Hingham Savings Reports Second Quarter 2024 Results

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]