Hingham Institution for Savings Reports Financial Performance for Nine Months Ending September 30, 2

authorIntellectia.AI2024-10-12
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HIFS.O
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Hingham Institution for Savings Reports Financial Performance for Nine Months Ending September 30, 2024

Hingham Institution for Savings has released its financial performance analysis for the nine months ending September 30, 2024. The report highlights an increase in net interest income and a detailed non-GAAP reconciliation.

Net Interest Income Analysis

For the nine months ending September 30, 2024, the average balance for loans increased to $3,950,610, generating an interest income of $132,820 with a yield rate of 4.48%. This is a notable rise from the previous year where the average balance was $3,737,198, yielding $114,467 at a rate of 4.08%.

Securities also saw an increase with an average balance of $119,477, earning $4,758 at a yield of 5.30%, up from $103,454, which earned $3,208 at a 4.13% yield in 2023. Short-term investments, however, saw a decrease in average balance from $267,922 to $206,029, with a yield rate slightly increasing from 5.02% to 5.41%.

Overall, total interest-earning assets rose to $4,276,116, with an interest income of $145,952 and a yield of 4.55%, compared to $4,108,574 at a 4.15% yield in 2023.

Liabilities and Stockholders’ Equity

Interest-bearing deposits slightly decreased to $2,106,667 with interest expenses rising to $64,658 at a 4.09% rate, compared to $50,618 at a 3.05% rate in 2023. Borrowed funds increased significantly to $1,452,606, with interest expenses of $50,361 at a 4.62% rate, up from $1,172,019 at a 4.35% rate.

The total liabilities increased to $3,923,598, while stockholders' equity rose to $418,995 from $399,293 in 2023.

Non-GAAP Reconciliation

The bank's non-GAAP reconciliation shows a core net income of $7,558 for the nine months ended September 30, 2024, down from $12,686 in 2023. This measure excludes gains on equity securities and disposal of fixed assets, providing a clearer picture of operating performance.

Efficiency Ratio

The efficiency ratio, which measures operational efficiency, increased to 68.76% for the nine months ending September 30, 2024, from 53.69% in 2023, indicating higher operating expenses relative to revenue.

For further inquiries, please contact Patrick R. Gaughen, President and COO, at (781) 783-1761.

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