From GlobeNewswire: 2024-04-12 16:01:00

Hingham Institution for Savings in Massachusetts reported a decrease in net income for the first quarter of 2024 compared to the same period last year. Core net income also declined, with return on equity and assets lower than the previous year. Total assets increased by 4% year-to-date, with growth in net loans and retail/business deposits year-over-year.

The bank’s balance sheet showed growth in assets, loans, and deposits, with originations focused on multifamily real estate. Increased focus on deposit relationships led to growth in non-interest bearing and money market balances. Investments in new relationship managers in key markets also showed positive results.

Hingham Institution for Savings declared a regular cash dividend of $0.63 per share for the first quarter of 2024, payable in May. This marked the bank’s 121st consecutive quarterly dividend. Operational performance metrics indicated a stabilizing net interest margin, despite a decrease from the prior year. Key credit and operational metrics remained strong, with low non-performing assets and loans.



Read more at GlobeNewswire:: Hingham Savings Reports First Quarter 2024 Results