Hingham Savings Reports Third Quarter 2025 Results

Core Insights - Hingham Institution for Savings reported significant growth in net income for the third quarter of 2025, reaching $17.295 million or $7.93 per share basic, a 195.1% increase compared to the same period last year [2][3] - The bank's total assets increased to $4.531 billion, reflecting a 2.2% annualized growth year-to-date and a 1.8% increase from the previous year [7] - The bank's focus on non-interest-bearing deposits has shown positive results, with these deposits growing by 20.8% year-over-year [9][10] Financial Performance - Net income for the nine months ended September 30, 2025, was $33.833 million, or $15.51 per share basic, compared to $16.816 million or $7.73 per share basic for the same period last year, marking a 100.4% increase [4] - Core net income for the same period was $22.087 million, or $10.13 per share basic, up 190.7% from $7.558 million or $3.47 per share basic in 2024 [5] - The annualized return on average equity for the third quarter of 2025 was 15.15%, significantly higher than 5.52% for the same period last year [2][25] Balance Sheet Highlights - Net loans increased to $3.914 billion, representing a 1.4% annualized growth year-to-date and a 1.3% increase from the previous year [8] - Retail and commercial deposits totaled $1.991 billion, showing a 0.4% annualized decline year-to-date but a 0.7% increase from the previous year [9] - The bank's book value per share rose to $211.67, reflecting a 9.2% annualized growth year-to-date [14] Operational Metrics - The net interest margin for the third quarter of 2025 increased to 1.74%, up from 1.66% in the previous quarter [17] - The efficiency ratio improved to 38.26% for the third quarter of 2025, down from 62.19% for the same period last year [20][25] - Non-performing assets as a percentage of total assets were 0.71%, compared to 0.04% at the end of 2024 [18][19] Dividend Information - The bank declared a regular cash dividend of $0.63 per share, marking its 127th consecutive quarterly dividend [15] - The total dividends declared since September 30, 2024, amounted to $2.52 per share [14]