From GlobeNewswire: 2025-01-17 16:01:00

Hingham Institution for Savings (HIFS) in Hingham, Massachusetts reported earnings for the fourth quarter and full year of 2024. Net income for 2024 was $28,191,000, with a return on average equity of 6.68% and return on average assets of 0.65%. Core net income decreased by 15% compared to 2023. Total assets decreased to $4.458 billion, with a 1% decline from the previous year. The bank’s net interest margin increased to 1.24% for the fourth quarter of 2024, with key credit and operational metrics remaining strong. The Bank’s annual meeting of shareholders is scheduled for April 30, 2025.

Chairman Robert H. Gaughen Jr. stated that returns on equity and assets were lower than expected due to challenges from an increase in interest rates and an inverted yield curve. The Bank remains focused on careful capital allocation, underwriting, and cost control to navigate economic cycles. The Bank’s shares of common stock are listed on NASDAQ under the symbol HIFS. For more details on financial performance, shareholders are encouraged to read the Bank’s annual report on Form 10-K. The Bank’s Annual Meeting of Shareholders is set for April 30, 2025.



Read more at GlobeNewswire: Hingham Savings Reports 2024 Results