976
Gain on equity securities, net		(5,390	)			(5,971	)			(2,464	)			(8,938	)			(8,434	)
Total revenue	$	13,308			$	9,357			$	10,637			$	28,503			$	19,994

Efficiency ratio		55.03		%		77.24		%		68.57		%		50.19		%		72.63		%

CONTACT: Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

FAQ

What were the Q2 2024 earnings for Hingham Institution for Savings (HIFS)?

Hingham Institution for Savings reported Q2 2024 net income of $4.1 million or $1.88 per share, a 50% decrease from the same quarter last year.

How did HIFS's core net income perform in Q2 2024?

Core net income for Q2 2024 was $2.2 million, down 46% from $4.0 million in Q2 2023.

What is the net interest margin of HIFS for Q2 2024?

The net interest margin for HIFS in Q2 2024 improved to 0.96% from 0.85% in Q1 2024.

How much did HIFS's total assets grow by the end of Q2 2024?

Total assets of HIFS grew to $4.521 billion, representing a 5% increase from June 2023.

What was the return on average equity for HIFS in Q2 2024?

The return on average equity for HIFS in Q2 2024 was 3.92%, down from 8.27% in the same period last year.

What was HIFS's book value per share at the end of Q2 2024?

The book value per share for HIFS at the end of Q2 2024 was $191.34, reflecting a 3% annualized growth year-to-date.

What dividend did HIFS declare in Q2 2024?

HIFS declared a regular cash dividend of $0.63 per share, payable on August 7, 2024.

Hingham Savings Reports Second Quarter 2024 Results

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FAQ

What were the Q2 2024 earnings for Hingham Institution for Savings (HIFS)?

How did HIFS's core net income perform in Q2 2024?

What is the net interest margin of HIFS for Q2 2024?

How much did HIFS's total assets grow by the end of Q2 2024?

What was the return on average equity for HIFS in Q2 2024?

What was HIFS's book value per share at the end of Q2 2024?

What dividend did HIFS declare in Q2 2024?

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Hingham Savings Reports Second Quarter 2024 Results

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Financial Analyst neutral

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FAQ

What were the Q2 2024 earnings for Hingham Institution for Savings (HIFS)?

How did HIFS's core net income perform in Q2 2024?

What is the net interest margin of HIFS for Q2 2024?

How much did HIFS's total assets grow by the end of Q2 2024?

What was the return on average equity for HIFS in Q2 2024?

What was HIFS's book value per share at the end of Q2 2024?

What dividend did HIFS declare in Q2 2024?

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