Core Financial Performance - Core net income for Q2 2024 was $2,181,000 or $1.00 per share diluted, a decrease of 46% from $4,046,000 or $1.88 per share diluted in Q2 2023 [2] - For the first six months of 2024, core net income was $4,395,000 or $2.01 per share diluted, down 55% from $9,791,000 or $4.46 per share diluted in the same period last year [3] - Net income for Q2 2024 was $4,102,000 or $1.88 per share diluted, compared to $8,248,000 or $3.76 per share diluted in Q2 2023, reflecting a 50% decrease [41] Asset Growth and Composition - Total assets increased to $4.521 billion as of June 30, 2024, representing 2% annualized growth year-to-date and 5% growth from June 30, 2023 [4] - Net loans were $3.933 billion at June 30, 2024, showing 1% annualized growth year-to-date and 5% growth from June 30, 2023 [52] Deposit and Funding Strategy - Retail and business deposits reached $1.921 billion at June 30, 2024, reflecting 6% annualized growth year-to-date and stable from June 30, 2023 [9] - Wholesale funds totaled $2.146 billion at June 30, 2024, representing a 3% annualized decline year-to-date but a 9% increase from June 30, 2023 [10] Interest Margin and Efficiency - The net interest margin for Q2 2024 increased to 0.96%, up from 0.85% in Q1 2024, marking the first expansion since early 2022 [7] - The efficiency ratio improved to 68.57% for Q2 2024, down from 77.24% in the prior quarter but up from 55.03% in Q2 2023 [12] Dividend and Shareholder Returns - A regular cash dividend of $0.63 per share was declared on June 26, 2024, marking the 122nd consecutive quarterly dividend [6] - Book value per share was $191.34 as of June 30, 2024, representing 3% annualized growth year-to-date and from June 30, 2023 [25] Credit Quality - Non-performing assets totaled 0.04% of total assets as of June 30, 2024, compared to 0.03% at December 31, 2023 [26] - The allowance for credit losses to total loans was 0.68% as of June 30, 2024, consistent with prior periods [28]

Earnings Performance - Core net income for Q2 2024 was $2,181,000 or $1.00 per share diluted, a decrease of 46% from $4,046,000 or $1.85 per share diluted in Q2 2023 [1] - For the first six months of 2024, core net income was $4,395,000 or $2.01 per share diluted, down 55% from $9,791,000 or $4.46 per share diluted in the same period last year [2] - Net income for Q2 2024 was $4,102,000 or $1.88 per share diluted, compared to $8,248,000 or $3.76 per share diluted in Q2 2023, marking a 50% decrease [19] - For the first six months of 2024, net income was $10,970,000 or $5.01 per share diluted, down 34% from $16,759,000 or $7.63 per share diluted in the same period last year [20] Balance Sheet and Asset Quality - Net loans were $3.933 billion as of June 30, 2024, reflecting 1% annualized growth year-to-date and 5% growth from June 30, 2023 [3] - Total assets increased to $4.521 billion at June 30, 2024, representing 2% annualized growth year-to-date and 5% growth from June 30, 2023 [22] - The Bank maintained a strong asset quality with no delinquent or non-performing commercial real estate loans as of June 30, 2024 [9] Deposits and Funding - Retail and business deposits were $1.921 billion at June 30, 2024, showing 6% annualized growth year-to-date and stable from June 30, 2023 [23] - Non-interest-bearing deposits were $343.3 million at June 30, 2024, representing a 2% annualized growth year-to-date but a 6% decline from June 30, 2023 [23] - Wholesale funds totaled $2.146 billion at June 30, 2024, reflecting a 3% annualized decline year-to-date and 9% growth from June 30, 2023 [5] Operational Metrics - The net interest margin for Q2 2024 increased to 0.96%, up from 0.85% in Q1 2024, marking the first expansion since early 2022 [8] - The efficiency ratio decreased to 68.57% for Q2 2024, compared to 77.24% in the prior quarter, but increased from 55.03% for the same period last year [29] - Non-performing assets totaled 0.04% of total assets as of June 30, 2024, compared to 0.03% at December 31, 2023 [28] Dividends - The Bank declared a regular cash dividend of $0.63 per share on June 26, 2024, marking the 122nd consecutive quarterly dividend [26] - The Bank has historically declared special cash dividends but did not do so in 2023, with future dividends to be considered quarterly by the Board of Directors [7]

Pgiam Investment Thesis Hingham Institution for Savings (NASDAQ:HIFS) is in my opinion one of the finest financial establishments in the U.S. The bank has outstanding asset quality thanks to a laser focused approach to risk management and mitigation. The bank has also historically been one of the best performing financial institutions in the U.S. with 5Y average returns handily outperforming industry giants like Bank of America (BAC). While profitability has taken a hit over the last two years, I believ ...

HINGHAM, Mass., April 12, 2024 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS), Hingham, Massachusetts announced results for the quarter ended March 31, 2024. Earnings Net income for the quarter ended March 31, 2024 was $6,868,000 or $3.17 per share basic and $3.13 per share diluted, as compared to $8,510,000 or $3.96 per share basic and $3.87 per share diluted for the same period last year. The Bank's annualized return on average equity for the first quarter of 2024 was 6.63%, and the ann ...