22% Increase in Quarterly Earnings Per Share, 15.59% Return on Equity
October 12 2016 - 12:07PM
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS), Hingham,
Massachusetts announced third quarter earnings for 2016. Net income
for the quarter ended September 30, 2016 was $5,945,000 or $2.79
per share basic and $2.76 per share diluted as compared to
$4,874,000 or $2.29 per share basic and $2.27 per share diluted for
the third quarter of 2015. Net income per share (basic) for
the third quarter of 2016 increased 22% over the same period in
2015. The Bank’s annualized return on average equity for the
third quarter of 2016 was 15.59%, and the annualized return on
average assets was 1.23% as compared to 14.67% and 1.18% for the
same period in 2015.
Net income for the nine months ended September
30, 2016 was $17,136,000 or $8.04 per share basic and $7.97 per
share diluted as compared to $14,112,000 or $6.63 per share basic
and $6.58 per share diluted for the same period last year. Net
income per share (basic) for the first nine months of 2016
increased 21% over the same period in 2015. The Bank’s
annualized return on average equity for the first nine months of
2016 was 15.53% and the annualized return on average assets was
1.21%, as compared to 14.63% and 1.17% for the same period in
2015.
Strong balance sheet growth trends of recent
years continued, as deposits were $1.335 billion at September 30,
2016, representing 13% annualized growth year-to-date and 13%
growth from September 30, 2015. Net loans were $1.563 billion
at September 30, 2016, representing 15% annualized growth
year-to-date and 16% growth from September 30, 2015. Total
assets were $1.960 billion at September 30, 2016, representing 14%
annualized growth year-to-date and 16% growth from September 30,
2015. Book value per share increased to $72.35 per share at
September 30, 2016, representing a 15% annualized growth rate
year-to-date and a 15% increase from September 30, 2015. In
addition to the increase in book value per share, the Bank has
declared $1.52 in dividends per share since September 30, 2015.
Key credit and operational metrics remained
steady in the third quarter of 2016. At September 30, 2016,
non-performing assets totaled 0.16% of total assets as compared
with 0.10% at December 31, 2015 and 0.17% at September 30,
2015. Non-performing loans as a percentage of the total loan
portfolio totaled 0.20% at September 30, 2016, as compared to 0.13%
at December 31, 2015 and 0.21% at September 30, 2015. At
September 30, 2016, the Bank did not own any foreclosed
property. The efficiency ratio improved to 31.57% for the
third quarter of 2016, as compared to 36.19% for the same period
last year. Non-interest expense (annualized) as a percentage
of average assets fell to 0.99% for the third quarter of 2016, as
compared to 1.15% 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 another quarter of strong performance. 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
offices are located on Main Street in Hingham, MA. The Bank
also maintains branch offices in South Hingham and the neighboring
towns of Cohasset, Hull, Scituate, Norwell and Weymouth as well as
branches in the South End of Boston, 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 EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1) |
1.18 |
% |
|
1.23 |
% |
|
1.17 |
% |
|
1.21 |
% |
Return on average
equity (1) |
14.67 |
|
|
15.59 |
|
|
14.63 |
|
|
15.53 |
|
Interest rate spread
(1) (2) |
3.04 |
|
|
3.00 |
|
|
3.08 |
|
|
2.97 |
|
Net interest margin (1)
(3) |
3.16 |
|
|
3.12 |
|
|
3.19 |
|
|
3.09 |
|
Non-interest expense to
average assets (1) |
1.15 |
|
|
0.99 |
|
|
1.19 |
|
|
1.02 |
|
Efficiency ratio
(4) |
36.19 |
|
|
31.57 |
|
|
36.94 |
|
|
32.94 |
|
Average equity to
average assets |
8.01 |
|
|
7.88 |
|
|
8.00 |
|
|
7.78 |
|
Average
interest-earning assets to average interest- bearing
liabilities |
115.97 |
|
|
116.41 |
|
|
115.84 |
|
|
116.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2015 |
|
December 31, 2015 |
|
September 30,
2016 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
Allowance for loan
losses/total loans |
|
0.71 |
% |
|
0.70 |
% |
|
0.68 |
% |
Allowance for loan
losses/non-performing loans |
|
345.96 |
|
|
540.37 |
|
|
334.89 |
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans/total
loans |
|
0.21 |
|
|
0.13 |
|
|
0.20 |
|
Non-performing loans/total
assets |
|
0.16 |
|
|
0.10 |
|
|
0.16 |
|
Non-performing
assets/total assets |
|
0.17 |
|
|
0.10 |
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
Share
Related |
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
62.94 |
|
|
$ |
64.83 |
|
|
$ |
72.35 |
|
Market value per
share |
$ |
116.03 |
|
|
$ |
119.80 |
|
|
$ |
138.50 |
|
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 |
|
(Dollars in
thousands, except per share data) |
September
30, 2015 |
|
December 31, 2015 |
|
September
30, 2016 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
6,646 |
|
$ |
6,944 |
|
$ |
7,849 |
Short-term
investments |
|
231,311 |
|
|
254,069 |
|
|
305,990 |
Cash and cash
equivalents |
|
237,957 |
|
|
261,013 |
|
|
313,839 |
|
|
|
|
|
|
|
|
|
Certificates of
deposit |
|
7,448 |
|
|
6,206 |
|
|
1,142 |
Securities available for
sale, at fair value |
|
48,943 |
|
|
40,603 |
|
|
22,882 |
Federal Home Loan Bank
stock, at cost |
|
18,454 |
|
|
19,796 |
|
|
24,203 |
Loans, net of allowance
for loan losses of $9,635 at September 30, 2015, $9,905 at
December 31, 2015 and $10,713 at
September 30, 2016 |
|
1,342,634 |
|
|
1,405,533 |
|
|
1,562,934 |
Foreclosed assets |
|
118 |
|
|
— |
|
|
— |
Bank-owned life
insurance |
|
11,628 |
|
|
11,697 |
|
|
11,900 |
Premises and equipment,
net |
|
15,130 |
|
|
15,094 |
|
|
14,605 |
Accrued interest
receivable |
|
3,156 |
|
|
3,270 |
|
|
3,394 |
Deferred income tax asset,
net |
|
2,627 |
|
|
3,281 |
|
|
2,957 |
Other assets |
|
2,864 |
|
|
2,035 |
|
|
2,453 |
Total assets |
$ |
1,690,959 |
|
$ |
1,768,528 |
|
$ |
1,960,309 |
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,057,392 |
|
$ |
1,088,742 |
|
$ |
1,183,905 |
Non-interest-bearing
deposits |
|
122,578 |
|
|
128,285 |
|
|
151,284 |
Deposits |
|
1,179,970 |
|
|
1,217,027 |
|
|
1,335,189 |
Federal Home Loan Bank
advances |
|
367,499 |
|
|
402,464 |
|
|
460,356 |
Mortgage payable |
|
935 |
|
|
922 |
|
|
882 |
Mortgagors’ escrow
accounts |
|
4,629 |
|
|
4,850 |
|
|
5,389 |
Accrued interest
payable |
|
281 |
|
|
303 |
|
|
360 |
Other liabilities |
|
3,669 |
|
|
4,947 |
|
|
3,979 |
Total
liabilities |
|
1,556,983 |
|
|
1,630,513 |
|
|
1,806,155 |
|
|
|
|
|
|
|
|
|
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 September 30, 2015 and
December 31, 2015 and 2,130,750 shares issued and
outstanding at September 30, 2016 |
|
2,129 |
|
|
2,129 |
|
|
2,131 |
Additional paid-in
capital |
|
11,029 |
|
|
11,052 |
|
|
11,351 |
Undivided
profits |
|
120,524 |
|
|
124,481 |
|
|
139,656 |
Accumulated other
comprehensive income |
|
294 |
|
|
353 |
|
|
1,016 |
Total stockholders’
equity |
|
133,976 |
|
|
138,015 |
|
|
154,154 |
Total liabilities
and stockholders’ equity |
$ |
1,690,959 |
|
$ |
1,768,528 |
|
$ |
1,960,309 |
HINGHAM
INSTITUTION FOR SAVINGS |
Consolidated Statements of Income |
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
|
|
September 30, |
|
September 30, |
(In thousands, except per share
amounts) |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
$ |
15,180 |
|
$ |
17,477 |
|
$ |
44,450 |
|
$ |
50,890 |
|
Debt securities |
|
|
43 |
|
|
6 |
|
|
162 |
|
|
52 |
|
Equity securities |
|
|
|
|
231 |
|
|
352 |
|
|
545 |
|
|
881 |
|
Short-term investments and
certificates of deposit |
|
154 |
|
|
382 |
|
|
424 |
|
|
1,126 |
|
|
Total interest and dividend
income |
|
|
15,608 |
|
|
18,217 |
|
|
45,581 |
|
|
52,949 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
2,047 |
|
|
2,435 |
|
|
5,748 |
|
|
7,125 |
|
Federal Home Loan Bank advances |
|
|
|
|
728 |
|
|
933 |
|
|
2,162 |
|
|
2,782 |
|
Mortgage payable |
|
|
|
14 |
|
|
13 |
|
|
43 |
|
|
40 |
|
|
Total interest expense |
|
|
|
2,789 |
|
|
3,381 |
|
|
7,953 |
|
|
9,947 |
|
|
Net interest income |
|
|
|
12,819 |
|
|
14,836 |
|
|
37,628 |
|
|
43,002 |
Provision for loan losses |
|
|
|
175 |
|
|
300 |
|
|
525 |
|
|
810 |
Net interest income, after
provision for loan losses |
|
12,644 |
|
|
14,536 |
|
|
37,103 |
|
|
42,192 |
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees on
deposits |
|
|
250 |
|
|
239 |
|
|
731 |
|
|
691 |
|
Increase in bank-owned life
insurance |
|
|
|
|
71 |
|
|
63 |
|
|
212 |
|
|
203 |
|
Gain on sale of securities |
|
|
|
|
29 |
|
|
— |
|
|
29 |
|
|
344 |
|
Miscellaneous |
|
|
|
|
46 |
|
|
45 |
|
|
142 |
|
|
143 |
|
|
Total other income |
|
|
|
396 |
|
|
347 |
|
|
1,114 |
|
|
1,381 |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
|
2,875 |
|
|
2,927 |
|
|
8,701 |
|
|
8,988 |
|
Occupancy and equipment |
|
|
|
|
513 |
|
|
446 |
|
|
1,586 |
|
|
1,401 |
|
Data processing |
|
|
|
|
291 |
|
|
318 |
|
|
891 |
|
|
926 |
|
Deposit insurance |
|
|
|
|
224 |
|
|
265 |
|
|
662 |
|
|
771 |
|
Foreclosure |
|
|
|
|
30 |
|
|
25 |
|
|
62 |
|
|
107 |
|
Marketing |
|
|
|
|
126 |
|
|
104 |
|
|
384 |
|
|
329 |
|
Other general and administrative |
|
|
|
|
713 |
|
|
708 |
|
|
2,015 |
|
|
1,983 |
|
|
Total operating expenses |
|
|
|
4,772 |
|
|
4,793 |
|
|
14,301 |
|
|
14,505 |
Income before income taxes |
|
|
|
8,268 |
|
|
10,090 |
|
|
23,916 |
|
|
29,068 |
Income tax provision |
|
|
|
|
3,394 |
|
|
4,145 |
|
|
9,804 |
|
|
11,932 |
|
|
Net income |
|
|
|
$ |
4,874 |
|
$ |
5,945 |
|
$ |
14,112 |
|
$ |
17,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per
share |
|
$ |
0.30 |
|
$ |
0.32 |
|
$ |
0.86 |
|
$ |
0.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
2,129 |
|
|
2,131 |
|
|
2,129 |
|
|
2,130 |
|
Diluted |
|
|
|
|
2,146 |
|
|
2,152 |
|
|
2,144 |
|
|
2,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
$ |
2.29 |
|
$ |
2.79 |
|
$ |
6.63 |
|
$ |
8.04 |
|
Diluted |
|
|
|
$ |
2.27 |
|
$ |
2.76 |
|
$ |
6.58 |
|
$ |
7.97 |
HINGHAM INSTITUTION FOR SAVINGS |
|
Net Interest Income Analysis |
|
|
|
|
Three Months Ended September 30, |
|
|
2015 |
|
|
2016 |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE (8) |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE (8) |
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) (2) |
$ |
1,320,522 |
|
$ |
15,180 |
|
4.60 |
% |
|
$ |
11,552,866 |
|
$ |
17,477 |
|
4.50 |
% |
Securities (3) (4) |
|
71,903 |
|
|
274 |
|
1.52 |
|
|
|
49,354 |
|
|
358 |
|
2.90 |
|
Short-term investments and
certificates of deposit |
|
232,181 |
|
|
154 |
|
0.27 |
|
|
|
300,435 |
|
|
382 |
|
0.51 |
|
Total
interest-earning assets |
|
1,624,606 |
|
|
15,608 |
|
3.84 |
|
|
|
11,902,655 |
|
|
18,217 |
|
3.83 |
|
Other assets |
|
33,424 |
|
|
|
|
|
|
|
|
33,109 |
|
|
|
|
|
|
Total assets |
$ |
1,658,030 |
|
|
|
|
|
|
|
$ |
1,935,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
(5) |
$ |
1,043,970 |
|
|
2,047 |
|
0.78 |
|
|
$ |
1,194,292 |
|
|
2,435 |
|
0.82 |
|
Borrowed funds |
|
356,930 |
|
|
742 |
|
0.83 |
|
|
|
440,104 |
|
|
946 |
|
0.86 |
|
Total
interest-bearing liabilities |
|
1,400,900 |
|
|
2,789 |
|
0.80 |
|
|
|
1,634,396 |
|
|
3,381 |
|
0.83 |
|
Demand deposits |
|
120,303 |
|
|
|
|
|
|
|
|
144,497 |
|
|
|
|
|
|
Other liabilities |
|
3,952 |
|
|
|
|
|
|
|
|
4,334 |
|
|
|
|
|
|
Total
liabilities |
|
1,525,155 |
|
|
|
|
|
|
|
|
1,783,227 |
|
|
|
|
|
|
Stockholders’ equity |
|
132,875 |
|
|
|
|
|
|
|
|
152,537 |
|
|
|
|
|
|
Total liabilities
and stockholders’ equity |
$ |
1,658,030 |
|
|
|
|
|
|
|
$ |
1,935,764 |
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
12,819 |
|
|
|
|
|
|
|
$ |
14,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
spread |
|
|
|
|
|
|
3.04 |
% |
|
|
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(6) |
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
|
3.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities (7) |
|
|
|
|
|
|
115.97 |
% |
|
|
|
|
|
|
|
116.41 |
% |
|
(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 |
|
|
Nine Months Ended September 30, |
|
|
2015 |
|
|
2016 |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE (8) |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE (8) |
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) (2) |
$ |
1,282,979 |
|
$ |
44,450 |
|
4.62 |
% |
|
$ |
1,500,203 |
|
$ |
50,890 |
|
4.52 |
% |
Securities (3) (4) |
|
80,275 |
|
|
707 |
|
1.17 |
|
|
|
57,358 |
|
|
933 |
|
2.17 |
|
Short-term investments and
certificates of deposit |
|
211,054 |
|
|
424 |
|
0.27 |
|
|
|
298,729 |
|
|
1,126 |
|
0.50 |
|
Total
interest-earning assets |
|
1,574,308 |
|
|
45,581 |
|
3.86 |
|
|
|
1,856,290 |
|
|
52,949 |
|
3.80 |
|
Other assets |
|
32,972 |
|
|
|
|
|
|
|
|
33,265 |
|
|
|
|
|
|
Total assets |
$ |
1,607,280 |
|
|
|
|
|
|
|
$ |
1,889,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
(5) |
$ |
1,021,266 |
|
|
5,748 |
|
0.75 |
|
|
$ |
1,164,317 |
|
|
7,125 |
|
0.82 |
|
Borrowed funds |
|
337,806 |
|
|
2,205 |
|
0.87 |
|
|
|
435,548 |
|
|
2,822 |
|
0.86 |
|
Total
interest-bearing liabilities |
|
1,359,072 |
|
|
7,953 |
|
0.78 |
|
|
|
1,599,865 |
|
|
9,947 |
|
0.83 |
|
Demand deposits |
|
115,296 |
|
|
|
|
|
|
|
|
137,873 |
|
|
|
|
|
|
Other liabilities |
|
4,327 |
|
|
|
|
|
|
|
|
4,741 |
|
|
|
|
|
|
Total
liabilities |
|
1,478,695 |
|
|
|
|
|
|
|
|
1,742,479 |
|
|
|
|
|
|
Stockholders’ equity |
|
128,585 |
|
|
|
|
|
|
|
|
147,076 |
|
|
|
|
|
|
Total liabilities
and stockholders’ equity |
$ |
1,607,280 |
|
|
|
|
|
|
|
$ |
1,889,555 |
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
37,628 |
|
|
|
|
|
|
|
$ |
43,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
spread |
|
|
|
|
|
|
3.08 |
% |
|
|
|
|
|
|
|
2.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(6) |
|
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
|
3.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets to average interest-bearing liabilities (7) |
|
|
|
|
|
|
115.84 |
% |
|
|
|
|
|
|
|
116.03 |
% |
|
(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
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