Press release
Hingham Savings Reports 2019 Results
HINGHAM, Mass., Jan. 16, 2020 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced earnings for the fourth
About this update from Hingham Institution For Savings
[{"type":"text","content":"HINGHAM, Mass., Jan. 16, 2020 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced earnings for the fourth quarter and the year ended December 31, 2019.\n Net income for the year ended December 31, 2019 was $38,927,000 or $18.24 per share basic and $17.83 per share diluted, as compared to $30,399,000 or $14.25 per share basic and $13.90 per share diluted for the same period last year. The Bank’s return on average equity for the year ended December 31, 2019 was 16.82%, and the return on average assets was 1.55%, as compared to 14.97% and 1.32% for the same period in 2018. Net income per share (diluted) for 2019 increased 28% over the same period in 2018. Excluding the after-tax gains and losses on securities, both realized and unrealized, core net income for the year ended December 31, 2019 was $32,996,000 or $15.46 per share basic and $15.12 per share diluted, as compared to $32,776,000 or $15.37 per share basic and $14.99 per share diluted for the same period last year. The Bank’s core return on average equity for the year ended December 31, 2019 was 14.26%, and the core return on average assets was 1.32%, as compared to 16.14% and 1.42% for the same period in 2018. Core net income per share (diluted) for 2019 increased by 1% over the same period in 2018. Net income for the quarter ended December 31, 2019 was $11,364,000 or $5.32 per share basic and $5.20 per share diluted, as compared to $4,664,000 or $2.18 per share basic and $2.13 per share diluted for the same period last year. The Bank’s annualized return on average equity for the fourth quarter of 2019 was 18.64%, and the annualized return on average assets was 1.81%, as compared to 8.78% and 0.80% for the same period last year. Net income per share (diluted) for the fourth quarter of 2019 increased by 144% compared to the same period in 2018. Excluding the after-tax gains and losses on securities, both realized and unrealized, core net income for the quarter ended December 31, 2019 was $8,814,000 or $4.13 per share basic and $4.04 per share diluted, as compared to $8,046,000 or $3.77 per share basic and $3.68 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the fourth quarter of 2019 was 14.46% and the annualized core return on average assets was 1.40%, as compared to ...