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HINGHAM INSTITUTION FOR SAVINGS (NASDAQ – HIFS), Hingham, Massachusetts announced first quarter earnings for 2012. Net income for the quarter ended March 31, 2012 was $3,241,000 or $1.52 per share (basic and diluted) as compared to $2,880,000 or $1.36 per share basic and $1.35 per share diluted for the same period last year. The Bank’s return on average equity for the first quarter of 2012 was 15.30%, and the return on average assets was 1.15%.
Strong growth trends of recent years continued, as deposits increased by $69.5 million representing a 9% increase from March 31, 2011. Net loans increased by 8% and total assets increased by 11% over those for the first quarter of 2011. Stockholders’ equity increased to $84.9 million as of March 31, 2012 representing a 13% increase from March 31, 2011 with a related increase in book value per share from $35.31 to $39.94.
At March 31, 2012 non-performing assets totaled 0.89% of total assets, down from 0.92% of total assets at both December 31, 2011 and March 31, 2011. For the quarter ended March 31, 2012, a provision of $225,000 was made to the allowance for loan losses compared to $300,000 for the same period in 2011. Foreclosure related expenses totaled $200,000 for the quarter ended March 31, 2012 compared to $168,000 for the quarter ended March 31, 2011.
President Robert H. Gaughen, Jr. stated, “Our quarterly earnings represent a 13% increase over the same period last year. We continue to experience consistent organic growth in our balance sheet. This growth, when combined with our outstanding efficiency, has again produced some of the strongest earnings in our industry.”
Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham, Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest in the Commonwealth. The Bank’s main office is located on Main Street, Hingham, Massachusetts. The Bank also maintains branch offices in South Hingham and the neighboring towns of Cohasset, Hull, Scituate, Weymouth and Norwell as well as two branches in Boston.