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Hingham Institution For Savings Reports 11% Increase In Quarterly Earnings

Hingham Institution for Savings (NASDAQ – HIFS), Hingham, Massachusetts announced third quarter earnings for 2011. Net income for the quarter ended September 30, 2011 was $3,108,000 or $1.46 per share (basic and diluted) as compared to $2,794,000 or $1.32 per share (basic and diluted) for the same period last year. The Bank’s return on average equity for the third quarter of 2011 was 15.52%, and the return on average assets was 1.17%. Net income for the nine months ended September 30, 2011 was $8,955,000 or $4.22 per share basic and $4.21 per share diluted as compared to $7,530,000 or $3.54 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 2011 was 15.40% and the return on average assets was 1.14%.

Deposits increased by $31 million from December 31, 2010 and $55 million from September 30, 2010, representing a 6% annualized growth year to date and 8% from September 30, 2010. Net loans increased by $44 million from December 31, 2010 and $62 million from September 30, 2010 representing 7% annualized growth year to date and 8% growth from the third quarter 2010. Total assets increased by $68 million from December 31, 2010 and $94 million from September 30, 2010, representing a 9% annualized growth year to date and 10% from the third quarter 2010. Stockholders’ equity increased $8 million as of September 30, 2011, representing a 14% annualized growth year to date and a 13% increase from September 30, 2010. Book value per share increased to $37.77 per share at September 30, 2011 from $34.24 per share at December 31, 2010 and $33.54 per share at September 30, 2010.

At September 30, 2011 non-performing assets totaled 1.12% of total assets, an increase from the 0.91% at December 31, 2010 and the 0.92% at September 30, 2010. For the quarter ended September 30, 2011, a provision of $275,000 was made to the allowance for loan losses compared to $300,000 for the same period in 2010. Foreclosure related expenses totaled $256,000 for the quarter ended September 30, 2011 compared to $193,000 for the quarter ended September 30, 2010.

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