Hingham Institution For Savings Reports 20% Increase In Quarterly Earnings
Hingham Institution for Savings (Nasdaq – HIFS), Hingham, Massachusetts, announced second quarter earnings for 2010. Net income for the quarter ended June 30, 2010 was $2,421,000 or $1.14 per share (basic and diluted) as compared to $2,023,000 or $0.95 per share (basic and diluted) for the same period last year. The Bank’s return on average equity for the second quarter of 2010 was 14.15%, and the return on average assets was 1.00%. Net income for the first half of 2010 was $4,736,000 or $2.23 per share (basic and diluted) as compared to $3,595,000 or $1.69 per share (basic and diluted) for the same period last year. The Bank’s return on average equity for the first half of 2010 was 14.01% compared to 11.70% for the same period in 2009.
Strong growth trends of recent years continued, as deposits increased by $96.7 million representing a 17% increase from June 30, 2009. Net loans increased by 8% and total assets increased by 13% over those for the second quarter of 2009. Stockholders’ equity increased to $69.0 million as of June 30, 2010 representing a 10% increase from June 30, 2009 with a related increase in book value per share from $29.40 to $32.47.
At June 30, 2010 non-performing assets totaled 1.57% of total assets, up from 1.36% at December 31, 2009. For the quarter ended June 30, 2010, a provision of $300,000 was made to the allowance for loan loss allowance compared to $450,000 for the same period in 2009. Foreclosure related expenses totaled $161,000 for the quarter ended June 30, 2010 compared to $62,000 for the quarter ended June 30, 2009.
President Robert H. Gaughen, Jr. stated, “We’re pleased to report continued growth and consistent strength as our quarterly earnings represent a 20% increase over the same period last year and our earnings for the first half of 2010 represent a 32% increase over the first half of 2009. This is on top of a 43% increase in second quarter earnings from 2008 to 2009 and a 33% increase in earnings for the first half of the year from 2008 to 2009. Although non-performing assets increased to 1.57% of total assets from 1.36% at December 31, 2009, significant progress has been made on several non-performing loans which are now in the final stages of being resolved. We are actively pursuing resolution on these credits and believe that our conservative underwriting standards will continue to provide sufficient protection.
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