Hingham Savings Reports Third Quarter 2024 Results

Earnings Performance - Net income for Q3 2024 was $5,846,000, or $2.68 per share basic, representing a 77% increase from $3,297,000 or $1.53 per share basic in Q3 2023 [2][3] - Core net income for Q3 2024 was $3,163,000, or $1.45 per share basic, up from $2,895,000 or $1.35 per share basic in Q3 2023, marking a 9% increase [3] - For the nine months ended September 30, 2024, net income was $16,816,000, or $7.73 per share basic, down 16% from $20,056,000 or $9.33 per share basic in the same period last year [4] Balance Sheet Highlights - Total assets as of September 30, 2024, were $4.450 billion, reflecting a 1% annualized decline year-to-date but a 2% growth from the previous year [7] - Net loans stood at $3.863 billion, showing a 2% annualized decline year-to-date and a 1% growth from September 30, 2023 [8] - Retail and business deposits reached $1.977 billion, representing an 8% annualized growth year-to-date and a 3% increase from the previous year [9] Operational Metrics - The net interest margin for Q3 2024 increased to 1.07%, up from 0.96% in Q2 2024, driven by higher yields on earning assets [16] - The efficiency ratio improved to 62.19% in Q3 2024, down from 68.57% in the prior quarter, indicating enhanced operational efficiency [19] - Non-performing assets were 0.04% of total assets as of September 30, 2024, compared to 0.03% at December 31, 2023, and 0.00% at September 30, 2023 [17] Dividend Information - The Bank declared a regular cash dividend of $0.63 per share on September 25, 2024, marking the 123rd consecutive quarterly dividend [14] - Since September 30, 2023, the Bank has declared a total of $2.52 in dividends per share [13] Market Position and Strategy - The Bank continues to focus on developing deposit relationships with new and existing customers, particularly in Boston, Washington, and San Francisco [10] - The Chairman noted that the business model is designed to compound shareholder capital through economic cycles, emphasizing careful capital allocation and disciplined cost control [20][21]