Hingham Institution For Savings Reports 7% Increase In Quarterly Earnings

HINGHAM INSTITUTION FOR SAVINGS (NASDAQ – HIFS), Hingham, Massachusetts announced third quarter earnings for 2012. Net income for the quarter ended September 30, 2012 was $3,327,000 or $1.57 per share basic and $1.56 per share diluted as compared to $3,108,000 or $1.46 per share (basic and diluted) for the same period last year. The Bank’s annualized return on average equity for the third quarter of 2012 was 14.70%, and the annualized return on average assets was 1.15%. Net income for the nine months ended September 30, 2012 was $9,936,000 or $4.67 per share (basic and diluted) as compared to $8,955,000 or $4.22 per share basic and $4.21 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first nine months of 2012 was 15.12% and the annualized return on average assets was 1.16%.

Strong growth trends of recent years continued, as net loans increased by $67.7 million from December 31, 2011 and $80.7 million from September 30, 2011, representing a 11% annualized growth year to date and 10% from September 30, 2011. Deposits increased by $40.5 million from December 31, 2011 and $67.1 million from September 30, 2011, representing 7% annualized growth year to date and 9% growth from September 30, 2011. Total assets increased by $66.2 million from December 31, 2011 and $107.8 million from September 30, 2011, representing a 8% annualized growth year to date and 10% from September 30, 2011. Stockholders’ equity increased to $90.6 million as of September 30, 2012, representing a 14% annualized growth year to date and a 13% increase from September 30, 2011. Book value per share increased to $42.63 per share at September 30, 2012 from $38.70 per share at December 31, 2011 and $37.77 per share at September 30, 2011.

At September 30, 2012, non-performing assets totaled 0.58% of total assets, a decrease from 0.92% at December 31, 2011 and 1.12% at September 30, 2011. For the quarter ended September 30, 2012, a provision of $150,000 was made to the allowance for loan losses compared to $275,000 for the same period in 2011. Foreclosure related expenses totaled $87,000 for the quarter ended September 30, 2012 compared to $256,000 for the quarter ended September 30, 2011.

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