Hingham Institution For Savings (NASDAQ: HIFS) reported net income of $5.867 million or $2.73 per share for the second quarter. In comparison, the company earned $4.723 million or $2.20 a share in the year-ago quarter. Its earnings represented 24 percent growth.
Hingham Institution said its total interest and dividend income fell to $15.08 million from $17.7 million in the previous year quarter. Its net interest income also slipped to $12.48 million from $14.33 million in the prior year quarter.
The Bank's President, Robert Gaughen, Jr. stated, "We are pleased to report that our current quarterly earnings per share represent a 24% increase over the second quarter of 2015. At Hingham, we take our role as stewards of the shareholders' capital seriously. Our emphasis on careful capital allocation, defensive and conservative underwriting, and disciplined cost control continues to serve our owners well."
He continued, "More important than performance in any one period, however, is a company's record of compounding shareholder capital over time and through credit cycles. On this measure, our team strives to set a high bar."
The bank said its annualized return on average equity was 15.96 percent, and the annualized return on average assets was 1.21 percent compared to 14.70 percent and 1.19 percent for the same period last year.
The stock traded 0.85 percent higher on Wednesday.
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