Hingham Institution for Savings Reports Strong Financial Results

Strategic Insights -

Hingham Institution for Savings, a Massachusetts-based bank, has released its financial results for the quarter ended September 30, 2024. The bank reported a significant increase in net income, with a 77.0 percent growth in diluted earnings per share compared to the same period in 2023. Total assets stood at $4.450 billion, with a 1.0 percent annualized decline year-to-date. The bank's net loans and retail and business deposits also saw steady growth.

Key Takeaways:

  • Net income for the quarter ended September 30, 2024 was $5.846 million, representing a 77.0 percent increase from the same period in 2023.
  • Net income per share (diluted) for the third quarter of 2024 was $2.66, a significant increase from $1.50 in the same period last year.
  • The bank declared a regular cash dividend of $0.63 per share on September 25, 2024, payable on November 13, 2024 to stockholders of record as of November 4, 2024.
  • This dividend marked the bank's 123rd consecutive quarterly dividend.
  • Total assets were $4.450 billion at September 30, 2024, representing a 1.0 percent annualized decline year-to-date and 2.0 percent growth from September 30, 2023.
  • Net loans were $3.863 billion at September 30, 2024, representing a 2.0 percent annualized decline year-to-date and 1.0 percent growth from September 30, 2023.
  • Retail and business deposits were $1.977 billion at September 30, 2024, representing 8.0 percent annualized growth year-to-date and 3.0 percent growth from September 30, 2023.

Statistics:

  • Net income for the quarter ended September 30, 2024: $5.846 million
  • Net income per share (diluted) for the third quarter of 2024: $2.66
  • Regular cash dividend declared on September 25, 2024: $0.63 per share
  • Number of consecutive quarterly dividends: 123
  • Total assets at September 30, 2024: $4.450 billion
  • Net loans at September 30, 2024: $3.863 billion
  • Retail and business deposits at September 30, 2024: $1.977 billion

Sources:

  • (C)2024 M2 COMMUNICATIONS

http://www.m2.co.uk

  • Global Banking News - 14 October 2024
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