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Hingham Institution For Savings Reports 14% Increase In Quarterly Earnings

HINGHAM INSTITUTION FOR SAVINGS (NASDAQ – HIFS), Hingham, Massachusetts announced second quarter earnings for 2012. Net income for the quarter ended June 30, 2012 was $3,368,000 or $1.58 per share (basic and diluted) as compared to $2,967,000 or $1.40 per share (basic and diluted) for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2012 was 15.40%, and the annualized return on average assets was 1.18%. Net income for the six months ended June 30, 2012 was $6,609,000 or $3.11 per share (basic and diluted) as compared to $5,847,000 or $2.75 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 2012 was 15.35% and the annualized return on average assets was 1.16%.

Strong growth trends of recent years continued, as deposits increased by $39.3 million from December 31, 2011 and $71.2 million from June 30, 2011, representing a 10% annualized growth year to date and 9% from June 30, 2011. Net loans increased by $33.4 million from December 31, 2011 and $56.3 million from June 30, 2011, representing 8% annualized growth year to date and 7% growth from June 30, 2011. Total assets increased by $31.7 million from December 31, 2011 and $92.4 million from June 30, 2011, representing a 6% annualized growth year to date and 9% from June 30, 2011. Stockholders’ equity increased to $87.8 million as of June 30, 2012, representing a 13% annualized growth year to date and a 13% increase from June 30, 2011. Book value per share increased to $41.29 per share at June 30, 2012 from $38.70 per share at December 31, 2011 and $36.54 per share at June 30, 2011.

At June 30, 2012, non-performing assets totaled 0.74% of total assets, a decrease from 0.92% at December 31, 2011 and 1.10% at June 30, 2011. For the quarter ended June 30, 2012, a provision of $200,000 was made to the allowance for loan losses compared to $300,000 for the same period in 2011. Foreclosure related expenses totaled $44,000 for the quarter ended June 30, 2012 compared to $185,000 for the quarter ended June 30, 2011.

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