Welcome to our dedicated page for Hingham Inst news (Ticker: HIFS), a resource for investors and traders seeking the latest updates and insights on Hingham Inst stock.
Hingham Institution for Savings reports developments for a Massachusetts-chartered savings bank focused on commercial and residential real estate mortgage lending and deposit relationships. News commonly covers quarterly and annual earnings, loan origination activity, retail and commercial deposits, wholesale funding, credit metrics, book value, and the bank’s balance-sheet position.
Company updates also address capital allocation through regular and special dividends and potential share repurchases, as well as the bank’s participation in the Massachusetts Depositors Insurance Fund. Hingham’s public commentary may discuss real estate collateral, commercial real estate credit, and interpretations of its securities filings.
Hingham Institution for Savings (NASDAQ: HIFS) reported its Q3 2024 financial results. Net income for the quarter was $5.846 million, or $2.66 per share diluted, up 77% from $1.50 per share a year ago. Annualized return on average equity increased to 5.52%, with return on average assets at 0.54%. Core net income per share increased by 9% to $1.44. For the first nine months of 2024, net income was $16.816 million, a 16% decrease from the same period in 2023. Core net income per share dropped 40% to $3.45. Total assets were $4.450 billion, a 1% decline year-to-date but a 2% increase from last year. The bank's net interest margin rose to 1.07%, and non-performing assets were minimal at 0.04% of total assets. Retail and business deposits grew 8% year-to-date. The bank declared a regular cash dividend of $0.63 per share, payable on November 13, 2024.
Hingham Institution for Savings (NASDAQ: HIFS) reported its Q2 2024 results. Net income for the quarter ended June 30, 2024, was $4.1 million, or $1.88 per share, down 50% from $8.2 million, or $3.76 per share, the previous year. Core net income fell 46% year-over-year to $2.2 million. For the first half of 2024, net income was $11 million, a 34% decrease year-over-year, while core net income dropped 55% to $4.4 million. Total assets grew to $4.52 billion, up 5% from June 2023. Net loans increased by 5% to $3.93 billion. Deposits grew by 6% year-to-date to $1.92 billion. The net interest margin improved to 0.96% from 0.85% in Q1 2024. However, the return on average equity dropped to 3.92% from 8.27% in Q2 2023. Book value per share grew 3% to $191.34, while the bank declared a regular dividend of $0.63 per share, payable on August 7, 2024.
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HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS) reported earnings for Q1 2023, revealing a net income of $8.51 million ($3.96 per share basic), down from $11.86 million ($5.54 per share) a year ago. The annualized return on average equity decreased to 8.67%, compared to 13.10% in Q1 2022. Core net income also fell sharply by 62%, totaling $5.74 million or $2.61 per diluted share. Despite a total asset increase to $4.206 billion (15% growth year-over-year), net interest margin dropped significantly to 1.46% from 3.30% last year. The Bank maintained a solid book value per share of $182.89 and declared a dividend of $0.63 per share, marking its 117th consecutive quarterly dividend. The challenges stem from rising interest rates affecting margins and net income.
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS) reported a net income of $37.52 million or $17.49 per share for the year ended December 31, 2022, down 44% from $67.46 million or $31.50 per share in 2021. Core net income was $54.57 million or $24.78 per share, a 4% decrease from the previous year. Total assets grew 22% to $4.19 billion, with net loans increasing by 22% to $3.66 billion. Total deposits rose 5% to $2.51 billion. The bank’s net interest margin decreased, reflecting higher funding costs amid rising interest rates. In dividend activity, the bank declared $3.03 per share in dividends since December 2021, including a special dividend of $0.63.
HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS) reported a net income of $10.5 million, or $4.77 per diluted share for Q3 2022, down from $14 million or $6.36 per diluted share in Q3 2021. The annualized return on average equity fell to 11.07% from 16.57% a year earlier. Core net income increased 3% year-over-year to $14.5 million, translating to $6.58 per diluted share. Total assets grew 25% year-to-date, reaching $4.06 billion. The board declared a quarterly dividend of $0.61, marking a 3% increase. Net interest margin decreased to 2.76%, reflecting challenges in interest rates.