Hingham Institution for Savings Reports Second Quarter 2024 Earnings

Strategic Insights -

Hingham Institution for Savings, a Massachusetts-based bank, has announced its earnings for the second quarter of 2024. In a release on July 12, the bank reported net income of $4,102,000, or $1.88 per share basic and diluted, a decrease of 50% compared to the same period in 2023. The bank's annualized return on average equity for the second quarter of 2024 was 3.92%, down from 8.27% in the same period last year.

The bank's core net income, which excludes gains on equity securities, was $2,181,000, or $1.00 per share basic and diluted, a decrease of 46% compared to the same period in 2023. The bank's annualized core return on average equity for the second quarter of 2024 was 2.08%, down from 4.06% in the same period last year.

Total assets increased to $4.521 billion at June 30, representing 2% annualized growth year-to-date and 5% growth from June 30, 2023. Net loans were $3.933 billion at June 30, representing 1% annualized growth year-to-date and 5% growth from June 30, 2023.

Key Takeaways:

  • Net income for the quarter ended June 30, was $4,102,000 or $1.88 per share basic and $1.85 per share diluted, a decrease of 50% compared to the same period in 2023.
  • The bank's annualized return on average equity for the second quarter of 2024 was 3.92%, down from 8.27% in the same period last year.
  • The bank's core net income was $2,181,000, or $1.00 per share basic and diluted, a decrease of 46% compared to the same period in 2023.
  • Total assets increased to $4.521 billion at June 30, representing 2% annualized growth year-to-date and 5% growth from June 30, 2023.
  • Net loans were $3.933 billion at June 30, representing 1% annualized growth year-to-date and 5% growth from June 30, 2023.
  • Retail and business deposits were $1.921 billion at June 30, representing 6% annualized growth year-to-date and stable from June 30, 2023.
  • Non-interest-bearing deposits, included in retail and business deposits, were $343.3 million at June 30, representing 2% annualized growth year-to-date and a 6% decline from June 30, 2023.
  • The bank's net interest margin for the quarter ended June 30, increased 11 basis points to 0.96 percent, as compared to 0.85 percent in the quarter ended March 31.
  • The bank's efficiency ratio decreased to 68.57 percent for the second quarter of 2024, as compared to 77.24 percent in the prior quarter, but increased when compared to 55.03 percent for the same period last year.

Statistics:

  • Net income for the quarter ended June 30, was $4,102,000 or $1.88 per share basic and $1.85 per share diluted.
  • The bank's annualized return on average equity for the second quarter of 2024 was 3.92%, down from 8.27% in the same period last year.
  • Total assets increased to $4.521 billion at June 30, representing 2% annualized growth year-to-date and 5% growth from June 30, 2023.
  • Net loans were $3.933 billion at June 30, representing 1% annualized growth year-to-date and 5% growth from June 30, 2023.
  • Retail and business deposits were $1.921 billion at June 30, representing 6% annualized growth year-to-date and stable from June 30, 2023.
  • Non-interest-bearing deposits, included in retail and business deposits, were $343.3 million at June 30, representing 2% annualized growth year-to-date and a 6% decline from June 30, 2023.
  • The bank's net interest margin for the quarter ended June 30, increased 11 basis points to 0.96 percent, as compared to 0.85 percent in the quarter ended March 31.

Sources:

  • Hingham Institution for Savings. (July 12). Second Quarter 2024 Earnings Release.
  • Hingham Institution for Savings. (June 26). Board Declares Regular Cash Dividend.
  • Hingham Institution for Savings. (2023). Annual Report.