HINGHAM INSTITUTION FOR SAVINGS (Nasdaq – HIFS), Hingham, Massachusetts announced its earnings for 2010. Net income for the year ended December 31, 2010 was a record $10,228,000 or $4.81 per share (basic and diluted) as compared to $8,045,000 or $3.79 per share (basic and diluted) in 2009. Net income for the fourth quarter ended December 31, 2010 was $2,698,000 or $1.27 per share (basic and diluted) as compared to $2,267,000 or $1.07 per share (basic and diluted) for the fourth quarter ended December 31, 2009. The Bank’s return on average equity for 2010 was 14.67%, and the return on average assets was 1.05%.
Strong growth trends of recent years continued in 2010. Deposits increased by $98.9 million or 16%, net loans increased by 10%, and total assets increased by 10%. Total assets as of December 31, 2010 were $1,017,845,000 as compared to $925,560,000 at December 31, 2009. Stockholders’ equity increased from $65,293,000 at December 31, 2009 to $72,736,000 at December 31, 2010. Book value per share increased over the same period from $30.74 to $34.24. At December 31, 2010, non-performing assets totaled 0.91% of total assets and were relatively flat from 0.92% at September 30, 2010, and down from 1.36% at December 31, 2009.
President Robert H. Gaughen, Jr. stated, “We’re excited to report another year of record earnings representing a 27% increase over the prior year. We reached a major milestone by exceeding one billion dollars in total assets. This is a tribute to our stability and trusted status within the communities we serve. The challenging financial conditions of the past few years have brought us tremendous opportunity. Our continued strength in balance sheet growth, conservative underwriting standards, and diligent cost controls have allowed us to report these remarkable results.”
President Gaughen added, “We remain committed to the conservative strategies and practices that have made the 2010 performance possible. Our goal remains to promote organic growth, vigorously manage asset quality, effectively control costs and protect and increase our earnings.”