Hingham Savings Announces 24% Increase In Quarterly Earnings Per Share, 15.96% Return On Equity
July 13 2016 - 10:06AM
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS), announced second
quarter earnings for 2016. Net income for the quarter ended June
30, 2016 was $5,867,000 or $2.75 per share basic and $2.73 per
share diluted as compared to $4,723,000 or $2.22 per share basic
and $2.20 per share diluted for the second quarter of 2015.
Net income per share (basic) for the second quarter of 2016
increased 24% over the same period in 2015. The Bank’s
annualized return on average equity for the second quarter of 2016
was 15.96%, and the annualized return on average assets was 1.21%
as compared to 14.70% and 1.19% for the same period in 2015. Net
income for the 2016 period included an after-tax realized gain on
investments of approximately $221,000, which was unrelated to the
Bank’s core business operations.
Net income for the six months ended June 30,
2016 was $11,191,000 or $5.25 per share basic and $5.21 per share
diluted as compared to $9,238,000 or $4.34 per share basic and
$4.31 per share diluted for the same period last year. Net income
per share (basic) for the first six months of 2016 increased 21%
over the same period in 2015. The Bank’s annualized return on
average equity for the first six months of 2016 was 15.51% and the
annualized return on average assets was 1.20%. The Bank’s
annualized return on average equity for the first six months of
2015 was 14.61%, and the annualized return on average assets was
1.17%.
Strong balance sheet growth trends of recent
years continued, as deposits were $1.320 billion at June 30, 2016,
representing 17% annualized growth year-to-date and 17% growth from
June 30, 2015. Net loans were $1.525 billion at June 30,
2016, representing 17% annualized growth year-to-date and 18%
growth from June 30, 2015. Total assets were $1.919 billion
at June 30, 2016, representing 17% annualized growth year-to-date
and 17% growth from June 30, 2015. Book value per share
increased to $69.69 per share at June 30, 2016, representing a 15%
annualized growth rate year-to-date and a 14% increase from June
30, 2015. In addition to the increase in book value per
share, the Bank has declared $1.50 in dividends per share since
June 30, 2015.
Key credit and operational metrics remained
steady in the second quarter of 2016. At June 30, 2016,
non-performing assets totaled 0.18% of total assets, compared with
0.10% at December 31, 2015 and 0.11% at June 30, 2015.
Non-performing loans as a percentage of the total loan portfolio
totaled 0.22% at June 30, 2016, as compared to 0.13% at December
31, 2015 and 0.13% at June 30, 2015. At June 30, 2016, the
Bank did not own any foreclosed property. The efficiency
ratio improved to 32.96% for the second quarter of 2016, as
compared to 36.36% for the same period last year.
Non-interest expense (annualized) as a percentage of average assets
fell to 1.00% for the second quarter of 2016, as compared to 1.18%
for the same period last year. These metrics reflect the
Bank’s disciplined focus on credit and expense management.
President Robert H. Gaughen, Jr. stated, “We are
pleased to report that our current quarterly earnings per share
represent a 24% increase over the second quarter of 2015. At
Hingham, we take our role as stewards of the shareholders’ capital
seriously. Our emphasis on careful capital allocation,
defensive and conservative underwriting, and disciplined cost
control continues to serve our owners well. More important
than performance in any one period, however, is a company’s record
of compounding shareholder capital over time and through credit
cycles. On this measure, our team strives to set a high
bar.”
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
continuously operating banks in the United States. The Bank’s
Main Office is located on Main Street in Hingham. 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 SAVINGS |
Selected Financial Ratios |
|
|
Three Months EndedJune
30, |
|
Six Months EndedJune
30, |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1) |
1.19 |
% |
|
1.21 |
% |
|
1.17 |
% |
|
1.20 |
% |
Return on average
equity (1) |
14.70 |
|
|
15.96 |
|
|
14.61 |
|
|
15.51 |
|
Interest rate spread
(1) (2) |
3.11 |
|
|
2.90 |
|
|
3.10 |
|
|
2.96 |
|
Net interest margin (1)
(3) |
3.21 |
|
|
3.01 |
|
|
3.20 |
|
|
3.07 |
|
Non-interest expense to
average assets (1) |
1.18 |
|
|
1.00 |
|
|
1.21 |
|
|
1.04 |
|
Efficiency ratio
(4) |
36.36 |
|
|
32.96 |
|
|
37.33 |
|
|
33.66 |
|
Average equity to
average assets |
8.09 |
|
|
7.59 |
|
|
8.00 |
|
|
7.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets to average interest- bearing
liabilities |
115.67 |
|
|
115.55 |
|
|
115.77 |
|
|
115.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
|
2015 |
|
2015 |
|
2016 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses/total loans |
|
0.73 |
% |
|
0.70 |
% |
|
|
0.68 |
% |
Allowance for loan
losses/non-performing loans |
|
569.13 |
|
|
540.37 |
|
|
|
302.09 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans/total
loans |
|
0.13 |
|
|
0.13 |
|
|
|
0.22 |
|
Non-performing loans/total
assets |
|
0.10 |
|
|
0.10 |
|
|
|
0.18 |
|
Non-performing
assets/total assets |
|
0.11 |
|
|
0.10 |
|
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
Share
Related |
|
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
60.96 |
|
|
$ |
64.83 |
|
|
$ |
69.69 |
|
Market value per
share |
$ |
115.11 |
|
|
$ |
119.80 |
|
|
$ |
122.92 |
|
Shares outstanding at end
of period |
|
2,128,750 |
|
|
|
2,128,750 |
|
|
|
2,130,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized.
(2) Interest rate spread represents the difference between the
yield on interest-earning assets and cost of interest-bearing
liabilities.
(3) Net interest margin represents net interest income divided
by average earning assets.
(4) 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
SAVINGS |
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
(Dollars in thousands,
except per share data) |
2015 |
|
2015 |
|
2016 |
(Unaudited) |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
10,115 |
|
$ |
6,944 |
|
$ |
10,788 |
Short-term
investments |
|
207,143 |
|
|
254,069 |
|
|
287,009 |
Cash and
cash equivalents |
|
217,258 |
|
|
261,013 |
|
|
297,797 |
|
|
|
|
|
|
|
|
|
Certificates of
deposit |
|
9,281 |
|
|
6,206 |
|
|
2,630 |
Securities available for
sale, at fair value |
|
59,831 |
|
|
40,603 |
|
|
32,949 |
Federal Home Loan Bank
stock, at cost |
|
18,454 |
|
|
19,796 |
|
|
24,203 |
Loans, net of allowance
for loan losses of $9,459 |
|
|
|
|
|
|
|
|
at June 30, 2015,
$9,905 at December 31, 2015 |
|
|
|
|
|
|
|
|
and $10,413 at June
30, 2016 |
|
1,294,141 |
|
|
1,405,533 |
|
|
1,525,407 |
Foreclosed
assets |
|
175 |
|
|
— |
|
|
— |
Bank-owned life
insurance |
|
11,557 |
|
|
11,697 |
|
|
11,838 |
Premises and equipment,
net |
|
15,085 |
|
|
15,094 |
|
|
14,774 |
Accrued interest
receivable |
|
3,075 |
|
|
3,270 |
|
|
3,498 |
Deferred income tax asset,
net |
|
2,589 |
|
|
3,281 |
|
|
3,146 |
Other assets |
|
2,550 |
|
|
2,035 |
|
|
2,423 |
Total
assets |
$ |
1,633,996 |
|
$ |
1,768,528 |
|
$ |
1,918,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,011,365 |
|
$ |
1,088,742 |
|
$ |
1,183,353 |
Non-interest-bearing
deposits |
|
116,813 |
|
|
128,285 |
|
|
136,272 |
Deposits |
|
1,128,178 |
|
|
1,217,027 |
|
|
1,319,625 |
Federal Home Loan Bank
advances |
|
366,534 |
|
|
402,464 |
|
|
440,392 |
Mortgage
payable |
|
948 |
|
|
922 |
|
|
896 |
Mortgagors’ escrow
accounts |
|
4,223 |
|
|
4,850 |
|
|
4,970 |
Accrued interest
payable |
|
302 |
|
|
303 |
|
|
388 |
Other liabilities |
|
4,044 |
|
|
4,947 |
|
|
3,897 |
Total
liabilities |
|
1,504,229 |
|
|
1,630,513 |
|
|
1,770,168 |
|
|
|
|
|
|
|
|
|
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 at June 30, 2015 and
December 31, 2015 and 2,130,750 shares issued and
outstanding at June 30, 2016 |
|
2,129 |
|
|
2,129 |
|
|
2,131 |
Additional
paid-in capital |
|
11,006 |
|
|
11,052 |
|
|
11,319 |
Undivided
profits |
|
116,289 |
|
|
124,481 |
|
|
134,394 |
Accumulated
other comprehensive income |
|
343 |
|
|
353 |
|
|
653 |
Total
stockholders’ equity |
|
129,767 |
|
|
138,015 |
|
|
148,497 |
Total
liabilities and stockholders’ equity |
$ |
1,633,996 |
|
$ |
1,768,528 |
|
$ |
1,918,665 |
|
|
|
|
|
|
|
|
|
HINGHAM
INSTITUTION FOR SAVINGS |
Consolidated Statements of Income |
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
|
|
|
June 30, |
|
June 30, |
(In thousands, except per share
amounts) |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
$ |
14,732 |
|
|
$ |
16,983 |
|
$ |
29,270 |
|
$ |
33,413 |
|
Debt securities |
|
|
57 |
|
|
|
18 |
|
|
119 |
|
|
46 |
|
Equity securities |
|
|
|
|
159 |
|
|
|
285 |
|
|
314 |
|
|
529 |
|
Short-term investments and
certificates of deposit |
|
134 |
|
|
|
418 |
|
|
270 |
|
|
744 |
|
|
Total interest and dividend
income |
|
|
15,082 |
|
|
|
17,704 |
|
|
29,973 |
|
|
34,732 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
1,874 |
|
|
|
2,400 |
|
|
3,701 |
|
|
4,690 |
|
Federal Home Loan Bank advances |
|
|
|
|
713 |
|
|
|
959 |
|
|
1,434 |
|
|
1,849 |
|
Mortgage payable |
|
|
|
15 |
|
|
|
13 |
|
|
29 |
|
|
27 |
|
|
Total interest expense |
|
|
|
2,602 |
|
|
|
3,372 |
|
|
5,164 |
|
|
6,566 |
|
|
Net interest income |
|
|
|
12,480 |
|
|
|
14,332 |
|
|
24,809 |
|
|
28,166 |
Provision for loan losses |
|
|
|
175 |
|
|
|
255 |
|
|
350 |
|
|
510 |
Net interest income, after
provision for loan losses |
|
12,305 |
|
|
|
14,077 |
|
|
24,459 |
|
|
27,656 |
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees on
deposits |
|
|
253 |
|
|
|
236 |
|
|
481 |
|
|
452 |
|
Increase in bank-owned life
insurance |
|
|
|
|
71 |
|
|
|
74 |
|
|
141 |
|
|
141 |
|
Gain on sale of securities |
|
|
|
|
— |
|
|
|
344 |
|
|
— |
|
|
344 |
|
Miscellaneous |
|
|
|
|
37 |
|
|
|
48 |
|
|
96 |
|
|
97 |
|
|
Total other income |
|
|
|
361 |
|
|
|
702 |
|
|
718 |
|
|
1,034 |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
|
2,922 |
|
|
|
2,991 |
|
|
5,826 |
|
|
6,061 |
|
Occupancy and equipment |
|
|
|
|
519 |
|
|
|
484 |
|
|
1,073 |
|
|
955 |
|
Data processing |
|
|
|
|
304 |
|
|
|
303 |
|
|
600 |
|
|
608 |
|
Deposit insurance |
|
|
|
|
221 |
|
|
|
264 |
|
|
438 |
|
|
506 |
|
Foreclosure |
|
|
|
|
(45 |
) |
|
|
26 |
|
|
32 |
|
|
82 |
|
Marketing |
|
|
|
|
137 |
|
|
|
109 |
|
|
258 |
|
|
225 |
|
Other general and administrative |
|
|
|
|
611 |
|
|
|
665 |
|
|
1,302 |
|
|
1,275 |
|
|
Total operating expenses |
|
|
|
4,669 |
|
|
|
4,842 |
|
|
9,529 |
|
|
9,712 |
Income before income taxes |
|
|
|
7,997 |
|
|
|
9,937 |
|
|
15,648 |
|
|
18,978 |
Income tax provision |
|
|
|
|
3,274 |
|
|
|
4,070 |
|
|
6,410 |
|
|
7,787 |
|
|
Net income |
|
|
|
$ |
4,723 |
|
|
$ |
5,867 |
|
$ |
9,238 |
|
$ |
11,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per
share |
|
$ |
0.28 |
|
|
$ |
0.30 |
|
$ |
0.56 |
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
2,129 |
|
|
|
2,131 |
|
|
2,129 |
|
|
2,130 |
|
Diluted |
|
|
|
|
2,145 |
|
|
|
2,149 |
|
|
2,142 |
|
|
2,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
$ |
2.22 |
|
|
$ |
2.75 |
|
$ |
4.34 |
|
$ |
5.25 |
|
Diluted |
|
|
|
$ |
2.20 |
|
|
$ |
2.73 |
|
$ |
4.31 |
|
$ |
5.21 |
|
|
HINGHAM INSTITUTION FOR SAVINGS |
|
Net Interest Income Analysis |
|
|
|
|
Three Months Ended June 30, |
|
|
2015 |
|
|
2016 |
|
|
AVERAGE |
|
|
|
YIELD/ |
|
|
AVERAGE |
|
|
|
YIELD/ |
|
|
BALANCE |
|
INTEREST |
|
RATE (8) |
|
|
BALANCE |
|
INTEREST |
|
RATE (8) |
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) (2) |
$ |
1,277,323 |
|
$ |
14,732 |
|
4.61 |
% |
|
$ |
1,507,171 |
|
$ |
16,983 |
|
4.51 |
% |
Securities (3) (4) |
|
82,026 |
|
|
216 |
|
1.05 |
|
|
|
61,766 |
|
|
303 |
|
1.96 |
|
Short-term investments and
certificates of deposit |
|
196,092 |
|
|
134 |
|
0.27 |
|
|
|
335,064 |
|
|
418 |
|
0.50 |
|
Total
interest-earning assets |
|
1,555,441 |
|
|
15,082 |
|
3.88 |
|
|
|
1,904,001 |
|
|
17,704 |
|
3.72 |
|
Other assets |
|
32,792 |
|
|
|
|
|
|
|
|
33,532 |
|
|
|
|
|
|
Total assets |
$ |
1,588,233 |
|
|
|
|
|
|
|
$ |
1,937,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
(5) |
$ |
1,013,585 |
|
|
1,874 |
|
0.74 |
|
|
$ |
1,177,674 |
|
|
2,400 |
|
0.82 |
|
Borrowed funds |
|
331,158 |
|
|
728 |
|
0.88 |
|
|
|
470,110 |
|
|
972 |
|
0.83 |
|
Total
interest-bearing liabilities |
|
1,344,743 |
|
|
2,602 |
|
0.77 |
|
|
|
1,647,784 |
|
|
3,372 |
|
0.82 |
|
Demand deposits |
|
110,770 |
|
|
|
|
|
|
|
|
137,837 |
|
|
|
|
|
|
Other liabilities |
|
4,194 |
|
|
|
|
|
|
|
|
4,889 |
|
|
|
|
|
|
Total
liabilities |
|
1,459,707 |
|
|
|
|
|
|
|
|
1,790,510 |
|
|
|
|
|
|
Stockholders’ equity |
|
128,526 |
|
|
|
|
|
|
|
|
147,023 |
|
|
|
|
|
|
Total liabilities
and stockholders’ equity |
$ |
1,588,233 |
|
|
|
|
|
|
|
$ |
1,937,533 |
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
12,480 |
|
|
|
|
|
|
|
$ |
14,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
spread |
|
|
|
|
|
|
3.11 |
% |
|
|
|
|
|
|
|
2.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(6) |
|
|
|
|
|
|
3.21 |
% |
|
|
|
|
|
|
|
3.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities (7) |
|
|
|
|
|
|
115.67 |
% |
|
|
|
|
|
|
|
115.55 |
% |
|
(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
interest-earning assets. |
|
(7) Total interest-earning assets divided by total
interest-bearing liabilities. |
|
(8) Annualized |
|
|
HINGHAM INSTITUTION FOR SAVINGS |
|
Net Interest Income Analysis |
|
|
|
|
Six Months Ended June 30, |
|
|
2015 |
|
|
|
2016 |
|
|
AVERAGE |
|
|
|
|
|
|
YIELD/ |
|
|
|
AVERAGE |
|
|
|
YIELD/ |
|
|
BALANCE |
|
INTEREST |
|
|
RATE (8) |
|
|
|
BALANCE |
|
INTEREST |
|
RATE (8) |
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) (2) |
$ |
1,263,897 |
|
$ |
29,270 |
|
4.63 |
% |
|
|
$ |
1,473,583 |
|
$ |
33,413 |
|
4.53 |
% |
Securities (3) (4) |
|
84,530 |
|
|
433 |
|
1.02 |
|
|
|
|
61,404 |
|
|
575 |
|
1.87 |
|
Short-term investments and
certificates of deposit |
|
200,316 |
|
|
270 |
|
0.27 |
|
|
|
|
297,866 |
|
|
744 |
|
0.50 |
|
Total
interest-earning assets |
|
1,548,743 |
|
|
29,973 |
|
3.87 |
|
|
|
|
1,832,853 |
|
|
34,732 |
|
3.79 |
|
Other assets |
|
32,742 |
|
|
|
|
|
|
|
|
|
33,344 |
|
|
|
|
|
|
Total assets |
$ |
1,581,485 |
|
|
|
|
|
|
|
|
$ |
1,866,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
(5) |
$ |
1,009,726 |
|
|
3,701 |
|
0.73 |
|
|
|
$ |
1,149,165 |
|
|
4,690 |
|
0.82 |
|
Borrowed funds |
|
328,085 |
|
|
1,463 |
|
0.89 |
|
|
|
|
433,244 |
|
|
1,876 |
|
0.87 |
|
Total
interest-bearing liabilities |
|
1,337,811 |
|
|
5,164 |
|
0.77 |
|
|
|
|
1,582,409 |
|
|
6,566 |
|
0.83 |
|
Demand deposits |
|
112,751 |
|
|
|
|
|
|
|
|
|
134,524 |
|
|
|
|
|
|
Other liabilities |
|
4,483 |
|
|
|
|
|
|
|
|
|
4,918 |
|
|
|
|
|
|
Total
liabilities |
|
1,455,045 |
|
|
|
|
|
|
|
|
|
1,721,851 |
|
|
|
|
|
|
Stockholders’ equity |
|
126,440 |
|
|
|
|
|
|
|
|
|
144,346 |
|
|
|
|
|
|
Total liabilities
and stockholders’ equity |
$ |
1,581,485 |
|
|
|
|
|
|
|
|
$ |
1,866,197 |
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
24,809 |
|
|
|
|
|
|
|
|
$ |
28,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
spread |
|
|
|
|
|
|
3.10 |
% |
|
|
|
|
|
|
|
|
2.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(6) |
|
|
|
|
|
|
3.20 |
% |
|
|
|
|
|
|
|
|
3.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities (7) |
|
|
|
|
|
|
115.77 |
% |
|
|
|
|
|
|
|
|
115.83 |
% |
|
(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
interest-earning assets. |
|
(7) Total interest-earning assets divided by total
interest-bearing liabilities. |
|
(8) Annualized |
CONTACT:
Patrick R. Gaughen,
Executive Vice President
(781) 783-1761
Hingham Institution for ... (NASDAQ:HIFS)
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