Hingham Savings Reports First Quarter 2025 Results

Earnings Performance - Net income for the quarter ended March 31, 2025, was $7,124,000, or $3.27 per share basic and $3.24 per share diluted, compared to $6,868,000, or $3.17 per share basic and $3.13 per share diluted for the same period last year, reflecting a 3.5% increase in diluted earnings per share [2][3] - Core net income for the same quarter was $6,125,000, or $2.81 per share basic and $2.78 per share diluted, a significant increase of 175.2% compared to $2,213,000, or $1.02 per share basic and $1.01 per share diluted for the same period last year [3][4] Balance Sheet Highlights - Total assets increased to $4.523 billion at March 31, 2025, representing a 5.9% annualized growth year-to-date, but a 0.1% decline from March 31, 2024 [5] - Net loans increased to $3.924 billion at March 31, 2025, showing a 5.2% annualized growth year-to-date, with a 0.4% decline from March 31, 2024 [5] - Retail and commercial deposits rose to $2.066 billion at March 31, 2025, reflecting a 13.8% annualized growth year-to-date and a 9.2% growth from March 31, 2024 [6] Operational Metrics - The net interest margin for the quarter ended March 31, 2025, increased by 65 basis points to 1.50%, compared to 0.85% for the same period last year, driven by a decline in the cost of interest-bearing liabilities and an increase in the yield on interest-earning assets [13][14] - The efficiency ratio improved to 45.82% for the first quarter of 2025, down from 77.24% for the same period last year, indicating enhanced operational efficiency [17][23] Dividend Information - The Bank declared a regular cash dividend of $0.63 per share on March 26, 2025, marking the 125th consecutive quarterly dividend [11][12] - Since March 31, 2024, the Bank has declared a total of $2.52 in dividends per share [10] Credit Quality - Non-performing assets totaled 0.04% of total assets as of March 31, 2025, consistent with the previous year, while non-performing loans as a percentage of the total loan portfolio were 0.05% [15][16] - The Bank did not record any charge-offs in the first three months of 2025 or 2024, indicating strong credit quality [15]