Hingham Savings Announces 9% Growth in Quarterly Earnings
October 14 2015 - 7:29PM
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS), Hingham,
Massachusetts announced third quarter earnings for 2015. Net income
for the quarter ended September 30, 2015 was $4,874,000 or $2.29
per share basic and $2.27 per share fully diluted as compared to
$4,481,000 or $2.10 per share (basic and fully diluted) for the
third quarter of 2014. Net income per share (basic) for the
third quarter of 2015 increased 9% over the same period in
2014. The Bank’s annualized return on average equity for the
third quarter of 2015 was 14.67%, and the annualized return on
average assets was 1.18% as compared to 15.12% and 1.20% for the
same period in 2014.
Net income for the nine months ended September
30, 2015 was $14,112,000 or $6.63 per share basic and $6.58 per
share fully diluted as compared to $17,729,000 or $8.33 per share
basic and $8.32 per share fully diluted for the same period last
year. Earnings for first nine months of 2014 included a one-time
net gain of approximately $5.7 million related to a non-taxable
life insurance transaction, the details of which were fully
reported in the Bank’s 2014 Annual Report on Form 10-K. Excluding
this event, the Bank earned $11,988,000 or $5.63 per share basic
and $5.62 per share fully diluted for the first nine months of
2014. Net income per share (basic) for the first nine months
of 2015 increased 18% over the same period in 2014 excluding the
impact of the life insurance transaction.
The Bank’s annualized return on average equity
for the first nine months of 2015 was 14.63% and the annualized
return on average assets was 1.17%. Excluding the impact of the
life insurance transaction, the Bank’s annualized return on average
equity for the first nine months of 2014 was 14.08%, and the
annualized return on average assets was 1.11%.
Strong balance sheet growth trends of recent
years continued, as deposits were $1.180 billion at September 30,
2015, representing 11% annualized growth year to date and 12%
growth from September 30, 2014. Net loans were $1.343 billion
at September 30, 2015, representing 11% annualized growth year to
date and 11% growth from September 30, 2014. Total assets
were $1.691 billion at September 30, 2015, representing 12%
annualized growth year to date and 12% growth from September 30,
2014. Book value per share increased to $62.94 per share at
September 30, 2015, representing a 14% annualized growth rate year
to date and a 12% increase from September 30, 2014. In
addition to the increase in book value per share, the Bank has
declared $0.86 in dividends per share in 2015 and $2.14 in
dividends per share since September 30, 2014.
Key credit and operational metrics remained
steady in the third quarter of 2015. At September 30, 2015,
non-performing assets totaled 0.17% of total assets, compared with
0.20% at December 31, 2014 and 0.43% at September 30, 2014.
Non-performing loans as a percentage of the total loan portfolio
totaled 0.21% at September 30, 2015, as compared to 0.18% at
December 31, 2014 and 0.46% at September 30, 2014. The
efficiency ratio improved to 36.11% for the third quarter of 2015,
as compared to 37.04% for the same period last year.
Non-interest expense (annualized) as a percentage of average assets
fell to 1.15% for the third quarter of 2015, as compared to 1.22%
for the same period last year. These reductions reflect the
Bank’s continued focus on credit quality and disciplined expense
controls.
President Robert H. Gaughen, Jr. stated, “We are
pleased to report that our current quarterly earnings represent a
9% increase over the third quarter of 2014 – the product of careful
capital allocation, conservative underwriting, disciplined cost
control and measured growth. We continue to offer unique
value to our customers, with whom we have deep, long-term
relationships. Our success is a product of these
partnerships.”
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
continually operating banks in the United States. The Bank’s
main offices are located on Main Street, Hingham, Massachusetts
02043, phone (781) 749-2200. The Bank also maintains branch
offices in South Hingham and the neighboring towns of Cohasset,
Hull, Norwell, Scituate and Weymouth, as well as branches in the
South End of Boston, on Beacon Hill and on the island of
Nantucket. 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 EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
2014 |
|
2015 |
|
2014 |
|
2015 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1) |
1.20 |
% |
|
1.18 |
% |
|
1.64 |
% |
|
1.17 |
% |
Return on average
equity (1) |
15.12 |
|
|
14.67 |
|
|
20.82 |
|
|
14.63 |
|
Interest rate spread
(1) (2) |
3.16 |
|
|
3.04 |
|
|
3.13 |
|
|
3.08 |
|
Net interest margin (1)
(3) |
3.26 |
|
|
3.16 |
|
|
3.24 |
|
|
3.19 |
|
Non-interest expense to
average assets (1) |
1.22 |
|
|
1.15 |
|
|
1.42 |
|
|
1.19 |
|
Efficiency ratio
(4) |
37.04 |
|
|
36.19 |
|
|
36.96 |
|
|
36.94 |
|
Average equity to
average assets |
7.91 |
|
|
8.01 |
|
|
7.89 |
|
|
8.00 |
|
Average
interest-bearing assets to average interest bearing
liabilities |
115.18 |
|
|
115.97 |
|
|
114.62 |
|
|
115.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014 |
|
|
December 31, 2014 |
|
September 30,
2015 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses/total loans |
|
0.74 |
% |
|
0.73 |
% |
|
|
0.71 |
% |
Allowance for loan
losses/non-performing loans |
|
159.19 |
|
|
397.04 |
|
|
345.96 |
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans/total
loans |
|
0.46 |
|
|
0.18 |
|
|
0.21 |
|
Non-performing loans/total
assets |
|
0.37 |
|
|
0.15 |
|
|
0.16 |
|
Non-performing
assets/total assets |
|
0.43 |
|
|
0.20 |
|
|
0.17 |
|
|
|
|
|
|
|
|
|
|
|
Share
Related |
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
56.20 |
|
|
$ |
57.08 |
|
$ |
62.94 |
|
Market value per
share |
$ |
81.55 |
|
|
$ |
87.01 |
|
$ |
116.03 |
|
Shares outstanding
at end of period |
|
2,128,750 |
|
|
2,128,750 |
|
|
2,128,750 |
|
- Annualized.
- Interest rate spread represents the difference between the
yield on earning assets and cost of interest-bearing
liabilities.
- Net interest margin represents net interest income divided by
average earning assets.
- The efficiency ratio represents non-interest expense, divided
by the sum of net interest income and non-interest income,
excluding gain on sale of securities.
|
HINGHAM INSTITUTION FOR
SAVINGSConsolidated Balance Sheets |
|
(Dollars in thousands,
except per share data) |
September 30, 2014 |
|
December 31, 2014 |
|
September
30, 2015 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
6,012 |
|
$ |
6,917 |
|
$ |
6,646 |
Short-term
investments |
|
142,414 |
|
|
170,305 |
|
|
231,311 |
Cash and cash
equivalents |
|
148,426 |
|
|
177,222 |
|
|
237,957 |
|
|
|
|
|
|
|
|
|
Certificates of
deposit |
|
14,460 |
|
|
12,926 |
|
|
7,448 |
Securities available for
sale, at fair value |
|
81,806 |
|
|
70,570 |
|
|
48,943 |
Federal Home Loan Bank
stock, at cost |
|
17,855 |
|
|
17,855 |
|
|
18,454 |
Loans, net of allowance
for loan losses of $8,953 at September 30, 2014, $9,108 at
December 31, 2014 and $9,635 at September 30, 2015 |
|
1,207,481 |
|
|
1,238,656 |
|
|
1,342,634 |
Foreclosed assets |
|
821 |
|
|
786 |
|
|
118 |
Bank-owned life
insurance |
|
11,345 |
|
|
11,416 |
|
|
11,628 |
Premises and equipment,
net |
|
15,381 |
|
|
15,211 |
|
|
15,130 |
Accrued interest
receivable |
|
2,989 |
|
|
2,959 |
|
|
3,156 |
Deferred income tax asset,
net |
|
2,940 |
|
|
2,642 |
|
|
2,627 |
Other assets |
|
2,418 |
|
|
1,962 |
|
|
2,864 |
Total assets |
$ |
1,505,922 |
|
$ |
1,552,205 |
|
$ |
1,690,959 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
1,055,701 |
|
$ |
1,089,217 |
|
$ |
1,179,970 |
Federal Home Loan Bank
advances |
|
320,635 |
|
|
329,602 |
|
|
367,499 |
Mortgage payable |
|
985 |
|
|
973 |
|
|
935 |
Mortgagors’ escrow
accounts |
|
4,239 |
|
|
4,476 |
|
|
4,629 |
Accrued interest
payable |
|
346 |
|
|
350 |
|
|
281 |
Other liabilities |
|
4,375 |
|
|
6,072 |
|
|
3,669 |
Total liabilities |
|
1,386,281 |
|
|
1,430,690 |
|
|
1,556,983 |
|
|
|
|
|
|
|
|
|
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; 2,128,750 shares issued and
outstanding |
|
2,129 |
|
|
2,129 |
|
|
2,129 |
Additional paid-in capital |
|
10,919 |
|
|
10,942 |
|
|
11,029 |
Undivided profits |
|
106,432 |
|
|
108,243 |
|
|
120,524 |
Accumulated other comprehensive
income |
|
161 |
|
|
201 |
|
|
294 |
Total stockholders’ equity |
|
119,641 |
|
|
121,515 |
|
|
133,976 |
Total liabilities and stockholders’
equity |
$ |
1,505,922 |
|
$ |
1,552,205 |
|
$ |
1,690,959 |
|
|
HINGHAM
INSTITUTION FOR SAVINGSConsolidated Statements of
Income |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
|
|
|
September 30, |
|
September 30, |
|
(In thousands, except per share
amounts) |
|
|
|
2014 |
|
|
|
2015 |
|
2014 |
|
2015 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
$ |
|
14,109 |
|
|
$ |
15,180 |
|
$ |
40,598 |
|
$ |
44,450 |
|
|
Debt securities |
|
|
|
80 |
|
|
|
43 |
|
|
263 |
|
|
162 |
|
|
Equity securities |
|
|
|
|
|
116 |
|
|
|
231 |
|
|
346 |
|
|
545 |
|
|
Short-term investments and
certificates of deposit |
|
|
95 |
|
|
|
154 |
|
|
246 |
|
|
424 |
|
|
|
Total interest and dividend
income |
|
|
|
14,400 |
|
|
|
15,608 |
|
|
41,453 |
|
|
45,581 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
1,598 |
|
|
|
2,047 |
|
|
4,554 |
|
|
5,748 |
|
|
Federal Home Loan Bank advances |
|
|
|
|
|
846 |
|
|
|
728 |
|
|
2,802 |
|
|
2,162 |
|
|
Mortgage payable |
|
|
|
|
15 |
|
|
|
14 |
|
|
45 |
|
|
43 |
|
|
|
Total interest expense |
|
|
|
|
2,459 |
|
|
|
2,789 |
|
|
7,401 |
|
|
7,953 |
|
|
|
Net interest income |
|
|
|
|
11,941 |
|
|
|
12,819 |
|
|
34,052 |
|
|
37,628 |
|
Provision for loan losses |
|
|
|
|
150 |
|
|
|
175 |
|
|
475 |
|
|
525 |
|
Net interest income,
after provision for loan losses |
|
|
11,791 |
|
|
|
12,644 |
|
|
33,577 |
|
|
37,103 |
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees on
deposits |
|
|
|
257 |
|
|
|
250 |
|
|
756 |
|
|
731 |
|
|
Increase in bank-owned life
insurance |
|
|
|
|
|
73 |
|
|
|
71 |
|
|
238 |
|
|
212 |
|
|
Gain on life insurance
distribution |
|
|
|
|
|
— |
|
|
|
— |
|
|
6,302 |
|
|
— |
|
|
Gain on sale of securities |
|
|
|
|
|
— |
|
|
|
29 |
|
|
— |
|
|
29 |
|
|
Miscellaneous |
|
|
|
|
|
69 |
|
|
|
46 |
|
|
232 |
|
|
142 |
|
|
|
Total other income |
|
|
|
|
399 |
|
|
|
396 |
|
|
7,528 |
|
|
1,114 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
|
|
2,887 |
|
|
|
2,875 |
|
|
9,578 |
|
|
8,701 |
|
|
Occupancy and equipment |
|
|
|
|
|
486 |
|
|
|
513 |
|
|
1,522 |
|
|
1,586 |
|
|
Data processing |
|
|
|
|
|
308 |
|
|
|
291 |
|
|
893 |
|
|
891 |
|
|
Deposit insurance |
|
|
|
|
|
205 |
|
|
|
224 |
|
|
592 |
|
|
662 |
|
|
Foreclosure |
|
|
|
|
|
(62 |
) |
|
|
30 |
|
|
234 |
|
|
62 |
|
|
Marketing |
|
|
|
|
|
99 |
|
|
|
126 |
|
|
354 |
|
|
384 |
|
|
Other general and administrative |
|
|
|
|
|
648 |
|
|
|
713 |
|
|
2,195 |
|
|
2,015 |
|
|
|
Total operating expenses |
|
|
|
|
4,571 |
|
|
|
4,772 |
|
|
15,368 |
|
|
14,301 |
|
Income before income taxes |
|
|
|
|
7,619 |
|
|
|
8,268 |
|
|
25,737 |
|
|
23,916 |
|
Income tax provision |
|
|
|
|
|
3,138 |
|
|
|
3,394 |
|
|
8,008 |
|
|
9,804 |
|
|
|
Net income |
|
|
|
$ |
|
4,481 |
|
|
$ |
4,874 |
|
$ |
17,729 |
|
$ |
14,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
2,129 |
|
|
|
2,129 |
|
|
2,129 |
|
|
2,129 |
|
|
Diluted |
|
|
|
|
|
2,135 |
|
|
|
2,146 |
|
|
2,132 |
|
|
2,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
$ |
|
2.10 |
|
|
$ |
2.29 |
|
$ |
8.33 |
|
$ |
6.63 |
|
|
Diluted |
|
|
|
$ |
|
2.10 |
|
|
$ |
2.27 |
|
$ |
8.32 |
|
$ |
6.58 |
|
|
HINGHAM
INSTITUTION FOR SAVINGSNet Interest Income
Analysis |
|
|
Three Months Ended September 30, |
|
|
2014 |
|
|
2015 |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/RATE |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/RATE |
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) (2) |
$ |
1,207,348 |
|
$ |
14,109 |
|
4.67 |
% |
|
$ |
1,320,522 |
|
$ |
15,180 |
|
4.60 |
% |
Securities (3) (4) |
|
106,538 |
|
|
196 |
|
0.74 |
|
|
|
71,903 |
|
|
274 |
|
1.52 |
|
Short-term investments and
certificates of deposit |
|
151,394 |
|
|
95 |
|
0.25 |
|
|
|
232,181 |
|
|
154 |
|
0.27 |
|
Total earning assets |
|
1,465,280 |
|
|
14,400 |
|
3.93 |
|
|
|
1,624,606 |
|
|
15,608 |
|
3.84 |
|
Other assets |
|
33,737 |
|
|
|
|
|
|
|
|
33,424 |
|
|
|
|
|
|
Total assets |
$ |
1,499,017 |
|
|
|
|
|
|
|
$ |
1,658,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
(5) |
$ |
940,681 |
|
|
1,598 |
|
0.68 |
|
|
$ |
1,043,970 |
|
|
2,047 |
|
0.78 |
|
Borrowed funds |
|
331,458 |
|
|
861 |
|
1.04 |
|
|
|
356,930 |
|
|
742 |
|
0.83 |
|
Total interest-bearing
liabilities |
|
1,272,139 |
|
|
2,459 |
|
0.77 |
|
|
|
1,400,900 |
|
|
2,789 |
|
0.80 |
|
Demand deposits |
|
104,433 |
|
|
|
|
|
|
|
|
120,303 |
|
|
|
|
|
|
Other liabilities |
|
3,894 |
|
|
|
|
|
|
|
|
3,952 |
|
|
|
|
|
|
Total liabilities |
|
1,380,466 |
|
|
|
|
|
|
|
|
1,525,155 |
|
|
|
|
|
|
Stockholders’ equity |
|
118,551 |
|
|
|
|
|
|
|
|
132,875 |
|
|
|
|
|
|
Total liabilities and stockholders’
equity |
$ |
1,499,017 |
|
|
|
|
|
|
|
$ |
1,658,030 |
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
11,941 |
|
|
|
|
|
|
|
$ |
12,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
spread |
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
|
3.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(6) |
|
|
|
|
|
|
3.26 |
% |
|
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities (7) |
|
|
|
|
|
|
115.18 |
% |
|
|
|
|
|
|
|
115.97 |
% |
|
(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 available for
sale. |
|
(4 |
) |
Includes Federal Home
Loan Bank stock. |
|
(5 |
) |
Includes mortgagors'
escrow accounts. |
|
(6 |
) |
Net interest income
divided by average total earning assets. |
|
(7 |
) |
Total earning assets
divided by total interest-bearing liabilities. |
|
HINGHAM
INSTITUTION FOR SAVINGSNet Interest Income
Analysis |
|
|
Nine Months Ended September 30, |
|
|
2014 |
|
|
2015 |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/RATE |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/RATE |
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) (2) |
$ |
1,163,600 |
|
$ |
40,598 |
|
4.65 |
% |
|
$ |
1,282,979 |
|
$ |
44,450 |
|
4.62 |
% |
Securities (3) (4) |
|
114,459 |
|
|
609 |
|
0.71 |
|
|
|
80,275 |
|
|
707 |
|
1.17 |
|
Short-term investments and
certificates of deposit |
|
125,289 |
|
|
246 |
|
0.26 |
|
|
|
211,054 |
|
|
424 |
|
0.27 |
|
Total earning assets |
|
1,403,348 |
|
|
41,453 |
|
3.94 |
|
|
|
1,574,308 |
|
|
45,581 |
|
3.86 |
|
Other assets |
|
36,586 |
|
|
|
|
|
|
|
|
32,972 |
|
|
|
|
|
|
Total assets |
$ |
1,439,934 |
|
|
|
|
|
|
|
$ |
1,607,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
(5) |
$ |
909,248 |
|
|
4,554 |
|
0.67 |
|
|
$ |
1,021,266 |
|
|
5,748 |
|
0.75 |
|
Borrowed funds |
|
315,078 |
|
|
2,847 |
|
1.20 |
|
|
|
337,806 |
|
|
2,205 |
|
0.87 |
|
Total interest-bearing
liabilities |
|
1,224,326 |
|
|
7,401 |
|
0.81 |
|
|
|
1,359,072 |
|
|
7,953 |
|
0.78 |
|
Demand deposits |
|
98,656 |
|
|
|
|
|
|
|
|
115,296 |
|
|
|
|
|
|
Other liabilities |
|
3,398 |
|
|
|
|
|
|
|
|
4,327 |
|
|
|
|
|
|
Total liabilities |
|
1,326,380 |
|
|
|
|
|
|
|
|
1,478,695 |
|
|
|
|
|
|
Stockholders’ equity |
|
113,554 |
|
|
|
|
|
|
|
|
128,585 |
|
|
|
|
|
|
Total liabilities and stockholders’
equity |
$ |
1,439,934 |
|
|
|
|
|
|
|
$ |
1,607,280 |
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
34,052 |
|
|
|
|
|
|
|
$ |
37,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
spread |
|
|
|
|
|
|
3.13 |
% |
|
|
|
|
|
|
|
3.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(6) |
|
|
|
|
|
|
3.24 |
% |
|
|
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities (7) |
|
|
|
|
|
|
114.62 |
% |
|
|
|
|
|
|
|
115.84 |
% |
|
(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 available for
sale. |
|
(4 |
) |
Includes Federal Home
Loan Bank stock. |
|
(5 |
) |
Includes mortgagors'
escrow accounts. |
|
(6 |
) |
Net interest income
divided by average total earning assets. |
|
(7 |
) |
Total earning assets
divided by total interest-bearing liabilities. |
CONTACT: Robert A. Bogart, Vice President & Treasurer (781) 749-2200
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