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.