This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs