Hingham Savings Reports Second Quarter 2023 Results.

HINGHAM, Mass: HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended June 30, 2023.

Earnings

Net income for the quarter ended June 30, 2023 was $8,248,000 or $3.84 per share basic and $3.76 per share diluted, as compared to $3,191,000 or $1.49 per share basic and $1.45 per share diluted for the same period last year. The Bank's annualized return on average equity for the second quarter of 2023 was 8.27%, and the annualized return on average assets was 0.80%, as compared to 3.43% and 0.34% for the same period in 2022. Net income per share (diluted) for the second quarter of 2023 increased by 159% over the same period in 2022.

Core net income for the quarter ended June 30, 2023, which represents net income excluding the after-tax gains and losses on securities, both realized and unrealized, was $4,046,000 or $1.88 per share basic and $1.85 per share diluted, as compared to $15,260,000 or $7.12 per share basic and $6.93 per share diluted for the same period last year. The Bank's annualized core return on average equity for the second quarter of 2023 was 4.06%, and the annualized core return on average assets was 0.39%, as compared to 16.42% and 1.63% for the same period in 2022. Core net income per share (diluted) for the second quarter of 2023 decreased by 73% over the same period in 2022.

Net income for the six months ended June 30, 2023 was $16,759,000 or $7.80 per share basic and $7.63 per share diluted, as compared to $15,055,000 or $7.02 per share basic and $6.83 per share diluted for the same period last year. The Bank's annualized return on average equity for the first six months of 2023 was 8.47%, and the annualized return on average assets was 0.81%, as compared to 8.20% and 0.83% for the same period in 2022. Net income per share (diluted) for the first six months of 2023 increased by 12% over the same period in 2022.

Core net income for the six months ended June 30, 2023, which represents net income excluding the after-tax gains and losses on securities, both realized and unrealized, was $9,791,000 or $4.56 per share basic and $4.46 per share diluted, as compared to $30,365,000 or $14.17 per share basic and $13.78 per share diluted for the same period last year. The Bank's annualized core return on average equity for the first six months of 2023 was 4.95%, and the annualized core return on average assets was 0.47%, as compared to 16.55% and 1.68% for the same period in 2022. Core net income per share (diluted) for the first six months of 2023 decreased by 68% over the same period in 2022.

See Page 10 for a reconciliation between...