Hingham Savings Announces 8% Increase in Annual Diluted Earnings per Share, 14.73% Return on Equity
January 18 2018 - 4:01PM
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS), Hingham,
Massachusetts announced earnings for the fourth quarter and the
year ended December 31, 2017.
Net income for the year ended December 31, 2017
was $25,757,000 or $12.08 per share basic and $11.81 per share
diluted as compared to $23,423,000 or $10.99 per share basic and
$10.89 per share diluted for the year ended December 31,
2016. Net income per share (diluted) for 2017 increased 8%
over the same period in 2016. The Bank’s return on average
equity for the year ended December 31, 2017 was 14.73% and the
return on average assets was 1.21%, as compared to 15.59% and 1.22%
for the same period in 2016. As a result of the Tax Cut and
Jobs Act enacted on December 22, 2017, the Bank was required to
remeasure its deferred tax assets and liabilities. The
remeasurement resulted in an additional $218,000 in income tax
expense provision for the year ended December 31, 2017.
Excluding the effect of this remeasurement, net income for the year
ended December 31, 2017 was $25,975,000 or $12.18 per share basic
and $11.91 per share diluted, representing a return on average
equity of 14.85% and a return on average assets of 1.22%.
Net income for the quarter ended December 31,
2017 was $6,691,000 or $3.14 per share basic and $3.06 per share
diluted as compared to $6,287,000 or $2.95 per share basic and
$2.92 per share diluted for the fourth quarter of 2016. Net
income per share (diluted) for the fourth quarter of 2017 increased
5% over the same period of 2016. The Bank’s annualized return
on average equity for the fourth quarter of 2017 was 14.51%, and
the annualized return on average assets was 1.18%, as compared to
15.85% and 1.27% for the same period in 2016. Excluding the
effect of the net deferred tax asset remeasurement discussed above,
net income for the quarter ended December 31, 2017 was $6,909,000
or $3.24 per share basic and $3.16 per share diluted, representing
an annualized return on average equity of 14.98% and an annualized
return on average assets of 1.22%.
The Bank continued to produce strong growth in
deposits, loans, and book value per share in 2017. Total
deposits increased by 10% to $1.506 billion, with 25% growth in
non-interest bearing deposits. Net loans increased by 14% to
$1.834 billion. Total assets increased by 13% to $2.285
billion. Book value per share increased by 16% from $75.50 to
$87.29. In addition to the increase in book value per share,
the Bank declared $1.66 in dividends per share since December 31,
2016, including a special dividend of $0.34 per share declared
during the fourth quarter of 2017. The trailing five year
compound annual growth rate in book value per share, an important
measure of value creation, rose to 14.9%.
Key credit and operational metrics improved in
2017. At December 31, 2017, non-performing assets totaled
0.07% of total assets, as compared to 0.09% at December 31,
2016. Non-performing loans as a percentage of the total loan
portfolio totaled 0.09% at December 31, 2017, as compared to 0.11%
at December 31, 2016. The Bank recorded $2,000 of net
recoveries in 2017, as compared to $10,000 of net charge-offs in
2016. At December 31, 2017 and 2016, the Bank did not own any
foreclosed property. The efficiency ratio improved to 30.06%
in 2017, as compared to 32.15% in 2016. Non-interest expense
as a percentage of average assets improved to 0.92% in 2017, as
compared to 1.00% in 2016. Both the efficiency ratio and
operating expenses as a percentage of average assets reached new
record lows in 2017. These metrics reflect the Bank’s
disciplined focus on credit quality and expense management.
Net income for the years ended December 31, 2017
and 2016 included after-tax realized gains on securities of
approximately $49,000 and $221,000 respectively. For the year
ended December 31, 2017, unrealized gains on securities, net of
deferred tax liabilities, were recorded in stockholders’ equity
through accumulated other comprehensive income. Effective
January 1, 2018, changes in unrealized gains on equity securities,
net of deferred tax liabilities, will be recognized through the
income statement.
President Robert H. Gaughen, Jr. stated, “We are
pleased to report that returns on equity and assets remain
satisfactory, despite heightened competition and a flattening yield
curve. At Hingham, we take seriously our role as stewards of
the shareholders’ capital. Our emphasis on careful capital
allocation, defensive underwriting, process improvement, and
disciplined cost control continues to serve our owners well.
Performance in any one period, especially periods when tailwinds
may be with us, should be viewed cautiously. Such periods are
historically fraught with peril in our industry. The real
test of performance in banking is a company’s record of compounding
shareholder capital over time and through all stages of the credit
cycle. 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 one of America’s
oldest banks. The Bank’s Main Office is located in Hingham
and the Bank maintains offices on the South Shore, in Boston (South
End and Beacon Hill), and on the island of Nantucket. The
Bank is also an active commercial real estate lender in the Greater
Washington D.C. metropolitan area.
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 EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1) |
1.27 |
% |
|
1.18 |
% |
|
1.22 |
% |
|
1.21 |
% |
Return on average
equity (1) |
15.85 |
|
|
14.51 |
|
|
15.59 |
|
|
14.73 |
|
Interest rate spread
(1) (2) |
3.03 |
|
|
2.83 |
|
|
2.99 |
|
|
2.91 |
|
Net interest margin (1)
(3) |
3.15 |
|
|
2.99 |
|
|
3.10 |
|
|
3.05 |
|
Non-interest expense to
average assets (1) |
0.95 |
|
|
0.86 |
|
|
1.00 |
|
|
0.92 |
|
Efficiency ratio
(4) |
29.93 |
|
|
28.58 |
|
|
32.15 |
|
|
30.06 |
|
Average equity to
average assets |
7.98 |
|
|
8.16 |
|
|
7.85 |
|
|
8.22 |
|
Average
interest-earning assets to average interest- bearing
liabilities |
116.65 |
|
|
117.59 |
|
|
116.19 |
|
|
117.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
December 31, 2017 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
Allowance for loan
losses/total loans |
|
0.68 |
% |
|
0.68 |
% |
Allowance for loan
losses/non-performing loans |
|
614.43 |
|
|
735.74 |
|
|
|
|
|
|
|
|
Non-performing
loans/total loans |
|
0.11 |
|
|
0.09 |
|
Non-performing
loans/total assets |
|
0.09 |
|
|
0.07 |
|
Non-performing
assets/total assets |
|
0.09 |
|
|
0.07 |
|
|
|
|
|
|
|
|
Share
Related |
|
|
|
|
|
|
Book value per
share |
$ |
75.50 |
|
|
$ |
87.29 |
|
Market value per
share |
$ |
196.78 |
|
|
$ |
207.00 |
|
Shares outstanding at
end of period |
|
2,132,750 |
|
|
|
2,132,750 |
|
(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, net.
|
|
HINGHAM INSTITUTION FOR SAVINGS |
|
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
(Dollars in thousands,
except per share data) |
2016 |
|
|
2017 |
|
(Unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
7,816 |
|
|
$ |
10,852 |
|
Federal Reserve and
other short-term investments |
|
315,116 |
|
|
|
344,377 |
|
Cash and
cash equivalents |
|
322,932 |
|
|
|
355,229 |
|
|
|
|
|
|
|
|
CRA investment |
|
6,839 |
|
|
|
7,341 |
|
Other securities
available for sale |
|
20,329 |
|
|
|
26,963 |
|
Securities available for sale, at fair value |
|
27,168 |
|
|
|
34,304 |
|
Federal Home Loan Bank
stock, at cost |
|
24,472 |
|
|
|
27,102 |
|
Loans, net of allowance
for loan losses of $11,030 at December 31, 2016 and $12,537 at
December 31, 2017 |
|
1,605,647 |
|
|
|
1,833,987 |
|
Foreclosed assets |
|
— |
|
|
|
— |
|
Bank-owned life
insurance |
|
11,962 |
|
|
|
12,221 |
|
Premises and equipment,
net |
|
14,462 |
|
|
|
14,068 |
|
Accrued interest
receivable |
|
3,529 |
|
|
|
4,398 |
|
Deferred income tax
asset, net |
|
2,489 |
|
|
|
1,301 |
|
Other assets |
|
1,938 |
|
|
|
1,989 |
|
Total
assets |
$ |
2,014,599 |
|
|
$ |
2,284,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,218,360 |
|
|
$ |
1,320,487 |
|
Non-interest-bearing
deposits |
|
147,749 |
|
|
|
185,375 |
|
Total
deposits |
|
1,366,109 |
|
|
|
1,505,862 |
|
Federal Home Loan Bank
advances |
|
475,318 |
|
|
|
579,164 |
|
Mortgage payable |
|
868 |
|
|
|
812 |
|
Mortgagors’ escrow
accounts |
|
5,585 |
|
|
|
6,424 |
|
Accrued interest
payable |
|
400 |
|
|
|
575 |
|
Other liabilities |
|
5,295 |
|
|
|
5,604 |
|
Total
liabilities |
|
1,853,575 |
|
|
|
2,098,441 |
|
|
|
|
|
|
|
|
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;
2,132,750 shares issued and outstanding at December 31, 2016 and
2017, respectively |
|
2,133 |
|
|
|
2,133 |
|
Additional paid-in capital |
|
11,575 |
|
|
|
11,750 |
|
Undivided
profits |
|
144,580 |
|
|
|
166,796 |
|
Accumulated other comprehensive income |
|
2,736 |
|
|
|
5,479 |
|
Total
stockholders’ equity |
|
161,024 |
|
|
|
186,158 |
|
Total
liabilities and stockholders’ equity |
$ |
2,014,599 |
|
|
$ |
2,284,599 |
|
|
|
|
|
|
|
|
|
HINGHAM INSTITUTION FOR SAVINGS |
Consolidated Statements of
Income |
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
December 31, |
|
December 31, |
(In thousands, except per share amounts) |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
2017 |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
$ |
18,027 |
|
|
$ |
20,180 |
|
|
$ |
68,917 |
|
$ |
75,843 |
|
|
Debt
securities |
|
|
— |
|
|
|
1 |
|
|
|
52 |
|
|
1 |
|
|
Equity
securities |
|
|
|
|
367 |
|
|
|
414 |
|
|
|
1,248 |
|
|
1,530 |
|
|
Federal
Reserve and other short-term investments |
|
426 |
|
|
|
1,170 |
|
|
|
1,552 |
|
|
3,685 |
|
|
|
Total
interest and dividend income |
|
|
18,820 |
|
|
|
21,765 |
|
|
|
71,769 |
|
|
81,059 |
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
2,474 |
|
|
|
3,282 |
|
|
|
9,599 |
|
|
11,366 |
|
|
Federal
Home Loan Bank advances |
|
|
|
|
950 |
|
|
|
1,866 |
|
|
|
3,732 |
|
|
5,845 |
|
|
Mortgage
payable |
|
|
|
14 |
|
|
|
12 |
|
|
|
54 |
|
|
50 |
|
|
|
Total
interest expense |
|
|
|
3,438 |
|
|
|
5,160 |
|
|
|
13,385 |
|
|
17,261 |
|
|
|
Net
interest income |
|
|
|
15,382 |
|
|
|
16,605 |
|
|
|
58,384 |
|
|
63,798 |
|
Provision
for loan losses |
|
|
|
325 |
|
|
|
407 |
|
|
|
1,135 |
|
|
1,505 |
|
Net
interest income, after provision for loan losses |
|
15,057 |
|
|
|
16,198 |
|
|
|
57,249 |
|
|
62,293 |
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
service fees on deposits |
|
|
237 |
|
|
|
227 |
|
|
|
928 |
|
|
889 |
|
|
Increase in
bank-owned life insurance |
|
|
|
|
62 |
|
|
|
63 |
|
|
|
265 |
|
|
259 |
|
|
Gain on
sale of securities, net |
|
|
|
|
— |
|
|
|
— |
|
|
|
344 |
|
|
77 |
|
|
Miscellaneous |
|
|
|
|
55 |
|
|
|
49 |
|
|
|
198 |
|
|
185 |
|
|
|
Total other
income |
|
|
|
354 |
|
|
|
339 |
|
|
|
1,735 |
|
|
1,410 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
|
3,036 |
|
|
|
3,055 |
|
|
|
12,024 |
|
|
12,300 |
|
|
Occupancy
and equipment |
|
|
|
|
455 |
|
|
|
460 |
|
|
|
1,856 |
|
|
1,765 |
|
|
Data
processing |
|
|
|
|
304 |
|
|
|
341 |
|
|
|
1,230 |
|
|
1,270 |
|
|
Deposit
insurance |
|
|
|
|
252 |
|
|
|
285 |
|
|
|
1,023 |
|
|
1,080 |
|
|
Foreclosure |
|
|
|
|
(73 |
) |
|
|
(27 |
) |
|
|
34 |
|
|
(13 |
) |
|
Marketing |
|
|
|
|
74 |
|
|
|
73 |
|
|
|
403 |
|
|
398 |
|
|
Other
general and administrative |
|
|
|
|
662 |
|
|
|
655 |
|
|
|
2,645 |
|
|
2,776 |
|
|
|
Total
operating expenses |
|
|
|
4,710 |
|
|
|
4,842 |
|
|
|
19,215 |
|
|
19,576 |
|
Income
before income taxes |
|
|
|
10,701 |
|
|
|
11,695 |
|
|
|
39,769 |
|
|
44,127 |
|
Income tax
provision |
|
|
|
|
4,414 |
|
|
|
5,004 |
|
|
|
16,346 |
|
|
18,370 |
|
|
|
Net income |
|
|
|
$ |
6,287 |
|
|
$ |
6,691 |
|
|
$ |
23,423 |
|
$ |
25,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends declared per share |
|
$ |
0.64 |
|
|
$ |
0.68 |
|
|
$ |
1.56 |
|
$ |
1.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
2,131 |
|
|
|
2,133 |
|
|
|
2,131 |
|
|
2,133 |
|
|
Diluted |
|
|
|
|
2,158 |
|
|
|
2,184 |
|
|
|
2,152 |
|
|
2,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
$ |
2.95 |
|
|
$ |
3.14 |
|
|
$ |
10.99 |
|
$ |
12.08 |
|
|
Diluted |
|
|
|
$ |
2.92 |
|
|
$ |
3.06 |
|
|
$ |
10.89 |
|
$ |
11.81 |
|
HINGHAM INSTITUTION FOR SAVINGS |
|
Net Interest Income Analysis |
|
|
|
|
Three Months Ended December 31, |
|
|
2016 |
|
|
2017 |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE (8) |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE (8) |
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) (2) |
$ |
1,598,286 |
|
$ |
18,027 |
|
4.51 |
% |
|
$ |
1,816,754 |
|
$ |
20,180 |
|
4.44 |
% |
Securities (3) (4) |
|
45,965 |
|
|
367 |
|
3.19 |
|
|
|
52,513 |
|
|
415 |
|
3.16 |
|
Federal Reserve and
other short-term investments |
|
309,043 |
|
|
426 |
|
0.55 |
|
|
|
353,393 |
|
|
1,170 |
|
1.32 |
|
Total
interest-earning assets |
|
1,953,294 |
|
|
18,820 |
|
3.85 |
|
|
|
2,222,660 |
|
|
21,765 |
|
3.92 |
|
Other assets |
|
33,715 |
|
|
|
|
|
|
|
|
36,854 |
|
|
|
|
|
|
Total
assets |
$ |
1,987,009 |
|
|
|
|
|
|
|
$ |
2,259,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits (5) |
$ |
1,212,674 |
|
|
2,474 |
|
0.82 |
|
|
$ |
1,334,198 |
|
|
3,282 |
|
0.98 |
|
Borrowed funds |
|
461,749 |
|
|
964 |
|
0.84 |
|
|
|
555,953 |
|
|
1,878 |
|
1.35 |
|
Total
interest-bearing liabilities |
|
1,674,423 |
|
|
3,438 |
|
0.82 |
|
|
|
1,890,151 |
|
|
5,160 |
|
1.09 |
|
Demand deposits |
|
149,352 |
|
|
|
|
|
|
|
|
180,088 |
|
|
|
|
|
|
Other liabilities |
|
4,579 |
|
|
|
|
|
|
|
|
4,819 |
|
|
|
|
|
|
Total
liabilities |
|
1,828,354 |
|
|
|
|
|
|
|
|
2,075,058 |
|
|
|
|
|
|
Stockholders’
equity |
|
158,655 |
|
|
|
|
|
|
|
|
184,456 |
|
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
1,987,009 |
|
|
|
|
|
|
|
$ |
2,259,514 |
|
|
|
|
|
|
Net interest
income |
|
|
|
$ |
15,382 |
|
|
|
|
|
|
|
$ |
16,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
spread |
|
|
|
|
|
|
3.03 |
% |
|
|
|
|
|
|
|
2.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(6) |
|
|
|
|
|
|
3.15 |
% |
|
|
|
|
|
|
|
2.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets to average interest-bearing
liabilities (7) |
|
|
|
|
|
|
116.65 |
% |
|
|
|
|
|
|
|
117.59 |
% |
(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 |
|
|
|
|
Twelve Months Ended December 31, |
|
|
2016 |
|
|
2017 |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE |
|
|
AVERAGE BALANCE |
|
INTEREST |
|
YIELD/ RATE |
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) (2) |
$ |
1,524,858 |
|
$ |
68,917 |
|
4.52 |
% |
|
$ |
1,711,152 |
|
$ |
75,843 |
|
4.43 |
% |
Securities (3) (4) |
|
54,494 |
|
|
1,300 |
|
2.39 |
|
|
|
50,036 |
|
|
1,531 |
|
3.06 |
|
Federal Reserve and
other short-term investments |
|
301,322 |
|
|
1,552 |
|
0.52 |
|
|
|
329,415 |
|
|
3,685 |
|
1.12 |
|
Total
interest-earning assets |
|
1,880,674 |
|
|
71,769 |
|
3.82 |
|
|
|
2,090,603 |
|
|
81,059 |
|
3.88 |
|
Other assets |
|
33,378 |
|
|
|
|
|
|
|
|
35,662 |
|
|
|
|
|
|
Total
assets |
$ |
1,914,052 |
|
|
|
|
|
|
|
$ |
2,126,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits (5) |
$ |
1,176,472 |
|
|
9,599 |
|
0.82 |
|
|
$ |
1,273,420 |
|
|
11,366 |
|
0.89 |
|
Borrowed funds |
|
442,134 |
|
|
3,786 |
|
0.86 |
|
|
|
507,457 |
|
|
5,895 |
|
1.16 |
|
Total
interest-bearing liabilities |
|
1,618,606 |
|
|
13,385 |
|
0.83 |
|
|
|
1,780,877 |
|
|
17,261 |
|
0.97 |
|
Demand deposits |
|
140,758 |
|
|
|
|
|
|
|
|
165,839 |
|
|
|
|
|
|
Other liabilities |
|
4,456 |
|
|
|
|
|
|
|
|
4,665 |
|
|
|
|
|
|
Total
liabilities |
|
1,763,820 |
|
|
|
|
|
|
|
|
1,951,381 |
|
|
|
|
|
|
Stockholders’
equity |
|
150,232 |
|
|
|
|
|
|
|
|
174,884 |
|
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
1,914,052 |
|
|
|
|
|
|
|
$ |
2,126,265 |
|
|
|
|
|
|
Net interest
income |
|
|
|
$ |
58,384 |
|
|
|
|
|
|
|
$ |
63,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
spread |
|
|
|
|
|
|
2.99 |
% |
|
|
|
|
|
|
|
2.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(6) |
|
|
|
|
|
|
3.10 |
% |
|
|
|
|
|
|
|
3.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets to average interest-bearing
liabilities (7) |
|
|
|
|
|
|
116.19 |
% |
|
|
|
|
|
|
|
117.39 |
% |
(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. |
|
|
CONTACT: Patrick R. Gaughen, Executive Vice President (781)
783-1761
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