Hingham Savings Reports Second Quarter 2024 Results

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]