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Hingham Institution For Savings: 28% Increase In Quarterly Earnings

HINGHAM INSTITUTION FOR SAVINGS (Nasdaq – HIFS), Hingham, Massachusetts announced third quarter earnings for 2010. Net income for the quarter ended September 30, 2010 was $2,794,000 or $1.32 per share (basic and diluted) as compared to $2,183,000 or $1.03 per share (basic and diluted) for the same period last year. The Bank’s annualized return on average equity for the third quarter of 2010 was 15.82%, and the return on average assets was 1.14%. Net income for the nine months ended September 30, 2010 was $7,530,000 or $3.54 per share (basic and diluted) as compared to $5,778,000 or $2.72 per share (basic and diluted) for the same period last year. The Bank’s annualized return on average equity for the first nine months of 2010 was 14.61% and the return on average assets was 1.04%.

Strong growth trends of recent years continued, as deposits increased by $75 million from December 31, 2009 and $77 million from September 30, 2009, representing 12% growth both year to date and from September 30, 2009. Net loans increased by $57 million from December 31, 2009 and $75 million from September 30, 2009 representing 8% growth year to date and 11% growth from the third quarter 2009. Total assets increased by $66 million from December 31, 2009 and $77 million from September 30, 2009, representing a 7% and 8% growth, respectively. Stockholders’ equity increased to $71.3 million as of September 30, 2010 representing a 9% growth year to date and an 11% increase from September 30, 2009. Book value per share increased to $33.54 per share at September 30, 2010 from $30.74 per share at December 31, 2009 and $30.25 per share at September 30, 2009.

At September 30, 2010 non-performing assets totaled 0.92% of total assets, down from 1.36% at December 31, 2009 and 1.35% at September 30, 2009. For the quarter ended September 30, 2010, a provision of $300,000 was made to the allowance for loan loss allowance compared to $400,000 for the same period in 2009. Foreclosure related expenses totaled $193,000 for the quarter ended September 30, 2010 compared to $166,000 for the quarter ended September 30, 2009.

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