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Hingham Institution For Savings Reports 23% Increase In Quarterly Earnings

Hingham Institution for Savings (NASDAQ – HIFS), Hingham, Massachusetts announced second quarter earnings for 2011. Net income for the quarter ended June 30, 2011 was $2,967,000 or $1.40 per share (basic and diluted) as compared to $2,421,000 or $1.14 per share (basic and diluted) for the same period last year. The Bank’s return on average equity for the second quarter of 2011 was 15.32%, and the return on average assets was 1.13%. Net income for the six months ended June 30, 2011 was $5,847,000 or $2.75 per share (basic and diluted) as compared to $4,736,000 or $2.23 per share (basic and diluted) for the same period last year. The Bank’s annualized return on average equity for the first six months of 2011 was 15.34% and the return on average assets was 1.13%.

Strong growth trends of recent years continued, as deposits increased by $26 million from December 31, 2010 and $73 million from June 30, 2010, representing a 7% annualized growth year to date and 11% from June 30, 2010. Net loans increased by $34 million from December 31, 2010 and $82 million from June 30, 2010 representing 9% annualized growth year to date and 11% growth from the second quarter 2010. Total assets increased by $49 million from December 31, 2010 and $95 million from June 30, 2010, representing a 10% annualized growth year to date and 10% from the second quarter 2010. Stockholders’ equity increased to $77.6 million as of June 30, 2011, representing a 13% annualized growth year to date and a 13% increase from June 30, 2010. Book value per share increased to $36.54 per share at June 30, 2011 from $34.24 per share at December 31, 2010 and $32.47 per share at June 30, 2010.

At June 30, 2011 non-performing assets totaled 1.10% of total assets, an increase from the 0.91% at December 31, 2010 and down from the 1.57% at June 30, 2010. For the quarter ended June 30, 2011, a provision of $300,000 was made to the allowance for loan losses compared to $300,000 for the same period in 2010. Foreclosure related expenses totaled $185,000 for the quarter ended June 30, 2011 compared to $161,000 for the quarter ended June 30, 2010.

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