Press release
Hingham Savings Reports Third Quarter 2023 Results
HINGHAM, Mass., Oct. 13, 2023 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter
About this update from Hingham Institution For Savings
[{"type":"text","content":"HINGHAM, Mass., Oct. 13, 2023 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended September 30, 2023. Earnings Net income for the quarter ended September 30, 2023 was $3,297,000 or $1.53 per share basic and $1.50 per share diluted, as compared to $10,499,000 or $4.89 per share basic and $4.77 per share diluted for the same period last year. The Bank’s annualized return on average equity for the third quarter of 2023 was 3.25%, and the annualized return on average assets was 0.31%, as compared to 11.07% and 1.05% for the same period in 2022. Net income per share (diluted) for the third quarter of 2023 decreased by 69% over the same period in 2022. Core net income for the quarter ended September 30, 2023, which represents net income excluding the after-tax gains and losses on securities, both realized and unrealized, and the after-tax gains on the disposal of fixed assets, was $2,895,000 or $1.35 per share basic and $1.32 per share diluted, as compared to $14,491,000 or $6.75 per share basic and $6.58 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the third quarter of 2023 was 2.85%, and the annualized core return on average assets was 0.27%, as compared to 15.28% and 1.45% for the same period in 2022. Core net income per share (diluted) for the third quarter of 2023 decreased by 80% over the same period in 2022. Net income for the nine months ended September 30, 2023 was $20,056,000 or $9.33 per share basic and $9.14 per share diluted, as compared to $25,554,000 or $11.92 per share basic and $11.60 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first nine months of 2023 was 6.70%, and the annualized return on average assets was 0.64%, as compared to 9.18% and 0.91% for the same period in 2022. Net income per share (diluted) for the first nine months of 2023 decreased by 21% over the same period in 2022. Core net income for the nine months ended September 30, 2023, which represents net income excluding the after-tax gains and losses on securities, both realized and unrealized, and the after-tax gains on the disposal of fixed assets, was $12,686,000 or $5.90 per share basic and $5.78 per share diluted, as compared to $44,856,000 or $20.92 pe...