This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Hingham Institution For Savings Reports 10% Increase In Annual Earnings

Stocks in this article: HIFS

HINGHAM INSTITUTION FOR SAVINGS (Nasdaq – HIFS), Hingham, Massachusetts announced its earnings for 2012. Net income for the year ended December 31, 2012 was $13,290,000 or $6.25 per share (basic and diluted) as compared to $12,062,000 or $5.68 per share basic and $5.67 diluted for 2011. Net income for the fourth quarter 2012 was $3,354,000 or $1.58 per share (basic and diluted) as compared to $3,107,000 or $1.46 per share (basic and diluted) for the fourth quarter 2011. The Bank’s return on average equity for the year ending December 31, 2012 was 15.05%, and the return on average assets was 1.15%.

Deposits increased by $82 million, or 10%, net loans increased by 12% and total assets by 7% from December 31, 2011 to December 31, 2012. Total assets were $1,205,884,000 at December 31, 2012 as compared to $1,127,276,000 at December 31, 2011. Book value per share increased to $43.65 per share at December 31, 2012 from $38.70 per share at December 31, 2011. At December 31, 2012 non-performing assets totaled 0.28% of total assets compared to 0.92% of total assets at December 31, 2011.

President Robert H. Gaughen, Jr. stated, “We are pleased to report another year of record earnings, representing a 10% increase over those of 2011. Over the past several years, despite the challenging business environment, we have developed a track record for delivering consistently strong performance. Although the current interest rate environment is challenging, our focus on measured organic growth, effective cost control and aggressive management of asset quality have produced real bottom line results. We remain focused on increasing shareholder value through the careful construction of an outstanding community banking organization.”

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 offices are located on Main Street, Hingham, Massachusetts 02043, phone (781) 749-2200. The Bank also maintains branch offices in South Hingham and the neighboring towns of Cohasset, Hull, Scituate, Norwell, Weymouth as well as branches in the South End of Boston and on Beacon Hill.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs